EX-99 2 ccbg0402earnings.txt CAPITAL CITY BANK GROUP, INC. 2ND QUARTER 2004 EARNINGS RELEASE Exhibit 99.1 Capital City Bank Group, Inc.'s Press Release, dated July 22, 2004 [CCBG LOGO] For Information Contact: Corporate Headquarters J. Kimbrough Davis 850-671-0300 217 North Monroe Street Executive Vice President Tallahassee, FL 32301 Chief Financial Officer News Release For Immediate Release July 22, 2004 CAPITAL CITY BANK GROUP, INC. REPORTS SECOND QUARTER EARNINGS OF $0.48 PER DILUTED SHARE HIGHLIGHTS * Quarterly earnings totaled $6.4 million, or $0.48 per share, a decrease of $.01 per share or 2.0% over the second quarter of 2003. * Net interest margin improved 11 basis points to 4.99% over the first quarter 2004, which continues to significantly exceed peer group. * Noninterest income up 5.8% over the second quarter of 2003, primarily attributable to improved deposit and asset management fees. * Period-end Loans grew 14.2% over second quarter 2003, reflecting strong growth in CCBG's existing markets and loans acquired in the Quincy State Bank purchase. * Credit quality remains strong as indicated by a nonperforming asset ratio of .27% and a net charge-off ratio of .18%. EARNINGS HIGHLIGHTS Three Months Ended Six Months Ended -------------------------------- -------------------- June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share data) 2004 2004 2003 2004 2003 ---------------------------------------------------------------------------------------------------------- EARNINGS Net Income $ 6,443 4,847 6,440 11,290 12,801 Diluted Earnings Per Common Share $ 0.48 0.37 0.49 0.85 0.97 ---------------------------------------------------------------------------------------------------------- PERFORMANCE Return on Average Equity 12.33% 9.45 13.26 10.90 13.40 Return on Average Assets 1.34 1.06 1.45 1.21 1.44 Net Interest Margin 4.99 4.88 5.09 4.93 5.13 Noninterest Income as % of Operating Revenue 34.39 33.64 34.16 34.03 33.56 Efficiency Ratio 63.87 68.06 60.57 65.87 60.76 ---------------------------------------------------------------------------------------------------------- CAPITAL ADEQUACY Tier 1 Capital Ratio 10.98% 11.09 12.58 10.98 12.58 Total Capital Ratio 11.86 12.01 13.52 11.86 13.52 Leverage Ratio 8.34 8.38 8.85 8.34 8.85 Equity to Assets 10.35 10.57 10.45 10.35 10.45 1 Three Months Ended Six Months Ended -------------------------------- -------------------- June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share data) 2004 2004 2003 2004 2003 ---------------------------------------------------------------------------------------------------------- ASSET QUALITY Allowance as % of Non-Performing Loans 452.82% 717.20 331.15 452.82 331.15 Allowance as a % of Loans 0.90 0.94 0.93 0.90 0.93 Net Charge-Offs as % of Average Loans 0.18 0.29 0.27 0.23 0.27 Nonperforming Assets as % of Loans and ORE 0.27 0.20 0.38 0.27 0.38 ----------------------------------------------------------------------------------------------------------STOCK PERFORMANCE High $ 43.15 45.55 36.43 45.55 36.43 Low 35.54 39.05 29.74 35.50 26.81 Close $ 39.59 41.25 36.08 39.59 36.08 Average Daily Trading Volume 12,294 8,328 13,251 10,311 12,170 ----------------------------------------------------------------------------------------------------------
TALLAHASSEE -- Capital City Bank Group, Inc. (NASDAQ: CCBG) reported earnings for the second quarter totaling $6.4 million, or $0.48 per diluted share. This compares to $6.4 million, or $0.49 per diluted share in the second quarter of 2003, a decrease of $.01 per share, or 2.0%. The Return on Average Assets was 1.34% and the Return on Average Equity was 12.33%, compared to 1.45% and 13.26%, respectively, for the comparable period in 2003. Growth in operating revenues of 5.1% was offset by higher expense levels, reflecting the addition of three new offices in the second half of 2003 and the acquisition of Quincy State Bank in the first quarter of 2004. William G. Smith, Jr., President and CEO, stated, "The Company turned in a solid performance during the second quarter and has momentum heading into the latter half of this year. Loan growth continues to boost the margin and credit quality remains strong." Net interest income in the second quarter was up $941,000, or 4.7% compared to the second quarter of 2003, due primarily to a decrease in interest expense of 17.3%. While net interest income on a dollar basis improved, the net interest margin declined 10 basis points from the second quarter of 2003 to a level of 4.99%, reflecting a 32 basis point decline in earning asset yields partially offset by an improvement in the cost of funds of 22 basis points. The margin stabilized in the first quarter of 2004 and, on a linked quarter basis, posted an 11 basis point improvement in the second quarter attributable to strong loan growth. Provision for loan losses of $580,000 represents a $306,000 reduction over the second quarter of 2003, reflecting a decrease in net charge-offs. Net charge-offs totaled $649,000, or .18% of average loans for the quarter compared to $889,000, or .27% for the second quarter of 2003. At quarter-end the allowance for loan losses was .90% of outstanding loans and provided coverage of 453% of nonperforming loans. Noninterest income increased $603,000, or 5.8%, over the second quarter of 2003, primarily due to higher deposit and asset management fees, and other income. These increases were partially offset by a reduction in mortgage banking revenues. The increase in deposit fees was driven by higher NSF/OD fees, partially attributable to a recent change in fee structure and 2 lower NSF/OD charge-offs. Improvement in asset management fees reflects the recent acquisition of trust accounts from Synovus Trust Company. Higher merchant service fees and retail brokerage fees contributed to the improvement in other income. Mortgage banking revenues declined from the comparable period in 2003 reflecting a general slow-down in residential lending markets. However, revenues grew $292,000, or 42.1% from first to second quarter. Noninterest expense grew by $2.1 million, or 10.7%, in the second quarter of 2004. Higher expense for compensation, occupancy, and advertising expense were the primary reasons for the increase. The increase in compensation was driven by higher expense for associate salaries, pension, and associate insurance. These increases are primarily attributable to the late first quarter integration of Quincy State Bank. The increase in occupancy was driven by higher depreciation, premises rental, and software license expense, primarily attributable to an increase in the number of offices. Advertising expense increased consistent with several initiatives implemented in the second quarter and will fluctuate consistent with advertising strategies planned throughout the year. Average earning assets for the quarter increased $109.5 million, or 6.8%, over the comparable period in 2003. The increase in earning assets was driven by a $174.4 million, or 13.3% increase in average loans generated from growth in existing markets and $85 million in loans acquired in the recent Quincy State Bank purchase. All loan categories reflect strong gains. Offsetting the increase in average loans was a decrease in short-term investments of $68.7 million, or 60.1%. Nonperforming assets of $4.1 million declined from the second quarter of 2003 by $1.0 million and represented .27% of total loans and other real estate at quarter-end. This compares to .38% and .54%, respectively, for the second and fourth quarters of 2003. Average total deposits increased $122.8 million, or 8.7%, over the second quarter of 2003 driven by a $72.5 million increase in nonmaturity deposits, which produced a favorable shift in deposit mix and a positive impact on the Company's cost of funds. Deposits acquired in the purchase of Quincy State Bank totaled $101 million. The Company ended the second quarter with approximately $24.8 million in average net overnight funds as compared to $99.3 million in the second quarter of 2003. The decrease reflects loan growth, repayment of $40 million in Federal Home Loan Bank advances, and the use of cash to fund the recent acquisition of Quincy State Bank. Capital City Bank Group, Inc. is a $2.0 billion financial services company headquarted in Tallahassee, Florida, providing traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bankcards, data processing and securities brokerage services. Founded in 1895, the Company has 57 banking offices, five residential lending offices, 73 ATMs and 11 Bank 'N Shop locations in Florida, Georgia, and Alabama. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The matters discussed in this press release, that are not historical facts, contain forward-looking information with respect to strategic initiatives. Such forward-looking statements are based on current plans and expectations, which are subject to a number of uncertainties and risks that have been described in Capital City Bank Group's annual report on Form 10-K for the fiscal year ended December 31, 2003, and the Company's other filings with the Securities and Exchange Commission. These uncertainties and risks could cause future results to differ materially from those anticipated by such statements. 3 CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME Unaudited ---------------------------------------------------------------------------------------------------------------------------- 2004 2003 Six Months Ended ------------------ ---------------------------- June 30, Second First Fourth Third Second ---------------- (Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter 2004 2003 ---------------------------------------------------------------------------------------------------------------------------- INTEREST INCOME Interest and Fees on Loans $ 22,922 21,272 21,398 21,747 22,126 44,194 44,289 Interest on Investment Securities 1,227 1,176 1,350 1,434 1,539 2,403 3,349 Interest on Funds Sold 116 222 274 303 332 338 685 ---------------------------------------------------------------------------------------------------------------------------- Total Interest Income 24,265 22,670 23,022 23,484 23,997 46,935 48,323 ---------------------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE Interest on Deposits 2,385 2,394 2,558 2,729 3,053 4,779 6,280 Interest on Short-term Borrowings 249 287 319 282 340 536 669 Interest on Long-term Debt 587 497 462 495 501 1,084 1,045 ---------------------------------------------------------------------------------------------------------------------------- Total Interest Expense 3,221 3,178 3,339 3,506 3,894 6,399 7,994 ---------------------------------------------------------------------------------------------------------------------------- Net Interest Income 21,044 19,492 19,683 19,978 20,103 40,536 40,329 Provision for Loan Losses 580 961 850 921 886 1,541 1,665 ---------------------------------------------------------------------------------------------------------------------------- Net Interest Income after Provision for Loan Losses 20,464 18,531 18,833 19,057 19,217 38,995 38,664 ============================================================================================================================ NONINTEREST INCOME Service Charge Revenue 4,427 3,944 4,155 4,123 4,074 8,371 8,041 Data Processing Revenue 703 633 656 578 611 1,336 1,169 Asset Management Fees 950 741 735 660 650 1,691 1,255 Mortgage Banking Revenue 986 694 1,140 2,066 1,540 1,680 2,884 Other Fees 3,965 3,869 3,928 3,525 3,553 7,834 7,024 ---------------------------------------------------------------------------------------------------------------------------- Total Noninterest Income 11,031 9,881 10,614 10,952 10,428 20,912 20,373 ============================================================================================================================ NONINTEREST EXPENSE Compensation 10,809 10,740 10,016 10,551 9,766 21,549 19,894 Premises 1,749 1,617 1,504 1,589 1,510 3,366 2,879 FF&E 1,977 2,063 2,123 2,048 1,874 4,040 3,669 Intangible Amortization 926 826 810 810 810 1,752 1,621 Other Expense 6,140 5,829 6,140 5,186 5,556 11,969 10,880 ---------------------------------------------------------------------------------------------------------------------------- Total Noninterest Expense 21,601 21,075 20,593 20,184 19,516 42,676 38,943 ============================================================================================================================ OPERATING PROFIT 9,894 7,337 8,854 9,825 10,129 17,231 20,094 Provision for Income Taxes 3,451 2,490 2,758 3,529 3,689 5,941 7,293 ---------------------------------------------------------------------------------------------------------------------------- NET INCOME $ 6,443 4,847 6,096 6,296 6,440 11,290 12,801 ============================================================================================================================ PER SHARE DATA Basic Earnings $ 0.48 0.37 0.47 0.47 0.49 0.85 0.97 Diluted Earnings 0.48 0.37 0.46 0.47 0.49 0.85 0.97 Cash Dividends $ 0.180 0.180 0.180 0.170 0.170 0.360 0.306 AVERAGE SHARES Basic 13,274 13,262 13,223 13,221 13,209 13,268 13,209 Diluted 13,277 13,286 13,265 13,260 13,255 13,271 13,255 ============================================================================================================================ 4
CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION Unaudited ----------------------------------------------------------------------------------------------------------------- 2004 2003 ---------------------- --------------------------------- Second First Fourth Third Second (Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter ----------------------------------------------------------------------------------------------------------------- ASSETS Cash and Due From Banks $ 97,154 93,427 93,140 105,407 98,388 Funds Sold 107,399 90,469 125,452 161,579 168,773 ----------------------------------------------------------------------------------------------------------------- Total Cash and Cash Equivalents 204,553 183,896 218,592 266,986 267,161 Investment Securities, Available-for-Sale 183,732 188,763 181,734 162,734 170,745 Loans, Net of Unearned 1,521,497 1,465,804 1,341,632 1,322,888 1,332,387 Allowance for Loan Losses (13,657) (13,720) (12,429) (12,424) (12,434) ----------------------------------------------------------------------------------------------------------------- Loans, Net 1,507,840 1,452,084 1,329,203 1,310,464 1,319,953 Premises and Equipment 56,263 56,394 54,011 55,347 53,132 Intangible Assets 40,608 41,512 25,792 26,603 27,413 Other Assets 33,834 34,604 37,170 32,289 32,186 ----------------------------------------------------------------------------------------------------------------- Total Other Assets 130,705 132,510 116,973 114,239 112,731 ----------------------------------------------------------------------------------------------------------------- Total Assets $2,026,830 1,957,253 1,846,502 1,854,423 1,870,590 ================================================================================================================= LIABILITIES Deposits: Noninterest Bearing Deposits $ 520,118 482,703 455,550 456,302 456,050 Interest Bearing Deposits 1,092,618 1,088,963 1,018,655 1,029,139 1,042,527 ----------------------------------------------------------------------------------------------------------------- Total Deposits 1,612,736 1,571,666 1,474,205 1,485,441 1,498,577 Short-Term Borrowings 127,012 112,343 108,184 112,255 101,629 Long-Term Debt 58,427 49,950 46,475 38,016 57,664 Other Liabilities 18,934 16,366 14,829 19,820 17,251 ----------------------------------------------------------------------------------------------------------------- Total Liabilities 1,817,109 1,750,325 1,643,693 1,655,532 1,675,121 ----------------------------------------------------------------------------------------------------------------- SHAREOWNERS' EQUITY Common Stock 133 132 132 132 132 Additional Paid-in-Capital 17,922 17,788 16,157 15,278 15,447 Retained Earnings 191,645 187,592 185,134 181,395 177,346 Accumulated Other Comprehensive Income 21 1,416 1,386 1,786 2,544 ----------------------------------------------------------------------------------------------------------------- Total Shareowners' Equity 209,721 206,928 202,809 198,891 195,469 ----------------------------------------------------------------------------------------------------------------- Total Liabilities and Owners' Equity $2,026,830 1,957,253 1,846,502 1,854,423 1,870,590 ================================================================================================================= OTHER BALANCE SHEET DATA Earning Assets $1,812,628 1,745,036 1,648,818 1,647,201 1,671,905 Intangible Assets Goodwill 19,656 19,633 6,680 6,680 6,680 Deposit Base 19,786 20,683 19,112 19,923 20,733 Other 1,166 1,196 - - - Interest Bearing Liabilities 1,278,057 1,251,256 1,173,314 1,179,410 1,201,820 ----------------------------------------------------------------------------------------------------------------- Book Value Per Diluted Share $ 15.80 15.54 15.27 15.00 14.73 Tangible Book Value Per Diluted Share 12.74 12.43 13.33 13.00 12.67 ----------------------------------------------------------------------------------------------------------------- Actual Basic Shares Outstanding 13,275 13,273 13,236 13,222 13,221 Actual Diluted Shares Outstanding 13,277 13,312 13,280 13,256 13,267 ================================================================================================================= 5
CAPITAL CITY BANK GROUP, INC. ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS Unaudited ----------------------------------------------------------------------------------------------------------------- 2004 2003 ---------------------- --------------------------------- Second First Fourth Third Second (Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter ----------------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES Balance at Beginning of Period $13,720 12,429 12,424 12,434 12,437 Acquired Reserves 6 1,307 0 0 0 Provision for Loan Losses 580 961 850 921 886 Net Charge-Offs 649 977 845 931 889 ----------------------------------------------------------------------------------------------------------------- Balance at End of Period $13,657 13,720 12,429 12,424 12,434 ================================================================================================================= As a % of Loans 0.90% 0.94 0.93 0.94 0.93 As a % of Nonperforming Loans 452.82 717.20 529.80 183.35 331.15 As a % of Nonperforming Assets 334.73 459.63 170.24 148.51 244.73 ================================================================================================================= CHARGE-OFFS Commercial, Financial and Agricultural $ 286 167 46 61 177 Real Estate - Construction 0 0 0 0 0 Real Estate - Mortgage 0 39 0 91 0 Real Estate - Residential 11 83 58 119 32 Consumer 885 1,047 1,054 937 916 ----------------------------------------------------------------------------------------------------------------- Total Charge-Offs $ 1,182 1,336 1,158 1,208 1,125 ================================================================================================================= RECOVERIES Commercial, Financial and Agricultural $ 24 12 13 73 42 Real Estate - Construction 0 0 0 0 0 Real Estate - Mortgage 0 0 0 0 0 Real Estate - Residential 176 0 17 0 0 Consumer 333 347 283 204 194 ----------------------------------------------------------------------------------------------------------------- Total Recoveries $ 533 359 313 277 236 ================================================================================================================= NET CHARGE-OFFS $ 649 977 845 931 889 ================================================================================================================= Net Charge-Offs as a % of Average Loans 0.18 0.29 0.25 0.28 0.27 ================================================================================================================= RISK ELEMENT ASSETS Nonaccruing Loans $ 3,016 1,913 2,346 6,776 3,755 Restructured 0 0 0 0 0 ----------------------------------------------------------------------------------------------------------------- Total Nonperforming Loans 3,016 1,913 2,346 6,776 3,755 Other Real Estate 1,064 1,072 4,955 1,590 1,326 ----------------------------------------------------------------------------------------------------------------- Total Nonperforming Assets $ 4,080 2,985 7,301 8,366 5,081 ================================================================================================================= Past Due Loans 90 Days or More $ 330 1,351 328 410 1,976 ================================================================================================================= Nonperforming Loans as a % of Loans 0.20% 0.13 0.17 0.51 0.28 Nonperforming Assets as a % of Loans and Other Real Estate 0.27 0.20 0.54 0.63 0.38 Nonperforming Assets as a % of Capital 1.83 1.35 3.39 3.96 2.44 ================================================================================================================= Annualized Capital includes allowance for loan losses.
6 CAPITAL CITY BANK GROUP, INC. AVERAGE BALANCE AND INTEREST RATES Unaudited ------------------------------------------------------------------------------------------------------------------------------- Second Quarter of 2004 First Quarter 2004 Fourth Quarter 2003 ------------------------- ------------------------- ------------------------ Average Average Average Average Average Average (Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate -------------------------------------------- ------------------------- ------------------------- ------------------------ ASSETS: Loans, Net of Unearned Interest $1,491,142 $22,961 6.19% 1,357,206 21,310 6.32 1,329,673 21,436 6.40 Investment Securities Taxable Investment Securities 134,634 745 2.21 121,702 635 2.09 133,029 774 2.31 Tax-Exempt Investment Securities 50,191 732 5.83 54,274 822 6.06 58,006 875 6.03 -------------------------------------------------------------------------------------------------------------------------------- Total Investment Securities 184,825 1,477 3.20 175,976 1,457 3.31 191,035 1,649 3.45 Funds Sold 45,688 116 1.01 101,286 222 0.87 115,561 274 0.93 -------------------------------------------------------------------------------------------------------------------------------- Total Earning Assets 1,721,655 $24,554 5.74% 1,634,468 22,989 5.66 1,636,269 23,359 5.66 ============== ============ ============ Cash and Due From Banks 89,921 90,327 81,272 Allowance For Loan Losses (13,804) (12,725) (12,494) Other Assets 131,713 118,426 114,505 -------------------------------------------------------- --------- --------- Total Assets $1,929,485 1,830,496 1,819,552 ======================================================== ========= ========= LIABILITIES: Interest Bearing Deposits NOW Accounts $ 283,297 121 0.17% 271,878 124 0.18 273,497 130 0.19 Money Market Accounts 215,746 239 0.44 215,078 239 0.45 215,540 242 0.44 Savings Accounts 129,684 32 0.10 115,985 28 0.10 111,957 28 0.10 Time Deposits 433,514 1,993 1.85 420,501 2,003 1.92 429,209 2,158 1.99 -------------------------------------------------------------------------------------------------------------------------------- 1,062,241 2,385 0.90 1,023,442 2,394 0.94 1,030,203 2,558 0.99 Short-Term Borrowings 109,723 249 0.91 104,406 288 1.11 103,606 319 1.22 Long-Term Debt 53,752 587 4.39 47,023 497 4.25 42,881 462 4.27 -------------------------------------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities 1,225,716 $ 3,221 1.06% 1,174,871 3,179 1.09 1,176,690 3,339 1.13 ============== ============ ============ Noninterest Bearing Deposits 476,389 433,718 420,892 Other Liabilities 17,169 15,512 20,031 -------------------------------------------------------- --------- --------- Total Liabilities 1,719,274 1,624,101 1,617,613 SHAREOWNERS' EQUITY: $ 210,211 206,395 201,939 -------------------------------------------------------- --------- --------- Total Liabilities and Shareowners' Equity $1,929,485 1,830,496 1,819,552 ======================================================== ========= ========= Interest Rate Spread $21,333 4.68% 19,810 4.57 20,020 4.53 ======================================================================== ============ ============ Interest Income and Rate Earned $24,554 5.74 22,989 5.66 23,359 5.66 Interest Expense and Rate Paid 3,221 0.75 3,179 0.78 3,339 0.81 ------------------------------------------------------------------------ ------------ ------------ Net Interest Margin $21,333 4.99% 19,810 4.88 20,020 4.85 ======================================================================== ============ ============ Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate. Rate calculated based on average earning assets.
7 CAPITAL CITY BANK GROUP, INC. AVERAGE BALANCE AND INTEREST RATES Unaudited ---------------------------------------------------------------------------------------------------- Third Quarter of 2003 Second Quarter 2003 ------------------------- ------------------------- Average Average Average Average (Dollars in thousands) Balance Interest Rate Balance Interest Rate -------------------------------------------- ------------------------- ------------------------- ASSETS: Loans, Net of Unearned Interest $1,336,139 $21,796 6.47% 1,316,705 22,166 6.75 Investment Securities Taxable Investment Securities 108,234 841 3.09 118,494 929 3.13 Tax-Exempt Investment Securities 60,306 898 5.96 62,552 923 5.90 ---------------------------------------------------------------------------------------------------- Total Investment Securities 168,540 1,739 4.12 181,046 1,852 4.09 Funds Sold 130,010 303 0.91 114,382 332 1.15 ---------------------------------------------------------------------------------------------------- Total Earning Assets 1,634,689 $23,838 5.79% 1,612,133 24,350 6.06 ============== ============ Cash and Due From Banks 80,246 74,537 Allowance For Loan Losses (12,534) (12,531) Other Assets 113,604 112,852 -------------------------------------------------------- --------- Total Assets $1,816,005 1,786,991 ======================================================== ========= LIABILITIES: Interest Bearing Deposits NOW Accounts $ 263,729 151 0.23% 256,675 193 0.30 Money Market Accounts 220,924 257 0.46 211,314 392 0.74 Savings Accounts 111,644 28 0.10 109,424 68 0.25 Time Deposits 434,206 2,293 2.10 434,515 2,400 2.22 ---------------------------------------------------------------------------------------------------- 1,030,503 2,729 1.05 1,011,928 3,053 1.21 Short-Term Borrowings 92,316 282 1.21 102,510 340 1.33 Long-Term Debt 53,041 495 3.70 54,434 501 3.69 ----------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities 1,175,860 $ 3,506 1.18% 1,168,872 3,894 1.34 ============== ============ Noninterest Bearing Deposits 421,376 403,870 Other Liabilities 19,709 19,468 -------------------------------------------------------- --------- Total Liabilities 1,616,945 1,592,210 SHAREOWNERS' EQUITY: $ 199,060 194,781 -------------------------------------------------------- --------- Total Liabilities and Shareowners' Equity $1,816,005 1,786,991 ======================================================== ========= Interest Rate Spread $20,332 4.61% 20,456 4.72 ======================================================================== ============ Interest Income and Rate Earned $23,838 5.79 24,350 6.06 Interest Expense and Rate Paid 3,506 0.85 3,894 0.97 ------------------------------------------------------------------------ ------------ Net Interest Margin $20,332 4.94% 20,456 5.09 ------------------------------------------------------------------------ ------------ Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate. Rate calculated based on average earning assets.
8 CAPITAL CITY BANK GROUP, INC. AVERAGE BALANCE AND INTEREST RATES Unaudited ---------------------------------------------------------------------------------------------------- Six Months Ended Six Months Ended June 30, 2004 June 30, 2003 ------------------------- ------------------------- Average Average Average Average (Dollars in thousands) Balance Interest Rate Balance Interest Rate -------------------------------------------- ------------------------- ------------------------- ASSETS: Loans, Net of Unearned Interest $1,424,175 $44,271 6.25% 1,303,008 44,375 6.87 Investment Securities Taxable Investment Securities 128,167 1,380 2.15 128,514 2,109 3.28 Tax-Exempt Investment Securities 52,233 1,554 5.95 63,656 1,877 5.90 ---------------------------------------------------------------------------------------------------- Total Investment Securities 180,400 2,934 3.26 192,170 3,986 4.15 Funds Sold 73,487 338 0.91 118,523 685 1.15 ---------------------------------------------------------------------------------------------------- Total Earning Assets 1,678,062 $47,543 5.70% 1,613,701 49,046 6.13 ============== ============= Cash and Due From Banks 90,124 78,473 Allowance For Loan Losses (13,264) (12,575) Other Assets 125,069 112,198 -------------------------------------------------------- --------- Total Assets $1,879,991 1,791,797 ======================================================== ========= LIABILITIES: Interest Bearing Deposits NOW Accounts $ 277,588 245 0.18% 259,630 396 0.31 Money Market Accounts 215,412 478 0.45 212,918 812 0.77 Savings Accounts 122,835 60 0.10 107,841 133 0.25 Time Deposits 427,007 3,996 1.88 434,669 4,939 2.29 ---------------------------------------------------------------------------------------------------- 1,042,842 4,779 0.92 1,015,058 6,280 1.25 Short-Term Borrowings 107,064 536 1.01 104,642 669 1.29 Long-Term Debt 50,387 1,084 4.33 63,354 1,045 3.33 ---------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities 1,200,293 $ 6,399 1.07% 1,183,054 7,994 1.36 ============== ============= Noninterest Bearing Deposits 455,053 396,744 Other Liabilities 16,342 19,389 -------------------------------------------------------- --------- Total Liabilities 1,671,688 1,599,187 SHAREOWNERS' EQUITY: $ 208,303 192,610 -------------------------------------------------------- --------- Total Liabilities and Shareowners' Equity $1,879,991 1,791,797 ======================================================== ========= Interest Rate Spread $41,144 4.63% 41,052 4.77 ======================================================================== ============= Interest Income and Rate Earned $47,543 5.70 49,046 6.13 Interest Expense and Rate Paid 6,399 0.77 7,994 1.00 ------------------------------------------------------------------------ ------------- Net Interest Margin $41,144 4.93% 41,052 5.13 ------------------------------------------------------------------------ ------------- Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate. Rate calculated based on average earning assets.
9