Capital City Bank Group, Inc.
 
Reports Third Quarter 2024
 
Results
TALLAHASSEE, Fla.
 
(October 22, 2024) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today
 
reported net income
attributable to common shareowners of $13.1 million, or $0.78 per diluted
 
share, for the third quarter of 2024 compared to $14.2
million, or $0.83 per diluted share, for the second quarter of 2024, and $12.7
 
million, or $0.74 per diluted share, for the third quarter
of 2023.
QUARTER HIGHLIGHTS (3
rd
 
Quarter 2024
 
versus 2
nd
 
Quarter 2024)
Income Statement
●
Tax-equivalent
 
net interest income totaled $40.3 million compared
 
to $39.3 million for the prior quarter
 
-
Net interest margin increased
 
10 basis points to 4.12% (earning asset yield up 7 basis points and total
 
deposit cost down 3
basis points to 92 basis points)
 
●
Stable credit quality metrics and credit
 
loss provision - net loan charge
 
-offs were 19 basis points (annualized) of average
 
loans –
allowance coverage ratio increased to 1.
11
% at September 30, 2024
●
Noninterest income remained
 
stable, decreasing $0.1 million, or 0.5%, and
 
reflected a $0.4 million decline in mortgage banking
revenues partially offset by a $0.3 million
 
increase in wealth management fees
●
Noninterest expense increased
 
$2.5 million, or 6.1%, due to increases
 
in compensation (annual merit and health care
 
)
 
and other
expenses (professional and processing).
 
Other expense also included a $0.5 million expense related
 
to a counterparty payment
for our VISA Class B share swap
Balance Sheet
●
Loan balances decreased $33.2 million, or
 
1.2% (average), and declined $7.1 million, or 0.3% (end of period)
●
Deposit balances decreased by $69.0
 
million, or 1.9% (average), and decreased $29.5
 
million, or 0.8% (end of period),
reflecting the seasonal decline in our public fund
 
balances
 
●
Tangible
 
book value per diluted share (non-GAAP financial measure)
 
increased $0.91, or 4.2%
 
Commenting on the company's results, William G. Smith,
 
Jr., Capital City Bank Group
 
Chairman, President, and CEO, said, "I am
pleased with what we accomplished in the quarter to enhance shareowner
 
value – 4.2% growth in tangible book value per share and
a 9.5% increase in the dividend. Earnings for the quarter remained stable driven
 
by margin expansion, stable credit, and core deposit
growth. Looking ahead, I remain optimistic about our full year financial performance
 
and beyond, driven by our balance sheet
flexibility, revenue
 
diversification, and focus on continuous improvement.”
 
 
Discussion of Operating Results
Net Interest Income/Net Interest
 
Margin
Tax-equivalent net
 
interest income for the third quarter of 2024 totaled $40.2
 
million, compared to $39.3 million for the second
quarter of 2024, and $39.3 million for the third quarter of 2023.
 
Compared to the second quarter of 2024, the increase was primarily
due to increases in loan and investment interest income and a decrease in
 
deposit interest expense,
 
partially offset by a decrease in
overnight funds interest income.
 
One additional calendar day also contributed to the increase.
 
Favorable repricing of existing
adjustable/fixed rate loans at higher rates drove the increase in loan interest income.
 
The increase in investment interest income was
due to the reinvestment of maturing securities at higher rates.
 
The decrease in deposit interest expense was attributable to lower
average NOW account balances and average rate, in addition to lower
 
rates on promotional deposit products.
 
Compared to the third quarter of 2023, the $0.9 million increase was primarily driven
 
by an increase in loan interest income and to a
lesser extent overnight funds interest income, partially offset by
 
an increase in deposit interest expense.
 
For the first nine months of
2024, tax-equivalent net interest income totaled $118.0
 
million compared to $120.1 million for the same period of 2023 with the
decrease primarily attributable to an increase in deposit interest expense
 
and a decrease in investment interest income, partially offset
by an increase in loan interest income.
 
Our net interest margin for the third quarter of 2024 was 4.12%, an
 
increase of 10 basis points over the second quarter of 2024
 
and
an increase of nine basis points over the third quarter of 2023.
 
For the month of September 2024, our net interest margin was 4.16%.
 
For the first nine months of 2024, our net interest margin
 
was 4.05% compared to 4.04% for the same period of 2023.
 
The increase
over the second quarter of 2024 reflected favorable loan and investment
 
repricing,
 
partially offset by a lower overnight funds rate.
 
The increase over both prior year periods reflected higher loan rates
 
partially offset by a higher cost of deposits.
 
For the third quarter
of 2024, our cost of funds was 93 basis points, a decrease of four basis points
 
from the second quarter of 2024 and an increase of 27
basis points over the third quarter of 2023.
 
Our cost of deposits (including noninterest bearing accounts) was 92
 
basis points, 95
basis points, and 58 basis points, respectively,
 
for the same periods.
2
 
Provision for Credit Losses
 
We recorded
 
a provision expense for credit losses of $1.2 million for the third quarter of 2024,
 
comparable to the second quarter of
2024
 
and a $1.2 million decrease from the third quarter of 2023.
 
The provision expense for the third quarter of 2024 reflected a
$0.7 million increase in the provision for loans held for investment (“HFI”),
 
a $0.6 million provision benefit for unfunded loan
commitments, and a $0.1 million provision benefit for debt securities.
 
The increase in the provision for loans HFI was primarily
due to loan grade migration and slightly higher loss rates partially offset
 
by lower loan balances.
 
A lower level of commitments
drove the provision benefit for unfunded loan commitments.
 
For the first nine months of 2024, we recorded a provision expense
 
for
credit losses of $3.3 million compared to $7.7 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.
Noninterest Income and Noninterest
 
Expense
Noninterest income for the third quarter of 2024 totaled $19.5 million compared
 
to $19.6 million for the second quarter of 2024 and
$16.7 million for the third quarter of 2023.
 
The slight decrease from the second quarter of 2024 reflected a $0.4 million decrease in
mortgage banking revenues partially offset by
 
a $0.3 million increase in wealth management fees.
 
Compared to the third quarter of
2023, the $2.8 million increase was primarily attributable to a $2.1 million
 
increase in mortgage banking revenues driven by a
higher gain on sale margin, and a $0.8 million increase in wealth management
 
fees.
 
For the first nine months of 2024, noninterest income totaled $57.2
 
million compared to $54.5 million for the same period of 2023,
primarily attributable to a $3.2 million increase in mortgage banking
 
revenues and a $1.8 million increase in wealth management
fees, partially offset by a $2.1 million decrease in
 
other income.
 
The increase in mortgage banking revenues was due to a higher
gain on sale margin.
 
The increase in wealth management fees was primarily driven by higher retail brokerage
 
fees and to a lesser
extent trust fees, primarily attributable to both new account growth and higher
 
account values driven by higher market returns.
 
The
decrease in other income was primarily attributable to a $1.4 million
 
gain from the sale of mortgage servicing rights in the second
quarter of 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous
 
income.
 
Noninterest expense for the third quarter of 2024 totaled $42.9 million
 
compared to $40.4 million for the second quarter of 2024
and $39.1 million for the third quarter of 2023.
 
The $2.5 million increase over the second quarter of 2024 was primarily due to a
$1.4 million increase in compensation and a $1.0 million increase in
 
other expense.
 
The increase in compensation reflected higher
salary expense of $0.9 million and associate benefit expense of $0.5 million.
 
The increase in salary expense was driven by annual
merit adjustments, and the increase in other associate benefit expense was primarily
 
attributable to higher health insurance cost, and
to a lesser extent higher stock-based compensation expense.
 
The increase in other expense was primarily due to a $0.5 million
increase in professional fees, processing fees of $0.3 million, and higher miscellaneous
 
expense which included a $0.5 million
payment to the counterparty for our VISA Class B share swap due
 
to revision to the share conversion rate related to additional
funding by VISA of the merchant litigation reserve.
 
Compared to the third quarter of 2023, the $3.8 million increase was primarily
attributable to a $2.8 million increase in compensation expense and a $0.9 million
 
increase in other expense.
 
The unfavorable
variance in compensation expense reflected higher salary expense of $2.2 million
 
and associate benefit expense of $0.6 million,
with the salary variance driven by merit adjustments and the associate benefit expense
 
variance reflective of higher health insurance
cost.
 
Further, salary expense was unfavorably
 
impacted by lower realized loan cost (credit offset to salary expense)
 
of $1.0 million
which reflected lower loan volume in 2024.
 
The increase in other expense was attributable to a $0.6 million increase in professional
fees and higher miscellaneous expense due to the aforementioned
 
$0.5 million share swap payment in the third quarter of 2024.
 
For the first nine months of 2024, noninterest expense totaled $123.5
 
million compared to $117.1 million for the same
 
period of
2023 with the $6.4 million increase primarily attributable to increases in compensation
 
expense of $4.6 million, occupancy expense
of $0.5 million, and other expense of $1.3 million.
 
The increase in compensation expense reflected a $3.9 million increase in salary
expense and a $0.7 million increase in associate benefit expense.
 
The increase in salary expense was primarily due to a lower level
of realized loan cost (credit offset to salary expense) of $2.9
 
million (lower new loan volume) and higher base salary expense of
$1.9 million (primarily annual merit raises), partially offset by
 
lower commission expense of $1.3 million (lower residential
mortgage volume).
 
The increase in occupancy was primarily attributable to an increase in maintenance
 
agreement expense (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 and higher miscellaneous
 
expense due to the aforementioned $0.5 million share swap
payment in 2024, that was partially offset by lower pension plan
 
expense (service cost) of $1.0 million.
 
Income Taxes
We realized income
 
tax expense of $3.0 million (effective rate of 19.1%) for the
 
third quarter of 2024 compared to $3.2
 
million
(effective rate of 18.5%) for the second quarter of 2024
 
and $3.0 million (effective rate of 20.7%) for the third quarter of 202
 
3.
 
For
the first nine months of 2024, we realized income tax expense of $9.7
 
million (effective rate of 20.1%) compared to $10.1 million
(effective rate of 20.5%) for the same period of 2023.
 
The decrease in our effective tax rate from both prior year periods was
primarily due to a higher level of tax benefit accrued from investments in
 
solar tax credit equity funds.
 
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 $3.883 billion for the third quarter of 2024, a decrease of $51.9 million,
 
or 1.3%, from the second
quarter of 2024, and an increase of $59.4 million, or 1.6%, over the
 
fourth quarter of 2023.
 
The change for both prior periods was
driven by variances in deposit balances (see below –
Deposits
).
 
Compared to the second quarter of 2024, the change in the earning
asset mix reflected a $33.2 million decrease in loans HFI, a $11.
 
4
 
million decline in investment securities, and a $5.6 million
decrease increase in overnight funds sold.
 
Compared to the fourth quarter of 2023, the change in the earning asset mix
 
reflected a
$157.1 million increase in overnight funds that was partially offset
 
by a $17.7 million decrease in loans HFI, a $54.7 million
decrease in investment securities and a $25.2 million decline in loans
 
held for sale.
 
Average loans
 
HFI decreased $33.2 million, or 1.2%, from the second quarter of 2024
 
and decreased $17.7 million, or 0.7%, from
the fourth quarter of 2023.
 
Compared to the second quarter of 2024, the decrease was driven by
 
a $19.4 million decrease in
consumer loans (primarily indirect auto), commercial loans of $13.2
 
million, and commercial real estate loans of $7.7 million,
partially offset by a $7.4 million increase in residential real estate loans.
 
Compared to the fourth quarter of 2023, the decrease was
primarily attributable to a $54.5 million decrease in consumer loans
 
(primarily indirect auto) and commercial loans of $24.2 million
(primarily tax-exempt loans) that was partially offset by a $59.2
 
million increase in residential real estate loans.
 
Period end loans HFI decreased $7.1 million, or 0.3%, from the second quarter
 
of 2024
 
and decreased $50.8 million, or 1.9%, from
the fourth quarter of 2023.
 
Compared to the second quarter of 2024, the decline reflected a $20.9
 
million decrease in consumer
loans (primarily indirect auto), a $10.4 million decrease in commercial
 
loans,
 
and a $3.2 million decline in commercial real estate
loans, partially offset by a $10.9 million increase
 
in residential real estate loans and a $18.1 million increase in construction loans
 
.
 
The decrease from the fourth quarter of 2023 was primarily attributable
 
to a $57.7
 
million decrease in consumer loans (primarily
indirect auto),
 
a $30.6 million decline in commercial loans,
 
and a $5.5 million decrease in commercial real estate loans, partially
offset by a $22.2 million increase in residential real estate loans and
 
a $22.8 million increase in construction real estate loans.
 
Allowance for Credit Losses
At September 30, 2024, the allowance for credit losses for loans HFI totaled
 
$29.8 million compared to $29.2 million at June 30,
2024
 
and $29.9 million at December 31, 2023.
 
Activity within the allowance is provided on Page 9.
 
The increase in the allowance
over June 30, 2024 was primarily attributable to slightly higher forecasted
 
unemployment rate utilized in calculating loan loss rates
and loan grade migration (see above –
Provision for Credit Losses
).
 
Net loan charge-offs were 19 basis points
 
of average loans for
the third quarter of 2024 versus 18 basis points for the second quarter of 2024.
 
At September 30, 2024, the allowance represented
1.11% of loans HFI compared to 1.09% at June
 
30, 2024, and 1.10% at December 31, 2023.
 
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled
 
$7.2 million at September 30, 2024 compared to $6.2 million
at June 30, 2024
 
and $6.2 million at December 31, 2023.
 
At September 30, 2024, nonperforming assets as a percent of total assets
equaled 0.17%, compared to 0.15% at June 30, 2024 and 0.15% at December
 
31, 2023.
 
Nonaccrual loans totaled $6.6 million at
September 30, 2024, a $1.1 million increase over June 30, 2024
 
and a $0.3 million increase over December 31, 2023.
 
Further,
classified loans totaled $25.5 million at September 30, 2024, a $0.1
 
million decrease from June 30, 2024
 
and a $3.3 million increase
over December 31, 2023.
Deposits
Average total
 
deposits were $3.572 billion for the third quarter of 2024, a decrease of $69.0 million,
 
or 1.9%, from the second
quarter of 2024 and an increase of $23.5 million, or 0.7%, over the fourth quarter
 
of 2023.
 
Compared to the second quarter of 2024,
the decrease was primarily attributable to lower NOW account balances
 
primarily due to the seasonal decline in our public fund
balances.
 
The increase over the fourth quarter of 2023 reflected growth in both money
 
market and certificate of deposit balances
which reflected a combination of balances migrating from savings and
 
noninterest bearing accounts,
 
in addition to receiving new
deposits from existing and new clients via various deposit strategies.
 
At September 30, 2024, total deposits were $3.579 billion, a decrease of $29.5
 
million, or 0.8%, from June 30, 2024, and a decrease
of $122.7 million, or 3.3%, from December 31, 2023.
 
The decrease from June 30, 2024 was primarily due to lower noninterest
bearing,
 
money market, and savings account balances.
 
The decrease from December 31, 2023 was primarily due to lower NOW
account balances, primarily due to the seasonal decline in our public funds,
 
partially offset by higher money market and certificate
of deposit balances from both new and existing clients.
 
Total public funds balances were $516.2
 
million at September 30, 2024,
$575.0 million at June 30, 2024, and $709.8 million at December 31, 2023.
4
Liquidity
The Bank maintained an average net overnight funds (i.e., deposits with banks
 
plus FED funds sold less FED funds purchased) sold
position of $256.9 million in the third quarter of 2024
 
compared to $262.4 million in the second quarter of 2024 and $99.8 million
in the fourth quarter of 2023.
 
Compared to the second quarter of 2024, the decrease reflected lower
 
average deposits (primarily
seasonal public funds) that was substantially offset by
 
a decline in average loans.
 
Compared to the fourth quarter of 2023, the
increase was primarily driven by higher average deposits
 
and lower average investments.
 
 
At September 30, 2024, we had the ability to generate approximately $1.522
 
billion (excludes overnight funds position of $262
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 September 30, 2024, the weighted-
average maturity and duration of our portfolio were 2.51 years and 2.17
 
years, respectively, and the available
 
-for-sale portfolio had
a net unrealized after-tax loss of $15.5 million.
 
Capital
Shareowners’ equity was $476.5 million at September 30, 2024
 
compared to $461.0 million at June 30, 2024 and $440.6 million at
December 31, 2023.
 
For the first nine months of 2024, shareowners’ equity was positively impacted by
 
net income attributable to
shareowners of $39.8 million, a $8.7 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, and stock compensation
 
accretion of $1.1 million.
 
Shareowners’ equity was reduced by a common stock dividend
 
of $11.0 million ($0.65 per share),
 
the repurchase of common stock
of $2.3 million (82,540 shares), a $0.6 million increase in the fair value
 
of the interest rate swap related to subordinated debt, and a
$0.7
 
million reclassification to temporary equity.
 
At September 30, 2024, our total risk-based capital ratio was 17.97%
 
compared to 17.50% at June 30, 2024 and 16.57% at
December 31, 2023.
 
Our common equity tier 1 capital ratio was 14.88%, 14.44%, and 13.52%, respectively,
 
on these dates.
 
Our
leverage ratio was 10.89%, 10.51%, and 10.30%, respectively,
 
on these dates.
 
At September 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 9.28% at September
 
30, 2024 compared to 8.91% and 8.26%
 
at June 30,
2024 and December 31, 2023, respectively.
 
If our unrealized held-to-maturity securities losses of $12.9 million (after-tax)
 
were
recognized in accumulated other comprehensive loss, our adjusted tangible
 
capital ratio would be 9.00%.
 
 
 
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; 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; legislative or regulatory changes; adverse
 
developments in the financial services industry; 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 for the fiscal year ended December 31, 2023,
 
as amended, 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)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Shareowners' Equity (GAAP)
$
476,499
$
460,999
$
448,314
$
440,625
$
419,706
Less: Goodwill and Other Intangibles (GAAP)
92,813
92,853
92,893
92,933
92,973
Tangible Shareowners' Equity (non-GAAP)
A
383,686
368,146
355,421
347,692
326,733
Total Assets (GAAP)
4,225,316
4,225,695
4,259,922
4,304,477
4,138,287
Less: Goodwill and Other Intangibles (GAAP)
92,813
92,853
92,893
92,933
92,973
Tangible Assets (non-GAAP)
B
$
4,132,503
$
4,132,842
$
4,167,029
$
4,211,544
$
4,045,314
Tangible Common Equity Ratio (non-GAAP)
A/B
9.28%
8.91%
8.53%
8.26%
8.08%
Actual Diluted Shares Outstanding (GAAP)
C
16,980,686
16,970,228
16,947,204
17,000,758
16,997,886
Tangible Book Value
 
per Diluted Share (non-GAAP)
A/C
$
22.60
$
21.69
$
20.97
$
20.45
$
19.22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Nine Months Ended
(Dollars in thousands, except per share data)
Sep 30, 2024
Jun 30, 2024
Sep 30, 2023
Sep 30, 2024
Sep 30, 2023
EARNINGS
Net Income Attributable to Common Shareowners
$
13,118
$
14,150
$
12,655
$
39,825
$
40,539
Diluted Net Income Per Share
$
0.78
$
0.83
$
0.74
$
2.35
$
2.38
PERFORMANCE
Return on Average Assets (annualized)
1.24
%
1.33
%
1.19
%
1.26
%
1.26
%
Return on Average Equity (annualized)
10.87
12.23
11.74
11.39
13.00
Net Interest Margin
4.12
4.02
4.03
4.05
4.04
Noninterest Income as % of Operating Revenue
32.67
33.30
29.87
32.69
31.25
Efficiency Ratio
71.81
%
68.61
%
69.88
%
70.49
%
67.07
%
CAPITAL ADEQUACY
Tier 1 Capital
 
16.77
%
16.31
%
15.11
%
16.77
%
15.11
%
Total Capital
 
17.97
17.50
16.30
17.97
16.30
Leverage
 
10.89
10.51
9.98
10.89
9.98
Common Equity Tier 1
14.88
14.44
13.26
14.88
13.26
Tangible Common Equity
(1)
9.28
8.91
8.08
9.28
8.08
Equity to Assets
11.28
%
10.91
%
10.14
%
11.28
%
10.14
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
452.64
%
529.79
%
619.58
%
452.64
%
619.58
%
Allowance as a % of Loans HFI
1.11
1.09
1.08
1.11
1.08
Net Charge-Offs as % of Average Loans HFI
0.19
0.18
0.17
0.20
0.16
Nonperforming Assets as % of Loans HFI and OREO
0.27
0.23
0.17
0.27
0.17
Nonperforming Assets as % of Total Assets
0.17
%
0.15
%
0.11
%
0.17
%
0.11
%
STOCK PERFORMANCE
High
 
$
36.67
$
28.58
$
33.44
$
36.67
$
36.86
Low
26.72
25.45
28.64
25.45
28.03
Close
$
35.29
$
28.44
$
29.83
$
35.29
$
29.83
Average Daily Trading Volume
37,151
29,861
26,774
32,720
33,936
(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)
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
ASSETS
Cash and Due From Banks
$
83,431
$
75,304
$
73,642
$
83,118
$
72,379
Funds Sold and Interest Bearing Deposits
261,779
272,675
231,047
228,949
95,119
Total Cash and Cash Equivalents
345,210
347,979
304,689
312,067
167,498
Investment Securities Available for Sale
336,187
310,941
327,338
337,902
334,052
Investment Securities Held to Maturity
561,480
582,984
603,386
625,022
632,076
Other Equity Securities
6,976
2,537
3,445
3,450
3,585
 
Total Investment Securities
904,643
896,462
934,169
966,374
969,713
Loans Held for Sale
 
31,251
24,022
24,705
28,211
34,013
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
194,625
204,990
218,298
225,190
221,704
Real Estate - Construction
218,899
200,754
202,692
196,091
197,526
Real Estate - Commercial
819,955
823,122
823,690
825,456
828,234
Real Estate - Residential
1,023,485
1,012,541
1,012,791
1,001,257
966,512
Real Estate - Home Equity
210,988
211,126
214,617
210,920
203,606
Consumer
213,305
234,212
254,168
270,994
285,122
Other Loans
461
2,286
3,789
2,962
1,401
Overdrafts
1,378
1,192
1,127
1,048
1,076
Total Loans Held for Investment
2,683,096
2,690,223
2,731,172
2,733,918
2,705,181
Allowance for Credit Losses
(29,836)
(29,219)
(29,329)
(29,941)
(29,083)
Loans Held for Investment, Net
2,653,260
2,661,004
2,701,843
2,703,977
2,676,098
Premises and Equipment, Net
81,876
81,414
81,452
81,266
81,677
Goodwill and Other Intangibles
92,813
92,853
92,893
92,933
92,973
Other Real Estate Owned
650
650
1
1
1
Other Assets
115,613
121,311
120,170
119,648
116,314
Total Other Assets
290,952
296,228
294,516
293,848
290,965
Total Assets
$
4,225,316
$
4,225,695
$
4,259,922
$
4,304,477
$
4,138,287
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,330,715
$
1,343,606
$
1,361,939
$
1,377,934
$
1,472,165
NOW Accounts
1,174,585
1,177,180
1,212,452
1,327,420
1,092,996
Money Market Accounts
401,272
413,594
398,308
319,319
304,323
Savings Accounts
507,604
514,560
530,782
547,634
571,003
Certificates of Deposit
164,901
159,624
151,320
129,515
99,958
Total Deposits
3,579,077
3,608,564
3,654,801
3,701,822
3,540,445
Repurchase Agreements
29,339
22,463
23,477
26,957
22,910
Other Short-Term Borrowings
7,929
3,307
8,409
8,384
18,786
Subordinated Notes Payable
52,887
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
794
1,009
265
315
364
Other Liabilities
71,974
69,987
65,181
66,080
75,585
Total Liabilities
3,742,000
3,758,217
3,805,020
3,856,445
3,710,977
Temporary Equity
6,817
6,479
6,588
7,407
7,604
SHAREOWNERS' EQUITY
Common Stock
169
169
169
170
170
Additional Paid-In Capital
36,070
35,547
34,861
36,326
36,182
Retained Earnings
454,342
445,959
435,364
426,275
418,030
Accumulated Other Comprehensive Loss, Net of Tax
(14,082)
(20,676)
(22,080)
(22,146)
(34,676)
Total Shareowners' Equity
476,499
460,999
448,314
440,625
419,706
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,225,316
$
4,225,695
$
4,259,922
$
4,304,477
$
4,138,287
OTHER BALANCE SHEET DATA
Earning Assets
$
3,880,769
$
3,883,382
$
3,921,093
$
3,957,452
$
3,804,026
Interest Bearing Liabilities
2,339,311
2,344,624
2,377,900
2,412,431
2,163,227
Book Value Per Diluted Share
$
28.06
$
27.17
$
26.45
$
25.92
$
24.69
Tangible Book Value
 
Per Diluted Share
(1)
22.60
21.69
20.97
20.45
19.22
Actual Basic Shares Outstanding
16,944
16,942
16,929
16,950
16,958
Actual Diluted Shares Outstanding
16,981
16,970
16,947
17,001
16,998
(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
Nine Months Ended
September 30,
(Dollars in thousands, except per share data)
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
2024
2023
INTEREST INCOME
Loans, including Fees
$
41,659
$
41,138
$
40,683
$
40,407
$
39,344
$
123,480
$
111,845
Investment Securities
4,155
4,004
4,244
4,392
4,561
12,403
14,300
Federal Funds Sold and Interest Bearing Deposits
3,514
3,624
1,893
1,385
1,848
9,031
8,741
Total Interest Income
49,328
48,766
46,820
46,184
45,753
144,914
134,886
INTEREST EXPENSE
Deposits
8,223
8,579
7,594
5,872
5,214
24,396
11,710
Repurchase Agreements
221
217
201
199
190
639
314
Other Short-Term Borrowings
52
68
39
310
440
159
1,228
Subordinated Notes Payable
610
630
628
627
625
1,868
1,800
Other Long-Term Borrowings
11
3
3
5
4
17
15
Total Interest Expense
9,117
9,497
8,465
7,013
6,473
27,079
15,067
Net Interest Income
40,211
39,269
38,355
39,171
39,280
117,835
119,819
Provision for Credit Losses
1,206
1,204
920
2,025
2,393
3,330
7,689
Net Interest Income after Provision for Credit Losses
39,005
38,065
37,435
37,146
36,887
114,505
112,130
NONINTEREST INCOME
Deposit Fees
5,512
5,377
5,250
5,304
5,456
16,139
16,021
Bank Card Fees
3,624
3,766
3,620
3,713
3,684
11,010
11,205
Wealth Management Fees
4,770
4,439
4,682
4,276
3,984
13,891
12,061
Mortgage Banking Revenues
3,966
4,381
2,878
2,327
1,839
11,225
8,072
Other
 
1,641
1,643
1,667
1,537
1,765
4,951
7,093
Total Noninterest Income
19,513
19,606
18,097
17,157
16,728
57,216
54,452
NONINTEREST EXPENSE
Compensation
25,800
24,406
24,407
23,822
23,003
74,613
69,965
Occupancy, Net
7,098
6,997
6,994
7,098
6,980
21,089
20,562
Other
 
10,023
9,038
8,770
9,038
9,122
27,831
26,539
Total Noninterest Expense
42,921
40,441
40,171
39,958
39,105
123,533
117,066
OPERATING PROFIT
15,597
17,230
15,361
14,345
14,510
48,188
49,516
Income Tax Expense
2,980
3,189
3,536
2,909
3,004
9,705
10,130
Net Income
12,617
14,041
11,825
11,436
11,506
38,483
39,386
Pre-Tax Loss Attributable to Noncontrolling Interest
501
109
732
284
1,149
1,342
1,153
NET INCOME ATTRIBUTABLE
 
TO
 
COMMON SHAREOWNERS
$
13,118
$
14,150
$
12,557
$
11,720
$
12,655
$
39,825
$
40,539
PER COMMON SHARE
Basic Net Income
$
0.77
$
0.84
$
0.74
$
0.69
$
0.75
$
2.35
$
2.38
Diluted Net Income
0.78
0.83
0.74
0.70
0.74
2.35
2.38
Cash Dividend
 
$
0.23
$
0.21
$
0.21
$
0.20
$
0.20
$
0.65
$
0.56
AVERAGE
 
SHARES
Basic
 
16,943
16,931
16,951
16,947
16,985
16,942
17,001
Diluted
 
16,979
16,960
16,969
16,997
17,025
16,966
17,031
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
CAPITAL CITY BANK GROUP,
 
INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2024
2023
Nine Months Ended
 
September 30,
(Dollars in thousands, except per share data)
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
2024
2023
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
29,219
$
29,329
$
29,941
$
29,083
$
28,243
$
29,941
$
25,068
Transfer from Other (Assets) Liabilities
-
-
(50)
66
-
(50)
-
Provision for Credit Losses
1,879
1,129
932
2,354
1,993
3,940
7,175
Net Charge-Offs (Recoveries)
1,262
1,239
1,494
1,562
1,153
3,995
3,160
Balance at End of Period
$
29,836
$
29,219
$
29,329
$
29,941
$
29,083
$
29,836
$
29,083
As a % of Loans HFI
1.11%
1.09%
1.07%
1.10%
1.08%
1.11%
1.08%
As a % of Nonperforming Loans
452.64%
529.79%
431.46%
479.70%
619.58%
452.64%
619.58%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
3,139
$
3,121
$
3,191
$
3,502
$
3,120
$
3,191
$
2,989
Provision for Credit Losses
 
(617)
18
(70)
(311)
382
(669)
513
Balance at End of Period
(1)
2,522
3,139
3,121
3,191
3,502
2,522
3,502
ACL - DEBT SECURITIES
Provision for Credit Losses
 
$
(56)
$
57
$
58
$
(18)
$
18
$
59
$
1
CHARGE-OFFS
Commercial, Financial and Agricultural
$
331
$
400
$
282
$
217
$
76
$
1,013
$
294
Real Estate - Construction
-
-
-
-
-
-
-
Real Estate - Commercial
3
-
-
-
-
3
120
Real Estate - Residential
-
-
17
79
-
17
-
Real Estate - Home Equity
23
-
76
-
-
99
39
Consumer
1,315
1,061
1,550
1,689
1,340
3,926
4,065
Overdrafts
611
571
638
602
659
1,820
2,187
Total Charge-Offs
$
2,283
$
2,032
$
2,563
$
2,587
$
2,075
$
6,878
$
6,705
RECOVERIES
Commercial, Financial and Agricultural
$
176
$
59
$
41
$
83
$
28
$
276
$
194
Real Estate - Construction
-
-
-
-
-
-
2
Real Estate - Commercial
5
19
204
16
17
228
36
Real Estate - Residential
88
23
37
34
30
148
219
Real Estate - Home Equity
59
37
24
17
53
120
209
Consumer
405
313
410
433
418
1,128
1,503
Overdrafts
288
342
353
442
376
983
1,382
Total Recoveries
$
1,021
$
793
$
1,069
$
1,025
$
922
$
2,883
$
3,545
NET CHARGE-OFFS (RECOVERIES)
$
1,262
$
1,239
$
1,494
$
1,562
$
1,153
$
3,995
$
3,160
Net Charge-Offs as a % of Average Loans
 
HFI
(2)
0.19%
0.18%
0.22%
0.23%
0.17%
0.20%
0.16%
CREDIT QUALITY
Nonaccruing Loans
$
6,592
$
5,515
$
6,798
$
6,242
$
4,694
Other Real Estate Owned
650
650
1
1
1
Total Nonperforming Assets ("NPAs")
$
7,242
$
6,165
$
6,799
$
6,243
$
4,695
Past Due Loans 30-89 Days
 
$
9,388
$
5,672
$
5,392
$
6,855
$
5,577
Classified Loans
25,501
25,566
22,305
22,203
21,812
Nonperforming Loans as a % of Loans HFI
0.25%
0.21%
0.25%
0.23%
0.17%
NPAs as a % of Loans HFI and Other Real Estate
0.27%
0.23%
0.25%
0.23%
0.17%
NPAs as a % of
 
Total Assets
0.17%
0.15%
0.16%
0.15%
0.11%
(1)
 
Recorded in other liabilities
(2)
 
Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
CAPITAL CITY BANK GROUP,
 
INC.
AVERAGE
 
BALANCE AND INTEREST RATES
Unaudited
Third Quarter 2024
Second Quarter 2024
First Quarter 2024
Fourth Quarter 2023
Third Quarter 2023
Sep 2024 YTD
Sep 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
$
24,570
$
720
7.49
%
$
26,281
$
517
5.26
%
$
27,314
$
563
5.99
%
$
49,790
817
6.50
%
$
62,768
$
971
6.14
%
$
26,050
$
1,800
6.22
%
$
57,438
$
2,416
5.62
%
Loans Held for Investment
(1)
2,693,533
40,985
6.09
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
2,716,220
121,864
6.02
2,637,911
109,688
5.56
Investment Securities
Taxable Investment Securities
907,610
4,148
1.82
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
926,241
12,385
1.78
1,034,825
14,265
1.84
Tax-Exempt Investment Securities
(1)
846
10
4.33
843
9
4.36
856
9
4.34
862
7
4.32
2,456
17
2.66
848
28
4.34
2,649
50
2.49
Total Investment Securities
908,456
4,158
1.82
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
927,089
12,413
1.78
1,037,474
14,315
1.84
Federal Funds Sold and Interest
Bearing Deposits
256,855
3,514
5.44
262,419
3,624
5.56
140,488
1,893
5.42
99,763
1,385
5.51
136,556
1,848
5.37
220,056
9,031
5.48
237,987
8,741
4.91
Total Earning Assets
3,883,414
$
49,377
5.06
%
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
%
3,889,415
$
145,108
4.98
%
3,970,810
$
135,160
4.55
%
Cash and Due From Banks
70,994
74,803
75,763
76,681
75,941
73,843
75,483
Allowance for Credit Losses
(29,905)
(29,564)
(30,030)
(29,998)
(29,172)
(29,833)
(27,581)
Other Assets
291,359
291,669
295,275
296,114
295,106
292,762
297,688
Total Assets
$
4,215,862
$
4,272,188
$
4,190,623
$
4,166,777
$
4,218,855
$
4,226,187
$
4,316,400
LIABILITIES:
Noninterest Bearing Deposits
$
1,332,305
$
1,346,546
$
1,344,188
$
1,416,825
$
1,474,574
$
1,340,981
$
1,538,268
NOW Accounts
1,145,544
$
4,087
1.42
%
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
%
1,184,596
$
13,009
1.47
%
1,184,453
$
8,679
0.98
%
Money Market Accounts
418,625
2,694
2.56
407,387
2,752
2.72
353,591
1,985
2.26
318,844
1,421
1.77
322,623
1,294
1.59
393,294
7,431
2.52
293,089
2,249
1.03
Savings Accounts
512,098
180
0.14
519,374
176
0.14
539,374
188
0.14
557,579
202
0.14
579,245
200
0.14
523,573
544
0.14
603,643
396
0.09
Time Deposits
163,462
1,262
3.07
160,078
1,226
3.08
138,328
924
2.69
116,797
553
1.88
95,203
231
0.96
153,991
3,412
2.96
90,970
386
0.57
Total Interest Bearing Deposits
2,239,729
8,223
1.46
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
2,255,454
24,396
1.44
2,172,155
11,710
0.72
Total Deposits
3,572,034
8,223
0.92
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
3,596,435
24,396
0.91
3,710,423
11,710
0.42
Repurchase Agreements
27,126
221
3.24
26,999
217
3.24
25,725
201
3.14
26,831
199
2.94
25,356
190
2.98
26,619
639
3.21
17,588
314
2.39
Other Short-Term Borrowings
2,673
52
7.63
6,592
68
4.16
3,758
39
4.16
16,906
310
7.29
24,306
440
7.17
4,334
159
4.88
26,586
1,228
6.17
Subordinated Notes Payable
52,887
610
4.52
52,887
630
4.71
52,887
628
4.70
52,887
627
4.64
52,887
625
4.62
52,887
1,868
4.64
52,887
1,800
4.49
Other Long-Term Borrowings
795
11
5.55
258
3
4.31
281
3
4.80
336
5
4.72
387
4
4.73
447
17
5.16
433
15
4.78
Total Interest Bearing Liabilities
2,323,210
$
9,117
1.56
%
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
%
2,339,741
$
27,079
1.55
%
2,269,649
$
15,067
0.89
%
Other Liabilities
73,767
72,634
68,295
78,772
83,099
71,574
82,877
Total Liabilities
3,729,282
3,800,398
3,727,459
3,724,238
3,782,851
3,752,296
3,890,794
Temporary Equity
6,443
6,493
7,150
7,423
8,424
6,694
8,719
SHAREOWNERS' EQUITY:
480,137
465,297
456,014
435,116
427,580
467,197
416,887
Total Liabilities, Temporary
 
Equity
and Shareowners' Equity
$
4,215,862
$
4,272,188
$
4,190,623
$
4,166,777
$
4,218,855
$
4,226,187
$
4,316,400
Interest Rate Spread
$
40,260
3.49
%
$
39,334
3.38
%
$
38,435
3.43
%
$
39,264
3.55
%
$
39,367
3.54
%
$
118,029
3.43
%
$
120,093
3.66
%
Interest Income and Rate Earned
(1)
49,377
5.06
48,831
4.99
46,900
4.90
46,277
4.80
45,840
4.69
145,108
4.98
135,160
4.55
Interest Expense and Rate Paid
(2)
9,117
0.93
9,497
0.97
8,465
0.88
7,013
0.73
6,473
0.66
27,079
0.93
15,067
0.51
Net Interest Margin
$
40,260
4.12
%
$
39,334
4.02
%
$
38,435
4.01
%
$
39,264
4.07
%
$
39,367
4.03
%
$
118,029
4.05
%
$
120,093
4.04
%
(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.