of the date of the Press Release, and we assume no obligation to update forward-lookingstatements or the reasons why actual results
could differ.
USE OF NON-GAAP FINANCIAL MEASURES
We present atangible common equity ratio and a tangible book value per diluted share that removesthe effect of goodwill and other
intangibles resulting from merger and acquisition activity.We believe thesemeasures are useful to investors because it allows
investors to more easily compare our capital adequacy to other companiesin the industry.
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data)
Jun 30, 2022
Mar 31, 2022
Dec 31, 2021
Sep 30, 2021
Jun 30, 2021
Shareowners' Equity (GAAP)
$
371,675
$
372,145
$
383,166
$
348,868
$
335,880
Less: Goodwill and Other Intangibles (GAAP)
93,173
93,213
93,253
93,293
93,333
Tangible Shareowners' Equity (non-GAAP)
A
278,502
278,932
289,913
255,575
242,547
Total Assets (GAAP)
4,354,297
4,310,045
4,263,849
4,048,733
4,011,459
Less: Goodwill and Other Intangibles (GAAP)
93,173
93,213
93,253
93,293
93,333
Tangible Assets (non-GAAP)
B
$
4,261,124
$
4,216,832
$
4,170,596
$
3,955,440
$
3,918,126
Tangible Common Equity Ratio (non-GAAP)
A/B
6.54%
6.61%
6.95%
6.46%
6.19%
Actual Diluted Shares Outstanding (GAAP)
C
16,981,614
16,962,362
16,935,389
16,911,715
16,901,375
Tangible Book Valueper Diluted Share (non-GAAP)
A/C
$
16.40
$
16.44
$
17.12
$
15.11
$
14.35
5
CAPITAL CITY BANKGROUP,INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2022
Mar 31, 2022
Jun 30, 2021
Jun 30, 2022
Jun 30, 2021
EARNINGS
Net Income Attributable to Common Shareowners
$
8,713
$
8,455
$
7,427
$
17,168
$
16,933
Diluted Net Income Per Share
$
0.51
$
0.50
$
0.44
$
1.01
$
1.00
PERFORMANCE
Return on Average Assets
0.81
%
0.80
%
0.75
%
0.81
%
0.88
%
Return on Average Equity
9.36
8.93
9.05
9.14
10.42
Net Interest Margin
2.87
2.55
2.89
2.71
2.87
Noninterest Income as % of Operating Revenue
46.78
51.11
50.47
48.89
52.73
Efficiency Ratio
75.96
%
77.55
%
80.18
%
76.73
%
77.22
%
CAPITAL ADEQUACY
Tier 1 Capital
15.13
%
15.98
%
15.44
%
15.13
%
15.44
%
Total Capital
16.07
16.98
16.48
16.07
16.48
Leverage
8.77
8.78
8.84
8.77
8.84
Common Equity Tier 1
13.07
13.77
13.14
13.07
13.14
Tangible Common Equity
(1)
6.54
6.61
6.19
6.54
6.19
Equity to Assets
8.54
%
8.63
%
8.37
%
8.54
%
8.37
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
677.57
%
760.83
%
433.93
%
677.57
%
433.93
%
Allowance as a % of Loans HFI
0.96
1.05
1.10
0.96
1.10
Net Charge-Offs as % of Average Loans HFI
0.22
0.16
(0.07)
0.19
(0.08)
Nonperforming Assets as % of Loans HFI and OREO
0.15
0.14
0.31
0.15
0.31
Nonperforming Assets as % of Total Assets
0.07
%
0.06
%
0.16
%
0.07
%
0.16
%
STOCK PERFORMANCE
High
$
28.55
$
28.88
$
27.39
$
28.88
$
28.98
Low
24.43
25.96
24.55
24.43
21.42
Close
$
27.89
$
26.36
$
25.79
$
27.89
$
25.79
Average Daily Trading Volume
25,342
24,019
28,958
24,681
29,620
(1)
Tangible common equity ratio is a non-GAAP financial measure.For additional information, including a
reconciliation to GAAP, refer to Page 4.
6
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENTOF FINANCIAL CONDITION
Unaudited
2022
2021
(Dollars in thousands)
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
ASSETS
Cash and Due From Banks
$
91,209
$
77,963
$
65,313
$
73,132
$
78,894
Funds Sold and Interest Bearing Deposits
603,315
790,465
970,041
708,988
766,920
Total Cash and Cash Equivalents
694,524
868,428
1,035,354
782,120
845,814
Investment Securities Available for Sale
601,405
624,361
654,611
645,844
480,890
Investment Securities Held to Maturity
528,258
518,678
339,601
341,228
325,559
Other Equity Securities
900
855
861
-
-
Total Investment Securities
1,130,563
1,143,894
995,073
987,072
806,449
Loans Held for Sale
48,708
50,815
52,532
77,036
80,821
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
247,902
230,213
223,086
218,929
292,953
Real Estate - Construction
225,664
174,293
174,394
177,443
149,884
Real Estate - Commercial
699,093
669,110
663,550
683,379
707,599
Real Estate - Residential
478,121
368,020
346,756
355,958
362,018
Real Estate - Home Equity
194,658
188,174
187,821
187,642
190,078
Consumer
359,906
347,785
321,511
309,983
298,464
Other Loans
6,854
6,692
13,265
6,792
6,439
Overdrafts
1,455
1,222
1,082
1,299
1,227
Total Loans Held for Investment
2,213,653
1,985,509
1,931,465
1,941,425
2,008,662
Allowance for Credit Losses
(21,281)
(20,756)
(21,606)
(21,500)
(22,175)
Loans Held for Investment, Net
2,192,372
1,964,753
1,909,859
1,919,925
1,986,487
Premises and Equipment, Net
82,932
82,518
83,412
84,750
85,745
Goodwill and Other Intangibles
93,173
93,213
93,253
93,293
93,333
Other Real Estate Owned
90
17
17
192
1,192
Other Assets
111,935
106,407
94,349
104,345
111,618
Total Other Assets
288,130
282,155
271,031
282,580
291,888
Total Assets
$
4,354,297
$
4,310,045
$
4,263,849
$
4,048,733
$
4,011,459
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,724,671
$
1,704,329
$
1,668,912
$
1,592,345
$
1,552,864
NOW Accounts
1,036,757
1,062,498
1,070,154
926,201
970,705
Money Market Accounts
289,337
288,877
274,611
286,065
280,805
Regular Savings Accounts
639,594
614,599
599,811
559,714
539,477
Certificates of Deposit
95,899
95,204
99,374
101,637
103,070
Total Deposits
3,786,258
3,765,507
3,712,862
3,465,962
3,446,921
Short-Term Borrowings
39,463
30,865
34,557
51,410
47,200
Subordinated Notes Payable
52,887
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
612
806
884
1,610
1,720
Other Liabilities
93,319
77,323
67,735
113,720
105,534
Total Liabilities
3,972,539
3,927,388
3,868,925
3,685,589
3,654,262
Temporary Equity
10,083
10,512
11,758
14,276
21,317
SHAREOWNERS' EQUITY
Common Stock
170
169
169
169
169
Additional Paid-In Capital
35,738
35,188
34,423
33,876
33,560
Retained Earnings
376,532
370,531
364,788
359,550
345,574
Accumulated Other Comprehensive Loss, Net of Tax
(40,765)
(33,743)
(16,214)
(44,727)
(43,423)
Total Shareowners' Equity
371,675
372,145
383,166
348,868
335,880
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,354,297
$
4,310,045
$
4,263,849
$
4,048,733
$
4,011,459
OTHER BALANCE SHEET DATA
Earning Assets
$
3,996,238
$
3,970,684
$
3,949,111
$
3,714,521
$
3,662,852
Interest Bearing Liabilities
2,154,549
2,145,736
2,132,278
1,979,524
1,995,864
Book Value Per Diluted Share
$
21.89
$
21.94
$
22.63
$
20.63
$
19.87
Tangible Book ValuePer Diluted Share
(1)
16.40
16.44
17.12
15.11
14.35
Actual Basic Shares Outstanding
16,959
16,948
16,892
16,878
16,874
Actual Diluted Shares Outstanding
16,982
16,962
16,935
16,912
16,901
(1)
Tangible book value per diluted share is a non-GAAP financial measure.For additional information, including a reconciliation to GAAP, refer to Page 4.
7
CAPITAL CITY BANKGROUP,INC.
CONSOLIDATED STATEMENTOF OPERATIONS
Unaudited
2022
2021
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2022
2021
INTEREST INCOME
Loans, including Fees
$
24,072
$
22,133
$
22,744
$
25,885
$
24,582
$
46,205
$
47,932
Investment Securities
3,840
2,896
2,505
2,350
2,054
6,736
3,937
Federal Funds Sold and Interest Bearing Deposits
1,408
409
300
285
200
1,817
413
Total Interest Income
29,320
25,438
25,549
28,520
26,836
54,758
52,282
INTEREST EXPENSE
Deposits
266
224
213
210
208
490
416
Short-Term Borrowings
343
192
307
317
324
535
736
Subordinated Notes Payable
370
317
306
307
308
687
615
Other Long-Term Borrowings
8
9
12
14
16
17
37
Total Interest Expense
987
742
838
848
856
1,729
1,804
Net Interest Income
28,333
24,696
24,711
27,672
25,980
53,029
50,478
Provision for Credit Losses
1,542
-
-
-
(571)
1,542
(1,553)
Net Interest Income after Provision for Credit Losses
26,791
24,696
24,711
27,672
26,551
51,487
52,031
NONINTEREST INCOME
Deposit Fees
5,447
5,191
5,300
5,075
4,236
10,638
8,507
Bank Card Fees
4,034
3,763
3,872
3,786
3,998
7,797
7,616
Wealth Management Fees
4,403
6,070
3,706
3,623
3,274
10,473
6,364
Mortgage Banking Revenues
9,065
8,946
9,800
12,283
13,217
18,011
30,342
Other
1,954
1,848
1,994
1,807
1,748
3,802
3,470
Total Noninterest Income
24,903
25,818
24,672
26,574
26,473
50,721
56,299
NONINTEREST EXPENSE
Compensation
25,383
24,856
24,783
25,245
25,378
50,239
51,442
Occupancy, Net
6,075
6,093
5,960
6,032
5,973
12,168
11,940
Other Real Estate, Net
(29)
25
26
(1,126)
(270)
(4)
(388)
Pension Settlement
169
209
572
500
2,000
378
2,000
Other
8,900
8,050
8,866
9,051
9,042
16,950
17,605
Total Noninterest Expense
40,498
39,233
40,207
39,702
42,123
79,731
82,599
OPERATING PROFIT
11,196
11,281
9,176
14,544
10,901
22,477
25,731
Income Tax Expense
2,177
2,235
2,040
2,949
2,059
4,412
4,846
Net Income
9,019
9,046
7,136
11,595
8,842
18,065
20,885
Pre-Tax Income Attributable to Noncontrolling Interest
(306)
(591)
(764)
(1,504)
(1,415)
(897)
(3,952)
NET INCOME ATTRIBUTABLETO
COMMON SHAREOWNERS
$
8,713
$
8,455
$
6,372
$
10,091
$
7,427
$
17,168
$
16,933
PER COMMON SHARE
Basic Net Income
$
0.51
$
0.50
$
0.38
$
0.60
$
0.44
$
1.01
$
1.00
Diluted Net Income
0.51
0.50
0.38
0.60
0.44
1.01
1.00
Cash Dividend
$
0.16
$
0.16
$
0.16
$
0.16
$
0.15
$
0.32
$
0.30
AVERAGESHARES
Basic
16,949
16,931
16,880
16,875
16,858
16,940
16,848
Diluted
16,971
16,946
16,923
16,909
16,885
16,958
16,874
8
CAPITAL CITY BANK GROUP,INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2022
2021
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2022
2021
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
20,756
$
21,606
$
21,500
$
22,175
$
22,026
$
21,606
$
23,816
Provision for Credit Losses
1,670
(79)
200
(546)
(184)
1,591
(2,496)
Net Charge-Offs (Recoveries)
1,145
771
94
129
(333)
1,916
(855)
Balance at End of Period
$
21,281
$
20,756
$
21,606
$
21,500
$
22,175
$
21,281
$
22,175
As a % of Loans HFI
0.96%
1.05%
1.12%
1.11%
1.10%
0.96%
1.10%
As a % of Nonperforming Loans
677.57%
760.83%
499.93%
710.39%
433.93%
677.57%
433.93%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
2,976
$
2,897
$
3,117
$
2,587
$
2,974
$
2,897
$
1,644
Provision for Credit Losses
(123)
79
(220)
530
(387)
(44)
943
Balance at End of Period
(1)
2,853
2,976
2,897
3,117
2,587
2,853
2,587
ACL - DEBT SECURITIES
Provision for Credit Losses
$
(5)
$
-
$
20
$
16
$
-
$
(5)
$
-
CHARGE-OFFS
Commercial, Financial and Agricultural
$
1,104
$
73
$
101
$
37
$
32
$
1,177
$
101
Real Estate - Construction
-
-
-
-
-
-
-
Real Estate - Commercial
-
266
-
405
-
266
-
Real Estate - Residential
-
-
20
17
65
-
71
Real Estate - Home Equity
-
33
9
15
74
33
79
Consumer
533
622
254
221
230
1,155
794
Overdrafts
660
780
678
1,093
440
1,440
932
Total Charge-Offs
$
2,297
$
1,774
$
1,062
$
1,788
$
841
$
4,071
$
1,977
RECOVERIES
Commercial, Financial and Agricultural
$
59
$
165
$
148
$
66
$
103
$
224
$
239
Real Estate - Construction
-
8
-
10
-
8
-
Real Estate - Commercial
56
29
25
169
26
85
671
Real Estate - Residential
115
27
33
401
244
142
319
Real Estate - Home Equity
67
58
173
46
70
125
194
Consumer
453
183
214
334
332
636
643
Overdrafts
402
533
375
633
399
935
766
Total Recoveries
$
1,152
$
1,003
$
968
$
1,659
$
1,174
$
2,155
$
2,832
NET CHARGE-OFFS (RECOVERIES)
$
1,145
$
771
$
94
$
129
$
(333)
$
1,916
$
(855)
Net Charge-Offs as a % of Average LoansHFI
(2)
0.22%
0.16%
0.02%
0.03%
(0.07)%
0.19%
(0.08)%
CREDIT QUALITY
Nonaccruing Loans
$
3,141
$
2,728
$
4,322
$
3,026
$
5,110
Other Real Estate Owned
90
17
17
192
1,192
Total Nonperforming Assets ("NPAs")
$
3,231
$
2,745
$
4,339
$
3,218
$
6,302
Past Due Loans 30-89 Days
$
3,554
$
3,120
$
3,600
$
3,360
$
3,745
Past Due Loans 90 Days or More
-
-
-
-
-
Classified Loans
19,620
22,348
17,912
16,310
19,397
Performing Troubled Debt Restructurings
$
6,728
$
7,304
$
7,643
$
7,919
$
8,992
Nonperforming Loans as a % of Loans HFI
0.14%
0.14%
0.22%
0.16%
0.25%
NPAs as a % of Loans HFI and Other Real Estate
0.15%
0.14%
0.22%
0.17%
0.31%
NPAs as a % ofTotal Assets
0.07%
0.06%
0.10%
0.08%
0.16%
(1)
Recorded in other liabilities
(2)
Annualized
9
CAPITAL CITY BANK GROUP,INC.
AVERAGEBALANCE AND INTEREST RATES
Unaudited
Second Quarter 2022
First Quarter 2022
Fourth Quarter 2021
Third Quarter 2021
Second Quarter 2021
Jun 2022 YTD
Jun 2021 YTD
(Dollars in thousands)
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
ASSETS:
Loans Held for Sale
$
52,860
$
711
5.39
%
$
43,004
$
397
3.75
%
$
62,809
$
522
3.29
%
$
67,753
497
2.91
%
$
77,101
$
566
2.94
%
$
47,959
$
1,108
4.66
%
$
91,591
$
1,536
3.38
%
Loans Held for Investment
(1)
2,084,679
23,433
4.51
1,963,578
21,811
4.50
1,948,324
22,296
4.54
1,974,132
25,458
5.12
2,036,781
24,095
4.74
2,024,463
45,244
4.51
2,040,551
46,578
4.71
Investment Securities
Taxable Investment Securities
1,142,269
3,834
1.34
1,056,736
2,889
1.10
987,700
2,493
1.00
904,962
2,333
1.03
687,882
2,036
1.18
1,099,739
6,723
1.22
608,801
3,899
1.28
Tax-Exempt Investment Securities
(1)
2,488
10
1.73
2,409
10
1.60
3,380
17
2.07
4,332
25
2.31
3,530
23
2.58
2,449
20
1.67
3,686
48
2.60
Total Investment Securities
1,144,757
3,844
1.34
1,059,145
2,899
1.10
991,080
2,510
1.01
909,294
2,358
1.03
691,412
2,059
1.19
1,102,188
6,743
1.23
612,487
3,947
1.29
Federal Funds Sold and Interest Bearing
Deposits
691,925
1,408
0.82
873,097
409
0.19
789,100
300
0.15
741,944
285
0.15
818,616
200
0.10
782,011
1,817
0.47
816,638
414
0.10
Total Earning Assets
3,974,221
$
29,396
2.97
%
3,938,824
$
25,516
2.63
%
3,791,313
$
25,628
2.68
%
3,693,123
$
28,598
3.07
%
3,623,910
$
26,920
2.98
%
3,956,621
$
54,912
2.80
%
3,561,267
$
52,475
2.97
%
Cash and Due From Banks
79,730
74,253
73,752
72,773
74,076
77,007
71,541
Allowance for Loan Losses
(20,984)
(21,655)
(22,127)
(22,817)
(22,794)
(21,318)
(23,457)
Other Assets
288,421
275,353
284,999
283,534
281,157
281,922
279,956
Total Assets
$
4,321,388
$
4,266,775
$
4,127,937
$
4,026,613
$
3,956,349
$
4,294,232
$
3,889,307
LIABILITIES:
Interest Bearing Deposits
NOW Accounts
$
1,033,190
$
120
0.05
%
$
1,079,906
$
86
0.03
%
$
963,778
$
72
0.03
%
$
945,788
$
72
0.03
%
$
966,649
$
74
0.03
%
$
1,056,419
$
206
0.04
%
$
976,031
$
150
0.03
%
Money Market Accounts
286,210
36
0.05
285,406
33
0.05
289,335
34
0.05
282,860
34
0.05
272,138
33
0.05
285,810
69
0.05
270,990
66
0.05
Savings Accounts
628,472
77
0.05
599,359
72
0.05
573,563
71
0.05
551,383
68
0.05
529,844
64
0.05
613,996
149
0.05
511,152
124
0.05
Time Deposits
95,132
33
0.14
97,054
33
0.14
101,037
36
0.14
102,765
36
0.14
102,995
37
0.15
96,088
66
0.14
102,544
76
0.15
Total Interest Bearing Deposits
2,043,004
266
0.05
%
2,061,725
224
0.04
%
1,927,713
213
0.04
%
1,882,796
210
0.04
%
1,871,626
208
0.04
%
2,052,313
490
0.05
%
1,860,717
416
0.05
%
Short-Term Borrowings
31,782
343
4.33
%
32,353
192
2.40
%
46,355
307
2.63
%
49,773
317
2.53
%
51,152
324
2.54
%
32,066
535
3.36
%
59,049
736
2.51
%
Subordinated Notes Payable
52,887
370
2.76
52,887
317
2.40
52,887
306
2.26
52,887
307
2.27
52,887
308
2.30
52,887
687
2.58
52,887
615
2.31
Other Long-Term Borrowings
722
8
4.54
833
9
4.49
1,414
12
3.50
1,652
14
3.37
1,762
16
3.38
777
17
4.51
2,246
37
3.26
Total Interest Bearing Liabilities
2,128,395
$
987
0.19
%
2,147,798
$
742
0.14
%
2,028,369
$
838
0.16
%
1,987,108
$
848
0.17
%
1,977,427
$
856
0.17
%
2,138,043
$
1,729
0.16
%
1,974,899
$
1,804
0.18
%
Noninterest Bearing Deposits
1,722,325
1,652,337
1,621,432
1,564,892
1,515,726
1,687,524
1,453,121
Other Liabilities
87,207
72,166
114,657
112,707
107,801
79,728
109,417
Total Liabilities
3,937,927
3,872,301
3,764,458
3,664,707
3,600,954
3,905,295
3,537,437
Temporary Equity
10,096
10,518
13,339
20,446
26,355
10,306
24,178
SHAREOWNERS' EQUITY:
373,365
383,956
350,140
341,460
329,040
378,631
327,692
Total Liabilities, TemporaryEquity and
Shareowners' Equity
$
4,321,388
$
4,266,775
$
4,127,937
$
4,026,613
$
3,956,349
$
4,294,232
$
3,889,307
Interest Rate Spread
$
28,409
2.78
%
$
24,774
2.49
%
$
24,790
2.52
%
$
27,750
2.91
%
$
26,064
2.81
%
$
53,183
2.64
%
$
50,671
2.79
%
Interest Income and Rate Earned
(1)
29,396
2.97
25,516
2.63
25,628
2.68
28,598
3.07
26,920
2.98
54,912
2.80
52,475
2.97
Interest Expense and Rate Paid
(2)
987
0.10
742
0.08
838
0.09
848
0.09
856
0.09
1,729
0.09
1,804
0.10
Net Interest Margin
$
28,409
2.87
%
$
24,774
2.55
%
$
24,790
2.60
%
$
27,750
2.98
%
$
26,064
2.89
%
$
53,183
2.71
%
$
50,671
2.87
%
(1)
Interest and average rates arecalculated on a tax-equivalent basis using a 21% Federal tax rate.
(2)
Rate calculated based on average earning assets.
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Capital City Bank Group Inc. published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 14:28:03 UTC.
Capital City Bank Group, Inc. is a financial holding company. The Company provides a full range of banking and banking-related services to individual and corporate clients through its wholly owned subsidiary, Capital City Bank (the Bank). The Company provides two principal services include Banking Services and Wealth Management Services. It provides a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. The Company offers its customers access to retail investment products through LPL Financial under, which retail investment products would be offered through LPL. The Bank has approximately 63 banking offices and 103 automated teller machines ATMs/ interactive teller machines (ITMs) in Florida, Georgia, and Alabama.