Capital City Bank Group, Inc.

Reports First Quarter 2013 Results

 

TALLAHASSEE, Fla. (April 22, 2013) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $0.8 million, or $0.05 per diluted share for the first quarter of 2013 compared to net income of $1.9 million, or $0.11 per diluted share for the fourth quarter of 2012 and a net loss of $1.2 million, or $0.07 per diluted share for the first quarter of 2012.

 

Compared to the fourth quarter of 2012, performance reflects lower operating revenues of $1.1 million and a $1.7 million increase in noninterest expense, partially offset by a $1.7 million reduction in the loan loss provision.

 

Compared to the first quarter of 2012, the increase in earnings was due to a lower loan loss provision of $3.7 million and lower noninterest expense of $1.4 million, which was partially offset by lower operating revenues of $1.7 million and higher income tax expense of $1.4 million.

 

“In the first quarter of 2013 we saw more of the positive trends we experienced coming out of the latter half of 2012 with the dramatic improvement in nonperforming assets,” said William G. Smith, Jr., Chairman, President and CEO. “After declining 14.5% in 2012, nonperforming assets fell another 11.7% to $104 million in the first quarter alone. We have made clear progress in the disposition of other real estate owned and continue to believe our retail strategy – though it takes longer to execute – serves the best interests of our shareowners. While the operating environment remains choppy, economic indicators such as unemployment, population growth, housing and the overall level of real estate activity continue to improve, which we believe points toward greater stability to come. I am encouraged by the progress we’ve made despite a very challenging period and optimistic about the outlook ahead as we move forward through 2013.”

 

The Return on Average Assets was 0.13% and the Return on Average Equity was 1.36% for the first quarter of 2013, compared to 0.29% and 2.95%, respectively, for the fourth quarter of 2012, and -0.18% and -1.84%, respectively, for the comparable quarter in 2012.

 

Discussion of Financial Condition

 

Average earning assets were $2.241 billion for the first quarter of 2013, an increase of $61.9 million, or 2.8% over the fourth quarter of 2012, and a decline of $27.4 million, or 1.2%, from the first quarter of 2012.  The increase compared to the fourth quarter of 2012 primarily reflects the higher level of deposits resulting from the seasonal influx of public funds. The decrease in earning assets when compared to the same prior year period is attributable to the continued decline of the loan portfolio resulting from the resolution of problem loans.

 

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $448.4 million during the first quarter of 2013 compared to an average net overnight funds sold position of $366.0 million in the fourth quarter of 2012 and an average overnight funds sold position of $373.0 million in the first quarter of 2012.  The higher balance when compared to the fourth quarter of 2012 primarily reflects the decline in the loan portfolio and higher public funds. The increase when compared to the first quarter of 2012 again reflects the declining loan portfolio, partially offset by a lower level of deposits.

 

The loan portfolio continues to decline and the deployment of the excess liquidity remains in overnight funds. Historically, we have maintained a slight overnight funds position. During the remainder of 2013, we will begin our efforts to reduce the current level of overnight funds.

 

When compared to the fourth and first quarters of 2012, average loans declined by $21.8 million and $100.0 million, respectively. Most loan categories have experienced declines with the reduction primarily in the commercial real estate and residential real estate categories. Our core loan portfolio continues to be impacted by normal amortization and a higher level of payoffs that have outpaced our new loan production. New loan production continues to be impacted by weak loan demand attributable to the trend toward consumers and businesses deleveraging, the lack of consumer confidence, and a persistently sluggish economy. Efforts to stimulate new loan growth are ongoing; during 2012 we modified lending programs in our business and commercial real estate areas to try and mitigate the significant impact that consumer and business deleveraging is having on our portfolio.

 

 
 

Nonperforming assets (nonaccrual loans and other real estate owned “OREO”) totaled $103.9 million at the end of the first quarter of 2013, a decrease of $13.8 million from the fourth quarter of 2012 and $33.0 million from the first quarter of 2012. Nonaccrual loans totaled $45.4 million at the end of the first quarter of 2013, a decrease of $18.8 million and $33.3 million, respectively, from the same prior year periods. Nonaccrual loan additions in the first quarter of 2013 totaled $7.7 million compared to $12.5 million and $19.7 million for the fourth quarter of 2012 and first quarter of 2012, respectively. The balance of OREO totaled $58.4 million at the end of the first quarter of 2013, an increase of $5.0 million over the fourth quarter of 2012 and $0.3 million over the first quarter of 2012. For the first quarter of 2013 we added properties totaling $13.0 million, sold properties totaling $6.8 million, and recorded valuation adjustments totaling $1.2 million. Nonperforming assets represented 3.99% of total assets at March 31, 2013 compared to 4.47% at December 31, 2012 and 5.14% at March 31, 2012.

 

Average total deposits were $2.103 billion for the first quarter of 2013, an increase of $51.9 million, or 2.5%, over the fourth quarter of 2012 and lower by $58.4 million, or 2.7%, from the first quarter of 2012.  The increase in deposits when compared to the fourth quarter of 2012 resulted primarily from the higher level of public funds partially offset by a reduction in certificates of deposit. When compared to the first quarter of 2012, the decline was a result of lower certificates of deposit and noninterest bearing accounts, while growth was experienced in savings and money market accounts.

 

Our mix of deposits continues to improve as higher cost certificates of deposit are replaced with lower rate non-maturity deposits and noninterest bearing demand accounts.  Prudent pricing discipline will continue to be the key to managing our mix of deposits.  Therefore, we do not attempt to compete with higher rate paying competitors for deposits.

 

Average borrowings increased by $9.6 million when compared to the fourth quarter of 2012 as a result of higher balances in repurchase agreements, and were higher by $8.2 million when compared to the first quarter of 2012, resulting from a higher level of federal home loan bank advances.

 

Discussion of Operating Results

 

Tax equivalent net interest income for the first quarter of 2013 was $20.1 million compared to $20.7 million for the fourth quarter of 2012 and $21.8 million for the first quarter of 2012.  The decrease in tax equivalent net interest income compared to the prior periods was due to a reduction in loan income primarily attributable to declining loan balances and unfavorable asset repricing, partially offset by a reduction in interest expense and a lower level of foregone interest on loans.  The lower interest expense is attributable to favorable repricing on FHLB advances and certificates of deposit which reflects both lower balances and favorable repricing.

 

The decline in the loan portfolio, coupled with the low rate environment continues to put pressure on our net interest income.  Lowering our cost of funds, to the extent we can, and continuing to shift the mix of our deposits will help to partially mitigate the unfavorable impact of weak loan demand and repricing, although the impact is expected to be minimal. 

The net interest margin for the first quarter of 2013 was 3.64%, a decrease of fourteen basis points from the fourth quarter of 2012, and a decline of 23 basis points from the first quarter of 2012.  The decrease in the margin for both comparable periods is attributable to the shift in our earning asset mix and unfavorable asset repricing, partially offset by a lower average cost of funds.

 

 
 

The provision for loan losses for the first quarter of 2013 was $1.1 million compared to $2.8 million in the fourth quarter of 2012 and $4.8 million for the first quarter of 2012. The decrease in the loan loss provision compared to both prior periods reflects a lower level of impaired loan additions and related reserves as well as improving trends in loan delinquencies, classified loans, and loan losses. Net charge-offs for the first quarter of 2013 totaled $2.4 million, or 0.66% (annualized), of average loans compared to $3.8 million, or 1.00%, for the fourth quarter of 2012 and $4.6 million, or 1.16%, in the first quarter of 2012. At quarter-end, the allowance for loan losses of $27.8 million was 1.90% of outstanding loans (net of overdrafts) and provided coverage of 61% of nonperforming loans compared to 1.93% and 45%, respectively, at December 31, 2012, and 1.98% and 40%, respectively, at March 31, 2012.

 

Noninterest income for the first quarter of 2013 totaled $13.6 million, a decrease of $0.5 million, or 3.8%, from the fourth quarter of 2012 reflective of lower deposit fees of $0.6 million, trust fees of $0.1 million, and other income of $0.2 million, partially offset by higher retail brokerage fees of $0.2 million and mortgage banking fees of $0.1 million. The decrease in deposit fees was primarily due to an expected lower utilization of our overdraft protection service during the first quarter as clients receive tax refunds and to a lesser extent two less processing days in the current quarter. The decrease in trust fees reflects a lower level of assets under management primarily due to account distributions. Other income declined due to a lower level of gains from the sale of OREO properties. The increase in retail brokerage fees reflects a higher level of client trading activity. A higher level of loans funded and a higher margin realized for sold loans drove the increase in mortgage banking fees. Compared to the first quarter of 2012, noninterest income remained flat as higher retail brokerage fees of $0.2 million and mortgage banking fees of $0.2 million were offset by lower deposit fees of $0.2 million, bank card fees of $0.1 million, and other income of $0.1 million. Increased client trading activity drove the improvement in retail brokerage fees. The increase in mortgage fees was attributable to a higher level of loans funded and a higher margin for sold loans. The reduction in deposit fees was due to a higher level of charged off checking accounts. Bank card fees decline due to a lower level of card activity and the decrease in other income was attributable to a lower level of fees for our working capital finance product.

 

Noninterest expense for the first quarter of 2013 totaled $31.2 million, an increase of $1.7 million, or 5.9%, over the fourth quarter of 2012 and a decrease of $1.4 million, or 4.3%, from the first quarter of 2012. The increase compared to the fourth quarter of 2012 was due to higher compensation expense of $1.0 million and an increase in OREO expense of $1.0 million, partially offset by lower furniture/equipment expense of $0.1 million and other expense of $0.2 million. The increase in compensation was driven by higher pension plan expense of $0.4 million, payroll taxes of $0.2 million, unemployment taxes of $0.2 million, cash incentive expense of $0.1 million, and employee insurance of $0.1 million. The increase in expense for our pension plan was primarily attributable to the utilization of a lower discount rate in 2013 due to lower long-term bond interest rates. The increase in payroll taxes reflects the reset of social security taxes and the increase in unemployment taxes is attributable to timing as a large portion of the annual premium is paid in the first quarter. Cash incentive expense increased due to the reset of these plans for 2013 performance metrics. The increase in employee insurance reflects the annual renewal of policies at a slightly higher premium rate. OREO expense increased due to a higher level of property valuation adjustments. The favorable variance in furniture/equipment expense was due to lower tangible taxes and the decrease in other expense reflects lower professional fees and advertising costs. The favorable variance in noninterest expense compared to the first quarter of 2012 was primarily attributable to a reduction in OREO expense of $0.6 million, compensation expense of $0.1 million, and other expense of $0.6 million. The reduction in OREO expense was due to a lower level of loss on sale from property dispositions. Lower employee salary expense, which is reflective of reduced headcount drove the decline in compensation. Decreases in professional fees, legal fees, and advertising costs drove the reduction in the other expense category. Expense management continues to be a key strategic focus as we evaluate opportunities to optimize our delivery channels, review our vendor relationships, and better manage our discretionary expenses.

 

About Capital City Bank Group, Inc.

 

Capital City Bank Group, Inc. (Nasdaq: CCBG) is one of the largest publicly traded bank holding companies headquartered in Florida and has approximately $2.6 billion in assets. The Company provides a full range of banking services, including traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bankcards, data processing and securities brokerage services. The Company's bank subsidiary, Capital City Bank, was founded in 1895 and now has 66 full-service offices and 71 ATMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

 

 
 

FORWARD-LOOKING STATEMENTS

 

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause the Company’s future results to differ materially. The following factors, among others, could cause the Company’s actual results to differ: the Company’s need and our ability to incur additional debt or equity financing; the accuracy of the Company’s financial statement estimates and assumptions, including the estimate used for the Company’s loan loss provision and deferred tax valuation allowance; continued depression of the market value of the Company that could result in an impairment of goodwill; legislative or regulatory changes, including the Dodd-Frank Act and Basel III; the strength of the U.S. economy and the local economies where the Company conducts operations; the frequency and magnitude of foreclosure of the Company’s loans; restrictions on our operations, including the inability to pay dividends without our regulators’ consent; the effects of the health and soundness of other financial institutions, including the FDIC’s need to increase Deposit Insurance Fund assessments; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; harsh weather conditions and man-made disasters; fluctuations in inflation, interest rates, or monetary policies; changes in the stock market and other capital and real estate markets; customer acceptance of third-party products and services; increased competition and its effect on pricing, including the impact on our net interest margin from the repeal of Regulation Q; negative publicity and the impact on our reputation; technological changes; the effects of security breaches and computer viruses that may affect the Company’s computer systems; changes in consumer spending and savings habits; the Company’s growth and profitability; changes in accounting; and the Company’s ability to manage the risks involved in the foregoing. Additional factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and the Company’s other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and the Company assumes no obligation to update forward-looking statements or the reasons why actual results could differ.

 

 
 

 

CAPITAL CITY BANK GROUP, INC.

EARNINGS HIGHLIGHTS

Unaudited

 

      Three Months Ended
(Dollars in thousands, except per share data)  Mar 31, 2013  Dec 31, 2012  Mar 31, 2012
          
EARNINGS               
Net Income (Loss)  $839   $1,875   $(1,162)
Net Income (Loss) Per Common Share  $0.05   $0.11   $(0.07)
PERFORMANCE               
Return on Average Assets   0.13%   0.29%   -0.18%
Return on Average Equity   1.36%   2.95%   -1.84%
Net Interest Margin   3.64%   3.78%   3.87%
Noninterest Income as % of Operating Revenue   40.62%   40.81%   38.64%
Efficiency Ratio   92.67%   84.68%   92.04%
CAPITAL ADEQUACY               
Tier 1 Capital Ratio   14.95%   14.35%   14.17%
Total Capital Ratio   16.32%   15.72%   15.54%
Tangible Common Equity Ratio   6.49%   6.35%   6.42%
Leverage Ratio   9.81%   9.90%   9.71%
Equity to Assets   9.54%   9.37%   9.43%
ASSET QUALITY               
Allowance as % of Non-Performing Loans   61.17%   45.42%   39.65%
Allowance as a % of Loans   1.90%   1.93%   1.98%
Net Charge-Offs as % of Average Loans   0.66%   1.00%   1.16%
Nonperforming Assets as % of Loans and ORE   6.81%   7.47%   8.36%
Nonperforming Assets as % of Total Assets   3.99%   4.47%   5.14%
STOCK PERFORMANCE               
High  $12.54   $11.91   $9.91 
Low   10.95    9.04    7.32 
Close   12.35    11.37    7.45 
Average Daily Trading Volume  $23,519   $20,045   $24,751 

 

 

 
 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

Unaudited 

 

   2013  2012
(Dollars in thousands)  First Quarter  Fourth Quarter  Third Quarter  Second Quarter  First Quarter
ASSETS                         
Cash and Due From Banks  $52,677   $66,238   $53,076   $57,477   $50,567 
Funds Sold and Interest Bearing Deposits   461,714    443,494    314,318    434,814    418,678 
Total Cash and Cash Equivalents   514,391    509,732    367,394    492,291    469,245 
                          
Investment Securities, Available-for-Sale   307,502    296,985    288,166    280,753    284,490 
                          
Loans, Net of Unearned Interest                         
Commercial, Financial, & Agricultural   125,905    139,850    135,939    136,736    132,119 
Real Estate - Construction   42,968    43,740    43,278    46,803    34,554 
Real Estate - Commercial   599,517    613,625    609,671    605,819    624,528 
Real Estate - Residential   311,189    318,400    341,044    353,198    364,123 
Real Estate - Home Equity   233,205    236,263    239,446    242,929    240,800 
Consumer   146,043    150,728    154,389    162,899    174,132 
Other Loans   5,187    11,547    6,891    5,638    6,555 
Overdrafts   2,307    7,149    2,637    2,214    2,073 
Total Loans, Net of Unearned Interest   1,466,321    1,521,302    1,533,295    1,556,236    1,578,884 
Allowance for Loan Losses   (27,803)   (29,167)   (30,222)   (29,929)   (31,217)
Loans, Net   1,438,518    1,492,135    1,503,073    1,526,307    1,547,667 
                          
Premises and Equipment, Net   105,883    107,092    109,003    110,302    111,408 
Intangible Assets   84,985    85,053    85,161    85,269    85,376 
Other Real Estate Owned   58,421    53,426    53,172    58,059    58,100 
Other Assets   95,613    89,561    87,815    92,869    103,992 
Total Other Assets   344,902    335,132    335,151    346,499    358,876 
                          
Total Assets  $2,605,313   $2,633,984   $2,493,784   $2,645,850   $2,660,278 
                          
LIABILITIES                         
Deposits:                         
Noninterest Bearing Deposits  $616,017   $609,235   $596,660   $623,130   $605,774 
NOW Accounts   765,030    842,435    703,327    789,103    845,149 
Money Market Accounts   299,118    267,766    285,084    288,352    283,224 
Regular Savings Accounts   200,492    184,541    181,523    178,388    172,262 
Certificates of Deposit   233,325    241,019    254,000    271,413    279,295 
Total Deposits   2,113,982    2,144,996    2,020,594    2,150,386    2,185,704 
                          
Short-Term Borrowings   50,682    47,435    42,388    69,449    42,188 
Subordinated Notes Payable   62,887    62,887    62,887    62,887    62,887 
Other Long-Term Borrowings   41,224    46,859    38,126    38,846    42,826 
Other Liabilities   87,930    84,918    79,427    75,260    75,876 
                          
Total Liabilities   2,356,705    2,387,095    2,243,422    2,396,828    2,409,481 
                          
SHAREOWNERS’ EQUITY                         
Common Stock   173    172    172    172    172 
Additional Paid-In Capital   39,580    38,707    38,493    38,260    38,101 
Retained Earnings   238,408    237,569    235,694    234,573    236,299 
Accumulated Other Comprehensive Loss, Net of Tax   (29,553)   (29,559)   (23,997)   (23,983)   (23,775)
                          
Total Shareowners’ Equity   248,608    246,889    250,362    249,022    250,797 
                          
Total Liabilities and Shareowners’ Equity  $2,605,313   $2,633,984   $2,493,784   $2,645,850   $2,660,278 
                          
OTHER BALANCE SHEET DATA                         
Earning Assets  $2,235,537   $2,261,781   $2,135,779   $2,271,803   $2,282,053 
Intangible Assets                         
Goodwill   84,811    84,811    84,811    84,811    84,811 
Core Deposits   0    19    79    139    198 
Other   174    223    271    319    367 
Interest Bearing Liabilities   1,652,758    1,692,942    1,567,335    1,698,438    1,727,831 
                          
Book Value Per Diluted Share  $14.35   $14.31   $14.54   $14.48   $14.60 
Tangible Book Value Per Diluted Share   9.44    9.38    9.59    9.52    9.63 
                          
Actual Basic Shares Outstanding   17,319    17,232    17,223    17,198    17,182 
Actual Diluted Shares Outstanding   17,326    17,259    17,223    17,198    17,182 

 

 

 
 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

Unaudited 

 

   2013  2012
(Dollars in thousands, except per share data)  First Quarter  Fourth Quarter  Third Quarter  Second Quarter  First Quarter
                
INTEREST INCOME                         
Interest and Fees on Loans  $20,154   $20,756   $21,274   $21,359   $22,005 
Investment Securities   704    808    798    834    900 
Funds Sold   270    223    254    244    225 
Total Interest Income   21,128    21,787    22,326    22,437    23,130 
                          
INTEREST EXPENSE                         
Deposits   415    429    480    556    643 
Short-Term Borrowings   82    69    71    48    8 
Subordinated Notes Payable   339    351    372    372    382 
Other Long-Term Borrowings   347    383    372    396    436 
Total Interest Expense   1,183    1,232    1,295    1,372    1,469 
Net Interest Income   19,945    20,555    21,031    21,065    21,661 
Provision for Loan Losses   1,070    2,766    2,864    5,743    4,793 
Net Interest Income after Provision for Loan Losses   18,875    17,789    18,167    15,322    16,868 
                          
NONINTEREST INCOME                         
Service Charges on Deposit Accounts   6,165    6,764    6,406    6,313    6,309 
Data Processing Fees   653    671    687    680    675 
Asset Management Fees(1)   993    1,100    1,020    1,020    1,015 
Retail Brokerage Fees(1)   922    718    666    884    758 
Mortgage Banking Fees   1,043    910    978    864    848 
Interchange Fees (2)   1,793    1,726    1,619    1,580    1,526 
ATM/Debit Card Fees (2)   868    886    997    1,204    1,245 
Other   1,151    1,343    1,202    1,361    1,210 
Total Noninterest Income   13,588    14,118    13,575    13,906    13,586 
                          
NONINTEREST EXPENSE                         
Compensation   16,739    15,772    15,510    16,117    16,843 
Occupancy, Net   2,248    2,200    2,332    2,276    2,266 
Furniture and Equipment   2,153    2,212    2,245    2,245    2,201 
Intangible Amortization   68    108    108    107    108 
Other Real Estate   2,901    1,917    2,616    3,460    3,513 
Other   7,091    7,259    7,390    8,088    7,666 
Total Noninterest Expense   31,200    29,468    30,201    32,293    32,597 
                          
OPERATING PROFIT (LOSS)   1,263    2,439    1,541    (3,065)   (2,143)
Income Tax Expense (Benefit)   424    564    420    (1,339)   (981)
NET INCOME (LOSS)  $839   $1,875   $1,121   $(1,726)  $(1,162)
                          
PER SHARE DATA                         
Basic Income (Loss)  $0.05   $0.11   $0.07   $(0.10)  $(0.07)
Diluted Income (Loss)  $0.05   $0.11   $0.07   $(0.10)  $(0.07)
AVERAGE SHARES                         
Basic   17,302    17,229    17,215    17,192    17,181 
Diluted   17,309    17,256    17,228    17,192    17,181 
                          

(1) Together referred to as “Wealth Management Fees”

(2) Together referred to as “Bank Card Fees”

 

 
 

 

CAPITAL CITY BANK GROUP, INC.

ALLOWANCE FOR LOAN LOSSES

AND NONPERFORMING ASSETS

Unaudited 

 

   2013  2012  2012  2012  2012
(Dollars in thousands, except per share data)  First Quarter  Fourth Quarter  Third Quarter  Second Quarter  First Quarter
                          
ALLOWANCE FOR LOAN LOSSES                         
Balance at Beginning of Period  $29,167   $30,222   $29,929   $31,217   $31,035 
Provision for Loan Losses   1,070    2,766    2,864    5,743    4,793 
Net Charge-Offs   2,434    3,821    2,571    7,031    4,611 
Balance at End of Period  $27,803   $29,167   $30,222   $29,929   $31,217 
As a % of Loans   1.90%   1.93%   1.97%   1.93%   1.98%
As a % of Nonperforming Loans   61.17%   45.42%   40.80%   40.03%   39.65%
                          
CHARGE-OFFS                         
Commercial, Financial and Agricultural  $154   $166   $331   $57   $268 
Real Estate - Construction   610    227    127    275    0 
Real Estate - Commercial   1,043    468    512    3,519    1,532 
Real Estate - Residential   683    2,877    981    3,894    1,967 
Real Estate - Home Equity   113    745    834    425    892 
Consumer   296    488    355    550    732 
Total Charge-Offs  $2,899   $4,971   $3,140   $8,720   $5,391 
                          
RECOVERIES                         
Commercial, Financial and Agricultural  $51   $87   $53   $83   $67 
Real Estate - Construction   —      7    9    27    —   
Real Estate - Commercial   38    468    34    42    138 
Real Estate - Residential   96    83    76    969    163 
Real Estate - Home Equity   18    250    15    116    18 
Consumer   262    255    382    452    394 
Total Recoveries  $465   $1,150   $569   $1,689   $780 
                          
NET CHARGE-OFFS  $2,434   $3,821   $2,571   $7,031   $4,611 
                          
Net Charge-Offs as a % of Average Loans(1)   0.66%   1.00%   0.66%   1.80%   1.16%
                          
RISK ELEMENT ASSETS                         
Nonaccruing Loans  $45,448   $64,222   $74,075   $74,770   $78,726 
Other Real Estate Owned   58,421    53,426    53,172    58,059    58,100 
Total Nonperforming Assets  $103,869   $117,648   $127,247   $132,829   $136,826 
                          
Past Due Loans 30-89 Days  $9,274   $9,934   $12,923   $16,695   $9,193 
Past Due Loans 90 Days or More   —      —      —      —      25 
Performing Troubled Debt Restructuring’s  $53,108   $47,474   $45,973   $38,734   $37,373 
                          
Nonperforming Loans as a % of Loans   3.10%   4.22%   4.83%   4.80%   4.99%
Nonperforming Assets as a % of                         
Loans and Other Real Estate   6.81%   7.47%   8.02%   8.23%   8.36%
Nonperforming Assets as a % of Total Assets   3.99%   4.47%   5.10%   5.02%   5.14%
                          

(1) Annualized

 

 
 

 

CAPITAL CITY BANK GROUP, INC.

AVERAGE BALANCE AND INTEREST RATES(1)

Unaudited 

 

   First Quarter 2013  Fourth Quarter 2012  Third Quarter 2012  Second Quarter 2012  First Quarter 2012
(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
ASSETS:                                                                           
Loans, Net of Unearned Interest  $1,496,432    20,228    5.48%  $1,518,280    20,837    5.46%  $1,541,262    21,366    5.51%  $1,570,827    21,456    5.49%  $1,596,480    22,121    5.57%
                                                                            
Investment Securities                                                                           
Taxable Investment Securities   215,087    590    1.10    219,985    697    1.26    214,431    691    1.28    216,952    730    1.35    242,481    794    1.31 
Tax-Exempt Investment Securities   80,946    174    0.86    74,647    172    0.92    67,446    163    0.97    63,715    161    1.01    56,313    162    1.15 
                                                                            
Total Investment Securities   296,033   764    1.04    294,632   869    1.17    281,877   854    1.21    280,667   891    1.27    298,794   956    1.28 
                                                                            
Funds Sold   448,424    270    0.24    366,034    223    0.24    386,027    254    0.26    411,353    244    0.24    373,033    225    0.24 
                                                                            
Total Earning Assets   2,240,889   $21,262    3.85%   2,178,946   $21,929    4.00%   2,209,166   $22,474    4.05%   2,262,847   $22,591    4.01%   2,268,307   $23,302    4.13%
                                                                            
Cash and Due From Banks   50,679              51,344              47,207              47,711              49,427           
Allowance for Loan Losses   (30,467)             (30,605)             (30,260)             (31,599)             (31,382)          
Other Assets   337,579              334,326              340,126              345,458              350,555           
                                                                            
Total Assets  $2,598,680             $2,534,011             $2,566,239             $2,624,417             $2,636,907           
                                                                            
LIABILITIES:                                                                           
Interest Bearing Deposits                                                                           
NOW Accounts  $788,660   $156    0.08%  $714,682   $131    0.07%  $740,178   $144    0.08%  $809,172   $167    0.08%  $823,406   $192    0.09%
Money Market Accounts   282,847    54    0.08    275,458    57    0.08    287,250    60    0.08    280,371    63    0.09    277,558    75    0.11 
Savings Accounts   193,033    23    0.05    182,760    23    0.05    179,445    23    0.05    174,923    21    0.05    165,603    20    0.05 
Time Deposits   238,441    181    0.31    247,679    218    0.35    263,007    253    0.38    274,497    305    0.45    284,129    356    0.50 
Total Interest Bearing Deposits   1,502,981   414    0.11%   1,420,579   429    0.12%   1,469,880   480    0.13%   1,538,963   556    0.15%   1,550,696   643    0.17%
                                                                            
Short-Term Borrowings   55,255    82    0.60%   45,893    69    0.59%   59,184    71    0.48%   57,983    48    0.33%   45,645    8    0.07%
Subordinated Notes Payable   62,887    339    2.15    62,887    351    2.19    62,887    372    2.31    62,887    372    2.34    62,887    382    2.40 
Other Long-Term Borrowings   42,898    348    3.29    42,673    383    3.57    38,494    372    3.85    40,617    396    3.92    44,286    436    3.96 
                                                                            
Total Interest Bearing Liabilities   1,664,021   $1,183    0.29%   1,572,032   $1,232    0.31%   1,630,445   $1,295    0.32%   1,700,450   $1,372    0.32%   1,703,514   $1,469    0.35%
                                                                            
Noninterest Bearing Deposits   599,986              630,520              605,602              596,690              610,692           
Other Liabilities   85,116              78,442              78,446              74,633              68,254           
                                                                            
Total Liabilities   2,349,123              2,280,994              2,314,493              2,371,773              2,382,460           
                                                                            
SHAREOWNERS’ EQUITY:   249,557              253,017              251,746              252,644              254,447           
                                                                            
Total Liabilities and Shareowners’ Equity  $2,598,680             $2,534,011             $2,566,239             $2,624,417             $2,636,907           
                                                                            
Interest Rate Spread       $20,079    3.56%       $20,697    3.69%       $21,179    3.73%       $21,219    3.69%       $21,833    3.78%
                                                                            
Interest Income and Rate Earned(1)        21,262    3.85         21,929    4.00         22,474    4.05         22,591    4.01         23,302    4.13 
Interest Expense and Rate Paid(2)        1,183    0.21         1,232    0.22         1,295    0.23         1,372    0.24         1,469    0.26 
                                                                            
Net Interest Margin       $20,079    3.64%       $20,697    3.78%       $21,179    3.82%       $21,219    3.77%       $21,833    3.87%
                                                                            

(1) Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.

(2) Rate calculated based on average earning assets.