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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
September 30, 2024
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 October 30, 2024,
16,944,467
 
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 SEPTEMBER 30, 2024
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – September 30, 2024 and December 31, 2023
4
Consolidated Statements of Income – Three and Nine Months Ended September 30, 2024 and 2023
5
Consolidated Statements of Comprehensive Income (Loss) – Three and Nine Months Ended September 30, 2024 and 2023
6
Consolidated Statements of Changes in Shareowners’ Equity – Three and Nine Months Ended September 30, 2024 and 2023
7
Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
32
 
 
Item 3.
 
Quantitative and Qualitative Disclosure About Market Risk
49
 
 
Item 4.
 
Controls and Procedures
49
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
50
 
 
Item 1A.
Risk Factors
50
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
50
 
 
Item 3.
Defaults Upon Senior Securities
50
Item 4.
Mine Safety Disclosure
50
Item 5.
Other Information
50
 
 
Item 6.
Exhibits
51
 
 
Signatures
 
52
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,” “vision,” “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
 
II,
 
Item
 
1A.
 
“Risk
Factors” in this Quarterly Report on Form 10-Q and in Part I, Item 1A. “Risk Factors” in our Annual Report on
 
Form 10-K for the year ended
December 31,
 
2023,
 
as
 
amended (the
 
“2023 Form
 
10-K”), as
 
updated
 
in our
 
subsequent quarterly
 
reports
 
filed
 
on Form
 
10-Q,
 
as
 
well as,
among other factors:
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 generally;
 
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.
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)
September 30,
December 31,
(Dollars in Thousands, Except Par Value)
2024
 
2023
ASSETS
 
 
Cash and Due From Banks
$
83,431
$
83,118
Federal Funds Sold and Interest Bearing Deposits
 
261,779
 
228,949
Total Cash and Cash Equivalents
 
345,210
 
312,067
 
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
356,994
 
and $
367,747
)
 
336,187
 
337,902
Investment Securities, Held to Maturity (fair value of $
542,328
 
and $
591,751
)
 
561,480
 
625,022
Equity Securities
6,976
 
3,450
Total Investment
 
Securities
 
904,643
 
966,374
 
Loans Held For Sale, at fair value
31,251
 
28,211
 
Loans Held for Investment
2,683,096
 
2,733,918
Allowance for Credit Losses
 
(29,836)
 
(29,941)
Loans Held for Investment, Net
 
2,653,260
 
2,703,977
 
 
 
Premises and Equipment, Net
 
81,876
 
81,266
Goodwill and Other Intangibles
 
92,813
 
92,933
Other Real Estate Owned
650
1
Other Assets
 
115,613
 
119,648
Total Assets
$
4,225,316
$
4,304,477
 
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,330,715
$
1,377,934
Interest Bearing Deposits
 
2,248,362
 
2,323,888
Total Deposits
 
3,579,077
 
3,701,822
 
 
 
Short-Term
 
Borrowings
 
37,268
35,341
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
794
315
Other Liabilities
 
71,974
66,080
Total Liabilities
3,742,000
3,856,445
Temporary Equity
6,817
7,407
 
 
 
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;
16,944,370
 
and
16,950,222
 
shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
169
170
Additional Paid-In Capital
 
36,070
36,326
Retained Earnings
 
454,342
426,275
Accumulated Other Comprehensive Loss, net of tax
 
(14,082)
(22,146)
Total Shareowners’
Equity
 
476,499
440,625
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,225,316
$
4,304,477
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
 
September 30,
Nine Months Ended
 
September 30,
(Dollars in Thousands, Except Per Share
 
Data)
2024
2023
2024
2023
INTEREST INCOME
Loans, including Fees
$
41,659
$
39,344
$
123,480
$
111,845
Investment Securities:
Taxable
4,149
4,550
12,385
14,265
Tax Exempt
6
11
18
35
Funds Sold and Interest Bearing Deposits
3,514
1,848
9,031
8,741
Total Interest Income
49,328
45,753
144,914
134,886
INTEREST EXPENSE
Deposits
8,223
5,214
24,396
11,710
Short-Term
 
Borrowings
273
630
798
1,542
Subordinated Notes Payable
610
625
1,868
1,800
Other Long-Term
 
Borrowings
11
4
17
15
Total Interest Expense
9,117
6,473
27,079
15,067
NET INTEREST INCOME
40,211
39,280
117,835
119,819
Provision for Credit Losses
1,206
2,393
3,330
7,689
Net Interest Income After Provision For Credit Losses
39,005
36,887
114,505
112,130
NONINTEREST INCOME
Deposit Fees
5,512
5,456
16,139
16,021
Bank Card Fees
3,624
3,684
11,010
11,205
Wealth Management
 
Fees
4,770
3,984
13,891
12,061
Mortgage Banking Revenues
3,966
1,839
11,225
8,072
Other
1,641
1,765
4,951
7,093
Total Noninterest
 
Income
19,513
16,728
57,216
54,452
NONINTEREST EXPENSE
Compensation
25,800
23,003
74,613
69,965
Occupancy, Net
7,098
6,980
21,089
20,562
Other
10,023
9,122
27,831
26,539
Total Noninterest
 
Expense
42,921
39,105
123,533
117,066
INCOME BEFORE INCOME TAXES
15,597
14,510
48,188
49,516
Income Tax Expense
2,980
3,004
9,705
10,130
NET INCOME
12,617
11,506
38,483
39,386
Loss Attributable to Noncontrolling Interests
501
1,149
1,342
1,153
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
13,118
$
12,655
$
39,825
$
40,539
BASIC NET INCOME PER SHARE
$
0.77
$
0.75
$
2.35
$
2.38
DILUTED NET INCOME PER SHARE
$
0.77
$
0.74
$
2.35
$
2.38
Average Common
 
Basic Shares Outstanding
16,943
16,985
16,942
17,001
Average Common
 
Diluted Shares Outstanding
16,979
17,025
16,966
17,031
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
Nine Months Ended
September 30,
September 30,
(Dollars in Thousands)
2024
2023
2024
2023
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
13,118
$
12,655
$
39,825
$
40,539
Other comprehensive income (loss), before
 
tax:
Investment Securities:
Change in net unrealized loss on securities available for sale
9,505
(3,405)
9,099
516
Amortization of unrealized losses on securities transferred from
available for sale to held to maturity
785
887
2,521
2,628
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
(1,261)
770
(873)
553
Benefit Plans:
Pension plan settlement
-
-
-
(217)
Total Benefit Plans
-
-
-
(217)
Other comprehensive income (loss), before
 
tax
9,029
(1,748)
10,747
3,480
Deferred tax expense (benefit) related to other comprehensive income
2,435
(444)
2,683
927
Other comprehensive income (loss), net of tax
6,594
(1,304)
8,064
2,553
TOTAL COMPREHENSIVE
 
INCOME
$
19,712
$
11,351
$
47,889
$
43,092
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, July 1, 2024
16,941,553
$
169
$
35,547
$
445,959
$
(20,676)
$
460,999
Net Income Attributable to Common Shareowners
-
-
-
13,118
-
13,118
Reclassification to Temporary Equity
(1)
-
-
-
(838)
-
(838)
Other Comprehensive Income, net of tax
-
-
-
-
6,594
6,594
Cash Dividends ($
0.2300
 
per share)
-
-
-
(3,897)
-
(3,897)
Stock Based Compensation
-
-
425
-
-
425
Stock Compensation Plan Transactions, net
2,817
-
98
-
-
98
Balance, September 30, 2024
16,944,370
$
169
$
36,070
$
454,342
$
(14,082)
$
476,499
Balance, July 1, 2023
16,991,634
$
170
$
36,853
$
408,771
$
(33,372)
$
412,422
Net Income Attributable to Common Shareowners
-
-
-
12,655
-
12,655
Other Comprehensive Loss, net of tax
-
-
-
-
(1,304)
(1,304)
Cash Dividends ($
0.1800
 
per share)
-
-
-
(3,396)
-
(3,396)
Repurchase of Common Stock
(36,411)
-
(1,099)
-
-
(1,099)
Stock Based Compensation
-
-
346
-
-
346
Stock Compensation Plan Transactions, net
2,530
-
82
-
-
82
Balance, September 30, 2023
16,957,753
$
170
$
36,182
$
418,030
$
(34,676)
$
419,706
Balance, January 1, 2024
16,950,222
$
170
$
36,326
$
426,275
$
(22,146)
$
440,625
Net Income Attributable to Common Shareowners
-
-
-
39,825
-
39,825
Reclassification to Temporary Equity
(1)
-
-
-
(751)
-
(751)
Other Comprehensive Income, net of tax
-
-
-
-
8,064
8,064
Cash Dividends ($
0.6500
 
per share)
-
-
-
(11,007)
-
(11,007)
Repurchase of Common Stock
(82,540)
-
(2,330)
-
-
(2,330)
Stock Based Compensation
-
-
1,139
-
-
1,139
Stock Compensation Plan Transactions, net
76,688
(1)
935
-
-
934
Balance, September 30, 2024
16,944,370
$
169
$
36,070
$
454,342
$
(14,082)
$
476,499
Balance, January 1, 2023
16,986,785
$
170
$
37,331
$
387,009
$
(37,229)
$
387,281
Net Income Attributable to Common Shareowners
-
-
-
40,539
-
40,539
Other Comprehensive Income, net of tax
-
-
-
-
2,553
2,553
Cash Dividends ($
0.3600
 
per share)
-
-
-
(9,518)
-
(9,518)
Repurchase of Common Stock
(102,147)
-
(3,121)
-
-
(3,121)
Stock Based Compensation
-
-
1,110
-
-
1,110
Stock Compensation Plan Transactions, net
73,115
-
862
-
-
862
Balance, September 30, 2023
16,957,753
$
170
$
36,182
$
418,030
$
(34,676)
$
419,706
(1)
 
Adjustments to redemption value for non-controlling
 
interest in Capital City Home Loans, LLC ("CCHL")
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)
Nine Months Ended September 30,
(Dollars in Thousands)
2024
2023
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
39,825
$
40,539
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
3,330
7,689
 
Depreciation
5,798
5,920
 
Amortization of Premiums, Discounts and Fees, net
3,130
3,216
 
Amortization of Intangible Asset
120
120
 
Pension Plan Settlement Gain
-
(291)
 
Originations of Loans Held-for-Sale
(366,700)
(308,263)
 
Proceeds From Sales of Loans Held-for-Sale
369,063
303,731
 
Mortgage Banking Revenues
(11,225)
(8,072)
 
Net Additions for Capitalized Mortgage Servicing Rights
(138)
(392)
 
Stock Compensation
1,139
1,110
 
Deferred Income Taxes (Benefit)
1,400
(2,464)
 
Net Change in Operating Leases
208
(12)
 
Net Loss (Gain) on Sales and Write-Downs of Other Real Estate
 
Owned
1
(1,915)
 
Net Decrease in Other Assets
1,738
8,207
 
Net Increase in Other Liabilities
4,645
1,069
Net Cash Provided By Operating Activities
52,334
50,192
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(20,287)
-
 
Proceeds from Payments, Maturities, and Calls
83,657
28,159
Securities Available for
 
Sale:
 
Purchases
(49,436)
(9,399)
 
Proceeds from Sale of Securities
-
30,420
 
Proceeds from Payments, Maturities, and Calls
55,229
53,045
Equity Securities:
 
Net Decrease in Equity Securities
158
-
Purchases of Loans Held for Investment
(302)
(2,249)
Proceeds from Sales of Loans
31,462
39,125
Net Decrease (Increase) in Loans Held for Investment
19,779
(194,631)
Proceeds From Sales of Other Real Estate Owned
33
3,840
Purchases of Premises and Equipment
(6,442)
(5,459)
Net Cash Provided by (Used In) Investing Activities
113,851
(57,149)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Decrease in Deposits
(122,745)
(398,872)
Net Increase (Decrease) in Short-Term
 
Borrowings
1,729
(15,097)
Net Increase (Decrease) in Other Long-Term
 
Borrowings
677
(149)
Dividends Paid
(11,007)
(9,518)
Payments to Repurchase Common Stock
(2,330)
(3,121)
Proceeds from Issuance of Common Stock Under Purchase Plans
634
562
Net Cash Used In by Financing Activities
(133,042)
(426,195)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
33,143
(433,152)
Cash and Cash Equivalents at Beginning of Period
 
312,067
600,650
Cash and Cash Equivalents at End of Period
 
$
345,210
167,498
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
26,143
$
15,026
 
Income Taxes Paid
$
5,741
$
7,395
Noncash Investing Activities:
 
Loans and Premises Transferred to Other Real Estate Owned
$
683
$
1,495
 
Loans Transferred from Held for Investment
 
to Held for Sale, net
$
25,640
$
33,625
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 wholly owned
 
subsidiary, Capital City Bank (“CCB” or the
 
“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 CCB.
 
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, 2023 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 2023 Form
 
10-K, as amended.
Accounting Standards Updates
Proposed Accounting Standards
,
ASU 2023-01, “Leases (Topic
 
842)
:
 
Common Control Arrangements.” Accounting Standards
Update (“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. The standard is effective
 
for the Company on January 1, 2024. As the Company does not have any such
common control leases, adoption of this standard did not have any immediate
 
impact on its consolidated financial statements and
related disclosures.
ASU 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. The standard was effective for the
Company on January 1, 2024. As the Company does not have any such investments
 
in tax credit structures that are accounted for
using the proportional amortization method, adoption of this standard did not have
 
any immediate impact on its consolidated financial
statements or disclosures.
 
ASU 2023-06, “Disclosure Improvements:
 
Codification Amendments in Response to the SEC’s
 
Disclosure Update and Simplification
Initiative.”
 
ASU 2023-06 is intended to clarify or improve disclosure and presentation
 
requirements of a variety of topics, which will
allow users to more easily compare entities subject to the SEC's existing disclosures
 
with those entities that were not previously
subject to the requirements and align the requirements in the FASB
 
accounting standard codification with the SEC's regulations. The
Company is currently evaluating the provisions of the amendments and
 
the impact on its future consolidated statements.
ASU 2023-07, “Improvements to Reportable
 
Segment Disclosures.”
ASU 2023-07 requires disclosure of significant segment expenses
and other segment items on an interim and annual basis. The standard is effective
 
for fiscal years beginning after December 15, 2023,
and for interim periods beginning after December 15, 2024. The Company
 
is currently evaluating the provisions of the amendments
and the impact on its future consolidated statements.
ASU 2023-09, ”Income Taxes
 
(Topic
 
740) – Improvements to Income Tax
 
Disclosures.”
ASU 2023-09 is intended to increase
transparency about income tax information by requiring consistent categories
 
and greater disaggregation of information in the rate
reconciliation and income taxes paid, disaggregated by jurisdiction. This
 
guidance will be effective for annual periods beginning after
December 15, 2024. The Company is currently evaluating the provisions
 
of the amendments and the impact on its future consolidated
statements.
 
 
 
 
 
 
 
 
 
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
September 30, 2024
U.S. Government Treasury
$
51,082
$
222
$
658
$
-
$
50,646
U.S. Government Agency
130,176
63
4,909
-
125,330
States and Political Subdivisions
43,258
2
3,239
(4)
40,017
Mortgage-Backed Securities
(1)
68,054
1
8,274
-
59,781
Corporate Debt Securities
56,328
-
3,932
(79)
52,317
Other Securities
(2)
8,096
-
-
-
8,096
Total
 
$
356,994
$
288
$
21,012
$
(83)
$
336,187
December 31, 2023
U.S. Government Treasury
$
25,947
$
1
$
1,269
$
-
$
24,679
U.S. Government Agency
152,983
104
8,053
-
145,034
States and Political Subdivisions
43,951
1
4,861
(8)
39,083
Mortgage-Backed Securities
(1)
73,015
2
9,714
-
63,303
Corporate Debt Securities
63,600
-
6,031
(17)
57,552
Other Securities
(2)
8,251
-
-
-
8,251
Total
 
$
367,747
$
108
$
29,928
$
(25)
$
337,902
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
September 30, 2024
U.S. Government Treasury
$
397,977
$
-
$
7,424
$
390,553
Mortgage-Backed Securities
(1)
163,503
156
11,884
151,775
Total
 
$
561,480
$
156
$
19,308
$
542,328
December 31, 2023
U.S. Government Treasury
$
457,681
$
-
$
16,492
$
441,189
Mortgage-Backed Securities
(1)
167,341
13
16,792
150,562
Total
 
$
625,022
$
13
$
33,284
$
591,751
(1)
 
Comprised of residential mortgage-backed
 
securities.
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
 
at cost of $
3.0
 
million and $
5.1
 
million,
respectively,
 
at September 30, 2024 and $
3.2
 
million and $
5.1
 
million, respectively,
 
at December 31, 2023.
At September 30, 2024 and December 31, 2023, the investment portfolio
 
had $
7.0
 
million and $
3.5
 
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 $
413.6
 
million and $
578.5
 
million at September 30, 2024 and December 31, 2023, 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.
 
The Bank’s investment in FHLB
stock is a restricted investment carried at par value ($
100
 
per share), which approximates its fair value.
 
No ready market exists for the
FHLB stock, and it has no quoted market value; however,
 
the Bank may request redemption at par value of any stock in excess of the
amount the Bank is required to hold.
 
Stock redemptions are made at the discretion of the FHLB.
 
 
 
 
 
11
Investment Sales.
There were
no
 
sales of investment securities for the three and nine months ended September 30,
 
2024 and $
30.4
million in sales for the three and nine months ended September 30, 2023.
 
Maturity Distribution
.
 
At September 30, 2024, 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
$
32,570
 
$
31,822
 
$
227,491
 
$
224,457
Due after one year through five years
 
152,256
 
 
145,849
 
 
170,486
 
 
166,096
Due after five year through ten years
 
26,898
 
 
23,813
 
 
-
 
 
-
Mortgage-Backed Securities
68,054
59,781
163,503
151,775
U.S. Government Agency
 
69,120
 
 
66,826
 
 
-
 
 
-
Other Securities
 
8,096
 
 
8,096
 
 
-
 
 
-
Total
 
$
356,994
 
$
336,187
 
$
561,480
 
$
542,328
 
 
 
 
 
 
12
Unrealized Losses on Investment Securities.
 
The following table summarizes the available for sale and held to maturity investment
securities with unrealized losses aggregated by major security type and length
 
of time in a continuous unrealized loss position: