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

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Capital City Bank Group (NASDAQ: CCBG) reported net income of $13.1 million, or $0.78 per diluted share, for Q3 2024. Key highlights include:

- Tax-equivalent net interest income increased to $40.3 million
- Net interest margin rose 10 basis points to 4.12%
- Noninterest income remained stable at $19.5 million
- Noninterest expense increased 6.1% to $42.9 million
- Loan balances decreased 0.3% to $2.68 billion
- Deposit balances decreased 0.8% to $3.58 billion
- Tangible book value per share grew 4.2% to $22.61

The company maintained stable credit quality with net loan charge-offs at 19 basis points. The allowance for credit losses increased to 1.11% of loans. Capital ratios remained strong, with a total risk-based capital ratio of 17.97%.

Capital City Bank Group (NASDAQ: CCBG) ha riportato un utile netto di 13,1 milioni di dollari, ovvero 0,78 dollari per azione diluita, per il terzo trimestre del 2024. I principali punti salienti includono:

- Il reddito da interessi netto equivalente alle tasse è aumentato a 40,3 milioni di dollari
- Il margine di interesse netto è salito di 10 punti base a 4,12%
- Il reddito non da interessi è rimasto stabile a 19,5 milioni di dollari
- Le spese non da interessi sono aumentate del 6,1% a 42,9 milioni di dollari
- I saldi dei prestiti sono diminuiti dello 0,3% a 2,68 miliardi di dollari
- I saldi dei depositi sono diminuiti dello 0,8% a 3,58 miliardi di dollari
- Il valore contabile tangibile per azione è cresciuto del 4,2% a 22,61 dollari

L'azienda ha mantenuto una qualità del credito stabile con perdite nette sui prestiti a 19 punti base. Il fondo per le perdite su crediti è aumentato all'1,11% dei prestiti. I rapporti patrimoniali sono rimasti solidi, con un rapporto di capitale totale basato sul rischio del 17,97%.

Capital City Bank Group (NASDAQ: CCBG) reportó un ingreso neto de 13.1 millones de dólares, o 0.78 dólares por acción diluida, para el tercer trimestre de 2024. Los aspectos más destacados incluyen:

- Los ingresos netos por intereses equivalentes a impuestos aumentaron a 40.3 millones de dólares
- El margen de interés neto subió 10 puntos básicos a 4.12%
- Los ingresos no por intereses se mantuvieron estables en 19.5 millones de dólares
- Los gastos no por intereses aumentaron un 6.1% a 42.9 millones de dólares
- Los saldos de préstamos disminuyeron un 0.3% a 2.68 mil millones de dólares
- Los saldos de depósitos disminuyeron un 0.8% a 3.58 mil millones de dólares
- El valor contable tangible por acción creció un 4.2% a 22.61 dólares

La empresa mantuvo una calidad crediticia estable con cargos netos por préstamos de 19 puntos básicos. La provisión para pérdidas crediticias aumentó al 1.11% de los préstamos. Los ratios de capital permanecieron sólidos, con un ratio de capital total basado en riesgos del 17.97%.

캐피탈 시티 뱅크 그룹 (NASDAQ: CCBG)은 2024년 3분기 동안 1310만 달러의 순이익, 즉 희석 주당 0.78달러를 보고했습니다. 주요 하이라이트는 다음과 같습니다:

- 세금 equivalente 순이자 수익이 4030만 달러로 증가했습니다.
- 순이자 마진이 10 베이시스 포인트 상승하여 4.12%에 도달했습니다.
- 비이자 수익은 1950만 달러로 ổ정되었습니다.
- 비이자 비용은 6.1% 증가하여 4290만 달러에 도달했습니다.
- 대출 잔액이 0.3% 감소하여 26억 8000만 달러가 되었습니다.
- 예치 잔액이 0.8% 감소하여 35억 8000만 달러가 되었습니다.
- 주당 실질 장부가치가 4.2% 증가하여 22.61달러가 되었습니다.

회사는 순 대출 충당금이 19 베이시스 포인트로 안정적인 신용 품질을 유지했습니다. 대출에 대한 손실 준비금은 1.11%로 증가했습니다. 자본 비율은 총 위험 기반 자본 비율이 17.97%로 강력하게 유지되었습니다.

Capital City Bank Group (NASDAQ: CCBG) a annoncé un bénéfice net de 13,1 millions de dollars, soit 0,78 dollar par action diluée, pour le 3e trimestre 2024. Les points saillants comprennent :

- Les revenus nets d'intérêts équivalents d'impôt ont augmenté à 40,3 millions de dollars
- La marge d'intérêts nets a augmenté de 10 points de base pour atteindre 4,12%
- Les revenus non liés aux intérêts sont restés stables à 19,5 millions de dollars
- Les dépenses non liées aux intérêts ont augmenté de 6,1% pour atteindre 42,9 millions de dollars
- Les soldes des prêts ont diminué de 0,3% pour atteindre 2,68 milliards de dollars
- Les soldes des dépôts ont diminué de 0,8% pour atteindre 3,58 milliards de dollars
- La valeur comptable tangible par action a augmenté de 4,2% pour atteindre 22,61 dollars

L'entreprise a maintenu une qualité de crédit stable avec des pertes sur prêts nets de 19 points de base. La provision pour pertes de crédit a augmenté à 1,11% des prêts. Les ratios de capital sont restés solides, avec un ratio de capital total basé sur les risques de 17,97%.

Capital City Bank Group (NASDAQ: CCBG) meldete einen Nettoinkommen von 13,1 Millionen Dollar, oder 0,78 Dollar pro verwässerter Aktie, für das 3. Quartal 2024. Zu den wichtigsten Höhepunkten gehören:

- Die steueräquivalenten Nettozinseinnahmen stiegen auf 40,3 Millionen Dollar
- Die Nettozinsspanne stieg um 10 Basispunkte auf 4,12%
- Die Nichtzinseinnahmen blieben stabil bei 19,5 Millionen Dollar
- Die Nichtzinsaufwendungen stiegen um 6,1% auf 42,9 Millionen Dollar
- Die Kreditbestände sanken um 0,3% auf 2,68 Milliarden Dollar
- Die Einlagenbestände sanken um 0,8% auf 3,58 Milliarden Dollar
- Der messbare Buchwert pro Aktie wuchs um 4,2% auf 22,61 Dollar

Das Unternehmen hielt die Kreditqualität stabil mit Nettoausfällen bei 19 Basispunkten. Die Rückstellung für Kreditverluste stieg auf 1,11% der Kredite. Die Kapitalquoten blieben stark, mit einer Gesamtkapitalquote von 17,97%.

Positive
  • Net interest margin increased 10 basis points to 4.12%
  • Tangible book value per share grew 4.2% to $22.61
  • Stable credit quality with net loan charge-offs at 19 basis points
  • Strong capital ratios with total risk-based capital ratio of 17.97%
Negative
  • Net income decreased from $14.2 million in Q2 2024 to $13.1 million in Q3 2024
  • Noninterest expense increased 6.1% to $42.9 million
  • Loan balances decreased 0.3% to $2.68 billion
  • Deposit balances decreased 0.8% to $3.58 billion

Insights

Capital City Bank Group's Q3 2024 results show a mixed performance with some positive trends:

  • Net income of $13.1 million ($0.78 per diluted share) decreased from Q2 2024 but increased year-over-year
  • Net interest margin improved to 4.12%, up 10 basis points from Q2
  • Tangible book value per share grew 4.2%
  • Loan quality remained stable with net charge-offs at 19 basis points
  • Noninterest income remained relatively flat, with mortgage banking revenues declining but wealth management fees increasing

However, there are some challenges:

  • Loan balances decreased slightly, down 0.3% from Q2
  • Deposit balances declined 0.8%, partly due to seasonal public fund outflows
  • Noninterest expenses increased 6.1% due to higher compensation and other costs

The bank maintains a strong capital position with a total risk-based capital ratio of 17.97%. The stable credit quality and improved net interest margin are positive signs, but the slight decline in loans and deposits warrants monitoring. The increase in noninterest expenses could pressure profitability if not offset by revenue growth.

From a market perspective, CCBG's Q3 results present a nuanced picture:

  • The 4.2% growth in tangible book value per share and 9.5% dividend increase are positive signals for investors
  • The improved net interest margin of 4.12% demonstrates the bank's ability to manage interest rate challenges
  • Stable credit quality (19 bps net charge-offs) suggests prudent risk management
  • The 0.3% decline in loans and 0.8% drop in deposits, while small, could indicate growth challenges
  • The 6.1% increase in noninterest expenses may concern investors if it becomes a trend

The market cap of $590.6 million suggests CCBG is a smaller regional bank. Its performance relative to peers and the broader banking sector will be important for investor sentiment. The bank's ability to maintain its dividend and grow book value amid a challenging interest rate environment could appeal to value-oriented investors. However, loan and deposit growth will be key metrics to watch in future quarters to assess the bank's competitive position and growth trajectory.

TALLAHASSEE, Fla., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.78 per diluted share, for the third quarter of 2024 compared to $14.2 million, or $0.83 per diluted share, for the second quarter of 2024, and $12.7 million, or $0.74 per diluted share, for the third quarter of 2023.

QUARTER HIGHLIGHTS (3rd Quarter 2024 versus 2nd Quarter 2024)

Income Statement

  • Tax-equivalent net interest income totaled $40.3 million compared to $39.3 million for the prior quarter
    • Net interest margin increased 10 basis points to 4.12% (earning asset yield up 7 basis points and total deposit cost down 3 basis points to 92 basis points)
  • Stable credit quality metrics and credit loss provision - net loan charge-offs were 19 basis points (annualized) of average loans – allowance coverage ratio increased to 1.11% at September 30, 2024
  • Noninterest income remained stable, decreasing $0.1 million, or 0.5%, and reflected a $0.4 million decline in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees
  • Noninterest expense increased $2.5 million, or 6.1%, due to increases in compensation (annual merit and health care) and other expenses (professional and processing). Other expense also included a $0.5 million expense related to a counterparty payment for our VISA Class B share swap

Balance Sheet

  • Loan balances decreased $33.2 million, or 1.2% (average), and declined $7.1 million, or 0.3% (end of period)
  • Deposit balances decreased by $69.0 million, or 1.9% (average), and decreased $29.5 million, or 0.8% (end of period), reflecting the seasonal decline in our public fund balances
  • Tangible book value per diluted share (non-GAAP financial measure) increased $0.91, or 4.2%

Commenting on the company's results, William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO, said, "I am pleased with what we accomplished in the quarter to enhance shareowner value – 4.2% growth in tangible book value per share and a 9.5% increase in the dividend. Earnings for the quarter remained stable driven by margin expansion, stable credit, and core deposit growth. Looking ahead, I remain optimistic about our full year financial performance and beyond, driven by our balance sheet flexibility, revenue diversification, and focus on continuous improvement.”      

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the third quarter of 2024 totaled $40.2 million, compared to $39.3 million for the second quarter of 2024, and $39.3 million for the third quarter of 2023. Compared to the second quarter of 2024, the increase was primarily due to increases in loan and investment interest income and a decrease in deposit interest expense, partially offset by a decrease in overnight funds interest income. One additional calendar day also contributed to the increase. Favorable repricing of existing adjustable/fixed rate loans at higher rates drove the increase in loan interest income. The increase in investment interest income was due to the reinvestment of maturing securities at higher rates. The decrease in deposit interest expense was attributable to lower average NOW account balances and average rate, in addition to lower rates on promotional deposit products.

Compared to the third quarter of 2023, the $0.9 million increase was primarily driven by an increase in loan interest income and to a lesser extent overnight funds interest income, partially offset by an increase in deposit interest expense. For the first nine months of 2024, tax-equivalent net interest income totaled $118.0 million compared to $120.1 million for the same period of 2023 with the decrease primarily attributable to an increase in deposit interest expense and a decrease in investment interest income, partially offset by an increase in loan interest income.

Our net interest margin for the third quarter of 2024 was 4.12%, an increase of 10 basis points over the second quarter of 2024 and an increase of nine basis points over the third quarter of 2023. For the month of September 2024, our net interest margin was 4.16%. For the first nine months of 2024, our net interest margin was 4.05% compared to 4.04% for the same period of 2023. The increase over the second quarter of 2024 reflected favorable loan and investment repricing, partially offset by a lower overnight funds rate. The increase over both prior year periods reflected higher loan rates partially offset by a higher cost of deposits. For the third quarter of 2024, our cost of funds was 93 basis points, a decrease of four basis points from the second quarter of 2024 and an increase of 27 basis points over the third quarter of 2023. Our cost of deposits (including noninterest bearing accounts) was 92 basis points, 95 basis points, and 58 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $1.2 million for the third quarter of 2024, comparable to the second quarter of 2024 and a $1.2 million decrease from the third quarter of 2023. The provision expense for the third quarter of 2024 reflected a $0.7 million increase in the provision for loans held for investment (“HFI”), a $0.6 million provision benefit for unfunded loan commitments, and a $0.1 million provision benefit for debt securities. The increase in the provision for loans HFI was primarily due to loan grade migration and slightly higher loss rates partially offset by lower loan balances. A lower level of commitments drove the provision benefit for unfunded loan commitments. For the first nine months of 2024, we recorded a provision expense for credit losses of $3.3 million compared to $7.7 million for the same period of 2023 with the decrease driven primarily by lower new loan volume in 2024. We discuss the allowance for credit losses further below.

Noninterest Income and Noninterest Expense

Noninterest income for the third quarter of 2024 totaled $19.5 million compared to $19.6 million for the second quarter of 2024 and $16.7 million for the third quarter of 2023. The slight decrease from the second quarter of 2024 reflected a $0.4 million decrease in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees. Compared to the third quarter of 2023, the $2.8 million increase was primarily attributable to a $2.1 million increase in mortgage banking revenues driven by a higher gain on sale margin, and a $0.8 million increase in wealth management fees.

For the first nine months of 2024, noninterest income totaled $57.2 million compared to $54.5 million for the same period of 2023, primarily attributable to a $3.2 million increase in mortgage banking revenues and a $1.8 million increase in wealth management fees, partially offset by a $2.1 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 the second quarter of 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

Noninterest expense for the third quarter of 2024 totaled $42.9 million compared to $40.4 million for the second quarter of 2024 and $39.1 million for the third quarter of 2023. The $2.5 million increase over the second quarter of 2024 was primarily due to a $1.4 million increase in compensation and a $1.0 million increase in other expense. The increase in compensation reflected higher salary expense of $0.9 million and associate benefit expense of $0.5 million. The increase in salary expense was driven by annual merit adjustments, and the increase in other associate benefit expense was primarily attributable to higher health insurance cost, and to a lesser extent higher stock-based compensation expense. The increase in other expense was primarily due to a $0.5 million increase in professional fees, processing fees of $0.3 million, and higher miscellaneous expense which included a $0.5 million payment to the counterparty for our VISA Class B share swap due to revision to the share conversion rate related to additional funding by VISA of the merchant litigation reserve. Compared to the third quarter of 2023, the $3.8 million increase was primarily attributable to a $2.8 million increase in compensation expense and a $0.9 million increase in other expense. The unfavorable variance in compensation expense reflected higher salary expense of $2.2 million and associate benefit expense of $0.6 million, with the salary variance driven by merit adjustments and the associate benefit expense variance reflective of higher health insurance cost. Further, salary expense was unfavorably impacted by lower realized loan cost (credit offset to salary expense) of $1.0 million which reflected lower loan volume in 2024. The increase in other expense was attributable to a $0.6 million increase in professional fees and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in the third quarter of 2024.  

For the first nine months of 2024, noninterest expense totaled $123.5 million compared to $117.1 million for the same period of 2023 with the $6.4 million increase primarily attributable to increases in compensation expense of $4.6 million, occupancy expense of $0.5 million, and other expense of $1.3 million. The increase in compensation expense reflected a $3.9 million increase in salary expense and a $0.7 million increase in 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 $2.9 million (lower new loan volume) and higher base salary expense of $1.9 million (primarily annual merit raises), partially offset by lower commission expense of $1.3 million (lower residential mortgage volume). The increase in occupancy was primarily attributable to an increase in maintenance agreement expense (security upgrades and addition of interactive teller machines). The increase in other expense reflected a $1.8 million gain from the sale of a banking office in the first quarter of 2023 and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in 2024, that was partially offset by lower pension plan expense (service cost) of $1.0 million.         

Income Taxes

We realized income tax expense of $3.0 million (effective rate of 19.1%) for the third quarter of 2024 compared to $3.2 million (effective rate of 18.5%) for the second quarter of 2024 and $3.0 million (effective rate of 20.7%) for the third quarter of 2023. For the first nine months of 2024, we realized income tax expense of $9.7 million (effective rate of 20.1%) compared to $10.1 million (effective rate of 20.5%) for the same period of 2023. The decrease in our effective tax rate from both prior year periods was primarily due to a higher level of tax benefit accrued from investments in solar tax credit equity funds. Absent discrete items, we expect our annual effective tax rate to approximate 20-21% for 2024.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.883 billion for the third quarter of 2024, a decrease of $51.9 million, or 1.3%, from the second quarter of 2024, and an increase of $59.4 million, or 1.6%, over the fourth quarter of 2023. The change for both prior periods was driven by variances in deposit balances (see below – Deposits). Compared to the second quarter of 2024, the change in the earning asset mix reflected a $33.2 million decrease in loans HFI, a $11.4 million decline in investment securities, and a $5.6 million decrease increase in overnight funds sold. Compared to the fourth quarter of 2023, the change in the earning asset mix reflected a $157.1 million increase in overnight funds that was partially offset by a $17.7 million decrease in loans HFI, a $54.7 million decrease in investment securities and a $25.2 million decline in loans held for sale.

Average loans HFI decreased $33.2 million, or 1.2%, from the second quarter of 2024 and decreased $17.7 million, or 0.7%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was driven by a $19.4 million decrease in consumer loans (primarily indirect auto), commercial loans of $13.2 million, and commercial real estate loans of $7.7 million, partially offset by a $7.4 million increase in residential real estate loans. Compared to the fourth quarter of 2023, the decrease was primarily attributable to a $54.5 million decrease in consumer loans (primarily indirect auto) and commercial loans of $24.2 million (primarily tax-exempt loans) that was partially offset by a $59.2 million increase in residential real estate loans.

Period end loans HFI decreased $7.1 million, or 0.3%, from the second quarter of 2024 and decreased $50.8 million, or 1.9%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decline reflected a $20.9 million decrease in consumer loans (primarily indirect auto), a $10.4 million decrease in commercial loans, and a $3.2 million decline in commercial real estate loans, partially offset by a $10.9 million increase in residential real estate loans and a $18.1 million increase in construction loans. The decrease from the fourth quarter of 2023 was primarily attributable to a $57.7 million decrease in consumer loans (primarily indirect auto), a $30.6 million decline in commercial loans, and a $5.5 million decrease in commercial real estate loans, partially offset by a $22.2 million increase in residential real estate loans and a $22.8 million increase in construction real estate loans.     

Allowance for Credit Losses

At September 30, 2024, the allowance for credit losses for loans HFI totaled $29.8 million compared to $29.2 million at June 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The increase in the allowance over June 30, 2024 was primarily attributable to slightly higher forecasted unemployment rate utilized in calculating loan loss rates and loan grade migration (see above – Provision for Credit Losses). Net loan charge-offs were 19 basis points of average loans for the third quarter of 2024 versus 18 basis points for the second quarter of 2024. At September 30, 2024, the allowance represented 1.11% of loans HFI compared to 1.09% at June 30, 2024, and 1.10% at December 31, 2023.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $7.2 million at September 30, 2024 compared to $6.2 million at June 30, 2024 and $6.2 million at December 31, 2023. At September 30, 2024, nonperforming assets as a percent of total assets equaled 0.17%, compared to 0.15% at June 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.6 million at September 30, 2024, a $1.1 million increase over June 30, 2024 and a $0.3 million increase over December 31, 2023. Further, classified loans totaled $25.5 million at September 30, 2024, a $0.1 million decrease from June 30, 2024 and a $3.3 million increase over December 31, 2023.

Deposits

Average total deposits were $3.572 billion for the third quarter of 2024, a decrease of $69.0 million, or 1.9%, from the second quarter of 2024 and an increase of $23.5 million, or 0.7%, over the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was primarily attributable to lower NOW account balances primarily due to the seasonal decline in our public fund balances. The increase over the fourth quarter of 2023 reflected growth in both money market and certificate of deposit balances which reflected a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

At September 30, 2024, total deposits were $3.579 billion, a decrease of $29.5 million, or 0.8%, from June 30, 2024, and a decrease of $122.7 million, or 3.3%, from December 31, 2023. The decrease from June 30, 2024 was primarily due to lower noninterest bearing, money market, and savings account balances. The decrease from December 31, 2023 was primarily due to lower NOW account balances, primarily due to the seasonal decline in our public funds, partially offset by higher money market and certificate of deposit balances from both new and existing clients. Total public funds balances were $516.2 million at September 30, 2024, $575.0 million at June 30, 2024, and $709.8 million at December 31, 2023.

Liquidity

The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $256.9 million in the third quarter of 2024 compared to $262.4 million in the second quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease reflected lower average deposits (primarily seasonal public funds) that was substantially offset by a decline in average loans. Compared to the fourth quarter of 2023, the increase was primarily driven by higher average deposits and lower average investments.       

At September 30, 2024, we had the ability to generate approximately $1.522 billion (excludes overnight funds position of $262 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 as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At September 30, 2024, the weighted-average maturity and duration of our portfolio were 2.51 years and 2.17 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.5 million.    

Capital

Shareowners’ equity was $476.5 million at September 30, 2024 compared to $461.0 million at June 30, 2024 and $440.6 million at December 31, 2023. For the first nine months of 2024, shareowners’ equity was positively impacted by net income attributable to shareowners of $39.8 million, a $8.7 million decrease in the net unrealized loss on available for sale securities, net adjustments totaling $0.9 million related to transactions under our stock compensation plans, and stock compensation accretion of $1.1 million. Shareowners’ equity was reduced by a common stock dividend of $11.0 million ($0.65 per share), the repurchase of common stock of $2.3 million (82,540 shares), a $0.6 million increase in the fair value of the interest rate swap related to subordinated debt, and a $0.7 million reclassification to temporary equity.

At September 30, 2024, our total risk-based capital ratio was 17.97% compared to 17.50% at June 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 14.88%, 14.44%, and 13.52%, respectively, on these dates. Our leverage ratio was 10.89%, 10.51%, and 10.30%, respectively, on these dates. At September 30, 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 (non-GAAP financial measure) was 9.28% at September 30, 2024 compared to 8.91% and 8.26% at June 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $12.9 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.00%.

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 $4.2 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 105 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; 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; any deficiencies in the processes undertaken to effect these restatements and to identify and correct all errors in our historical financial statements that may require restatement; 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)Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Shareowners' Equity (GAAP)  $476,499 $460,999 $448,314 $440,625 $419,706 
Less: Goodwill and Other Intangibles (GAAP)   92,813  92,853  92,893  92,933  92,973 
Tangible Shareowners' Equity (non-GAAP)A  383,686  368,146  355,421  347,692  326,733 
Total Assets (GAAP)   4,225,316  4,225,695  4,259,922  4,304,477  4,138,287 
Less: Goodwill and Other Intangibles (GAAP)   92,813  92,853  92,893  92,933  92,973 
Tangible Assets (non-GAAP)B $4,132,503 $4,132,842 $4,167,029 $4,211,544 $4,045,314 
Tangible Common Equity Ratio (non-GAAP)A/B  9.28%  8.91%  8.53%  8.26%  8.08% 
Actual Diluted Shares Outstanding (GAAP)C  16,980,686  16,970,228  16,947,204  17,000,758  16,997,886 
Tangible Book Value per Diluted Share (non-GAAP)A/C $22.60 $21.69 $20.97 $20.45 $19.22 
 


CAPITAL CITY BANK GROUP, INC.           
EARNINGS HIGHLIGHTS           
Unaudited           
            
  Three Months Ended Nine Months Ended 
(Dollars in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Sep 30, 2023 Sep 30, 2024 Sep 30, 2023 
EARNINGS           
Net Income Attributable to Common Shareowners$13,118$14,150$12,655$39,825$40,539 
Diluted Net Income Per Share$0.78$0.83$0.74$2.35$2.38 
PERFORMANCE           
Return on Average Assets (annualized) 1.24%1.33%1.19%1.26%1.26%
Return on Average Equity (annualized) 10.87 12.23 11.74 11.39 13.00 
Net Interest Margin 4.12 4.02 4.03 4.05 4.04 
Noninterest Income as % of Operating Revenue 32.67 33.30 29.87 32.69 31.25 
Efficiency Ratio 71.81%68.61%69.88%70.49%67.07%
CAPITAL ADEQUACY           
Tier 1 Capital 16.77%16.31%15.11%16.77%15.11%
Total Capital 17.97 17.50 16.30 17.97 16.30 
Leverage 10.89 10.51 9.98 10.89 9.98 
Common Equity Tier 1 14.88 14.44 13.26 14.88 13.26 
Tangible Common Equity (1) 9.28 8.91 8.08 9.28 8.08 
Equity to Assets 11.28%10.91%10.14%11.28%10.14%
ASSET QUALITY           
Allowance as % of Non-Performing Loans 452.64%529.79%619.58%452.64%619.58%
Allowance as a % of Loans HFI 1.11 1.09 1.08 1.11 1.08 
Net Charge-Offs as % of Average Loans HFI 0.19 0.18 0.17 0.20 0.16 
Nonperforming Assets as % of Loans HFI and OREO 0.27 0.23 0.17 0.27 0.17 
Nonperforming Assets as % of Total Assets 0.17%0.15%0.11%0.17%0.11%
STOCK PERFORMANCE           
High$36.67$28.58$33.44$36.67$36.86 
Low 26.72 25.45 28.64 25.45 28.03 
Close$35.29$28.44$29.83$35.29$29.83 
Average Daily Trading Volume 37,151 29,861 26,774 32,720 33,936 
            
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
reconciliation to GAAP, refer to Page 6.    
            


CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited          
           
 2024  2023 
(Dollars in thousands)Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter
ASSETS          
Cash and Due From Banks$83,431 $75,304 $73,642 $83,118 $72,379 
Funds Sold and Interest Bearing Deposits 261,779  272,675  231,047  228,949  95,119 
Total Cash and Cash Equivalents 345,210  347,979  304,689  312,067  167,498 
           
Investment Securities Available for Sale 336,187  310,941  327,338  337,902  334,052 
Investment Securities Held to Maturity 561,480  582,984  603,386  625,022  632,076 
Other Equity Securities 6,976  2,537  3,445  3,450  3,585 
Total Investment Securities 904,643  896,462  934,169  966,374  969,713 
           
Loans Held for Sale 31,251  24,022  24,705  28,211  34,013 
           
Loans Held for Investment ("HFI"):          
Commercial, Financial, & Agricultural 194,625  204,990  218,298  225,190  221,704 
Real Estate - Construction 218,899  200,754  202,692  196,091  197,526 
Real Estate - Commercial 819,955  823,122  823,690  825,456  828,234 
Real Estate - Residential 1,023,485  1,012,541  1,012,791  1,001,257  966,512 
Real Estate - Home Equity 210,988  211,126  214,617  210,920  203,606 
Consumer 213,305  234,212  254,168  270,994  285,122 
Other Loans 461  2,286  3,789  2,962  1,401 
Overdrafts 1,378  1,192  1,127  1,048  1,076 
Total Loans Held for Investment 2,683,096  2,690,223  2,731,172  2,733,918  2,705,181 
Allowance for Credit Losses (29,836) (29,219) (29,329) (29,941) (29,083)
Loans Held for Investment, Net 2,653,260  2,661,004  2,701,843  2,703,977  2,676,098 
           
Premises and Equipment, Net 81,876  81,414  81,452  81,266  81,677 
Goodwill and Other Intangibles 92,813  92,853  92,893  92,933  92,973 
Other Real Estate Owned 650  650  1  1  1 
Other Assets 115,613  121,311  120,170  119,648  116,314 
Total Other Assets 290,952  296,228  294,516  293,848  290,965 
Total Assets$4,225,316 $4,225,695 $4,259,922 $4,304,477 $4,138,287 
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits$1,330,715 $1,343,606 $1,361,939 $1,377,934 $1,472,165 
NOW Accounts 1,174,585  1,177,180  1,212,452  1,327,420  1,092,996 
Money Market Accounts 401,272  413,594  398,308  319,319  304,323 
Savings Accounts 507,604  514,560  530,782  547,634  571,003 
Certificates of Deposit 164,901  159,624  151,320  129,515  99,958 
Total Deposits 3,579,077  3,608,564  3,654,801  3,701,822  3,540,445 
           
Repurchase Agreements 29,339  22,463  23,477  26,957  22,910 
Other Short-Term Borrowings 7,929  3,307  8,409  8,384  18,786 
Subordinated Notes Payable 52,887  52,887  52,887  52,887  52,887 
Other Long-Term Borrowings 794  1,009  265  315  364 
Other Liabilities 71,974  69,987  65,181  66,080  75,585 
Total Liabilities 3,742,000  3,758,217  3,805,020  3,856,445  3,710,977 
           
Temporary Equity 6,817  6,479  6,588  7,407  7,604 
SHAREOWNERS' EQUITY          
Common Stock 169  169  169  170  170 
Additional Paid-In Capital 36,070  35,547  34,861  36,326  36,182 
Retained Earnings 454,342  445,959  435,364  426,275  418,030 
Accumulated Other Comprehensive Loss, Net of Tax (14,082) (20,676) (22,080) (22,146) (34,676)
Total Shareowners' Equity 476,499  460,999  448,314  440,625  419,706 
Total Liabilities, Temporary Equity and Shareowners' Equity$4,225,316 $4,225,695 $4,259,922 $4,304,477 $4,138,287 
OTHER BALANCE SHEET DATA          
Earning Assets$3,880,769 $3,883,382 $3,921,093 $3,957,452 $3,804,026 
Interest Bearing Liabilities 2,339,311  2,344,624  2,377,900  2,412,431  2,163,227 
Book Value Per Diluted Share$28.06 $27.17 $26.45 $25.92 $24.69 
Tangible Book Value Per Diluted Share(1) 22.60  21.69  20.97  20.45  19.22 
Actual Basic Shares Outstanding 16,944  16,942  16,929  16,950  16,958 
Actual Diluted Shares Outstanding 16,981  16,970  16,947  17,001  16,998 
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 6.
 


CAPITAL CITY BANK GROUP, INC.              
CONSOLIDATED STATEMENT OF OPERATIONS           
Unaudited              
               
  2024 2023 Nine Months Ended
September 30,
(Dollars in thousands, except per share data) Third
Quarter
 Second
Quarter
 First
Quarter
 Fourth
Quarter
 Third
Quarter
 2024 2023
INTEREST INCOME              
Loans, including Fees$41,659$41,138$40,683$40,407$39,344$123,480$111,845
Investment Securities 4,155 4,004 4,244 4,392 4,561 12,403 14,300
Federal Funds Sold and Interest Bearing Deposits 3,514 3,624 1,893 1,385 1,848 9,031 8,741
Total Interest Income 49,328 48,766 46,820 46,184 45,753 144,914 134,886
INTEREST EXPENSE              
Deposits 8,223 8,579 7,594 5,872 5,214 24,396 11,710
Repurchase Agreements 221 217 201 199 190 639 314
Other Short-Term Borrowings 52 68 39 310 440 159 1,228
Subordinated Notes Payable 610 630 628 627 625 1,868 1,800
Other Long-Term Borrowings 11 3 3 5 4 17 15
Total Interest Expense 9,117 9,497 8,465 7,013 6,473 27,079 15,067
Net Interest Income 40,211 39,269 38,355 39,171 39,280 117,835 119,819
Provision for Credit Losses 1,206 1,204 920 2,025 2,393 3,330 7,689
Net Interest Income after Provision for Credit Losses 39,005 38,065 37,435 37,146 36,887 114,505 112,130
NONINTEREST INCOME              
Deposit Fees 5,512 5,377 5,250 5,304 5,456 16,139 16,021
Bank Card Fees 3,624 3,766 3,620 3,713 3,684 11,010 11,205
Wealth Management Fees 4,770 4,439 4,682 4,276 3,984 13,891 12,061
Mortgage Banking Revenues 3,966 4,381 2,878 2,327 1,839 11,225 8,072
Other 1,641 1,643 1,667 1,537 1,765 4,951 7,093
Total Noninterest Income 19,513 19,606 18,097 17,157 16,728 57,216 54,452
NONINTEREST EXPENSE              
Compensation 25,800 24,406 24,407 23,822 23,003 74,613 69,965
Occupancy, Net 7,098 6,997 6,994 7,098 6,980 21,089 20,562
Other 10,023 9,038 8,770 9,038 9,122 27,831 26,539
Total Noninterest Expense 42,921 40,441 40,171 39,958 39,105 123,533 117,066
OPERATING PROFIT 15,597 17,230 15,361 14,345 14,510 48,188 49,516
Income Tax Expense 2,980 3,189 3,536 2,909 3,004 9,705 10,130
Net Income 12,617 14,041 11,825 11,436 11,506 38,483 39,386
Pre-Tax Loss Attributable to Noncontrolling Interest 501 109 732 284 1,149 1,342 1,153
NET INCOME ATTRIBUTABLE TO
COMMON SHAREOWNERS
$13,118$14,150$12,557$11,720$12,655$39,825$40,539
PER COMMON SHARE              
Basic Net Income$0.77$0.84$0.74$0.69$0.75$2.35$2.38
Diluted Net Income 0.78 0.83 0.74 0.70 0.74 2.35 2.38
Cash Dividend$0.23$0.21$0.21$0.20$0.20$0.65$0.56
AVERAGE SHARES              
Basic 16,943 16,931 16,951 16,947 16,985 16,942 17,001
Diluted 16,979 16,960 16,969 16,997 17,025 16,966 17,031
 


CAPITAL CITY BANK GROUP, INC.              
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY              
Unaudited              
               
  2024  2023  Nine Months Ended
September 30,
(Dollars in thousands, except per share data) Third
Quarter
 Second
Quarter
 First
Quarter
 Fourth
Quarter
 Third
Quarter
 2024  2023
ACL - HELD FOR INVESTMENT LOANS              
Balance at Beginning of Period$29,219 $29,329 $29,941 $29,083 $28,243 $29,941 $25,068
Transfer from Other (Assets) Liabilities -  -  (50) 66  -  (50) -
Provision for Credit Losses 1,879  1,129  932  2,354  1,993  3,940  7,175
Net Charge-Offs (Recoveries) 1,262  1,239  1,494  1,562  1,153  3,995  3,160
Balance at End of Period$29,836 $29,219 $29,329 $29,941 $29,083 $29,836 $29,083
As a % of Loans HFI 1.11%  1.09%  1.07%  1.10%  1.08%  1.11%  1.08%
As a % of Nonperforming Loans 452.64%  529.79%  431.46%  479.70%  619.58%  452.64%  619.58%
ACL - UNFUNDED COMMITMENTS              
Balance at Beginning of Period 3,139 $3,121 $3,191 $3,502 $3,120 $3,191 $2,989
Provision for Credit Losses (617) 18  (70) (311) 382  (669) 513
Balance at End of Period(1) 2,522  3,139  3,121  3,191  3,502  2,522  3,502
ACL - DEBT SECURITIES              
Provision for Credit Losses$(56)$57 $58 $(18)$18 $59 $1
CHARGE-OFFS              
Commercial, Financial and Agricultural$331 $400 $282 $217 $76 $1,013 $294
Real Estate - Construction -  -  -  -  -  -  -
Real Estate - Commercial 3  -  -  -  -  3  120
Real Estate - Residential -  -  17  79  -  17  -
Real Estate - Home Equity 23  -  76  -  -  99  39
Consumer 1,315  1,061  1,550  1,689  1,340  3,926  4,065
Overdrafts 611  571  638  602  659  1,820  2,187
Total Charge-Offs$2,283 $2,032 $2,563 $2,587 $2,075 $6,878 $6,705
RECOVERIES              
Commercial, Financial and Agricultural$176 $59 $41 $83 $28 $276 $194
Real Estate - Construction -  -  -  -  -  -  2
Real Estate - Commercial 5  19  204  16  17  228  36
Real Estate - Residential 88  23  37  34  30  148  219
Real Estate - Home Equity 59  37  24  17  53  120  209
Consumer 405  313  410  433  418  1,128  1,503
Overdrafts 288  342  353  442  376  983  1,382
Total Recoveries$1,021 $793 $1,069 $1,025 $922 $2,883 $3,545
NET CHARGE-OFFS (RECOVERIES)$1,262 $1,239 $1,494 $1,562 $1,153 $3,995 $3,160
Net Charge-Offs as a % of Average Loans HFI(2) 0.19%  0.18%  0.22%  0.23%  0.17%  0.20%  0.16%
CREDIT QUALITY              
Nonaccruing Loans$6,592 $5,515 $6,798 $6,242 $4,694     
Other Real Estate Owned 650  650  1  1  1     
Total Nonperforming Assets ("NPAs")$7,242 $6,165 $6,799 $6,243 $4,695     
               
Past Due Loans 30-89 Days$9,388 $5,672 $5,392 $6,855 $5,577     
Classified Loans 25,501  25,566  22,305  22,203  21,812     
               
Nonperforming Loans as a % of Loans HFI 0.25%  0.21%  0.25%  0.23%  0.17%     
NPAs as a % of Loans HFI and Other Real Estate 0.27%  0.23%  0.25%  0.23%  0.17%     
NPAs as a % of Total Assets 0.17%  0.15%  0.16%  0.15%  0.11%     
               
(1) Recorded in other liabilities              
(2) Annualized              
 


CAPITAL CITY BANK GROUP, INC.
   
AVERAGE BALANCE AND INTEREST RATES
   
Unaudited                                                  
                                                  
  Third Quarter 2024  Second Quarter 2024  First Quarter 2024  Fourth Quarter 2023  Third Quarter 2023  Sep 2024 YTD  Sep 2023 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$24,570 $720 7.49%$26,281 $517 5.26%$27,314 $563 5.99%$49,790  817 6.50%$62,768 $971 6.14%$26,050 $1,800 6.22%$57,438 $2,416 5.62%
Loans Held for Investment(1) 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  2,672,653  38,455 5.71  2,716,220  121,864 6.02  2,637,911  109,688 5.56 
                                                  
Investment Securities                                                 
Taxable Investment Securities 907,610  4,148 1.82  918,989  3,998 1.74  952,328  4,239 1.78  962,322  4,389 1.81  1,002,547  4,549 1.80  926,241  12,385 1.78  1,034,825  14,265 1.84 
Tax-Exempt Investment Securities(1) 846  10 4.33  843  9 4.36  856  9 4.34  862  7 4.32  2,456  17 2.66  848  28 4.34  2,649  50 2.49 
                                                  
Total Investment Securities 908,456  4,158 1.82  919,832  4,007 1.74  953,184  4,248 1.78  963,184  4,396 1.82  1,005,003  4,566 1.81  927,089  12,413 1.78  1,037,474  14,315 1.84 
                                                  
Federal Funds Sold and Interest Bearing Deposits 256,855  3,514 5.44  262,419  3,624 5.56  140,488  1,893 5.42  99,763  1,385 5.51  136,556  1,848 5.37  220,056  9,031 5.48  237,987  8,741 4.91 
                                                  
Total Earning Assets 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% 3,876,980 $45,840 4.69% 3,889,415 $145,108 4.98% 3,970,810 $135,160 4.55%
                                                  
Cash and Due From Banks 70,994       74,803       75,763       76,681       75,941       73,843       75,483      
Allowance for Credit Losses (29,905)      (29,564)      (30,030)      (29,998)      (29,172)      (29,833)      (27,581)     
Other Assets 291,359       291,669       295,275       296,114       295,106       292,762       297,688      
                                                  
Total Assets$4,215,862      $4,272,188      $4,190,623      $4,166,777      $4,218,855      $4,226,187      $4,316,400      
                                                  
LIABILITIES:                                                 
Noninterest Bearing Deposits$1,332,305      $1,346,546      $1,344,188      $1,416,825      $1,474,574      $1,340,981      $1,538,268      
NOW Accounts 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% 1,125,171 $3,489 1.23% 1,184,596 $13,009 1.47% 1,184,453 $8,679 0.98%
Money Market Accounts 418,625  2,694 2.56  407,387  2,752 2.72  353,591  1,985 2.26  318,844  1,421 1.77  322,623  1,294 1.59  393,294  7,431 2.52  293,089  2,249 1.03 
Savings Accounts 512,098  180 0.14  519,374  176 0.14  539,374  188 0.14  557,579  202 0.14  579,245  200 0.14  523,573  544 0.14  603,643  396 0.09 
Time Deposits 163,462  1,262 3.07  160,078  1,226 3.08  138,328  924 2.69  116,797  553 1.88  95,203  231 0.96  153,991  3,412 2.96  90,970  386 0.57 
Total Interest Bearing Deposits 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  2,122,242  5,214 0.97  2,255,454  24,396 1.44  2,172,155  11,710 0.72 
Total Deposits 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  3,596,816  5,214 0.58  3,596,435  24,396 0.91  3,710,423  11,710 0.42 
Repurchase Agreements 27,126  221 3.24  26,999  217 3.24  25,725  201 3.14  26,831  199 2.94  25,356  190 2.98  26,619  639 3.21  17,588  314 2.39 
Other Short-Term Borrowings 2,673  52 7.63  6,592  68 4.16  3,758  39 4.16  16,906  310 7.29  24,306  440 7.17  4,334  159 4.88  26,586  1,228 6.17 
Subordinated Notes Payable 52,887  610 4.52  52,887  630 4.71  52,887  628 4.70  52,887  627 4.64  52,887  625 4.62  52,887  1,868 4.64  52,887  1,800 4.49 
Other Long-Term Borrowings 795  11 5.55  258  3 4.31  281  3 4.80  336  5 4.72  387  4 4.73  447  17 5.16  433  15 4.78 
Total Interest Bearing Liabilities 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% 2,225,178 $6,473 1.15% 2,339,741 $27,079 1.55% 2,269,649 $15,067 0.89%
                                                  
Other Liabilities 73,767       72,634       68,295       78,772       83,099       71,574       82,877      
                                                  
Total Liabilities 3,729,282       3,800,398       3,727,459       3,724,238       3,782,851       3,752,296       3,890,794      
Temporary Equity 6,443       6,493       7,150       7,423       8,424       6,694       8,719      
                                                  
SHAREOWNERS' EQUITY: 480,137       465,297       456,014       435,116       427,580       467,197       416,887      
                                                  
Total Liabilities, Temporary Equity and Shareowners' Equity$4,215,862      $4,272,188      $4,190,623      $4,166,777      $4,218,855      $4,226,187      $4,316,400      
                                                  
Interest Rate Spread  $40,260 3.49%  $39,334 3.38%  $38,435 3.43%  $39,264 3.55%  $39,367 3.54%  $118,029 3.43%  $120,093 3.66%
                                                  
Interest Income and Rate Earned(1)   49,377 5.06    48,831 4.99    46,900 4.90    46,277 4.80    45,840 4.69    145,108 4.98    135,160 4.55 
Interest Expense and Rate Paid(2)   9,117 0.93    9,497 0.97    8,465 0.88    7,013 0.73    6,473 0.66    27,079 0.93    15,067 0.51 
                                                  
Net Interest Margin  $40,260 4.12%  $39,334 4.02%  $38,435 4.01%  $39,264 4.07%  $39,367 4.03%  $118,029 4.05%  $120,093 4.04%
                                                  
(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) net income for Q3 2024?

Capital City Bank Group reported net income of $13.1 million, or $0.78 per diluted share, for the third quarter of 2024.

How did CCBG's net interest margin change in Q3 2024?

CCBG's net interest margin increased by 10 basis points to 4.12% in the third quarter of 2024.

What was the change in CCBG's loan balances for Q3 2024?

CCBG's loan balances decreased by 0.3% to $2.68 billion in the third quarter of 2024.

How did CCBG's deposit balances change in Q3 2024?

CCBG's deposit balances decreased by 0.8% to $3.58 billion in the third quarter of 2024.

What was CCBG's total risk-based capital ratio as of September 30, 2024?

CCBG's total risk-based capital ratio was 17.97% as of September 30, 2024.

Capital City Bank Group Inc

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Banks - Regional
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United States of America
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