Capital City Bank Group, Inc.
 
Reports Third Quarter 2025 Results
TALLAHASSEE, Fla.
 
(October 21, 2025) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today
 
reported net income
attributable to common shareowners of $16.0 million, or $0.93 per diluted
 
share, for the third quarter of 2025 compared to $15.0
million, or $0.88 per diluted share, for the second quarter of 2025, and $13.1 million,
 
or $0.77 per diluted share, for the third quarter
of 2024.
QUARTER HIGHLIGHTS (3
rd
 
Quarter 2025
 
versus 2
nd
 
Quarter 2025)
Income Statement
●
Tax-equivalent
 
net interest income totaled $43.6 million compared
 
to $43.2 million for the second quarter of 2025
-
Net interest margin increased
 
four-basis points to 4.34% due to a four-basis point
 
decline in cost of funds to 78 basis points
 
●
Provision for credit losses increased
 
by $1.3 million to $1.9 million for the third quarter
 
of 2025 - net loan charge-offs were
 
18-
basis points (annualized) of average loans – allowance coverage ratio
 
increased to 1.17% at September 30, 2025
●
Noninterest income increased
 
by $2.3 million, or 11.6%,
 
due to a $1.2 million increase in other income which included a $0.7
million gain from the sale of our insurance subsidiary,
 
and higher mortgage banking revenues of $0.6 million
 
and deposit fees of
$0.6
 
million
 
●
Noninterest expense increased
 
by $0.4 million, or 0.9%, due to an increase in other
 
miscellaneous expenses
 
Balance Sheet
●
Loan balances decreased by $46.4 million, or
 
1.7% (average), and decreased by $49.5 million, or 1.9%
 
(end of period)
●
Deposit balances decreased by $68.4
 
million, or 1.9% (average), and decreased by $89.9
 
million, or 2.4% (end of period) due to
the seasonal decrease in our public fund balances
-
Noninterest bearing deposits averaged
 
36.4% of total deposits for the third quarter of 2025
 
and 36.3% for the year
 
●
Tangible
 
book value per diluted share (non-GAAP financial measure)
 
increased by $1.01, or 4.0%
 
“We are pleased
 
to share another strong report for the third quarter of 2025, highlighted
 
by an above-peer ROA of 1.47% and ROE of
11.67%,” said William
 
G. Smith, Jr., Capital City Bank Group
 
Chairman and CEO. “Revenue growth driven by continued net interest
margin expansion and higher noninterest
 
income drove the improvement and resulted in a 4% increase in tangible book value
 
per
share. We are
 
in a position of strength and look forward to finishing the year strong and continued
 
momentum in 2026.”
 
2
 
Discussion of Operating Results
Net Interest Income/Net Interest
 
Margin
Tax-equivalent net
 
interest income for the third quarter of 2025 totaled $43.6 million compared
 
to $43.2 million for the second
quarter of 2025 and $40.3
 
million for the third quarter of 2024.
 
Compared to the second quarter of 2025, the increase was driven by
a $0.5
 
million increase in investment securities income,
 
a $0.4 million decrease in interest expense,
 
and a $0.1 million increase in
overnight funds income, partially offset by a $0.6 million decrease
 
in loan income.
 
One additional calendar day in the third quarter
of 2025 contributed to the improvement.
 
Compared to the third quarter of 2024, the increase was primarily due to a $3.0 million
increase in investment securities income,
 
a $1.2 million decrease in interest expense,
 
and a $0.5
 
million increase in overnight funds
income, partially offset by a $1.4 million decrease in
 
loan income.
 
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 both prior
periods
 
reflected the gradual decrease in our deposit rates.
 
The decrease in loan income compared to both prior periods was due to
lower loan balances that was partially offset by favorable
 
rate repricing.
 
For the first nine months of 2025, tax-equivalent net interest income
 
totaled $128.4 million compared to $118.0
 
million for the same
period of 2024 with the increase primarily attributable to a $7.3
 
million increase in investment securities income, a $2.3 million
increase in overnight funds income,
 
and a $2.3 million decrease in deposit interest expense, partially offset by
 
a $1.9 million
decrease in loan income.
 
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.
 
The decrease in loan income was due to lower loan balances that was partially
offset by favorable rate repricing.
Our net interest margin for the third quarter of 2025 was 4.34%, an
 
increase of four basis points
 
over the second quarter of 2025 and
an increase of 22 basis points over the third quarter of 2024.
 
For the month of September 2025,
 
our net interest margin was 4.41%.
 
For the first nine months of 2025, our net interest margin
 
of 4.28% reflected a 23 basis point increase over the same period of 2024.
 
The improvement in the net interest margin compared
 
to all prior periods reflected a higher yield in the investment portfolio driven
by new purchases at higher yields and lower deposit cost.
 
For the third quarter of 2025, our cost of funds was 78 basis points, a
decrease of four basis points from the second quarter of 2025 and
 
a 15-basis point decrease from the third quarter of 2024.
 
Our cost
of deposits (including noninterest bearing accounts) was 80 basis points,
 
81 basis points, and 92 basis points, respectively,
 
for the
same periods.
 
 
Provision for Credit Losses
 
We recorded
 
a provision expense for credit losses of $1.9 million for the third quarter of 2025
 
compared to $0.6 million for the
second quarter of 2025 and $1.2 million for the third quarter of 2024.
 
For the first nine months of 2025, we recorded a provision
expense for credit losses of $3.3 million which was comparable to the same
 
period 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 third quarter of 2025 totaled $22.3 million compared
 
to $20.0 million for the second quarter of 2025 and
$19.5 million for the third quarter of 2024.
 
The $2.3 million, or 11.6%, increase over the second
 
quarter of 2025 was primarily due
to a $1.2 million increase in other income, a $0.6 million increase in mortgage
 
banking revenues,
 
and a $0.6
 
million increase in
deposit fees.
 
The increase in other income was primarily due to a $0.7 million gain from
 
the sale of our insurance subsidiary
(Capital City Strategic Wealth
 
)
 
in the third quarter of 2025, and to a lesser extent higher miscellaneous income
 
.
 
The increase in
mortgage revenues was driven by an increase in the gain on sale margin
 
for loan sales.
 
Fee adjustments made late in the second
quarter of 2025 contributed to the increase in deposit fees and miscellaneous
 
income.
 
Compared to the third quarter of 2024, the $2.8 million, or 14.4%, increase
 
was primarily due to a $1.1 million increase in other
income, a $0.8 million increase in mortgage banking revenues, a $0.
 
4
 
million increase in wealth management fees, and a $0.4
million increase in deposit fees.
 
The increase in other income reflected the aforementioned gain from the sale of
 
our insurance
subsidiary and higher miscellaneous income.
 
Higher production volume and gain on sale margin drove the improvement in
mortgage banking revenues.
 
The increase in wealth management fees was primarily due to higher retail
 
brokerage fees.
 
The
aforementioned fee adjustments drove the improvement in deposit fees.
For the first nine months of 2025, noninterest income totaled $62.3
 
million compared to $57.2 million for the same period of 2024,
primarily attributable to a $2.2 million increase in wealth management
 
fees, a $1.6 million increase in mortgage banking revenues,
and a $1.1 million increase in other income.
 
The increase in wealth management fees reflected increases in trust fees of $1.1
million and retail brokerage fees of $1.0 million attributable to a combination
 
of new business and higher account valuations.
 
A fee
increase implemented in early 2025 also contributed to the increase in trust
 
fees.
 
Higher production volume and gain on sale margin
drove the improvement in mortgage banking revenues.
 
The increase in other income reflected the aforementioned gain from the
sale of our insurance subsidiary and higher miscellaneous income.
 
Noninterest expense for the third quarter of 2025 totaled $42.9 million
 
compared to $42.5 million for the second quarter of 2025
and $42.9 million for the third quarter of 2024.
 
The $0.4 million, or 0.9%, increase over the second quarter of 2025
 
reflected a $0.8
million increase in other expense that was partially offset by a $0.
 
4
 
million decrease in compensation expense.
 
The increase in
other expense was driven by higher miscellaneous expenses of $0.7
 
million and professional fees of $0.1 million.
 
The decrease in
compensation was primarily due to lower performance-based compensation
 
(cash and stock incentives).
 
Compared to the third
quarter of 2024, a $0.3 million increase in compensation expense was offset
 
by a $0.2 million decrease in other expense and a $0.1
million decline in occupancy expense.
For the first nine months of 2025, noninterest expense totaled $124.2
 
million compared to $123.5 million for the same period of
2024
 
with the $0.6 million, or 0.5%, increase primarily due to a $4.2 million increase in compensation
 
expense that was partially
offset by a $3.4
 
million decrease in other expense and a $0.2 million decrease in occupancy expense.
 
The increase in compensation
was due to a $2.6 million increase in salary expense and a $1.6 million
 
increase in associate benefit expense.
 
The increase in salary
expense was primarily due to increases in incentive plan expense of $1.3
 
million, base salaries of $0.6
 
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 higher gains from the sale of banking facilities, and a $1.4
 
million decrease in miscellaneous expense (non-service
component of pension expense), partially offset by
 
increases in processing expense of $1.4
 
million (outsource of core processing
system), charitable contribution expense of $0.8 million, and professional
 
fees of $0.3 million.
 
Income Taxes
We realized income
 
tax expense of $5.1
 
million (effective rate of 24.4%) for the third quarter of 2025 compared
 
to $5.0 million
(effective rate of 24.9%) for the second quarter of 2025
 
and $3.0 million (effective rate of 19.1%) for the third quarter of 2024.
 
For
the first nine months of 2025, we realized income tax expense of
 
$15.3 million (effective rate of 24.2%) compared to $9.7 million
(effective rate of 20.1%) 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 compared to the prior year periods.
 
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 $3.982 billion for the third quarter of 2025, a decrease of $50.5 million, or
 
1.3%, from
 
the second
quarter of 2025, and an increase of $59.6 million, or 1.5%, over the
 
fourth quarter of 2024.
 
Compared to the second quarter of
2025, the change in the earning asset mix reflected a $46.4 million decrease in loans HFI
 
and a $14.1 million decrease in investment
securities, partially offset by a $7.4 million increase in overnight
 
funds sold and a $2.6 million increase in loans held for sale
(“HFS”).
 
Compared to the fourth quarter of 2024, the change in earning asset mix reflected
 
a $78.7 million increase in investment
securities and a $57.9 million increase in overnight funds sold,
 
partially offset by a $71.2 million decrease in loans HFI and a $5.8
million decrease in loans HFS.
Average loans
 
HFI decreased by $46.4 million, or 1.8%, from the second quarter of 2025 and
 
decreased by $71.2 million, or 2.7%,
from the fourth quarter of 2024.
 
Compared to the second quarter of 2025, the decline reflected decreases
 
in construction loans of
$22.4 million, consumer loans (primarily indirect auto) of $10.4
 
million, commercial real estate loans of $8.7 million, residential
real estate loans of $2.9 million, and commercial loans of $2.7 million,
 
partially offset by a $2.0 million increase in home equity
loans.
 
Compared to the fourth quarter of 2024, the decline was primarily attributable
 
to decreases in construction loans of $55.6
million, consumer loans (primarily auto indirect loans) of $14.4 million,
 
commercial loans of $11.9 million and commercial real
estate loans of $6.8 million, partially offset by increases in home
 
equity loans of $12.8 million and residential real estate loans of
$7.0 million.
Loans HFI at September 30, 2025, decreased by $49.5 million,
 
or 1.9%, from June 30, 2025, and decreased by $69.5 million, or
2.6%, from December 31, 2024.
 
Compared to June 30, 2025, the decline was primarily due to decreases in construction loans
 
of
$17.4 million, commercial real estate loans of $17.2 million, consumer
 
loans (primarily indirect auto) of $11.6 million,
 
and
residential real estate loans of $9.0 million, partially offset by a
 
$5.9 million increase in home equity loans.
 
Compared to December
31, 2024, the decrease was primarily attributable to decreases in construction
 
loans of $63.2 million, consumer loans (primarily
indirect auto) of $13.6 million, and commercial loans of $10.2 million, partially
 
offset by increases in home equity loans of $14.0
million, residential real estate loans of $8.8 million, and commercial real estate
 
loans of $6.2 million.
Allowance for Credit Losses
 
At September 30, 2025, the allowance for credit losses for loans HFI totaled
 
$30.2 million compared to $29.9 million at June 30,
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 June 30, 2025 and December 31, 2024 was primarily
 
attributable to qualitative factor adjustments that were partially
offset by lower loan balances.
 
Net loan charge-offs were 18 basis points of average
 
loans for the third quarter of 2025 compared to
9 basis points for the second quarter of 2025.
 
Net loan charge-offs for the nine-months ended September 30, 2025
 
were 12 basis
points compared to 20 basis points for the same period of 2024.
 
At September 30, 2025, the allowance represented 1.17% of loans
HFI compared to 1.13% at June 30, 2025, and 1.10% at December 31,
 
2024.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled
 
$10.0 million at September 30, 2025, compared to $6.6
million at June 30, 2025, and $6.7 million at December 31, 202
 
4.
 
At September 30, 2025, nonperforming assets as a percentage of
total assets was 0.23%, compared to 0.15% at June 30, 2025
 
and 0.15% at December 31, 2024.
 
Nonaccrual loans totaled $8.2
million at September 30, 2025, a $1.7 million increase over
 
June 30, 2025 and a $1.9 million increase over December 31, 2024 with
the increase over both periods primarily attributable to two home equity
 
loans totaling $1.8 million.
 
Classified loans totaled $26.5
million at September 30, 2025, a $2.1 million decrease from June 30,
 
2025, and a $6.6 million increase over December 31, 2024.
 
Deposits
Average total
 
deposits were $3.612 billion for the third quarter of 2025, a decrease of $68.4 million,
 
or 1.86%, from the second
quarter of 2025 and an increase of $11.9 million,
 
or 0.33%, over the fourth quarter of 2024.
 
Compared to the second quarter of
2025, the decrease was attributable to lower public funds balances (primarily
 
NOW accounts) due to the seasonal reduction in those
balances, partially offset by higher core deposit balances
 
(primarily noninterest bearing checking,
 
money market accounts, and
certificates of deposit).
 
The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances,
 
partially
offset by the seasonal decline in public fund balances
 
.
 
At September 30, 2025, total deposits were $3.615 billion, a decrease of $89.9
 
million, or 2.4%, from June 30 2025, and a decrease
of $57.1 million, or 1.6%, from December 31, 2024.
 
The decrease compared to both prior periods was due to a decline in public
fund deposits, partially offset by growth in our core
 
deposits.
 
Public funds totaled $497.9 million at September 30, 2025, $596.6
million at June 30, 2025, and $660.9 million at December 31, 2024.
 
5
Liquidity
We maintained
 
an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds
 
purchased) sold
position of $356.2 million in the third quarter of 2025
 
compared to $348.8 million in the second quarter of 2025 and $298.3 million
in the fourth quarter of 2024.
 
Compared to the second quarter of 2025, the slight increase reflected lower
 
average loan and
investment security balances partially offset by lower average deposit
 
balances.
 
The increase over the fourth quarter of 2024 was
primarily due to lower average loan balances.
 
 
At September 30, 2025, we had the ability to generate approximately $1.625
 
billion (excludes overnight funds position of $398
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, 2025, the weighted-
average maturity and duration of our portfolio were 2.66 years and 2.15
 
years, respectively, and the available
 
-for-sale portfolio had
a net unrealized after-tax loss of $11.2
 
million.
 
Capital
Shareowners’ equity was $540.6 million at September 30, 2025,
 
compared to $526.4 million at June 30, 2025, and $495.3 million at
December 31, 2024.
 
For the first nine months of 2025, shareowners’ equity was positively impacted by
 
net income attributable to
shareowners of $47.9 million, a net $7.7 million decrease in the accumulated
 
other comprehensive loss, the issuance of common
stock of $2.9 million, and stock compensation accretion of $1.4 million.
 
The net favorable change in accumulated other
comprehensive loss reflected a $8.8 million decrease in the investment
 
securities loss that was partially offset by a $1.1 million
decrease in the fair value of the interest rate swap related to subordinated debt.
 
Shareowners’ equity was reduced by common stock
dividends
 
of $12.6 million ($0.74 per share) and net adjustments totaling $2.0 million related to transactions
 
under our stock
compensation plans.
 
At September 30, 2025, our total risk-based capital ratio was 20.59%
 
compared to 19.60% at June 30, 2025, and 18.64% at
December 31, 2024.
 
Our common equity tier 1 capital ratio was 17.73%, 16.81%, and 15.54%, respectively,
 
on these dates.
 
Our
leverage ratio was 11.64%, 11.
 
14%, and 11.05%, respectively,
 
on these dates.
 
At September 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.
 
66% at September 30, 2025, compared to 10.09% and 9.51% at June
30, 2025, and December 31, 2024, respectively.
 
 
 
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 $4.3
 
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,
 
and securities brokerage services.
 
Our bank subsidiary,
 
Capital City Bank, was founded in 1895 and has 62 banking offices and
 
108 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; dispositions (including
 
the impact from the sale of our insurance subsidiary)
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; action or inaction
by the federal government, including as a result of any prolonged government
 
shutdown or 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)
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Shareowners' Equity (GAAP)
$
540,635
$
526,423
$
512,575
$
495,317
$
476,499
Less: Goodwill and Other Intangibles (GAAP)
89,095
92,693
92,733
92,773
92,813
Tangible Shareowners' Equity (non-GAAP)
A
451,540
433,730
419,842
402,544
383,686
Total Assets (GAAP)
4,323,774
4,391,753
4,461,233
4,324,932
4,225,316
Less: Goodwill and Other Intangibles (GAAP)
89,095
92,693
92,733
92,773
92,813
Tangible Assets (non-GAAP)
B
$
4,234,679
$
4,299,060
$
4,368,500
$
4,232,159
$
4,132,503
Tangible Common Equity Ratio (non-GAAP)
A/B
10.66%
10.09%
9.61%
9.51%
9.28%
Actual Diluted Shares Outstanding (GAAP)
C
17,115,336
17,097,986
17,072,330
17,018,122
16,980,686
Tangible Book Value
 
per Diluted Share (non-GAAP)
A/C
$
26.38
$
25.37
$
24.59
$
23.65
$
22.60
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Nine Months Ended
(Dollars in thousands, except per share data)
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners
$
15,950
$
15,044
$
13,118
$
47,852
$
39,825
Diluted Net Income Per Share
$
0.93
$
0.88
$
0.77
$
2.80
$
2.35
PERFORMANCE
Return on Average Assets (annualized)
1.47
%
1.38
%
1.24
%
1.47
%
1.26
%
Return on Average Equity (annualized)
11.67
11.44
10.87
12.12
11.39
Net Interest Margin
4.34
4.30
4.12
4.28
4.05
Noninterest Income as % of Operating Revenue
33.89
31.67
32.67
32.67
32.69
Efficiency Ratio
65.09
%
67.26
%
71.81
%
65.11
%
70.49
%
CAPITAL ADEQUACY
Tier 1 Capital
 
19.33
%
18.38
%
16.77
%
19.33
%
16.77
%
Total Capital
 
20.59
19.60
17.97
20.59
17.97
Leverage
 
11.64
11.14
10.89
11.64
10.89
Common Equity Tier 1
17.73
16.81
14.88
17.73
14.88
Tangible Common Equity
(1)
10.66
10.09
9.28
10.66
9.28
Equity to Assets
12.50
%
11.99
%
11.28
%
12.50
%
11.28
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
368.54
%
463.01
%
452.64
%
368.54
%
452.64
%
Allowance as a % of Loans HFI
1.17
1.13
1.11
1.17
1.11
Net Charge-Offs as % of Average Loans HFI
0.18
0.09
0.19
0.12
0.20
Nonperforming Assets as % of Loans HFI and OREO
0.39
0.25
0.27
0.39
0.27
Nonperforming Assets as % of Total Assets
0.23
%
0.15
%
0.17
%
0.23
%
0.17
%
STOCK PERFORMANCE
High
 
$
44.69
$
39.82
$
36.67
$
44.69
$
36.67
Low
38.00
32.38
26.72
32.38
25.45
Close
$
41.79
$
39.35
$
35.29
$
41.79
$
35.29
Average Daily Trading Volume
42,187
27,397
37,151
31,559
32,720
(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)
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
ASSETS
Cash and Due From Banks
$
68,397
$
78,485
$
78,521
$
70,543
$
83,431
Funds Sold and Interest Bearing Deposits
397,502
394,917
446,042
321,311
261,779
Total Cash and Cash Equivalents
465,899
473,402
524,563
391,854
345,210
Investment Securities Available for Sale
577,333
533,457
461,224
403,345
336,187
Investment Securities Held to Maturity
404,659
462,599
517,176
567,155
561,480
Other Equity Securities
2,145
3,242
2,315
2,399
6,976
 
Total Investment Securities
984,137
999,298
980,715
972,899
904,643
Loans Held for Sale ("HFS"):
24,204
19,181
21,441
28,672
31,251
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
179,018
180,008
184,393
189,208
194,625
Real Estate - Construction
156,756
174,115
192,282
219,994
218,899
Real Estate - Commercial
785,290
802,504
806,942
779,095
819,955
Real Estate - Residential
1,037,324
1,046,368
1,040,594
1,028,498
1,023,485
Real Estate - Home Equity
234,111
228,201
225,987
220,064
210,988
Consumer
185,847
197,483
206,191
199,479
213,305
Other Loans
2,283
1,552
3,227
14,006
461
Overdrafts
1,378
1,259
1,154
1,206
1,378
Total Loans Held for Investment
2,582,007
2,631,490
2,660,770
2,651,550
2,683,096
Allowance for Credit Losses
(30,202)
(29,862)
(29,734)
(29,251)
(29,836)
Loans Held for Investment, Net
2,551,805
2,601,628
2,631,036
2,622,299
2,653,260
Premises and Equipment, Net
79,748
79,906
80,043
81,952
81,876
Goodwill and Other Intangibles
89,095
92,693
92,733
92,773
92,813
Other Real Estate Owned
1,831
132
132
367
650
Other Assets
127,055
125,513
130,570
134,116
115,613
Total Other Assets
297,729
298,244
303,478
309,208
290,952
Total Assets
$
4,323,774
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,303,786
$
1,332,080
$
1,363,739
$
1,306,254
$
1,330,715
NOW Accounts
1,222,861
1,284,137
1,292,654
1,285,281
1,174,585
Money Market Accounts
405,846
408,666
445,999
404,396
401,272
Savings Accounts
500,323
504,331
511,265
506,766
507,604
Certificates of Deposit
182,096
175,639
170,233
169,280
164,901
Total Deposits
3,614,912
3,704,853
3,783,890
3,671,977
3,579,077
Repurchase Agreements
25,629
21,800
22,799
26,240
29,339
Other Short-Term Borrowings
14,615
12,741
14,401
2,064
7,929
Subordinated Notes Payable
42,582
42,582
52,887
52,887
52,887
Other Long-Term Borrowings
680
680
794
794
794
Other Liabilities
84,721
82,674
73,887
75,653
71,974
Total Liabilities
3,783,139
3,865,330
3,948,658
3,829,615
3,742,000
Temporary Equity
-
-
-
-
6,817
SHAREOWNERS' EQUITY
Common Stock
171
171
171
170
169
Additional Paid-In Capital
40,067
39,527
38,576
37,684
36,070
Retained Earnings
499,176
487,665
476,715
463,949
454,342
Accumulated Other Comprehensive Income (Loss), Net
 
of Tax
1,221
(940)
(2,887)
(6,486)
(14,082)
Total Shareowners' Equity
540,635
526,423
512,575
495,317
476,499
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,323,774
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
OTHER BALANCE SHEET DATA
Earning Assets
$
3,987,850
$
4,044,886
$
4,108,969
$
3,974,431
$
3,880,769
Interest Bearing Liabilities
2,394,632
2,450,576
2,511,032
2,447,708
2,339,311
Book Value Per Diluted Share
$
31.59
$
30.79
$
30.02
$
29.11
$
28.06
Tangible Book Value
 
Per Diluted Share
(1)
26.38
25.37
24.59
23.65
22.60
Actual Basic Shares Outstanding
17,069
17,066
17,055
16,975
16,944
Actual Diluted Shares Outstanding
17,115
17,098
17,072
17,018
16,981
(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
Nine Months Ended
September 30,
(Dollars in thousands, except per share data)
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
2025
2024
INTEREST INCOME
Loans, including Fees
$
40,279
$
40,872
$
40,478
$
41,453
$
41,659
$
121,629
$
123,480
Investment Securities
7,188
6,678
5,808
4,694
4,155
19,674
12,403
Federal Funds Sold and Interest Bearing Deposits
3,964
3,909
3,496
3,596
3,514
11,369
9,031
Total Interest Income
51,431
51,459
49,782
49,743
49,328
152,672
144,914
INTEREST EXPENSE
Deposits
7,265
7,405
7,383
7,766
8,223
22,053
24,396
Repurchase Agreements
158
156
164
199
221
478
639
Other Short-Term Borrowings
58
179
117
83
52
354
159
Subordinated Notes Payable
383
530
560
581
610
1,473
1,868
Other Long-Term Borrowings
10
5
11
11
11
26
17
Total Interest Expense
7,874
8,275
8,235
8,640
9,117
24,384
27,079
Net Interest Income
43,557
43,184
41,547
41,103
40,211
128,288
117,835
Provision for Credit Losses
1,881
620
768
701
1,206
3,269
3,330
Net Interest Income after Provision for Credit Losses
41,676
42,564
40,779
40,402
39,005
125,019
114,505
NONINTEREST INCOME
Deposit Fees
5,877
5,320
5,061
5,207
5,512
16,258
16,139
Bank Card Fees
3,733
3,774
3,514
3,697
3,624
11,021
11,010
Wealth Management Fees
5,173
5,206
5,763
5,222
4,770
16,142
13,891
Mortgage Banking Revenues
4,794
4,190
3,820
3,118
3,966
12,804
11,225
Other
 
2,754
1,524
1,749
1,516
1,641
6,027
4,951
Total Noninterest Income
22,331
20,014
19,907
18,760
19,513
62,252
57,216
NONINTEREST EXPENSE
Compensation
26,056
26,490
26,248
26,108
25,800
78,794
74,613
Occupancy, Net
7,037
7,071
6,793
6,893
7,098
20,901
21,089
Other
 
9,823
8,977
5,660
8,781
10,023
24,460
27,831
Total Noninterest Expense
42,916
42,538
38,701
41,782
42,921
124,155
123,533
OPERATING PROFIT
21,091
20,040
21,985
17,380
15,597
63,116
48,188
Income Tax Expense
5,141
4,996
5,127
4,219
2,980
15,264
9,705
Net Income
15,950
15,044
16,858
13,161
12,617
47,852
38,483
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest
-
-
-
(71)
501
-
1,342
NET INCOME ATTRIBUTABLE
 
TO
 
COMMON SHAREOWNERS
$
15,950
$
15,044
$
16,858
$
13,090
$
13,118
$
47,852
$
39,825
PER COMMON SHARE
Basic Net Income
$
0.93
$
0.88
$
0.99
$
0.77
$
0.77
$
2.81
$
2.35
Diluted Net Income
0.93
0.88
0.99
0.77
0.77
2.80
2.35
Cash Dividend
 
$
0.26
$
0.24
$
0.24
$
0.23
$
0.23
$
0.74
$
0.65
AVERAGE
 
SHARES
Basic
 
17,068
17,056
17,027
16,946
16,943
17,050
16,942
Diluted
 
17,114
17,088
17,044
16,990
16,979
17,083
16,966
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
CAPITAL CITY BANK GROUP,
 
INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2025
2024
Nine Months Ended
 
September 30,
(Dollars in thousands, except per share data)
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
2025
2024
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
29,862
$
29,734
$
29,251
$
29,836
$
29,219
$
29,251
$
29,941
Transfer from Other (Assets) Liabilities
-
-
-
-
-
-
(50)
Provision for Credit Losses
1,550
718
1,083
1,085
1,879
3,351
3,940
Net Charge-Offs (Recoveries)
1,210
590
600
1,670
1,262
2,400
3,995
Balance at End of Period
$
30,202
$
29,862
$
29,734
$
29,251
$
29,836
$
30,202
$
29,836
As a % of Loans HFI
1.17%
1.13%
1.12%
1.10%
1.11%
1.17%
1.11%
As a % of Nonperforming Loans
368.54%
463.01%
692.10%
464.14%
452.64%
368.54%
452.64%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
1,738
$
1,832
$
2,155
$
2,522
$
3,139
$
2,155
$
3,191
Provision for Credit Losses
 
357
(94)
(323)
(367)
(617)
(60)
(669)
Balance at End of Period
(1)
2,095
1,738
1,832
2,155
2,522
2,095
2,522
ACL - DEBT SECURITIES
Provision for Credit Losses
 
$
(26)
$
(4)
$
8
$
(17)
$
(56)
$
(22)
$
59
CHARGE-OFFS
Commercial, Financial and Agricultural
$
373
$
74
$
168
$
499
$
331
$
615
$
1,013
Real Estate - Construction
-
-
-
47
-
-
-
Real Estate - Commercial
-
-
-
-
3
-
3
Real Estate - Residential
12
49
8
44
-
69
17
Real Estate - Home Equity
10
24
-
33
23
34
99
Consumer
954
914
865
1,307
1,315
2,733
3,926
Overdrafts
619
437
570
574
611
1,626
1,820
Total Charge-Offs
$
1,968
$
1,498
$
1,611
$
2,504
$
2,283
$
5,077
$
6,878
RECOVERIES
Commercial, Financial and Agricultural
$
95
$
117
$
75
$
103
$
176
$
287
$
276
Real Estate - Construction
-
-
-
3
-
-
-
Real Estate - Commercial
8
6
3
33
5
17
228
Real Estate - Residential
13
65
119
28
88
197
148
Real Estate - Home Equity
10
42
9
17
59
61
120
Consumer
369
456
481
352
405
1,306
1,128
Overdrafts
263
222
324
298
288
809
983
Total Recoveries
$
758
$
908
$
1,011
$
834
$
1,021
$
2,677
$
2,883
NET CHARGE-OFFS (RECOVERIES)
$
1,210
$
590
$
600
$
1,670
$
1,262
$
2,400
$
3,995
Net Charge-Offs as a % of Average Loans
 
HFI
(2)
0.18%
0.09%
0.09%
0.25%
0.19%
0.12%
0.20%
CREDIT QUALITY
Nonaccruing Loans
$
8,195
$
6,449
$
4,296
$
6,302
$
6,592
Other Real Estate Owned
1,831
132
132
367
650
Total Nonperforming Assets ("NPAs")
$
10,026
$
6,581
$
4,428
$
6,669
$
7,242
Past Due Loans 30-89 Days
 
$
5,468
$
4,523
$
3,735
$
4,311
$
9,388
Classified Loans
26,512
28,623
19,194
19,896
25,501
Nonperforming Loans as a % of Loans HFI
0.32%
0.25%
0.16%
0.24%
0.25%
NPAs as a % of Loans HFI and Other Real Estate
0.39%
0.25%
0.17%
0.25%
0.27%
NPAs as a % of
 
Total Assets
0.23%
0.15%
0.10%
0.15%
0.17%
(1)
 
Recorded in other liabilities
(2)
 
Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
CAPITAL CITY BANK GROUP,
 
INC.
AVERAGE
 
BALANCE AND INTEREST RATES
Unaudited
Third Quarter 2025
Second Quarter 2025
First Quarter 2025
Fourth Quarter 2024
Third Quarter 2024
September 2025 YTD
September 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
$
25,276
$
425
6.68
%
$
22,668
$
475
8.40
%
$
24,726
$
490
8.04
%
$
31,047
976
7.89
%
$
24,570
$
720
7.49
%
$
24,226
$
1,390
7.67
%
$
26,050
$
1,800
6.22
%
Loans Held for Investment
(1)
2,606,213
39,894
6.07
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
2,641,346
120,359
6.09
2,716,220
121,864
6.02
Investment Securities
Taxable Investment Securities
992,260
7,175
2.88
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
993,460
19,643
2.64
926,241
12,385
1.78
Tax-Exempt Investment Securities
(1)
1,620
18
4.44
1,467
17
4.50
845
9
4.32
849
9
4.31
846
10
4.33
1,313
44
4.43
848
28
4.34
Total Investment Securities
993,880
7,193
2.88
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
994,773
19,687
2.64
927,089
12,413
1.78
Federal Funds Sold and Interest
Bearing Deposits
356,161
3,964
4.42
348,787
3,909
4.49
320,948
3,496
4.42
298,255
3,596
4.80
256,855
3,514
5.44
342,094
11,369
4.44
220,056
9,031
5.48
Total Earning Assets
3,981,530
$
51,476
5.12
%
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
%
4,002,439
$
152,805
5.10
%
3,889,415
$
145,108
4.98
%
Cash and Due From Banks
65,085
65,761
73,467
73,992
70,994
68,074
73,843
Allowance for Credit Losses
(30,342)
(30,492)
(30,008)
(30,107)
(29,905)
(30,282)
(29,833)
Other Assets
301,678
302,984
297,660
293,884
291,359
300,788
292,762
Total Assets
$
4,317,951
$
4,370,261
$
4,335,033
$
4,259,669
$
4,215,862
$
4,341,019
$
4,226,187
LIABILITIES:
Noninterest Bearing Deposits
$
1,314,560
$
1,342,304
$
1,317,425
$
1,323,556
$
1,332,305
$
1,324,753
$
1,340,981
NOW Accounts
1,198,124
$
3,782
1.25
%
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
%
1,224,402
$
11,386
1.24
%
1,184,596
$
13,009
1.47
%
Money Market Accounts
416,656
2,090
1.99
431,774
2,340
2.17
420,059
2,187
2.11
422,615
2,526
2.38
418,625
2,694
2.56
422,817
6,617
2.09
393,294
7,431
2.52
Savings Accounts
503,189
159
0.13
507,950
174
0.14
507,676
176
0.14
504,859
179
0.14
512,098
180
0.14
506,255
509
0.13
523,573
544
0.14
Time Deposits
179,802
1,234
2.72
172,982
1,141
2.65
170,367
1,166
2.78
167,321
1,235
2.94
163,462
1,262
3.07
174,418
3,541
2.71
153,991
3,412
2.96
Total Interest Bearing Deposits
2,297,771
7,265
1.25
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
2,327,892
22,053
1.27
2,255,454
24,396
1.44
Total Deposits
3,612,331
7,265
0.80
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
3,652,645
22,053
0.81
3,596,435
24,396
0.91
Repurchase Agreements
21,966
158
2.86
22,557
156
2.78
29,821
164
2.23
28,018
199
2.82
27,126
221
3.24
24,752
478
2.58
26,619
639
3.21
Other Short-Term Borrowings
12,753
58
1.82
10,503
179
6.82
7,437
117
6.39
6,510
83
5.06
2,673
52
7.63
10,251
354
4.62
4,334
159
4.88
Subordinated Notes Payable
42,582
383
3.52
51,981
530
4.03
52,887
560
4.23
52,887
581
4.30
52,887
610
4.52
49,113
1,473
3.95
52,887
1,868
4.64
Other Long-Term Borrowings
681
10
5.55
792
5
2.41
794
11
5.68
794
11
5.57
795
11
5.55
755
26
4.50
447
17
5.16
Total Interest Bearing Liabilities
2,375,753
$
7,874
1.32
%
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
%
2,412,763
$
24,384
1.35
%
2,339,741
$
27,079
1.55
%
Other Liabilities
85,422
76,138
65,211
73,130
73,767
75,664
71,574
Total Liabilities
3,775,735
3,842,678
3,821,632
3,761,763
3,729,282
3,813,180
3,752,296
Temporary Equity
-
-
-
6,763
6,443
-
6,694
SHAREOWNERS' EQUITY:
542,216
527,583
513,401
491,143
480,137
527,839
467,197
Total Liabilities, Temporary
 
Equity
and Shareowners' Equity
$
4,317,951
$
4,370,261
$
4,335,033
$
4,259,669
$
4,215,862
$
4,341,019
$
4,226,187
Interest Rate Spread
$
43,602
3.81
%
$
43,228
3.75
%
$
41,591
3.69
%
$
41,150
3.59
%
$
40,260
3.49
%
$
128,421
3.75
%
$
118,029
3.43
%
Interest Income and Rate Earned
(1)
51,476
5.12
51,503
5.12
49,826
5.06
49,790
5.05
49,377
5.06
152,805
5.10
145,108
4.98
Interest Expense and Rate Paid
(2)
7,874
0.78
8,275
0.82
8,235
0.84
8,640
0.88
9,117
0.93
24,384
0.81
27,079
0.93
Net Interest Margin
$
43,602
4.34
%
$
43,228
4.30
%
$
41,591
4.22
%
$
41,150
4.17
%
$
40,260
4.12
%
$
128,421
4.28
%
$
118,029
4.05
%
(1)
 
Interest and average rates are
 
calculated on a tax-equivalent basis using a 21% Federal tax rate.
(2)
 
Rate calculated based on average earning assets.