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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
D.C.
 
20549
FORM
10-Q
QUARTERLY REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
June 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number:
0-13358
Capital City Bank Group, Inc.
(Exact name of Registrant as specified in its charter)
Florida
 
59-2273542
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
217 North Monroe Street
,
Tallahassee
,
Florida
 
32301
(Address of principal executive office)
 
(Zip Code)
(
850
)
402-7821
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par value $0.01
CCBG
Nasdaq Stock Market
, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
 
Yes
 
[X] No [
 
]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
 
Yes [
X
] No [
 
]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
 
or
an emerging growth company.
 
See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards pursuant to Section 13(a) of The Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [
 
]
No
 
[X]
At July 27, 2023,
16,991,634
 
shares of the Registrant’s Common Stock, $.01 par value, were outstanding.
2
CAPITAL CITY BANK
 
GROUP,
 
INC.
QUARTERLY
 
REPORT ON FORM 10-Q
FOR THE PERIOD ENDED JUNE 30, 2023
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – June 30, 2023 and December 31, 2022
4
Consolidated Statements of Income – Three and Six Months Ended June 30, 2023 and 2022
5
Consolidated Statements of Comprehensive Income (Loss) – Three and Six Months Ended June 30, 2023 and 2022
6
Consolidated Statements of Changes in Shareowners’ Equity – Three and Six Months Ended June 30, 2023 and 2022
7
Consolidated Statements of Cash Flows – Six Months Ended June 30, 2023 and 2022
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
30
 
 
Item 3.
 
Quantitative and Qualitative Disclosure About Market Risk
46
 
 
Item 4.
 
Controls and Procedures
46
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
46
 
 
Item 1A.
Risk Factors
46
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
46
 
 
Item 3.
Defaults Upon Senior Securities
47
Item 4.
Mine Safety Disclosure
47
Item 5.
Other Information
47
 
 
Item 6.
Exhibits
48
 
 
Signatures
 
49
3
INTRODUCTORY NOTE
Caution Concerning Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations,
estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of
which are beyond our control.
 
The words “may,” “could,” “should,” “would,” “believe,”
 
“anticipate,” “estimate,” “expect,” “intend,” “plan,”
“target,” “goal,” and similar expressions are intended to identify forward-looking statements.
All forward-looking statements, by their nature, are subject to risks and uncertainties.
 
Our actual future results may differ materially from
those set forth in our forward-looking statements.
Our ability to
 
achieve our financial objectives
 
could be adversely affected
 
by the factors discussed
 
in detail in Part
 
I, Item 2. “Management’s
Discussion and
 
Analysis of Financial
 
Condition and
 
Results of Operations”
 
and Part II,
 
Item 1A. “Risk
 
Factors” in this
 
Quarterly Report on
Form 10-Q and
 
the following sections
 
of our Annual
 
Report on Form
 
10-K for the
 
year ended December
 
31, 2022
 
(the “2022 Form
 
10-K”):
(a) “Introductory
 
Note” in
 
Part I,
 
Item 1.
 
“Business”; (b)
 
“Risk Factors”
 
in Part
 
I, Item
 
1A, as
 
updated in
 
our subsequent
 
quarterly reports
filed on Form 10-Q; and (c)
 
“Introduction” in “Management’s
 
Discussion and Analysis of Financial Condition
 
and Results of Operations,” in
Part II, Item 7, as well as:
our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry;
legislative or regulatory changes;
adverse developments in the financial services industry generally, such as the recent bank failures and any related impact on depositor
behavior;
 
the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net
interest margin and ability to replace maturing deposits and advances, as necessary;
 
the effects of actions taken by governmental agencies to stabilize the recent volatility in the financial system and the effectiveness of such
actions;
 
changes in monetary and fiscal policies of the U.S. Government;
inflation, interest rate, market and monetary fluctuations;
the effects of security breaches and computer viruses that may affect our computer systems or fraud related to debit card products;
the accuracy of our financial statement estimates and assumptions, including the estimates used for our allowance for credit losses,
deferred tax asset valuation and pension plan;
changes in our liquidity position;
changes in accounting principles, policies, practices or guidelines;
the frequency and magnitude of foreclosure of our loans;
the effects of our lack of a diversified loan portfolio, including the risks of loan segments, geographic and industry concentrations;
the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
 
our ability to declare and pay dividends, the payment of which is subject to our capital requirements;
changes in the securities and real estate markets;
structural changes in the markets for origination, sale and servicing of residential mortgages;
uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these
loans and related interest rate risk or price risk resulting from retaining mortgage servicing rights and the potential effects of higher interest
rates on our loan origination volumes;
the effect of corporate restructuring, acquisitions or dispositions, including the actual restructuring and other related charges and the failure
to achieve the expected gains, revenue growth or expense savings from such corporate restructuring, acquisitions or dispositions;
the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies (including pandemics, such
as the COVID-19 pandemic), military conflict, terrorism, civil unrest or other geopolitical events;
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we
operate;
the willingness of clients to accept third-party products and services rather than our products and services and vice versa;
increased competition and its effect on pricing;
technological changes;
the outcomes of litigation or regulatory proceedings;
negative publicity and the impact on our reputation;
changes in consumer spending and saving habits;
growth and profitability of our noninterest income;
the limited trading activity of our common stock;
the concentration of ownership of our common stock;
anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws;
other risks described from time to time in our filings with the Securities and Exchange Commission; and
our ability to manage the risks involved in the foregoing.
However, other factors besides those listed in
Item 1A Risk Factors
 
or discussed in this Form 10-Q also could adversely affect our results,
and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.
 
Any forward-looking
statements made by us or on our behalf speak only as of the date they are made.
 
We do not undertake to update any forward-looking
statement, except as required by applicable law.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
PART
 
I.
 
FINANCIAL INFORMATION
Item 1.
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(Unaudited)
June 30,
December 31,
(Dollars in Thousands, Except Par Value)
2023
 
2022
ASSETS
 
 
Cash and Due From Banks
$
83,679
$
72,114
Federal Funds Sold and Interest Bearing Deposits
 
285,129
 
528,536
Total Cash and Cash Equivalents
 
368,808
 
600,650
 
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
424,220
 
and $
455,232
)
 
386,220
 
413,294
Investment Securities, Held to Maturity (fair value of $
595,219
 
and $
612,701
)
 
641,398
 
660,744
Equity Securities
1,703
 
10
Total Investment
 
Securities
 
1,029,321
 
1,074,048
 
Loans Held For Sale, at fair value
67,908
 
54,635
 
Loans Held for Investment
2,667,003
 
2,525,180
Allowance for Credit Losses
 
(27,964)
 
(24,736)
Loans Held for Investment, Net
 
2,639,039
 
2,500,444
 
 
 
Premises and Equipment, Net
 
82,062
 
82,138
Goodwill and Other Intangibles
 
93,013
 
93,093
Other Real Estate Owned
1
431
Other Assets
 
119,411
 
120,519
Total Assets
$
4,399,563
$
4,525,958
 
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,520,134
$
1,653,620
Interest Bearing Deposits
 
2,268,732
 
2,285,697
Total Deposits
 
3,788,866
 
3,939,317
 
 
 
Short-Term
 
Borrowings
 
50,673
56,793
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
414
513
Other Liabilities
 
77,192
73,675
Total Liabilities
3,970,032
4,123,185
Temporary Equity
8,752
8,757
 
 
 
SHAREOWNERS’ EQUITY
 
 
Preferred Stock, $
0.01
 
par value;
3,000,000
 
shares authorized;
no
 
shares issued and outstanding
 
-
-
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
16,991,634
 
and
16,986,785
 
shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
170
170
Additional Paid-In Capital
 
36,853
37,331
Retained Earnings
 
417,128
393,744
Accumulated Other Comprehensive Loss, net of tax
 
(33,372)
(37,229)
Total Shareowners’
Equity
 
420,779
394,016
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,399,563
$
4,525,958
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF INCOME
(Unaudited)
Three Months Ended
 
June 30,
Six Months Ended
 
June 30,
(Dollars in Thousands, Except Per Share
 
Data)
2023
2022
2023
2022
INTEREST INCOME
Loans, including Fees
$
37,477
$
24,072
$
72,357
$
46,205
Investment Securities:
Taxable
4,803
3,833
9,716
6,723
Tax Exempt
12
7
23
13
Funds Sold
 
2,782
1,408
6,893
1,817
Total Interest Income
45,074
29,320
88,989
54,758
INTEREST EXPENSE
Deposits
4,008
266
6,496
490
Short-Term
 
Borrowings
451
343
912
535
Subordinated Notes Payable
604
370
1,175
687
Other Long-Term
 
Borrowings
5
8
11
17
Total Interest Expense
5,068
987
8,594
1,729
NET INTEREST INCOME
40,006
28,333
80,395
53,029
Provision for Credit Losses
2,219
1,542
5,349
1,542
Net Interest Income After Provision For Credit Losses
37,787
26,791
75,046
51,487
NONINTEREST INCOME
Deposit Fees
5,326
5,447
10,565
10,638
Bank Card Fees
3,795
4,034
7,521
7,797
Wealth Management
 
Fees
4,149
4,403
8,077
10,473
Mortgage Banking Revenues
5,837
9,065
12,832
18,011
Other
3,766
1,954
6,126
3,802
Total Noninterest
 
Income
22,873
24,903
45,121
50,721
NONINTEREST EXPENSE
Compensation
24,884
25,383
50,520
50,239
Occupancy, Net
6,820
6,075
13,582
12,168
Other
10,830
9,040
18,887
17,324
Total Noninterest
 
Expense
42,534
40,498
82,989
79,731
INCOME BEFORE INCOME TAXES
18,126
11,196
37,178
22,477
Income Tax Expense
3,544
2,177
7,677
4,412
NET INCOME
14,582
9,019
29,501
18,065
(Income) Loss Attributable to Noncontrolling Interests
(31)
(306)
4
(897)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,551
$
8,713
$
29,505
$
17,168
BASIC NET INCOME PER SHARE
$
0.86
$
0.51
$
1.73
$
1.01
DILUTED NET INCOME PER SHARE
$
0.85
$
0.51
$
1.73
$
1.01
Average Common
 
Basic Shares Outstanding
17,002
16,949
17,009
16,940
Average Common
 
Diluted Shares Outstanding
17,035
16,971
17,040
16,958
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME (LOSS)
 
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in Thousands)
2023
2022
2023
2022
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,551
$
8,713
$
29,505
$
17,168
Other comprehensive (loss) income, before
 
tax:
Investment Securities:
Change in net unrealized gain/loss on securities available for sale
(2,887)
(10,718)
3,921
(36,167)
Amortization of unrealized losses on securities transferred from
available for sale to held to maturity
876
4
1,741
9
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
585
1,161
(217)
2,997
Benefit Plans:
Pension plan settlement
(217)
169
(217)
378
Total Benefit Plans
(217)
169
(217)
378
Other comprehensive (loss) income, before
 
tax
(1,643)
(9,384)
5,228
(32,783)
Deferred tax (benefit) expense related to other comprehensive income
(347)
(2,362)
1,371
(8,232)
Other comprehensive (loss) income, net of tax
(1,296)
(7,022)
3,857
(24,551)
TOTAL COMPREHENSIVE
 
INCOME (LOSS)
$
13,255
$
1,691
$
33,362
$
(7,383)
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
CONSOLIDATED STATEMENTS
 
OF CHANGES IN SHAREOWNERS’ EQUITY
(Unaudited)
Accumulated
 
Other
Additional
Comprehensive
 
Shares
Common
Paid-In
Retained
(Loss) Income,
(Dollars In Thousands, Except Share Data)
Outstanding
Stock
Capital
Earnings
Net of Taxes
Total
Balance, April 1, 2023
17,021,748
$
170
$
37,512
$
405,634
$
(32,076)
$
411,240
Net Income Attributable to Common Shareowners
-
-
-
14,551
-
14,551
Other Comprehensive Loss, net of tax
-
-
-
-
(1,296)
(1,296)
Cash Dividends ($
0.1800
 
per share)
-
-
-
(3,057)
-
(3,057)
Repurchase of Common Stock
(40,495)
-
(1,203)
-
-
(1,203)
Stock Based Compensation
-
-
228
-
-
228
Stock Compensation Plan Transactions, net
10,381
-
316
-
-
316
Balance, June 30, 2023
16,991,634
$
170
$
36,853
$
417,128
$
(33,372)
$
420,779
Balance, April 1, 2022
16,947,602
$
169
$
35,188
$
370,531
$
(33,743)
$
372,145
Net Income Attributable to Common Shareowners
-
-
-
8,713
-
8,713
Other Comprehensive Loss, net of tax
-
-
-
-
(7,022)
(7,022)
Cash Dividends ($
0.1600
 
per share)
-
-
-
(2,712)
-
(2,712)
Stock Based Compensation
-
-
244
-
-
244
Stock Compensation Plan Transactions, net
11,678
1
306
-
-
307
Balance, June 30, 2022
16,959,280
$
170
$
35,738
$
376,532
$
(40,765)
$
371,675
Balance, January 1, 2023
16,986,785
$
170
$
37,331
$
393,744
$
(37,229)
$
394,016
Net Income Attributable to Common Shareowners
-
-
-
29,505
-
29,505
Other Comprehensive Income, net of tax
-
-
-
-
3,857
3,857
Cash Dividends ($
0.3600
 
per share)
-
-
-
(6,121)
-
(6,121)
Repurchase of Common Stock
(65,736)
-
(2,022)
-
-
(2,022)
Stock Based Compensation
-
-
764
-
-
764
Stock Compensation Plan Transactions, net
70,585
-
780
-
-
780
Balance, June 30, 2023
16,991,634
$
170
$
36,853
$
417,128
$
(33,372)
$
420,779
Balance, January 1, 2022
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common Shareowners
-
-
-
17,168
-
17,168
Other Comprehensive Loss, net of tax
-
-
-
-
(24,551)
(24,551)
Cash Dividends ($
0.3200
 
per share)
-
-
-
(5,424)
-
(5,424)
Stock Based Compensation
-
-
489
-
-
489
Stock Compensation Plan Transactions, net
67,220
1
826
-
-
827
Balance, June 30, 2022
16,959,280
$
170
$
35,738
$
376,532
$
(40,765)
$
371,675
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
 
(Unaudited)
Six Months Ended June 30,
(Dollars in Thousands)
2023
2022
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
29,505
$
17,168
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
5,349
1,542
 
Depreciation
3,927
3,802
 
Amortization of Premiums, Discounts and Fees, net
2,260
5,545
 
Amortization of Intangible Asset
80
80
 
Pension Plan Settlement (Gain) Charge
(291)
378
 
Originations of Loans Held-for-Sale
(209,775)
(573,239)
 
Proceeds From Sales of Loans Held-for-Sale
209,334
595,074
 
Mortgage Banking Revenues
(12,832)
(18,011)
 
Net Additions for Capitalized Mortgage Servicing Rights
(859)
1,358
 
Stock Compensation
764
489
 
Net Tax Benefit From Stock-Based
 
Compensation
-
(19)
 
Deferred Income Taxes
(2,298)
(8,879)
 
Net Change in Operating Leases
(3)
(72)
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
(1,900)
(26)
 
Net Decrease in Other Assets
4,492
845
 
Net Increase in Other Liabilities
3,815
22,040
Net Cash Provided By Operating Activities
31,568
48,075
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
-
(218,548)
 
Proceeds from Payments, Maturities, and Calls
18,992
28,111
Securities Available for
 
Sale:
 
Purchases
(4,634)
(37,044)
 
Proceeds from Sale of Securities
-
3,365
 
Proceeds from Payments, Maturities, and Calls
32,490
47,413
Purchases of Loans Held for Investment
(201,000)
(174,779)
Net Decrease (Increase) in Loans Held for Investment
55,154
(109,806)
Proceeds From Sales of Other Real Estate Owned
3,772
30
Purchases of Premises and Equipment
(3,851)
(3,322)
Noncontrolling Interest Contributions
-
2,573
Net Cash Used In Investing Activities
(99,077)
(462,007)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (Decrease) Increase in Deposits
(150,451)
73,396
Net (Decrease) Increase in Short-Term
 
Borrowings
(6,120)
4,784
Repayment of Other Long-Term
 
Borrowings
(99)
(150)
Dividends Paid
(6,121)
(5,424)
Payments to Repurchase Common Stock
(2,022)
-
Proceeds from Issuance of Common Stock Under Purchase Plans
480
496
Net Cash (Used In) Provided by Financing Activities
(164,333)
73,102
NET DECREASE IN CASH AND CASH EQUIVALENTS
(231,842)
(340,830)
Cash and Cash Equivalents at Beginning of Period
 
600,650
1,035,354
Cash and Cash Equivalents at End of Period
 
$
368,808
$
694,524
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
8,720
$
1,617
 
Income Taxes Paid
$
3,860
$
3,765
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
1,442
$
77
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
9
CAPITAL CITY BANK
 
GROUP,
 
INC.
NOTES TO CONSOLIDATED
 
FINANCIAL STATEMENTS
NOTE 1 –
BUSINESS AND BASIS OF PRESENTATION
Nature of Operations
.
 
Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of
 
banking and banking-
related services to individual and corporate clients through its subsidiary,
 
Capital City Bank, with banking offices located in Florida,
Georgia, and Alabama.
 
The Company is subject to competition from other financial institutions, is subject to
 
regulation by certain
government agencies and undergoes periodic examinations
 
by those regulatory authorities.
Basis of Presentation
.
 
The consolidated financial statements in this Quarterly Report on Form
 
10-Q include the accounts of CCBG
and its wholly owned subsidiary,
 
Capital City Bank (“CCB” or the “Bank”).
 
All material inter-company transactions and accounts
have been eliminated.
 
Certain previously reported amounts have been reclassified to conform to the current year’s
 
presentation.
The accompanying unaudited consolidated financial statements have
 
been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
 
10-Q and Article 10 of Regulation S-X.
 
Accordingly,
they do not include all of the information and notes required by generally accepted
 
accounting principles for complete financial
statements.
 
In the opinion of management, all adjustments (consisting of normal
 
recurring accruals) considered necessary for a fair
presentation have been included.
 
The Consolidated Statement of Financial Condition at December
 
31, 2022 has been derived from the audited consolidated financial
statements at that date, but does not include all of the information and notes
 
required by generally accepted accounting principles for
complete financial statements.
 
For further information, refer to the consolidated financial statements and notes
 
thereto included in the
Company’s annual report
 
on Form 10-K for the year ended December 31, 2022.
Accounting Standards Updates
Adoption of New Accounting Standard,
 
On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2022-02,
“Financial Instruments – Credit Losses (Topic
 
326), Troubled Debt Restructurings and Vintage
 
Disclosures.” ASU 2022-02 eliminates
the accounting guidance for troubled debt restructurings in Accounting
 
Standards Codification (“ASC”) 310-40, “Receivables -
Troubled Debt Restructurings by Creditors
 
 
for entities that have adopted the current expected credit loss model introduced
 
by ASU
2016-13, “Financial Instruments – Credit Losses (Topic
 
326), Measurement of Credit Losses on Financial Instruments.”
 
ASU 2022-
02 also requires that public business entities disclose current-period
 
gross charge-offs by year of origination for financing receivables
and net investments in leases within the scope of Subtopic 326-20, “Financial
 
Instruments—Credit Losses—Measured at Amortized
Cost.”
Proposed Accounting Standards
,
ASU
 
2023-01, “Leases (Topic
 
842)
:
 
Common Control Arrangements.” ASU 2023-01 requires
entities to amortize leasehold improvements associated with common control
 
leases over the useful life to the common control group.
ASU 2023-01 also provides certain practical expedients applicable to private
 
companies and not-for-profit organizations. ASU 2023-
01 will be effective for the Company on January 1, 2024, though
 
early adoption is permitted. The Company is evaluating the effect
that ASU 2023-01 will have on its consolidated financial statements and related disclosures.
ASU No.
 
2023-02, “Investments—Equity Method and Joint Ventures
 
(Topic
 
323)
: Accounting for Investments in Tax
 
Credit
Structures Using the Proportional Amortization Method.” ASU 2023-02
 
is intended to improve the accounting and disclosures for
investments in tax credit structures. ASU 2023-02 allows entities to elect to account
 
for qualifying tax equity investments using the
proportional amortization method, regardless of the program giving
 
rise to the related income tax credits. Previously,
 
this method was
only available for qualifying tax equity investments in low-income
 
housing tax credit structures. ASU 2023-02 will be effective for the
Company on January 1, 2024, though early adoption is permitted. The
 
Company is evaluating the effect that ASU 2023-02 will have
on its consolidated financial statements and related disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value of investment
securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)
 
and the corresponding amounts of gross
 
unrealized gains and losses.
Available for
 
Sale
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
June 30, 2023
U.S. Government Treasury
$
22,047
$
-
$
1,797
$
-
$
20,250
U.S. Government Agency
175,515
28
11,303
-
164,240
States and Political Subdivisions
46,842
-
5,958
(5)
40,879
Mortgage-Backed Securities
(1)
77,144
2
11,014
-
66,132
Corporate Debt Securities
95,317
61
7,995
(19)
87,364
Other Securities
(2)
7,355
-
-
-
7,355
Total
 
$
424,220
$
91
$
38,067
$
(24)
$
386,220
December 31, 2022
U.S. Government Treasury
$
23,977
$
1
$
1,928
$
-
$
22,050
U.S. Government Agency
198,888
27
12,863
-
186,052
States and Political Subdivisions
47,197
-
6,855
(13)
40,329
Mortgage-Backed Securities
(1)
80,829
2
11,426
-
69,405
Corporate Debt Securities
97,119
19
8,874
(28)
88,236
Other Securities
(2)
7,222
-
-
-
7,222
Total
 
$
455,232
$
49
$
41,946
$
(41)
$
413,294
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
June 30, 2023
U.S. Government Treasury
$
457,522
$
-
$
25,365
$
432,157
Mortgage-Backed Securities
(1)
183,876
1
20,815
163,062
Total
 
$
641,398
$
1
$
46,180
$
595,219
December 31, 2022
U.S. Government Treasury
$
457,374
$
-
$
25,641
$
431,733
Mortgage-Backed Securities
(1)
203,370
8
22,410
180,968
Total
 
$
660,744
$
8
$
48,051
$
612,701
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock,
 
recorded at cost of $
2.3
 
million and $
5.1
 
million,
respectively,
 
at June 30, 2023 and $
2.1
 
million and $
5.1
 
million, respectively,
 
at December 31, 2022.
At June 30, 2023 and December 31, 2022, the investment portfolio had $
1.7
 
million and $
0.01
 
million, respectively in equity
securities. These securities do not have a readily determinable fair value
 
and were not credit impaired.
 
Securities with an amortized cost of $
613.7
 
million and $
656.1
 
million at June 30, 2023 and December 31, 2022, respectively,
 
were
pledged to secure public deposits and for other purposes.
The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required
 
to own capital stock in the FHLB based
generally upon the balances of residential and commercial real estate loans and
 
FHLB advances.
 
FHLB stock, which is included in
other securities,
 
is pledged to secure FHLB advances.
 
No ready market exists for this stock, and it has no quoted fair value; however,
redemption of this stock has historically been at par value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
As a member of the Federal Reserve Bank of Atlanta, the Bank is required to maintain
 
stock in the Federal Reserve Bank of Atlanta
based on a specified ratio relative to the Bank’s
 
capital.
 
Federal Reserve Bank stock is carried at cost.
 
During the third quarter of 2022, the Company transferred certain securities from
 
the AFS to HTM classification.
 
Transfers are made
at fair value on the date of the transfer.
 
The
33
 
securities had an amortized cost basis and fair value of $
168.4
 
million and $
159.0
million, respectively at the time of transfer.
 
The net unamortized, unrealized loss on the transferred securities included
 
in accumulated
other comprehensive loss in the accompanying balance sheet at June 30, 2023
 
totaled $
6.2
 
million.
 
This amount will continue to be
amortized out of accumulated other comprehensive loss over the remaining
 
life of the underlying securities as an adjustment of the
yield on those securities.
Investment Sales.
There were no significant sales of investment securities for the three or six months
 
ended June 30, 2023. There were
no significant sales of investment securities for the three months ended
 
June 30, 2022 and $
3.4
 
million in sales for the six months
ended June 30, 2022.
Maturity Distribution
.
 
At June 30, 2023, the Company’s investment
 
securities had the following maturity distribution based on
contractual maturity.
 
Expected maturities may differ from contractual maturities because
 
borrowers may have the right to call or
prepay obligations.
 
Mortgage-backed securities (“MBS”) and certain amortizing U.S. government
 
agency securities are shown
separately because they are not due at a certain maturity date.
Available for
 
Sale
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
41,681
 
$
41,030
 
$
-
 
$
-
Due after one year through five years
 
153,275
 
 
139,764
 
 
457,522
 
 
432,157
Due after five year through ten years
 
49,673
 
 
41,410
 
 
-
 
 
-
Mortgage-Backed Securities
77,144
66,132
183,876
163,062
U.S. Government Agency
 
95,092
 
 
90,529
 
 
-
 
 
-
Other Securities
 
7,355
 
 
7,355
 
 
-
 
 
-
Total
 
$
424,220
 
$
386,220
 
$
641,398
 
$
595,219
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
Unrealized Losses on Investment Securities.
 
The following table summarizes the available for sale investment securities with
unrealized losses aggregated by major security type and length of time in a continuous
 
unrealized loss position:
 
Less Than
Greater Than
12 Months
12 Months
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
June 30, 2023
Available for
 
Sale
U.S. Government Treasury
$
-
 
$
-
 
$
19,271
 
$
1,797
 
$
19,271
 
$
1,797
U.S. Government Agency
18,020
191
122,553
11,112
140,573
11,303
States and Political Subdivisions
1,559
 
9
 
39,325
 
5,949
 
40,884
 
5,958
Mortgage-Backed Securities
24
 
-
 
66,016
 
11,014
 
66,040
 
11,014
Corporate Debt Securities
1,967
 
8
 
79,768
 
7,987
 
81,735
 
7,995
Total
 
$
21,570
 
$
208
 
$
326,933
 
$
37,859
 
$
348,503
 
$
38,067
 
Held to Maturity
U.S. Government Treasury
 
-
 
-
 
 
432,157
 
25,365
 
 
432,157
 
 
25,365
Mortgage-Backed Securities
3,265
 
141
 
159,566
 
20,674
 
162,831
 
20,815
Total
 
$
3,265
 
$
141
 
$
591,723
 
$
46,039
 
$
594,988
 
$
46,180
December 31, 2022
Available for
 
Sale
 
U.S. Government Treasury
$
983
 
$
-
 
$
19,189
 
$
1,928
 
$
20,172
 
$
1,928
U.S. Government Agency
63,112
2,572
113,004
10,291
176,116
12,863
States and Political Subdivisions
 
1,425
 
 
2
 
 
38,760
 
 
6,853
 
 
40,185
 
 
6,855
Mortgage-Backed Securities
6,594
959
60,458
10,467
67,052
11,426
Corporate Debt Securities
26,959
878
58,601
7,996
85,560
8,874
Total
 
$
99,073
 
$
4,411
 
$
290,012
 
$
37,535
 
$
389,085
 
$
41,946
 
Held to Maturity
U.S. Government Treasury
 
177,552
 
 
11,018
 
 
254,181
 
 
14,623
 
 
431,733
 
 
25,641
Mortgage-Backed Securities
88,723
6,814
91,462
15,596
180,185
22,410
Total
 
$
266,275
 
$
17,832
 
$
345,643
 
$
30,219
 
$
611,918
 
$
48,051
At June 30, 2023, there were
917
 
positions (combined AFS and HTM) with unrealized losses totaling $
84.2
 
million.
 
86
 
of these
positions are U.S. Treasury bonds and
 
carry the full faith and credit of the U.S. Government.
 
705
 
are U.S. government agency
securities issued by U.S. government sponsored entities.
 
We believe
 
the long history of no credit losses on government securities
indicates that the expectation of nonpayment of the amortized cost basis is effectively
 
zero.
 
The remaining
126
 
positions (municipal
securities and corporate bonds) have a credit component.
 
At June 30, 2023, all collateralized mortgage obligation securities (“CMO”),
MBS, Small Business Administration securities (“SBA”), U.S. Agency,
 
and U.S. Treasury bonds held were AAA rated.
 
At June 30,
2023, corporate debt securities had an allowance for credit losses of $
19,000
 
and municipal securities had an allowance of $
5,000
.
Credit Quality Indicators
The Company monitors the credit quality of its investment securities through
 
various risk management procedures, including the
monitoring of credit ratings.
 
A majority of the debt securities in the Company’s
 
investment portfolio were issued by a U.S.
government entity or agency and are either explicitly or implicitly guaranteed
 
by the U.S. government.
 
The Company believes the
long history of no credit losses on these securities indicates that the expectation
 
of nonpayment of the amortized cost basis is
effectively zero, even if the U.S. government were
 
to technically default.
 
Further, certain municipal securities held by the Company
have been pre-refunded and secured by government guaranteed treasuries.
 
Therefore, for the aforementioned securities, the Company
does
no
t assess or record expected credit losses due to the zero loss assumption.
 
The Company monitors the credit quality of its
municipal and corporate securities portfolio via credit ratings
 
which are updated on a quarterly basis.
 
On a quarterly basis, municipal
and corporate securities in an unrealized loss position are evaluated to determine
 
if the loss is attributable to credit related factors and
if an allowance for credit loss is needed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
NOTE 3 – LOANS HELD FOR INVESTMENT AND ALLOWANCE
 
FOR CREDIT LOSSES
Loan Portfolio Composition
.
 
The composition of the held for investment (“HFI”) loan portfolio was as follows:
(Dollars in Thousands)
June 30, 2023
 
December 31, 2022
Commercial, Financial and Agricultural
$
227,219
 
$
247,362
Real Estate – Construction
 
226,404
 
 
234,519
Real Estate – Commercial Mortgage
 
831,285
 
 
782,557
Real Estate – Residential
(1)
 
882,292
 
 
727,105
Real Estate – Home Equity
 
203,150
 
 
208,120