Capital City Bank Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule Of Restatement Impacts	CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION As of December 31, 2022 (Dollars in Thousands, except per share data) As Previously Reported Restatement Impact As Restated ASSETS: Cash and Due From Banks $ 72,114 $ - $ 72,114 Federal Funds Sold and Interest Bearing Deposits 528,536 - 528,536 Total Cash and Cash Equivalents 600,650 - 600,650 Investment Securities, Available for Sale, at fair value (amortized cost of $ 455,232 ) 413,294 - 413,294 Investment Securities Held to Maturity (fair value of $ 612,701 ) 660,744 - 660,744 Other Equity Securities 10 - 10 Total Investment Securities 1,074,048 - 1,074,048 Loans Held For Sale 54,635 (27,726) 26,909 Loans, Net of Unearned Income 2,525,180 22,505 2,547,685 Allowance for Loan Losses (24,736) (332) (25,068) Loans, Net 2,500,444 22,173 2,522,617 Premises and Equipment, Net 82,138 - 82,138 Goodwill 93,093 - 93,093 Other Real Estate Owned 431 - 431 Other Assets 120,519 (1,182) 119,337 Total Assets $ 4,525,958 $ (6,735) $ 4,519,223 LIABILITIES Deposits: Noninterest Bearing Deposits $ 1,653,620 $ - $ 1,653,620 Interest Bearing Deposits 2,285,697 - 2,285,697 Total Deposits 3,939,317 - 3,939,317 Short-Term Borrowings 56,793 - 56,793 Subordinated Notes Payable 52,887 - 52,887 Other Long-Term Borrowings 513 - 513 Other Liabilities 73,675 - 73,675 Total Liabilities 4,123,185 - 4,123,185 Temporary Equity 8,757 - 8,757 SHAREOWNERS' EQUITY Preferred Stock, $ .01 par value; 3,000,000 shares authorized; no shares issued and outstanding - - - Common Stock, $ .01 par value; 90,000,000 shares authorized; 16,986,785 shares issued and outstanding at December 31, 2022 170 - 170 Additional Paid-In Capital 37,331 - 37,331 Retained Earnings 393,744 (6,735) 387,009 Accumulated Other Comprehensive Loss, Net of Tax (37,229) - (37,229) Total Shareowners' Equity 394,016 (6,735) 387,281 Total Liabilities, Temporary Equity, and Shareowners' Equity $ 4,525,958 $ (6,735) $ 4,519,223 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME For Year Ended December 31, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 105,882 $ 562 $ 106,444 Investment Securities: Taxable Securities 15,917 - 15,917 Tax Exempt Securities 38 - 38 Funds Sold 9,511 - 9,511 Total Interest Income 131,348 562 131,910 INTEREST EXPENSE Deposits 3,444 - 3,444 Short-Term Borrowings 1,761 - 1,761 Subordinated Notes Payable 1,652 - 1,652 Other Long-Term Borrowings 31 - 31 Total Interest Expense 6,888 - 6,888 Net Interest Income 124,460 562 125,022 Provision for Loan Losses 7,162 332 7,494 Net Interest Income After Provision For Loan Losses 117,298 230 117,528 NONINTEREST INCOME Deposit Fees 22,121 - 22,121 Bank Card Fees 15,401 - 15,401 Wealth Management Fees 18,059 - 18,059 Mortgage Banking Fees 30,624 (18,715) 11,909 Other 8,422 (731) 7,691 Total Noninterest Income 94,627 (19,446) 75,181 NONINTEREST EXPENSE Compensation 100,542 (9,023) 91,519 Occupancy, Net 24,574 - 24,574 Other 36,712 (1,171) 35,541 Total Noninterest Expense 161,828 (10,194) 151,634 INCOME BEFORE INCOME TAXES 50,097 (9,022) 41,075 Income Tax Expense 10,085 (2,287) 7,798 NET INCOME 40,012 (6,735) 33,277 Pre-Tax Income Attributable to Noncontrolling Interests 135 - 135 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 40,147 $ (6,735) $ 33,412 BASIC NET INCOME PER SHARE $ 2.37 $ (0.40) $ 1.97 DILUTED NET INCOME PER SHARE $ 2.36 $ (0.39) $ 1.97 AVERAGE SHARES: Basic 16,951 - 16,951 Diluted 16,985 - 16,985 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For Year Ended December 31, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 40,147 $ (6,735) $ 33,412 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (35,814) - (35,814) Unrealized losses on securities transferred from available for sale to held to maturity (9,384) - (9,384) Amortization of unrealized losses on securities transferred from available for sale to held to maturity 1,469 - 1,469 Total Investment Securities (43,729) - (43,729) Derivative: Change in net unrealized gain on effective cash flow derivative 4,146 - 4,146 Benefit Plans: Reclassification adjustment for amortization of prior service cost 292 - 292 Reclassification adjustment for amortization of net loss 4,752 - 4,752 Defined benefit plan settlement 2,321 - 2,321 Current year actuarial loss 4,223 - 4,223 Total Benefit Plans 11,588 - 11,588 Other comprehensive income (loss), before tax: (27,995) - (27,995) Deferred tax expense (benefit) related to other comprehensive income 6,980 - 6,980 Other comprehensive income (loss), net of tax (21,015) - (21,015) TOTAL COMPREHENSIVE INCOME $ 19,132 $ (6,735) $ 12,397 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (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 - - - 40,147 - 40,147 Other Comprehensive Loss, Net of Tax - - - - (21,015) (21,015) Cash Dividends ($ 0.66 per share) - - - (11,191) - (11,191) Stock Performance Plan Compensation - - 1,630 - - 1,630 Stock Compensation Plan Transactions, net 94,725 1 1,278 - - 1,279 Balance, December 31, 2022, as previously reported 16,986,785 170 37,331 393,744 (37,229) 394,016 Restatement Impacts Net Income - - - (6,735) - (6,735) Balance, December 31, 2022 - - - (6,735) - (6,735) As Restated Balance, January 1, 2022, as restated 16,892,060 169 34,423 364,788 (16,214) 383,166 Net Income - - - 33,412 - 33,412 Other Comprehensive Loss, Net of Tax - - - - (21,015) (21,015) Cash Dividends ($ 0.66 per share) - - - (11,191) - (11,191) Stock Performance Plan Compensation - - 1,630 - - 1,630 Stock Compensation Plan Transactions, net 94,725 1 1,278 - - 1,279 Balance, December 31, 2022, as restated 16,986,785 $ 170 $ 37,331 $ 387,009 $ (37,229) $ 387,281 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS For the Year Ended December 31, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 40,147 $ (6,735) $ 33,412 Adjustments to Reconcile Net Income to Provision for Credit Losses 7,162 332 7,494 Depreciation 7,596 - 7,596 Amortization of Premiums, Discounts, and Fees, net 8,333 (561) 7,772 Amortization of Intangible Assets 160 - 160 Pension Settlement Charge 2,321 - 2,321 Originations of Loans Held-for-Sale (1,024,526) 28,214 (996,312) Proceeds From Sales of Loans Held-for-Sale 1,053,047 (19,203) 1,033,844 Mortgage Banking Revenues (30,624) 18,715 (11,909) Net Decrease for Capitalized Mortgage Servicing Rights (2,742) 3,468 726 Stock Compensation 1,630 - 1,630 Net Tax Benefit From Stock-Based Compensation (27) - (27) Deferred Income Taxes (Benefit) (1,583) (2,287) (3,870) Net Change in Operating Leases (108) - (108) Net (Gain) Loss on Sales and Write-Downs of Other Real Estate Owned (422) - (422) Net Decrease (Increase) in Other Assets (8,636) - (8,636) Net (Decrease) Increase in Other Liabilities 8,837 - 8,837 Net Cash Provided (Used In) By Operating Activities 60,565 21,943 82,508 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: Purchases (219,865) - (219,865) Payments, Maturities, and Calls 55,314 - 55,314 Securities Available for Sale: Purchases (52,238) - (52,238) Proceeds from Sale of Securities 3,365 - 3,365 Payments, Maturities, and Calls 81,596 - 81,596 Purchase of loans held for investment (438,415) - (438,415) Net Increase in Loans Held for Investment (162,406) (21,943) (184,349) Proceeds From Sales of Other Real Estate Owned 2,406 - 2,406 Purchases of Premises and Equipment (6,322) - (6,322) Noncontrolling interest contributions received 2,867 - 2,867 Net Cash Used In Investing Activities (733,698) (21,943) (755,641) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 226,455 - 226,455 Net (Decrease) Increase in Other Short-Term Borrowings 22,114 - 22,114 Repayment of Other Long-Term Borrowings (249) - (249) Dividends Paid (11,191) - (11,191) Issuance of Common Stock Under Compensation Plans 1,300 - 1,300 Net Cash Provided By Financing Activities 238,429 - 238,429 NET DECREASE IN CASH AND CASH EQUIVALENTS (434,704) - (434,704) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 600,650 $ - $ 600,650 Supplemental Cash Flow Disclosures: Interest Paid $ 6,586 $ - $ 6,586 Income Taxes Paid $ 7,466 $ - $ 7,466 Noncash Investing and Financing Activities: Loans and Premises Transferred to Other Real Estate Owned $ 2,398 $ - $ 2,398 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.