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

Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Tables)

QUARTERLY RESULTS OF OPERATIONS (Tables)	12 Months Ended
QUARTERLY RESULTS OF OPERATIONS (Tables)	Dec. 31, 2022
Quarterly Results of Operations [Abstract]
Schedule of interim financial statements	CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) As Restated (Dollars in Thousands, except per share data) Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 ASSETS: Cash and Due From Banks $ 77,963 $ 91,209 $ 72,686 Federal Funds Sold and Interest Bearing Deposits 790,465 603,315 497,679 Total Cash and Cash Equivalents 868,428 694,524 570,365 Investment Securities Available for Sale (amortized cost of $ 655,927 , $ 643,679 , and $ 461,646 ) 624,361 601,405 416,745 Investment Securities Held to Maturity (fair value of $ 501,277 and $ 498,963 , and $ 623,628 ) 518,678 528,258 676,178 Other Equity Securities 855 900 1,349 Total Investment Securities 1,143,894 1,130,563 1,094,272 Loans Held For Sale 46,256 24,986 23,162 Loans, Net of Unearned Income 1,988,660 2,235,252 2,369,785 Allowance for Loan Losses (20,788) (21,463) (22,747) Loans, Net 1,967,872 2,213,789 2,347,038 Premises and Equipment, Net 82,518 82,932 81,736 Goodwill 93,213 93,173 93,133 Other Real Estate Owned 17 90 13 Other Assets 106,330 111,270 118,272 Total Assets $ 4,308,528 $ 4,351,327 $ 4,327,991 LIABILITIES Deposits: Noninterest Bearing Deposits $ 1,704,329 $ 1,724,671 $ 1,737,046 Interest Bearing Deposits 2,061,178 2,061,587 2,022,332 Total Deposits 3,765,507 3,786,258 3,759,378 Short-Term Borrowings 30,865 39,463 52,271 Subordinated Notes Payable 52,887 52,887 52,887 Other Long-Term Borrowings 806 612 562 Other Liabilities 77,323 93,319 84,657 Total Liabilities 3,927,388 3,972,539 3,949,755 Temporary Equity 10,512 10,083 9,751 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; 16,947,602 , 16,959,280 , and $ 16,961,812 shares issued and outstanding, respectively 169 170 170 Additional Paid-In Capital 35,188 35,738 36,234 Retained Earnings 369,014 373,562 380,284 Accumulated Other Comprehensive Loss, Net of Tax (33,743) (40,765) (48,203) Total Shareowners' Equity 370,628 368,705 368,485 Total Liabilities, Temporary Equity, and Shareowners' Equity $ 4,308,528 $ 4,351,327 $ 4,327,991 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) As Restated For Three Months Ended (Dollars in thousands, except per share data) Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 INTEREST INCOME Loans, Including Fees $ 22,429 $ 24,268 $ 27,839 Investment Securities: Taxable Securities 2,890 3,833 4,360 Tax Exempt Securities 6 7 12 Funds Sold 409 1,408 3,231 Total Interest Income 25,734 29,516 35,442 INTEREST EXPENSE Deposits 224 266 1,052 Short-Term Borrowings 192 343 536 Subordinated Notes Payable 317 370 443 Other Long-Term Borrowings 9 8 6 Total Interest Expense 742 987 2,037 Net Interest Income 24,992 28,529 33,405 Provision for Loan Losses 32 1,692 2,154 Net Interest Income After Provision For Loan Losses 24,960 26,837 31,251 NONINTEREST INCOME Deposit Fees 5,191 5,447 5,947 Bank Card Fees 3,763 4,034 3,860 Wealth Management Fees 6,070 4,403 3,937 Mortgage Banking Fees 4,055 4,857 2,895 Other 1,733 1,823 1,870 Total Noninterest Income 20,812 20,564 18,509 NONINTEREST EXPENSE Compensation 22,298 23,222 22,967 Occupancy, Net 6,093 6,075 6,153 Other 8,132 8,853 8,579 Total Noninterest Expense 36,523 38,150 37,699 INCOME BEFORE INCOME TAXES 9,249 9,251 12,061 Income Tax Expense 1,720 1,685 2,493 NET INCOME 7,529 7,566 9,568 Pre-Tax Income Attributable to Noncontrolling Interests (591) (306) 37 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 6,938 $ 7,260 $ 9,605 BASIC NET INCOME PER SHARE $ 0.41 $ 0.43 $ 0.57 DILUTED NET INCOME PER SHARE $ 0.41 $ 0.43 $ 0.57 AVERAGE SHARES: Basic 16,931 16,949 16,960 Diluted 16,946 16,971 16,996 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) As Restated For Three Months Ended (Dollars in thousands, except per share data) Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 NET INCOME $ 6,938 $ 7,260 $ 9,605 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (25,445) (10,714) (2,618) Unrealized losses on securities transferred from available for sale to held to maturity - - (9,384) Amortization of unrealized losses on securities transferred from available for sale to held to maturity - - 586 Total Investment Securities (25,445) (10,714) (11,416) Derivative: Change in net unrealized gain on effective cash flow derivative 1,836 1,161 1,407 Benefit Plans: Defined benefit plan settlement 209 169 102 Total Benefit Plans 209 169 102 Other comprehensive income (loss), before tax: (23,400) (9,384) (9,907) Deferred tax (benefit) expense related to other comprehensive income (5,871) (2,362) (2,469) Other comprehensive income (loss), net of tax (17,529) (7,022) (7,438) TOTAL COMPREHENSIVE (LOSS) INCOME $ (10,591) $ 238 $ 2,167 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) As Restated For 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 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 As Restated For Six Months Ended June 30, 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 Balance, January 1, 2022, as restated 16,892,060 $ 169 $ 34,423 $ 364,788 $ (16,214) $ 383,166 Net Income - - - 14,198 - 14,198 Other Comprehensive Loss, Net of Tax - - - - (24,551) (24,551) Cash Dividends ($ 0.32 per share) - - - (5,424) - (5,424) Stock Based Compensation - - 489 - - 489 Stock Compensation Plan Transactions, net 67,220 1 826 - - 827 Balance, June 30, 2022, as restated 16,959,280 $ 170 $ 35,738 $ 373,562 $ (40,765) $ 368,705 As Restated For Nine Months Ended September 30, 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 Balance, January 1, 2022 16,892,060 $ 169 $ 34,423 $ 364,788 $ (16,214) $ 383,166 Net Income - - - 23,803 - 23,803 Other Comprehensive Loss, Net of Tax - - - - (31,989) (31,989) Cash Dividends ($ 0.49 per share) - - - (8,307) - (8,307) Stock Based Compensation - - 904 - 904 Stock Compensation Plan Transactions, net 69,752 1 907 - 908 Balance, September 30, 2022 16,961,812 $ 170 $ 36,234 $ 380,284 $ (48,203) $ 368,485 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) As Restated (Dollars in Thousands) For Three Months Ended Mar 31, 2022 For Six Months Ended Jun 30, 2022 For Nine Months Ended Sept 30, 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 6,938 $ 14,198 $ 23,803 Adjustments to Reconcile Net Income to Provision for Credit Losses 32 1,724 3,878 Depreciation 1,907 3,802 5,689 Amortization of Premiums, Discounts, and Fees, net 2,610 5,053 6,618 Amortization of Intangible Assets 40 80 120 Pension Settlement Charge 209 378 480 Originations of Loans Held-for-Sale (242,253) (549,018) (772,089) Proceeds From Sales of Loans Held-for-Sale 252,584 585,476 813,267 Mortgage Banking Revenues (4,055) (8,912) (11,807) Net Additions for Capitalized Mortgage Servicing Rights 364 360 570 Stock Compensation 245 489 904 Net Tax Benefit From Stock-Based Compensation (19) (19) (19) Deferred Income Taxes (Benefit) (6,682) (9,887) (12,854) Net Change in Operating Leases (27) (72) (83) Net (Gain) Loss on Sales and Write-Downs of Other Real Estate Owned - (26) (136) Net Decrease (Increase) in Other Assets 1,897 3,516 3,696 Net (Decrease) Increase in Other Liabilities 7,036 22,040 12,839 Net Cash Provided (Used In) By Operating Activities 20,826 69,182 74,876 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: Purchases (194,448) (218,548) (219,865) Payments, Maturities, and Calls 14,441 28,111 40,096 Purchases (25,139) (37,044) (41,880) Proceeds from Sale of Securities 3,365 3,365 3,365 Payments, Maturities, and Calls 24,824 47,413 64,301 Purchase of loans held for investment (26,713) (174,779) (329,481) Net Increase in Loans Held for Investment (31,260) (130,913) (113,116) Proceeds From Sales of Other Real Estate Owned - 30 1,683 Purchases of Premises and Equipment (1,013) (3,322) (4,013) Noncontrolling interest contributions received 1,838 2,573 2,867 Net Cash Used In Investing Activities (234,105) (483,114) (596,043) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 73,396 46,516 Net (Decrease) Increase in Other Short-Term Borrowings (3,692) 4,784 17,592 Repayment of Other Long-Term Borrowings (78) (150) (200) Dividends Paid (2,712) (5,424) (8,307) Issuance of Common Stock Under Compensation Plans 190 496 577 Net Cash Provided By Financing Activities 46,353 73,102 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) (340,830) (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 1,035,354 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ 694,524 $ 570,365 Supplemental Cash Flow Disclosures: Interest Paid $ 715 $ 1,617 $ 3,588 Income Taxes Paid $ 20 $ 3,765 $ 6,410 Noncash Investing and Financing Activities: Loans and Premises Transferred to Other Real Estate Owned $ - $ 77 $ 1,543 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited) As of March 31, 2022 (Dollars in Thousands, except per share data) As Previously Reported Restatement Impact As Restated ASSETS: Cash and Due From Banks $ 77,963 $ - $ 77,963 Federal Funds Sold and Interest Bearing Deposits 790,465 - 790,465 Total Cash and Cash Equivalents 868,428 - 868,428 Investment Securities Available for Sale (amortized cost of $ 655,927 ) 624,361 - 624,361 Investment Securities Held to Maturity (fair value of $ 501,277 ) 518,678 - 518,678 Other Equity Securities 855 - 855 Total Investment Securities 1,143,894 - 1,143,894 Loans Held For Sale 50,815 (4,559) 46,256 Loans, Net of Unearned Income 1,985,509 3,151 1,988,660 Allowance for Loan Losses (20,756) (32) (20,788) Loans, Net 1,964,753 3,119 1,967,872 Premises and Equipment, Net 82,518 - 82,518 Goodwill 93,213 - 93,213 Other Real Estate Owned 17 - 17 Other Assets 106,407 (77) 106,330 Total Assets $ 4,310,045 $ (1,517) $ 4,308,528 LIABILITIES Deposits: Noninterest Bearing Deposits $ 1,704,329 $ - $ 1,704,329 Interest Bearing Deposits 2,061,178 - 2,061,178 Total Deposits 3,765,507 - 3,765,507 Short-Term Borrowings 30,865 - 30,865 Subordinated Notes Payable 52,887 - 52,887 Other Long-Term Borrowings 806 - 806 Other Liabilities 77,323 - 77,323 Total Liabilities 3,927,388 - 3,927,388 Temporary Equity 10,512 - 10,512 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 16,947,602 shares issued and outstanding 169 - 169 Additional Paid-In Capital 35,188 - 35,188 Retained Earnings 370,531 (1,517) 369,014 Accumulated Other Comprehensive Loss, Net of Tax (33,743) - (33,743) Total Shareowners' Equity 372,145 (1,517) 370,628 Total Liabilities, Temporary Equity, and Shareowners' Equity $ 4,310,045 $ (1,517) $ 4,308,528 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited) As of June 30, 2022 (Dollars in Thousands, except per share data) As Previously Reported Restatement Impact As Restated ASSETS: Cash and Due From Banks $ 91,209 $ - $ 91,209 Federal Funds Sold and Interest Bearing Deposits 603,315 - 603,315 Total Cash and Cash Equivalents 694,524 - 694,524 Investment Securities Available for Sale (amortized cost of $ 643,679 ) 601,405 - 601,405 Investment Securities Held to Maturity (fair value of $ 498,963 ) 528,258 - 528,258 Other Equity Securities 900 - 900 Total Investment Securities 1,130,563 - 1,130,563 Loans Held For Sale 48,708 (23,722) 24,986 Loans, Net of Unearned Income 2,213,653 21,599 2,235,252 Allowance for Loan Losses (21,281) (182) (21,463) Loans, Net 2,192,372 21,417 2,213,789 Premises and Equipment, Net 82,932 - 82,932 Goodwill 93,173 - 93,173 Other Real Estate Owned 90 - 90 Other Assets 111,935 (665) 111,270 Total Assets $ 4,354,297 $ (2,970) $ 4,351,327 LIABILITIES Deposits: Noninterest Bearing Deposits $ 1,724,671 $ - $ 1,724,671 Interest Bearing Deposits 2,061,587 - 2,061,587 Total Deposits 3,786,258 - 3,786,258 Short-Term Borrowings 39,463 - 39,463 Subordinated Notes Payable 52,887 - 52,887 Other Long-Term Borrowings 612 - 612 Other Liabilities 93,319 - 93,319 Total Liabilities 3,972,539 - 3,972,539 Temporary Equity 10,083 - 10,083 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 16,959,280 shares issued and outstanding 170 - 170 Additional Paid-In Capital 35,738 - 35,738 Retained Earnings 376,532 (2,970) 373,562 Accumulated Other Comprehensive Loss, Net of Tax (40,765) - (40,765) Total Shareowners' Equity 371,675 (2,970) 368,705 Total Liabilities, Temporary Equity, and Shareowners' Equity $ 4,354,297 $ (2,970) $ 4,351,327 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited) As of September 30, 2022 (Dollars in Thousands, except per share data) As Previously Reported Restatement Impact As Restated ASSETS: Cash and Due From Banks $ 72,686 $ - $ 72,686 Federal Funds Sold and Interest Bearing Deposits 497,679 - 497,679 Total Cash and Cash Equivalents 570,365 - 570,365 Investment Securities Available for Sale (amortized cost of $ 461,646 ) 416,745 - 416,745 Investment Securities Held to Maturity (fair value of $ 623,628 ) 676,178 - 676,178 Other Equity Securities 1,349 - 1,349 Total Investment Securities 1,094,272 - 1,094,272 Loans Held For Sale 50,304 (27,142) 23,162 Loans, Net of Unearned Income 2,346,185 23,600 2,369,785 Allowance for Loan Losses (22,510) (237) (22,747) Loans, Net 2,323,675 23,363 2,347,038 Premises and Equipment, Net 81,736 - 81,736 Goodwill 93,133 - 93,133 Other Real Estate Owned 13 - 13 Other Assets 119,173 (901) 118,272 Total Assets $ 4,332,671 $ (4,680) $ 4,327,991 LIABILITIES Deposits: Noninterest Bearing Deposits $ 1,737,046 $ - $ 1,737,046 Interest Bearing Deposits 2,022,332 - 2,022,332 Total Deposits 3,759,378 - 3,759,378 Short-Term Borrowings 52,271 - 52,271 Subordinated Notes Payable 52,887 - 52,887 Other Long-Term Borrowings 562 - 562 Other Liabilities 84,657 - 84,657 Total Liabilities 3,949,755 - 3,949,755 Temporary Equity 9,751 - 9,751 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 16,961,812 shares issued and outstanding 170 - 170 Additional Paid-In Capital 36,234 - 36,234 Retained Earnings 384,964 (4,680) 380,284 Accumulated Other Comprehensive Loss, Net of Tax (48,203) - (48,203) Total Shareowners' Equity 373,165 (4,680) 368,485 Total Liabilities, Temporary Equity, and Shareowners' Equity $ 4,332,671 $ (4,680) $ 4,327,991 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) For Three Months Ended March 31, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 22,133 $ 296 $ 22,429 Taxable Securities 2,890 - 2,890 Tax Exempt Securities 6 - 6 Funds Sold 409 - 409 Total Interest Income 25,438 296 25,734 INTEREST EXPENSE Deposits 224 - 224 Short-Term Borrowings 192 - 192 Subordinated Notes Payable 317 - 317 Other Long-Term Borrowings 9 - 9 Total Interest Expense 742 - 742 Net Interest Income 24,696 296 24,992 Provision for Loan Losses - 32 32 Net Interest Income After Provision For Loan Losses 24,696 264 24,960 NONINTEREST INCOME Deposit Fees 5,191 - 5,191 Bank Card Fees 3,763 - 3,763 Wealth Management Fees 6,070 - 6,070 Mortgage Banking Fees 8,946 (4,891) 4,055 Other 1,848 (115) 1,733 Total Noninterest Income 25,818 (5,006) 20,812 NONINTEREST EXPENSE Compensation 24,856 (2,558) 22,298 Occupancy, Net 6,093 - 6,093 Other Real Estate, Net 25 - 25 Pension Settlement 209 - 209 Other 8,050 (152) 7,898 Total Noninterest Expense 39,233 (2,710) 36,523 INCOME BEFORE INCOME TAXES 11,281 (2,032) 9,249 Income Tax Expense 2,235 (515) 1,720 NET INCOME 9,046 (1,517) 7,529 Pre-Tax Income Attributable to Noncontrolling Interests (591) - (591) NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 8,455 $ (1,517) $ 6,938 BASIC NET INCOME PER SHARE $ 0.50 $ (0.09) $ 0.41 DILUTED NET INCOME PER SHARE $ 0.50 $ (0.09) $ 0.41 AVERAGE SHARES: Basic 16,931 - 16,931 Diluted 16,946 - 16,946 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) For Three Months Ended June 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 24,072 $ 196 $ 24,268 Taxable Securities 3,833 - 3,833 Tax Exempt Securities 7 - 7 Funds Sold 1,408 - 1,408 Total Interest Income 29,320 196 29,516 INTEREST EXPENSE Deposits 266 - 266 Short-Term Borrowings 343 - 343 Subordinated Notes Payable 370 - 370 Other Long-Term Borrowings 8 - 8 Total Interest Expense 987 - 987 Net Interest Income 28,333 196 28,529 Provision for Loan Losses 1,542 150 1,692 Net Interest Income After Provision For Loan Losses 26,791 46 26,837 NONINTEREST INCOME Deposit Fees 5,447 - 5,447 Bank Card Fees 4,034 - 4,034 Wealth Management Fees 4,403 - 4,403 Mortgage Banking Fees 9,065 (4,208) 4,857 Other 1,954 (131) 1,823 Total Noninterest Income 24,903 (4,339) 20,564 NONINTEREST EXPENSE Compensation 25,383 (2,161) 23,222 Occupancy, Net 6,075 - 6,075 Other Real Estate, Net (29) - (29) Pension Settlement 169 - 169 Other 8,900 (187) 8,713 Total Noninterest Expense 40,498 (2,348) 38,150 INCOME BEFORE INCOME TAXES 11,196 (1,945) 9,251 Income Tax Expense 2,177 (492) 1,685 NET INCOME 9,019 (1,453) 7,566 Pre-Tax Income Attributable to Noncontrolling Interests (306) - (306) NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 8,713 $ (1,453) $ 7,260 BASIC NET INCOME PER SHARE $ 0.51 $ (0.08) $ 0.43 DILUTED NET INCOME PER SHARE $ 0.51 $ (0.08) $ 0.43 AVERAGE SHARES: Basic 16,949 - 16,949 Diluted 16,971 - 16,971 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) For Six Months Ended June 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 46,205 $ 492 $ 46,697 Taxable Securities 6,723 - 6,723 Tax Exempt Securities 13 - 13 Funds Sold 1,817 - 1,817 Total Interest Income 54,758 492 55,250 INTEREST EXPENSE Deposits 490 - 490 Short-Term Borrowings 535 - 535 Subordinated Notes Payable 687 - 687 Other Long-Term Borrowings 17 - 17 Total Interest Expense 1,729 - 1,729 Net Interest Income 53,029 492 53,521 Provision for Loan Losses 1,542 182 1,724 Net Interest Income After Provision For Loan Losses 51,487 310 51,797 NONINTEREST INCOME Deposit Fees 10,638 - 10,638 Bank Card Fees 7,797 - 7,797 Wealth Management Fees 10,473 - 10,473 Mortgage Banking Fees 18,011 (9,099) 8,912 Other 3,802 (246) 3,556 Total Noninterest Income 50,721 (9,345) 41,376 NONINTEREST EXPENSE Compensation 50,239 (4,719) 45,520 Occupancy, Net 12,168 - 12,168 Other 17,324 (339) 16,985 Total Noninterest Expense 79,731 (5,058) 74,673 INCOME BEFORE INCOME TAXES 22,477 (3,977) 18,500 Income Tax Expense 4,412 (1,007) 3,405 NET INCOME 18,065 (2,970) 15,095 Pre-Tax Income Attributable to Noncontrolling Interests (897) - (897) NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 17,168 $ (2,970) $ 14,198 BASIC NET INCOME PER SHARE $ 1.01 $ (0.17) $ 0.84 DILUTED NET INCOME PER SHARE $ 1.01 $ (0.17) $ 0.84 AVERAGE SHARES: Basic 16,940 - 16,940 Diluted 16,958 - 16,958 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) For Three Months Ended September 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 27,761 $ 78 $ 27,839 Taxable Securities 4,360 - 4,360 Tax Exempt Securities 12 - 12 Funds Sold 3,231 - 3,231 Total Interest Income 35,364 78 35,442 INTEREST EXPENSE Deposits 1,052 - 1,052 Short-Term Borrowings 536 - 536 Subordinated Notes Payable 443 - 443 Other Long-Term Borrowings 6 - 6 Total Interest Expense 2,037 - 2,037 Net Interest Income 33,327 78 33,405 Provision for Loan Losses 2,099 55 2,154 Net Interest Income After Provision For Loan Losses 31,228 23 31,251 NONINTEREST INCOME Deposit Fees 5,947 - 5,947 Bank Card Fees 3,860 - 3,860 Wealth Management Fees 3,937 - 3,937 Mortgage Banking Fees 7,116 (4,221) 2,895 Other 2,074 (204) 1,870 Total Noninterest Income 22,934 (4,425) 18,509 NONINTEREST EXPENSE Compensation 24,738 (1,771) 22,967 Occupancy, Net 6,153 - 6,153 Other 8,919 (340) 8,579 Total Noninterest Expense 39,810 (2,111) 37,699 INCOME BEFORE INCOME TAXES 14,352 (2,291) 12,061 Income Tax Expense 3,074 (581) 2,493 NET INCOME 11,278 (1,710) 9,568 Pre-Tax Income Attributable to Noncontrolling Interests 37 - 37 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 11,315 $ (1,710) $ 9,605 BASIC NET INCOME PER SHARE $ 0.67 $ (0.10) $ 0.57 DILUTED NET INCOME PER SHARE $ 0.67 $ (0.10) $ 0.57 AVERAGE SHARES: Basic 16,960 - 16,960 Diluted 16,996 - 16,996 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) For Nine Months Ended September 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated INTEREST INCOME Loans, Including Fees $ 73,966 $ 570 $ 74,536 Taxable Securities 11,083 - 11,083 Tax Exempt Securities 25 - 25 Funds Sold 5,048 - 5,048 Total Interest Income 90,122 570 90,692 INTEREST EXPENSE Deposits 1,542 - 1,542 Short-Term Borrowings 1,071 - 1,071 Subordinated Notes Payable 1,130 - 1,130 Other Long-Term Borrowings 23 - 23 Total Interest Expense 3,766 - 3,766 Net Interest Income 86,356 570 86,926 Provision for Loan Losses 3,641 237 3,878 Net Interest Income After Provision For Loan Losses 82,715 333 83,048 NONINTEREST INCOME Deposit Fees 16,585 - 16,585 Bank Card Fees 11,657 - 11,657 Wealth Management Fees 14,410 - 14,410 Mortgage Banking Fees 25,127 (13,320) 11,807 Other 5,876 (450) 5,426 Total Noninterest Income 73,655 (13,770) 59,885 NONINTEREST EXPENSE Compensation 74,977 (6,490) 68,487 Occupancy, Net 18,321 - 18,321 Other 26,243 (679) 25,564 Total Noninterest Expense 119,541 (7,169) 112,372 INCOME BEFORE INCOME TAXES 36,829 (6,268) 30,561 Income Tax Expense 7,486 (1,588) 5,898 NET INCOME 29,343 (4,680) 24,663 Pre-Tax Income Attributable to Noncontrolling Interests (860) - (860) NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 28,483 $ (4,680) $ 23,803 BASIC NET INCOME PER SHARE $ 1.68 $ (0.28) $ 1.40 DILUTED NET INCOME PER SHARE $ 1.68 $ (0.28) $ 1.40 AVERAGE SHARES: Basic 16,947 - 16,947 Diluted 16,973 - 16,973 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited) For Three Months Ended March 31, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 8,455 $ (1,517) $ 6,938 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (25,445) - (25,445) Derivative: Change in net unrealized gain on effective cash flow derivative 1,836 - 1,836 Benefit Plans: Defined benefit plan settlement 209 - 209 Total Benefit Plans 209 - 209 Other comprehensive income (loss), before tax: (23,400) - (23,400) Deferred tax (benefit) expense related to other comprehensive income (5,871) - (5,871) Other comprehensive income (loss), net of tax (17,529) - (17,529) TOTAL COMPREHENSIVE (LOSS) INCOME $ (9,074) $ (1,517) $ (10,591) CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited) For Three Months Ended June 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 8,713 $ (1,453) $ 7,260 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (10,714) - (10,714) Derivative: Change in net unrealized gain on effective cash flow derivative 1,161 - 1,161 Benefit Plans: Defined benefit plan settlement 169 - 169 Total Benefit Plans 169 - 169 Other comprehensive income (loss), before tax: (9,384) - (9,384) Deferred tax (benefit) expense related to other comprehensive income (2,362) - (2,362) Other comprehensive income (loss), net of tax (7,022) - (7,022) TOTAL COMPREHENSIVE INCOME (LOSS) $ 1,691 $ (1,453) $ 238 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited) For Six Months Ended June 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 17,168 $ (2,970) $ 14,198 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (36,158) - (36,158) Derivative: Change in net unrealized gain on effective cash flow derivative 2,997 - 2,997 Benefit Plans: Defined benefit plan settlement 378 - 378 Total Benefit Plans 378 - 378 Other comprehensive income (loss), before tax: (32,783) - (32,783) Deferred tax (benefit) expense related to other comprehensive income (8,232) - (8,232) Other comprehensive income (loss), net of tax (24,551) - (24,551) TOTAL COMPREHENSIVE (LOSS) INCOME $ (7,383) $ (2,970) $ (10,353) CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited) For Three Months Ended September 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 11,315 $ (1,710) $ 9,605 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (2,618) - (2,618) 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 586 - 586 Derivative: Change in net unrealized gain on effective cash flow derivative 1,407 - 1,407 Benefit Plans: Defined benefit plan settlement 102 - 102 Total Benefit Plans 102 - 102 Other comprehensive income (loss), before tax: (9,907) - (9,907) Deferred tax (benefit) expense related to other comprehensive income (2,469) - (2,469) Other comprehensive income (loss), net of tax (7,438) - (7,438) TOTAL COMPREHENSIVE INCOME (LOSS) $ 3,877 $ (1,710) $ 2,167 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For Nine Months Ended September 30, 2022 (Dollars in thousands, except per share data) As Previously Reported Restatement Impact As Restated NET INCOME $ 28,483 $ (4,680) $ 23,803 Other comprehensive income (loss), before tax: Investment Securities: Change in net unrealized (loss) gain on securities available for sale (38,778) - (38,778) 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 586 - 586 Derivative: Change in net unrealized gain on effective cash flow derivative 4,403 - 4,403 Benefit Plans: Defined benefit plan settlement 480 - 480 Total Benefit Plans 480 - 480 Other comprehensive income (loss), before tax: (42,693) - (42,693) Deferred tax expense (benefit) related to other comprehensive income 10,704 - 10,704 Other comprehensive income (loss), net of tax (31,989) - (31,989) TOTAL COMPREHENSIVE INCOME $ (3,506) $ (4,680) $ (8,186) CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (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 Restatement Impacts Net Income Attributable to Common Shareowners - - - (1,517) - (1,517) Balance, March 31, 2022 - - - (1,517) - (1,517) 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 STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (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, April 1, 2022, as previously reported 16,947,602 $ 169 $ 35,188 $ 370,531 $ (33,743) $ 372,145 Net Income Attributable to Common Shareowners - - - 8,713 - 8,713 Other Comprehensive Loss, Net of Tax - - - (7,022) (7,022) Cash Dividends ($ 0.16 per share) - - - (2,712) - (2,712) Stock Based Compensation - - 244 - - 244 Stock Compensation Plan Transactions, net 11,678 1 306 - - 307 Balance, June 30, 2022, as previously reported 16,959,280 170 35,738 376,532 (40,765) 371,675 Restatement Impacts Balance, April 1, 2022 - - - (1,517) - (1,517) Net Income Attributable to Common Shareowners - - - (1,453) - (1,453) Balance, June 30, 2022 - - - (2,970) - (2,970) As Restated Balance, April 1, 2022, as restated 16,947,602 169 35,188 369,014 (33,743) 370,628 Net Income Attributable to Common Shareowners - - - 7,260 - 7,260 Other Comprehensive Loss, Net of Tax - - - - (7,022) (7,022) Cash Dividends ($ 0.16 per share) - - - (2,712) - (2,712) Stock Based Compensation - - 244 - - 244 Stock Compensation Plan Transactions, net 11,678 1 306 - - 307 Balance, June 30, 2022, as restated 16,959,280 $ 170 $ 35,738 $ 373,562 $ (40,765) $ 368,705 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (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 - - - 17,168 - 17,168 Other Comprehensive Loss, Net of Tax - - - - (24,551) (24,551) Cash Dividends ($ 0.32 per share) - - - (5,424) - (5,424) Stock Based Compensation - - 489 - - 489 Stock Compensation Plan Transactions, net 67,220 1 826 - - 827 Balance, June 30, 2022, as previously reported 16,959,280 170 35,738 376,532 (40,765) 371,675 Restatement Impacts Net Income Attributable to Common Shareowners - - - (2,970) - (2,970) Balance, June 30, 2022 - - - (2,970) (2,970) 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 - - - 14,198 - 14,198 Other Comprehensive Loss, Net of Tax - - - (24,551) (24,551) Cash Dividends ($ 0.32 per share) - - - (5,424) - (5,424) Stock Based Compensation - - 489 - - 489 Stock Compensation Plan Transactions, net 67,220 1 826 - - 827 Balance, June 30, 2022, as restated 16,959,280 $ 170 $ 35,738 $ 373,562 $ (40,765) $ 368,705 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (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, July 1, 2022, as previously reported 16,959,280 $ 170 $ 35,738 $ 376,532 $ (40,765) $ 371,675 Net Income Attributable to Common Shareowners - - - 11,315 - 11,315 Other Comprehensive Loss, Net of Tax - - - - (7,438) (7,438) Cash Dividends ($ 0.16 per share) - - - (2,883) - (2,883) Stock Based Compensation - - 415 - - 415 Stock Compensation Plan Transactions, net 2,532 - 81 - - 81 Balance, September 30, 2022, as previously reported 16,961,812 170 36,234 384,964 (48,203) 373,165 Restatement Impacts Balance, July 1, 2022 - - - (2,970) - (2,970) Net Income Attributable to Common Shareowners - - - (1,710) - (1,710) Balance, September 30, 2022 - - - (4,680) - (4,680) As Restated Balance, July 1, 2022, as restated 16,959,280 170 35,738 373,562 (40,765) 368,705 Net Income Attributable to Common Shareowners - - - 9,605 - 9,605 Other Comprehensive Loss, Net of Tax - - - - (7,438) (7,438) Cash Dividends ($ 0.16 per share) - - - (2,883) - (2,883) Stock Based Compensation - - 415 - - 415 Stock Compensation Plan Transactions, net 2,532 - 81 - - 81 Balance, September 30, 2022, as restated 16,961,812 $ 170 $ 36,234 $ 380,284 $ (48,203) $ 368,485 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (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 - - - 28,483 - 28,483 Other Comprehensive Loss, Net of Tax - - - - (31,989) (31,989) Cash Dividends ($ 0.49 per share) - - - (8,307) - (8,307) Stock Based Compensation - - 904 - - 904 Stock Compensation Plan Transactions, net 69,752 1 907 - - 908 Balance, September 30, 2022, as previously reported 16,961,812 170 36,234 384,964 (48,203) 373,165 Restatement Impacts Net Income Attributable to Common Shareowners - - - (4,680) - (4,680) Balance, September 30, 2022 - - - (4,680) (4,680) 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 - - - 23,803 - 23,803 Other Comprehensive Loss, Net of Tax - - - - (31,989) (31,989) Cash Dividends ($ 0.49 per share) - - - (8,307) - (8,307) Stock Based Compensation - - 904 - - 904 Stock Compensation Plan Transactions, net 69,752 1 907 - - 908 Balance, September 30, 2022, as restated 16,961,812 $ 170 $ 36,234 $ 380,284 $ (48,203) $ 368,485 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 8,455 $ (1,517) $ 6,938 Adjustments to Reconcile Net Income to Provision for Credit Losses - 32 32 Depreciation 1,907 - 1,907 Amortization of Premiums, Discounts, and Fees, net 2,907 (297) 2,610 Amortization of Intangible Assets 40 - 40 Pension Settlement Charges 209 - 209 Originations of Loans Held for Sale (246,887) 4,634 (242,253) Proceeds From Sales of Loans Held for Sale 257,550 (4,966) 252,584 Mortgage Banking Revenues (8,946) 4,891 (4,055) Net Additions for Capitalized Mortgage Servicing Rights 227 137 364 Stock Compensation 245 - 245 Net Tax Benefit from Stock Compensation (19) - (19) Deferred Income Taxes (Benefit) (6,167) (515) (6,682) Net Change in Operating Leases (27) - (27) Net (Increase) Decrease in Other Assets 1,441 456 1,897 Net Increase (Decrease) in Other Liabilities 7,036 - 7,036 Net Cash Provided (Used In) By Operating Activities 17,971 2,855 20,826 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: Purchases (194,448) - (194,448) Payments, Maturities, and Calls 14,441 - 14,441 Securities Available for Sale: Purchases (25,139) - (25,139) Proceeds from the Sale of Securities 3,365 - 3,365 Payments, Maturities, and Calls 24,824 - 24,824 Purchases of Loans Held for Investment (26,713) - (26,713) Net (Increase) Decrease in Loans (28,405) (2,855) (31,260) Purchases of Premises and Equipment, net (1,013) - (1,013) Noncontrolling Interest Contributions 1,838 - 1,838 Net Cash Used In Investing Activities (231,250) (2,855) (234,105) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 - 52,645 Net (Decrease) Increase in Other Short-Term Borrowings (3,692) - (3,692) Repayment of Other Long-Term Borrowings (78) - (78) Dividends Paid (2,712) - (2,712) Issuance of Common Stock Under Compensation Plans 190 - 190 Net Cash Provided By Financing Activities 46,353 - 46,353 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) - (166,926) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ - $ 868,428 Supplemental Cash Flow Disclosures: Interest Paid $ 715 $ - $ 715 Income Taxes Paid $ 20 $ - $ 20 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the Six Months Ended June 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 17,168 $ (2,970) $ 14,198 Adjustments to Reconcile Net Income to Provision for Credit Losses 1,542 182 1,724 Depreciation 3,802 - 3,802 Amortization of Premiums, Discounts, and Fees, net 5,545 (492) 5,053 Amortization of Intangible Assets 80 - 80 Pension Settlement Charges 378 - 378 Originations of Loans Held for Sale (573,239) 24,221 (549,018) Proceeds From Sales of Loans Held for Sale 595,074 (9,598) 585,476 Mortgage Banking Revenues (18,011) 9,099 (8,912) Net Additions for Capitalized Mortgage Servicing Rights 1,358 (998) 360 Stock Compensation 489 - 489 Net Tax Benefit from Stock Compensation (19) - (19) Deferred Income Taxes (Benefit) (8,879) (1,008) (9,887) Net Change in Operating Leases (72) - (72) Net Gain on Sales and Write-Downs of Other Real Estate Owned (26) - (26) Net (Increase) Decrease in Other Assets 845 2,671 3,516 Net Increase (Decrease) in Other Liabilities 22,040 - 22,040 Net Cash Provided (Used In) By Operating Activities 48,075 21,107 69,182 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: Purchases (218,548) - (218,548) Payments, Maturities, and Calls 28,111 - 28,111 Purchases (37,044) - (37,044) Proceeds from the Sale of Securities 3,365 - 3,365 Payments, Maturities, and Calls 47,413 - 47,413 Purchases of Loans Held for Investment (174,779) - (174,779) Net (Increase) Decrease in Loans (109,806) (21,107) (130,913) Proceeds From Sales of Other Real Estate Owned 30 - 30 Purchases of Premises and Equipment, net (3,322) - (3,322) Noncontrolling Interest Contributions 2,573 - 2,573 Net Cash Used In Investing Activities (462,007) (21,107) (483,114) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 73,396 - 73,396 Net (Decrease) Increase in Other Short-Term Borrowings 4,784 - 4,784 Repayment of Other Long-Term Borrowings (150) - (150) Dividends Paid (5,424) - (5,424) Issuance of Common Stock Under Compensation Plans 496 - 496 Net Cash Provided By Financing Activities 73,102 - 73,102 NET DECREASE IN CASH AND CASH EQUIVALENTS (340,830) - (340,830) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 694,524 $ - $ 694,524 Supplemental Cash Flow Disclosures: Interest Paid $ 1,617 $ - $ 1,617 Income Taxes Paid $ 3,765 $ - $ 3,765 Noncash Investing and Financing Activities: Loans and Premises Transferred to Other Real Estate Owned $ 77 $ - $ 77 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the Nine Months Ended September 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 28,483 $ (4,680) $ 23,803 Adjustments to Reconcile Net Income to Provision for Credit Losses 3,641 237 3,878 Depreciation 5,689 - 5,689 Amortization of Premiums, Discounts, and Fees, net 7,190 (572) 6,618 Amortization of Intangible Assets 120 - 120 Pension Settlement Charges 480 - 480 Originations of Loans Held for Sale (799,482) 27,393 (772,089) Proceeds From Sales of Loans Held for Sale 826,837 (13,570) 813,267 Mortgage Banking Revenues (25,127) 13,320 (11,807) Net Additions for Capitalized Mortgage Servicing Rights (1,921) 2,491 570 Stock Compensation 904 - 904 Net Tax Benefit from Stock Compensation (19) - (19) Deferred Income Taxes (Benefit) (11,265) (1,589) (12,854) Net Change in Operating Leases (83) - (83) Net Gain on Sales and Write-Downs of Other Real Estate Owned (136) - (136) Net (Increase) Decrease in Other Assets 3,696 - 3,696 Net Increase (Decrease) in Other Liabilities 12,839 - 12,839 Net Cash Provided (Used In) By Operating Activities 51,846 23,030 74,876 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: Purchases (219,865) - (219,865) Payments, Maturities, and Calls 40,096 - 40,096 Purchases (41,880) - (41,880) Proceeds from the Sale of Securities 3,365 - 3,365 Payments, Maturities, and Calls 64,301 - 64,301 Purchases of Loans Held for Investment (329,481) - (329,481) Net (Increase) Decrease in Loans (90,086) (23,030) (113,116) Proceeds From Sales of Other Real Estate Owned 1,683 - 1,683 Purchases of Premises and Equipment, net (4,013) - (4,013) Noncontrolling Interest Contributions 2,867 - 2,867 Net Cash Used In Investing Activities (573,013) (23,030) (596,043) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 46,516 - 46,516 Net (Decrease) Increase in Other Short-Term Borrowings 17,592 - 17,592 Repayment of Other Long-Term Borrowings (200) - (200) Dividends Paid (8,307) - (8,307) Issuance of Common Stock Under Compensation Plans 577 - 577 Net Cash Provided By Financing Activities 56,178 - 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (464,989) - (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 570,365 $ - $ 570,365 Supplemental Cash Flow Disclosures: Interest Paid $ 3,588 $ - $ 3,588 Income Taxes Paid $ 6,410 $ - $ 6,410 Noncash Investing and Financing Activities: Loans and Premises Transferred to Other Real Estate Owned $ 1,543 $ - $ 1,543 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.