Capital City Bank Group, Inc. Reports Fourth Quarter and Full Year 2021 Results
TALLAHASSEE, Fla., Jan. 25, 2022 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $6.4 million, or $0.38 per diluted share, for the fourth quarter of 2021 compared to net income of $10.1 million, or $0.60 per diluted share, for the third quarter of 2021, and $7.7 million, or $0.46 per diluted share, for the fourth quarter of 2020.
For the full year of 2021, net income totaled $33.4 million, or $1.98 per diluted share, compared to net income of $31.6 million, or $1.88 per diluted share, for 2020.
Fourth Quarter 2021 HIGHLIGHTS
- Operating revenues (excluding mortgage revenues and SBA PPP loan income) improved 1.9%
- Capital City Home Loans (“CCHL”) contributed $0.03 per share versus $0.06 per share in the prior quarter reflective of a typical seasonal slowdown
- Noninterest expense increased $0.5 million, or 1.3%, on higher other real estate expense related to a third quarter gain of $1.0 million on the sale of a banking office
- Average loans, excluding PPP loans, grew $8 million and average investment securities increased $82 million
- Noninterest expense included a pension settlement charge of $0.6 million or $0.03 per share
- Strong credit quality metrics resulted in no loan loss provision and an allowance coverage ratio of 1.12%
- Average Deposits grew $101 million, or 2.9%, primarily due to a seasonal increase in public fund inflows
- Capital growth of $34.3 million ($2.03 per share), or 9.8%, primarily attributable to a favorable adjustment for year-end pension plan re-measurement
Full Year 2021 HIGHLIGHTS
- 2021 net income totaled $33.4 million, a record year
- Operating revenues (excluding mortgage revenues and SBA PPP loan income) improved 1.4%
- CCHL contributed $0.23 per share versus $0.52 per share in 2020
- Average loans, excluding PPP loans, grew $76 million and average investment securities increased $203 million
- Negative loan loss provision of $1.6 million
- Noninterest expense included pension settlement charges totaling $3.1 million or $0.15 per share
- Average Deposits grew $563 million, or 19.8%, reflective of government stimulus related inflows
- Capital growth of $62.3 million ($3.69 per share), or 19.4%
“Capital City reported record earnings in 2021,” said William G. Smith, Jr., Chairman, President and CEO of Capital City Bank Group. “SBA PPP loan income, pristine credit quality and growth in our fee-based businesses drove earnings, more than offsetting the adverse impacts of a normalizing mortgage market, pension settlement charges and a lower interest rate environment. We are well positioned for rising interest rates given our asset sensitive balance sheet and the favorable impact higher interest rates have on our pension related other comprehensive loss. Year over year, the favorable pension equity adjustment added $2.01 per share to book value. As I look toward 2022, I am excited about the prospects of our recent addition of Capital City Strategic Wealth (a financial planning/advisory service), which gained traction in the latter half of 2021, and our market expansion in the western panhandle of Florida and the northern arc of Atlanta. While challenges remain, we are identifying opportunities and executing on strategies we believe are sustainable and add long-term value for our shareowners. I am optimistic about the future and appreciate your continued support.”
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the fourth quarter of 2021 totaled $24.8 million compared to $27.8 million for the third quarter of 2021 and $25.1 million for the fourth quarter of 2020. For the full year 2021 tax-equivalent net interest income totaled $103.2 million compared to $101.8 million for 2020. Compared to the third quarter of 2021 and the fourth quarter of 2020, the decrease was primarily due to lower SBA PPP loan income. Compared to the full year 2020, the increase was primarily attributable to higher SBA PPP loan income and higher average loan balances, partially offset by unfavorable rate repricing due to a generally lower rate environment.
Our net interest margin for the fourth quarter of 2021 was 2.60%, a decrease of 38 basis points over the third quarter of 2021 and a decrease of 40 basis points from the fourth quarter of 2020. Compared to both prior periods, the decrease was attributable to a decline in SBA PPP loan income, in conjunction with growth in earning assets (driven by deposit inflows), which negatively impacts our margin percentage. For the full year 2021, the net interest margin declined 47 basis points compared to 2020, primarily driven by growth in earning assets. Our net interest margin for the fourth quarter of 2021, excluding the impact of overnight funds in excess of $200 million, was 3.10%.
Provision for Credit Loss
We did not record a provision for credit losses for the fourth quarter of 2021. This compares to provision expense of $1.3 million for the fourth quarter of 2020. For the full year 2021, we recorded a negative provision of $1.6 million compared to provision expense of $9.6 million for 2020. The lower provision in 2021 was attributable to improvements in forecasted economic conditions, favorable loan migration and net loan recoveries totaling $0.6 million. We discuss the allowance for credit losses further below.
Noninterest Income and Noninterest Expense
Noninterest income for the fourth quarter of 2021 totaled $24.7 million compared to $26.6 million for the third quarter of 2021 and $30.5 million for the fourth quarter of 2020. For the full year 2021, noninterest income totaled $107.5 million compared to $111.2 million for 2020. The decrease from all prior periods was primarily attributable to lower mortgage banking revenues that were partially offset by strong gains in deposit fees, bank card fees, and wealth management fees. The decline in mortgage banking revenues for the fourth quarter of 2021 reflected a normal seasonal decline in loan purchase activity. Year over year, the decline in mortgage banking revenues was driven generally by lower refinancing activity, a shift in production mix (lower government versus conventional product), and lower market driven gain on sale margins. Additional detail on our mortgage banking operation (CCHL) is provided on Page 11. The increase in deposit fees reflected the conversion, in the third quarter of 2021, of the remaining free checking accounts to a monthly maintenance fee account type. The increase in wealth management fees was primarily attributable to higher retail brokerage transaction volume and advisory accounts added from the acquisition of Capital City Strategic Wealth on May 1, 2021. To a lesser extent, higher trust fees contributed to the increase in wealth management fees driven by higher assets under management. The increase in bank card fees generally reflected an increase in card-not-present debit card transactions and increased consumer spending.
Noninterest expense for the fourth quarter of 2021 totaled $40.2 million compared to $39.7 million for the third quarter of 2021 and $41.3 million for the fourth quarter of 2020. The increase over the third quarter of 2021 was primarily attributable to higher other real estate expense of $1.2 million, partially offset by lower compensation expense of $0.5 million. The increase in other real estate expense reflected a gain on the sale of a banking office in the third quarter of 2021. The decrease in compensation was attributable to lower commission expense at CCHL. Compared to the fourth quarter of 2020, the decrease was primarily due to lower commission expense at CCHL.
For the full year 2021, noninterest expense totaled $162.5 million compared to $150.0 million for 2021. The $12.5 million increase was attributable to the addition of expenses at CCHL (March 1, 2020 acquisition) of $2.3 million and higher expenses at the core bank totaling $10.2 million. The increase in expenses at the core bank were primarily due to higher compensation expense of $3.7 million (merit raises, pension/service cost expense, and realized loan cost), pension settlement expense of $3.1 million, and an increase in other expense of $5.0 million, partially offset by lower other real estate expense of $1.6 million. The increase in other expense was primarily attributable to higher expense of $2.1 million for the non-service cost component of our pension plan attributable to the utilization of a lower discount rate for plan liabilities. Higher processing fees of $0.7 million (debit card volume), professional fees of $0.6 million, occupancy expense of $0.5 million, and FDIC insurance of $0.5 million (higher asset size) also contributed to the increase in other expense.
Income Taxes
We realized income tax expense of $2.0 million (effective rate of 22%) for the fourth quarter of 2021 compared to $2.9 million (effective rate of 20%) for the third quarter of 2021 and $2.8 million (effective rate of 22%) for the fourth quarter of 2020. For the full year 2021, we realized income tax expense of $9.8 million (effective rate of 20%) compared to $10.2 million (effective rate of 19%) for the same period of 2020. Tax expense for the fourth quarter of 2021 and 2020 was unfavorably impacted by discrete tax expense of $0.1 million and $0.3 million, respectively. Absent discrete items, we expect our annual effective tax rate to approximate 19%-20% in 2022.
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $3.791 billion for the fourth quarter of 2021, an increase of $98.2 million, or 2.7%, over the third quarter of 2021, and an increase of $453.9 million, or 13.6%, over the fourth quarter of 2020. The increase over both prior periods was primarily driven by higher deposit balances. Deposit balances increased as a result of strong core deposit growth, SBA PPP loan proceeds deposited in client accounts, and various other stimulus programs.
We maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $789.1 million in the fourth quarter of 2021 compared to an average net overnight funds sold position of $741.9 million in the third quarter of 2021 and $705.1 million in the fourth quarter of 2020. The increase compared to both prior periods was driven by strong core deposit growth, in addition to pandemic related stimulus programs (see below – Funding).
Average loans held for investment (“HFI”) decreased $25.8 million, or 1.3%, from the third quarter of 2021 and decreased $45.1 million, or 2.3%, from the fourth quarter of 2020. Excluding SBA PPP loans, average loans HFI increased $7.8 million compared to the third quarter of 2021, and increased $133.1 million compared to the fourth quarter of 2020. Compared to the third quarter of 2021 the increase in average loans (excluding PPP loans) reflected growth in construction and indirect loans, partially offset by declines in the remaining loan products. Compared to the fourth quarter of 2020, we realized growth in construction, residential, commercial real estate and indirect loans. At December 31, 2021, remaining SBA PPP loan balances and fees totaled less than $0.2 million.
Allowance for Credit Losses
At December 31, 2021, the allowance for credit losses for HFI loans totaled $21.6 million compared to $21.5 million at September 30, 2021 and $23.8 million at December 31, 2020. Activity within the allowance is provided on Page 9. At December 31, 2021, the allowance represented 1.12% of HFI loans and provided coverage of 546% of nonperforming loans compared to 1.11% and 710%, respectively, at September 30, 2021, and 1.19% and 406%, respectively, at December 31, 2020. At December 31, 2021, excluding SBA PPP loans (100% government guaranteed), the allowance represented 1.12% of HFI loans compared to 1.30% at December 31, 2020.
Credit Quality
Overall credit quality continues to remain strong. Nonperforming assets (nonaccrual loans and other real estate) totaled $4.3 million at December 31, 2021 compared to $3.2 million at September 30, 2021 and $6.7 million at December 31, 2020. At December 31, 2021, nonperforming assets as a percentage of total assets was stable at 0.10%. Nonaccrual loans totaled $4.3 million at December 31, 2021, a $1.3 million increase over September 30, 2021 and a $1.5 million decrease from December 31, 2020.
Funding (Deposits/Debt)
Average total deposits were $3.549 billion for the fourth quarter of 2021, an increase of $101.5 million, or 2.9%, over the third quarter of 2021 and $483.0 million, or 15.8%, over the fourth quarter of 2020. Compared to both prior periods, growth in average total deposits was experienced in all products except certificates of deposit, with the strongest growth occurring in our noninterest bearing deposits and savings account balances. Over the past 18 months, multiple government stimulus programs have been implemented, including those under the CARES Act and the American Rescue Plan Act, which are responsible for a large part of the growth in average deposits. Given these increases, the potential exists for our deposit levels to be volatile into 2022 due to the uncertain timing of the outflows of the stimulus related balances and the economic recovery. It is anticipated that current liquidity levels will remain robust due to our strong overnight funds sold position. The Bank continues to strategically consider ways to safely deploy a portion of this liquidity.
Average short-term borrowings decreased $3.4 million from the third quarter of 2021 and declined $48.9 million from the fourth quarter of 2020, both of which reflected a seasonal fluctuation in warehouse line borrowing needs to support CCHL’s loans held for sale.
Capital
Shareowners’ equity was $383.2 million at December 31, 2021 compared to $348.9 million at September 30, 2021 and $320.8 million at December 31, 2020. For the full year 2021, shareowners’ equity was positively impacted by net income of $33.4 million, a $34.1 million decrease in the accumulated other comprehensive loss for our pension plan, a $1.1 million increase in fair value of the interest rate swap related to subordinated debt, net adjustments totaling $1.4 million related to transactions under our stock compensation plans, stock compensation accretion of $0.8 million, and reclassification of $9.3 million from temporary equity to decrease the redemption value of the non-controlling interest in CCHL. Shareowners’ equity was reduced by common stock dividends of $10.5 million ($0.62 per share) and a $7.3 million decrease in the unrealized gain on investment securities.
At December 31, 2021, our total risk-based capital ratio was 17.15% compared to 16.70% at September 30, 2021 and 17.30% at December 31, 2020. Our common equity tier 1 capital ratio was 13.86%, 13.45%, and 13.71%, respectively, on these dates. Our leverage ratio was 8.95%, 9.05%, and 9.33%, respectively, on these dates. All of our regulatory capital ratios exceeded the threshold to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio was 6.95% at December 31, 2021 compared to 6.46% and 6.25% at September 30, 2021 and December 31, 2020, respectively. Our tangible capital ratio was favorably impacted at December 31, 2021 by the aforementioned annual adjustment to the other comprehensive loss for our pension plan. The favorable adjustment was primarily attributable to the utilization of higher discount rates to re-measure the present value of the projected benefit obligation and a strong return on plan assets for 2021.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and life insurance. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 57 banking offices and 86 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 following factors, among others, could cause our actual results to differ: the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations and financial condition, including the impact of our participation in government programs related to COVID-19; the accuracy of our financial statement estimates and assumptions; legislative or regulatory changes; fluctuations in inflation, interest rates, or monetary policies; the effects of security breaches and computer viruses that may affect our computer systems or fraud related to debit card products; changes in consumer spending and savings habits; our growth and profitability; the strength of the U.S. economy and the local economies where we conduct operations; the effects of a non-diversified loan portfolio, including the risks of geographic and industry concentrations; natural disasters, widespread health emergencies, military conflict, terrorism or other geopolitical events; changes in the stock market and other capital and real estate markets; customer acceptance of third-party products and services; increased competition and its effect on pricing; negative publicity and the impact on our reputation; technological changes, especially changes that allow out of market competitors to compete in our markets; changes in accounting; 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, 2020, 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.
USE OF NON-GAAP FINANCIAL MEASURES
We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.
The GAAP to non-GAAP reconciliations are provided below.
| (Dollars in Thousands, except per share data) | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | |||||||||||
| Shareowners’ Equity (GAAP) | $ | 383,166 | $ | 348,868 | $ | 335,880 | $ | 324,426 | $ | 320,837 | ||||||
| Less: Goodwill and Other Intangibles (GAAP) | 93,253 | 93,293 | 93,333 | 89,095 | 89,095 | |||||||||||
| Tangible Shareowners’ Equity (non-GAAP) | A | 289,913 | 255,575 | 242,547 | 235,331 | 231,742 | ||||||||||
| Total Assets (GAAP) | 4,263,849 | 4,048,733 | 4,011,459 | 3,929,884 | 3,798,071 | |||||||||||
| Less: Goodwill and Other Intangibles (GAAP) | 93,253 | 93,293 | 93,333 | 89,095 | 89,095 | |||||||||||
| Tangible Assets (non-GAAP) | B | $ | 4,170,596 | $ | 3,955,440 | $ | 3,918,126 | $ | 3,840,789 | $ | 3,708,976 | |||||
| Tangible Common Equity Ratio (non-GAAP) | A/B | 6.95 | % | 6.46 | % | 6.19 | % | 6.13 | % | 6.25 | % | |||||
| Actual Diluted Shares Outstanding (GAAP) | C | 16,935,389 | 16,911,715 | 16,901,375 | 16,875,719 | 16,844,997 | ||||||||||
| Tangible Book Value per Diluted Share (non-GAAP) | A/C | $ | 17.12 | $ | 15.11 | $ | 14.35 | $ | 13.94 | $ | 13.76 | |||||
| CAPITAL CITY BANK GROUP, INC. | ||||||||||||
| EARNINGS HIGHLIGHTS | ||||||||||||
| Unaudited | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| (Dollars in thousands, except per share data) | Dec 31, 2021 | Sep 30, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||
| EARNINGS | ||||||||||||
| Net Income Attributable to Common Shareowners | $ | 6,372 | $ | 10,091 | $ | 7,746 | $ | 33,396 | $ | 31,576 | ||
| Diluted Net Income Per Share | $ | 0.38 | $ | 0.60 | $ | 0.46 | $ | 1.98 | $ | 1.88 | ||
| PERFORMANCE | ||||||||||||
| Return on Average Assets | 0.61 | % | 0.99 | % | 0.84 | % | 0.84 | % | 0.93 | % | ||
| Return on Average Equity | 7.22 | 11.72 | 8.97 | 9.92 | 9.36 | |||||||
| Net Interest Margin | 2.60 | 2.98 | 3.00 | 2.83 | 3.30 | |||||||
| Noninterest Income as % of Operating Revenue | 49.96 | 48.99 | 55.00 | 51.11 | 52.32 | |||||||
| Efficiency Ratio | 81.29 | % | 73.09 | % | 74.36 | % | 77.11 | % | 70.43 | % | ||
| CAPITAL ADEQUACY | ||||||||||||
| Tier 1 Capital | 16.14 | % | 15.69 | % | 16.19 | % | 16.14 | % | 16.19 | % | ||
| Total Capital | 17.15 | 16.70 | 17.30 | 17.15 | 17.30 | |||||||
| Leverage | 8.95 | 9.05 | 9.33 | 8.95 | 9.33 | |||||||
| Common Equity Tier 1 | 13.86 | 13.45 | 13.71 | 13.86 | 13.71 | |||||||
| Tangible Common Equity (1) | 6.95 | 6.46 | 6.25 | 6.95 | 6.25 | |||||||
| Equity to Assets | 8.99 | % | 8.62 | % | 8.45 | % | 8.99 | % | 8.45 | % | ||
| ASSET QUALITY | ||||||||||||
| Allowance as % of Non-Performing Loans | 499.93 | % | 710.39 | % | 405.66 | % | 499.93 | % | 405.66 | % | ||
| Allowance as a % of Loans HFI | 1.12 | 1.11 | 1.19 | 1.12 | 1.19 | |||||||
| Net Charge-Offs as % of Average Loans HFI | 0.02 | 0.03 | 0.09 | (0.03 | ) | 0.12 | ||||||
| Nonperforming Assets as % of Loans HFI and OREO | 0.22 | 0.17 | 0.33 | 0.22 | 0.33 | |||||||
| Nonperforming Assets as % of Total Assets | 0.10 | % | 0.08 | % | 0.18 | % | 0.10 | % | 0.18 | % | ||
| STOCK PERFORMANCE | ||||||||||||
| High | $ | 29.00 | $ | 26.10 | $ | 26.35 | $ | 29.00 | $ | 30.62 | ||
| Low | 24.77 | 22.02 | 18.14 | 21.42 | 15.61 | |||||||
| Close | $ | 26.40 | $ | 24.74 | $ | 24.58 | $ | 26.40 | $ | 24.58 | ||
| Average Daily Trading Volume | 29,900 | 30,515 | 22,271 | 29,919 | 35,125 | |||||||
| (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5. | ||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||
| Unaudited | |||||||||||||||
| 2021 | 2020 | ||||||||||||||
| (Dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||
| ASSETS | |||||||||||||||
| Cash and Due From Banks | $ | 65,313 | $ | 73,132 | $ | 78,894 | $ | 73,973 | $ | 67,919 | |||||
| Funds Sold and Interest Bearing Deposits | 970,041 | 708,988 | 766,920 | 851,910 | 860,630 | ||||||||||
| Total Cash and Cash Equivalents | 1,035,354 | 782,120 | 845,814 | 925,883 | 928,549 | ||||||||||
| Investment Securities Available for Sale | 654,611 | 645,844 | 480,890 | 406,245 | 324,870 | ||||||||||
| Investment Securities Held to Maturity | 339,601 | 341,228 | 325,559 | 199,109 | 169,939 | ||||||||||
| Other Equity Securities | 861 | – | – | – | – | ||||||||||
| Total Investment Securities | 995,073 | 987,072 | 806,449 | 605,354 | 494,809 | ||||||||||
| Loans Held for Sale | 52,532 | 77,036 | 80,821 | 82,081 | 114,039 | ||||||||||
| Loans Held for Investment (“HFI”): | |||||||||||||||
| Commercial, Financial, & Agricultural | 223,086 | 218,929 | 292,953 | 413,819 | 393,930 | ||||||||||
| Real Estate – Construction | 174,394 | 177,443 | 149,884 | 138,104 | 135,831 | ||||||||||
| Real Estate – Commercial | 663,550 | 683,379 | 707,599 | 669,158 | 648,393 | ||||||||||
| Real Estate – Residential | 346,756 | 355,958 | 362,018 | 358,849 | 342,664 | ||||||||||
| Real Estate – Home Equity | 187,821 | 187,642 | 190,078 | 202,099 | 205,479 | ||||||||||
| Consumer | 321,511 | 309,983 | 298,464 | 267,666 | 269,520 | ||||||||||
| Other Loans | 13,265 | 6,792 | 6,439 | 7,082 | 9,879 | ||||||||||
| Overdrafts | 1,082 | 1,299 | 1,227 | 950 | 730 | ||||||||||
| Total Loans Held for Investment | 1,931,465 | 1,941,425 | 2,008,662 | 2,057,727 | 2,006,426 | ||||||||||
| Allowance for Credit Losses | (21,606 | ) | (21,500 | ) | (22,175 | ) | (22,026 | ) | (23,816 | ) | |||||
| Loans Held for Investment, Net | 1,909,859 | 1,919,925 | 1,986,487 | 2,035,701 | 1,982,610 | ||||||||||
| Premises and Equipment, Net | 83,412 | 84,750 | 85,745 | 86,370 | 86,791 | ||||||||||
| Goodwill and Other Intangibles | 93,253 | 93,293 | 93,333 | 89,095 | 89,095 | ||||||||||
| Other Real Estate Owned | 17 | 192 | 1,192 | 110 | 808 | ||||||||||
| Other Assets | 94,349 | 104,345 | 111,618 | 105,290 | 101,370 | ||||||||||
| Total Other Assets | 271,031 | 282,580 | 291,888 | 280,865 | 278,064 | ||||||||||
| Total Assets | $ | 4,263,849 | $ | 4,048,733 | $ | 4,011,459 | $ | 3,929,884 | $ | 3,798,071 | |||||
| LIABILITIES | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest Bearing Deposits | $ | 1,668,912 | $ | 1,592,345 | $ | 1,552,864 | $ | 1,473,891 | $ | 1,328,809 | |||||
| NOW Accounts | 1,070,154 | 926,201 | 970,705 | 993,571 | 1,046,408 | ||||||||||
| Money Market Accounts | 274,611 | 286,065 | 280,805 | 269,041 | 266,649 | ||||||||||
| Regular Savings Accounts | 599,811 | 559,714 | 539,477 | 518,373 | 474,100 | ||||||||||
| Certificates of Deposit | 99,374 | 101,637 | 103,070 | 103,232 | 101,594 | ||||||||||
| Total Deposits | 3,712,862 | 3,465,962 | 3,446,921 | 3,358,108 | 3,217,560 | ||||||||||
| Short-Term Borrowings | 34,557 | 51,410 | 47,200 | 55,687 | 79,654 | ||||||||||
| Subordinated Notes Payable | 52,887 | 52,887 | 52,887 | 52,887 | 52,887 | ||||||||||
| Other Long-Term Borrowings | 884 | 1,610 | 1,720 | 1,829 | 3,057 | ||||||||||
| Other Liabilities | 67,735 | 113,720 | 105,534 | 109,487 | 102,076 | ||||||||||
| Total Liabilities | 3,868,925 | 3,685,589 | 3,654,262 | 3,577,998 | 3,455,234 | ||||||||||
| Temporary Equity | 11,758 | 14,276 | 21,317 | 27,460 | 22,000 | ||||||||||
| SHAREOWNERS’ EQUITY | |||||||||||||||
| Common Stock | 169 | 169 | 169 | 169 | 168 | ||||||||||
| Additional Paid-In Capital | 34,423 | 33,876 | 33,560 | 32,804 | 32,283 | ||||||||||
| Retained Earnings | 364,788 | 359,550 | 345,574 | 335,324 | 332,528 | ||||||||||
| Accumulated Other Comprehensive Loss, Net of Tax | (16,214 | ) | (44,727 | ) | (43,423 | ) | (43,871 | ) | (44,142 | ) | |||||
| Total Shareowners’ Equity | 383,166 | 348,868 | 335,880 | 324,426 | 320,837 | ||||||||||
| Total Liabilities, Temporary Equity and Shareowners’ Equity | $ | 4,263,849 | $ | 4,048,733 | $ | 4,011,459 | $ | 3,929,884 | $ | 3,798,071 | |||||
| OTHER BALANCE SHEET DATA | |||||||||||||||
| Earning Assets | $ | 3,949,111 | $ | 3,714,521 | $ | 3,662,852 | $ | 3,597,071 | $ | 3,475,904 | |||||
| Interest Bearing Liabilities | 2,132,278 | 1,979,524 | 1,995,864 | 1,994,620 | 2,024,349 | ||||||||||
| Book Value Per Diluted Share | $ | 22.63 | $ | 20.63 | $ | 19.87 | $ | 19.22 | $ | 19.05 | |||||
| Tangible Book Value Per Diluted Share(1) | 17.12 | 15.11 | 14.35 | 13.94 | 13.76 | ||||||||||
| Actual Basic Shares Outstanding | 16,892 | 16,878 | 16,874 | 16,852 | 16,791 | ||||||||||
| Actual Diluted Shares Outstanding | 16,935 | 16,912 | 16,901 | 16,876 | 16,845 | ||||||||||
| (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5. | |||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| 2021 | 2020 | December 31, | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2021 | 2020 | ||||||||||||||
| INTEREST INCOME | |||||||||||||||||||||
| Interest and Fees on Loans | $ | 22,744 | $ | 25,885 | $ | 24,582 | $ | 23,350 | $ | 23,878 | $ | 96,561 | $ | 94,752 | |||||||
| Investment Securities | 2,505 | 2,350 | 2,054 | 1,883 | 2,096 | 8,792 | 10,274 | ||||||||||||||
| Funds Sold | 300 | 285 | 200 | 213 | 180 | 998 | 1,171 | ||||||||||||||
| Total Interest Income | 25,549 | 28,520 | 26,836 | 25,446 | 26,154 | 106,351 | 106,197 | ||||||||||||||
| INTEREST EXPENSE | |||||||||||||||||||||
| Deposits | 213 | 210 | 208 | 208 | 201 | 839 | 1,548 | ||||||||||||||
| Short-Term Borrowings | 307 | 317 | 324 | 412 | 639 | 1,360 | 1,690 | ||||||||||||||
| Subordinated Notes Payable | 306 | 307 | 308 | 307 | 311 | 1,228 | 1,472 | ||||||||||||||
| Other Long-Term Borrowings | 12 | 14 | 16 | 21 | 30 | 63 | 161 | ||||||||||||||
| Total Interest Expense | 838 | 848 | 856 | 948 | 1,181 | 3,490 | 4,871 | ||||||||||||||
| Net Interest Income | 24,711 | 27,672 | 25,980 | 24,498 | 24,973 | 102,861 | 101,326 | ||||||||||||||
| Provision for Credit Losses | – | – | (571 | ) | (982 | ) | 1,342 | (1,553 | ) | 9,645 | |||||||||||
| Net Interest Income after Provision for Credit Losses | 24,711 | 27,672 | 26,551 | 25,480 | 23,631 | 104,414 | 91,681 | ||||||||||||||
| NONINTEREST INCOME | |||||||||||||||||||||
| Deposit Fees | 5,300 | 5,075 | 4,236 | 4,271 | 4,713 | 18,882 | 17,800 | ||||||||||||||
| Bank Card Fees | 3,872 | 3,786 | 3,998 | 3,618 | 3,462 | 15,274 | 13,044 | ||||||||||||||
| Wealth Management Fees | 3,706 | 3,623 | 3,274 | 3,090 | 3,069 | 13,693 | 11,035 | ||||||||||||||
| Mortgage Banking Revenues | 9,800 | 12,283 | 13,217 | 17,125 | 17,711 | 52,425 | 63,344 | ||||||||||||||
| Other | 1,994 | 1,807 | 1,748 | 1,722 | 1,568 | 7,271 | 5,942 | ||||||||||||||
| Total Noninterest Income | 24,672 | 26,574 | 26,473 | 29,826 | 30,523 | 107,545 | 111,165 | ||||||||||||||
| NONINTEREST EXPENSE | |||||||||||||||||||||
| Compensation | 24,783 | 25,245 | 25,378 | 26,064 | 26,722 | 101,470 | 96,280 | ||||||||||||||
| Occupancy, Net | 5,960 | 6,032 | 5,973 | 5,967 | 5,976 | 23,932 | 22,659 | ||||||||||||||
| Other Real Estate, Net | 26 | (1,126 | ) | (270 | ) | (118 | ) | 567 | (1,488 | ) | 104 | ||||||||||
| Pension Settlement | 572 | 500 | 2,000 | – | – | 3,072 | – | ||||||||||||||
| Other | 8,866 | 9,051 | 9,042 | 8,563 | 8,083 | 35,522 | 30,919 | ||||||||||||||
| Total Noninterest Expense | 40,207 | 39,702 | 42,123 | 40,476 | 41,348 | 162,508 | 149,962 | ||||||||||||||
| OPERATING PROFIT | 9,176 | 14,544 | 10,901 | 14,830 | 12,806 | 49,451 | 52,884 | ||||||||||||||
| Income Tax Expense | 2,040 | 2,949 | 2,059 | 2,787 | 2,833 | 9,835 | 10,230 | ||||||||||||||
| Net Income | 7,136 | 11,595 | 8,842 | 12,043 | 9,973 | 39,616 | 42,654 | ||||||||||||||
| Pre-Tax Income Attributable to Noncontrolling Interest | (764 | ) | (1,504 | ) | (1,415 | ) | (2,537 | ) | (2,227 | ) | (6,220 | ) | (11,078 | ) | |||||||
| NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS |
$ | 6,372 | $ | 10,091 | $ | 7,427 | $ | 9,506 | $ | 7,746 | $ | 33,396 | $ | 31,576 | |||||||
| PER COMMON SHARE | |||||||||||||||||||||
| Basic Net Income | $ | 0.38 | $ | 0.60 | $ | 0.44 | $ | 0.56 | $ | 0.46 | $ | 1.98 | $ | 1.88 | |||||||
| Diluted Net Income | 0.38 | 0.60 | 0.44 | 0.56 | 0.46 | 1.98 | 1.88 | ||||||||||||||
| Cash Dividend | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.62 | $ | 0.57 | |||||||
| AVERAGE SHARES | |||||||||||||||||||||
| Basic | 16,880 | 16,875 | 16,858 | 16,838 | 16,763 | 16,863 | 16,785 | ||||||||||||||
| Diluted | 16,923 | 16,909 | 16,885 | 16,862 | 16,817 | 16,893 | 16,822 | ||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES (“ACL”) | |||||||||||||||||||||
| AND RISK ELEMENT ASSETS | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| 2021 | 2020 | December 31, | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2021 | 2020 | ||||||||||||||
| ACL – HELD FOR INVESTMENT LOANS | |||||||||||||||||||||
| Balance at Beginning of Period | $ | 21,500 | $ | 22,175 | $ | 22,026 | $ | 23,816 | $ | 23,137 | $ | 23,816 | $ | 13,905 | |||||||
| Impact of Adopting ASC 326 (CECL) | – | – | – | – | – | – | 3,269 | ||||||||||||||
| Provision for Credit Losses | 200 | (546 | ) | (184 | ) | (2,312 | ) | 1,165 | (2,842 | ) | 9,035 | ||||||||||
| Net Charge-Offs (Recoveries) | 94 | 129 | (333 | ) | (522 | ) | 486 | (632 | ) | 2,393 | |||||||||||
| Balance at End of Period | $ | 21,606 | $ | 21,500 | $ | 22,175 | $ | 22,026 | $ | 23,816 | $ | 21,606 | $ | 23,816 | |||||||
| As a % of Loans HFI | 1.12 | % | 1.11 | % | 1.10 | % | 1.07 | % | 1.19 | % | 1.12 | % | 1.19 | % | |||||||
| As a % of Nonperforming Loans | 499.93 | 710.39 | % | 433.93 | % | 410.78 | % | 405.66 | % | 499.93 | % | 405.66 | % | ||||||||
| ACL – DEBT SECURITIES | |||||||||||||||||||||
| Provision for Credit Losses | $ | 20 | $ | 16 | $ | – | $ | – | $ | – | $ | 36 | $ | – | |||||||
| ACL – UNFUNDED COMMITMENTS | |||||||||||||||||||||
| Balance at Beginning of Period | 3,117 | $ | 2,587 | $ | 2,974 | $ | 1,644 | $ | 1,467 | $ | 1,644 | $ | 157 | ||||||||
| Impact of Adopting ASC 326 (CECL) | – | – | – | – | – | – | 876 | ||||||||||||||
| Provision for Credit Losses | (220 | ) | 530 | (387 | ) | 1,330 | 177 | 1,253 | 611 | ||||||||||||
| Balance at End of Period(1) | 2,897 | 3,117 | 2,587 | 2,974 | 1,644 | 2,897 | 1,644 | ||||||||||||||
| CHARGE-OFFS | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 101 | $ | 37 | $ | 32 | $ | 69 | $ | 104 | $ | 239 | $ | 789 | |||||||
| Real Estate – Construction | – | – | – | – | – | – | – | ||||||||||||||
| Real Estate – Commercial | – | 405 | – | – | – | 405 | 28 | ||||||||||||||
| Real Estate – Residential | 20 | 17 | 65 | 6 | 38 | 108 | 150 | ||||||||||||||
| Real Estate – Home Equity | 9 | 15 | 74 | 5 | 10 | 103 | 151 | ||||||||||||||
| Consumer | 254 | 221 | 230 | 564 | 668 | 1,269 | 2,785 | ||||||||||||||
| Overdrafts | 678 | 1,093 | 440 | 492 | 564 | 2,703 | 2,257 | ||||||||||||||
| Total Charge-Offs | $ | 1,062 | $ | 1,788 | $ | 841 | $ | 1,136 | $ | 1,384 | $ | 4,827 | $ | 6,160 | |||||||
| RECOVERIES | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 148 | $ | 66 | $ | 103 | $ | 136 | $ | 64 | $ | 453 | $ | 252 | |||||||
| Real Estate – Construction | – | 10 | – | – | 50 | 10 | 50 | ||||||||||||||
| Real Estate – Commercial | 25 | 169 | 26 | 645 | 27 | 865 | 318 | ||||||||||||||
| Real Estate – Residential | 33 | 401 | 244 | 75 | 153 | 753 | 279 | ||||||||||||||
| Real Estate – Home Equity | 173 | 46 | 70 | 124 | 40 | 413 | 178 | ||||||||||||||
| Consumer | 214 | 334 | 332 | 311 | 306 | 1,191 | 1,219 | ||||||||||||||
| Overdrafts | 375 | 633 | 399 | 367 | 258 | 1,774 | 1,471 | ||||||||||||||
| Total Recoveries | $ | 968 | $ | 1,659 | $ | 1,174 | $ | 1,658 | $ | 898 | $ | 5,459 | $ | 3,767 | |||||||
| NET CHARGE-OFFS (RECOVERIES) | $ | 94 | $ | 129 | $ | (333 | ) | $ | (522 | ) | $ | 486 | $ | (632 | ) | $ | 2,393 | ||||
| Net Charge-Offs as a % of Average Loans HFI(2) | 0.02 | % | 0.03 | % | (0.07 | )% | (0.10 | )% | 0.09 | % | (0.03 | )% | 0.12 | % | |||||||
| RISK ELEMENT ASSETS | |||||||||||||||||||||
| Nonaccruing Loans | $ | 4,322 | $ | 3,026 | $ | 5,110 | $ | 5,362 | $ | 5,871 | |||||||||||
| Other Real Estate Owned | 17 | 192 | 1,192 | 110 | 808 | ||||||||||||||||
| Total Nonperforming Assets (“NPAs”) | $ | 4,339 | $ | 3,218 | $ | 6,302 | $ | 5,472 | $ | 6,679 | |||||||||||
| Past Due Loans 30-89 Days | $ | 3,600 | $ | 3,360 | $ | 3,745 | $ | 2,622 | $ | 4,594 | |||||||||||
| Past Due Loans 90 Days or More | – | – | – | – | – | ||||||||||||||||
| Classified Loans | 17,912 | 16,310 | 19,397 | 20,608 | 17,631 | ||||||||||||||||
| Performing Troubled Debt Restructurings | $ | 7,643 | $ | 7,919 | $ | 8,992 | $ | 13,597 | $ | 13,887 | |||||||||||
| Nonperforming Loans as a % of Loans HFI | 0.22 | % | 0.16 | % | 0.25 | % | 0.26 | % | 0.29 | % | |||||||||||
| NPAs as a % of Loans HFI and Other Real Estate | 0.22 | % | 0.17 | % | 0.31 | % | 0.27 | % | 0.33 | % | |||||||||||
| NPAs as a % of Total Assets | 0.10 | % | 0.08 | % | 0.16 | % | 0.14 | % | 0.18 | % | |||||||||||
| (1) Recorded in other liabilities | |||||||||||||||||||||
| (2) Annualized | |||||||||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AVERAGE BALANCE AND INTEREST RATES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fourth Quarter 2021 | Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | Fourth Quarter 2020 | Dec 2021 YTD | Dec 2020 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 | $ | 62,809 | $ | 522 | 3.29 | % | $ | 67,753 | $ | 497 | 2.91 | % | $ | 77,101 | $ | 566 | 2.94 | % | $ | 106,242 | 970 | 3.70 | % | $ | 121,052 | $ | 878 | 3.85 | % | $ | 78,328 | $ | 2,555 | 3.24 | % | $ | 81,125 | $ | 2,895 | 3.57 | % | ||||||||||||||||
| Loans Held for Investment(1) | 1,948,324 | 22,296 | 4.54 | 1,974,132 | 25,458 | 5.12 | 2,036,781 | 24,095 | 4.74 | 2,044,363 | 22,483 | 4.46 | 1,993,470 | 23,103 | 4.55 | 2,000,563 | 94,332 | 4.76 | 1,957,576 | 92,261 | 4.71 | ||||||||||||||||||||||||||||||||||||
| Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable Investment Securities | 987,700 | 2,493 | 1.00 | 904,962 | 2,333 | 1.03 | 687,882 | 2,036 | 1.18 | 528,842 | 1,863 | 1.41 | 513,277 | 2,072 | 1.61 | 778,953 | 8,725 | 1.12 | 574,199 | 10,176 | 1.77 | ||||||||||||||||||||||||||||||||||||
| Tax-Exempt Investment Securities(1) | 3,380 | 17 | 2.07 | 4,332 | 25 | 2.31 | 3,530 | 23 | 2.58 | 3,844 | 25 | 2.61 | 4,485 | 30 | 2.71 | 3,772 | 90 | 2.39 | 5,123 | 124 | 2.42 | ||||||||||||||||||||||||||||||||||||
| Total Investment Securities | 991,080 | 2,510 | 1.01 | 909,294 | 2,358 | 1.03 | 691,412 | 2,059 | 1.19 | 532,686 | 1,888 | 1.42 | 517,762 | 2,102 | 1.62 | 782,725 | 8,815 | 1.12 | 579,322 | 10,300 | 1.78 | ||||||||||||||||||||||||||||||||||||
| Funds Sold | 789,100 | 300 | 0.15 | 741,944 | 285 | 0.15 | 818,616 | 200 | 0.10 | 814,638 | 213 | 0.11 | 705,125 | 180 | 0.10 | 790,870 | 998 | 0.13 | 465,652 | 1,171 | 0.25 | ||||||||||||||||||||||||||||||||||||
| Total Earning Assets | 3,791,313 | $ | 25,628 | 2.68 | % | 3,693,123 | $ | 28,598 | 3.07 | % | 3,623,910 | $ | 26,920 | 2.98 | % | 3,497,929 | $ | 25,554 | 2.96 | % | 3,337,409 | $ | 26,263 | 3.14 | % | 3,652,486 | $ | 106,700 | 2.92 | % | 3,083,675 | $ | 106,627 | 3.46 | % | ||||||||||||||||||||||
| Cash and Due From Banks | 73,752 | 72,773 | 74,076 | 68,978 | 73,968 | 72,409 | 68,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Loan Losses | (22,127 | ) | (22,817 | ) | (22,794 | ) | (24,128 | ) | (23,725 | ) | (22,960 | ) | (20,690 | ) | |||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 284,999 | 283,534 | 281,157 | 278,742 | 264,784 | 282,129 | 259,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 4,127,937 | $ | 4,026,613 | $ | 3,956,349 | $ | 3,821,521 | $ | 3,652,436 | $ | 3,984,064 | $ | 3,391,071 | |||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW Accounts | $ | 963,778 | $ | 72 | 0.03 | % | $ | 945,788 | $ | 72 | 0.03 | % | $ | 966,649 | $ | 74 | 0.03 | % | $ | 985,517 | $ | 76 | 0.03 | % | $ | 879,564 | $ | 66 | 0.03 | % | $ | 965,320 | $ | 294 | 0.03 | % | $ | 826,280 | $ | 930 | 0.11 | % | |||||||||||||||
| Money Market Accounts | 289,335 | 34 | 0.05 | 282,860 | 34 | 0.05 | 272,138 | 33 | 0.05 | 269,829 | 33 | 0.05 | 261,543 | 34 | 0.05 | 278,606 | 134 | 0.05 | 235,931 | 223 | 0.09 | ||||||||||||||||||||||||||||||||||||
| Savings Accounts | 573,563 | 71 | 0.05 | 551,383 | 68 | 0.05 | 529,844 | 64 | 0.05 | 492,252 | 60 | 0.05 | 466,116 | 57 | 0.05 | 537,023 | 263 | 0.05 | 423,529 | 207 | 0.05 | ||||||||||||||||||||||||||||||||||||
| Time Deposits | 101,037 | 36 | 0.14 | 102,765 | 36 | 0.14 | 102,995 | 37 | 0.15 | 102,089 | 39 | 0.15 | 102,809 | 44 | 0.17 | 102,220 | 148 | 0.14 | 104,393 | 188 | 0.18 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Deposits | 1,927,713 | 213 | 0.04 | % | 1,882,796 | 210 | 0.04 | % | 1,871,626 | 208 | 0.04 | % | 1,849,687 | 208 | 0.05 | % | 1,710,032 | 201 | 0.05 | % | 1,883,169 | 839 | 0.04 | % | 1,590,133 | 1,548 | 0.10 | % | |||||||||||||||||||||||||||||
| Short-Term Borrowings | 46,355 | 307 | 2.63 | % | 49,773 | 317 | 2.53 | % | 51,152 | 324 | 2.54 | % | 67,033 | 412 | 2.49 | % | 95,280 | 639 | 2.67 | % | 53,511 | 1,360 | 2.54 | % | 69,119 | 1,690 | 2.44 | % | |||||||||||||||||||||||||||||
| Subordinated Notes Payable | 52,887 | 306 | 2.26 | 52,887 | 307 | 2.27 | 52,887 | 308 | 2.30 | 52,887 | 307 | 2.32 | 52,887 | 311 | 2.30 | 52,887 | 1,228 | 2.29 | 52,887 | 1,472 | 2.74 | ||||||||||||||||||||||||||||||||||||
| Other Long-Term Borrowings | 1,414 | 12 | 3.50 | 1,652 | 14 | 3.37 | 1,762 | 16 | 3.38 | 2,736 | 21 | 3.18 | 3,700 | 30 | 3.18 | 1,887 | 63 | 3.33 | 5,304 | 161 | 3.03 | ||||||||||||||||||||||||||||||||||||
| Total Interest Bearing Liabilities | 2,028,369 | $ | 838 | 0.16 | % | 1,987,108 | $ | 848 | 0.17 | % | 1,977,427 | $ | 856 | 0.17 | % | 1,972,343 | $ | 948 | 0.19 | % | 1,861,899 | $ | 1,181 | 0.25 | % | 1,991,454 | $ | 3,490 | 0.18 | % | 1,717,443 | $ | 4,871 | 0.28 | % | ||||||||||||||||||||||
| Noninterest Bearing Deposits | 1,621,432 | 1,564,892 | 1,515,726 | 1,389,821 | 1,356,104 | 1,523,717 | 1,254,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 114,657 | 112,707 | 107,801 | 111,050 | 74,605 | 111,567 | 72,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 3,764,458 | 3,664,707 | 3,600,954 | 3,473,214 | 3,292,608 | 3,626,738 | 3,044,057 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity | 13,339 | 20,446 | 26,355 | 21,977 | 16,154 | 20,505 | 9,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREOWNERS’ EQUITY: | 350,140 | 341,460 | 329,040 | 326,330 | 343,674 | 336,821 | 337,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities, Temporary Equity and Shareowners’ Equity | $ | 4,127,937 | $ | 4,026,613 | $ | 3,956,349 | $ | 3,821,521 | $ | 3,652,436 | $ | 3,984,064 | $ | 3,391,071 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Spread | $ | 24,790 | 2.52 | % | $ | 27,750 | 2.91 | % | $ | 26,064 | 2.81 | % | $ | 24,606 | 2.77 | % | $ | 25,082 | 2.88 | % | $ | 103,210 | 2.75 | % | $ | 101,756 | 3.18 | % | |||||||||||||||||||||||||||||
| Interest Income and Rate Earned(1) | 25,628 | 2.68 | 28,598 | 3.07 | 26,920 | 2.98 | 25,554 | 2.96 | 26,263 | 3.14 | 106,700 | 2.92 | 106,627 | 3.46 | |||||||||||||||||||||||||||||||||||||||||||
| Interest Expense and Rate Paid(2) | 838 | 0.09 | 848 | 0.09 | 856 | 0.09 | 948 | 0.11 | 1,181 | 0.14 | 3,490 | 0.10 | 4,871 | 0.16 | |||||||||||||||||||||||||||||||||||||||||||
| Net Interest Margin | $ | 24,790 | 2.60 | % | $ | 27,750 | 2.98 | % | $ | 26,064 | 2.89 | % | $ | 24,606 | 2.85 | % | $ | 25,082 | 3.00 | % | $ | 103,210 | 2.83 | % | $ | 101,756 | 3.30 | % | |||||||||||||||||||||||||||||
| (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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CAPITAL CITY HOME LOANS | ||||||||||||||||
| MORTGAGE BANKING ACTIVITY | ||||||||||||||||
| Unaudited | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| (Dollars in thousands) | Dec 31, 2021 | Sep 30, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||
| Net Interest Income | $ | 35 | $ | (30 | ) | $ | 43 | $ | (129 | ) | $ | 184 | ||||
| Mortgage Banking Fees | 9,800 | 12,293 | 17,409 | 52,055 | 61,455 | |||||||||||
| Other | 470 | 455 | 363 | 1,776 | 950 | |||||||||||
| Total Noninterest Income | 10,270 | 12,748 | 17,772 | 53,831 | 62,405 | |||||||||||
| Salaries | 6,643 | 7,600 | 10,398 | 33,057 | 31,774 | |||||||||||
| Other Associate Benefits | 202 | 215 | 200 | 848 | 645 | |||||||||||
| Total Compensation | 6,845 | 7,815 | 10,598 | 33,905 | 32,419 | |||||||||||
| Occupancy, Net | 743 | 849 | 920 | 3,307 | 2,764 | |||||||||||
| Other | 1,312 | 1,292 | 1,751 | 5,064 | 4,798 | |||||||||||
| Total Noninterest Expense | 8,900 | 9,956 | 13,269 | 42,276 | 39,981 | |||||||||||
| Operating Profit | $ | 1,405 | $ | 2,762 | $ | 4,546 | $ | 11,426 | $ | 22,608 | ||||||
| Key Performance Metrics | ||||||||||||||||
| Total Loans Closed | $ | 294,237 | $ | 360,167 | $ | 520,039 | $ | 1,523,858 | $ | 1,659,719 | ||||||
| Total Loans Closed – Mix | ||||||||||||||||
| Purchase | 76 | % | 71 | % | 61 | % | 71 | % | 60 | % | ||||||
| Refinance | 24 | % | 29 | % | 39 | % | 29 | % | 40 | % | ||||||
For Information Contact:
J. Kimbrough Davis
Executive Vice President and Chief Financial Officer
850.402.7820
