STOCK TITAN
  1. Home
  2. News
  3. CCBG
  4. Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
earnings
Rhea-AI Summary

Capital City Bank Group (NASDAQ: CCBG) reported Q4 2024 net income of $13.1 million ($0.77 per diluted share), matching Q3 2024 and up from $11.7 million ($0.70 per diluted share) in Q4 2023. Full-year 2024 net income reached $52.9 million ($3.12 per diluted share), compared to $52.3 million ($3.07 per diluted share) in 2023.

Q4 2024 highlights include a net interest margin increase to 4.17%, deposit growth of $92.9 million (2.6%), and a 4.6% increase in tangible book value per share. The bank maintained strong credit quality with an allowance coverage ratio of 1.10%. Full-year performance showed stable net interest income at $159.2 million, increased noninterest income of 6.1%, and higher noninterest expense of 5.3%.

The bank's balance sheet reflected a $31.5 million (1.2%) quarterly decrease in loans and increased liquidity with average net overnight funds of $298.3 million.

Capital City Bank Group (NASDAQ: CCBG) ha riportato un utile netto del Q4 2024 di 13,1 milioni di dollari (0,77 dollari per azione diluita), in linea con il Q3 2024 e in crescita rispetto agli 11,7 milioni di dollari (0,70 dollari per azione diluita) del Q4 2023. L'utile netto dell'intero anno 2024 ha raggiunto 52,9 milioni di dollari (3,12 dollari per azione diluita), rispetto ai 52,3 milioni di dollari (3,07 dollari per azione diluita) nel 2023.

I punti salienti del Q4 2024 includono un aumento del margine di interesse netto al 4,17%, una crescita dei depositi di 92,9 milioni di dollari (2,6%) e un incremento del valore contabile tangibile per azione del 4,6%. La banca ha mantenuto una solida qualità del credito con un rapporto di copertura delle riserve dell'1,10%. Le performance dell'intero anno hanno mostrato un utile netto da interessi stabile a 159,2 milioni di dollari, un aumento dell'utile non da interessi del 6,1% e un incremento della spesa non da interessi del 5,3%.

Il bilancio della banca ha riflesso una diminuzione trimestrale dei prestiti di 31,5 milioni di dollari (1,2%) e una maggiore liquidità con una media di fondi netti overnight di 298,3 milioni di dollari.

Capital City Bank Group (NASDAQ: CCBG) reportó un ingreso neto del Q4 2024 de 13,1 millones de dólares (0,77 dólares por acción diluida), igualando al Q3 2024 y aumentando desde 11,7 millones de dólares (0,70 dólares por acción diluida) en el Q4 2023. El ingreso neto del año completo 2024 alcanzó los 52,9 millones de dólares (3,12 dólares por acción diluida), en comparación con 52,3 millones de dólares (3,07 dólares por acción diluida) en 2023.

Los aspectos destacados del Q4 2024 incluyen un aumento en el margen de interés neto al 4,17%, un crecimiento en los depósitos de 92,9 millones de dólares (2,6%), y un aumento del 4,6% en el valor contable tangible por acción. El banco mantuvo una sólida calidad crediticia con un ratio de cobertura de reservas de 1,10%. El rendimiento del año completo mostró ingresos netos por intereses estables en 159,2 millones de dólares, un incremento en los ingresos no por intereses del 6,1% y un aumento en los gastos no por intereses del 5,3%.

El balance del banco reflejó una disminución trimestral de préstamos de 31,5 millones de dólares (1,2%) y una mayor liquidez con fondos netos promedio overnight de 298,3 millones de dólares.

Capital City Bank Group (NASDAQ: CCBG)는 2024년 4분기 순이익으로 1,310만 달러(희석 주당 0.77달러)를 보고했으며, 이는 2024년 3분기와 일치하고 2023년 4분기 1,170만 달러(희석 주당 0.70달러)에서 증가한 수치입니다. 2024년 전체 연도 순이익은 5,290만 달러(희석 주당 3.12달러)에 달하며, 이는 2023년 5,230만 달러(희석 주당 3.07달러)와 비교됩니다.

2024년 4분기 주요 주요 사항에는 4.17%로 증가한 순이자 마진, 9290만 달러(2.6%)의 예금 증가, 주당 4.6% 증가한 유 tangible 장부 가치가 포함됩니다. 은행은 1.10%의 대손충당금 비율로 높은 신용 품질을 유지했습니다. 전체 연도 실적은 1억 5,920만 달러의 안정적인 순이자 수익, 6.1% 증가한 비이자 수익, 5.3% 증가한 비이자 비용을 보여주었습니다.

은행의 대차대조표는 대출이 3,150만 달러(1.2%) 감소하고 평균 유동성이 2억 9,830만 달러인 하루밤 자금이 증가했음을 반영합니다.

Capital City Bank Group (NASDAQ: CCBG) a rapporté un résultat net pour Q4 2024 de 13,1 millions de dollars (0,77 dollar par action diluée), correspondant au Q3 2024 et en hausse par rapport à 11,7 millions de dollars (0,70 dollar par action diluée) au Q4 2023. Le résultat net de l'année complète 2024 a atteint 52,9 millions de dollars (3,12 dollars par action diluée), comparé à 52,3 millions de dollars (3,07 dollars par action diluée) en 2023.

Les faits marquants du Q4 2024 incluent une augmentation de la marge d'intérêts nets à 4,17 %, une croissance des dépôts de 92,9 millions de dollars (2,6 %) et une augmentation de 4,6 % de la valeur comptable tangible par action. La banque a maintenu une forte qualité de crédit avec un ratio de couverture des provisions de 1,10 %. La performance de l'année complète a montré un revenu net d'intérêts stable à 159,2 millions de dollars, une augmentation des revenus non d'intérêts de 6,1 %, et une hausse des dépenses non d'intérêts de 5,3 %.

Le bilan de la banque a reflété une diminution trimestrielle des prêts de 31,5 millions de dollars (1,2 %) et une liquidité accrue avec un fonds moyen net overnight de 298,3 millions de dollars.

Capital City Bank Group (NASDAQ: CCBG) berichtete einen Nettoertrag für Q4 2024 von 13,1 Millionen Dollar (0,77 Dollar pro verwässerter Aktie), was dem Ergebnis des Q3 2024 entspricht und im Vergleich zu 11,7 Millionen Dollar (0,70 Dollar pro verwässerter Aktie) im Q4 2023 gestiegen ist. Der Nettoertrag für das Gesamtjahr 2024 erreichte 52,9 Millionen Dollar (3,12 Dollar pro verwässerter Aktie) im Vergleich zu 52,3 Millionen Dollar (3,07 Dollar pro verwässerter Aktie) im Jahr 2023.

Die Highlights von Q4 2024 beinhalten eine Steigerung der Nettozinsspanne auf 4,17%, ein Wachstum der Einlagen von 92,9 Millionen Dollar (2,6%) und einen Anstieg des greifbaren Buchwerts pro Aktie um 4,6%. Die Bank wies eine gute Kreditqualität mit einem Deckungsgrad der Rückstellungen von 1,10% auf. Die Gesamtjahresleistung zeigte stabile Nettozinserträge von 159,2 Millionen Dollar, einen Anstieg der nichtzinsabhängigen Erträge um 6,1% und höhere nichtzinsabhängige Aufwendungen von 5,3%.

Die Bilanz der Bank wies einen Rückgang der Kredite um 31,5 Millionen Dollar (1,2%) im Quartalsvergleich und eine höhere Liquidität mit einem durchschnittlichen Nettoübernachtungsfonds von 298,3 Millionen Dollar aus.

Positive
  • Net income increased year-over-year from $11.7M to $13.1M in Q4
  • Net interest margin improved by 5 basis points to 4.17%
  • Deposit balances grew by $92.9M (2.6%) quarter-over-quarter
  • Tangible book value per share increased 15.6% for the full year
  • Strong liquidity position with $1.535B in additional available liquidity
Negative
  • Loan balances decreased by $31.5M (1.2%) quarter-over-quarter
  • Noninterest expense increased 5.3% year-over-year
  • Net loan charge-offs increased to 25 basis points from 19 basis points in Q3
  • Deposit costs increased 15 basis points year-over-year

Insights

Capital City Bank Group delivered a strong finish to 2024 with several notable achievements that demonstrate effective balance sheet management and operational execution. The 4.17% net interest margin expansion amid a challenging rate environment showcases superior deposit cost control, with total deposit costs declining 6 basis points sequentially to 0.86%.

The bank's credit quality metrics remain exemplary, with net charge-offs at just 0.21% of average loans for 2024 and an allowance coverage ratio holding steady at 1.10%. These metrics position CCBG well below industry averages and reflect conservative underwriting standards.

Revenue diversification efforts are bearing fruit, with noninterest income growing 6.1% year-over-year driven by wealth management and mortgage banking. This reduces reliance on net interest income and provides stability through rate cycles. The 15.6% increase in tangible book value, combined with a 15.8% dividend increase and share repurchases, demonstrates strong capital management and commitment to shareholder returns.

Looking ahead, CCBG's fortress balance sheet with $1.535 billion in available liquidity provides significant flexibility for organic growth or strategic opportunities. The bank's focus on growth markets and operational efficiency positions it well for sustainable profitability in 2025.

TALLAHASSEE, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023.

For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023.

QUARTER HIGHLIGHTS (4th Quarter 2024 versus 3rd Quarter 2024)

Income Statement

  • Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter
    • Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield).
  • Stable credit quality metrics and credit loss provision – net loan charge-offs were 25 basis points (annualized) of average loans – allowance coverage ratio was 1.10% at December 31, 2024
  • Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenues
  • Noninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office

Balance Sheet

  • Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)
  • Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balances
  • Tangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share)

FULL YEAR 2024 HIGHLIGHTS

Income Statement

  • Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023
  • Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% - net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023
  • Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees
  • Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs

Balance Sheet

  • Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period)
  • Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period)
  • Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments

“In 2024, we delivered record earnings and advanced our commitment to creating shareholder value, which is demonstrated by a 15.6% increase in tangible book value per share, a 15.8% increase in the dividend, and the repurchase of 83,000 shares,” said William G. Smith, Jr., President, Chairman and CEO of Capital City Bank Group. “Our associates also earned us recognition for the 12th consecutive year as one of the best banks to work for—an achievement that underscores the strength of our organization and the core values we embrace. We remain focused on soundness, profitability, growth, and making strategic investments that add long-term value. Our fortress balance sheet, diversified revenues, and growth markets together position us well for 2025 and beyond.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the fourth quarter of 2024 totaled $41.2 million, compared to $40.3 million for the third quarter of 2024, and $39.3 million for the fourth quarter of 2023. For 2024, tax-equivalent net interest income totaled $159.2 million compared to $159.4 million for 2023. Compared to the third quarter of 2024, the increase reflected higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower balances. Compared to 2023, the slight decrease reflected an increase in deposit interest expense and a decrease in investment securities interest that was offset by increases in loan interest and overnight funds interest.

Our net interest margin for the fourth quarter of 2024 was 4.17%, an increase of five basis points over the third quarter of 2024 and an increase of 10 basis points over the fourth quarter of 2023. For the month of December 2024, our net interest margin was 4.18%. For 2024, our net interest margin was 4.08%, an increase of three basis points over 2023. Compared to the third quarter of 2024, the increase reflected higher yield in the investment portfolio driven by new purchases during the quarter, in addition to lower deposit interest expense. The increase over 2023 reflected a combination of earning assets re-pricing at higher interest rates and higher average loan balances, partially offset by a higher cost of deposits. For the fourth quarter of 2024, our cost of funds was 88 basis points, a decrease of five basis points from the third quarter of 2024 and an increase of 15 basis points over the fourth quarter of 2023. Our total cost of deposits (including noninterest bearing accounts) was 86 basis points, 92 basis points, and 66 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.7 million for the fourth quarter of 2024 compared to $1.2 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the provision expense reflected a $0.8 million decrease in the provision for loans held for investment (“HFI”) and a $0.3 million decrease in the provision benefit for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower loan balances and slightly lower loss rates.

For 2024, we recorded a provision expense for credit losses of $4.0 million compared to $9.7 million for 2023. The decrease reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million decrease in the provision for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration. The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments. We discuss the allowance for credit losses further below.

Noninterest Income and Noninterest Expense

Noninterest income for the fourth quarter of 2024 totaled $18.8 million compared to $19.5 million for the third quarter of 2024 and $17.2 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter of 2024 reflected a $0.8 million decrease in mortgage banking revenues attributable to lower production volume and a $0.3 million decrease in deposit fees that was partially offset by a $0.4 million increase in wealth management fees, primarily from retail brokerage. The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage banking revenues of $0.8 million driven by a higher gain on sale margin and wealth management fees of $0.9 million, primarily from retail brokerage and to a lesser extent trust.

For 2024, noninterest income totaled $76.0 million compared to $71.6 million for 2023, primarily attributable to a $3.9 million increase in mortgage banking revenues and a $2.8 million increase in wealth management fees, partially offset by a $2.2 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

Noninterest expense for the fourth quarter of 2024 totaled $41.8 million compared to $42.9 million for the third quarter of 2024 and $40.0 million for the fourth quarter of 2023. The $1.1 million decrease from the third quarter of 2024 was primarily attributable to lower other expense of $1.2 million and occupancy expense of $0.2 million that was partially offset by a $0.3 million increase in compensation expense. The decrease in other expense was primarily attributable to a $1.0 million decrease in other real estate expense driven by the sale of a banking office and lower miscellaneous expense of $0.5 million which reflected a non-routine VISA Class B swap payment in the third quarter of 2024. The decrease in occupancy expense reflected lower property tax and software license expense. The increase in compensation was driven by higher incentive plan compensation. Compared to the fourth quarter of 2023, the $1.8 million increase was driven by a $2.3 million increase in compensation expense that was partially offset by a $0.2 million decrease in occupancy expense and a $0.3 million decrease in other expense. The unfavorable variance in compensation expense reflected a $1.4 million increase in salary expense and a $0.9 million increase in other benefit expense with the salary expense driven by higher incentive compensation and merit adjustments and the associate benefit expense reflective of higher health insurance cost.

For 2024, noninterest expense totaled $165.3 million compared to $157.0 million for 2023, primarily attributable to increases in compensation expense of $6.9 million, occupancy expense of $0.3 million, and other expense of $1.1 million. The increase in compensation reflected a $5.4 million increase in salary expense and a $1.6 million increase in other associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $3.1 million (lower new loan volume), higher base salary expense of $2.2 million (primarily annual merit raises), and a $1.2 million increase in cash incentive compensation that was partially offset by lower commission expense of $1.4 million (lower residential mortgage volume). The unfavorable variance in other associate benefit expense was due to a $0.9 million increase in associate insurance cost and a $0.6 million increase in stock compensation expense. The increase in occupancy expense was attributable to increases in software license and maintenance agreement expenses. The increase in other expense was driven by a $1.1 million increase in other real estate expense and a $1.4 million increase in processing expense that was partially offset by a $1.4 million decrease in miscellaneous expense. The increase in other real estate expense reflected a lower level of gains from the sale of banking offices in 2024. The increase in processing expense reflected both inflationary increases on contract renewals and the outsourcing of our core processing system. The decrease in miscellaneous expense was attributable to lower pension plan expense for the non-service related component of the plan.

Income Taxes

We realized income tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 compared to $3.0 million (effective rate of 19.1%) for the third quarter of 2024 and $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023. Compared to the third quarter of 2024, the increase in our effective tax rate was attributable to a lower than projected level of pre-tax income from Capital City Home Loans (“CCHL”) in relation to our consolidated income as the non-controlling interest adjustment for CCHL is accounted for as a permanent tax adjustment. Further, we realized a higher than projected Internal Revenue Code (“IRC”) Section 162(m) limitation related to current and future compensation. For 2024, we realized income tax expense of $13.9 million (effective rate of 21.2%) compared to $13.0 million (effective rate of 20.4%) for 2023 with the increase in the effective tax rate primarily attributable to a higher IRC Section 162(m) limitation and lower tax-exempt interest income. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or 1.0 %, over the third quarter of 2024, and an increase of $97.9 million, or 2.6%, over the fourth quarter of 2023. The increase over both prior periods was primarily driven by higher deposit balances (see below – Deposits). Compared to the third quarter of 2024, the change in earning asset mix was primarily attributable to a $41.4 million increase in short term investments (overnight funds sold), a $6.7 million increase in investment securities, and $6.5 million increase in loans held for sale, partially offset by a $16.1 million decrease in loans HFI. Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.4 million increase in short term investments (overnight funds sold) that was partially offset by a $48.0 million decrease in investment securities, a $33.8 million decrease in loans HFI, and a $18.7 million decrease in loans held for sale.

Average loans HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter of 2024 and decreased $33.8 million, or 1.3%, from the fourth quarter of 2023. Compared to the third quarter of 2024, the decline was primarily attributable to decreases in consumer loans (primarily indirect auto) of $18.3 million and commercial mortgage real estate loans of $24.1 million, partially offset by increases in construction real estate loans of $13.1 million, and residential real estate loans of $11.6 million. Compared to the fourth quarter of 2023, the decrease was driven by decreases in consumer loans (primarily indirect auto) of $72.8 million, commercial loans of $30.2 million, and commercial mortgage real estate loans of $25.3 million, partially offset by increases in residential real estate loans of $70.8 million, construction real estate loans of $16.6 million, and home equity loans of $10.2 million.

Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from September 30, 2024 and decreased $82.4 million, or 3.0%, from December 31, 2023. Compared to September 30, 2024, the decrease was driven by decreases in commercial mortgage real estate loans of $40.9 million, consumer loans (primarily indirect auto) of $13.8 million, and commercial loans of $5.4 million, partially offset by increases in home equity loans of $9.1 million, other loans of $13.5 million, and residential real estate loans of $5.0 million. Compared to December 31, 2023, the decrease was primarily attributable to decreases in consumer loans (primarily indirect auto) of $71.5 million, commercial mortgage real estate loans of $46.4 million, and commercial loans of $36.0 million, partially offset by increases in residential real estate loans of $27.2 million, construction real estate loans of $23.9 million, and home equity loans of $9.1 million.

Allowance for Credit Losses

At December 31, 2024, the allowance for credit losses for loans HFI totaled $29.3 million compared to $29.8 million at September 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The decreases in the allowance from September 30, 2024 and December 31, 2023 were primarily attributable to lower loan balances and favorable loan migration. Net loan charge-offs were 25 basis points of average loans for the fourth quarter of 2024 versus 19 basis points for the third quarter of 2024. For 2024, net loan charge-offs were 21 basis points of average loans compared to 18 basis points in 2023. At December 31, 2024, the allowance represented 1.10% of loans HFI compared to 1.11% at September 30, 2024, and 1.10% at December 31, 2023.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.7 million at December 31, 2024 compared to $7.2 million at September 30, 2024 and $6.2 million at December 31, 2023. At December 31, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.17% at September 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.3 million at December 31, 2024, a $0.3 million decrease from September 30, 2024 and a $0.1 million increase over December 31, 2023. Further, classified loans totaled $19.9 million at December 31, 2024, a $5.6 million decrease from September 30, 2024 and a $2.3 million decrease from December 31, 2023.

Deposits

Average total deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%, over the third quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter of 2023. Compared to the third quarter of 2024, the increase was primarily attributable to higher NOW account balances which reflected the seasonal inflow of public funds from municipal clients as they receive their tax receipts beginning in late November. The increase over the fourth quarter of 2023 reflected higher NOW, MMA, and certificates of deposit (“CD”) balances that were partially offset by decreases in noninterest bearing and savings balances. During 2024, we realized a re-mix in deposits as rate sensitive clients sought higher yield deposit products. Average core deposit balances (total deposits less public funds) increased $20.3 million over the third quarter of 2024 and $28.4 million over the fourth quarter of 2023.

At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9 million, or 2.6%, over September 30, 2024 and a decrease of $29.8 million, or 0.8%, from December 31, 2023. Compared to the third quarter of 2024, the increase was primarily due to a $110.7 million increase in NOW account balances which reflected the aforementioned seasonal inflow of public funds balances. The decrease from the fourth quarter of 2023 was driven by lower noninterest bearing, NOW, and savings account balances that were partially offset by higher MMA and CD balances which reflected the aforementioned re-mix in balances during 2024. Core deposit balances (total deposits less public funds) decreased $50.3 million from the third quarter of 2024 and increased $21.9 million over the fourth quarter of 2023.

Liquidity

The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $298.3 million in the fourth quarter of 2024 compared to $256.9 million in the third quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increases reflected growth in average core and public fund deposit balances.

At December 31, 2024, we had the ability to generate approximately $1.535 billion (excludes overnight funds position of $321 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source and have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At December 31, 2024, the weighted-average maturity and duration of our portfolio were 2.54 years and 2.19 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $19.2 million.

Capital

Shareowners’ equity was $495.3 million at December 31, 2024 compared to $476.5 million at September 30, 2024 and $440.6 million at December 31, 2023. For the fourth quarter of 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $13.1 million, a net $7.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $0.9 million, stock compensation accretion of $0.7 million, and a $0.4 million reclassification from temporary equity (concurrent with the agreement to assign the minority membership interest (49%) in Capital City Home Loans, LLC, temporary equity was reclassified to other liabilities and included a $0.4 million net credit to retained earnings to account for the difference between the fair value and the book value of the minority interest). The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $0.7 million increase in the fair value of the interest rate swap related to subordinated debt, that was partially offset by a $3.2 million increase in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $3.9 million ($0.23 per share).

For the full year 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $52.9 million, a net $15.7 million decrease in the accumulated other comprehensive loss, the issuance of stock of $3.1 million, and stock compensation accretion of $1.9 million. The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $5.6 million decrease in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $14.9 million ($0.88 per share), the repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling $1.4 million related to transactions under our stock compensation plans, and a $0.3 million reclassification from temporary equity.

At December 31, 2024, our total risk-based capital ratio was 18.77% compared to 17.97% at September 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively, on these dates. Our leverage ratio was 11.05%, 10.89%, and 10.30%, respectively, on these dates. At December 31, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio was 9.55% at December 31, 2024 compared to 9.28% and 8.26% at September 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $16.0 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.17%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide 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. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry generally; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows and any deficiencies in the processes undertaken to effect such restatements; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
Shareowners' Equity (GAAP) $495,317 $476,499 $460,999 $448,314 $440,625 
Less: Goodwill and Other Intangibles (GAAP)  92,773  92,813  92,853  92,893  92,933 
Tangible Shareowners' Equity (non-GAAP)A 402,544  383,686  368,146  355,421  347,692 
Total Assets (GAAP)  4,307,142  4,225,316  4,225,695  4,259,922  4,304,477 
Less: Goodwill and Other Intangibles (GAAP)  92,773  92,813  92,853  92,893  92,933 
Tangible Assets (non-GAAP)B$4,214,369 $4,132,503 $4,132,842 $4,167,029 $4,211,544 
Tangible Common Equity Ratio (non-GAAP)A/B 9.55% 9.28% 8.91% 8.53% 8.26%
Actual Diluted Shares Outstanding (GAAP)C 17,018,122  16,980,686  16,970,228  16,947,204  17,000,758 
Tangible Book Value per Diluted Share (non-GAAP)A/C$23.65 $22.60 $21.69 $20.97 $20.45 


CAPITAL CITY BANK GROUP, INC.           
EARNINGS HIGHLIGHTS           
Unaudited           
            
  Three Months Ended Twelve Months Ended 
(Dollars in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 
EARNINGS           
Net Income Attributable to Common Shareowners$13,090$13,118$11,720 52,915$52,258 
Diluted Net Income Per Share$0.77$0.77$0.70 3.12$3.07 
PERFORMANCE           
Return on Average Assets (annualized) 1.22%1.24%1.12%1.25%1.22%
Return on Average Equity (annualized) 10.60 10.87 10.69 11.18 12.40 
Net Interest Margin 4.17 4.12 4.07 4.08 4.05 
Noninterest Income as % of Operating Revenue 31.34 32.67 30.46 32.34 31.05 
Efficiency Ratio 69.74%71.81%70.82%70.30%67.99%
CAPITAL ADEQUACY           
Tier 1 Capital 17.58%16.77%15.37%17.58%15.37%
Total Capital 18.77 17.97 16.57 18.77 16.57 
Leverage 11.05 10.89 10.30 11.05 10.30 
Common Equity Tier 1 15.64 14.88 13.52 15.64 13.52 
Tangible Common Equity (1) 9.55 9.28 8.26 9.55 8.26 
Equity to Assets 11.50%11.28%10.24%11.50%10.24%
ASSET QUALITY           
Allowance as % of Non-Performing Loans 464.14%452.64%479.70%464.14%479.70%
Allowance as a % of Loans HFI 1.10 1.11 1.10 1.10 1.10 
Net Charge-Offs as % of Average Loans HFI 0.25 0.19 0.23 0.21 0.18 
Nonperforming Assets as % of Loans HFI and OREO 0.25 0.27 0.23 0.25 0.23 
Nonperforming Assets as % of Total Assets 0.15%0.17%0.15%0.15%0.15%
STOCK PERFORMANCE           
High$40.86$36.67$32.56 40.86$36.86 
Low 33.00 26.72 26.12 25.45 26.12 
Close$36.65$35.29$29.43 36.65$29.43 
Average Daily Trading Volume 27,484 37,151 33,297 31,390 33,775 
            
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.    
            


CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION      
Unaudited          
           
 2024
2023
(Dollars in thousands)Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
ASSETS          
Cash and Due From Banks$70,543 $83,431 $75,304 $73,642 $83,118 
Funds Sold and Interest Bearing Deposits 321,311  261,779  272,675  231,047  228,949 
Total Cash and Cash Equivalents 391,854  345,210  347,979  304,689  312,067 
           
Investment Securities Available for Sale 403,345  336,187  310,941  327,338  337,902 
Investment Securities Held to Maturity 567,155  561,480  582,984  603,386  625,022 
Other Equity Securities 2,399  6,976  2,537  3,445  3,450 
Total Investment Securities 972,899  904,643  896,462  934,169  966,374 
           
Loans Held for Sale 28,672  31,251  24,022  24,705  28,211 
           
Loans Held for Investment ("HFI"):          
Commercial, Financial, & Agricultural 189,208  194,625  204,990  218,298  225,190 
Real Estate - Construction 219,994  218,899  200,754  202,692  196,091 
Real Estate - Commercial 779,095  819,955  823,122  823,690  825,456 
Real Estate - Residential 1,028,498  1,023,485  1,012,541  1,012,791  1,001,257 
Real Estate - Home Equity 220,064  210,988  211,126  214,617  210,920 
Consumer 199,479  213,305  234,212  254,168  270,994 
Other Loans 14,006  461  2,286  3,789  2,962 
Overdrafts 1,206  1,378  1,192  1,127  1,048 
Total Loans Held for Investment 2,651,550  2,683,096  2,690,223  2,731,172  2,733,918 
Allowance for Credit Losses (29,251) (29,836) (29,219) (29,329) (29,941)
Loans Held for Investment, Net 2,622,299  2,653,260  2,661,004  2,701,843  2,703,977 
           
Premises and Equipment, Net 81,952  81,876  81,414  81,452  81,266 
Goodwill and Other Intangibles 92,773  92,813  92,853  92,893  92,933 
Other Real Estate Owned 367  650  650  1  1 
Other Assets 116,326  115,613  121,311  120,170  119,648 
Total Other Assets 291,418  290,952  296,228  294,516  293,848 
Total Assets$4,307,142 $4,225,316 $4,225,695 $4,259,922 $4,304,477 
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits$1,306,254 $1,330,715 $1,343,606 $1,361,939 $1,377,934 
NOW Accounts 1,285,281  1,174,585  1,177,180  1,212,452  1,327,420 
Money Market Accounts 404,396  401,272  413,594  398,308  319,319 
Savings Accounts 506,766  507,604  514,560  530,782  547,634 
Certificates of Deposit 169,280  164,901  159,624  151,320  129,515 
Total Deposits 3,671,977  3,579,077  3,608,564  3,654,801  3,701,822 
           
Repurchase Agreements 26,240  29,339  22,463  23,477  26,957 
Other Short-Term Borrowings 2,064  7,929  3,307  8,409  8,384 
Subordinated Notes Payable 52,887  52,887  52,887  52,887  52,887 
Other Long-Term Borrowings 794  794  1,009  265  315 
Other Liabilities 57,863  71,974  69,987  65,181  66,080 
Total Liabilities 3,811,825  3,742,000  3,758,217  3,805,020  3,856,445 
           
Temporary Equity -  6,817  6,479  6,588  7,407 
SHAREOWNERS' EQUITY          
Common Stock 170  169  169  169  170 
Additional Paid-In Capital 37,684  36,070  35,547  34,861  36,326 
Retained Earnings 463,949  454,342  445,959  435,364  426,275 
Accumulated Other Comprehensive Loss, Net of Tax (6,486) (14,082) (20,676) (22,080) (22,146)
Total Shareowners' Equity 495,317  476,499  460,999  448,314  440,625 
Total Liabilities, Temporary Equity and Shareowners' Equity$4,307,142 $4,225,316 $4,225,695 $4,259,922 $4,304,477 
OTHER BALANCE SHEET DATA          
Earning Assets$3,974,431 $3,880,769 $3,883,382 $3,921,093 $3,957,452 
Interest Bearing Liabilities 2,447,708  2,339,311  2,344,624  2,377,900  2,412,431 
Book Value Per Diluted Share$29.11 $28.06 $27.17 $26.45 $25.92 
Tangible Book Value Per Diluted Share(1) 23.65  22.60  21.69  20.97  20.45 
Actual Basic Shares Outstanding 16,975  16,944  16,942  16,929  16,950 
Actual Diluted Shares Outstanding 17,018  16,981  16,970  16,947  17,001 
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.


               
CAPITAL CITY BANK GROUP, INC.              
CONSOLIDATED STATEMENT OF OPERATIONS           
Unaudited              
               
  2024 2023 Twelve Months Ended December 31,
(Dollars in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter 2024 2023
INTEREST INCOME              
Loans, including Fees$41,453 $41,659$41,138$40,683$40,407$164,933$152,250
Investment Securities 4,694  4,155 4,004 4,244 4,392 17,097 18,692
Federal Funds Sold and Interest Bearing Deposits 3,596  3,514 3,624 1,893 1,385 12,627 10,126
Total Interest Income 49,743  49,328 48,766 46,820 46,184 194,657 181,068
INTEREST EXPENSE              
Deposits 7,766  8,223 8,579 7,594 5,872 32,162 17,582
Repurchase Agreements 199  221 217 201 199 838 513
Other Short-Term Borrowings 83  52 68 39 310 242 1,538
Subordinated Notes Payable 581  610 630 628 627 2,449 2,427
Other Long-Term Borrowings 11  11 3 3 5 28 20
Total Interest Expense 8,640  9,117 9,497 8,465 7,013 35,719 22,080
Net Interest Income 41,103  40,211 39,269 38,355 39,171 158,938 158,988
Provision for Credit Losses 701  1,206 1,204 920 2,025 4,031 9,714
Net Interest Income after Provision for Credit Losses 40,402  39,005 38,065 37,435 37,146 154,907 149,274
NONINTEREST INCOME              
Deposit Fees 5,207  5,512 5,377 5,250 5,304 21,346 21,325
Bank Card Fees 3,697  3,624 3,766 3,620 3,713 14,707 14,918
Wealth Management Fees 5,222  4,770 4,439 4,682 4,276 19,113 16,337
Mortgage Banking Revenues 3,118  3,966 4,381 2,878 2,327 14,343 10,400
Other 1,516  1,641 1,643 1,667 1,537 6,467 8,630
Total Noninterest Income 18,760  19,513 19,606 18,097 17,157 75,976 71,610
NONINTEREST EXPENSE              
Compensation 26,108  25,800 24,406 24,407 23,822 100,721 93,787
Occupancy, Net 6,893  7,098 6,997 6,994 7,098 27,982 27,660
Other 8,781  10,023 9,038 8,770 9,038 36,612 35,576
Total Noninterest Expense 41,782  42,921 40,441 40,171 39,958 165,315 157,023
OPERATING PROFIT 17,380  15,597 17,230 15,361 14,345 65,568 63,861
Income Tax Expense 4,219  2,980 3,189 3,536 2,909 13,924 13,040
Net Income 13,161  12,617 14,041 11,825 11,436 51,644 50,821
Pre-Tax Loss (Income) Attributable to Noncontrolling Interest (71) 501 109 732 284 1,271 1,437
NET INCOME ATTRIBUTABLE TO
COMMON SHAREOWNERS		$13,090 $13,118$14,150$12,557$11,720$52,915$52,258
PER COMMON SHARE              
Basic Net Income$0.77 $0.77$0.84$0.74$0.69$3.12$3.08
Diluted Net Income 0.77  0.77 0.83 0.74 0.70 3.12 3.07
Cash Dividend$0.23 $0.23$0.21$0.21$0.20$0.88$0.76
AVERAGE SHARES              
Basic 16,946  16,943 16,931 16,951 16,947 16,943 16,987
Diluted 16,990  16,979 16,960 16,969 16,997 16,969 17,023


CAPITAL CITY BANK GROUP, INC.              
ALLOWANCE FOR CREDIT LOSSES ("ACL")            
AND CREDIT QUALITY              
Unaudited              
               
  2024
 2023 Twelve Months Ended December 31,
(Dollars in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter 2024 2023
ACL - HELD FOR INVESTMENT LOANS              
Balance at Beginning of Period$29,836 $29,219 $29,329 $29,941 $29,083 $29,941 $25,068 
Transfer from Other Liabilities -  -  -  (50) 66  (50) 66 
Provision for Credit Losses 1,085  1,879  1,129  932  2,354  5,025  9,529 
Net Charge-Offs (Recoveries) 1,670  1,262  1,239  1,494  1,562  5,665  4,722 
Balance at End of Period$29,251 $29,836 $29,219 $29,329 $29,941 $29,251 $29,941 
As a % of Loans HFI 1.10% 1.11% 1.09% 1.07% 1.10% 1.10% 1.10%
As a % of Nonperforming Loans 464.14% 452.64% 529.79% 431.46% 479.70% 464.14% 479.70%
ACL - UNFUNDED COMMITMENTS              
Balance at Beginning of Period 2,522 $3,139 $3,121 $3,191 $3,502 $3,191 $2,989 
Provision for Credit Losses (367) (617) 18  (70) (311) (1,036) 202 
Balance at End of Period(1) 2,155  2,522  3,139  3,121  3,191  2,155  3,191 
ACL - DEBT SECURITIES              
Provision for Credit Losses$(17)$(56)$57 $58 $(18)$42 $(17)
CHARGE-OFFS              
Commercial, Financial and Agricultural$499 $331 $400 $282 $217 $1,512 $511 
Real Estate - Construction 47  -  -  -  -  47  - 
Real Estate - Commercial -  3  -  -  -  3  120 
Real Estate - Residential 44  -  -  17  79  61  79 
Real Estate - Home Equity 33  23  -  76  -  132  39 
Consumer 1,307  1,315  1,061  1,550  1,689  5,233  5,754 
Overdrafts 574  611  571  638  602  2,394  2,789 
Total Charge-Offs$2,504 $2,283 $2,032 $2,563 $2,587 $9,382 $9,292 
RECOVERIES              
Commercial, Financial and Agricultural$103 $176 $59 $41 $83 $379 $277 
Real Estate - Construction 3  -  -  -  -  3  2 
Real Estate - Commercial 33  5  19  204  16  261  52 
Real Estate - Residential 28  88  23  37  34  176  253 
Real Estate - Home Equity 17  59  37  24  17  137  226 
Consumer 352  405  313  410  433  1,480  1,936 
Overdrafts 298  288  342  353  442  1,281  1,824 
Total Recoveries$834 $1,021 $793 $1,069 $1,025 $3,717 $4,570 
NET CHARGE-OFFS (RECOVERIES)$1,670 $1,262 $1,239 $1,494 $1,562 $5,665 $4,722 
Net Charge-Offs as a % of Average Loans HFI(2) 0.25% 0.19% 0.18% 0.22% 0.23% 0.21% 0.18%
CREDIT QUALITY              
Nonaccruing Loans$6,302 $6,592 $5,515 $6,798 $6,242     
Other Real Estate Owned 367  650  650  1  1     
Total Nonperforming Assets ("NPAs")$6,669 $7,242 $6,165 $6,799 $6,243     
               
Past Due Loans 30-89 Days$4,311 $9,388 $5,672 $5,392 $6,855     
Classified Loans 19,896  25,501  25,566  22,305  22,203     
               
Nonperforming Loans as a % of Loans HFI 0.24% 0.25% 0.21% 0.25% 0.23%    
NPAs as a % of Loans HFI and Other Real Estate 0.25% 0.27% 0.23% 0.25% 0.23%    
NPAs as a % of Total Assets 0.15% 0.17% 0.15% 0.16% 0.15%    
               
(1) Recorded in other liabilities              
(2) Annualized              


CAPITAL CITY BANK GROUP, INC.                                            
AVERAGE BALANCE AND INTEREST RATES                                            
Unaudited                                                  
                                                   
  Fourth Quarter 2024  Third Quarter 2024  Second Quarter 2024  First Quarter 2024  Fourth Quarter 2023   Full Year 2024  Full Year 2023 
(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$31,047 $976 7.89%$24,570 $720 7.49%$26,281 $517 5.26%$27,314  563 5.99%$49,790 $817 6.50% $27,306 $2,776 6.72%$55,510 $3,232 5.82%
Loans Held for Investment(1) 2,677,396  40,521 6.07  2,693,533  40,985 6.09  2,726,748  40,683 6.03  2,728,629  40,196 5.95  2,711,243  39,679 5.81   2,706,461  162,385 6.03  2,656,394  149,366 5.62 
                                                   
Investment Securities                                                  
Taxable Investment Securities 914,353  4,688 2.04  907,610  4,148 1.82  918,989  3,998 1.74  952,328  4,239 1.78  962,322  4,389 1.81   923,253  17,073 1.85  1,016,550  18,652 1.83 
Tax-Exempt Investment Securities(1) 849  9 4.31  846  10 4.33  843  9 4.36  856  9 4.34  862  7 4.32   848  37 4.34  2,199  59 2.68 
                                                   
Total Investment Securities 915,202  4,697 2.04  908,456  4,158 1.82  919,832  4,007 1.74  953,184  4,248 1.78  963,184  4,396 1.82   924,101  17,110 1.85  1,018,749  18,711 1.83 
                                                   
Federal Funds Sold and Interest Bearing Deposits 298,255  3,596 4.80  256,855  3,514 5.44  262,419  3,624 5.56  140,488  1,893 5.42  99,763  1,385 5.51   239,712  12,627 5.27  203,147  10,126 4.98 
                                                   
Total Earning Assets 3,921,900 $49,790 5.05% 3,883,414 $49,377 5.06% 3,935,280 $48,831 4.99% 3,849,615 $46,900 4.90% 3,823,980 $46,277 4.80%  3,897,580 $194,898 5.00% 3,933,800 $181,435 4.61%
                                                   
Cash and Due From Banks 73,992       70,994       74,803       75,763       76,681        73,881       75,786      
Allowance for Credit Losses (30,107)      (29,905)      (29,564)      (30,030)      (29,998)       (29,902)      (28,190)     
Other Assets 293,884       291,359       291,669       295,275       296,114        293,044       297,290      
                                                   
Total Assets$4,259,669      $4,215,862      $4,272,188      $4,190,623      $4,166,777       $4,234,603      $4,278,686      
                                                   
LIABILITIES:                                                  
Noninterest Bearing Deposits$1,323,556      $1,332,305      $1,346,546      $1,344,188      $1,416,825       $1,336,601      $1,507,657      
NOW Accounts 1,182,073 $3,826 1.29% 1,145,544 $4,087 1.42% 1,207,643 $4,425 1.47% 1,201,032 $4,497 1.51% 1,138,461 $3,696 1.29%  1,183,962 $16,835 1.42% 1,172,861 $12,375 1.06%
Money Market Accounts 422,615  2,526 2.38  418,625  2,694 2.56  407,387  2,752 2.72  353,591  1,985 2.26  318,844  1,421 1.77   400,664  9,957 2.49  299,581  3,670 1.22 
Savings Accounts 504,859  179 0.14  512,098  180 0.14  519,374  176 0.14  539,374  188 0.14  557,579  202 0.14   518,869  723 0.14  592,033  598 0.10 
Time Deposits 167,321  1,235 2.94  163,462  1,262 3.07  160,078  1,226 3.08  138,328  924 2.69  116,797  553 1.88   157,342  4,647 2.95  97,480  939 0.96 
Total Interest Bearing Deposits 2,276,868  7,766 1.36  2,239,729  8,223 1.46  2,294,482  8,579 1.50  2,232,325  7,594 1.37  2,131,681  5,872 1.09   2,260,837  32,162 1.42  2,161,955  17,582 0.81 
Total Deposits 3,600,424  7,766 0.86  3,572,034  8,223 0.92  3,641,028  8,579 0.95  3,576,513  7,594 0.85  3,548,506  5,872 0.66   3,597,438  32,162 0.89  3,669,612  17,582 0.48 
Repurchase Agreements 28,018  199 2.82  27,126  221 3.24  26,999  217 3.24  25,725  201 3.14  26,831  199 2.94   26,970  838 3.11  19,917  513 2.57 
Other Short-Term Borrowings 6,510  83 5.06  2,673  52 7.63  6,592  68 4.16  3,758  39 4.16  16,906  310 7.29   4,882  242 4.94  24,146  1,538 6.37 
Subordinated Notes Payable 52,887  581 4.30  52,887  610 4.52  52,887  630 4.71  52,887  628 4.70  52,887  627 4.64   52,887  2,449 4.56  52,887  2,427 4.53 
Other Long-Term Borrowings 794  11 5.57  795  11 5.55  258  3 4.31  281  3 4.80  336  5 4.72   534  28 5.31  408  20 4.77 
Total Interest Bearing Liabilities 2,365,077 $8,640 1.45% 2,323,210 $9,117 1.56% 2,381,218 $9,497 1.60% 2,314,976 $8,465 1.47% 2,228,641 $7,013 1.25%  2,346,110 $35,719 1.52% 2,259,313 $22,080 0.98%
                                                   
Other Liabilities 73,130       73,767       72,634       68,295       78,772        71,964       81,842      
                                                   
Total Liabilities 3,761,763       3,729,282       3,800,398       3,727,459       3,724,238        3,754,675       3,848,812      
Temporary Equity 6,763       6,443       6,493       7,150       7,423        6,712       8,392      
                                                   
SHAREOWNERS' EQUITY: 491,143       480,137       465,297       456,014       435,116        473,216       421,482      
                                                   
Total Liabilities, Temporary Equity and Shareowners' Equity$4,259,669      $4,215,862      $4,272,188      $4,190,623      $4,166,777       $4,234,603      $4,278,686      
                                                   
Interest Rate Spread  $41,150 3.59%  $40,260 3.49%  $39,334 3.38%  $38,435 3.43%  $39,264 3.55%   $159,179 3.47%  $159,355 3.63%
                                                   
Interest Income and Rate Earned(1)   49,790 5.05    49,377 5.06    48,831 4.99    46,900 4.90    46,277 4.80     194,898 5.00    181,435 4.61 
Interest Expense and Rate Paid(2)   8,640 0.88    9,117 0.93    9,497 0.97    8,465 0.88    7,013 0.73     35,719 0.92    22,080 0.56 
                                                   
Net Interest Margin  $41,150 4.17%  $40,260 4.12%  $39,334 4.02%  $38,435 4.01%  $39,264 4.07%   $159,179 4.08%  $159,355 4.05%
                                                   
(1) Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                 
(2) Rate calculated based on average earning assets.                                              

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450


FAQ

What was Capital City Bank Group's (CCBG) Q4 2024 earnings per share?

CCBG reported earnings of $0.77 per diluted share in Q4 2024, unchanged from Q3 2024 and up from $0.70 in Q4 2023.

How did CCBG's net interest margin perform in Q4 2024?

CCBG's net interest margin increased to 4.17% in Q4 2024, up 5 basis points from Q3 2024 and 10 basis points from Q4 2023.

What was CCBG's loan performance in Q4 2024?

CCBG's loan balances decreased by $31.5 million (1.2%) from Q3 2024 and decreased by $82.4 million (3.0%) from Q4 2023.

How did CCBG's deposits change in Q4 2024?

Total deposits increased by $92.9 million (2.6%) in Q4 2024 compared to Q3 2024, but decreased by $29.8 million (0.8%) year-over-year.

What was CCBG's full-year 2024 net income?

CCBG reported full-year 2024 net income of $52.9 million ($3.12 per diluted share), compared to $52.3 million ($3.07 per diluted share) in 2023.

Stock CCBG logo
Capital City Bank Group Inc

NASDAQ:CCBG

CCBG Rankings

#2927 Ranked by Market Cap
#1242 Ranked by Dividends

CCBG Latest News

Nov 21, 2024
Capital City Bank Group, Inc. Announces Cash Dividend
Nov 19, 2024
Capital City Bank Named Among “Best Banks to Work For” By American Banker For 12 Consecutive Years
Oct 22, 2024
Capital City Bank Group, Inc. Reports Third Quarter 2024 Results
Sep 25, 2024
Capital City Bank Names Matthew Henderson Chief Information Security Officer
Aug 29, 2024
Capital City Bank Group, Inc. Increases Cash Dividend

CCBG Stock Data

640.50M
13.64M
19.5%
47.67%
0.45%
Banks - Regional
State Commercial Banks
Link
United States of America
TALLAHASSEE