Capital City Bank Group, Inc. Reports Third Quarter 2025 Results
TALLAHASSEE, Fla., Oct. 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.0 million, or $0.93 per diluted share, for the third quarter of 2025 compared to $15.0 million, or $0.88 per diluted share, for the second quarter of 2025, and $13.1 million, or $0.77 per diluted share, for the third quarter of 2024.
QUARTER HIGHLIGHTS (3rd Quarter 2025 versus 2nd Quarter 2025)
Income Statement
- Tax-equivalent net interest income totaled $43.6 million compared to $43.2 million for the second quarter of 2025
- Net interest margin increased four-basis points to 4.34% due to a four-basis point decline in cost of funds to 78 basis points
- Provision for credit losses increased by $1.3 million to $1.9 million for the third quarter of 2025 – net loan charge-offs were 18-basis points (annualized) of average loans – allowance coverage ratio increased to 1.17% at September 30, 2025
- Noninterest income increased by $2.3 million, or 11.6%, due to a $1.2 million increase in other income which included a $0.7 million gain from the sale of our insurance subsidiary, and higher mortgage banking revenues of $0.6 million and deposit fees of $0.6 million
- Noninterest expense increased by $0.4 million, or 0.9%, due to an increase in other miscellaneous expenses
Balance Sheet
- Loan balances decreased by $46.4 million, or 1.7% (average), and decreased by $49.5 million, or 1.9% (end of period)
- Deposit balances decreased by $68.4 million, or 1.9% (average), and decreased by $89.9 million, or 2.4% (end of period) due to the seasonal decrease in our public fund balances
- Noninterest bearing deposits averaged 36.4% of total deposits for the third quarter of 2025 and 36.3% for the year
- Tangible book value per diluted share (non-GAAP financial measure) increased by $1.01, or 4.0%
“We are pleased to share another strong report for the third quarter of 2025, highlighted by an above-peer ROA of 1.47% and ROE of 11.67%,” said William G. Smith, Jr., Capital City Bank Group Chairman and CEO. “Revenue growth driven by continued net interest margin expansion and higher noninterest income drove the improvement and resulted in a 4% increase in tangible book value per share. We are in a position of strength and look forward to finishing the year strong and continued momentum in 2026.”
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the third quarter of 2025 totaled $43.6 million compared to $43.2 million for the second quarter of 2025 and $40.3 million for the third quarter of 2024. Compared to the second quarter of 2025, the increase was driven by a $0.5 million increase in investment securities income, a $0.4 million decrease in interest expense, and a $0.1 million increase in overnight funds income, partially offset by a $0.6 million decrease in loan income. One additional calendar day in the third quarter of 2025 contributed to the improvement. Compared to the third quarter of 2024, the increase was primarily due to a $3.0 million increase in investment securities income, a $1.2 million decrease in interest expense, and a $0.5 million increase in overnight funds income, partially offset by a $1.4 million decrease in loan income. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from both prior periods reflected the gradual decrease in our deposit rates. The decrease in loan income compared to both prior periods was due to lower loan balances that was partially offset by favorable rate repricing.
For the first nine months of 2025, tax-equivalent net interest income totaled $128.4 million compared to $118.0 million for the same period of 2024 with the increase primarily attributable to a $7.3 million increase in investment securities income, a $2.3 million increase in overnight funds income, and a $2.3 million decrease in deposit interest expense, partially offset by a $1.9 million decrease in loan income. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates. The decrease in loan income was due to lower loan balances that was partially offset by favorable rate repricing.
Our net interest margin for the third quarter of 2025 was 4.34%, an increase of four basis points over the second quarter of 2025 and an increase of 22 basis points over the third quarter of 2024. For the month of September 2025, our net interest margin was 4.41%. For the first nine months of 2025, our net interest margin of 4.28% reflected a 23 basis point increase over the same period of 2024. The improvement in the net interest margin compared to all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields and lower deposit cost. For the third quarter of 2025, our cost of funds was 78 basis points, a decrease of four basis points from the second quarter of 2025 and a 15-basis point decrease from the third quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 80 basis points, 81 basis points, and 92 basis points, respectively, for the same periods.
Provision for Credit Losses
We recorded a provision expense for credit losses of $1.9 million for the third quarter of 2025 compared to $0.6 million for the second quarter of 2025 and $1.2 million for the third quarter of 2024. For the first nine months of 2025, we recorded a provision expense for credit losses of $3.3 million which was comparable to the same period of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.
Noninterest Income and Noninterest Expense
Noninterest income for the third quarter of 2025 totaled $22.3 million compared to $20.0 million for the second quarter of 2025 and $19.5 million for the third quarter of 2024. The $2.3 million, or 11.6%, increase over the second quarter of 2025 was primarily due to a $1.2 million increase in other income, a $0.6 million increase in mortgage banking revenues, and a $0.6 million increase in deposit fees. The increase in other income was primarily due to a $0.7 million gain from the sale of our insurance subsidiary (Capital City Strategic Wealth) in the third quarter of 2025, and to a lesser extent higher miscellaneous income. The increase in mortgage revenues was driven by an increase in the gain on sale margin for loan sales. Fee adjustments made late in the second quarter of 2025 contributed to the increase in deposit fees and miscellaneous income.
Compared to the third quarter of 2024, the $2.8 million, or 14.4%, increase was primarily due to a $1.1 million increase in other income, a $0.8 million increase in mortgage banking revenues, a $0.4 million increase in wealth management fees, and a $0.4 million increase in deposit fees. The increase in other income reflected the aforementioned gain from the sale of our insurance subsidiary and higher miscellaneous income. Higher production volume and gain on sale margin drove the improvement in mortgage banking revenues. The increase in wealth management fees was primarily due to higher retail brokerage fees. The aforementioned fee adjustments drove the improvement in deposit fees.
For the first nine months of 2025, noninterest income totaled $62.3 million compared to $57.2 million for the same period of 2024, primarily attributable to a $2.2 million increase in wealth management fees, a $1.6 million increase in mortgage banking revenues, and a $1.1 million increase in other income. The increase in wealth management fees reflected increases in trust fees of $1.1 million and retail brokerage fees of $1.0 million attributable to a combination of new business and higher account valuations. A fee increase implemented in early 2025 also contributed to the increase in trust fees. Higher production volume and gain on sale margin drove the improvement in mortgage banking revenues. The increase in other income reflected the aforementioned gain from the sale of our insurance subsidiary and higher miscellaneous income.
Noninterest expense for the third quarter of 2025 totaled $42.9 million compared to $42.5 million for the second quarter of 2025 and $42.9 million for the third quarter of 2024. The $0.4 million, or 0.9%, increase over the second quarter of 2025 reflected a $0.8 million increase in other expense that was partially offset by a $0.4 million decrease in compensation expense. The increase in other expense was driven by higher miscellaneous expenses of $0.7 million and professional fees of $0.1 million. The decrease in compensation was primarily due to lower performance-based compensation (cash and stock incentives). Compared to the third quarter of 2024, a $0.3 million increase in compensation expense was offset by a $0.2 million decrease in other expense and a $0.1 million decline in occupancy expense.
For the first nine months of 2025, noninterest expense totaled $124.2 million compared to $123.5 million for the same period of 2024 with the $0.6 million, or 0.5%, increase primarily due to a $4.2 million increase in compensation expense that was partially offset by a $3.4 million decrease in other expense and a $0.2 million decrease in occupancy expense. The increase in compensation was due to a $2.6 million increase in salary expense and a $1.6 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.3 million, base salaries of $0.6 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to higher gains from the sale of banking facilities, and a $1.4 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.4 million (outsource of core processing system), charitable contribution expense of $0.8 million, and professional fees of $0.3 million.
Income Taxes
We realized income tax expense of $5.1 million (effective rate of 24.4%) for the third quarter of 2025 compared to $5.0 million (effective rate of 24.9%) for the second quarter of 2025 and $3.0 million (effective rate of 19.1%) for the third quarter of 2024. For the first nine months of 2025, we realized income tax expense of $15.3 million (effective rate of 24.2%) compared to $9.7 million (effective rate of 20.1%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate compared to the prior year periods. 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 $3.982 billion for the third quarter of 2025, a decrease of $50.5 million, or 1.3%, from the second quarter of 2025, and an increase of $59.6 million, or 1.5%, over the fourth quarter of 2024. Compared to the second quarter of 2025, the change in the earning asset mix reflected a $46.4 million decrease in loans HFI and a $14.1 million decrease in investment securities, partially offset by a $7.4 million increase in overnight funds sold and a $2.6 million increase in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in earning asset mix reflected a $78.7 million increase in investment securities and a $57.9 million increase in overnight funds sold, partially offset by a $71.2 million decrease in loans HFI and a $5.8 million decrease in loans HFS.
Average loans HFI decreased by $46.4 million, or 1.8%, from the second quarter of 2025 and decreased by $71.2 million, or 2.7%, from the fourth quarter of 2024. Compared to the second quarter of 2025, the decline reflected decreases in construction loans of $22.4 million, consumer loans (primarily indirect auto) of $10.4 million, commercial real estate loans of $8.7 million, residential real estate loans of $2.9 million, and commercial loans of $2.7 million, partially offset by a $2.0 million increase in home equity loans. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $55.6 million, consumer loans (primarily auto indirect loans) of $14.4 million, commercial loans of $11.9 million and commercial real estate loans of $6.8 million, partially offset by increases in home equity loans of $12.8 million and residential real estate loans of $7.0 million.
Loans HFI at September 30, 2025, decreased by $49.5 million, or 1.9%, from June 30, 2025, and decreased by $69.5 million, or 2.6%, from December 31, 2024. Compared to June 30, 2025, the decline was primarily due to decreases in construction loans of $17.4 million, commercial real estate loans of $17.2 million, consumer loans (primarily indirect auto) of $11.6 million, and residential real estate loans of $9.0 million, partially offset by a $5.9 million increase in home equity loans. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $63.2 million, consumer loans (primarily indirect auto) of $13.6 million, and commercial loans of $10.2 million, partially offset by increases in home equity loans of $14.0 million, residential real estate loans of $8.8 million, and commercial real estate loans of $6.2 million.
Allowance for Credit Losses
At September 30, 2025, the allowance for credit losses for loans HFI totaled $30.2 million compared to $29.9 million at June 30, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over June 30, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs were 18 basis points of average loans for the third quarter of 2025 compared to 9 basis points for the second quarter of 2025. Net loan charge-offs for the nine-months ended September 30, 2025 were 12 basis points compared to 20 basis points for the same period of 2024. At September 30, 2025, the allowance represented 1.17% of loans HFI compared to 1.13% at June 30, 2025, and 1.10% at December 31, 2024.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled $10.0 million at September 30, 2025, compared to $6.6 million at June 30, 2025, and $6.7 million at December 31, 2024. At September 30, 2025, nonperforming assets as a percentage of total assets was 0.23%, compared to 0.15% at June 30, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $8.2 million at September 30, 2025, a $1.7 million increase over June 30, 2025 and a $1.9 million increase over December 31, 2024 with the increase over both periods primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $26.5 million at September 30, 2025, a $2.1 million decrease from June 30, 2025, and a $6.6 million increase over December 31, 2024.
Deposits
Average total deposits were $3.612 billion for the third quarter of 2025, a decrease of $68.4 million, or 1.86%, from the second quarter of 2025 and an increase of $11.9 million, or 0.33%, over the fourth quarter of 2024. Compared to the second quarter of 2025, the decrease was attributable to lower public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances, partially offset by higher core deposit balances (primarily noninterest bearing checking, money market accounts, and certificates of deposit). The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances, partially offset by the seasonal decline in public fund balances.
At September 30, 2025, total deposits were $3.615 billion, a decrease of $89.9 million, or 2.4%, from June 30 2025, and a decrease of $57.1 million, or 1.6%, from December 31, 2024. The decrease compared to both prior periods was due to a decline in public fund deposits, partially offset by growth in our core deposits. Public funds totaled $497.9 million at September 30, 2025, $596.6 million at June 30, 2025, and $660.9 million at December 31, 2024.
Liquidity
We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $356.2 million in the third quarter of 2025 compared to $348.8 million in the second quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to the second quarter of 2025, the slight increase reflected lower average loan and investment security balances partially offset by lower average deposit balances. The increase over the fourth quarter of 2024 was primarily due to lower average loan balances.
At September 30, 2025, we had the ability to generate approximately $1.625 billion (excludes overnight funds position of $398 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, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.15 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $11.2 million.
Capital
Shareowners’ equity was $540.6 million at September 30, 2025, compared to $526.4 million at June 30, 2025, and $495.3 million at December 31, 2024. For the first nine months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $47.9 million, a net $7.7 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.9 million, and stock compensation accretion of $1.4 million. The net favorable change in accumulated other comprehensive loss reflected a $8.8 million decrease in the investment securities loss that was partially offset by a $1.1 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $12.6 million ($0.74 per share) and net adjustments totaling $2.0 million related to transactions under our stock compensation plans.
At September 30, 2025, our total risk-based capital ratio was 20.59% compared to 19.60% at June 30, 2025, and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 17.73%, 16.81%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.64%, 11.14%, and 11.05%, respectively, on these dates. At September 30, 2025, 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 10.66% at September 30, 2025, compared to 10.09% and 9.51% at June 30, 2025, and December 31, 2024, respectively.
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, and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and has 62 banking offices and 108 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://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: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; dispositions (including the impact from the sale of our insurance subsidiary) acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; action or inaction by the federal government, including as a result of any prolonged government shutdown or government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://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 they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.
The GAAP to non-GAAP reconciliations are provided below.
| (Dollars in Thousands, except per share data) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | |||||||||||
| Shareowners’ Equity (GAAP) | $ | 540,635 | $ | 526,423 | $ | 512,575 | $ | 495,317 | $ | 476,499 | ||||||
| Less: Goodwill and Other Intangibles (GAAP) | 89,095 | 92,693 | 92,733 | 92,773 | 92,813 | |||||||||||
| Tangible Shareowners’ Equity (non-GAAP) | A | 451,540 | 433,730 | 419,842 | 402,544 | 383,686 | ||||||||||
| Total Assets (GAAP) | 4,323,774 | 4,391,753 | 4,461,233 | 4,324,932 | 4,225,316 | |||||||||||
| Less: Goodwill and Other Intangibles (GAAP) | 89,095 | 92,693 | 92,733 | 92,773 | 92,813 | |||||||||||
| Tangible Assets (non-GAAP) | B | $ | 4,234,679 | $ | 4,299,060 | $ | 4,368,500 | $ | 4,232,159 | $ | 4,132,503 | |||||
| Tangible Common Equity Ratio (non-GAAP) | A/B | 10.66 | % | 10.09 | % | 9.61 | % | 9.51 | % | 9.28 | % | |||||
| Actual Diluted Shares Outstanding (GAAP) | C | 17,115,336 | 17,097,986 | 17,072,330 | 17,018,122 | 16,980,686 | ||||||||||
| Tangible Book Value per Diluted Share (non-GAAP) | A/C | $ | 26.38 | $ | 25.37 | $ | 24.59 | $ | 23.65 | $ | 22.60 | |||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||
| EARNINGS HIGHLIGHTS | |||||||||||
| Unaudited | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| (Dollars in thousands, except per share data) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | ||||||
| EARNINGS | |||||||||||
| Net Income Attributable to Common Shareowners | $ | 15,950 | $ | 15,044 | $ | 13,118 | $ | 47,852 | $ | 39,825 | |
| Diluted Net Income Per Share | $ | 0.93 | $ | 0.88 | $ | 0.77 | $ | 2.80 | $ | 2.35 | |
| PERFORMANCE | |||||||||||
| Return on Average Assets (annualized) | 1.47 | % | 1.38 | % | 1.24 | % | 1.47 | % | 1.26 | % | |
| Return on Average Equity (annualized) | 11.67 | 11.44 | 10.87 | 12.12 | 11.39 | ||||||
| Net Interest Margin | 4.34 | 4.30 | 4.12 | 4.28 | 4.05 | ||||||
| Noninterest Income as % of Operating Revenue | 33.89 | 31.67 | 32.67 | 32.67 | 32.69 | ||||||
| Efficiency Ratio | 65.09 | % | 67.26 | % | 71.81 | % | 65.11 | % | 70.49 | % | |
| CAPITAL ADEQUACY | |||||||||||
| Tier 1 Capital | 19.33 | % | 18.38 | % | 16.77 | % | 19.33 | % | 16.77 | % | |
| Total Capital | 20.59 | 19.60 | 17.97 | 20.59 | 17.97 | ||||||
| Leverage | 11.64 | 11.14 | 10.89 | 11.64 | 10.89 | ||||||
| Common Equity Tier 1 | 17.73 | 16.81 | 14.88 | 17.73 | 14.88 | ||||||
| Tangible Common Equity(1) | 10.66 | 10.09 | 9.28 | 10.66 | 9.28 | ||||||
| Equity to Assets | 12.50 | % | 11.99 | % | 11.28 | % | 12.50 | % | 11.28 | % | |
| ASSET QUALITY | |||||||||||
| Allowance as % of Non-Performing Loans | 368.54 | % | 463.01 | % | 452.64 | % | 368.54 | % | 452.64 | % | |
| Allowance as a % of Loans HFI | 1.17 | 1.13 | 1.11 | 1.17 | 1.11 | ||||||
| Net Charge-Offs as % of Average Loans HFI | 0.18 | 0.09 | 0.19 | 0.12 | 0.20 | ||||||
| Nonperforming Assets as % of Loans HFI and OREO | 0.39 | 0.25 | 0.27 | 0.39 | 0.27 | ||||||
| Nonperforming Assets as % of Total Assets | 0.23 | % | 0.15 | % | 0.17 | % | 0.23 | % | 0.17 | % | |
| STOCK PERFORMANCE | |||||||||||
| High | $ | 44.69 | $ | 39.82 | $ | 36.67 | $ | 44.69 | $ | 36.67 | |
| Low | 38.00 | 32.38 | 26.72 | 32.38 | 25.45 | ||||||
| Close | $ | 41.79 | $ | 39.35 | $ | 35.29 | $ | 41.79 | $ | 35.29 | |
| Average Daily Trading Volume | 42,187 | 27,397 | 37,151 | 31,559 | 32,720 | ||||||
| (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10. | |||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||
| Unaudited | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| (Dollars in thousands) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| ASSETS | |||||||||||||||
| Cash and Due From Banks | $ | 68,397 | $ | 78,485 | $ | 78,521 | $ | 70,543 | $ | 83,431 | |||||
| Funds Sold and Interest Bearing Deposits | 397,502 | 394,917 | 446,042 | 321,311 | 261,779 | ||||||||||
| Total Cash and Cash Equivalents | 465,899 | 473,402 | 524,563 | 391,854 | 345,210 | ||||||||||
| Investment Securities Available for Sale | 577,333 | 533,457 | 461,224 | 403,345 | 336,187 | ||||||||||
| Investment Securities Held to Maturity | 404,659 | 462,599 | 517,176 | 567,155 | 561,480 | ||||||||||
| Other Equity Securities | 2,145 | 3,242 | 2,315 | 2,399 | 6,976 | ||||||||||
| Total Investment Securities | 984,137 | 999,298 | 980,715 | 972,899 | 904,643 | ||||||||||
| Loans Held for Sale (“HFS”): | 24,204 | 19,181 | 21,441 | 28,672 | 31,251 | ||||||||||
| Loans Held for Investment (“HFI”): | |||||||||||||||
| Commercial, Financial, & Agricultural | 179,018 | 180,008 | 184,393 | 189,208 | 194,625 | ||||||||||
| Real Estate – Construction | 156,756 | 174,115 | 192,282 | 219,994 | 218,899 | ||||||||||
| Real Estate – Commercial | 785,290 | 802,504 | 806,942 | 779,095 | 819,955 | ||||||||||
| Real Estate – Residential | 1,037,324 | 1,046,368 | 1,040,594 | 1,028,498 | 1,023,485 | ||||||||||
| Real Estate – Home Equity | 234,111 | 228,201 | 225,987 | 220,064 | 210,988 | ||||||||||
| Consumer | 185,847 | 197,483 | 206,191 | 199,479 | 213,305 | ||||||||||
| Other Loans | 2,283 | 1,552 | 3,227 | 14,006 | 461 | ||||||||||
| Overdrafts | 1,378 | 1,259 | 1,154 | 1,206 | 1,378 | ||||||||||
| Total Loans Held for Investment | 2,582,007 | 2,631,490 | 2,660,770 | 2,651,550 | 2,683,096 | ||||||||||
| Allowance for Credit Losses | (30,202 | ) | (29,862 | ) | (29,734 | ) | (29,251 | ) | (29,836 | ) | |||||
| Loans Held for Investment, Net | 2,551,805 | 2,601,628 | 2,631,036 | 2,622,299 | 2,653,260 | ||||||||||
| Premises and Equipment, Net | 79,748 | 79,906 | 80,043 | 81,952 | 81,876 | ||||||||||
| Goodwill and Other Intangibles | 89,095 | 92,693 | 92,733 | 92,773 | 92,813 | ||||||||||
| Other Real Estate Owned | 1,831 | 132 | 132 | 367 | 650 | ||||||||||
| Other Assets | 127,055 | 125,513 | 130,570 | 134,116 | 115,613 | ||||||||||
| Total Other Assets | 297,729 | 298,244 | 303,478 | 309,208 | 290,952 | ||||||||||
| Total Assets | $ | 4,323,774 | $ | 4,391,753 | $ | 4,461,233 | $ | 4,324,932 | $ | 4,225,316 | |||||
| LIABILITIES | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest Bearing Deposits | $ | 1,303,786 | $ | 1,332,080 | $ | 1,363,739 | $ | 1,306,254 | $ | 1,330,715 | |||||
| NOW Accounts | 1,222,861 | 1,284,137 | 1,292,654 | 1,285,281 | 1,174,585 | ||||||||||
| Money Market Accounts | 405,846 | 408,666 | 445,999 | 404,396 | 401,272 | ||||||||||
| Savings Accounts | 500,323 | 504,331 | 511,265 | 506,766 | 507,604 | ||||||||||
| Certificates of Deposit | 182,096 | 175,639 | 170,233 | 169,280 | 164,901 | ||||||||||
| Total Deposits | 3,614,912 | 3,704,853 | 3,783,890 | 3,671,977 | 3,579,077 | ||||||||||
| Repurchase Agreements | 25,629 | 21,800 | 22,799 | 26,240 | 29,339 | ||||||||||
| Other Short-Term Borrowings | 14,615 | 12,741 | 14,401 | 2,064 | 7,929 | ||||||||||
| Subordinated Notes Payable | 42,582 | 42,582 | 52,887 | 52,887 | 52,887 | ||||||||||
| Other Long-Term Borrowings | 680 | 680 | 794 | 794 | 794 | ||||||||||
| Other Liabilities | 84,721 | 82,674 | 73,887 | 75,653 | 71,974 | ||||||||||
| Total Liabilities | 3,783,139 | 3,865,330 | 3,948,658 | 3,829,615 | 3,742,000 | ||||||||||
| Temporary Equity | – | – | – | – | 6,817 | ||||||||||
| SHAREOWNERS’ EQUITY | |||||||||||||||
| Common Stock | 171 | 171 | 171 | 170 | 169 | ||||||||||
| Additional Paid-In Capital | 40,067 | 39,527 | 38,576 | 37,684 | 36,070 | ||||||||||
| Retained Earnings | 499,176 | 487,665 | 476,715 | 463,949 | 454,342 | ||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,221 | (940 | ) | (2,887 | ) | (6,486 | ) | (14,082 | ) | ||||||
| Total Shareowners’ Equity | 540,635 | 526,423 | 512,575 | 495,317 | 476,499 | ||||||||||
| Total Liabilities, Temporary Equity and Shareowners’ Equity | $ | 4,323,774 | $ | 4,391,753 | $ | 4,461,233 | $ | 4,324,932 | $ | 4,225,316 | |||||
| OTHER BALANCE SHEET DATA | |||||||||||||||
| Earning Assets | $ | 3,987,850 | $ | 4,044,886 | $ | 4,108,969 | $ | 3,974,431 | $ | 3,880,769 | |||||
| Interest Bearing Liabilities | 2,394,632 | 2,450,576 | 2,511,032 | 2,447,708 | 2,339,311 | ||||||||||
| Book Value Per Diluted Share | $ | 31.59 | $ | 30.79 | $ | 30.02 | $ | 29.11 | $ | 28.06 | |||||
| Tangible Book Value Per Diluted Share(1) | 26.38 | 25.37 | 24.59 | 23.65 | 22.60 | ||||||||||
| Actual Basic Shares Outstanding | 17,069 | 17,066 | 17,055 | 16,975 | 16,944 | ||||||||||
| Actual Diluted Shares Outstanding | 17,115 | 17,098 | 17,072 | 17,018 | 16,981 | ||||||||||
| (1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10. | |||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
| Unaudited | |||||||||||||||
| 2025 | 2024 | Nine Months Ended September 30, | |||||||||||||
| (Dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2025 | 2024 | ||||||||
| INTEREST INCOME | |||||||||||||||
| Loans, including Fees | $ | 40,279 | $ | 40,872 | $ | 40,478 | $ | 41,453 | $ | 41,659 | $ | 121,629 | $ | 123,480 | |
| Investment Securities | 7,188 | 6,678 | 5,808 | 4,694 | 4,155 | 19,674 | 12,403 | ||||||||
| Federal Funds Sold and Interest Bearing Deposits | 3,964 | 3,909 | 3,496 | 3,596 | 3,514 | 11,369 | 9,031 | ||||||||
| Total Interest Income | 51,431 | 51,459 | 49,782 | 49,743 | 49,328 | 152,672 | 144,914 | ||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 7,265 | 7,405 | 7,383 | 7,766 | 8,223 | 22,053 | 24,396 | ||||||||
| Repurchase Agreements | 158 | 156 | 164 | 199 | 221 | 478 | 639 | ||||||||
| Other Short-Term Borrowings | 58 | 179 | 117 | 83 | 52 | 354 | 159 | ||||||||
| Subordinated Notes Payable | 383 | 530 | 560 | 581 | 610 | 1,473 | 1,868 | ||||||||
| Other Long-Term Borrowings | 10 | 5 | 11 | 11 | 11 | 26 | 17 | ||||||||
| Total Interest Expense | 7,874 | 8,275 | 8,235 | 8,640 | 9,117 | 24,384 | 27,079 | ||||||||
| Net Interest Income | 43,557 | 43,184 | 41,547 | 41,103 | 40,211 | 128,288 | 117,835 | ||||||||
| Provision for Credit Losses | 1,881 | 620 | 768 | 701 | 1,206 | 3,269 | 3,330 | ||||||||
| Net Interest Income after Provision for Credit Losses | 41,676 | 42,564 | 40,779 | 40,402 | 39,005 | 125,019 | 114,505 | ||||||||
| NONINTEREST INCOME | |||||||||||||||
| Deposit Fees | 5,877 | 5,320 | 5,061 | 5,207 | 5,512 | 16,258 | 16,139 | ||||||||
| Bank Card Fees | 3,733 | 3,774 | 3,514 | 3,697 | 3,624 | 11,021 | 11,010 | ||||||||
| Wealth Management Fees | 5,173 | 5,206 | 5,763 | 5,222 | 4,770 | 16,142 | 13,891 | ||||||||
| Mortgage Banking Revenues | 4,794 | 4,190 | 3,820 | 3,118 | 3,966 | 12,804 | 11,225 | ||||||||
| Other | 2,754 | 1,524 | 1,749 | 1,516 | 1,641 | 6,027 | 4,951 | ||||||||
| Total Noninterest Income | 22,331 | 20,014 | 19,907 | 18,760 | 19,513 | 62,252 | 57,216 | ||||||||
| NONINTEREST EXPENSE | |||||||||||||||
| Compensation | 26,056 | 26,490 | 26,248 | 26,108 | 25,800 | 78,794 | 74,613 | ||||||||
| Occupancy, Net | 7,037 | 7,071 | 6,793 | 6,893 | 7,098 | 20,901 | 21,089 | ||||||||
| Other | 9,823 | 8,977 | 5,660 | 8,781 | 10,023 | 24,460 | 27,831 | ||||||||
| Total Noninterest Expense | 42,916 | 42,538 | 38,701 | 41,782 | 42,921 | 124,155 | 123,533 | ||||||||
| OPERATING PROFIT | 21,091 | 20,040 | 21,985 | 17,380 | 15,597 | 63,116 | 48,188 | ||||||||
| Income Tax Expense | 5,141 | 4,996 | 5,127 | 4,219 | 2,980 | 15,264 | 9,705 | ||||||||
| Net Income | 15,950 | 15,044 | 16,858 | 13,161 | 12,617 | 47,852 | 38,483 | ||||||||
| Pre-Tax (Income) Loss Attributable to Noncontrolling Interest | – | – | – | (71 | ) | 501 | – | 1,342 | |||||||
| NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 15,950 | $ | 15,044 | $ | 16,858 | $ | 13,090 | $ | 13,118 | $ | 47,852 | $ | 39,825 | |
| PER COMMON SHARE | |||||||||||||||
| Basic Net Income | $ | 0.93 | $ | 0.88 | $ | 0.99 | $ | 0.77 | $ | 0.77 | $ | 2.81 | $ | 2.35 | |
| Diluted Net Income | 0.93 | 0.88 | 0.99 | 0.77 | 0.77 | 2.80 | 2.35 | ||||||||
| Cash Dividend | $ | 0.26 | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.74 | $ | 0.65 | |
| AVERAGE SHARES | |||||||||||||||
| Basic | 17,068 | 17,056 | 17,027 | 16,946 | 16,943 | 17,050 | 16,942 | ||||||||
| Diluted | 17,114 | 17,088 | 17,044 | 16,990 | 16,979 | 17,083 | 16,966 | ||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES (“ACL”) | |||||||||||||||||||||
| AND CREDIT QUALITY | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| 2025 | 2024 | Nine Months Ended September 30, | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | 2025 | 2024 | ||||||||||||||
| ACL – HELD FOR INVESTMENT LOANS | |||||||||||||||||||||
| Balance at Beginning of Period | $ | 29,862 | $ | 29,734 | $ | 29,251 | $ | 29,836 | $ | 29,219 | $ | 29,251 | $ | 29,941 | |||||||
| Transfer from Other (Assets) Liabilities | – | – | – | – | – | – | (50 | ) | |||||||||||||
| Provision for Credit Losses | 1,550 | 718 | 1,083 | 1,085 | 1,879 | 3,351 | 3,940 | ||||||||||||||
| Net Charge-Offs (Recoveries) | 1,210 | 590 | 600 | 1,670 | 1,262 | 2,400 | 3,995 | ||||||||||||||
| Balance at End of Period | $ | 30,202 | $ | 29,862 | $ | 29,734 | $ | 29,251 | $ | 29,836 | $ | 30,202 | $ | 29,836 | |||||||
| As a % of Loans HFI | 1.17 | % | 1.13 | % | 1.12 | % | 1.10 | % | 1.11 | % | 1.17 | % | 1.11 | % | |||||||
| As a % of Nonperforming Loans | 368.54 | % | 463.01 | % | 692.10 | % | 464.14 | % | 452.64 | % | 368.54 | % | 452.64 | % | |||||||
| ACL – UNFUNDED COMMITMENTS | |||||||||||||||||||||
| Balance at Beginning of Period | 1,738 | $ | 1,832 | $ | 2,155 | $ | 2,522 | $ | 3,139 | $ | 2,155 | $ | 3,191 | ||||||||
| Provision for Credit Losses | 357 | (94 | ) | (323 | ) | (367 | ) | (617 | ) | (60 | ) | (669 | ) | ||||||||
| Balance at End of Period(1) | 2,095 | 1,738 | 1,832 | 2,155 | 2,522 | 2,095 | 2,522 | ||||||||||||||
| ACL – DEBT SECURITIES | |||||||||||||||||||||
| Provision for Credit Losses | $ | (26 | ) | $ | (4 | ) | $ | 8 | $ | (17 | ) | $ | (56 | ) | $ | (22 | ) | $ | 59 | ||
| CHARGE-OFFS | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 373 | $ | 74 | $ | 168 | $ | 499 | $ | 331 | $ | 615 | $ | 1,013 | |||||||
| Real Estate – Construction | – | – | – | 47 | – | – | – | ||||||||||||||
| Real Estate – Commercial | – | – | – | – | 3 | – | 3 | ||||||||||||||
| Real Estate – Residential | 12 | 49 | 8 | 44 | – | 69 | 17 | ||||||||||||||
| Real Estate – Home Equity | 10 | 24 | – | 33 | 23 | 34 | 99 | ||||||||||||||
| Consumer | 954 | 914 | 865 | 1,307 | 1,315 | 2,733 | 3,926 | ||||||||||||||
| Overdrafts | 619 | 437 | 570 | 574 | 611 | 1,626 | 1,820 | ||||||||||||||
| Total Charge-Offs | $ | 1,968 | $ | 1,498 | $ | 1,611 | $ | 2,504 | $ | 2,283 | $ | 5,077 | $ | 6,878 | |||||||
| RECOVERIES | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 95 | $ | 117 | $ | 75 | $ | 103 | $ | 176 | $ | 287 | $ | 276 | |||||||
| Real Estate – Construction | – | – | – | 3 | – | – | – | ||||||||||||||
| Real Estate – Commercial | 8 | 6 | 3 | 33 | 5 | 17 | 228 | ||||||||||||||
| Real Estate – Residential | 13 | 65 | 119 | 28 | 88 | 197 | 148 | ||||||||||||||
| Real Estate – Home Equity | 10 | 42 | 9 | 17 | 59 | 61 | 120 | ||||||||||||||
| Consumer | 369 | 456 | 481 | 352 | 405 | 1,306 | 1,128 | ||||||||||||||
| Overdrafts | 263 | 222 | 324 | 298 | 288 | 809 | 983 | ||||||||||||||
| Total Recoveries | $ | 758 | $ | 908 | $ | 1,011 | $ | 834 | $ | 1,021 | $ | 2,677 | $ | 2,883 | |||||||
| NET CHARGE-OFFS (RECOVERIES) | $ | 1,210 | $ | 590 | $ | 600 | $ | 1,670 | $ | 1,262 | $ | 2,400 | $ | 3,995 | |||||||
| Net Charge-Offs as a % of Average Loans HFI(2) | 0.18 | % | 0.09 | % | 0.09 | % | 0.25 | % | 0.19 | % | 0.12 | % | 0.20 | % | |||||||
| CREDIT QUALITY | |||||||||||||||||||||
| Nonaccruing Loans | $ | 8,195 | $ | 6,449 | $ | 4,296 | $ | 6,302 | $ | 6,592 | |||||||||||
| Other Real Estate Owned | 1,831 | 132 | 132 | 367 | 650 | ||||||||||||||||
| Total Nonperforming Assets (“NPAs”) | $ | 10,026 | $ | 6,581 | $ | 4,428 | $ | 6,669 | $ | 7,242 | |||||||||||
| Past Due Loans 30-89 Days | $ | 5,468 | $ | 4,523 | $ | 3,735 | $ | 4,311 | $ | 9,388 | |||||||||||
| Classified Loans | 26,512 | 28,623 | 19,194 | 19,896 | 25,501 | ||||||||||||||||
| Nonperforming Loans as a % of Loans HFI | 0.32 | % | 0.25 | % | 0.16 | % | 0.24 | % | 0.25 | % | |||||||||||
| NPAs as a % of Loans HFI and Other Real Estate | 0.39 | % | 0.25 | % | 0.17 | % | 0.25 | % | 0.27 | % | |||||||||||
| NPAs as a % of Total Assets | 0.23 | % | 0.15 | % | 0.10 | % | 0.15 | % | 0.17 | % | |||||||||||
| (1)Recorded in other liabilities | |||||||||||||||||||||
| (2)Annualized | |||||||||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AVERAGE BALANCE AND INTEREST RATES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2025 | Second Quarter 2025 | First Quarter 2025 | Fourth Quarter 2024 | Third Quarter 2024 | September 2025 YTD | September 2024 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 | $ | 25,276 | $ | 425 | 6.68 | % | $ | 22,668 | $ | 475 | 8.40 | % | $ | 24,726 | $ | 490 | 8.04 | % | $ | 31,047 | 976 | 7.89 | % | $ | 24,570 | $ | 720 | 7.49 | % | $ | 24,226 | $ | 1,390 | 7.67 | % | $ | 26,050 | $ | 1,800 | 6.22 | % | ||||||||||||||||
| Loans Held for Investment(1) | 2,606,213 | 39,894 | 6.07 | 2,652,572 | 40,436 | 6.11 | 2,665,910 | 40,029 | 6.09 | 2,677,396 | 40,521 | 6.07 | 2,693,533 | 40,985 | 6.09 | 2,641,346 | 120,359 | 6.09 | 2,716,220 | 121,864 | 6.02 | ||||||||||||||||||||||||||||||||||||
| Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable Investment Securities | 992,260 | 7,175 | 2.88 | 1,006,514 | 6,666 | 2.65 | 981,485 | 5,802 | 2.38 | 914,353 | 4,688 | 2.04 | 907,610 | 4,148 | 1.82 | 993,460 | 19,643 | 2.64 | 926,241 | 12,385 | 1.78 | ||||||||||||||||||||||||||||||||||||
| Tax-Exempt Investment Securities(1) | 1,620 | 18 | 4.44 | 1,467 | 17 | 4.50 | 845 | 9 | 4.32 | 849 | 9 | 4.31 | 846 | 10 | 4.33 | 1,313 | 44 | 4.43 | 848 | 28 | 4.34 | ||||||||||||||||||||||||||||||||||||
| Total Investment Securities | 993,880 | 7,193 | 2.88 | 1,007,981 | 6,683 | 2.65 | 982,330 | 5,811 | 2.38 | 915,202 | 4,697 | 2.04 | 908,456 | 4,158 | 1.82 | 994,773 | 19,687 | 2.64 | 927,089 | 12,413 | 1.78 | ||||||||||||||||||||||||||||||||||||
| Federal Funds Sold and Interest Bearing Deposits | 356,161 | 3,964 | 4.42 | 348,787 | 3,909 | 4.49 | 320,948 | 3,496 | 4.42 | 298,255 | 3,596 | 4.80 | 256,855 | 3,514 | 5.44 | 342,094 | 11,369 | 4.44 | 220,056 | 9,031 | 5.48 | ||||||||||||||||||||||||||||||||||||
| Total Earning Assets | 3,981,530 | $ | 51,476 | 5.12 | % | 4,032,008 | $ | 51,503 | 5.12 | % | 3,993,914 | $ | 49,826 | 5.06 | % | 3,921,900 | $ | 49,790 | 5.05 | % | 3,883,414 | $ | 49,377 | 5.06 | % | 4,002,439 | $ | 152,805 | 5.10 | % | 3,889,415 | $ | 145,108 | 4.98 | % | ||||||||||||||||||||||
| Cash and Due From Banks | 65,085 | 65,761 | 73,467 | 73,992 | 70,994 | 68,074 | 73,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (30,342 | ) | (30,492 | ) | (30,008 | ) | (30,107 | ) | (29,905 | ) | (30,282 | ) | (29,833 | ) | |||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 301,678 | 302,984 | 297,660 | 293,884 | 291,359 | 300,788 | 292,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 4,317,951 | $ | 4,370,261 | $ | 4,335,033 | $ | 4,259,669 | $ | 4,215,862 | $ | 4,341,019 | $ | 4,226,187 | |||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 1,314,560 | $ | 1,342,304 | $ | 1,317,425 | $ | 1,323,556 | $ | 1,332,305 | $ | 1,324,753 | $ | 1,340,981 | |||||||||||||||||||||||||||||||||||||||||||
| NOW Accounts | 1,198,124 | $ | 3,782 | 1.25 | % | 1,225,697 | $ | 3,750 | 1.23 | % | 1,249,955 | $ | 3,854 | 1.25 | % | 1,182,073 | $ | 3,826 | 1.29 | % | 1,145,544 | $ | 4,087 | 1.42 | % | 1,224,402 | $ | 11,386 | 1.24 | % | 1,184,596 | $ | 13,009 | 1.47 | % | ||||||||||||||||||||||
| Money Market Accounts | 416,656 | 2,090 | 1.99 | 431,774 | 2,340 | 2.17 | 420,059 | 2,187 | 2.11 | 422,615 | 2,526 | 2.38 | 418,625 | 2,694 | 2.56 | 422,817 | 6,617 | 2.09 | 393,294 | 7,431 | 2.52 | ||||||||||||||||||||||||||||||||||||
| Savings Accounts | 503,189 | 159 | 0.13 | 507,950 | 174 | 0.14 | 507,676 | 176 | 0.14 | 504,859 | 179 | 0.14 | 512,098 | 180 | 0.14 | 506,255 | 509 | 0.13 | 523,573 | 544 | 0.14 | ||||||||||||||||||||||||||||||||||||
| Time Deposits | 179,802 | 1,234 | 2.72 | 172,982 | 1,141 | 2.65 | 170,367 | 1,166 | 2.78 | 167,321 | 1,235 | 2.94 | 163,462 | 1,262 | 3.07 | 174,418 | 3,541 | 2.71 | 153,991 | 3,412 | 2.96 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Deposits | 2,297,771 | 7,265 | 1.25 | 2,338,403 | 7,405 | 1.27 | 2,348,057 | 7,383 | 1.28 | 2,276,868 | 7,766 | 1.36 | 2,239,729 | 8,223 | 1.46 | 2,327,892 | 22,053 | 1.27 | 2,255,454 | 24,396 | 1.44 | ||||||||||||||||||||||||||||||||||||
| Total Deposits | 3,612,331 | 7,265 | 0.80 | 3,680,707 | 7,405 | 0.81 | 3,665,482 | 7,383 | 0.82 | 3,600,424 | 7,766 | 0.86 | 3,572,034 | 8,223 | 0.92 | 3,652,645 | 22,053 | 0.81 | 3,596,435 | 24,396 | 0.91 | ||||||||||||||||||||||||||||||||||||
| Repurchase Agreements | 21,966 | 158 | 2.86 | 22,557 | 156 | 2.78 | 29,821 | 164 | 2.23 | 28,018 | 199 | 2.82 | 27,126 | 221 | 3.24 | 24,752 | 478 | 2.58 | 26,619 | 639 | 3.21 | ||||||||||||||||||||||||||||||||||||
| Other Short-Term Borrowings | 12,753 | 58 | 1.82 | 10,503 | 179 | 6.82 | 7,437 | 117 | 6.39 | 6,510 | 83 | 5.06 | 2,673 | 52 | 7.63 | 10,251 | 354 | 4.62 | 4,334 | 159 | 4.88 | ||||||||||||||||||||||||||||||||||||
| Subordinated Notes Payable | 42,582 | 383 | 3.52 | 51,981 | 530 | 4.03 | 52,887 | 560 | 4.23 | 52,887 | 581 | 4.30 | 52,887 | 610 | 4.52 | 49,113 | 1,473 | 3.95 | 52,887 | 1,868 | 4.64 | ||||||||||||||||||||||||||||||||||||
| Other Long-Term Borrowings | 681 | 10 | 5.55 | 792 | 5 | 2.41 | 794 | 11 | 5.68 | 794 | 11 | 5.57 | 795 | 11 | 5.55 | 755 | 26 | 4.50 | 447 | 17 | 5.16 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Liabilities | 2,375,753 | $ | 7,874 | 1.32 | % | 2,424,236 | $ | 8,275 | 1.37 | % | 2,438,996 | $ | 8,235 | 1.37 | % | 2,365,077 | $ | 8,640 | 1.45 | % | 2,323,210 | $ | 9,117 | 1.56 | % | 2,412,763 | $ | 24,384 | 1.35 | % | 2,339,741 | $ | 27,079 | 1.55 | % | ||||||||||||||||||||||
| Other Liabilities | 85,422 | 76,138 | 65,211 | 73,130 | 73,767 | 75,664 | 71,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 3,775,735 | 3,842,678 | 3,821,632 | 3,761,763 | 3,729,282 | 3,813,180 | 3,752,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity | – | – | – | 6,763 | 6,443 | – | 6,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREOWNERS’ EQUITY: | 542,216 | 527,583 | 513,401 | 491,143 | 480,137 | 527,839 | 467,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities, Temporary Equity and Shareowners’ Equity | $ | 4,317,951 | $ | 4,370,261 | $ | 4,335,033 | $ | 4,259,669 | $ | 4,215,862 | $ | 4,341,019 | $ | 4,226,187 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Spread | $ | 43,602 | 3.81 | % | $ | 43,228 | 3.75 | % | $ | 41,591 | 3.69 | % | $ | 41,150 | 3.59 | % | $ | 40,260 | 3.49 | % | $ | 128,421 | 3.75 | % | $ | 118,029 | 3.43 | % | |||||||||||||||||||||||||||||
| Interest Income and Rate Earned(1) | 51,476 | 5.12 | 51,503 | 5.12 | 49,826 | 5.06 | 49,790 | 5.05 | 49,377 | 5.06 | 152,805 | 5.10 | 145,108 | 4.98 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Expense and Rate Paid(2) | 7,874 | 0.78 | 8,275 | 0.82 | 8,235 | 0.84 | 8,640 | 0.88 | 9,117 | 0.93 | 24,384 | 0.81 | 27,079 | 0.93 | |||||||||||||||||||||||||||||||||||||||||||
| Net Interest Margin | $ | 43,602 | 4.34 | % | $ | 43,228 | 4.30 | % | $ | 41,591 | 4.22 | % | $ | 41,150 | 4.17 | % | $ | 40,260 | 4.12 | % | $ | 128,421 | 4.28 | % | $ | 118,029 | 4.05 | % | |||||||||||||||||||||||||||||
| (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2)Ratecalculated based on average earning assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450
