-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TZ1Lq+iyEmC6FLEpFVdQR7yhs2uwzkmODXGtT7PigdhwKQUIAmDuwaPDMDQDgBX9 uM4PPOUKAw0SVMYKqYEHKg== 0000726601-06-000027.txt : 20060425 0000726601-06-000027.hdr.sgml : 20060425 20060425094245 ACCESSION NUMBER: 0000726601-06-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060425 DATE AS OF CHANGE: 20060425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL CITY BANK GROUP INC CENTRAL INDEX KEY: 0000726601 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 592273542 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13358 FILM NUMBER: 06776756 BUSINESS ADDRESS: STREET 1: 217 N MONROE ST CITY: TALLAHASSEE STATE: FL ZIP: 32301 BUSINESS PHONE: 8506710300 MAIL ADDRESS: STREET 1: PO BOX 11248 CITY: TALLAHASSEE STATE: FL ZIP: 32302-3248 8-K 1 ccbg8k042506.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 --------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 25, 2006 -------------- CAPITAL CITY BANK GROUP, INC. ----------------------------- (Exact name of registrant as specified in its charter) Florida 0-13358 59-2273542 - ------------------------ ------------------------ ------------------ (State of Incorporation) (Commission File (IRS Employer Number) Identification No.) 217 North Monroe Street, Tallahassee, Florida 32301 - --------------------------------------------------- ----------------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (850) 671-0300 -------------- ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) CAPITAL CITY BANK GROUP, INC. FORM 8-K CURRENT REPORT Item 2.02. Results of Operations and Financial Condition. Item 7.01. Regulation FD Disclosure. The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure." On April 25, 2006, Capital City Bank Group, Inc. ("CCBG") issued an earnings press release reporting CCBG's financial results for the first quarter of 2006. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference. In addition, a copy of the CCBG Quarterly Financial Data Supplement for the quarter ended March 31, 2006 is being filed as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference in its entirety. Attached as Exhibit 99.3 is selected information that will be presented at CCBG's Annual Meeting of Shareowners on April 25, 2006. The information furnished under Items 2.02 and 7.01 of this Current Report, including the Exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Item No. Description of Exhibit -------- ---------------------- 99.1 Press release, dated January 26, 2006. 99.2 CCBG Quarterly Financial Data Supplement for the quarter ended March 31, 2006. 99.3 Selected information presented at CCBG's Annual Meeting of Shareowners on April 25, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CAPITAL CITY BANK GROUP, INC. Date: April 25, 2006 By: /s/ J. Kimbrough Davis -------------- ------------------------------ J. Kimbrough Davis, Executive Vice President and Chief Financial Officer EX-99 2 ccbg99_1.txt Exhibit 99.1 Capital City Bank Group, Inc.'s Press Release, dated April 25, 2006 [CCBG LOGO] Corporate Headquarters 217 North Monroe Street News Release Tallahassee, FL 32301 For Immediate Release April 25, 2006 - ----------------------------------------------------------------------------- For Information Contact: J. Kimbrough Davis Executive Vice President and Chief Financial Officer 850.671.0610 Capital City Bank Group, Inc. Reports First Quarter Earnings of $0.44 per Diluted Share, Up 11.1% from 2005 TALLAHASSEE, Fla.- HIGHLIGHTS * Quarterly earnings totaled $7.4 million, or $0.40 per share, an increase of 16.4% and 11.1%, respectively, over the first quarter of 2005. * Strong growth in operating revenues reflective of an 18.6% improvement in net interest income and a 17.9% increase in noninterest income. * Improvement in net interest margin as reflected by a 33 basis point increase over the first quarter of 2005 and 9 basis points over the fourth quarter of 2005 - net interest margin of 5.25% continues to significantly exceed peer group. * Continued strong credit quality as reflected by a nonperforming asset ratio of .28% and an annualized net charge-off ratio of .16%. * Well capitalized with a risk based capital ratio of 13.94%. EARNINGS HIGHLIGHTS Three Months Ended --------------------------------- March 31, Dec. 30, March 31, (Dollars in thousands, except per share data)(1) 2006 2005 2005 - ---------------------------------------------------------------------------------- EARNINGS Net Income $7,421 7,459 6,377 Diluted Earnings Per Common Share 0.40 0.40 0.36 - --------------------------------------------------------------------------------- PERFORMANCE Return on Average Equity 9.66% 9.67 9.91 Return on Average Assets 1.16 1.14 1.12 Net Interest Margin 5.25 5.16 4.92 Noninterest Income as % of Operating Revenue 30.93 30.68 31.06 Efficiency Ratio 67.20 65.22 67.06 - --------------------------------------------------------------------------------- CAPITAL ADEQUACY Tier 1 Capital Ratio 13.00% 12.61 11.52 Total Capital Ratio 13.94 13.56 12.39 Leverage Ratio 10.34 10.27 9.03 Equity to Assets 11.63 11.66 11.07 - -------------------------------------------------------------------------------------- (1) All share and per share data have been restated to reflect the 5-for-4 stock split effective July 1, 2005. Page 1 of 4 Three Months Ended --------------------------------- March 31, Dec. 30, March 31, (Dollars in thousands, except per share data)(1) 2006 2005 2005 - ---------------------------------------------------------------------------------- ASSET QUALITY Allowance as % of Non-Performing Loans 330.70% 333.11 302.13 Allowance as a % of Loans 0.84 0.84 0.87 Net Charge-Offs as % of Average Loans 0.16 0.26 0.09 Nonperforming Assets as % of Loans and ORE 0.28 0.27 0.31 - --------------------------------------------------------------------------------- STOCK PERFORMANCE High $ 37.97 39.33 33.60 Low 33.79 33.21 29.30 Close $ 35.55 34.29 32.41 Average Daily Trading Volume 15,281 15,266 21,025 - --------------------------------------------------------------------------------- (1) All share and per share data have been restated to reflect the 5-for-4 stock split effective July 1, 2005.
Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported earnings for the first quarter of 2006 totaling $7.4 million, or $0.40 per diluted share. This compares to $6.4 million or $0.36 per diluted share in the first quarter of 2005, an increase of 16.4% and 11.1%, respectively. Results include the impact of the acquisition of First National Bank of Alachua in May 2005. The Return on Average Assets was 1.16% and the Return on Average Equity was 9.66%, compared to 1.12% and 9.91%, respectively, for the comparable period in 2005. The increase in earnings was primarily attributable to an increase in operating revenue (net interest income plus noninterest income) of $6.6 million, or 18.4%, partially offset by an increase in the loan loss provision of $0.3 million, or 62.7%, and increases in noninterest expense of $4.8 million, or 19.1% and income taxes of $0.4 million, or 12.2%. The increase in operating revenues is reflective of an 18.6% increase in net interest income and a 17.9% increase in noninterest income. The increase in net interest income is attributable to loan growth and an improving net interest margin. Growth in noninterest income was driven primarily by higher deposit service charge fees. The higher loan loss provision is reflective of a higher level of required reserves. Higher expense for compensation and occupancy drove the increase in noninterest expense. William G. Smith, Jr., Chairman, President and CEO, stated, "We are very pleased with first quarter results. Our asset portfolios continue to respond well to rising interest rates as evidenced by a 9 basis point increase in the net interest margin over the fourth quarter 2005. Growth in Capital City's "Absolutely Free" deposit products and Check 21 initiatives will continue to make positive contributions to our profitability. We continue to evaluate expansion opportunities and are excited about our plans to open three new offices in existing markets during 2006." Tax equivalent net interest income in the first quarter increased $4.6 million, or 18.6% compared to the first quarter of 2005, due to earning asset growth reflective of the acquisition of First National Bank of Alachua in May 2005, strong loan growth throughout 2005 in existing markets, and improvement in the net interest margin. The net interest margin increased 33 basis points from the first quarter of 2005 to a level of 5.25%, attributable to a 99 basis point improvement in earning asset yields partially offset by higher cost of funds of 66 basis points. The higher rate environment resulted in a favorable repricing spread and higher yield on new loan production. Both earning asset yields and funding costs increased during the first quarter as compared to the fourth quarter of 2005, but the net interest margin improved by 9 basis points. Provision for loan losses of $0.7 million for the quarter was $0.3 million higher than the first quarter of 2005 due to a higher level of required reserves per the analysis of the allowance for loan losses at quarter-end. Net charge-offs totaled $0.8 million, or .16% of average loans for the quarter compared to $0.4 million or .09% for the first quarter of 2005. At quarter-end, the allowance for loan losses was .84% of outstanding loans and provided coverage of 331% of nonperforming loans. Page 2 of 4 Noninterest income increased $2.0 million, or 17.9%, from the first quarter of 2005 primarily due to higher deposit service charge fees, retail brokerage fees, and card processing fees. The increase in deposit service charge fees is due to the growth in deposit accounts reflective of acquisitions and strong deposit growth that has resulted from the Company's "Absolutely Free Checking" product. The improvement in retail brokerage fees is due to an increase in sales force which has increased sales production. Card processing fees were driven higher by increased transaction volume for merchant and debit card services. Noninterest expense grew by $4.8 million, or 19.1%, compared to the first quarter of 2005. Higher expense for compensation, occupancy, and intangible amortization were the primary reasons for the increase. The increase in compensation was driven by higher associate salaries, reflecting the integration of associates from the Alachua acquisition in May 2005, and higher associate benefit cost, primarily pension, insurance, and stock-based compensation. The increase in occupancy was driven by higher expense for depreciation, maintenance/repair, and utilities, primarily attributable to the increase in the number of banking offices. The increase in intangible amortization is reflective of core deposit amortization from the May 2005 acquisition. Average earning assets for the quarter increased $228.6 million, or 11.2%, over the comparable quarter in 2005. The increase in earning assets is reflective of increases in average funds sold ($27.4 million) and average loans ($221.3 million). The increase in funds sold is reflective of deposit growth and the loan growth is reflective of the May 2005 acquisition and strong loan production in existing markets throughout 2005. Partially offsetting the increase in average loans and funds sold was a decrease in investment securities of $20.0 million, or 10.2%. Nonperforming assets of $5.8 million increased from the first quarter of 2005 by $.2 million and represented .28% of total loans and other real estate at quarter-end. This compares to .31% and .27%, respectively, for the first and fourth quarters of 2005. The increase in the level of nonperforming assets is due to a slight increase in the level of other real estate. Average total deposits increased $192.9 million, or 10.4%, from the first quarter of 2005 driven by a $223.0 million increase in nonmaturity deposits partially offset by a $30.1 million decrease in certificates of deposits. The increase in nonmaturity deposits is reflective of the May 2005 acquisition and strong growth in balances related to "Absolutely Free Checking", and the Company's Cash Power money market account promotion which began in the fourth quarter. The Company ended the first quarter with approximately $29.5 million in average net overnight funds sold as compared to $0.9 million net overnight funds purchased in the first quarter of 2005. The significant improvement is due primarily to the aforementioned deposit growth. Supplemental Materials Additional financial, statistical and business related information, as well as business financial trends, relating to the first quarter results, are available in the Investor Relations section on the Company's internet website at www.ccbg.com. Page 3 of 4 About Capital City Bank Group, Inc. Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest financial services companies headquartered in Florida and has more than $2.6 billion in assets. The Company provides a full range of banking services, including traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bankcards, data processing and securities brokerage services. The Company's bank subsidiary, Capital City Bank, was founded in 1895 and now has 69 banking offices, four mortgage lending offices, and 78 ATMs in Florida, Georgia and Alabama. In 2006, Mergent, Inc., a leading provider of information on publicly traded companies, named the Company as a Dividend Achiever, a list of public companies that have increased their regular cash dividends for at least 10 consecutive years. Of all publicly traded U.S. companies that pay dividends, less than three percent made this list. Capital City Bank Group was also named to this list in 2005. For more information about Capital City Bank Group, Inc., visit www.ccbg.com. FORWARD-LOOKING STATEMENTS "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. These uncertainties and risks could cause future results of Capital City Bank Group, Inc. (the "Company") to differ materially from those anticipated by such statements. The following factors, among others, could cause the Company's actual results to differ from those set forth in these forward- looking statements: the Company's ability to integrate the business and operations of companies and banks that it has acquired, and those it may acquire in the future; strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; effects of harsh weather conditions, including hurricanes; inflation, interest rate, market and monetary fluctuations; effect of changes in the stock market and other capital markets; legislative or regulatory changes; willingness of customers to accept third-party products and services for the Company's products and services and vice versa; changes in the securities and real estate markets; increased competition and its effect on pricing; technological changes; changes in monetary and fiscal policies of the U.S. government; changes in consumer spending and savings habits; growth and profitability of the Company's noninterest income; changes in accounting principles, policies, practices or guidelines; other risks described from time to time in the Company's filings with the Securities and Exchange Commission; and the Company's ability to manage the risks involved in the foregoing. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and the Company's other filings with the Securities and Exchange Commission ("SEC") and available at the SEC's internet site (http://www.sec.gov). The 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 the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. Page 4 of 4 EX-99 3 ccbg99_2.txt Exhibit 99.2 CCBG Quarterly Financial Data Supplement for the quarter ended March 31, 2006. EARNINGS HIGHLIGHTS Three Months Ended --------------------------------- March 31, Dec. 30, March 31, (Dollars in thousands, except per share data)(1) 2006 2005 2005 - ---------------------------------------------------------------------------------- EARNINGS Net Income $7,421 7,459 6,377 Diluted Earnings Per Common Share 0.40 0.40 0.36 - --------------------------------------------------------------------------------- PERFORMANCE Return on Average Equity 9.66% 9.67 9.91 Return on Average Assets 1.16 1.14 1.12 Net Interest Margin 5.25 5.16 4.92 Noninterest Income as % of Operating Revenue 30.93 30.68 31.06 Efficiency Ratio 67.20 65.22 67.06 - --------------------------------------------------------------------------------- CAPITAL ADEQUACY Tier 1 Capital Ratio 13.00% 12.61 11.52 Total Capital Ratio 13.94 13.56 12.39 Leverage Ratio 10.34 10.27 9.03 Equity to Assets 11.63 11.66 11.07 - --------------------------------------------------------------------------------- ASSET QUALITY Allowance as % of Non-Performing Loans 330.70% 333.11 302.13 Allowance as a % of Loans 0.84 0.84 0.87 Net Charge-Offs as % of Average Loans 0.16 0.26 0.09 Nonperforming Assets as % of Loans and ORE 0.28 0.27 0.31 - --------------------------------------------------------------------------------- STOCK PERFORMANCE High $ 37.97 39.33 33.60 Low 33.79 33.21 29.30 Close $ 35.55 34.29 32.41 Average Daily Trading Volume 15,281 15,266 21,025 - --------------------------------------------------------------------------------- (1) All share and per share data have been restated to reflect the 5-for-4 stock split effective July 1, 2005.
CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF INCOME Unaudited - ---------------------------------------------------------------------------------------------------------------- 2006 2005 --------- -------------------------------------------- First Fourth Third Second First (Dollars in thousands, except per share data)(1) Quarter Quarter Quarter Quarter Quarter - ---------------------------------------------------------------------------------------------------------------- INTEREST INCOME Interest and Fees on Loans $ 37,343 36,990 35,331 32,105 28,842 Investment Securities 1,530 1,437 1,437 1,447 1,473 Funds Sold 539 353 121 358 159 - ---------------------------------------------------------------------------------------------------------------- Total Interest Income 39,412 38,780 36,889 33,910 30,474 - ---------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE Deposits 7,722 6,727 5,480 4,618 4,309 Short-Term Borrowings 824 979 691 734 450 Subordinated Notes Payable 926 942 931 667 441 Other Long-term Borrowings 810 822 783 769 720 - ---------------------------------------------------------------------------------------------------------------- Total Interest Expense 10,282 9,470 7,885 6,788 5,920 - ---------------------------------------------------------------------------------------------------------------- Net Interest Income 29,130 29,310 29,004 27,122 24,554 Provision for Loan Losses 667 1,333 376 388 410 - ---------------------------------------------------------------------------------------------------------------- Net Interest Income after Provision for Loan Losses 28,463 27,977 28,628 26,734 24,144 ================================================================================================================ NONINTEREST INCOME Service Charges on Deposit Accounts 5,680 5,722 5,635 5,035 4,348 Data Processing 637 693 660 650 607 Asset Management Fees 1,050 1,244 1,050 1,013 1,112 Retail Brokerage Fees 483 404 305 313 299 Gain on Sale of Investment Securities - - 9 - - Mortgage Banking Revenues 721 956 1,317 1,036 763 Merchant Fees 1,725 1,522 1,556 1,532 1,564 Interchange Fees 675 631 582 535 491 ATM/Debit Card Fees 599 582 550 536 538 Other 1,475 1,220 1,459 1,391 1,338 - ---------------------------------------------------------------------------------------------------------------- Total Noninterest Income 13,045 12,974 13,123 12,041 11,060 ================================================================================================================ NONINTEREST EXPENSE Salaries and Associate Benefits 15,430 13,894 14,046 13,187 12,560 Occupancy, Net 2,223 2,202 2,119 2,035 1,937 Furniture and Equipment 2,500 2,381 2,285 2,192 2,112 Intangible Amortization 1,530 1,518 1,430 1,296 1,196 Other 8,409 9,347 8,729 7,886 7,462 - ---------------------------------------------------------------------------------------------------------------- Total Noninterest Expense 30,092 29,342 28,609 26,596 25,267 ================================================================================================================ OPERATING PROFIT 11,416 11,609 13,142 12,179 9,937 Provision for Income Taxes 3,995 4,150 4,565 4,311 3,560 - ---------------------------------------------------------------------------------------------------------------- NET INCOME $ 7,421 7,459 8,577 7,868 6,377 ================================================================================================================ PER SHARE DATA Basic Earnings $ 0.40 0.40 0.46 0.44 0.36 Diluted Earnings 0.40 0.40 0.46 0.44 0.36 Cash Dividends 0.163 0.163 0.152 0.152 0.152 AVERAGE SHARES Basic 18,652 18,624 18,623 18,094 17,700 Diluted 18,665 18,654 18,649 18,102 17,708 ================================================================================================================ (1) All share and per share data have been restated to reflect the 5-for-4 stock split effective July 1, 2005.
CAPITAL CITY BANK GROUP, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION Unaudited ================================================================================================================ 2006 2005 ---------- -------------------------------------------- First Fourth Third Second First (Dollars in thousands, except per share data)(1) Quarter Quarter Quarter Quarter Quarter - ---------------------------------------------------------------------------------------------------------------- ASSETS Cash and Due From Banks $ 104,486 105,195 109,847 117,921 92,868 Funds Sold and Interest Bearing Deposits 110,604 61,164 16,382 59,062 57,115 - ---------------------------------------------------------------------------------------------------------------- Total Cash and Cash Equivalents 215,090 166,359 126,229 176,983 149,983 Investment Securities, Available-for-Sale 180,760 171,019 192,435 195,860 190,945 Loans, Net of Unearned Interest Commercial 195,412 196,537 197,809 197,098 179,653 Tax-Free 27,898 35,757 32,366 31,122 29,928 Real Estate - Construction 172,317 160,914 151,951 148,367 142,044 Real Estate - Commercial 679,948 704,881 699,293 700,477 635,787 Real Estate - Residential 543,373 531,653 526,167 519,441 437,520 Real Estate - Home Equity 163,189 165,336 162,309 160,767 151,464 Consumer 240,921 242,481 243,081 242,922 223,145 Credit Card - - 1 49 48 Other Loans 26,951 26,346 34,225 43,217 42,046 Overdrafts 4,647 3,589 5,690 3,314 2,168 - ---------------------------------------------------------------------------------------------------------------- Total Loans, Net of Unearned Interest 2,054,656 2,067,494 2,052,892 2,046,774 1,843,803 Allowance for Loan Losses (17,279) (17,410) (17,424) (17,451) (16,040) - ---------------------------------------------------------------------------------------------------------------- Loans, Net 2,037,377 2,050,084 2,035,468 2,029,323 1,827,763 Premises and Equipment, Net 76,693 73,818 71,044 69,294 60,443 Intangible Assets 108,958 110,451 111,851 113,081 79,139 Other Assets 55,841 53,731 46,475 45,344 40,819 - ---------------------------------------------------------------------------------------------------------------- Total Other Assets 241,492 238,000 229,370 227,719 180,401 - ---------------------------------------------------------------------------------------------------------------- Total Assets $2,674,719 2,625,462 2,583,502 2,629,885 2,349,092 ================================================================================================================ LIABILITIES Deposits: Noninterest Bearing Deposits $ 562,140 559,492 571,880 598,602 555,758 NOW Accounts 518,024 520,878 481,767 475,687 400,816 Money Market Accounts 369,416 331,094 267,074 287,601 250,433 Regular Savings Accounts 137,780 144,296 155,471 162,665 148,578 Certificates of Deposit 521,796 523,586 549,296 576,074 533,773 - ---------------------------------------------------------------------------------------------------------------- Total Deposits 2,109,156 2,079,346 2,025,488 2,100,629 1,889,358 Short-Term Borrowings 89,105 82,973 92,746 71,148 78,593 Subordinated Notes Payable 62,887 62,887 62,887 62,887 30,928 Other Long-Term Borrowings 68,764 69,630 71,526 73,144 67,879 Other Liabilities 33,744 24,850 29,278 26,655 22,236 - ---------------------------------------------------------------------------------------------------------------- Total Liabilities 2,363,656 2,319,686 2,281,925 2,334,463 2,088,994 - ---------------------------------------------------------------------------------------------------------------- SHAREOWNERS' EQUITY Common Stock 187 186 186 186 178 Additional Paid-In Capital 84,291 83,304 83,185 82,582 52,736 Retained Earnings 227,920 223,532 219,099 213,352 208,334 Accumulated Other Comprehensive Loss, Net of Tax (1,335) (1,246) (893) (698) (1,150) - ---------------------------------------------------------------------------------------------------------------- Total Shareowners' Equity 311,063 305,776 301,577 295,422 260,098 - ---------------------------------------------------------------------------------------------------------------- Total Liabilities and Shareowners' Equity $2,674,719 2,625,462 2,583,502 2,629,885 2,349,092 ================================================================================================================ OTHER BALANCE SHEET DATA Earning Assets $2,346,020 2,299,677 2,261,709 2,301,696 2,091,863 Intangible Assets Goodwill 84,811 84,828 84,710 84,511 54,371 Deposit Base 22,453 23,864 25,275 26,598 22,689 Other 1,694 1,759 1,866 1,972 2,079 Interest Bearing Liabilities 1,767,772 1,735,344 1,680,767 1,709,206 1,511,000 - ---------------------------------------------------------------------------------------------------------------- Book Value Per Diluted Share $ 16.65 16.39 16.17 15.87 14.69 Tangible Book Value Per Diluted Share 10.82 10.47 10.17 9.79 10.22 - ---------------------------------------------------------------------------------------------------------------- Actual Basic Shares Outstanding 18,667 18,632 18,624 18,614 17,703 Actual Diluted Shares Outstanding 18,680 18,662 18,649 18,617 17,705 ================================================================================================================ (1) All share and per share data have been restated to reflect the 5-for-4 stock split effective July 1, 2005.
CAPITAL CITY BANK GROUP, INC. ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS Unaudited - ------------------------------------------------------------------------------------------------------------ 2006 2005 --------- --------------------------------------------- First Fourth Third Second First (Dollars in thousands) Quarter Quarter Quarter Quarter Quarter - ------------------------------------------------------------------------------------------------------------ ALLOWANCE FOR LOAN LOSSES Balance at Beginning of Period $17,410 17,424 17,451 16,040 16,037 Acquired Reserves - - - 1,385 - Provision for Loan Losses 667 1,333 376 388 410 Net Charge-offs 798 1,347 403 362 407 - ----------------------------------------------------------------------------------------------------------- Balance at End of Period $17,279 17,410 17,424 17,451 16,040 =========================================================================================================== As a % of Loans 0.84% 0.84 0.85 0.85 0.87 As a % of Nonperforming Loans 330.70 333.11 342.79 289.12 302.13 As a % of Nonperforming Assets 298.27 313.69 236.07 280.65 284.25 =========================================================================================================== CHARGE-OFFS Commercial, Financial and Agricultural $ 322 745 151 302 88 Real Estate - Construction - - - - - Real Estate - Commercial 291 245 4 2 4 Real Estate - Residential 22 145 115 37 25 Consumer 591 575 551 536 718 - ----------------------------------------------------------------------------------------------------------- Total Charge-offs $ 1,226 1,710 821 877 835 =========================================================================================================== RECOVERIES Commercial, Financial and Agricultural $ 62 30 43 98 9 Real Estate - Construction - - - - - Real Estate - Commercial 3 1 1 - - Real Estate - Residential 7 1 20 14 2 Consumer 356 331 354 403 417 - ----------------------------------------------------------------------------------------------------------- Total Recoveries $ 428 363 418 515 428 =========================================================================================================== NET CHARGE-OFFS $ 798 1,347 403 362 407 =========================================================================================================== Net charge-offs as a % of Average Loans(1) 0.16% 0.26 0.08 0.08 0.09 =========================================================================================================== RISK ELEMENT ASSETS Nonaccruing Loans $ 5,225 5,258 5,083 6,036 5,309 Restructured - - - - - - ----------------------------------------------------------------------------------------------------------- Total Nonperforming Loans 5,225 5,258 5,083 6,036 5,309 Other Real Estate 568 292 2,298 182 334 - ----------------------------------------------------------------------------------------------------------- Total Nonperforming Assets $ 5,793 5,550 7,381 6,218 5,643 =========================================================================================================== Past Due Loans 90 Days or More $ 367 309 473 562 298 =========================================================================================================== Nonperforming Loans as a % of Loans 0.25% 0.25 0.25 0.29 0.29 Nonperforming Assets as a % of Loans and Other Real Estate 0.28 0.27 0.36 0.30 0.31 Nonperforming Assets as a % of Capital(2) 1.76 1.72 2.31 1.99 2.04 =========================================================================================================== (1) Annualized (2) Capital includes allowance for loan losses.
- --------------------------------------------------------------------------------------------------------------------------------- First Quarter 2006 Fourth Quarter 2005 Third Quarter of 2005 ------------------------- -------------------------- ------------------------- Average Average Average Average Average Average (Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate - ------------------------------------------------------------------------- ------------------------- ------------------------ ASSETS: Loans, Net of Unearned Interest $2,048,642 $37,439 7.41% 2,062,775 37,112 7.14 2,046,968 35,433 6.87 Investment Securities Taxable Investment Securities 118,055 1,091 3.70 128,478 1,025 3.18 137,970 1,022 2.95 Tax-Exempt Investment Securities 59,368 674 4.54 55,481 632 4.55 56,079 638 4.55 - ---------------------------------------------------------------------------------------------------------------------------------- Total Investment Securities 177,423 1,765 3.98 183,959 1,657 3.60 194,049 1,660 3.42 Funds Sold 49,602 539 4.36 32,276 353 4.28 9,885 121 4.79 - ---------------------------------------------------------------------------------------------------------------------------------- Total Earning Assets 2,275,667 $39,743 7.08% 2,279,010 39,122 6.81 2,250,902 37,214 6.56 ============== ============ ============ Cash and Due From Banks 109,907 114,650 106,638 Allowance For Loan Losses (17,582) (17,568) (17,570) Other Assets 236,467 231,505 229,554 - -------------------------------------------------------- --------- --------- Total Assets $2,604,459 2,607,597 2,569,524 ======================================================== ========= ========= LIABILITIES: Interest Bearing Deposits NOW Accounts $ 510,270 $ 1,446 1.15% 483,780 1,088 0.89 463,936 773 0.66 Money Market Accounts 343,652 2,298 2.71 307,971 1,820 2.34 272,724 1,062 1.54 Savings Accounts 139,664 62 0.18 149,431 67 0.18 159,080 75 0.19 Time Deposits 521,966 3,916 3.04 539,695 3,752 2.76 563,595 3,570 2.51 - ---------------------------------------------------------------------------------------------------------------------------------- Total Interest Bearing Deposits 1,515,552 7,722 2.07 1,480,877 6,727 1.80 1,459,335 5,480 1.49 Short-Term Borrowings 93,867 824 3.55 113,600 979 3.42 89,483 691 3.07 Subordinated Note Payable 62,887 926 5.97 62,887 942 5.94 62,887 931 5.87 Other Long-Term Borrowings 69,966 810 4.70 71,224 822 4.58 72,408 783 4.29 - ---------------------------------------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities 1,742,272 $10,282 2.39% 1,728,588 9,470 2.17 1,684,113 7,885 1.86 ============== ============ ============ Noninterest Bearing Deposits 524,696 543,140 554,092 Other Liabilities 26,029 29,661 30,388 - -------------------------------------------------------- --------- --------- Total Liabilities 2,292,997 2,301,389 2,268,593 SHAREOWNERS' EQUITY: $ 311,461 306,208 300,931 - -------------------------------------------------------- --------- --------- Total Liabilities and Shareowners' Equity $2,604,458 2,607,597 2,569,524 ======================================================== ========= ========= Interest Rate Spread $29,461 4.69% 29,652 4.64 29,329 4.70 ======================================================================== ============ ============ Interest Income and Rate Earned(2) $39,743 7.08 39,122 6.81 37,214 6.56 Interest Expense and Rate Paid 10,282 1.83 9,470 1.65 7,885 1.39 - ------------------------------------------------------------------------ ------------ ------------ Net Interest Margin $29,461 5.25% 29,652 5.16 29,329 5.17 ======================================================================== ============ ============ (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.
CAPITAL CITY BANK GROUP, INC. AVERAGE BALANCE AND INTEREST RATES(1) Unaudited - ---------------------------------------------------------------------------------------------------- Second Quarter of 2005 First Quarter 2005 ------------------------- ------------------------- Average Average Average Average (Dollars in thousands) Balance Interest Rate Balance Interest Rate - ------------------------------------------------------------------------ ------------------------- ASSETS: Loans, Net of Unearned Interest $1,932,637 $32,200 6.68% 1,827,327 28,920 6.42 Investment Securities Taxable Investment Securities 149,958 1,113 2.96 153,543 1,090 2.85 Tax-Exempt Investment Securities 41,316 513 4.97 43,928 586 5.33 - --------------------------------------------------------------------------------------------------- Total Investment Securities 191,274 1,626 3.40 197,471 1,676 3.40 Funds Sold 46,572 358 3.04 22,251 159 2.85 - --------------------------------------------------------------------------------------------------- Total Earning Assets 2,170,483 $34,184 6.32% 2,047,049 30,755 6.09 ============== ============ Cash and Due From Banks 104,336 97,322 Allowance For Loan Losses (16,998) (16,167) Other Assets 200,967 178,603 - -------------------------------------------------------- --------- Total Assets $2,458,788 2,306,807 ======================================================== ========= LIABILITIES: Interest Bearing Deposits NOW Accounts $ 413,799 $ 560 0.54% 359,151 447 0.50 Money Market Accounts 270,195 830 1.23 251,849 625 1.01 Savings Accounts 155,286 75 0.19 147,676 75 0.21 Time Deposits 547,919 3,153 2.31 552,069 3,162 2.32 - --------------------------------------------------------------------------------------------------- 1,387,199 4,618 1.34 1,310,745 4,309 1.33 Short-Term Borrowings 108,508 734 2.71 79,582 450 2.29 Subordinated Note Payable 45,681 667 5.86 30,928 441 5.79 Other Long-Term Borrowings 68,975 769 4.47 68,200 720 4.28 - --------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities 1,610,363 $ 6,788 1.69% 1,489,455 5,920 1.61 ============== ============ Noninterest Bearing Deposits 544,945 536,633 Other Liabilities 25,373 19,773 - -------------------------------------------------------- --------- Total Liabilities 2,180,681 2,045,861 SHAREOWNERS' EQUITY: $ 278,107 260,946 - -------------------------------------------------------- --------- Total Liabilities and Shareowners' Equity $2,458,788 2,306,807 ======================================================== ========= Interest Rate Spread $27,396 4.63% 24,835 4.48 ======================================================================== ============ Interest Income and Rate Earned(2) $34,184 6.32 30,755 6.09 Interest Expense and Rate Paid 6,788 1.25 5,920 1.17 - ------------------------------------------------------------------------ ------------ Net Interest Margin $27,396 5.07% 24,835 4.92 ======================================================================== ============ (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.
EX-99 4 ccbg99_3.txt 99.3 Selected information presented at CCBG's Annual Meeting of Shareowners on April 25, 2006. Analyst Videos that will be presented at the Annual Meeting How does Capital City Bank compare to other financial institutions in Florida? Mark A Muth: Capital City strategy makes a lot of sense when you think about it. The markets they're in aren't growing slowly by any stretch of the imagination. They are still growing quickly. They are just growing from small bases. So they can still get the growth that these names or the companies that compete against them in Palm Beach or South Florida for the Florida recognition which if you would but at the same time these markets are great markets. They are not competitive markets so they can make more money in these small markets. They aren't having to compete with 10 to 15 competitors all going after the same customer. They are able to really build good relationships that will drive earnings not only today but down the road as that relationship builds and grows over time. What are some of the factors contributing to the increase in share price and dividend returns? Gary P Tenner: Capital City has really changed a lot over the last several years. I think there has been certainly several acquisitions that the company has made that has put them in new markets. some transactions that I think have been very meaningful to the bottom line for the company as well as growing the top line. All that is translated into healthy growth in the stock price, as well as I think, a higher profile outlook from street investors. What has lead to the increase of dividends? Gary P Tenner: In the bank industry, I think one of the attractions of banking industry overall is the fact that banks do pay dividends in this environment. Given special tax circumstances relating to dividends that becomes very valuable piece of the overall investment. So to the extent that Capital City has increased its dividends over the past several years and maintains that strategy, I certainly would consider Capital City an attractive investment. You take time to meet with a company's management team. How does this enhance your understanding of the business? Mark A Muth: Perhaps the easiest way to explain is just like a retail broker tries to help his clients make money, we are trying to help the institutions make money. And my job is to find little bits of insight that helps us all make investment decisions that can make us all money at the end of the day. When I am here I am looking for the interesting the little tidbits that don't show up in the quarterly earnings releases or the SEC filings such as the 10Q or the 10K. Always trying to find a little bit of additional incremental information that can make the decision when I am looking at modeling my loan growth or my deposit growth maybe a little more accurate than the competitor of mine down the street. What is an institutional investor looking for in a stock? Gary P Tenner: When investors look at bank stocks, national stocks the reality I think is they are truly investing in management, that is one of the constants that we hear when we travel with Capital City and with other management teams. The importance in the way management presents itself and the level of confidence that investors have in that teams execute on their strategy. Certainly markets are important and balance your growth and conservatism is always important but to a great extent in this business I think management is the number one piece of interest for investors. What are your thoughts on the financial sector as a whole? Gary P Tenner: Small cap banks have been a very attractive place to be in the last several years for a lot of reasons one of which is M&A. Certainly the possibility of that in the group as a whole has helped the multiple attractions in that area, by and large small caps have the opportunity to grow earnings at a faster pace than the big cap large cap banks and that adds to the attraction of why the small cap valuations tend to be higher than those of the larger banks, and I think at this stage of the game some element of flexibility that the small cap have that the larger institutions do not have. The other part of the equation I think is over the last several years the introduction of technology has really leveled the playing field out across all size banks and allowed small banks to execute and have the same products and strategy that larger institutions have. FTL 302054.1 -----END PRIVACY-ENHANCED MESSAGE-----