Capital City Bank Group, Inc.
 
Reports Second Quarter 2024
 
Results
TALLAHASSEE, Fla.
 
(July 23, 2024) – Capital City Bank Group, Inc. (NASDAQ: CCBG)
 
today reported net income attributable to
common shareowners of $14.2 million, or $0.83 per diluted share, for
 
the second quarter of 2024
 
compared to $12.6 million, or
$0.74 per diluted share, for the first quarter of 2024, and $14.2 million, or $0.
 
83 per diluted share, for the second quarter of 2023.
QUARTER HIGHLIGHTS (2
nd
 
Quarter 2024
 
versus 1
st
 
Quarter 2024)
Income Statement
●
Tax-equivalent
 
net interest income totaled $39.3 million compared
 
to $38.4 million for the prior quarter - total deposit cost
increased 10 basis points to 95 basis points
 
– net interest margin increased
 
one basis point to 4.02%
●
Stable credit quality metrics and credit
 
loss provision - net loan charge
 
-offs were 18 basis points (annualized) of average
 
loans –
allowance coverage ratio increased 2 basis points
 
to 1.09% at June 30, 2024
●
Noninterest income increased
 
$1.5 million, or 8.3%, due to higher mortgage banking revenues
●
Noninterest expense was well-controlled
 
with a $0.3 million, or 0.7%, increase for the quarter
●
Reduction in effective tax rate reflected a new investment
 
in a solar tax credit fund
 
Balance Sheet
●
Loan balances decreased $1.9 million, or
 
0.1% (average), and declined $40.9 million, or 1.5% (end of period)
●
Deposit balances increased by $64.5 million,
 
or 1.8% (average), and decreased $46.2 million,
 
or 1.3% (end of period)
●
Tangible
 
book value per diluted share (non-GAAP financial measure)
 
increased $0.72, or 3.4%
 
Commenting on the company's results, William G. Smith,
 
Jr., Capital City Bank Group Chairman,
 
President, and CEO, said, "I am
pleased with the quarter and how the year is progressing. Our disciplined approach resulted
 
in tangible book value growth of 3.4%
for the quarter, driven by margin
 
expansion and stable credit quality.
 
We are poised for
 
a successful year and remain focused on
initiatives that drive sustained core profitability."
 
Discussion of Operating Results
Net Interest Income/Net Interest
 
Margin
Tax-equivalent net
 
interest income for the second quarter of 2024
 
totaled $39.3 million, compared to $38.4 million for the first
quarter of 2024, and $40.2 million for the second quarter of 2023.
 
Compared to the first quarter of 2024, the increase was primarily
due to higher overnight funds and loan interest income that was partially
 
offset by higher deposit interest expense.
 
The increase in
overnight funds interest income reflected higher average deposit balances
 
and the increase in loan interest income reflected existing
loans re-pricing at higher rates and new loan volume at higher rates.
 
The increase in deposit interest expense was attributable to
higher average money market account (“MMA”) balances
 
and to a lesser extent certificates of deposit (“CD”) balances and reflected
a combination of re-mix from other deposit categories and higher rates for
 
certain products.
 
Compared to the second quarter of 2023, the $0.9 million decrease was generally
 
driven by higher deposit interest expense and lower
overnight funds and investment interest income, which outpaced an increase
 
in loan interest income.
 
For the first six months of
2024, tax-equivalent net interest income totaled $77.8 million compared
 
to $80.7 million for the same period of 2023.
 
The decrease
was primarily driven by the same aforementioned trends.
Our net interest margin for the second quarter of 2024 was 4.02%,
 
an increase of one basis point over the first quarter of 2024
 
and a
decrease of four basis points from the second quarter of 2023.
 
For the month of June 2024, our net interest margin was 4.04%.
 
For
the first six months of 2024, our net interest margin was 4.01% compared
 
to 4.05% for the same period of 2023.
 
Compared to the
first quarter of 2024, the slight increase was primarily due to the favorable
 
loan repricing that was partially offset by higher deposit
cost.
 
The decrease from both prior year periods reflected higher deposit cost related
 
to re-mix within the deposit base and higher
rates paid on deposits, partially offset by higher
 
yields from new loan volume and existing loans repricing at higher rates.
 
For the
second quarter of 2024, our cost of funds was 97 basis points, an increase
 
of nine basis points over the first quarter of 2024 and an
increase of 46 basis points over the second quarter of 2023.
 
Our cost of deposits (including noninterest bearing accounts) was 95
basis points, 85 basis points, and 43 basis points, respectively,
 
for the same periods.
 
 
Provision for Credit Losses
 
We recorded
 
a provision for credit losses of $1.2 million for the second quarter of 2024
 
compared to $0.9 million for the first
quarter of 2024 and $2.2 million for the second quarter of 2023.
 
Compared to the first quarter of 2024, the increase in the provision
was primarily due to loan grade migration and slightly higher loss rates partially
 
offset by lower loan balances.
 
For the first six
months of 2024, we recorded a provision for credit losses of $2.1 million compared
 
to $5.3 million for the same period of 2023 with
the decrease driven primarily by lower new loan volume in 2024.
 
We discuss the allowance
 
for credit losses further below.
2
Noninterest Income and Noninterest
 
Expense
Noninterest income for the second quarter of 2024 totaled $19.6 million
 
compared to $18.1 million for the first quarter of 2024 and
$20.0 million for the second quarter of 2023.
 
The $1.5 million increase over the first quarter of 2024 was due to an increase in
mortgage banking revenues driven by higher production.
 
Compared to the second quarter of 2023, the $0.4 million decrease was
primarily attributable to a $1.7
 
million decrease in other income, which reflected a $1.4 million gain from
 
the sale of mortgage
servicing rights in the second quarter of 2023, partially offset
 
by a $1.0 million increase in mortgage banking revenues driven by
 
a
higher gain on sale margin,
 
and a $0.3 million increase in wealth management fees.
 
For the first six months of 2024, noninterest income totaled $37.7 million,
 
which is comparable to the same period of 2023 and
reflected a $2.0 million decrease in other income that was partially offset
 
by a $1.0 increase in wealth management fees and a $1.0
million increase in mortgage banking revenues.
 
The decrease in other income was primarily attributable to the aforementioned
 
$1.4
million gain from the sale of mortgage servicing rights in 2023.
 
A decrease in vendor bonus income and miscellaneous income also
contributed to the decrease.
 
The increase in wealth management fees was primarily driven by higher retail brokerage
 
fees and to a
lesser extent trust fees.
 
The increase in mortgage banking revenues was due to a higher gain on sale margin.
Noninterest expense for the second quarter of 2024 totaled $40.4 million
 
compared to $40.2 million for the first quarter of 2024 and
$40.3 million for the second quarter of 2024.
 
The $0.2 million increase over the first quarter of 2024 reflected a $0.2
 
million
increase in other expense which included the write-off
 
of obsolete assets from the remodeling of an office site and a core system
migration in the second quarter of 2024.
 
Compared to the second quarter of 2023, the $0.1 million increase reflected
 
a $1.0 million
increase in compensation expense and a $0.1 million increase in occupancy
 
expense that was partially offset by a $1.0 million
decrease in other expense.
 
The increase in compensation expense reflected a $0.7 million increase in salary
 
expense and a $0.3
million increase in associate benefit expense.
 
The increase in salary expense was primarily due to lower realized loan cost (credit
offset to salary expense) of $0.5 million (lower new loan volume
 
)
 
and higher base salary expense of $0.3 million.
 
The increase in
associate benefit expense was attributable to higher expense for associate
 
insurance.
 
The increase in occupancy expense was due to
higher expense for maintenance agreements (security upgrades).
 
The decrease in other expense was due to a one-time payment for
$0.8 million in the second quarter of 2023 related to a consulting engagement
 
for the negotiation of a new core processing
agreement.
 
For the first six months of 2024, noninterest expense totaled $80.6 million compared
 
to $78.0 million for the same period of 2023
with the $2.6 million increase attributable to increases in compensation
 
expense of $1.8 million, occupancy expense of $0.4 million,
and other expense of $0.4 million.
 
The increase in compensation expense was primarily due to a lower level of realized loan
 
cost
(credit offset to salary expense) of $2.0 million (lower
 
new loan volume) and higher base salary expense of $0.8 million (primarily
annual merit raises), partially offset by lower commission
 
expense of $1.1
 
million.
 
The increase in occupancy was driven by an
increase in expense for maintenance agreements (security upgrades and
 
addition of interactive teller machines).
 
The increase in
other expense reflected a $1.8 million gain from the sale of a banking office
 
in the first quarter of 2023 that was partially offset by
lower pension plan expense of $0.6 million (service cost) and the favorable
 
impact of the aforementioned one-time consulting
expense of $0.8 million in 2023.
 
Income Taxes
We realized income
 
tax expense of $3.2 million (effective rate of 18.5%) for the
 
second quarter of 2024
 
compared to $3.5 million
(effective rate of 23.0%) for the first quarter of 2024 and
 
$3.4 million (effective rate of 19.4%) for the second quarter of 202
 
3.
 
For
the first six months of 2024, we realized income tax expense of $6.7 million (effective
 
rate of 20.6%) compared to $7.1 million
(effective rate of 20.4%) for the same period of 2023.
 
The decrease in our effective tax rate for the second quarter of 2024
 
was
primarily due to a higher level of tax benefit accrued from a new investment
 
in a solar tax credit equity fund.
 
Absent discrete items,
we expect our annual effective tax rate to approximate 20-21%
 
for 2024.
3
Discussion of Financial Condition
Earning Assets
Average earning
 
assets totaled $3.935 billion for the second quarter of 2024, an increase of $85.7 million, or
 
2.2%, over the first
quarter of 2024, and an increase of $111.3
 
million, or 2.9%, over the fourth quarter of 2023.
 
The variance for both prior period
comparisons was driven by an increase in deposit balances (see below –
Deposits
), resulting in higher levels of overnight funds
sold.
 
Compared to the fourth quarter of 2023, the change in the earning asset mix reflect
 
ed a $162.7 million increase in overnight
funds and a $15.5 million increase in loans held for investment (“HFI”)
 
that was partially offset by lower investment securities of
$43.4 million, and loans held for sale of $23.5 million.
 
Average loans
 
HFI decreased $1.9 million, or 0.1%, from the first quarter of 2024 and increased $15.5
 
million, or 0.6%, over the
fourth quarter of 2023.
 
Compared to the first quarter of 2024, the slight decrease was driven by a decline
 
in the consumer loans
(primarily indirect auto) of $19.0 million, partially offset
 
by increases in residential real estate loans of $10.1 million and
commercial real estate loans of $8.0 million.
 
Compared to the fourth quarter of 2023, the increase was primarily attributable to a
$51.8 million increase in residential real estate loans that was partially offset
 
by a decrease of $35.0 million in consumer loans
(primarily indirect auto).
 
Period end loans HFI decreased $40.9 million, or 1.5%, from the first quarter
 
of 2024
 
and decreased $43.7 million, or 1.6%, from
the fourth quarter of 2023.
 
Compared to the first quarter of 2024, the decline reflected a $20.0 million decrease
 
in consumer loans
(primarily indirect auto) and a $13.3 million decrease in commercial loans
 
(primarily tax-exempt loans).
 
The decrease from the
fourth quarter of 2023
 
was primarily attributable to a $36.8 million decrease in consumer loans (primarily
 
indirect auto) and
commercial loans of $20.2 million (primarily tax-exempt loans)
 
that was partially offset by a $11.3 million
 
increase in residential
real estate loans.
 
Allowance for Credit Losses
At June 30, 2024, the allowance for credit losses for HFI loans totaled $29.2
 
million compared to $29.3 million at March 31, 2024
and $29.9 million at December 31, 2023.
 
Activity within the allowance is provided on Page 9.
 
The slight decrease in the allowance
from March 31, 2024 reflected a lower level of net charge
 
-offs (18 basis points for the second quarter of 2024 versus 22 basis points
for the first quarter of 2024) that was offset by a higher
 
credit loss provision (see above –
Provision for Credit Losses
).
 
The
decrease in the allowance from December 31, 2023 was primarily due
 
to lower loan balances.
 
At June 30, 2024, the allowance
represented 1.09% of HFI loans compared to 1.07% at March 30, 2024,
 
and 1.10% at December 31, 2023.
 
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled
 
$6.2 million at June 30, 2024 compared to $6.8 million at
March 31, 2024 and $6.2 million at December 31, 2023.
 
At June 30, 2024, nonperforming assets as a percent of total assets equaled
0.15%, compared to 0.16% at March 31, 2024 and 0.15% at December 31, 2023.
 
Nonaccrual loans totaled $5.5 million at June 30,
2024,
 
a $1.3 million decrease from March 31, 2024 and a $0.7 million decrease from December
 
31, 2024.
 
Further, classified loans
totaled $25.6 million at June 30, 2024, a $3.3 million increase over
 
March 31, 2024 and a $3.4 million increase over December 31,
2023.
Deposits
Average total
 
deposits were $3.641 billion for the second quarter of 2024, an increase of $64.5
 
million, or 1.8%, over the first
quarter of 2024 and an increase of $92.5 million, or 2.6%, over the fourth quarter
 
of 2023.
 
Compared to both prior periods, growth
occurred in both money market and CD balances which reflected a combination
 
of balances migrating from savings,
 
and to a lesser
extent noninterest bearing accounts,
 
in addition to receiving new deposits from existing and new clients via various deposit
strategies.
 
In addition, compared to the fourth quarter of 2023, the increase in NOW balances reflected
 
higher average public funds
balances as municipal tax receipts are received/deposited by those clients starting
 
in late November.
 
To a lesser extent, we have
realized NOW account inflows from new and existing business accounts which
 
reflected our bankers focus on deposit gathering
initiatives.
 
At June 30, 2024, total deposits were $3.609 billion, a decrease of $46.2
 
million, or 1.3%, from March 31, 2024, and a decrease of
$93.3 million, or 2.5%, from December 31, 2023.
 
The decreases from both prior periods was primarily due to lower NOW account
balances,
 
partially offset by the aforementioned growth in money
 
market and CD balances from both new and existing clients.
 
The
decline in NOW accounts primarily reflects seasonal public fund balance
 
activity.
 
Total public funds balances
 
were $575.0 million
at June 30, 2024, $615.0 million at March 31, 2024, and $709.8 million
 
at December 31, 2023.
4
Liquidity
The Bank maintained an average net overnight funds (deposits with banks plus
 
FED funds sold less FED funds purchased) sold
position of $262.4 million in the second quarter of 2024
 
compared to $140.5 million in the first quarter of 2024 and $99.8 million
 
in
the fourth quarter of 2023.
 
Compared to both prior periods, the increase was primarily driven by higher
 
average deposits and
investment portfolio cash flow run-off.
 
 
At June 30, 2024, we had the ability to generate approximately $1.
 
500 billion (excludes overnight funds position of $273 million) in
additional liquidity through various sources including various federal funds
 
purchased lines, Federal Home Loan Bank borrowings,
the Federal Reserve Discount Window,
 
and brokered deposits.
 
We also view our
 
investment portfolio as a liquidity source as we have the option to pledge securities in
 
our portfolio as collateral
for borrowings or deposits, and/or to sell selected securities in our portfolio
 
.
 
Our portfolio consists of debt issued by the U.S.
Treasury,
 
U.S. governmental agencies, municipal governments, and corporate
 
entities.
 
At June 30, 2024, the weighted-average
maturity and duration of our portfolio were 2.67 years and 2.16, respectively,
 
and the available-for-sale portfolio had a net
unrealized tax-effected loss of $24.5 million.
 
Capital
Shareowners’ equity was $461.0 million at June 30, 2024 compared
 
to $448.3 million at March 31, 2024 and $440.6 million at
December 31, 2023.
 
For the first six months of 2024, shareowners’ equity was positively impacted by net
 
income attributable to
shareowners of $26.7 million, a $1.2 million decrease in the net unrealized
 
loss on available for sale securities, net adjustments
totaling $0.9
 
million related to transactions under our stock compensation plans, stock
 
compensation accretion of $0.7
 
million, and a
$0.3 million increase in the fair value of the interest rate swap related to subordinated
 
debt.
 
Shareowners’ equity was reduced by a
common stock dividend of $7.1 million ($0.42 per share) and the repurchase
 
of common stock of $2.3 million (82,540 shares).
At June 30, 2024, our total risk-based capital ratio was 17.50% compared to 16.84% at
 
March 31, 2024 and 16.57% at December
31, 2023.
 
Our common equity tier 1 capital ratio was 14.44%, 13.82%, and 13.52%, respectively,
 
on these dates.
 
Our leverage ratio
was 10.51%, 10.45%, and 10.30%, respectively,
 
on these dates.
 
At June 30, 2024, all our regulatory capital ratios exceeded the
thresholds to be designated as “well-capitalized” under the Basel III
 
capital standards.
 
Further, our tangible common equity ratio
(non-GAAP financial measure) was 8.91% at June 30, 2024 compared to 8.53%
 
and 8.26% at March 31, 2024 and December 31,
2023,
 
respectively.
 
If our unrealized held-to-maturity securities losses of $21.7 million (after-tax)
 
were recognized in accumulated
other comprehensive loss, our adjusted tangible capital ratio would be
 
8.38%.
 
 
 
5
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest
 
publicly traded financial holding companies headquartered
in Florida and has approximately $4.2
 
billion in assets.
 
We provide
 
a full range of banking services, including traditional deposit
and credit services, mortgage banking, asset management, trust, merchant
 
services, bankcards,
 
securities brokerage services and
financial advisory services, including the sale of life insurance, risk management
 
and asset protection services.
 
Our bank
subsidiary, Capital City Bank,
 
was founded in 1895 and now has 63 banking offices and 105 ATM
 
s/ITMs in Florida, Georgia and
Alabama.
 
For more information about Capital City Bank Group, Inc., visit www.ccbg.com
 
.
FORWARD
 
-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on current plans
 
and expectations that are subject to uncertainties and
risks, which could cause our future results to differ materially.
 
The words “may,” “could,” “should,”
 
“would,” “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,”
 
“goal,” and similar expressions are intended to identify
forward-looking statements. The following factors, among others, could cause our actual
 
results to differ: 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; the effects
 
of changes in the levels 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; inflation,
interest rate, market and monetary fluctuations; uncertainty in the pricing
 
of residential mortgage loans that we sell, as well as
competition for the mortgage servicing rights related to these loans;
 
interest rate risk and price risk resulting from retaining mortgage
servicing rights and the effects of higher interest rates on our loan origination
 
volumes; changes in monetary and fiscal policies of
the U.S. Government; the cost and effects of cybersecurity
 
incidents or other failures, interruptions, or security breaches of our
systems or those of our customers or third-party providers; the effects
 
of fraud related to debit card products; the accuracy of our
financial statement estimates and assumptions; 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; the strength of the local economies in
which we operate;
 
our ability to declare and pay dividends; structural changes in the
 
markets for origination, sale and servicing of
residential mortgages; our ability to retain key personnel; the effects
 
of natural disasters (including hurricanes), widespread health
emergencies (including pandemics), military conflict,
 
terrorism, civil unrest or other geopolitical events; our ability to comply with
the extensive laws and regulations to which we are subject; the impact of the restatement
 
of our previously issued consolidated
statements of cash flows; any deficiencies in the processes undertaken to effect
 
these restatements and to identify and correct all
errors in our historical financial statements that may require restatement;
 
any inability to implement and maintain effective internal
control over financial reporting and/or disclosure control or inability to remediate
 
our existing material weaknesses in our internal
controls deemed ineffective; the willingness of clients to accept
 
third-party products and services rather than our products and
services; 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.
 
Additional factors can be found in our
Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, and
 
our other filings with the SEC, which are
available at the SEC’s internet site (http://www.sec.gov).
 
Forward-looking statements in this Press Release speak only as of the date
of the Press Release, and we assume no obligation to update forward
 
-looking statements or the reasons why actual results could
differ, except as may be required
 
by law.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
USE OF NON-GAAP FINANCIAL MEASURES
Unaudited
We present a tangible
 
common equity ratio and a tangible book value per diluted share that removes the effect
 
of goodwill and other
intangibles resulting from merger and acquisition activity.
 
We believe these measures
 
are useful to investors because it allows
investors to more easily compare our capital adequacy to other companies in the
 
industry.
 
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Shareowners' Equity (GAAP)
$
460,999
$
448,314
$
440,625
$
419,706
$
412,422
Less: Goodwill and Other Intangibles (GAAP)
92,853
92,893
92,933
92,973
93,013
Tangible Shareowners' Equity (non-GAAP)
A
368,146
355,421
347,692
326,733
319,409
Total Assets (GAAP)
4,225,695
4,259,922
4,304,477
4,138,287
4,391,206
Less: Goodwill and Other Intangibles (GAAP)
92,853
92,893
92,933
92,973
93,013
Tangible Assets (non-GAAP)
B
$
4,132,842
$
4,167,029
$
4,211,544
$
4,045,314
$
4,298,193
Tangible Common Equity Ratio (non-GAAP)
A/B
8.91%
8.53%
8.26%
8.08%
7.43%
Actual Diluted Shares Outstanding (GAAP)
C
16,970,228
16,947,204
17,000,758
16,997,886
17,025,023
Tangible Book Value
 
per Diluted Share (non-GAAP)
A/C
$
21.69
$
20.97
$
20.45
$
19.22
$
18.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
EARNINGS
Net Income Attributable to Common Shareowners
$
14,150
$
12,557
$
14,174
$
26,707
$
27,883
Diluted Net Income Per Share
$
0.83
$
0.74
$
0.83
$
1.57
$
1.64
PERFORMANCE
Return on Average Assets (annualized)
1.33
%
1.21
%
1.32
%
1.27
%
1.29
%
Return on Average Equity (annualized)
12.23
11.07
13.58
11.66
13.67
Net Interest Margin
4.02
4.01
4.06
4.01
4.05
Noninterest Income as % of Operating Revenue
33.30
32.06
33.22
32.69
31.90
Efficiency Ratio
68.61
%
71.06
%
66.93
%
69.81
%
65.82
%
CAPITAL ADEQUACY
Tier 1 Capital
 
16.31
%
15.67
%
14.56
%
16.31
%
14.56
%
Total Capital
 
17.50
16.84
15.68
17.50
15.68
Leverage
 
10.51
10.45
9.54
10.51
9.54
Common Equity Tier 1
14.44
13.82
12.73
14.44
12.73
Tangible Common Equity
(1)
8.91
8.53
7.43
8.91
7.43
Equity to Assets
10.91
%
10.52
%
9.39
%
10.91
%
9.39
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
529.79
%
431.46
%
426.44
%
529.79
%
426.44
%
Allowance as a % of Loans HFI
1.09
1.07
1.05
1.09
1.05
Net Charge-Offs as % of Average Loans HFI
0.18
0.22
0.07
0.20
0.15
Nonperforming Assets as % of Loans HFI and OREO
0.23
0.25
0.25
0.23
0.25
Nonperforming Assets as % of Total Assets
0.15
%
0.16
%
0.15
%
0.15
%
0.15
%
STOCK PERFORMANCE
High
 
$
28.58
$
31.34
$
34.16
$
31.34
$
36.86
Low
25.45
26.59
28.03
25.45
28.03
Close
$
28.44
$
27.70
$
30.64
$
28.44
$
30.64
Average Daily Trading Volume
29,861
31,023
33,412
30,433
37,574
(1)
 
Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
reconciliation to GAAP, refer to Page 6.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT
 
OF FINANCIAL CONDITION
Unaudited
2024
2023
(Dollars in thousands)
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
ASSETS
Cash and Due From Banks
$
75,304
$
73,642
$
83,118
$
72,379
$
83,679
Funds Sold and Interest Bearing Deposits
272,675
231,047
228,949
95,119
285,129
Total Cash and Cash Equivalents
347,979
304,689
312,067
167,498
368,808
Investment Securities Available for Sale
310,941
327,338
337,902
334,052
386,220
Investment Securities Held to Maturity
582,984
603,386
625,022
632,076
641,398
Other Equity Securities
2,537
3,445
3,450
3,585
1,703
 
Total Investment Securities
896,462
934,169
966,374
969,713
1,029,321
Loans Held for Sale
 
24,022
24,705
28,211
34,013
44,659
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
204,990
218,298
225,190
221,704
227,219
Real Estate - Construction
200,754
202,692
196,091
197,526
226,404
Real Estate - Commercial
823,122
823,690
825,456
828,234
831,285
Real Estate - Residential
1,012,541
1,012,791
1,001,257
966,512
893,384
Real Estate - Home Equity
211,126
214,617
210,920
203,606
203,142
Consumer
234,212
254,168
270,994
285,122
295,646
Other Loans
2,286
3,789
2,962
1,401
5,425
Overdrafts
1,192
1,127
1,048
1,076
1,007
Total Loans Held for Investment
2,690,223
2,731,172
2,733,918
2,705,181
2,683,512
Allowance for Credit Losses
(29,219)
(29,329)
(29,941)
(29,083)
(28,243)
Loans Held for Investment, Net
2,661,004
2,701,843
2,703,977
2,676,098
2,655,269
Premises and Equipment, Net
81,414
81,452
81,266
81,677
82,062
Goodwill and Other Intangibles
92,853
92,893
92,933
92,973
93,013
Other Real Estate Owned
650
1
1
1
1
Other Assets
121,311
120,170
119,648
116,314
118,073
Total Other Assets
296,228
294,516
293,848
290,965
293,149
Total Assets
$
4,225,695
$
4,259,922
$
4,304,477
$
4,138,287
$
4,391,206
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,343,606
$
1,361,939
$
1,377,934
$
1,472,165
$
1,520,134
NOW Accounts
1,177,180
1,212,452
1,327,420
1,092,996
1,269,839
Money Market Accounts
413,594
398,308
319,319
304,323
321,743
Savings Accounts
514,560
530,782
547,634
571,003
590,245
Certificates of Deposit
159,624
151,320
129,515
99,958
86,905
Total Deposits
3,608,564
3,654,801
3,701,822
3,540,445
3,788,866
Repurchase Agreements
22,463
23,477
26,957
22,910
22,619
Other Short-Term Borrowings
3,307
8,409
8,384
18,786
28,054
Subordinated Notes Payable
52,887
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
1,009
265
315
364
414
Other Liabilities
69,987
65,181
66,080
75,585
77,192
Total Liabilities
3,758,217
3,805,020
3,856,445
3,710,977
3,970,032
Temporary Equity
6,479
6,588
7,407
7,604
8,752
SHAREOWNERS' EQUITY
Common Stock
169
169
170
170
170
Additional Paid-In Capital
35,547
34,861
36,326
36,182
36,853
Retained Earnings
445,959
435,364
426,275
418,030
408,771
Accumulated Other Comprehensive Loss, Net of Tax
(20,676)
(22,080)
(22,146)
(34,676)
(33,372)
Total Shareowners' Equity
460,999
448,314
440,625
419,706
412,422
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,225,695
$
4,259,922
$
4,304,477
$
4,138,287
$
4,391,206
OTHER BALANCE SHEET DATA
Earning Assets
$
3,883,382
$
3,921,093
$
3,957,452
$
3,804,026
$
4,042,621
Interest Bearing Liabilities
2,344,624
2,377,900
2,412,431
2,163,227
2,372,706
Book Value Per Diluted Share
$
27.17
$
26.45
$
25.92
$
24.69
$
24.21
Tangible Book Value
 
Per Diluted Share
(1)
21.69
20.97
20.45
19.22
18.76
Actual Basic Shares Outstanding
16,942
16,929
16,950
16,958
16,992
Actual Diluted Shares Outstanding
16,970
16,947
17,001
16,998
17,025
(1)
 
Tangible book value per diluted share is a non-GAAP financial measure. For additional
 
information, including a reconciliation to GAAP, refer to Page 6.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF OPERATIONS
Unaudited
2024
2023
Six Months Ended
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2024
2023
INTEREST INCOME
Loans, including Fees
$
41,138
$
40,683
$
40,407
$
39,344
$
37,608
$
81,821
$
72,499
Investment Securities
4,004
4,244
4,392
4,561
4,815
8,248
9,739
Federal Funds Sold and Interest Bearing Deposits
3,624
1,893
1,385
1,848
2,782
5,517
6,893
Total Interest Income
48,766
46,820
46,184
45,753
45,205
95,586
89,131
INTEREST EXPENSE
Deposits
8,579
7,594
5,872
5,214
4,008
16,173
6,496
Repurchase Agreements
217
201
199
190
115
418
124
Other Short-Term Borrowings
68
39
310
440
336
107
788
Subordinated Notes Payable
630
628
627
625
604
1,258
1,175
Other Long-Term Borrowings
3
3
5
4
5
6
11
Total Interest Expense
9,497
8,465
7,013
6,473
5,068
17,962
8,594
Net Interest Income
39,269
38,355
39,171
39,280
40,137
77,624
80,537
Provision for Credit Losses
1,204
920
2,025
2,393
2,197
2,124
5,296
Net Interest Income after Provision for Credit Losses
38,065
37,435
37,146
36,887
37,940
75,500
75,241
NONINTEREST INCOME
Deposit Fees
5,377
5,250
5,304
5,456
5,326
10,627
10,565
Bank Card Fees
3,766
3,620
3,713
3,684
3,795
7,386
7,521
Wealth Management Fees
4,439
4,682
4,276
3,984
4,149
9,121
8,077
Mortgage Banking Revenues
4,381
2,878
2,327
1,839
3,363
7,259
6,234
Other
 
1,643
1,667
1,537
1,765
3,334
3,310
5,328
Total Noninterest Income
19,606
18,097
17,157
16,728
19,967
37,703
37,725
NONINTEREST EXPENSE
Compensation
24,406
24,407
23,822
23,003
23,438
48,813
46,962
Occupancy, Net
6,997
6,994
7,098
6,980
6,820
13,991
13,582
Other
 
9,038
8,770
9,038
9,122
10,027
17,808
17,417
Total Noninterest Expense
40,441
40,171
39,958
39,105
40,285
80,612
77,961
OPERATING PROFIT
17,230
15,361
14,345
14,510
17,622
32,591
35,005
Income Tax Expense
3,189
3,536
2,909
3,004
3,417
6,725
7,126
Net Income
14,041
11,825
11,436
11,506
14,205
25,866
27,879
Pre-Tax Loss (Income) Attributable to Noncontrolling Interest
109
732
284
1,149
(31)
841
4
NET INCOME ATTRIBUTABLE
 
TO
 
COMMON SHAREOWNERS
$
14,150
$
12,557
$
11,720
$
12,655
$
14,174
$
26,707
$
27,883
PER COMMON SHARE
Basic Net Income
$
0.84
$
0.74
$
0.69
$
0.75
$
0.83
$
1.58
$
1.64
Diluted Net Income
0.83
0.74
0.70
0.74
0.83
1.57
1.64
Cash Dividend
 
$
0.21
$
0.21
$
0.20
$
0.20
$
0.18
$
0.42
$
0.36
AVERAGE
 
SHARES
Basic
 
16,931
16,951
16,947
16,985
17,002
16,941
17,009
Diluted
 
16,960
16,969
16,997
17,025
17,035
16,964
17,040
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
CAPITAL CITY BANK GROUP,
 
INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2024
2023
Six Months Ended
 
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2024
2023
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
29,329
$
29,941
$
29,083
$
28,243
$
26,808
$
29,941
$
25,068
Transfer from Other (Assets) Liabilities
-
(50)
66
-
-
(50)
-
Provision for Credit Losses
1,129
932
2,354
1,993
1,922
2,061
5,182
Net Charge-Offs (Recoveries)
1,239
1,494
1,562
1,153
487
2,733
2,007
Balance at End of Period
$
29,219
$
29,329
$
29,941
$
29,083
$
28,243
$
29,219
$
28,243
As a % of Loans HFI
1.09%
1.07%
1.10%
1.08%
1.05%
1.09%
1.05%
As a % of Nonperforming Loans
529.79%
431.46%
479.70%
619.58%
426.44%
529.79%
426.44%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
3,121
$
3,191
$
3,502
$
3,120
$
2,833
$
3,191
$
2,989
Provision for Credit Losses
 
18
(70)
(311)
382
287
(52)
131
Balance at End of Period
(1)
3,139
3,121
3,191
3,502
3,120
3,139
3,120
ACL - DEBT SECURITIES
Provision for Credit Losses
 
$
57
$
58
$
(18)
$
18
$
(12)
$
115
$
(17)
CHARGE-OFFS
Commercial, Financial and Agricultural
$
400
$
282
$
217
$
76
$
54
$
682
$
218
Real Estate - Construction
-
-
-
-
-
-
-
Real Estate - Commercial
-
-
-
-
-
-
120
Real Estate - Residential
-
17
79
-
-
17
-
Real Estate - Home Equity
-
76
-
-
39
76
39
Consumer
1,061
1,550
1,689
1,340
993
2,611
2,725
Overdrafts
571
638
602
659
894
1,209
1,528
Total Charge-Offs
$
2,032
$
2,563
$
2,587
$
2,075
$
1,980
$
4,595
$
4,630
RECOVERIES
Commercial, Financial and Agricultural
$
59
$
41
$
83
$
28
$
71
$
100
$
166
Real Estate - Construction
-
-
-
-
1
-
2
Real Estate - Commercial
19
204
16
17
11
223
19
Real Estate - Residential
23
37
34
30
132
60
189
Real Estate - Home Equity
37
24
17
53
131
61
156
Consumer
313
410
433
418
514
723
1,085
Overdrafts
342
353
442
376
633
695
1,006
Total Recoveries
$
793
$
1,069
$
1,025
$
922
$
1,493
$
1,862
$
2,623
NET CHARGE-OFFS (RECOVERIES)
$
1,239
$
1,494
$
1,562
$
1,153
$
487
$
2,733
$
2,007
Net Charge-Offs as a % of Average Loans
 
HFI
(2)
0.18%
0.22%
0.23%
0.17%
0.07%
0.20%
0.15%
CREDIT QUALITY
Nonaccruing Loans
$
5,515
$
6,798
$
6,242
$
4,694
$
6,623
Other Real Estate Owned
650
1
1
1
1
Total Nonperforming Assets ("NPAs")
$
6,165
$
6,799
$
6,243
$
4,695
$
6,624
Past Due Loans 30-89 Days
 
$
5,672
$
5,392
$
6,854
$
5,577
$
4,207
Classified Loans
25,566
22,305
22,203
21,812
14,973
Nonperforming Loans as a % of Loans HFI
0.21%
0.25%
0.23%
0.17%
0.25%
NPAs as a % of Loans HFI and Other Real Estate
0.23%
0.25%
0.23%
0.17%
0.25%
NPAs as a % of
 
Total Assets
0.15%
0.16%
0.15%
0.11%
0.15%
(1)
 
Recorded in other liabilities
(2)
 
Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
CAPITAL CITY BANK GROUP,
 
INC.
AVERAGE
 
BALANCE AND INTEREST RATES
Unaudited
Second Quarter 2024
First Quarter 2024
Fourth Quarter 2023
Third Quarter 2023
Second Quarter 2023
Jun 2024 YTD
Jun 2023 YTD
(Dollars in thousands)
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
ASSETS:
Loans Held for Sale
$
26,281
$
517
5.26
%
$
27,314
$
563
5.99
%
$
49,790
$
817
6.50
%
$
62,768
971
6.14
%
$
54,350
$
800
5.90
%
$
26,797
$
1,080
5.62
%
$
54,728
$
1,445
5.32
%
Loans Held for Investment
(1)
2,726,748
40,683
6.03
2,728,629
40,196
5.95
2,711,243
39,679
5.81
2,672,653
38,455
5.71
2,657,693
36,890
5.55
2,727,688
80,879
5.99
2,620,252
71,232
5.48
Investment Securities
Taxable Investment Securities
918,989
3,998
1.74
952,328
4,239
1.78
962,322
4,389
1.81
1,002,547
4,549
1.80
1,041,202
4,803
1.84
935,658
8,237
1.76
1,051,232
9,716
1.85
Tax-Exempt Investment Securities
(1)
843
9
4.36
856
9
4.34
862
7
4.32
2,456
17
2.66
2,656
17
2.47
850
18
4.35
2,747
33
2.41
Total Investment Securities
919,832
4,007
1.74
953,184
4,248
1.78
963,184
4,396
1.82
1,005,003
4,566
1.81
1,043,858
4,820
1.84
936,508
8,255
1.76
1,053,979
9,749
1.85
Federal Funds Sold and Interest
Bearing Deposits
262,419
3,624
5.56
140,488
1,893
5.42
99,763
1,385
5.51
136,556
1,848
5.37
218,902
2,782
5.10
201,454
5,517
5.51
289,543
6,893
4.80
Total Earning Assets
3,935,280
$
48,831
4.99
%
3,849,615
$
46,900
4.90
%
3,823,980
$
46,277
4.80
%
3,876,980
$
45,840
4.69
%
3,974,803
$
45,292
4.57
%
3,892,447
$
95,731
4.94
%
4,018,502
$
89,319
4.48
%
Cash and Due From Banks
74,803
75,763
76,681
75,941
75,854
75,283
75,250
Allowance for Credit Losses
(29,564)
(30,030)
(29,998)
(29,172)
(27,893)
(29,797)
(26,771)
Other Assets
291,669
295,275
296,114
295,106
297,837
293,473
298,999
Total Assets
$
4,272,188
$
4,190,623
$
4,166,777
$
4,218,855
$
4,320,601
$
4,231,406
$
4,365,980
LIABILITIES:
Noninterest Bearing Deposits
$
1,346,546
$
1,344,188
$
1,416,825
$
1,474,574
$
1,539,877
$
1,345,367
$
1,570,642
NOW Accounts
1,207,643
$
4,425
1.47
%
1,201,032
$
4,497
1.51
%
1,138,461
$
3,696
1.29
%
1,125,171
$
3,489
1.23
%
1,200,400
$
3,038
1.01
%
1,204,337
$
8,922
1.49
%
1,214,585
$
5,190
0.86
%
Money Market Accounts
407,387
2,752
2.72
353,591
1,985
2.26
318,844
1,421
1.77
322,623
1,294
1.59
288,466
747
1.04
380,489
4,737
2.50
278,077
955
0.69
Savings Accounts
519,374
176
0.14
539,374
188
0.14
557,579
202
0.14
579,245
200
0.14
602,848
120
0.08
529,374
364
0.14
616,045
196
0.06
Time Deposits
160,078
1,226
3.08
138,328
924
2.69
116,797
553
1.88
95,203
231
0.96
87,973
103
0.47
149,203
2,150
2.90
88,819
155
0.35
Total Interest Bearing Deposits
2,294,482
8,579
1.50
2,232,325
7,594
1.37
2,131,681
5,872
1.09
2,122,242
5,214
0.97
2,179,687
4,008
0.74
2,263,403
16,173
1.44
2,197,526
6,496
0.60
Total Deposits
3,641,028
8,579
0.95
3,576,513
7,594
0.85
3,548,506
5,872
0.66
3,596,816
5,214
0.58
3,719,564
4,008
0.43
3,608,770
16,173
0.90
3,768,168
6,496
0.35
Repurchase Agreements
26,999
217
3.24
25,725
201
3.14
26,831
199
2.94
25,356
190
2.98
17,888
115
2.58
26,362
418
3.19
13,639
124
1.83
Other Short-Term Borrowings
6,592
68
4.16
3,758
39
4.16
16,906
310
7.29
24,306
440
7.17
17,834
336
7.54
5,176
107
4.16
27,745
788
5.73
Subordinated Notes Payable
52,887
630
4.71
52,887
628
4.70
52,887
627
4.64
52,887
625
4.62
52,887
604
4.52
52,887
1,258
4.70
52,887
1,175
4.42
Other Long-Term Borrowings
258
3
4.31
281
3
4.80
336
5
4.72
387
4
4.73
431
5
4.80
270
6
4.56
455
11
4.80
Total Interest Bearing Liabilities
2,381,218
$
9,497
1.60
%
2,314,976
$
8,465
1.47
%
2,228,641
$
7,013
1.25
%
2,225,178
$
6,473
1.15
%
2,268,727
$
5,068
0.90
%
2,348,098
$
17,962
1.54
%
2,292,252
$
8,594
0.76
%
Other Liabilities
72,634
68,295
78,772
83,099
84,305
70,464
82,765
Total Liabilities
3,800,398
3,727,459
3,724,238
3,782,851
3,892,909
3,763,929
3,945,659
Temporary Equity
6,493
7,150
7,423
8,424
8,935
6,821
8,869
SHAREOWNERS' EQUITY:
465,297
456,014
435,116
427,580
418,757
460,656
411,452
Total Liabilities, Temporary
 
Equity
and Shareowners' Equity
$
4,272,188
$
4,190,623
$
4,166,777
$
4,218,855
$
4,320,601
$
4,231,406
$
4,365,980
Interest Rate Spread
$
39,334
3.38
%
$
38,435
3.43
%
$
39,264
3.55
%
$
39,367
3.54
%
$
40,224
3.67
%
$
77,769
3.40
%
$
80,725
3.73
%
Interest Income and Rate Earned
(1)
48,831
4.99
46,900
4.90
46,277
4.80
45,840
4.69
45,292
4.57
95,731
4.94
89,319
4.48
Interest Expense and Rate Paid
(2)
9,497
0.97
8,465
0.88
7,013
0.73
6,473
0.66
5,068
0.51
17,962
0.93
8,594
0.43
Net Interest Margin
$
39,334
4.02
%
$
38,435
4.01
%
$
39,264
4.07
%
$
39,367
4.03
%
$
40,224
4.06
%
$
77,769
4.01
%
$
80,725
4.05
%
(1)
 
Interest and average rates are
 
calculated on a tax-equivalent basis using a 21% Federal tax rate.
(2)
 
Rate calculated based on average earning assets.