Capital City Bank Group, Inc. Reports Second Quarter 2025 Results
TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ:CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.
QUARTER HIGHLIGHTS (2nd Quarter 2025 versus 1st Quarter 2025)
Income Statement
Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter - net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans, allowance coverage ratio increased to 1.13% at June 30, 2025
Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025
Balance Sheet
Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%
"Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength," said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. "Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility."
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. 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 the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.
For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. 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.
Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.
Provision for Credit Losses
We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months 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 second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.
For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.
Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense. Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.
For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 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 lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.
Income Taxes
We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) 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 for all prior period comparisons. 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 $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below, Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale ("HFS"). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.
Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.
Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.
Allowance for Credit Losses
At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 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 March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.
Deposits
Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024. Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.
At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 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 $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.
At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 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 June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.
Capital
Shareowners' equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners' equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners' equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.
At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 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 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.
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 $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 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; 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; 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.
For Information Contact:Jep LarkinExecutive Vice President and Chief Financial Officer850.402.8450
USE OF NON-GAAP FINANCIAL MEASURESUnaudited
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)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Shareowners' Equity (GAAP)
$
526,423
$
512,575
$
495,317
476,499
$
460,999
Less: Goodwill and Other Intangibles (GAAP)
92,693
92,733
92,773
92,813
92,853
Tangible Shareowners' Equity (non-GAAP)
A
433,730
419,842
402,544
383,686
368,146
Total Assets (GAAP)
4,391,753
4,461,233
4,324,932
4,225,316
4,225,695
Less: Goodwill and Other Intangibles (GAAP)
92,693
92,733
92,773
92,813
92,853
Tangible Assets (non-GAAP)
B
$
4,299,060
$
4,368,500
$
4,232,159
4,132,503
$
4,132,842
Tangible Common Equity Ratio (non-GAAP)
A/B
10.09%
9.61%
9.51%
9.28%
8.91%
Actual Diluted Shares Outstanding (GAAP)
C
17,097,986
17,072,330
17,018,122
16,980,686
16,970,228
Tangible Book Value per Diluted Share (non-GAAP)
A/C
$
25.37
$
24.59
$
23.65
22.60
$
21.69
CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners
$
15,044
$
16,858
$
14,150
$
31,902
$
26,707
Diluted Net Income Per Share
$
0.88
$
0.99
$
0.83
$
1.87
$
1.57
PERFORMANCE
Return on Average Assets (annualized)
1.38
%
1.58
%
1.33
%
1.48
%
1.27
%
Return on Average Equity (annualized)
11.44
13.32
12.23
12.36
11.66
Net Interest Margin
4.30
4.22
4.02
4.26
4.01
Noninterest Income as % of Operating Revenue
31.67
32.39
33.30
32.03
32.69
Efficiency Ratio
67.26
%
62.93
%
68.61
%
65.13
%
69.81
%
CAPITAL ADEQUACY
Tier 1 Capital
18.38
%
18.01
%
16.31
%
18.38
%
16.31
%
Total Capital
19.60
19.20
17.50
19.60
17.50
Leverage
11.14
11.17
10.51
11.14
10.51
Common Equity Tier 1
16.81
16.08
14.44
16.81
14.44
Tangible Common Equity(1)
10.09
9.61
8.91
10.09
8.91
Equity to Assets
11.99
%
11.49
%
10.91
%
11.99
%
10.91
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
463.01
%
692.10
%
529.79
%
463.01
%
529.79
%
Allowance as a % of Loans HFI
1.13
1.12
1.09
1.13
1.09
Net Charge-Offs as % of Average Loans HFI
0.09
0.09
0.18
0.09
0.20
Nonperforming Assets as % of Loans HFI and OREO
0.25
0.17
0.23
0.25
0.23
Nonperforming Assets as % of Total Assets
0.15
%
0.10
%
0.15
%
0.15
%
0.15
%
STOCK PERFORMANCE
High
$
39.82
$
38.27
$
28.58
$
39.82
$
31.34
Low
32.38
33.00
25.45
32.38
25.45
Close
$
39.35
$
35.96
$
28.44
$
39.35
$
28.44
Average Daily Trading Volume
27,397
24,486
29,861
25,988
30,433
(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)
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
ASSETS
Cash and Due From Banks
$
78,485
$
78,521
$
70,543
$
83,431
$
75,304
Funds Sold and Interest Bearing Deposits
394,917
446,042
321,311
261,779
272,675
Total Cash and Cash Equivalents
473,402
524,563
391,854
345,210
347,979
Investment Securities Available for Sale
533,457
461,224
403,345
336,187
310,941
Investment Securities Held to Maturity
462,599
517,176
567,155
561,480
582,984
Other Equity Securities
3,242
2,315
2,399
6,976
2,537
Total Investment Securities
999,298
980,715
972,899
904,643
896,462
Loans Held for Sale ("HFS"):
19,181
21,441
28,672
31,251
24,022
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
180,008
184,393
189,208
194,625
204,990
Real Estate - Construction
174,115
192,282
219,994
218,899
200,754
Real Estate - Commercial
802,504
806,942
779,095
819,955
823,122
Real Estate - Residential
1,046,368
1,040,594
1,028,498
1,023,485
1,012,541
Real Estate - Home Equity
228,201
225,987
220,064
210,988
211,126
Consumer
197,483
206,191
199,479
213,305
234,212
Other Loans
1,552
3,227
14,006
461
2,286
Overdrafts
1,259
1,154
1,206
1,378
1,192
Total Loans Held for Investment
2,631,490
2,660,770
2,651,550
2,683,096
2,690,223
Allowance for Credit Losses
(29,862
)
(29,734
)
(29,251
)
(29,836
)
(29,219
)
Loans Held for Investment, Net
2,601,628
2,631,036
2,622,299
2,653,260
2,661,004
Premises and Equipment, Net
79,906
80,043
81,952
81,876
81,414
Goodwill and Other Intangibles
92,693
92,733
92,773
92,813
92,853
Other Real Estate Owned
132
132
367
650
650
Other Assets
125,513
130,570
134,116
115,613
121,311
Total Other Assets
298,244
303,478
309,208
290,952
296,228
Total Assets
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
$
4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,332,080
$
1,363,739
$
1,306,254
$
1,330,715
$
1,343,606
NOW Accounts
1,284,137
1,292,654
1,285,281
1,174,585
1,177,180
Money Market Accounts
408,666
445,999
404,396
401,272
413,594
Savings Accounts
504,331
511,265
506,766
507,604
514,560
Certificates of Deposit
175,639
170,233
169,280
164,901
159,624
Total Deposits
3,704,853
3,783,890
3,671,977
3,579,077
3,608,564
Repurchase Agreements
21,800
22,799
26,240
29,339
22,463
Other Short-Term Borrowings
12,741
14,401
2,064
7,929
3,307
Subordinated Notes Payable
42,582
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
680
794
794
794
1,009
Other Liabilities
82,674
73,887
75,653
71,974
69,987
Total Liabilities
3,865,330
3,948,658
3,829,615
3,742,000
3,758,217
Temporary Equity
-
-
-
6,817
6,479
SHAREOWNERS' EQUITY
Common Stock
171
171
170
169
169
Additional Paid-In Capital
39,527
38,576
37,684
36,070
35,547
Retained Earnings
487,665
476,715
463,949
454,342
445,959
Accumulated Other Comprehensive Loss, Net of Tax
(940
)
(2,887
)
(6,486
)
(14,082
)
(20,676
)
Total Shareowners' Equity
526,423
512,575
495,317
476,499
460,999
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,391,753
$
4,461,233
$
4,324,932
$
4,225,316
$
4,225,695
OTHER BALANCE SHEET DATA
Earning Assets
$
4,044,886
$
4,108,969
$
3,974,431
$
3,880,769
$
3,883,382
Interest Bearing Liabilities
