Capital City Bank Group, Inc.
 
Reports Second Quarter 2025 Results
TALLAHASSEE, Fla.
 
(July 22, 2025) – Capital City Bank Group, Inc. (NASDAQ: CCBG)
 
today reported net income attributable to
common shareowners of $15.0 million, or $0.88 per diluted share, for
 
the second quarter of 2025
 
compared to $16.9 million, or
$0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.
 
83 per diluted share, for the second quarter of 2024.
QUARTER HIGHLIGHTS (2
nd
 
Quarter 2025
 
versus 1
st
 
Quarter 2025)
Income Statement
Tax-equivalent
 
net interest income totaled $43.2 million compared
 
to $41.6
 
million for the first quarter of 2025
-
Net interest margin increased
 
eight basis points to 4.30% (earning asset yield increased
 
by six basis points
 
and cost of funds
decreased two basis points to 82 basis points
 
)
 
Provision for credit losses decreased
 
by $0.1 million to $0.6 million for the second quarter - net loan
 
charge-offs were
comparable to the first quarter of 2025 at nine basis points (annualized) of
 
average loans – allowance coverage ratio increased
to 1.13% at June 30, 2025
Noninterest income increased
 
by $0.1 million, or 0.5%, reflecting higher
 
deposit and bankcard fees as well as mortgage fees
partially offset by lower wealth management fees
Noninterest expense increased
 
by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from
 
the sale of our operations
center building (reflected in other expense)
 
in the first quarter of 2025
 
Balance Sheet
Loan balances decreased by $13.3 million, or
 
0.5% (average), and decreased by $29.3 million, or
 
1.1% (end of period)
Deposit balances increased by $15.2 million,
 
or 0.4% (average), and decreased by $79.0 million, or
 
2.1% (end of period) due to
the seasonal decrease in our public fund balances
-
Noninterest bearing deposits averaged
 
36.5% of total deposits for the second quarter and 36.2% for the year
 
Tangible
 
book value per diluted share (non-GAAP financial measure)
 
increased by $0.78, or 3.2%
 
“Capital City delivered another strong quarter,
 
highlighted by sustained revenue growth and continued credit strength,”
 
said William
G. Smith, Jr, Capital City Bank Group Chairman
 
and CEO. “Our second quarter results reflect a 3.9% increase in net interest
income and an 8 basis point expansion in the net interest margin
 
to 4.30%.
 
Tangible book value per
 
share increased by 3.2%, and
we further strengthened our capital position, with our tangible capital ratio
 
increasing to 10.1%. We
 
remain focused on executing
strategies that drive consistent, profitable growth,
 
supported by a fortress balance sheet that provides resilience and strategic
flexibility.”
 
2
 
Discussion of Operating Results
Net Interest Income/Net Interest
 
Margin
Tax-equivalent net
 
interest income for the second quarter of 2025 totaled $43.2 million compared
 
to $41.6 million for the first
quarter of 2025 and $39.3 million for the second quarter of 2024.
 
Compared to the first quarter of 2025, the increase was driven by a
$0.9 million increase in investment securities income and a $0.4
 
million increase in overnight funds income.
 
One additional
calendar day in the second quarter of 2025 contributed to the increase.
 
Compared to the second quarter of 2024, the increase was
primarily due to a $2.7 million increase in investment securities income and
 
a $1.2
 
million decrease in deposit interest expense.
 
New investment purchases at higher yields drove the increase in investment
 
securities income for both prior period comparisons.
 
Further, the decrease in deposit interest expense
 
from the prior year period reflected the gradual decrease in our deposit rates, as
short term rates began declining in the second half of 2024.
For the first six months of 2025, tax-equivalent net interest income totaled
 
$84.8 million compared to $77.8 million for the same
period of 2024 with the increase primarily attributable to a $4.2 million
 
increase in investment securities income, a $1.9 million
increase in overnight funds income, and a $1.4 million decrease in deposit
 
interest expense.
 
New investment purchases at higher
yields drove the increase in investment securities income.
 
Higher average deposit balances contributed to the increase in overnight
funds income.
 
The decrease in deposit interest expense reflected the aforementioned decrease in our deposit
 
rates.
Our net interest margin for the second quarter of 2025 was 4.30%,
 
an increase of eight basis points
 
over the first quarter of 2025
 
and
an increase of 28 basis points over the second quarter of 2024.
 
For the month of June 2025, our net interest margin was 4.36%.
 
For
the first six months of 2025, our net interest margin increased
 
by 25 basis points to 4.26% compared to the same period of 2024.
 
The increase in net interest margin over all prior periods reflected
 
a higher yield in the investment portfolio driven by new purchases
at higher yields.
 
Lower deposit cost also contributed to the improvement over both prior year periods.
 
For the second quarter of
2025, our cost of funds was 82 basis points, a decrease of two basis points from
 
the first quarter of 2025 and a 15-basis point
decrease from the second quarter of 2024.
 
Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82
basis points, and 95 basis points, respectively,
 
for the same periods.
 
Provision for Credit Losses
 
We recorded
 
a provision expense for credit losses of $0.6
 
million for the second quarter of 2025
 
compared to $0.8 million for the
first quarter of 2025 and $1.2 million for the second quarter of 2024.
 
For the first six months of 2025, we recorded a provision
expense for credit losses of $1.4 million compared to $2.1 million for
 
the first six months of 2024.
 
Activity within the components
of the provision (loans held for investment (“HFI”) and unfunded
 
loan commitments) for each reported period is provided in the
table on page 14.
 
We discuss the various
 
factors that impacted our provision expense for Loans HFI in further detail below
 
under
the heading
Allowance for Credit Losses
.
3
Noninterest Income and Noninterest
 
Expense
Noninterest income for the second quarter of 2025 totaled $20.0 million
 
compared to $19.9 million for the first quarter of 2025
 
and
$19.6 million for the second quarter of 2024.
 
The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily
 
due to
a $0.4
 
million increase in mortgage banking revenues and a $0.3
 
million increase in deposit fees, partially offset by a $0.6 million
decrease in wealth management fees.
 
The increase in mortgage revenues was driven by an increase in production
 
volume.
 
Fee
adjustments made late in the second quarter of 2025 led to the increase
 
in deposit fees.
 
The decrease in wealth management fees
was attributable to a decrease in insurance commission revenue.
 
Compared to the second quarter of 2024, the $0.4 million, or 2.1%,
increase was primarily due to a $0.8 million increase in wealth management
 
fees, partially offset by a $0.2 million decrease in
mortgage banking revenues and a $0.1 million decrease in other
 
income.
 
The increase in wealth management fees reflected a $0.5
million increase in trust fees and a $0.4 million increase in retail brokerage
 
fees, partially offset by a $0.1 million decrease in
insurance commission revenue.
 
A combination of new business, higher account valuations, and fee increases
 
implemented in early
2025 drove the improvement in trust and retail brokerage fees.
 
For the first six months of 2025, noninterest income totaled $39.9 million compared
 
to $37.7 million for the same period of 2024,
primarily attributable to a $1.8 million increase in wealth management
 
fees and a $0.7 million increase in mortgage banking
revenues that was partially offset by a $0.2 million decrease in deposit
 
fees.
 
The increase in wealth management fees reflected
increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million,
 
and insurance commission revenue of $0.1 million.
 
The
increases in retail brokerage and trust fees were attributable to a combination
 
of new business, higher account valuations, and fee
increases implemented in early 2025.
 
The increase in mortgage banking revenues was due to a higher gain on sale margin.
 
Noninterest expense for the second quarter of 2025 totaled $42.5
 
million compared to $38.7 million for the first quarter of 2025
 
and
$40.4
 
million for the second quarter of 2024.
 
The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a
 
$3.3
million increase in other expense, a $0.3
 
million increase in occupancy expense, and a $0.2 million increase in compensation
expense.
 
The increase in other expense was driven by a $4.5 million increase in other real estate expense
 
which reflected lower
gains from the sale of banking facilities, primarily the sale of our operations center
 
building in the first quarter of 2025, partially
offset by a $0.5
 
million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous
 
expense.
 
The
slight increase in occupancy expense was due to higher software maintenance
 
agreement expense and maintenance/repairs for
buildings and furniture/fixtures.
 
The slight increase in compensation expense reflected a $0.1 million
 
increase in salary expense and
a $0.1 million increase in associate benefit expense.
 
Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase
was primarily due to a $2.1 million increase in compensation expense which
 
reflected a $1.3 million increase in salary expense and
a $0.8 million increase in associate benefit expense.
 
The increase in salary expense was primarily due to increases in incentive plan
expense of $0.9 million and base salaries of $0.4
 
million (merit based).
 
The increase in associate benefit expense was attributable to
a $0.6 million increase in associate insurance expense and a $0.2
 
million increase in stock compensation expense.
For the first six months of 2025, noninterest expense totaled $81.2 million
 
compared to $80.6 million for the same period of 2024
with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in
 
compensation expense that was partially offset by a $3.2
million decrease in other expense and a $0.1 million decrease in occupancy
 
expense.
 
The increase in compensation was due to a
$2.5 million increase in salary expense and a $1.4 million increase in associate benefit
 
expense.
 
The increase in salary expense was
primarily due to increases in incentive plan expense of $1.2 million, base
 
salaries of $0.9 million (merit based), and commissions of
$0.7 million (retail brokerage and mortgage).
 
The increase in associate benefit expense was attributable to a higher
 
cost for
associate insurance.
 
The decrease in other expense was primarily due to a $4.5 million decrease in other real
 
estate expense due to
lower gains from the sale of banking facilities, and a $1.0 million decrease in
 
miscellaneous expense (non-service component of
pension expense), partially offset by increases in processing
 
expense of $1.1 million (outsource of core processing system),
charitable contribution expense of $0.7 million, and professional fees
 
of $0.5 million.
 
Income Taxes
We realized income
 
tax expense of $5.0
 
million (effective rate of 24.9%) for the second quarter of 2025 compared
 
to $5.1 million
(effective rate of 23.3%) for the first quarter of 2025 and
 
$3.2 million (effective rate of 18.5%) for the second quarter of 2024.
 
For
the first six months of 2025, we realized income tax expense of $10.1 million
 
(effective rate of 24.1%) compared to $6.7 million
(effective rate of 20.6%) for the same period of 2024.
 
A lower level of tax benefit accrued from a solar tax credit equity fund drove
the increase in our effective tax rate for all prior period comparisons.
 
Absent discrete items or new tax credit investments, we
expect our annual effective tax rate to approximate 24%
 
for 2025.
4
Discussion of Financial Condition
Earning Assets
Average earning
 
assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million,
 
or 1.0%, over the first
quarter of 2025, and an increase of $110.1
 
million, or 2.8%, over the fourth quarter of 2024.
 
The increase over both prior periods
was driven by higher average deposit balances (see below –
Deposits
).
 
Compared to the first quarter of 2025, the change in the
earning asset mix reflected a $27.8 million increase in overnight funds
 
and a $25.7 million increase in investment securities that was
partially offset by a $13.3 million decrease in loans HFI and
 
a $2.1
 
million decrease in loans held for sale (“HFS”).
 
Compared to
the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8
 
million increase in investment securities and a
$50.5 million increase in overnight funds sold partially offset
 
by a $24.8 million decrease in loans HFI and a $8.4 million decrease
in loans HFS.
 
Average loans
 
HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased
 
by $24.8 million, or 0.9%,
from the fourth quarter of 2024.
 
Compared to the first quarter of 2025, the decrease was due to decreases in
 
construction loans of
$24.6 million, consumer loans (primarily indirect auto) of $1.9 million,
 
and commercial loans of $3.4 million, partially offset by
increases to residential real estate loans of $10.2 million, commercial real estate loans
 
of $2.1 million, and home equity loans of
$4.1 million.
 
Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases
 
in construction loans of
$33.2 million, commercial loans of $9.2 million, and consumer loans
 
(primarily indirect auto) of $4.0 million, partially offset by
increases in home equity loans of $10.8 million, residential real estate loans of
 
$9.9 million, and commercial real estate loans of
$1.9 million.
 
Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from
 
March 31, 2025 and decreased by $20.1 million, or 0.8%,
from December 31, 2024.
 
Compared to the first quarter of 2025, the decline was primarily due to decreases
 
in construction loans of
$18.2 million, consumer loans (primarily indirect auto) of $8.7 million,
 
commercial loans of $4.4 million, and commercial real
estate loans of $4.4 million, partially offset by increases in residential real
 
estate loans of $5.8 million and home equity loans of $2.2
million.
 
Compared to December 31, 2024, the decrease was primarily attributable to decreases in
 
construction loans of $45.9
million, commercial loans of $9.2 million, and consumer loans (primarily
 
indirect auto) of $2.0 million, partially offset by increases
in commercial real estate loans of $23.4 million, residential real estate loans of
 
$17.9 million, and home equity loans of $8.1
million.
 
Allowance for Credit Losses
 
At June 30, 2025, the allowance for credit losses for loans HFI totaled
 
$29.9 million compared to $29.7 million at March 31, 2025
and $29.3 million at December 31, 2024.
 
Activity within the allowance is provided on Page 14.
 
The slight increase in the
allowance over March 31, 2025 and December 31, 2024 was primarily
 
attributable to qualitative factor adjustments that were
partially offset by lower loan balances.
 
Net loan charge-offs for both the second quarter of 2025
 
and the first quarter of 2025 were
comparable at nine basis points of average loans.
 
At June 30, 2025, the allowance represented 1.13% of loans HFI compared
 
to
1.12% at March 31, 2025, and 1.10% at December 31, 2024.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled
 
$6.6 million at June 30, 2025 compared to $4.4 million at
March 31, 2025 and $6.7 million at December 31, 2024.
 
At June 30, 2025, nonperforming assets as a percentage of total assets was
0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31,
 
2024.
 
Nonaccrual loans totaled $6.4 million at June 30,
2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase
 
over December 31, 2024 with the increase over the
first quarter of 2025 primarily attributable to two home equity loans
 
totaling $1.8 million.
 
Classified loans totaled $28.6 million at
June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase
 
over December 31, 2024.
 
The increase over
the prior periods was primarily due to the downgrade of four residential real
 
estate loans totaling $4.2 million and two commercial
real estate loans totaling $4.3 million.
Deposits
Average total
 
deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2
 
million, or 0.4%, over the first
quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter
 
of 2024.
 
Compared to the first quarter of 2025,
the increase was attributable to higher core deposit balances (primarily noninterest
 
bearing checking and money market), partially
offset by a decline in public funds balances (primarily NOW accounts)
 
due to the seasonal reduction in those balances.
 
The
increase over the fourth quarter of 2024 reflected strong growth in core deposit
 
balances and a seasonal increase in public funds
balances (primarily NOW) which are received/deposited by those clients
 
starting in December and peak on average in the first
quarter.
 
5
At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0
 
million, or 2.1%, from March 31, 2025, and an increase of
$32.9 million, or 0.9%, over December 31, 2024.
 
The decrease from March 31, 2025 was primarily due to a seasonal decline in
public funds balances,
 
(primarily money market and noninterest bearing).
 
The increase over December 31, 2024 reflected higher
core deposit balances, primarily noninterest bearing accounts. Public
 
funds totaled $596.6 million at June 30, 2025, $648.0 million
at March 31, 2025, and $660.9 million at December 31, 2024.
 
Liquidity
We maintained
 
an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds
 
purchased) sold
position of $348.8 million in the second quarter of 2025
 
compared to $320.9 million in the first quarter of 2025 and $298.3 million
in the fourth quarter of 2024.
 
Compared to both prior periods, the increase reflected higher average deposit
 
s
 
and lower average
loans.
 
 
At June 30, 2025, we had the ability to generate approximately $1.603
 
billion (excludes overnight funds position of $395 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, 2025, the weighted-average
maturity and duration of our portfolio were 2.66 years and 2.14 years
 
,
 
respectively, and the available
 
-for-sale portfolio had a net
unrealized after-tax loss of $13.4 million.
 
Capital
Shareowners’ equity was $526.4 million at June 30, 2025 compared
 
to $512.6 million at March 31, 2025 and $495.3 million at
December 31, 2024.
 
For the first six months of 2025, shareowners’ equity was positively impacted by net
 
income attributable to
shareowners of $31.9 million, a net $5.5 million decrease in the accumulated
 
other comprehensive loss, the issuance of common
stock of $2.8 million, and stock compensation accretion of $0.9 million.
 
The net favorable change in accumulated other
comprehensive loss reflected a $6.4 million decrease in the investment securities
 
loss that was partially offset by a $0.9 million
decrease in the fair value of the interest rate swap related to subordinated debt.
 
Shareowners’ equity was reduced by common stock
dividends
 
of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to
 
transactions under our stock
compensation plans.
 
At June 30, 2025, our total risk-based capital ratio was 19.60% compared to
 
19.20% at March 31, 2025 and 18.64% at December
31, 2024.
 
Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively,
 
on these dates.
 
Our leverage ratio
was 11.14%, 11.17%,
 
and 11.05%, respectively,
 
on these dates.
 
At June 30, 2025, 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 10.09%
 
at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025
 
and December 31,
2024, respectively.
 
If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax)
 
was recognized in accumulated
other comprehensive loss, our adjusted tangible capital ratio would be
 
9.86%.
 
 
6
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 $4.4
 
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 62 banking offices and 107 ATM
 
s/ITMs in Florida, Georgia and
Alabama.
 
For more information about Capital City Bank Group, Inc., visit
https://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: the effects of and changes
in trade and monetary and fiscal policies and laws, including the interest rate policies of
 
the Federal Reserve Board; inflation,
interest rate, market and monetary fluctuations; local, regional, national, and international
 
economic conditions and the impact they
may have on us and our clients and our assessment of that impact; the costs and
 
effects of legal and regulatory developments, the
outcomes of legal proceedings or regulatory or other governmental inquiries,
 
the results of regulatory examinations or reviews and
the ability to obtain required regulatory approvals; the effect of
 
changes in laws and regulations (including laws and regulations
concerning taxes, banking, securities, and insurance) and their application
 
with which we and our subsidiaries must comply; the
effect of changes in accounting policies and practices, as may
 
be adopted by the regulatory agencies, as well as other accounting
standard setters; the accuracy of our financial statement estimates and assumptions;
 
changes in the financial performance and/or
condition of our borrowers; changes in the mix of loan geographies, sectors and
 
types or the level of non-performing assets and
charge-offs; changes in estimates of future credit
 
loss reserve requirements based upon the periodic review thereof under relevant
regulatory and accounting requirements; changes in our liquidity position;
 
the timely development and acceptance of new products
and services and perceived overall value of these products and services by users;
 
changes in consumer spending, borrowing, and
saving habits; greater than expected costs or difficulties related to the
 
integration of new products and lines of business;
technological changes; the costs and effects of cyber incidents or
 
other failures, interruptions, or security breaches of our systems or
those of our customers or third-party providers; acquisitions and integration
 
of acquired businesses; impairment of our goodwill or
other intangible assets; changes in the reliability of our vendors, internal
 
control systems, or information systems; our ability to
increase market share and control expenses; our ability to attract and retain qualified
 
employees; changes in our organization,
compensation, and benefit plans; the soundness of other financial institutions;
 
volatility and disruption in national and international
financial and commodity markets; changes in the competitive environment
 
in our markets and among banking organizations and
other financial service providers; government intervention in the U.S. financial
 
system; the effects of natural disasters (including
hurricanes), widespread health emergencies (including pandemics),
 
military conflict, terrorism, civil unrest, climate change or other
geopolitical events; our ability to declare and pay dividends; structural changes
 
in the markets for origination, sale and servicing of
residential mortgages; any inability to implement and maintain effective
 
internal control over financial reporting and/or disclosure
control; negative publicity and the impact on our reputation; and the limited
 
trading activity and concentration of ownership of our
common stock. Additional factors can be found in our Annual Report on
 
Form 10-K for the fiscal year ended December 31, 2024
and our other filings with the SEC, which are available at the SEC’s
 
internet site (
https://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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
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 they allow
investors to more easily compare our capital adequacy to other companies in the
 
industry. Non-GAAP financial
 
measures should not
be considered alternatives to GAAP-basis financial statements and
 
other bank holding companies may define or calculate these non-
GAAP measures or similar measures differently.
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Shareowners' Equity (GAAP)
$
526,423
$
512,575
$
495,317
$
476,499
$
460,999
Less: Goodwill and Other Intangibles (GAAP)
92,693
92,733
92,773
92,813
92,853
Tangible Shareowners' Equity (non-GAAP)
A
433,730
419,842
402,544
383,686
368,146
Total Assets (GAAP)
4,391,753
4,461,233
4,324,932
4,225,316
4,225,695
Less: Goodwill and Other Intangibles (GAAP)
92,693
92,733
92,773
92,813
92,853
Tangible Assets (non-GAAP)
B
$
4,299,060
$
4,368,500
$
4,232,159
$
4,132,503
$
4,132,842
Tangible Common Equity Ratio (non-GAAP)
A/B
10.09%
9.61%
9.51%
9.28%
8.91%
Actual Diluted Shares Outstanding (GAAP)
C
17,097,986
17,072,330
17,018,122
16,980,686
16,970,228
Tangible Book Value
 
per Diluted Share (non-GAAP)
A/C
$
25.37
$
24.59
$
23.65
$
22.60
$
21.69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners
$
15,044
$
16,858
$
14,150
$
31,902
$
26,707
Diluted Net Income Per Share
$
0.88
$
0.99
$
0.83
$
1.87
$
1.57
PERFORMANCE
Return on Average Assets (annualized)
1.38
%
1.58
%
1.33
%
1.48
%
1.27
%
Return on Average Equity (annualized)
11.44
13.32
12.23
12.36
11.66
Net Interest Margin
4.30
4.22
4.02
4.26
4.01
Noninterest Income as % of Operating Revenue
31.67
32.39
33.30
32.03
32.69
Efficiency Ratio
67.26
%
62.93
%
68.61
%
65.13
%
69.81
%
CAPITAL ADEQUACY
Tier 1 Capital
 
18.38
%
18.01
%
16.31
%
18.38
%
16.31
%
Total Capital
 
19.60
19.20
17.50
19.60
17.50
Leverage
 
11.14
11.17
10.51
11.14
10.51
Common Equity Tier 1
16.81
16.08
14.44
16.81
14.44
Tangible Common Equity
(1)
10.09
9.61
8.91
10.09
8.91
Equity to Assets
11.99
%
11.49
%
10.91
%
11.99
%
10.91
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
463.01
%
692.10
%
529.79
%
463.01
%
529.79
%
Allowance as a % of Loans HFI
1.13
1.12
1.09
1.13
1.09
Net Charge-Offs as % of Average Loans HFI
0.09
0.09
0.18
0.09
0.20
Nonperforming Assets as % of Loans HFI and OREO
0.25
0.17
0.23
0.25
0.23
Nonperforming Assets as % of Total Assets
0.15
%
0.10
%
0.15
%
0.15
%
0.15
%
STOCK PERFORMANCE
High
 
$
39.82
$
38.27
$
28.58
$
39.82
$
31.34
Low
32.38
33.00
25.45
32.38
25.45
Close
$
39.35
$
35.96
$
28.44
$
39.35
$
28.44
Average Daily Trading Volume
27,397
24,486
29,861
25,988
30,433
(1)
 
Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
reconciliation to GAAP, refer to Page 10.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT
 
OF FINANCIAL CONDITION
Unaudited
2025
2024
(Dollars in thousands)
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
ASSETS
Cash and Due From Banks
$
78,485
$
78,521
$
70,543
$
83,431
$
75,304
Funds Sold and Interest Bearing Deposits
394,917
446,042
321,311
261,779
272,675
Total Cash and Cash Equivalents
473,402
524,563
391,854
345,210
347,979
Investment Securities Available for Sale
533,457
461,224
403,345
336,187
310,941
Investment Securities Held to Maturity
462,599
517,176
567,155
561,480
582,984
Other Equity Securities
3,242
2,315
2,399
6,976
2,537
 
Total Investment Securities
999,298
980,715
972,899
904,643
896,462
Loans Held for Sale ("HFS"):
19,181
21,441
28,672
31,251
24,022
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
180,008
184,393
189,208
194,625
204,990
Real Estate - Construction
174,115
192,282
219,994
218,899
200,754
Real Estate - Commercial
802,504
806,942
779,095
819,955
823,122
Real Estate - Residential
1,046,368
1,040,594
1,028,498
1,023,485
1,012,541
Real Estate - Home Equity
228,201
225,987
220,064
210,988
211,126
Consumer
197,483
206,191
199,479
213,305
234,212
Other Loans
1,552
3,227
14,006
461
2,286
Overdrafts
1,259
1,154
1,206
1,378
1,192
Total Loans Held for Investment
2,631,490
2,660,770
2,651,550
2,683,096
2,690,223
Allowance for Credit Losses
(29,862)
(29,734)
(29,251)
(29,836)
(29,219)
Loans Held for Investment, Net
2,601,628
2,631,036
2,622,299
2,653,260
2,661,004
Premises and Equipment, Net
79,906
80,043
81,952
81,876
81,414
Goodwill and Other Intangibles
92,693
92,733
92,773
92,813
92,853
Other Real Estate Owned
132
132
367
650
650
Other Assets
125,513
130,570
134,116
115,613
121,311
Total Other Assets
298,244
303,478
309,208
290,952
296,228
Total Assets
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
$
4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,332,080
$
1,363,739
$
1,306,254
$
1,330,715
$
1,343,606
NOW Accounts
1,284,137
1,292,654
1,285,281
1,174,585
1,177,180
Money Market Accounts
408,666
445,999
404,396
401,272
413,594
Savings Accounts
504,331
511,265
506,766
507,604
514,560
Certificates of Deposit
175,639
170,233
169,280
164,901
159,624
Total Deposits
3,704,853
3,783,890
3,671,977
3,579,077
3,608,564
Repurchase Agreements
21,800
22,799
26,240
29,339
22,463
Other Short-Term Borrowings
12,741
14,401
2,064
7,929
3,307
Subordinated Notes Payable
42,582
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
680
794
794
794
1,009
Other Liabilities
82,674
73,887
75,653
71,974
69,987
Total Liabilities
3,865,330
3,948,658
3,829,615
3,742,000
3,758,217
Temporary Equity
-
-
-
6,817
6,479
SHAREOWNERS' EQUITY
Common Stock
171
171
170
169
169
Additional Paid-In Capital
39,527
38,576
37,684
36,070
35,547
Retained Earnings
487,665
476,715
463,949
454,342
445,959
Accumulated Other Comprehensive Loss, Net of Tax
(940)
(2,887)
(6,486)
(14,082)
(20,676)
Total Shareowners' Equity
526,423
512,575
495,317
476,499
460,999
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
$
4,225,695
OTHER BALANCE SHEET DATA
Earning Assets
$
4,044,886
$
4,108,969
$
3,974,431
$
3,880,769
$
3,883,382
Interest Bearing Liabilities
2,450,576
2,511,032
2,447,708
2,339,311
2,344,624
Book Value Per Diluted Share
$
30.79
$
30.02
$
29.11
$
28.06
$
27.17
Tangible Book Value
 
Per Diluted Share
(1)
25.37
24.59
23.65
22.60
21.69
Actual Basic Shares Outstanding
17,066
17,055
16,975
16,944
16,942
Actual Diluted Shares Outstanding
17,098
17,072
17,018
16,981
16,970
(1)
 
Tangible book value per diluted share is a non-GAAP financial measure. For additional
 
information, including a reconciliation to GAAP, refer to Page 10.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF OPERATIONS
Unaudited
2025
2024
Six Months Ended
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2025
2024
INTEREST INCOME
Loans, including Fees
$
40,872
$
40,478
$
41,453
$
41,659
$
41,138
$
81,350
$
81,821
Investment Securities
6,678
5,808
4,694
4,155
4,004
12,486
8,248
Federal Funds Sold and Interest Bearing Deposits
3,909
3,496
3,596
3,514
3,624
7,405
5,517
Total Interest Income
51,459
49,782
49,743
49,328
48,766
101,241
95,586
INTEREST EXPENSE
Deposits
7,405
7,383
7,766
8,223
8,579
14,788
16,173
Repurchase Agreements
156
164
199
221
217
320
418
Other Short-Term Borrowings
179
117
83
52
68
296
107
Subordinated Notes Payable
530
560
581
610
630
1,090
1,258
Other Long-Term Borrowings
5
11
11
11
3
16
6
Total Interest Expense
8,275
8,235
8,640
9,117
9,497
16,510
17,962
Net Interest Income
43,184
41,547
41,103
40,211
39,269
84,731
77,624
Provision for Credit Losses
620
768
701
1,206
1,204
1,388
2,124
Net Interest Income after Provision for Credit Losses
42,564
40,779
40,402
39,005
38,065
83,343
75,500
NONINTEREST INCOME
Deposit Fees
5,320
5,061
5,207
5,512
5,377
10,381
10,627
Bank Card Fees
3,774
3,514
3,697
3,624
3,766
7,288
7,386
Wealth Management Fees
5,206
5,763
5,222
4,770
4,439
10,969
9,121
Mortgage Banking Revenues
4,190
3,820
3,118
3,966
4,381
8,010
7,259
Other
 
1,524
1,749
1,516
1,641
1,643
3,273
3,310
Total Noninterest Income
20,014
19,907
18,760
19,513
19,606
39,921
37,703
NONINTEREST EXPENSE
Compensation
26,490
26,248
26,108
25,800
24,406
52,738
48,813
Occupancy, Net
7,071
6,793
6,893
7,098
6,997
13,864
13,991
Other
 
8,977
5,660
8,781
10,023
9,038
14,637
17,808
Total Noninterest Expense
42,538
38,701
41,782
42,921
40,441
81,239
80,612
OPERATING PROFIT
20,040
21,985
17,380
15,597
17,230
42,025
32,591
Income Tax Expense
4,996
5,127
4,219
2,980
3,189
10,123
6,725
Net Income
15,044
16,858
13,161
12,617
14,041
31,902
25,866
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest
-
-
(71)
501
109
-
841
NET INCOME ATTRIBUTABLE
 
TO
 
COMMON SHAREOWNERS
$
15,044
$
16,858
$
13,090
$
13,118
$
14,150
$
31,902
$
26,707
PER COMMON SHARE
Basic Net Income
$
0.88
$
0.99
$
0.77
$
0.77
$
0.84
$
1.87
$
1.58
Diluted Net Income
0.88
0.99
0.77
0.77
0.83
1.87
1.57
Cash Dividend
 
$
0.24
$
0.24
$
0.23
$
0.23
$
0.21
$
0.48
$
0.42
AVERAGE
 
SHARES
Basic
 
17,056
17,027
16,946
16,943
16,931
17,042
16,941
Diluted
 
17,088
17,044
16,990
16,979
16,960
17,067
16,964
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
CAPITAL CITY BANK GROUP,
 
INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2025
2024
Six Months Ended
 
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2025
2024
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
29,734
$
29,251
$
29,836
$
29,219
$
29,329
$
29,251
$
29,941
Transfer from Other (Assets) Liabilities
-
-
-
-
-
-
(50)
Provision for Credit Losses
718
1,083
1,085
1,879
1,129
1,801
2,061
Net Charge-Offs (Recoveries)
590
600
1,670
1,262
1,239
1,190
2,733
Balance at End of Period
$
29,862
$
29,734
$
29,251
$
29,836
$
29,219
$
29,862
$
29,219
As a % of Loans HFI
1.13%
1.12%
1.10%
1.11%
1.09%
1.13%
1.09%
As a % of Nonperforming Loans
463.01%
692.10%
464.14%
452.64%
529.79%
463.01%
529.79%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
1,832
$
2,155
$
2,522
$
3,139
$
3,121
$
2,155
$
3,191
Provision for Credit Losses
 
(94)
(323)
(367)
(617)
18
(417)
(52)
Balance at End of Period
(1)
1,738
1,832
2,155
2,522
3,139
1,738
3,139
ACL - DEBT SECURITIES
Provision for Credit Losses
 
$
(4)
$
8
$
(17)
$
(56)
$
57
$
4
$
115
CHARGE-OFFS
Commercial, Financial and Agricultural
$
74
$
168
$
499
$
331
$
400
$
242
$
682
Real Estate - Construction
-
-
47
-
-
-
-
Real Estate - Commercial
-
-
-
3
-
-
-
Real Estate - Residential
49
8
44
-
-
57
17
Real Estate - Home Equity
24
-
33
23
-
24
76
Consumer
914
865
1,307
1,315
1,061
1,779
2,611
Overdrafts
437
570
574
611
571
1,007
1,209
Total Charge-Offs
$
1,498
$
1,611
$
2,504
$
2,283
$
2,032
$
3,109
$
4,595
RECOVERIES
Commercial, Financial and Agricultural
$
117
$
75
$
103
$
176
$
59
$
192
$
100
Real Estate - Construction
-
-
3
-
-
-
-
Real Estate - Commercial
6
3
33
5
19
9
223
Real Estate - Residential
65
119
28
88
23
184
60
Real Estate - Home Equity
42
9
17
59
37
51
61
Consumer
456
481
352
405
313
937
723
Overdrafts
222
324
298
288
342
546
695
Total Recoveries
$
908
$
1,011
$
834
$
1,021
$
793
$
1,919
$
1,862
NET CHARGE-OFFS (RECOVERIES)
$
590
$
600
$
1,670
$
1,262
$
1,239
$
1,190
$
2,733
Net Charge-Offs as a % of Average Loans
 
HFI
(2)
0.09%
0.09%
0.25%
0.19%
0.18%
0.09%
0.20%
CREDIT QUALITY
Nonaccruing Loans
$
6,449
$
4,296
$
6,302
$
6,592
$
5,515
Other Real Estate Owned
132
132
367
650
650
Total Nonperforming Assets ("NPAs")
$
6,581
$
4,428
$
6,669
$
7,242
$
6,165
Past Due Loans 30-89 Days
 
$
4,523
$
3,735
$
4,311
$
9,388
$
5,672
Classified Loans
28,623
19,194
19,896
25,501
25,566
Nonperforming Loans as a % of Loans HFI
0.25%
0.16%
0.24%
0.25%
0.21%
NPAs as a % of Loans HFI and Other Real Estate
0.25%
0.17%
0.25%
0.27%
0.23%
NPAs as a % of
 
Total Assets
0.15%
0.10%
0.15%
0.17%
0.15%
(1)
 
Recorded in other liabilities
(2)
 
Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
CAPITAL CITY BANK GROUP,
 
INC.
AVERAGE
 
BALANCE AND INTEREST RATES
Unaudited
Second Quarter 2025
First Quarter 2025
Fourth Quarter 2024
Third Quarter 2024
Second Quarter 2024
June 2025 YTD
June 2024 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
$
22,668
$
475
8.40
%
$
24,726
$
490
8.04
%
$
31,047
$
976
7.89
%
$
24,570
720
7.49
%
$
26,281
$
517
5.26
%
$
23,692
$
965
8.21
%
$
26,797
$
1,080
5.62
%
Loans Held for Investment
(1)
2,652,572
40,436
6.11
2,665,910
40,029
6.09
2,677,396
40,521
6.07
2,693,533
40,985
6.09
2,726,748
40,683
6.03
2,659,204
80,465
6.10
2,727,688
80,879
5.99
Investment Securities
Taxable Investment Securities
1,006,514
6,666
2.65
981,485
5,802
2.38
914,353
4,688
2.04
907,610
4,148
1.82
918,989
3,998
1.74
994,068
12,468
2.52
935,658
8,237
1.76
Tax-Exempt Investment Securities
(1)
1,467
17
4.50
845
9
4.32
849
9
4.31
846
10
4.33
843
9
4.36
1,158
26
4.43
850
18
4.35
Total Investment Securities
1,007,981
6,683
2.65
982,330
5,811
2.38
915,202
4,697
2.04
908,456
4,158
1.82
919,832
4,007
1.74
995,226
12,494
2.52
936,508
8,255
1.76
Federal Funds Sold and Interest
Bearing Deposits
348,787
3,909
4.49
320,948
3,496
4.42
298,255
3,596
4.80
256,855
3,514
5.44
262,419
3,624
5.56
334,944
7,405
4.46
201,454
5,517
5.51
Total Earning Assets
4,032,008
$
51,503
5.12
%
3,993,914
$
49,826
5.06
%
3,921,900
$
49,790
5.05
%
3,883,414
$
49,377
5.06
%
3,935,280
$
48,831
4.99
%
4,013,066
$
101,329
5.09
%
3,892,447
$
95,731
4.94
%
Cash and Due From Banks
65,761
73,467
73,992
70,994
74,803
69,593
75,283
Allowance for Credit Losses
(30,492)
(30,008)
(30,107)
(29,905)
(29,564)
(30,251)
(29,797)
Other Assets
302,984
297,660
293,884
291,359
291,669
300,336
293,473
Total Assets
$
4,370,261
$
4,335,033
$
4,259,669
$
4,215,862
$
4,272,188
$
4,352,744
$
4,231,406
LIABILITIES:
Noninterest Bearing Deposits
$
1,342,304
$
1,317,425
$
1,323,556
$
1,332,305
$
1,346,546
$
1,329,933
$
1,345,367
NOW Accounts
1,225,697
$
3,750
1.23
%
1,249,955
$
3,854
1.25
%
1,182,073
$
3,826
1.29
%
1,145,544
$
4,087
1.42
%
1,207,643
$
4,425
1.47
%
1,237,759
$
7,604
1.24
%
1,204,337
$
8,922
1.49
%
Money Market Accounts
431,774
2,340
2.17
420,059
2,187
2.11
422,615
2,526
2.38
418,625
2,694
2.56
407,387
2,752
2.72
425,949
4,527
2.14
380,489
4,737
2.50
Savings Accounts
507,950
174
0.14
507,676
176
0.14
504,859
179
0.14
512,098
180
0.14
519,374
176
0.14
507,813
350
0.14
529,374
364
0.14
Time Deposits
172,982
1,141
2.65
170,367
1,166
2.78
167,321
1,235
2.94
163,462
1,262
3.07
160,078
1,226
3.08
171,682
2,307
2.71
149,203
2,150
2.90
Total Interest Bearing Deposits
2,338,403
7,405
1.27
2,348,057
7,383
1.28
2,276,868
7,766
1.36
2,239,729
8,223
1.46
2,294,482
8,579
1.50
2,343,203
14,788
1.27
2,263,403
16,173
1.44
Total Deposits
3,680,707
7,405
0.81
3,665,482
7,383
0.82
3,600,424
7,766
0.86
3,572,034
8,223
0.92
3,641,028
8,579
0.95
3,673,136
14,788
0.81
3,608,770
16,173
0.90
Repurchase Agreements
22,557
156
2.78
29,821
164
2.23
28,018
199
2.82
27,126
221
3.24
26,999
217
3.24
26,169
320
2.47
26,362
418
3.19
Other Short-Term Borrowings
10,503
179
6.82
7,437
117
6.39
6,510
83
5.06
2,673
52
7.63
6,592
68
4.16
8,978
296
6.64
5,176
107
4.16
Subordinated Notes Payable
51,981
530
4.03
52,887
560
4.23
52,887
581
4.30
52,887
610
4.52
52,887
630
4.71
52,432
1,090
4.13
52,887
1,258
4.70
Other Long-Term Borrowings
792
5
2.41
794
11
5.68
794
11
5.57
795
11
5.55
258
3
4.31
793
16
4.04
270
6
4.56
Total Interest Bearing Liabilities
2,424,236
$
8,275
1.37
%
2,438,996
$
8,235
1.37
%
2,365,077
$
8,640
1.45
%
2,323,210
$
9,117
1.56
%
2,381,218
$
9,497
1.60
%
2,431,575
$
16,510
1.37
%
2,348,098
$
17,962
1.54
%
Other Liabilities
76,138
65,211
73,130
73,767
72,634
70,705
70,464
Total Liabilities
3,842,678
3,821,632
3,761,763
3,729,282
3,800,398
3,832,213
3,763,929
Temporary Equity
-
-
6,763
6,443
6,493
-
6,821
SHAREOWNERS' EQUITY:
527,583
513,401
491,143
480,137
465,297
520,531
460,656
Total Liabilities, Temporary
 
Equity
and Shareowners' Equity
$
4,370,261
$
4,335,033
$
4,259,669
$
4,215,862
$
4,272,188
$
4,352,744
$
4,231,406
Interest Rate Spread
$
43,228
3.75
%
$
41,591
3.69
%
$
41,150
3.59
%
$
40,260
3.49
%
$
39,334
3.38
%
$
84,819
3.72
%
$
77,769
3.40
%
Interest Income and Rate Earned
(1)
51,503
5.12
49,826
5.06
49,790
5.05
49,377
5.06
48,831
4.99
101,329
5.09
95,731
4.94
Interest Expense and Rate Paid
(2)
8,275
0.82
8,235
0.84
8,640
0.88
9,117
0.93
9,497
0.97
16,510
0.83
17,962
0.93
Net Interest Margin
$
43,228
4.30
%
$
41,591
4.22
%
$
41,150
4.17
%
$
40,260
4.12
%
$
39,334
4.02
%
$
84,819
4.26
%
$
77,769
4.01
%
(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.