×

Capital City Bank Group, Inc. Reports First Quarter 2017 Results

TALLAHASSEE, Fla., April 24, 2017 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $2.7 million, or $0.16 per diluted share for the first quarter of 2017 compared to net income of $3.3 million, or $0.20 per diluted share for the fourth quarter of 2016, and $1.6 million, or $0.10 per diluted share, for the first quarter of 2016.

HIGHLIGHTS

  • 60% growth in earnings per share over prior year reflects improving operating leverage
  • Solid period-end loan growth of 1.3% sequentially and 5.0% over prior year
  • Continued progress in reducing noninterest expense ~ 3.5% from prior year
  • Lower net loan charge-offs of 10 basis points supports lower level of loan loss provision
  • NPAs and classified assets down 7% and 3%, respectively and 33% and 25%, respectively compared to the fourth quarter of 2016 and first quarter of 2016

“2017 is off to a strong start as first quarter results showed continued improvement in most categories,” said William G. Smith, Jr., Chairman, President and CEO. “Earnings were up more than 60% year over year, and loan growth, credit quality and expense management continued their favorable trends. I continue to see an improving economy, and our approach is more focused than any other time I can remember in my career. As we move through 2017, we will continue to execute on those initiatives that add value to our shareowners.”

Compared to the fourth quarter of 2016, performance reflects lower net interest income of $0.3 million, a $0.1 million decrease in noninterest income, and higher noninterest expense of $0.4 million, partially offset by a $0.1 million decrease in the loan loss provision and lower income taxes of $0.1 million.

Compared to the first quarter of 2016, the increase in earnings was due to higher net interest income of $0.5 million, a $0.1 million decrease in the loan loss provision, and lower noninterest expense of $1.0 million, partially offset by higher income taxes of $0.5 million.

The Return on Average Assets was 0.39% and the Return on Average Equity was 4.00% for the first quarter of 2017. These metrics were 0.48% and 4.70% for the fourth quarter of 2016, respectively, and 0.24% and 2.39% for the first quarter of 2016, respectively.

Discussion of Operating Results
Tax equivalent net interest income for the first quarter of 2017 was $20.0 million compared to $20.3 million for the fourth quarter of 2016 and $19.4 million for the first quarter of 2016. The decline in tax equivalent net interest income compared to the fourth quarter of 2016 was attributable to two less calendar days, in addition to the reversal of a non-accrual interest adjustment made during the fourth quarter, partially offset by higher income from overnight funds. The increase in tax-equivalent net interest income compared to the first quarter of 2016 reflected growth in our investment portfolio and higher income from overnight funds.

Although the Federal Open Market Committee (FOMC) increased the federal funds target rate 25 basis points to 100 basis points in March 2017, aggressive lending competition in all markets continues to impact pricing for loans. Some of this pressure has been alleviated by our adjustable rate loans tied to the prime rate. We continue to review our various loan strategies, with the goal of enhancing performance, subject to our overall risk appetite. In addition, we have maintained a disciplined approach to deposit pricing, reflected in our cost of funds being unchanged quarter-over-quarter.

Our net interest margin for the first quarter of 2017 was 3.21%, a decrease of 13 basis points from the fourth quarter of 2016 and an increase of one basis point from the first quarter of 2016. The decrease in the margin compared to the fourth quarter of 2016 was due to an unfavorable shift in earning assets, primarily due to a higher composition of overnight funds driven by the influx of seasonal public deposits. The increase in the margin compared to the first quarter of 2016 was primarily due to a positive shift in earning assets, as overnight funds were utilized to fund growth in the loan and investment portfolios.

The provision for loan losses for the first quarter of 2017 was $0.3 million compared to $0.4 million for the fourth quarter of 2016 and $0.5 million for the first quarter of 2016. The lower level of loan loss provision reflects continued favorable problem loan migration and lower net loan charge-offs, partially offset by growth in the loan portfolio. Net loan charge-offs for the first quarter of 2017 totaled $0.4 million compared to $0.8 million for the fourth quarter of 2016 and the first quarter of 2016. As of March 31, 2017, the allowance for loan losses of $13.3 million was 0.84% of outstanding loans (net of overdrafts) and provided coverage of 161% of nonperforming loans compared to 0.86% and 157%, respectively, as of December 31, 2016 and 0.90% and 150%, respectively, as of March 31, 2016.

Noninterest income for the first quarter of 2017 totaled $12.7 million, a decrease of $0.1 million, or 0.5%, from the fourth quarter of 2016 and comparable to the first quarter of 2016. The decrease from the fourth quarter of 2016 reflects lower deposit fees of $0.1 million and mortgage banking fees of $0.1 million, partially offset by higher wealth management fees of $0.1 million. Compared to the first quarter of 2016, higher mortgage banking fees of $0.3 million was offset by lower deposit fees of $0.3 million. For both comparable periods, the decrease in deposit fees reflects lower overdraft service fees attributable to a reduction in accounts using this service as well as lower utilization by existing users. The year over year improvement in mortgage banking fees reflects continued strong residential home sales activity in our markets.

Noninterest expense for the first quarter of 2017 totaled $27.9 million, an increase of $0.4 million, or 1.3%, over the fourth quarter of 2016. The increase was attributable to an increase in other expense of $0.5 million and other real estate owned (“OREO”) expense of $0.2 million, partially offset by lower compensation expense of $0.2 million and occupancy expense of $0.1 million. The increase in other expense reflects higher processing expense of $0.3 million and telephone expense of $0.2 million. Processing expense for the fourth quarter of 2016 was favorably impacted by our annual VISA processing volume rebate. Telephone expense was unfavorably impacted in the first quarter of 2017 due to running dual circuits as our new telephone system is implemented with an estimated completion date by the end of the second quarter of 2017.

The increase in OREO expense was attributable to lower carrying costs reflective of expense recoveries realized in the fourth quarter of 2016. Noninterest expense decreased $1.0 million, or 3.5%, from the first quarter of 2016 primarily attributable to lower OREO expense of $0.8 million and other expense of $0.3 million. The decrease in OREO expense generally reflects continued progress in property dispositions and lower related carrying costs. The reduction in other expense was primarily attributable to lower debit card fraud losses.

We realized income tax expense of $1.5 million (35% effective rate) for the first quarter of 2017 compared to $1.5 million (32% effective rate) for the fourth quarter of 2016 and $0.9 million (34% effective rate) for the first quarter of 2016. Absent future discrete events, we anticipate our effective tax rate will remain in the range of 34%-35%.

Discussion of Financial Condition

Average earning assets were $2.529 billion for the first quarter of 2017, an increase of $105.8 million, or 4.4%, over the fourth quarter of 2016, and an increase of $88.5 million, or 3.6%, over the first quarter of 2016. The change in average earning assets over the fourth quarter reflects a higher level of public fund deposits. Compared to the first quarter of 2016, average earning assets increased as deposit growth was broad based, occurring in all deposit products except certificates of deposit.

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $245.2 million during the first quarter of 2017 compared to an average net overnight funds sold position of $145.5 million in the fourth quarter of 2016 and $286.2 million in the first quarter of 2016. The increase in net overnight funds compared to the fourth quarter of 2016 primarily reflected higher public fund balances. The decrease in net overnight funds compared to the first quarter of 2016 reflects growth in the loan and investment portfolios, and a reduction in both short-term and long-term borrowings, partially offset by growth in deposit balances.

Average loans increased $12.3 million, or 0.8% when compared to the fourth quarter of 2016, and have grown $78.1 million, or 5.2% when compared to the first quarter of 2016. The increase compared to the fourth quarter of 2016 reflects growth in all loan types except institutional, home equity and direct consumer loans. Growth over the first quarter of 2016 was experienced in all loan products, with the exception of residential mortgages and direct consumer loans.

Without compromising our credit standards or taking on inordinate interest rate risk, we continue to make minor modifications on some of our lending programs to try to mitigate the impact that consumer and business deleveraging has had on our portfolio. These programs, coupled with economic improvements in our anchor markets, have helped to increase overall loan production.

Nonperforming assets (nonaccrual loans and OREO) totaled $17.8 million at the end of the first quarter of 2017, a decrease of $1.4 million, or 7%, from the fourth quarter of 2016 and $8.7 million, or 33%, from the first quarter of 2016. Nonaccrual loans totaled $8.3 million at the end of the first quarter of 2017, a $0.2 million decrease from the fourth quarter of 2016 and a $0.8 million decrease from the first quarter of 2016. Nonaccrual loan additions totaled $2.9 million in the first quarter of 2017 compared to $3.9 million and $3.7 million, respectively, for the fourth and first quarters of 2016. The balance of OREO totaled $9.5 million at the end of the first quarter of 2017, a decrease of $1.1 million and $7.9 million, respectively, from the fourth and first quarters of 2016. For the first quarter of 2017, we added properties totaling $1.5 million, sold properties totaling $2.1 million, and recorded valuation adjustments totaling $0.6 million. Nonperforming assets represented 0.61% of total assets as of March 31, 2017 compared to 0.67% as of December 31, 2016 and 0.95% as of March 31, 2016.

Average total deposits were $2.407 billion for the first quarter of 2017, an increase of $100.4 million, or 4.4%, over the fourth quarter of 2016, and an increase of $148.7 million, or 6.6% over the first quarter of 2016. The increase in deposits when compared to the fourth quarter of 2016 reflected growth in all deposit products except noninterest bearing deposits and certificates of deposit. The seasonal inflow of public fund balances began late in the fourth quarter of 2016, and the public fund balances are expected to decline through late in the fourth quarter of 2017. The increase in deposits compared to the first quarter 2016 reflected increases in all deposit products except certificates of deposit. Average public deposits increased $16.1 million in the first quarter of 2017 compared to the first quarter of 2016.

Deposit levels remain strong, particularly given the recent increase in the fed funds rate, and average core deposits continue to experience growth. Because prudent pricing discipline is critical to managing our mix of deposits, we continue to monitor interest rates paid by competitors in markets we serve.

Compared to the fourth quarter of 2016, average borrowings decreased $5.0 million primarily due to a reduction in FHLB advances. Compared to the first quarter of 2016, average borrowings decreased by $77.4 million due to a partial redemption of subordinated debt, a decline in repurchase agreements, and payoffs of FHLB advances.

Shareowners’ equity was $278.1 million as of March 31, 2017, compared to $275.2 million as of December 31, 2016 and $276.8 million as of March 31, 2016. During the first quarter of 2017, shareowners’ equity was positively impacted by net income of $2.7 million, stock compensation accretion of $0.4 million, a net decrease of $0.3 million in the unrealized loss on investment securities, and net adjustments totaling $0.3 million related to transactions under our stock compensation plans. Shareowners’ equity was reduced by common stock dividends of $0.8 million ($0.05 per share). Our leverage ratio was 9.95%, 10.23%, and 10.34%, respectively, for these periods. Further, as of March 31, 2017, our risk-adjusted capital ratio was 16.44% compared to 16.28% and 17.20% at December 31, 2016 and March 31, 2016, respectively. Our common equity tier 1 ratio was 12.77% as of March 31, 2017, compared to 12.61% as of December 31, 2016 and 12.82% as of March 31, 2016. All of our capital ratios exceed the threshold to be designated as “well-capitalized” under the Basel III capital standards.

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 $2.9 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, data processing, and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 60 banking offices and 73 ATMs 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 the Company’s future results to differ materially. The following factors, among others, could cause the Company’s actual results to differ: the accuracy of the Company’s financial statement estimates and assumptions; legislative or regulatory changes, including the Dodd-Frank Act, Basel III, and the ability to repay and qualified mortgage standards; fluctuations in inflation, interest rates, or monetary policies; the effects of security breaches and computer viruses that may affect the Company’s computer systems or fraud related to debit card products; changes in consumer spending and savings habits; the Company’s growth and profitability; the strength of the U.S. economy and the local economies where the Company conducts operations; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; harsh weather conditions and man-made disasters; 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, including the long-term impact on our net interest margin from the repeal of Regulation Q; 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 the Company’s ability to manage the risks involved in the foregoing. Additional factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and the Company’s 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 the Company assumes 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 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 reconciliation is provided below.

(Dollars in Thousands) Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016Mar 31, 2016
Shareowners' Equity (GAAP) $278,059 $275,168 $276,624 $274,824 $276,833
Less: Goodwill (GAAP) 84,811 84,811 84,811 84,811 84,811
Tangible Shareowners' Equity (non-GAAP)A 193,248 190,357 191,813 190,013 192,022
Total Assets (GAAP) 2,895,531 2,845,197 2,753,154 2,767,636 2,792,186
Less: Goodwill (GAAP) 84,811 84,811 84,811 84,811 84,811
Tangible Assets (non-GAAP)B$2,810,720 $2,760,386 $2,668,343 $2,682,825 $2,707,375
Tangible Common Equity Ratio (non-GAAP)A/B 6.88% 6.90% 7.19% 7.08% 7.09%
Actual Diluted Shares Outstanding (GAAP)C 16,979 16,949 16,874 16,855 17,254
Tangible Book Value per Diluted Share (non-GAAP)A/C$11.38 $11.23 $11.37 $11.27 $11.13


CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
(Dollars in thousands, except per share data) Mar 31, 2017 Dec 31, 2016 Mar 31, 2016
EARNINGS
Net Income$2,744 $3,296 $1,647
Diluted Net Income Per Share$0.16 $0.20 $0.10
PERFORMANCE
Return on Average Assets 0.39% 0.48% 0.24%
Return on Average Equity 4.00% 4.70% 2.39%
Net Interest Margin 3.21% 3.34% 3.20%
Noninterest Income as % of Operating Revenue 39.19% 38.91% 39.76%
Efficiency Ratio 85.33% 83.23% 90.13%
CAPITAL ADEQUACY
Tier 1 Capital 15.68% 15.51% 16.39%
Total Capital 16.44% 16.28% 17.20%
Tangible Common Equity (1) 6.88% 6.90% 7.09%
Leverage 9.95% 10.23% 10.34%
Common Equity Tier 1 12.77% 12.61% 12.82%
Equity to Assets 9.60% 9.67% 9.91%
ASSET QUALITY
Allowance as % of Non-Performing Loans 160.70% 157.40% 150.44%
Allowance as a % of Loans 0.84% 0.86% 0.90%
Net Charge-Offs as % of Average Loans 0.10% 0.20% 0.21%
Nonperforming Assets as % of Loans and ORE 1.11% 1.21% 1.73%
Nonperforming Assets as % of Total Assets 0.61% 0.67% 0.95%
STOCK PERFORMANCE
High$21.79 $23.15 $15.88
Low 19.22 14.29 12.83
Close$21.39 $20.48 $14.59
Average Daily Trading Volume 23,150 23,371 22,720
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to
page 4.


CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
2017 2016
(Dollars in thousands) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
ASSETS
Cash and Due From Banks$47,650 $48,268 $79,608 $51,766 $45,914
Funds Sold and Interest Bearing Deposits 290,897 247,779 144,576 220,719 304,908
Total Cash and Cash Equivalents 338,547 296,047 224,184 272,485 350,822
Investment Securities Available for Sale 541,102 522,734 500,139 485,848 462,444
Investment Securities Held to Maturity 158,515 177,365 189,928 204,474 187,079
Total Investment Securities 699,617 700,099 690,067 690,322 649,523
Loans Held for Sale 7,498 10,886 10,510 12,046 10,475
Loans, Net of Unearned Interest
Commercial, Financial, & Agricultural 214,595 216,404 223,278 207,105 183,681
Real Estate - Construction 59,938 58,443 54,107 46,930 42,538
Real Estate - Commercial 503,868 503,978 497,775 485,329 503,259
Real Estate - Residential 295,406 272,895 276,193 280,015 285,772
Real Estate - Home Equity 231,300 236,512 235,433 235,394 234,128
Consumer 268,921 262,735 258,173 252,347 245,197
Other Loans 9,586 8,614 10,875 11,177 10,297
Overdrafts 1,345 1,708 1,678 2,177 1,963
Total Loans, Net of Unearned Interest 1,584,959 1,561,289 1,557,512 1,520,474 1,506,835
Allowance for Loan Losses (13,335) (13,431) (13,744) (13,677) (13,613)
Loans, Net 1,571,624 1,547,858 1,543,768 1,506,797 1,493,222
Premises and Equipment, Net 93,755 95,476 96,499 97,313 98,029
Goodwill 84,811 84,811 84,811 84,811 84,811
Other Real Estate Owned 9,501 10,638 12,738 14,622 17,450
Other Assets 90,178 99,382 90,577 89,240 87,854
Total Other Assets 278,245 290,307 284,625 285,986 288,144
Total Assets$2,895,531 $2,845,197 $2,753,154 $2,767,636 $2,792,186
LIABILITIES
Deposits:
Noninterest Bearing Deposits$836,011 $791,182 $801,671 $798,219 $790,040
NOW Accounts 882,605 904,014 793,363 804,263 786,432
Money Market Accounts 263,080 252,800 257,004 259,813 254,682
Regular Savings Accounts 321,160 304,680 298,682 294,432 286,807
Certificates of Deposit 156,449 159,610 164,387 168,079 173,447
Total Deposits 2,459,305 2,412,286 2,315,107 2,324,806 2,291,408
Short-Term Borrowings 7,603 12,749 12,113 9,609 62,922
Subordinated Notes Payable 52,887 52,887 52,887 52,887 62,887
Other Long-Term Borrowings 16,460 14,881 21,368 26,401 27,062
Other Liabilities 81,217 77,226 75,055 79,109 71,074
Total Liabilities 2,617,472 2,570,029 2,476,530 2,492,812 2,515,353
SHAREOWNERS' EQUITY
Common Stock 170 168 168 168 172
Additional Paid-In Capital 34,859 34,188 33,152 32,855 38,671
Retained Earnings 268,934 267,037 264,581 262,380 259,139
Accumulated Other Comprehensive Loss, Net of Tax (25,904) (26,225) (21,277) (20,579) (21,149)
Total Shareowners' Equity 278,059 275,168 276,624 274,824 276,833
Total Liabilities and Shareowners' Equity$2,895,531 $2,845,197 $2,753,154 $2,767,636 $2,792,186
OTHER BALANCE SHEET DATA
Earning Assets$2,582,971 $2,520,053 $2,402,664 $2,443,561 $2,471,741
Interest Bearing Liabilities 1,700,244 1,701,621 1,599,804 1,615,484 1,654,239
Book Value Per Diluted Share$16.38 $16.23 $16.39 $16.31 $16.04
Tangible Book Value Per Diluted Share(1) 11.38 11.23 11.37 11.27 11.13
Actual Basic Shares Outstanding 16,954 16,845 16,807 16,804 17,222
Actual Diluted Shares Outstanding 16,979 16,949 16,874 16,855 17,254
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to page 4.


CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
2017 2016
(Dollars in thousands, except per share data) First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
INTEREST INCOME
Interest and Fees on Loans$18,005$18,671$18,046$18,105 $18,045
Investment Securities 2,042 1,949 1,846 1,751 1,637
Funds Sold 493 212 212 318 362
Total Interest Income 20,540 20,832 20,104 20,174 20,044
INTEREST EXPENSE
Deposits 281 224 223 211 221
Short-Term Borrowings 45 57 43 38 10
Subordinated Notes Payable 379 363 341 343 387
Other Long-Term Borrowings 99 129 177 206 216
Total Interest Expense 804 773 784 798 834
Net Interest Income 19,736 20,059 19,320 19,376 19,210
Provision for Loan Losses 310 464 - (97) 452
Net Interest Income after Provision for
Loan Losses
19,426 19,595 19,320 19,473 18,758
NONINTEREST INCOME
Deposit Fees 5,090 5,238 5,373 5,321 5,400
Bank Card Fees 2,803 2,754 2,759 2,855 2,853
Wealth Management Fees 1,842 1,773 1,774 1,690 1,792
Mortgage Banking Fees 1,308 1,392 1,503 1,267 1,030
Other 1,675 1,621 1,602 4,082 1,602
Total Noninterest Income 12,718 12,778 13,011 15,215 12,677
NONINTEREST EXPENSE
Compensation 16,496 16,699 15,993 16,051 16,241
Occupancy, Net 4,381 4,519 4,734 4,584 4,459
Other Real Estate, Net 583 343 821 1,060 1,425
Other 6,462 5,999 6,474 7,007 6,805
Total Noninterest Expense 27,922 27,560 28,022 28,702 28,930
OPERATING PROFIT 4,222 4,813 4,309 5,986 2,505
Income Tax Expense 1,478 1,517 1,436 2,056 858
NET INCOME$2,744$3,296$2,873$3,930 $1,647
PER SHARE DATA
Basic Net Income$0.16$0.20$0.18$0.22 $0.10
Diluted Net Income 0.16 0.20 0.17 0.22 0.10
Cash Dividend$0.05$0.05$0.04$0.04 $0.04
AVERAGE SHARES
Basic 16,919 16,809 16,804 17,144 17,202
Diluted 16,944 16,913 16,871 17,196 17,235


CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR LOAN LOSSES
AND RISK ELEMENT ASSETS
Unaudited
2017 2016
(Dollars in thousands, except per share data) First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period$13,431 $13,744 $13,677 $13,613 $13,953
Provision for Loan Losses 310 464 - (97) 452
Net Charge-Offs (Recoveries) 406 777 (67) (161) 792
Balance at End of Period$13,335 $13,431 $13,744 $13,677 $13,613
As a % of Loans 0.84% 0.86% 0.88% 0.89% 0.90%
As a % of Nonperforming Loans 160.70% 157.40% 159.56% 166.50% 150.44%
CHARGE-OFFS
Commercial, Financial and Agricultural$93 $377 $143 $304 $37
Real Estate - Construction - - - - -
Real Estate - Commercial 71 70 5 - 274
Real Estate - Residential 116 120 96 205 478
Real Estate - Home Equity 92 38 51 146 215
Consumer 624 771 479 438 439
Total Charge-Offs$996 $1,376 $774 $1,093 $1,443
RECOVERIES
Commercial, Financial and Agricultural$81 $50 $199 $49 $39
Real Estate - Construction - - - - -
Real Estate - Commercial 23 45 45 237 81
Real Estate - Residential 213 277 139 579 236
Real Estate - Home Equity 29 32 237 81 59
Consumer 244 195 221 308 236
Total Recoveries$590 $599 $841 $1,254 $651
NET CHARGE-OFFS (RECOVERIES)$406 $777 $(67)$(161)$792
Net Charge-Offs as a % of Average Loans(1) 0.10% 0.20% (0.02)% (0.04)% 0.21%
RISK ELEMENT ASSETS
Nonaccruing Loans$8,298 $8,533 $8,614 $8,214 $9,049
Other Real Estate Owned 9,501 10,638 12,738 14,622 17,450
Total Nonperforming Assets$17,799 $19,171 $21,352 $22,836 $26,499
Past Due Loans 30-89 Days$3,263 $6,438 $5,667 $3,872 $3,599
Past Due Loans 90 Days or More - - - - -
Classified Loans 40,978 41,507 43,228 45,058 49,780
Performing Troubled Debt Restructuring's$36,555 $38,233 $35,046 $35,526 $36,700
Nonperforming Loans as a % of Loans 0.52% 0.54% 0.55% 0.54% 0.60%
Nonperforming Assets as a % of Loans and Other Real Estate 1.11% 1.21% 1.35% 1.48% 1.73%
Nonperforming Assets as a % of Total Assets 0.61% 0.67% 0.78% 0.83% 0.95%
(1) Annualized


CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES(1)
Unaudited
First Quarter 2017 Fourth Quarter 2016 Third Quarter 2016 Second Quarter 2016 First Quarter 2016
(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
ASSETS:
Loans, Net of Unearned Interest$1,585,561 18,137 4.64%$1,573,264 18,827 4.76%$1,555,889 18,216 4.66%$1,531,777 18,233 4.79%$1,507,508 18,141 4.84%
Investment Securities
Taxable Investment Securities 600,528 1,784 1.20 614,560 1,726 1.12 606,606 1,632 1.07 571,343 1,539 1.08 552,092 1,420 1.03
Tax-Exempt Investment Securities 97,965 396 1.62 90,046 343 1.52 89,241 327 1.47 90,030 325 1.44 94,951 332 1.40
Total Investment Securities 698,493 2,180 1.26 704,606 2,069 1.17 695,847 1,959 1.12 661,373 1,864 1.13 647,043 1,752 1.09
Funds Sold 245,153 493 0.81 145,518 212 0.58 166,207 212 0.51 254,627 318 0.50 286,167 362 0.51
Total Earning Assets 2,529,207 $20,810 3.33% 2,423,388 $21,108 3.47% 2,417,943 $20,387 3.35% 2,447,777 $20,415 3.35% 2,440,718 $20,255 3.34%
Cash and Due From Banks 48,906 50,207 45,139 46,605 47,834
Allowance for Loan Losses (13,436) (14,017) (14,052) (14,254) (13,999)
Other Assets 280,463 283,885 285,435 287,726 289,193
Total Assets$2,845,140 $2,743,463 $2,734,465 $2,767,854 $2,763,746
LIABILITIES:
Interest Bearing Deposits
NOW Accounts$880,707 $134 0.06%$782,518 $78 0.04%$774,899 $78 0.04%$762,667 $67 0.04%$798,996 $69 0.03%
Money Market Accounts 259,106 35 0.06 257,398 31 0.05 258,183 30 0.05 257,000 30 0.05 252,446 29 0.05
Savings Accounts 311,212 38 0.05 303,006 37 0.05 297,172 37 0.05 291,210 36 0.05 277,745 34 0.05
Time Deposits 158,289 74 0.19 161,859 78 0.19 165,324 78 0.19 170,837 78 0.19 177,057 89 0.20
Total Interest Bearing Deposits 1,609,314 281 0.07% 1,504,781 224 0.06% 1,495,578 223 0.06% 1,481,714 211 0.06% 1,506,244 221 0.06%
Short-Term Borrowings 12,810 45 1.43% 14,768 57 1.54% 12,162 43 1.39% 53,691 38 0.28% 66,938 10 0.06%
Subordinated Notes Payable 52,887 379 2.86 52,887 363 2.68 52,887 341 2.52 54,316 343 2.50 62,887 387 2.43
Other Long-Term Borrowings 14,468 99 2.77 17,473 129 2.93 23,629 177 2.98 26,721 206 3.11 27,769 216 3.12
Total Interest Bearing Liabilities 1,689,479 $804 0.20% 1,589,909 $773 0.20% 1,584,256 $784 0.20% 1,616,442 $798 0.20% 1,663,838 $834 0.20%
Noninterest Bearing Deposits 797,964 802,136 793,163 794,839 752,356
Other Liabilities 79,208 72,475 79,639 77,041 70,088
Total Liabilities 2,566,651 2,464,520 2,457,058 2,488,322 2,486,282
SHAREOWNERS' EQUITY: 278,489 278,943 277,407 279,532 277,464
Total Liabilities and Shareowners' Equity$2,845,140 $2,743,463 $2,734,465 $2,767,854 $2,763,746
Interest Rate Spread $20,006 3.14% $20,335 3.27% $19,603 3.15% $19,617 3.15% $19,421 3.14%
Interest Income and Rate Earned(1) 20,810 3.33 21,108 3.47 20,387 3.35 20,415 3.35 20,255 3.34
Interest Expense and Rate Paid(2) 804 0.13 773 0.13 784 0.13 798 0.13 834 0.14
Net Interest Margin $20,006 3.21% $20,335 3.34% $19,603 3.23% $19,617 3.22% $19,421 3.20%
(1) Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
(2) Rate calculated based on average earning assets.

For Information Contact: J. Kimbrough Davis Executive Vice President and Chief Financial Officer 850.402.7820

Source:Capital City Bank Group, Inc.

More From Press Releases