Quarterly report pursuant to Section 13 or 15(d)

BUSINESS AND BASIS OF PRESENTATION (Tables)

v3.23.4
BUSINESS AND BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2023
Business and Basis of Presentation [Abstract]  
Schedule of Restatement Impacts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART
 
I.
 
FINANCIAL INFORMATION
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(Unaudited)
March 31, 2023
December 31, 2022
(Dollars in Thousands, Except Par Value)
As Previously
Reported
As Restated
As Previously
Reported
As Restated
ASSETS
 
 
 
 
Cash and Due From Banks
$
84,549
$
84,549
$
72,114
$
72,114
Federal Funds Sold and Interest Bearing Deposits
 
303,403
 
303,403
 
528,536
 
528,536
Total Cash and Cash Equivalents
 
387,952
 
387,952
 
600,650
 
600,650
 
 
 
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized
cost of $
438,068
 
and $
455,232
)
 
402,943
 
402,943
 
413,294
 
413,294
Investment Securities, Held to Maturity (fair value of $
612,200
and $
612,701
)
 
651,755
 
651,755
 
660,744
 
660,744
Equity Securities
1,883
 
1,883
10
 
10
Total Investment
 
Securities
 
1,056,581
 
1,056,581
 
1,074,048
 
1,074,048
 
 
Loans Held For Sale, at fair value
55,118
 
28,475
54,635
 
26,909
 
 
Loans Held for Investment
2,636,884
 
2,657,147
2,525,180
 
2,547,685
Allowance for Credit Losses
 
(26,507)
 
(26,808)
 
(24,736)
 
(25,068)
Loans Held for Investment, Net
 
2,610,377
 
2,630,339
 
2,500,444
 
2,522,617
 
 
 
 
 
Premises and Equipment, Net
 
82,055
 
82,055
 
82,138
 
82,138
Goodwill and Other Intangibles
 
93,053
 
93,053
 
93,093
 
93,093
Other Real Estate Owned
13
13
431
431
Other Assets
 
124,593
 
123,294
 
120,519
 
119,337
Total Assets
$
4,409,742
$
4,401,762
$
4,525,958
$
4,519,223
 
 
 
 
 
LIABILITIES
 
 
 
 
Deposits:
 
 
 
 
Noninterest Bearing Deposits
$
1,601,388
$
1,601,388
$
1,653,620
$
1,653,620
Interest Bearing Deposits
 
2,222,532
 
2,222,532
 
2,285,697
 
2,285,697
Total Deposits
 
3,823,920
 
3,823,920
 
3,939,317
 
3,939,317
 
 
 
 
 
Short-Term
 
Borrowings
 
26,632
26,632
 
56,793
56,793
Subordinated Notes Payable
 
52,887
52,887
 
52,887
52,887
Other Long-Term
 
Borrowings
 
463
463
 
513
513
Other Liabilities
 
85,878
85,878
 
73,675
73,675
Total Liabilities
3,989,780
3,989,780
4,123,185
4,123,185
Temporary Equity
8,722
8,722
8,757
8,757
 
 
 
 
 
SHAREOWNERS’ EQUITY
 
 
 
 
Preferred Stock, $
0.01
 
par value;
3,000,000
 
shares authorized;
no
shares issued and outstanding
 
-
-
 
-
-
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
17,021,748
 
and
16,986,785
 
shares issued and outstanding at March 31, 2023 and December
31, 2022, respectively
170
170
170
170
Additional Paid-In Capital
 
37,512
37,512
 
37,331
37,331
Retained Earnings
 
405,634
397,654
 
393,744
387,009
Accumulated Other Comprehensive Loss, net of tax
 
(32,076)
(32,076)
 
(37,229)
(37,229)
Total Shareowners’
Equity
 
411,240
403,260
 
394,016
387,281
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,409,742
$
4,401,762
$
4,525,958
$
4,519,223
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF INCOME
(Unaudited)
Three Months Ended
Three Months Ended
March 31, 2023
March 31, 2022
(Dollars in Thousands, Except Per Share
 
Data)
As Previously
Reported
As Restated
As Previously
Reported
As Restated
INTEREST INCOME
Loans, including Fees
$
34,880
$
34,891
$
22,133
$
22,429
Investment Securities:
Taxable Securities
4,912
4,912
2,890
2,890
Tax Exempt Securities
12
12
6
6
Federal Funds Sold and Interest Bearing Deposits
4,111
4,111
409
409
Total Interest Income
43,915
43,926
25,438
25,734
INTEREST EXPENSE
Deposits
2,488
2,488
224
224
Short-Term
 
Borrowings
461
461
192
192
Subordinated Notes Payable
571
571
317
317
Other Long-Term
 
Borrowings
6
6
9
9
Total Interest Expense
3,526
3,526
742
742
NET INTEREST INCOME
40,389
40,400
24,696
24,992
Provision for Credit Losses
3,130
3,099
-
32
Net Interest Income After Provision for Credit Losses
37,259
37,301
24,696
24,960
NONINTEREST INCOME
Deposit Fees
5,239
5,239
5,191
5,191
Bank Card Fees
3,726
3,726
3,763
3,763
Wealth Management
 
Fees
3,928
3,928
6,070
6,070
Mortgage Banking Revenues
6,995
2,871
8,946
4,055
Other
2,360
1,994
1,848
1,733
Total Noninterest
 
Income
22,248
17,758
25,818
20,812
NONINTEREST EXPENSE
Compensation
25,636
23,524
24,856
22,298
Occupancy, Net
6,762
6,762
6,093
6,093
Other
8,057
7,389
8,284
8,132
Total Noninterest
 
Expense
40,455
37,675
39,233
36,523
INCOME BEFORE INCOME TAXES
19,052
17,384
11,281
9,249
Income Tax Expense
4,133
3,710
2,235
1,720
NET INCOME
$
14,919
$
13,674
$
9,046
$
7,529
Loss (Income) Attributable to Noncontrolling Interests
35
35
(591)
(591)
NET INCOME ATTRIBUTABLE
 
TO COMMON
SHAREOWNERS
$
14,954
$
13,709
$
8,455
$
6,938
BASIC NET INCOME PER SHARE
$
0.88
$
0.81
$
0.50
$
0.41
DILUTED NET INCOME PER SHARE
$
0.88
$
0.80
$
0.50
$
0.41
Average Basic Shares
 
Outstanding
17,016
17,016
16,931
16,931
Average Diluted
 
Shares Outstanding
17,045
17,045
16,946
16,946
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
 
(Unaudited)
Three Months Ended
Three Months Ended
March 31, 2023
March 31, 2022
(Dollars in Thousands)
As
Previously
Reported
As Restated
As
Previously
Reported
As Restated
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,954
$
13,709
$
8,455
$
6,938
Other comprehensive income (loss), before
 
tax:
Investment Securities:
Change in net unrealized gain (loss) on securities available for sale
6,808
6,808
(25,448)
(25,448)
Amortization of unrealized losses on securities transferred from
available for sale to held to maturity
865
865
3
3
Derivative:
Change in net unrealized (loss) gain on effective cash flow
 
derivative
(801)
(801)
1,836
1,836
Benefit Plans:
Pension Settlement
-
-
209
209
Total Benefit Plans
-
-
209
209
Other comprehensive income (loss), before
 
tax
6,872
6,872
(23,400)
(23,400)
Deferred tax expense (benefit) related to other comprehensive income
1,719
1,719
(5,871)
(5,871)
Other comprehensive income (loss), net of tax
5,153
5,153
(17,529)
(17,529)
TOTAL COMPREHENSIVE
 
INCOME (LOSS)
$
20,107
$
18,862
$
(9,074)
$
(10,591)
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN SHAREOWNERS' EQUITY
(Unaudited)
Three Months Ended March 31, 2023
(Dollars in thousands, except per share data)
Shares
Outstanding
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss, Net of
Taxes
Total
 
As Previously Reported
Balance, January 1, 2023, as previously reported
16,986,785
$
170
$
37,331
$
393,744
$
(37,229)
$
394,016
Net Income Attributable to Common
Shareowners
14,954
14,954
Other Comprehensive Loss, Net of Tax
5,153
5,153
Cash Dividends ($
0.18
 
per share)
(3,064)
(3,064)
Repurchase of Common Stock
 
(25,241)
(819)
(819)
Stock Based Compensation
536
536
Stock Compensation Plan Transactions, net
60,204
-
464
464
Balance, March 31, 2023, as previously reported
17,021,748
$
170
$
37,512
$
405,634
$
(32,076)
$
411,240
As Restated
Balance, January 1, 2023, as restated
16,986,785
$
170
$
37,331
$
387,009
$
(37,229)
$
387,281
Net Income Attributable to Common
Shareowners
13,709
13,709
Other Comprehensive Loss, Net of Tax
5,153
5,153
Cash Dividends ($
0.18
 
per share)
(3,064)
(3,064)
Repurchase of Common Stock
 
(25,241)
(819)
(819)
Stock Based Compensation
536
536
Stock Compensation Plan Transactions, net
60,204
-
464
464
Balance, March 31, 2023, as restated
17,021,748
$
170
$
37,512
$
397,654
$
(32,076)
$
403,260
Three Months Ended March 31, 2022
(Dollars in thousands, except per share data)
Shares
Outstanding
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss, Net of
Taxes
Total
 
As Previously Reported
Balance, January 1, 2022, as previously reported
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common
Shareowners
8,455
8,455
Other Comprehensive Loss, Net of Tax
(17,529)
(17,529)
Cash Dividends ($
0.16
 
per share)
(2,712)
(2,712)
Stock Based Compensation
245
245
Stock Compensation Plan Transactions, net
55,542
-
520
520
Balance, March 31, 2022, as previously reported
16,947,602
$
169
$
35,188
$
370,531
$
(33,743)
$
372,145
As Restated
Balance, January 1, 2022, as restated
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common
Shareowners
6,938
6,938
Other Comprehensive Loss, Net of Tax
(17,529)
(17,529)
Cash Dividends ($
0.16
 
per share)
(2,712)
(2,712)
Stock Based Compensation
245
245
Stock Compensation Plan Transactions, net
55,542
-
520
520
Balance, March 31, 2022, as restated
16,947,602
$
169
$
35,188
$
369,014
$
(33,743)
$
370,628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS (Unaudited)
Three Months Ended
Three Months Ended
March 31, 2023
March 31, 2022
(Dollars in Thousands)
As
Previously
Reported
As
Restated
As
Previously
Reported
As Restated
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
14,954
$
13,709
$
8,455
$
6,938
Adjustments to Reconcile Net Income to
 
Provision for Credit Losses
3,130
3,099
-
32
 
Depreciation
1,969
1,969
1,907
1,907
 
Amortization of Premiums, Discounts, and Fees, net
1,080
1,067
2,907
2,610
 
Amortization of Intangible Assets
40
40
40
40
 
Pension Settlement Charge
-
-
209
209
 
Originations of Loans Held-for-Sale
(212,085)
(213,240)
(246,887)
(242,253)
 
Proceeds From Sales of Loans Held-for-Sale
218,597
214,545
257,550
252,584
 
Mortgage Banking Revenues
(6,995)
(2,871)
(8,946)
(4,055)
 
Net Additions for Capitalized Mortgage Servicing Rights
(633)
(91)
227
364
 
Stock Compensation
536
536
245
245
 
Net Tax Benefit From Stock-Based
 
Compensation
-
-
(19)
(19)
 
Deferred Income Taxes (Benefit)
(747)
(1,170)
(6,167)
(6,682)
 
Net Change in Operating Leases
(3)
(3)
(27)
(27)
 
Net (Gain) Loss on Sales and Write-Downs of Other Real Estate
Owned
(1,858)
(1,858)
-
-
 
Net Decrease (Increase) in Other Assets
(4,349)
(4,349)
1,441
1,897
 
Net (Decrease) Increase in Other Liabilities
12,471
12,471
7,036
7,036
Net Cash Provided (Used In) By Operating Activities
26,107
23,854
17,971
20,826
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
-
-
(194,448)
(194,448)
 
Payments, Maturities, and Calls
8,820
8,820
14,441
14,441
Securities Available for
 
Sale:
-
-
-
-
 
Purchases
(2,017)
(2,017)
(25,139)
(25,139)
 
Proceeds from Sale of Securities
-
-
3,365
3,365
 
Payments, Maturities, and Calls
16,559
16,559
24,824
24,824
Purchase of loans held for investment
(121,029)
(121,029)
(26,713)
(26,713)
Net Decrease (Increase) in Loans Held for Investment
7,376
9,629
(28,405)
(31,260)
Proceeds From Sales of Other Real Estate Owned
2,699
2,699
-
-
Purchases of Premises and Equipment
(1,886)
(1,886)
(1,013)
(1,013)
Noncontrolling interest contributions received
-
-
1,838
1,838
Net Cash Used In Investing Activities
(89,478)
(87,225)
(231,250)
(234,105)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
(115,397)
(115,397)
52,645
52,645
Net (Decrease) Increase in Other Short-Term
 
Borrowings
(30,161)
(30,161)
(3,692)
(3,692)
Repayment of Other Long-Term
 
Borrowings
(50)
(50)
(78)
(78)
Dividends Paid
(3,064)
(3,064)
(2,712)
(2,712)
Payments to Repurchase Common Stock
(819)
(819)
-
-
Issuance of Common Stock Under Compensation Plans
164
164
190
190
Net Cash Provided By Financing Activities
(149,327)
(149,327)
46,353
46,353
NET DECREASE IN CASH AND CASH EQUIVALENTS
(212,698)
(212,698)
(166,926)
(166,926)
Cash and Cash Equivalents at Beginning of Period
 
600,650
600,650
1,035,354
1,035,354
Cash and Cash Equivalents at End of Period
 
$
387,952
$
387,952
$
868,428
$
868,428
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
3,723
$
3,723
$
715
$
715
 
Income Taxes Paid
$
7,466
$
7,466
$
20
$
20
Noncash Investing and Financing Activities:
 
Loans and Premises Transferred to Other Real Estate Owned
$
423
$
423
$
-
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF FINANCIAL CONDITION
(Unaudited)
As of March 31, 2023
(Dollars in Thousands, except per share data)
As
Previously
Reported
2022
Restatement
Impact
2023
Restatement
Impact
As Restated
ASSETS:
Cash and Due From Banks
$
84,549
$
-
$
-
$
84,549
Federal Funds Sold and Interest Bearing Deposits
303,403
-
-
303,403
Total Cash and Cash Equivalents
387,952
-
-
387,952
Investment Securities Available
 
for Sale (amortized cost of
$
438,068
)
402,943
-
-
402,943
Investment Securities Held to Maturity (fair value of $
612,200
)
651,755
-
-
651,755
Other Equity Securities
1,883
-
-
1,883
 
Total Investment Securities
 
1,056,581
-
-
1,056,581
Loans Held For Sale
55,118
(27,726)
1,083
28,475
Loans, Net of Unearned Income
2,636,884
22,505
(2,242)
2,657,147
Allowance for Loan Losses
(26,507)
(332)
31
(26,808)
Loans, Net
2,610,377
22,173
(2,211)
2,630,339
Premises and Equipment, Net
82,055
-
-
82,055
Goodwill
93,053
-
-
93,053
Other Real Estate Owned
13
-
-
13
Other Assets
124,593
(1,182)
(117)
123,294
Total Assets
4,409,742
(6,735)
(1,245)
4,401,762
LIABILITIES
Deposits:
Noninterest Bearing Deposits
1,601,388
-
-
1,601,388
Interest Bearing Deposits
2,222,532
-
-
2,222,532
Total Deposits
3,823,920
-
-
3,823,920
Short-Term
 
Borrowings
26,632
-
-
26,632
Subordinated Notes Payable
52,887
-
-
52,887
Other Long-Term
 
Borrowings
463
-
-
463
Other Liabilities
85,878
-
-
85,878
Total Liabilities
3,989,780
-
-
3,989,780
Temporary Equity
8,722
-
-
8,722
SHAREOWNERS' EQUITY
Preferred Stock: $
.01
 
par value,
3,000,000
 
shares authorized
no
 
shares issues and outstanding
-
-
-
-
Common Stock, $
.01
 
par value,
90,000,000
 
shares authorized
17,021,748 shares issued and outstanding
170
-
-
170
Additional Paid-In Capital
37,512
-
-
37,512
Retained Earnings
405,634
(6,735)
(1,245)
397,654
Accumulated Other Comprehensive Loss, Net of Tax
(32,076)
-
-
(32,076)
Total Shareowners' Equity
411,240
(6,735)
(1,245)
403,260
 
Total Liabilities, Temporary
 
Equity, and Shareowners' Equity
$
4,409,742
$
(6,735)
$
(1,245)
$
4,401,762
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF INCOME
(Unaudited)
For Three Months Ended March 31, 2023
(Dollars in thousands, except per share data)
As
Previously
Reported
Restatement
Impact
As Restated
INTEREST INCOME
Loans, Including Fees
$
34,880
$
11
$
34,891
Taxable Securities
4,912
-
4,912
Tax Exempt Securities
12
-
12
Funds Sold
4,111
-
4,111
Total Interest Income
43,915
11
43,926
INTEREST EXPENSE
Deposits
2,488
-
2,488
Short-Term
 
Borrowings
461
-
461
Subordinated Notes Payable
571
-
571
Other Long-Term
 
Borrowings
6
-
6
Total Interest Expense
3,526
-
3,526
Net Interest Income
40,389
11
40,400
Provision for Loan Losses
3,130
(31)
3,099
Net Interest Income After Provision For Loan Losses
37,259
42
37,301
NONINTEREST INCOME
Deposit Fees
5,239
-
5,239
Bank Card Fees
3,726
-
3,726
Wealth Management
 
Fees
3,928
-
3,928
Mortgage Banking Fees
6,995
(4,124)
2,871
Other
 
2,360
(366)
1,994
Total Noninterest
 
Income
22,248
(4,490)
17,758
NONINTEREST EXPENSE
Compensation
25,636
(2,112)
23,524
Occupancy, Net
6,762
-
6,762
Other
 
8,057
(668)
7,389
Total Noninterest
 
Expense
40,455
(2,780)
37,675
INCOME BEFORE INCOME TAXES
19,052
(1,668)
17,384
Income Tax Expense
4,133
(423)
3,710
NET INCOME
14,919
(1,245)
13,674
Pre-Tax Income
 
Attributable to Noncontrolling Interests
35
-
35
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
14,954
$
(1,245)
$
13,709
BASIC NET INCOME PER SHARE
$
0.88
$
(0.07)
$
0.81
DILUTED NET INCOME PER SHARE
$
0.88
$
(0.08)
$
0.80
AVERAGE
 
SHARES:
Basic
 
17,016
-
17,016
Diluted
 
17,045
-
17,045
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31, 2023
(Dollars in thousands, except per share data)
As
Previously
Reported
Restatement
Impact
As Restated
NET INCOME
$
14,954
$
(1,245)
$
13,709
Other comprehensive income (loss), before
 
tax:
Investment Securities:
Change in net unrealized (loss) gain on securities available for sale
6,808
-
6,808
Amortization of unrealized losses on securities transferred from available
 
for sale to
held to maturity
865
-
865
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
(801)
-
(801)
Benefit Plans:
Other comprehensive income (loss), before
 
tax:
6,872
-
6,872
Deferred tax expense related to other comprehensive income
1,719
-
1,719
Other comprehensive income (loss), net of tax
5,153
-
5,153
TOTAL COMPREHENSIVE
 
INCOME
$
20,107
$
(1,245)
$
18,862
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF CHANGES IN SHAREOWNERS' EQUITY
(Unaudited)
Three Months Ended March 31, 2023
(Dollars in thousands, except per share data)
Shares
Outstanding
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss, Net of
Taxes
Total
 
As Previously Reported
Balance, January 1, 2023, as previously reported
16,986,785
$170
$37,331
$393,744
$(37,229)
$394,016
Net Income Attributable to Common Shareowners
14,954
14,954
Other Comprehensive Loss, Net of Tax
5,153
5,153
Cash Dividends ($
0.18
 
per share)
(3,064)
(3,064)
 
Repurchase of Common Stock
 
(25,241)
(819)
(819)
 
Stock Based Compensation
536
536
 
Stock Compensation Plan Transactions, net
60,204
-
464
464
Balance, March 31, 2023, as previously reported
17,021,748
$170
$37,512
$405,634
$(32,076)
$411,240
Restatement Impacts
Balance, January 1, 2023, as restated
-
-
-
(6,735)
-
(6,735)
Net Income Attributable to Common Shareowners
(1,245)
(1,245)
Balance, March 31, 2023, as restated
-
-
-
(7,980)
-
(7,980)
As Restated
Balance, January 1, 2023, as restated
16,986,785
$170
$37,331
$387,009
$(37,229)
$387,281
Net Income Attributable to Common Shareowners
13,709
13,709
Other Comprehensive Loss, Net of Tax
5,153
5,153
Cash Dividends ($
0.18
 
per share)
(3,064)
(3,064)
 
Repurchase of Common Stock
 
(25,241)
(819)
(819)
 
Stock Based Compensation
536
536
 
Stock Compensation Plan Transactions, net
60,204
-
464
464
Balance, March 31, 2023, as restated
17,021,748
$170
$37,512
$397,654
$(32,076)
$403,260
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF CASH FLOWS
(Unaudited)
Three Months Ended March 31, 2023
(Dollars in Thousands)
As Previously
Reported
Restatement
Impact
As Restated
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
14,954
$
(1,245)
$
13,709
Adjustments to Reconcile Net Income to
 
Provision for Credit Losses
3,130
(31)
3,099
 
Depreciation
1,969
-
1,969
 
Amortization of Premiums, Discounts, and Fees, net
1,080
(13)
1,067
 
Amortization of Intangible Assets
40
-
40
 
Originations of Loans Held-for-Sale
(212,085)
(1,155)
(213,240)
 
Proceeds From Sales of Loans Held-for-Sale
218,597
(4,052)
214,545
 
Mortgage Banking Revenues
(6,995)
4,124
(2,871)
 
Net Additions for Capitalized Mortgage Servicing Rights
(633)
542
(91)
 
Stock Compensation
536
-
536
 
Deferred Income Taxes (Benefit)
(747)
(423)
(1,170)
 
Net Change in Operating Leases
(3)
-
(3)
 
Net (Gain) Loss on Sales and Write-Downs of Other Real Estate Owned
(1,858)
-
(1,858)
 
Net Decrease (Increase) in Other Assets
(4,349)
-
(4,349)
 
Net (Decrease) Increase in Other Liabilities
12,471
-
12,471
Net Cash Provided (Used In) By Operating Activities
26,107
(2,253)
23,854
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Payments, Maturities, and Calls
8,820
-
8,820
Securities Available for
 
Sale:
 
Purchases
(2,017)
-
(2,017)
 
Payments, Maturities, and Calls
16,559
-
16,559
Purchase of loans held for investment
(121,029)
-
(121,029)
Net Decrease in Loans Held for Investment
7,376
2,253
9,629
Proceeds From Sales of Other Real Estate Owned
2,699
-
2,699
Purchases of Premises and Equipment
(1,886)
-
(1,886)
Net Cash Used In Investing Activities
(89,478)
2,253
(87,225)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
(115,397)
-
(115,397)
Net (Decrease) Increase
 
in Other Short-Term Borrowings
(30,161)
-
(30,161)
Repayment of Other Long-Term
 
Borrowings
(50)
-
(50)
Dividends Paid
(3,064)
-
(3,064)
Payments to Repurchase Common Stock
(819)
-
(819)
Issuance of Common Stock Under Compensation Plans
164
-
164
Net Cash Provided By Financing Activities
(149,327)
-
(149,327)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(212,698)
-
(212,698)
Cash and Cash Equivalents at Beginning of Period
 
600,650
-
600,650
Cash and Cash Equivalents at End of Period
 
$
387,952
$
-
$
387,952
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
3,723
$
-
$
3,723
 
Income Taxes Paid
$
7,466
$
-
$
7,466
Noncash Investing and Financing Activities:
 
Loans and Premises Transferred to Other Real Estate Owned
$
423
$
-
$
423