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): July 26, 2016
CAPITAL CITY BANK GROUP, INC.
(Exact name of registrant as specified in its charter)
Florida | 0-13358 | 59-2273542 | ||
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
217 North Monroe Street, Tallahassee, Florida | 32301 | |||
(Address of principal executive offices | (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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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.
On July 26, 2016, Capital City Bank Group, Inc. (“(CCBG”) issued an earnings press release reporting CCBG’s financial results for the three month period and six months ended June 30, 2016. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information furnished under Item 2.02 of this Current Report, including the Exhibit 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 in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Item No. Description of Exhibit
99.1 Press release, dated July 26, 2016.
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: July 26, 2016 | By: | /s/ J. Kimbrough Davis | |
J. Kimbrough Davis, | |||
Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit
Number Description
99.1 Press release, dated July 26, 2016
Capital City Bank Group, Inc.
Reports Second Quarter 2016 Results
TALLAHASSEE, Fla. (July 26, 2016) – Capital City Bank Group, Inc. (Nasdaq: CCBG) today reported net income of $3.9 million, or $0.22 per diluted share for the second quarter of 2016 compared to net income of $1.6 million, or $0.10 per diluted share for the first quarter of 2016, and $3.8 million, or $0.22 per diluted share, for the second quarter of 2015. For the first six months of 2016, net income totaled $5.6 million, or $0.32 per diluted share, compared to net income of $4.8 million, or $0.28 per diluted share for the same period in 2015.
HIGHLIGHTS
· | Continued broad based loan growth of 1.6% sequentially and 4.0% over prior year |
· | Continued growth in net interest income of 0.9% sequentially and 2.9% year to date |
· | Significant reduction in loan loss provision reflective of strong loan recoveries |
· | Strong reduction in NPAs and classified assets – down sequentially by 14% and 11%, respectively |
· | $10 million trust preferred securities (“TRUPs”) repurchased at a discount added $2.5 million pre-tax ($0.09 per share) to 2nd quarter earnings |
· | Repurchased 432,000 shares of common stock during second quarter of 2016 |
“Our second quarter performance continued to show meaningful progress year over year,” said William G. Smith, Jr., Chairman, President and CEO. “A significant reduction in nonperforming assets, high level of loan loss recoveries and gain on the repurchase of $10 million in TRUPs all helped to headline the quarter. Despite a challenging environment, our strategies continue to produce positive results. Average loans grew at an annual pace of over 6%, and we remain dedicated to reducing our structural expenses and enhancing existing revenues while identifying new business opportunities. If done properly and prudently, it can take time for these strategies to produce the desired outcome, but we are making progress and remain steadfast in our decision to value long-term profitability over short-term gains.”
Compared to the first quarter of 2016, performance reflects higher net interest income of $0.2 million, a $2.5 million increase in noninterest income, lower noninterest expense of $0.2 million, and a $0.6 million reduction in the loan loss provision, partially offset by a $1.2 million increase in income taxes.
Compared to the second quarter of 2015, the increase in earnings reflects higher net interest income of $0.4 million, a $0.4 million increase in noninterest income, and a $0.5 million reduction in the loan loss provision, partially offset by a $0.3 million increase in noninterest expense and $0.9 million increase in income taxes.
The increase in earnings for the first six months of 2016 versus the comparable period in 2015 was attributable to higher net interest income of $1.1 million, a $0.3 million increase in noninterest income, lower noninterest expense of $0.2 million, and a $0.3 million reduction in the loan loss provision, partially offset by higher income taxes of $1.1 million.
The Return on Average Assets was 0.57% and the Return on Average Equity was 5.65% for the second quarter of 2016. These metrics were 0.24% and 2.39% for the first quarter of 2016, respectively, and 0.58% and 5.62% for the second quarter of 2015, respectively. For the first six months of 2016, the Return on Average Assets was 0.41% and the Return on Average Equity was 4.03% compared to 0.37% and 3.54%, respectively, for the first half of 2015.
Discussion of Operating Results
Tax equivalent net interest income for the second quarter of 2016 was $19.6 million compared to $19.4 million for the first quarter of 2016 and $19.1 million for the second quarter of 2015. The increase in tax equivalent net interest income compared to the first quarter of 2016 reflects a positive shift in earning asset mix due to growth in the loan and investment portfolios, partially offset by a decline in overnight funds. The increase in tax equivalent net interest income compared to the second quarter of 2015 reflects growth in the investment portfolio and a higher rate paid on overnight funds, partially offset by a decline in loan fees. For the six months ended June 30, 2016, tax equivalent net interest income totaled $39.0 million compared to $37.7 million for the comparable period in 2015. The year over year increase was driven by one additional calendar day, and growth in the loan and investment portfolios.
Although the low interest rate environment continues to put downward pressure on our net interest income, we have been successful in increasing our net interest income quarter-over-quarter. Additionally, aggressive lending competition in all markets has impacted the pricing for loans. Low rates and competition, collectively, continue to adversely impact our loan yields. Various loan strategies, which align with our overall risk appetite, continue to be reviewed and implemented to enhance our performance.
Our net interest margin for the second quarter of 2016 was 3.22%, an increase of two basis points over the first quarter of 2016 and a decrease of seven basis points from the second quarter of 2015. The increase in the margin compared to the first quarter of 2016 was primarily attributable to growth in our loan and investment portfolios. The decrease in the margin compared to the second quarter of 2015 was primarily attributable to lower loan yields. For the six months ended June 30, 2016, the net interest margin declined by seven basis points to 3.21% compared to the same period of 2015 for reasons mentioned above.
The provision for loan losses for the second quarter of 2016 was negative $0.1 million reflecting a higher level of loan recoveries as well as continued improvement in credit quality. This compares to a $0.5 million provision expense for the first quarter of 2016 and $0.4 million provision expense for the second quarter of 2015. For the first half of 2016, the loan loss provision totaled $0.4 million compared to $0.7 million for the same period of 2015. The decrease in the year-to-date provision reflects continued favorable problem loan migration and improvement in key credit metrics, partially offset by growth in the loan portfolio. We realized net loan recoveries of $0.2 million (consisting of recoveries of $1.3 million, less gross charge-offs of $1.1 million) for the second quarter of 2016. This compares to net charge-offs of $0.8 million, or 0.21% (annualized) of average loans for the first quarter of 2016 and $1.2 million, or 0.33% (annualized), for the second quarter of 2015. For the first half of 2016, net charge-offs totaled $0.6 million, or 0.08% (annualized) of average loans compared to $3.0 million, or 0.41% (annualized), for the same period of 2015. At quarter-end, the allowance for loan losses of $13.7 million was 0.89% of outstanding loans (net of overdrafts) and provided coverage of 167% of nonperforming loans compared to 0.90% and 150%, respectively, at March 31, 2016 and 0.93% and 135%, respectively, at December 31, 2015.
Noninterest income for the second quarter of 2016 totaled $15.2 million, an increase of $2.5 million, or 20.0%, over the first quarter of 2016 attributable to a $2.5 million gain from the repurchase of our TRUPs. This transaction is further detailed in our Current Report on Form 8-K filed with the SEC on April 18, 2016. Compared to the second quarter of 2015, noninterest income increased $0.4 million, or 2.8%, primarily attributable to higher other income of $0.8 million that was partially offset by lower deposit fees of $0.4 million. The increase in other income reflects the $2.5 million gain from the repurchase of TRUPs partially offset by lower bank owned life insurance (“BOLI”) income of $1.7 million. For the first half of 2016, noninterest income totaled $27.9 million, a $0.3 million, or 0.9%, increase over the same period of 2015, primarily attributable to higher other income of $0.9 million and mortgage banking fees of $0.1 million, partially offset by lower deposit fees of $0.5 million and wealth management fees of $0.3 million. The variance in other income was attributable to the same factors noted above for the second quarter. Continued strong residential home sales activity in our markets drove the improvement in mortgage banking fees. The reduction in deposit fees reflects lower overdraft service fees attributable to a reduction in accounts using this service as well as lower utilization by existing users. The reduction in wealth management fees generally reflects lower trading volume by our retail brokerage clients.
Noninterest expense for the second quarter of 2016 totaled $28.7 million, a decrease of $0.2 million, or 0.8%, from the first quarter of 2016 primarily attributable to lower other real estate owned (“OREO”) expense of $0.4 million reflective of lower property valuation adjustments and carrying costs. Compared to the second quarter of 2015, noninterest expense increased by $0.3 million, or 0.9%, due to higher occupancy costs, primarily attributable to higher maintenance costs for building and furniture/equipment and to a lesser extent higher depreciation expense from technology investments in our banking offices. For the first six months of 2016, noninterest expense totaled $57.6 million, a decrease of $0.2 million, or 0.3%, from the same period of 2015 attributable to lower compensation expense of $0.6 million that was partially offset by higher occupancy expense of $0.4 million. A higher level of deferred loan cost (which reduces salary expense), partially offset by higher pension plan expense drove the reduction in compensation. The variance in occupancy expense was attributable to the same aforementioned factors noted above for the second quarter.
We realized income tax expense of $2.1 million (34% effective rate) for the second quarter of 2016 compared to $0.9 million (34% effective rate) for the first quarter of 2016 and $1.2 million (23% effective rate) for the second quarter of 2015. For the first six months of 2016, income tax expense totaled $2.9 million (34% effective rate) compared to $1.8 million (27% effective rate) for the comparable period of 2015. The receipt of $1.7 million in BOLI proceeds in the second quarter of 2015 was tax-free, therefore income tax expense for the three and six-months of 2015 was favorably impacted.
Discussion of Financial Condition
Average earning assets were $2.448 billion for the second quarter of 2016, an increase of $7.1 million, or 0.3%, over the first quarter of 2016, and an increase of $94.0 million, or 4.0%, over the fourth quarter of 2015. The change in earning assets over the first quarter of 2016 reflects growth in both the loan and investment portfolios, which was funded by a reduction in our funds sold position and growth in nonmaturity deposits, primarily noninterest bearing. The increase compared to the fourth quarter of 2015 reflects growth in the loan and investment portfolios, funded primarily by increases in noninterest bearing, NOW, and savings accounts.
We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $254.6 million during the second quarter of 2016 compared to an average net overnight funds sold position of $286.2 million in the first quarter of 2016 and $222.8 million in the fourth quarter of 2015. The decrease in net overnight funds compared to the first quarter of 2016 reflects an increase in both the investment and loan portfolios. The decline in interest bearing liabilities was nearly offset by the increase in noninterest bearing deposits. The increase in net overnight funds compared to the fourth quarter of 2015 primarily reflects higher levels of all deposit products other than money market accounts and certificates of deposit, partially offset by growth in both the investment and loan portfolios.
Average loans increased $24.3 million, or 1.6% when compared to the first quarter of 2016, and have grown $39.3 million, or 2.6% when compared to the fourth quarter of 2015. The increase compared to the prior quarter reflects growth primarily in institutional, commercial, and consumer loans. Growth over the fourth quarter of 2015 was experienced in all loan products, with the exception of commercial mortgages.
Without compromising our credit standards or taking on inordinate interest rate risk, we continue to make minor modifications on some of our lending programs to try to mitigate the impact that consumer and business deleveraging is having on our portfolio. These programs, coupled with economic improvements in our anchor markets, have helped to increase overall production.
Nonperforming assets (nonaccrual loans and OREO) totaled $22.8 million at the end of the second quarter of 2016, a decrease of $3.7 million, or 14%, from the first quarter of 2016 and $6.8 million, or 23%, from the fourth quarter of 2015. Nonaccrual loans totaled $8.2 million at the end of the second quarter of 2016, a decrease of $0.9 million from the first quarter of 2016 and $2.1 million from the fourth quarter of 2015. Nonaccrual loan additions totaled $2.5 million in the second quarter of 2016 and $6.3 million for the first six months of 2016, which compares to $10.3 million for the same six month period of 2015. The balance of OREO totaled $14.6 million at the end of the second quarter of 2016, a decrease of $2.8 million and $4.7 million, respectively, from the first quarter of 2016 and fourth quarter of 2015. For the second quarter of 2016, we added properties totaling $1.2 million, sold properties totaling $3.3 million, and recorded valuation adjustments totaling $0.7 million. For the first six months of 2016, we added properties totaling $2.4 million, sold properties totaling $5.6 million, and recorded valuation adjustments totaling $1.5 million. Nonperforming assets represented 0.83% of total assets at June 30, 2016 compared to 0.95% at March 31, 2016 and 1.06% at December 31, 2015.
Average total deposits were $2.277 billion for the second quarter of 2016, an increase of $18.0 million, or 0.8%, over the first quarter of 2016, and an increase of $101.8 million, or 4.7% over the fourth quarter of 2015. The increase in deposits when compared to the first quarter of 2016 reflects growth in all deposit products except public NOW deposits and certificates of deposit. Compared to the fourth quarter of 2015, growth was experienced in all product types except money market accounts and certificates of deposit. The seasonal inflows of public funds most likely peaked in the first quarter of 2016, and are expected to decline into the fourth quarter of 2016.
Deposit levels remain strong, as the seasonal decline in public NOW accounts was more than offset by increases in all other nonmaturity deposits during the quarter. Average core deposits continue to experience growth in this low rate environment. Competitive rates continue to be monitored, as a prudent pricing discipline remains the key to managing our mix of deposits.
Compared to the first quarter of 2016, average borrowings decreased $22.9 million due to a decline in repurchase agreements and the retirement of $10 million in subordinated debt associated with the TRUPs repurchase. Compared to the fourth quarter of 2015, average borrowings decreased by $24.9 million due to the reasons stated above.
Equity capital was $274.8 million as of June 30, 2016, compared to $276.8 million as of March 31, 2016 and $274.4 million as of December 31, 2015. Our leverage ratio was 9.88%, 10.34%, and 10.65%, respectively, for these periods. Further, as of June 30, 2016, our risk-adjusted capital ratio was 16.44% compared to 17.20% and 17.25% at March 31, 2016 and December 31, 2015, respectively. Our common equity tier 1 ratio was 12.65% as of June 30, 2016, compared to 12.82% as of March 31, 2016 and 12.84% as of December 31, 2015. All of our capital ratios significantly exceed the threshold to be designated as “well-capitalized” under the Basel III capital standards. The reduction in our regulatory capital ratios in the second quarter of 2016 reflects the repurchase of common stock (~ 38 basis point impact) and the repurchase of TRUPs (~ 50 basis point impact). During the second quarter of 2016 we repurchased approximately 432,000 shares of our common stock at an average price of $14.50 per share.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (Nasdaq: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $2.8 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, data processing and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 61 banking offices and 71 ATMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause the Company’s future results to differ materially. The following factors, among others, could cause the Company’s actual results to differ: the accuracy of the Company’s financial statement estimates and assumptions; legislative or regulatory changes, including the Dodd-Frank Act, Basel III, and the ability to repay and qualified mortgage standards; fluctuations in inflation, interest rates, or monetary policies; the effects of security breaches and computer viruses that may affect the Company’s computer systems or fraud related to debit card products; changes in consumer spending and savings habits; the Company’s growth and profitability; the strength of the U.S. economy and the local economies where the Company conducts operations; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; harsh weather conditions and man-made disasters; changes in the stock market and other capital and real estate markets; customer acceptance of third-party products and services; increased competition and its effect on pricing, including the long-term impact on our net interest margin from the repeal of Regulation Q; negative publicity and the impact on our reputation; technological changes, especially changes that allow out of market competitors to compete in our markets; changes in accounting; and the Company’s ability to manage the risks involved in the foregoing. Additional factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and the Company’s other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and the Company assumes no obligation to update forward-looking statements or the reasons why actual results could differ.
CAPITAL CITY BANK GROUP, INC. | ||||||||||
EARNINGS HIGHLIGHTS | ||||||||||
Unaudited |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in thousands, except per share data) | Jun 30, 2016 | Mar 31, 2016 | Jun 30, 2015 | Jun 30, 2016 | Jun 30, 2015 | |||||||||||||||
EARNINGS | ||||||||||||||||||||
Net Income | $ | 3,930 | $ | 1,647 | $ | 3,845 | $ | 5,577 | $ | 4,831 | ||||||||||
Net Income Per Common Share | $ | 0.22 | $ | 0.10 | $ | 0.22 | $ | 0.32 | $ | 0.28 | ||||||||||
PERFORMANCE | ||||||||||||||||||||
Return on Average Assets | 0.57 | % | 0.24 | % | 0.58 | % | 0.41 | % | 0.37 | % | ||||||||||
Return on Average Equity | 5.65 | % | 2.39 | % | 5.62 | % | 4.03 | % | 3.54 | % | ||||||||||
Net Interest Margin | 3.22 | % | 3.20 | % | 3.29 | % | 3.21 | % | 3.28 | % | ||||||||||
Noninterest Income as % of Operating Revenue | 43.99 | % | 39.76 | % | 43.80 | % | 41.96 | % | 42.44 | % | ||||||||||
Efficiency Ratio | 82.40 | % | 90.13 | % | 83.85 | % | 86.11 | % | 88.46 | % | ||||||||||
CAPITAL ADEQUACY | ||||||||||||||||||||
Tier 1 Capital Ratio | 15.63 | % | 16.39 | % | 15.83 | % | 15.63 | % | 15.83 | % | ||||||||||
Total Capital Ratio | 16.44 | % | 17.20 | % | 16.72 | % | 16.44 | % | 16.72 | % | ||||||||||
Tangible Common Equity Ratio | 7.08 | % | 7.09 | % | 7.29 | % | 7.08 | % | 7.29 | % | ||||||||||
Leverage Ratio | 9.88 | % | 10.34 | % | 10.53 | % | 9.88 | % | 10.53 | % | ||||||||||
Common Equity Tier 1 Ratio | 12.65 | % | 12.82 | % | 12.34 | % | 12.65 | % | 12.34 | % | ||||||||||
Equity to Assets | 9.93 | % | 9.91 | % | 10.25 | % | 9.93 | % | 10.25 | % | ||||||||||
ASSET QUALITY | ||||||||||||||||||||
Allowance as % of Non-Performing Loans | 166.50 | % | 150.44 | % | 99.46 | % | 166.50 | % | 99.46 | % | ||||||||||
Allowance as a % of Loans | 0.89 | % | 0.90 | % | 1.03 | % | 0.89 | % | 1.03 | % | ||||||||||
Net Charge-Offs as % of Average Loans | (0.04 | )% | 0.21 | % | 0.33 | % | 0.08 | % | 0.41 | % | ||||||||||
Nonperforming Assets as % of Loans and ORE | 1.48 | % | 1.73 | % | 3.00 | % | 1.48 | % | 3.00 | % | ||||||||||
Nonperforming Assets as % of Total Assets | 0.83 | % | 0.95 | % | 1.71 | % | 0.83 | % | 1.71 | % | ||||||||||
STOCK PERFORMANCE | ||||||||||||||||||||
High | $ | 15.96 | $ | 15.88 | $ | 16.32 | $ | 15.96 | $ | 16.33 | ||||||||||
Low | 13.16 | 12.83 | 13.94 | 12.83 | 13.16 | |||||||||||||||
Close | $ | 13.92 | $ | 14.59 | $ | 15.27 | $ | 13.92 | $ | 15.27 | ||||||||||
Average Daily Trading Volume | 20,192 | 22,720 | 33,514 | 21,426 | 24,435 |
CAPITAL CITY BANK GROUP, INC. | ||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | ||||||||||
Unaudited |
2016 | 2015 | |||||||||||||||||||
(Dollars in thousands) | Second
Quarter | First
Quarter | Fourth
Quarter | Third
Quarter | Second
Quarter | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and Due From Banks | $ | 51,766 | $ | 45,914 | $ | 51,288 | $ | 42,917 | $ | 61,484 | ||||||||||
Funds Sold and Interest Bearing Deposits | 220,719 | 304,908 | 327,617 | 167,787 | 185,572 | |||||||||||||||
Total Cash and Cash Equivalents | 272,485 | 350,822 | 378,905 | 210,704 | 247,056 | |||||||||||||||
Investment Securities Available for Sale | 485,848 | 462,444 | 451,028 | 444,071 | 433,688 | |||||||||||||||
Investment Securities Held to Maturity | 204,474 | 187,079 | 187,892 | 193,964 | 201,805 | |||||||||||||||
Total Investment Securities | 690,322 | 649,523 | 638,920 | 638,035 | 635,493 | |||||||||||||||
Loans Held for Sale | 12,046 | 10,475 | 11,632 | 10,960 | 10,991 | |||||||||||||||
Loans, Net of Unearned Interest | ||||||||||||||||||||
Commercial, Financial, & Agricultural | 207,105 | 183,681 | 179,816 | 169,588 | 151,116 | |||||||||||||||
Real Estate - Construction | 46,930 | 42,538 | 46,484 | 49,475 | 44,216 | |||||||||||||||
Real Estate - Commercial | 485,329 | 503,259 | 499,813 | 491,734 | 510,962 | |||||||||||||||
Real Estate - Residential | 280,015 | 285,772 | 285,748 | 280,690 | 284,333 | |||||||||||||||
Real Estate - Home Equity | 235,394 | 234,128 | 233,901 | 232,254 | 230,388 | |||||||||||||||
Consumer | 252,347 | 245,197 | 240,434 | 238,884 | 238,599 | |||||||||||||||
Other Loans | 11,177 | 10,297 | 4,837 | 10,094 | 12,048 | |||||||||||||||
Overdrafts | 2,177 | 1,963 | 1,242 | 2,464 | 2,603 | |||||||||||||||
Total Loans, Net of Unearned Interest | 1,520,474 | 1,506,835 | 1,492,275 | 1,475,183 | 1,474,265 | |||||||||||||||
Allowance for Loan Losses | (13,677 | ) | (13,613 | ) | (13,953 | ) | (14,737 | ) | (15,236 | ) | ||||||||||
Loans, Net | 1,506,797 | 1,493,222 | 1,478,322 | 1,460,446 | 1,459,029 | |||||||||||||||
Premises and Equipment, Net | 97,313 | 98,029 | 98,819 | 98,218 | 99,108 | |||||||||||||||
Goodwill | 84,811 | 84,811 | 84,811 | 84,811 | 84,811 | |||||||||||||||
Other Real Estate Owned | 14,622 | 17,450 | 19,290 | 25,219 | 30,167 | |||||||||||||||
Other Assets | 89,240 | 87,854 | 87,161 | 86,701 | 87,489 | |||||||||||||||
Total Other Assets | 285,986 | 288,144 | 290,081 | 294,949 | 301,575 | |||||||||||||||
Total Assets | $ | 2,767,636 | $ | 2,792,186 | $ | 2,797,860 | $ | 2,615,094 | $ | 2,654,144 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest Bearing Deposits | $ | 798,219 | $ | 790,040 | $ | 758,283 | $ | 720,824 | $ | 723,866 | ||||||||||
NOW Accounts | 804,263 | 786,432 | 848,330 | 688,491 | 734,237 | |||||||||||||||
Money Market Accounts | 259,813 | 254,682 | 248,367 | 261,050 | 264,475 | |||||||||||||||
Regular Savings Accounts | 294,432 | 286,807 | 269,162 | 262,843 | 255,185 | |||||||||||||||
Certificates of Deposit | 168,079 | 173,447 | 178,707 | 181,775 | 186,881 | |||||||||||||||
Total Deposits | 2,324,806 | 2,291,408 | 2,302,849 | 2,114,983 | 2,164,644 | |||||||||||||||
Short-Term Borrowings | 9,609 | 62,922 | 61,058 | 65,355 | 53,698 | |||||||||||||||
Subordinated Notes Payable | 52,887 | 62,887 | 62,887 | 62,887 | 62,887 | |||||||||||||||
Other Long-Term Borrowings | 26,401 | 27,062 | 28,265 | 29,042 | 29,733 | |||||||||||||||
Other Liabilities | 79,109 | 71,074 | 68,449 | 69,168 | 71,144 | |||||||||||||||
Total Liabilities | 2,492,812 | 2,515,353 | 2,523,508 | 2,341,435 | 2,382,106 | |||||||||||||||
SHAREOWNERS' EQUITY | ||||||||||||||||||||
Common Stock | 168 | 172 | 172 | 171 | 172 | |||||||||||||||
Additional Paid-In Capital | 32,855 | 38,671 | 38,256 | 37,738 | 37,625 | |||||||||||||||
Retained Earnings | 262,380 | 259,139 | 258,181 | 256,265 | 255,096 | |||||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (20,579 | ) | (21,149 | ) | (22,257 | ) | (20,515 | ) | (20,855 | ) | ||||||||||
Total Shareowners' Equity | 274,824 | 276,833 | 274,352 | 273,659 | 272,038 | |||||||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,767,636 | $ | 2,792,186 | $ | 2,797,860 | $ | 2,615,094 | $ | 2,654,144 | ||||||||||
OTHER BALANCE SHEET DATA | ||||||||||||||||||||
Earning Assets | $ | 2,443,561 | $ | 2,471,741 | $ | 2,470,445 | $ | 2,291,966 | $ | 2,306,322 | ||||||||||
Interest Bearing Liabilities | 1,615,484 | 1,654,239 | 1,696,776 | 1,551,443 | 1,587,096 | |||||||||||||||
Book Value Per Diluted Share | $ | 16.31 | $ | 16.04 | $ | 15.93 | $ | 15.91 | $ | 15.80 | ||||||||||
Tangible Book Value Per Diluted Share | 11.27 | 11.13 | 11.00 | 10.98 | 10.87 | |||||||||||||||
Actual Basic Shares Outstanding | 16,804 | 17,222 | 17,157 | 17,144 | 17,154 | |||||||||||||||
Actual Diluted Shares Outstanding | 16,855 | 17,254 | 17,226 | 17,223 | 17,216 |
CAPITAL CITY BANK GROUP, INC. | ||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||
Unaudited |
Six Months Ended | ||||||||||||||||||||||||||||
2016 | 2015 | June 30, | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | 2016 | 2015 | |||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Interest and Fees on Loans | $ | 18,105 | $ | 18,045 | $ | 18,861 | $ | 18,214 | $ | 18,231 | $ | 36,150 | $ | 36,094 | ||||||||||||||
Investment Securities | 1,751 | 1,637 | 1,572 | 1,540 | 1,451 | 3,388 | 2,745 | |||||||||||||||||||||
Funds Sold | 318 | 362 | 169 | 123 | 151 | 680 | 340 | |||||||||||||||||||||
Total Interest Income | 20,174 | 20,044 | 20,602 | 19,877 | 19,833 | 40,218 | 39,179 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Deposits | 211 | 221 | 219 | 220 | 259 | 432 | 505 | |||||||||||||||||||||
Short-Term Borrowings | 38 | 10 | 9 | 14 | 15 | 48 | 36 | |||||||||||||||||||||
Subordinated Notes Payable | 343 | 387 | 354 | 344 | 338 | 730 | 670 | |||||||||||||||||||||
Other Long-Term Borrowings | 206 | 216 | 226 | 233 | 237 | 422 | 477 | |||||||||||||||||||||
Total Interest Expense | 798 | 834 | 808 | 811 | 849 | 1,632 | 1,688 | |||||||||||||||||||||
Net Interest Income | 19,376 | 19,210 | 19,794 | 19,066 | 18,984 | 38,586 | 37,491 | |||||||||||||||||||||
Provision for Loan Losses | (97 | ) | 452 | 513 | 413 | 375 | 355 | 668 | ||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 19,473 | 18,758 | 19,281 | 18,653 | 18,609 | 38,231 | 36,823 | |||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||
Deposit Fees | 5,321 | 5,400 | 5,664 | 5,721 | 5,682 | 10,721 | 11,223 | |||||||||||||||||||||
Bank Card Fees | 2,855 | 2,853 | 2,866 | 2,826 | 2,844 | 5,708 | 5,586 | |||||||||||||||||||||
Wealth Management Fees | 1,690 | 1,792 | 1,893 | 1,818 | 1,776 | 3,482 | 3,822 | |||||||||||||||||||||
Mortgage Banking Fees | 1,267 | 1,030 | 1,043 | 1,306 | 1,203 | 2,297 | 2,190 | |||||||||||||||||||||
Data Processing Fees | 335 | 347 | 335 | 400 | 364 | 682 | 737 | |||||||||||||||||||||
Other | 3,747 | 1,255 | 1,420 | 1,157 | 2,925 | 5,002 | 4,084 | |||||||||||||||||||||
Total Noninterest Income | 15,215 | 12,677 | 13,221 | 13,228 | 14,794 | 27,892 | 27,642 | |||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
Compensation | 16,051 | 16,241 | 15,833 | 16,653 | 16,404 | 32,292 | 32,928 | |||||||||||||||||||||
Occupancy, Net | 4,584 | 4,459 | 4,638 | 4,446 | 4,258 | 9,043 | 8,654 | |||||||||||||||||||||
Other Real Estate, Net | 1,060 | 1,425 | 1,241 | 1,302 | 931 | 2,485 | 2,428 | |||||||||||||||||||||
Other | 7,007 | 6,805 | 6,568 | 6,763 | 6,846 | 13,812 | 13,819 | |||||||||||||||||||||
Total Noninterest Expense | 28,702 | 28,930 | 28,280 | 29,164 | 28,439 | 57,632 | 57,829 | |||||||||||||||||||||
OPERATING PROFIT | 5,986 | 2,505 | 4,222 | 2,717 | 4,964 | 8,491 | 6,636 | |||||||||||||||||||||
Income Tax Expense | 2,056 | 858 | 1,620 | 1,034 | 1,119 | 2,914 | 1,805 | |||||||||||||||||||||
NET INCOME | $ | 3,930 | $ | 1,647 | $ | 2,602 | $ | 1,683 | $ | 3,845 | $ | 5,577 | $ | 4,831 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
Basic Income | $ | 0.22 | $ | 0.10 | $ | 0.16 | $ | 0.09 | $ | 0.22 | $ | 0.32 | $ | 0.28 | ||||||||||||||
Diluted Income | $ | 0.22 | $ | 0.10 | $ | 0.16 | $ | 0.09 | $ | 0.22 | $ | 0.32 | $ | 0.28 | ||||||||||||||
Cash Dividend | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | 0.03 | $ | 0.08 | $ | 0.06 | ||||||||||||||
AVERAGE SHARES | ||||||||||||||||||||||||||||
Basic | 17,144 | 17,202 | 17,145 | 17,150 | 17,296 | 17,173 | 17,402 | |||||||||||||||||||||
Diluted | 17,196 | 17,235 | 17,214 | 17,229 | 17,358 | 17,215 | 17,456 |
CAPITAL CITY BANK GROUP, INC. | ||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||
AND RISK ELEMENT ASSETS | ||||||||||||||
Unaudited |
Six Months Ended | ||||||||||||||||||||||||||||
2016 | 2015 | June 30, | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | 2016 | 2015 | |||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||
Balance at Beginning of Period | $ | 13,613 | $ | 13,953 | $ | 14,737 | $ | 15,236 | $ | 16,090 | $ | 13,953 | $ | 17,539 | ||||||||||||||
Provision for Loan Losses | (97 | ) | 452 | 513 | 413 | 375 | 355 | 668 | ||||||||||||||||||||
Net Charge-Offs | (161 | ) | 792 | 1,297 | 912 | 1,229 | 631 | 2,971 | ||||||||||||||||||||
Balance at End of Period | $ | 13,677 | $ | 13,613 | $ | 13,953 | $ | 14,737 | $ | 15,236 | $ | 13,677 | $ | 15,236 | ||||||||||||||
As a % of Loans | 0.89 | % | 0.90 | % | 0.93 | % | 0.99 | % | 1.03 | % | 0.89 | % | 1.03 | % | ||||||||||||||
As a % of Nonperforming Loans | 166.50 | % | 150.44 | % | 135.40 | % | 112.17 | % | 99.46 | % | 166.50 | % | 99.46 | % | ||||||||||||||
CHARGE-OFFS | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 304 | $ | 37 | $ | 135 | $ | 365 | $ | 239 | $ | 341 | $ | 529 | ||||||||||||||
Real Estate - Construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Real Estate - Commercial | — | 274 | 87 | (26 | ) | 285 | 274 | 1,189 | ||||||||||||||||||||
Real Estate - Residential | 205 | 478 | 587 | 476 | 484 | 683 | 789 | |||||||||||||||||||||
Real Estate - Home Equity | 146 | 215 | 397 | 370 | 454 | 361 | 636 | |||||||||||||||||||||
Consumer | 438 | 439 | 656 | 318 | 351 | 877 | 927 | |||||||||||||||||||||
Total Charge-Offs | $ | 1,093 | $ | 1,443 | $ | 1,862 | $ | 1,503 | $ | 1,813 | $ | 2,536 | $ | 4,070 | ||||||||||||||
RECOVERIES | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 49 | $ | 39 | $ | 57 | $ | 45 | $ | 82 | $ | 88 | $ | 137 | ||||||||||||||
Real Estate - Construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Real Estate - Commercial | 237 | 81 | 13 | 86 | 54 | 318 | 84 | |||||||||||||||||||||
Real Estate - Residential | 579 | 236 | 264 | 193 | 200 | 815 | 248 | |||||||||||||||||||||
Real Estate - Home Equity | 81 | 59 | 37 | 42 | 33 | 140 | 57 | |||||||||||||||||||||
Consumer | 308 | 236 | 194 | 225 | 215 | 544 | 573 | |||||||||||||||||||||
Total Recoveries | $ | 1,254 | $ | 651 | $ | 565 | $ | 591 | $ | 584 | $ | 1,905 | $ | 1,099 | ||||||||||||||
NET CHARGE-OFFS | $ | (161 | ) | $ | 792 | $ | 1,297 | $ | 912 | $ | 1,229 | $ | 631 | $ | 2,971 | |||||||||||||
Net Charge-Offs as a % of Average Loans (1) | (0.04 | )% | 0.21 | % | 0.34 | % | 0.24 | % | 0.33 | % | 0.08 | % | 0.41 | % | ||||||||||||||
RISK ELEMENT ASSETS | ||||||||||||||||||||||||||||
Nonaccruing Loans | $ | 8,214 | $ | 9,049 | $ | 10,305 | $ | 13,138 | $ | 15,320 | ||||||||||||||||||
Other Real Estate Owned | 14,622 | 17,450 | 19,290 | 25,219 | 30,167 | |||||||||||||||||||||||
Total Nonperforming Assets | $ | 22,836 | $ | 26,499 | $ | 29,595 | $ | 38,357 | $ | 45,487 | ||||||||||||||||||
Past Due Loans 30-89 Days | $ | 3,872 | $ | 3,599 | $ | 5,775 | $ | 4,335 | $ | 5,858 | ||||||||||||||||||
Past Due Loans 90 Days or More | — | — | — | — | — | |||||||||||||||||||||||
Classified Loans | 45,058 | 49,780 | 53,551 | 61,411 | 69,152 | |||||||||||||||||||||||
Performing Troubled Debt Restructuring's | $ | 35,526 | $ | 36,700 | $ | 35,634 | $ | 35,961 | $ | 41,632 | ||||||||||||||||||
Nonperforming Loans as a % of Loans | 0.54 | % | 0.60 | % | 0.69 | % | 0.88 | % | 1.03 | % | ||||||||||||||||||
Nonperforming Assets as a % of | ||||||||||||||||||||||||||||
Loans and Other Real Estate | 1.48 | % | 1.73 | % | 1.94 | % | 2.54 | % | 3.00 | % | ||||||||||||||||||
Nonperforming Assets as a % of Total Assets | 0.83 | % | 0.95 | % | 1.06 | % | 1.47 | % | 1.71 | % | ||||||||||||||||||
(1) Annualized |
CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCE AND INTEREST RATES(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited |
Second Quarter 2016 | First Quarter 2016 | Fourth Quarter 2015 | Third Quarter 2015 | Second Quarter 2015 | Jun 2016 YTD | Jun 2015 YTD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate |
Average Balance |
Interest | Average Rate | |||||||||||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Net of Unearned Interest | $ | 1,531,777 | 18,233 | 4.79 | % | $ | 1,507,508 | 18,141 | 4.84 | % | $ | 1,492,521 | 18,952 | 5.04 | % | $ | 1,483,657 | 18,290 | 4.89 | % | $ | 1,473,954 | 18,285 | 4.98 | % | $ | 1,519,642 | 36,374 | 4.81 | % | $ | 1,461,356 | 36,194 | 4.99 | % | |||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable Investment Securities | 571,343 | 1,539 | 1.08 | 552,092 | 1,420 | 1.03 | 544,542 | 1,365 | 0.99 | 543,550 | 1,347 | 0.98 | 540,735 | 1,313 | 0.97 | 561,718 | 2,959 | 1.03 | 516,321 | 2,511 | 0.95 | |||||||||||||||||||||||||||||||||||||||||
Tax-Exempt Investment Securities | 90,030 | 325 | 1.44 | 94,951 | 332 | 1.40 | 93,838 | 328 | 1.40 | 92,685 | 304 | 1.31 | 76,191 | 219 | 1.15 | 92,490 | 657 | 1.42 | 70,043 | 373 | 1.06 | |||||||||||||||||||||||||||||||||||||||||
Total Investment Securities | 661,373 | 1,864 | 1.13 | 647,043 | 1,752 | 1.09 | 638,380 | 1,693 | 1.05 | 636,235 | 1,651 | 1.03 | 616,926 | 1,532 | 0.99 | 654,208 | 3,616 | 1.11 | 586,364 | 2,884 | 0.99 | |||||||||||||||||||||||||||||||||||||||||
Funds Sold | 254,627 | 318 | 0.50 | 286,167 | 362 | 0.51 | 222,828 | 169 | 0.30 | 190,931 | 123 | 0.26 | 237,132 | 151 | 0.26 | 270,397 | 680 | 0.51 | 269,588 | 340 | 0.25 | |||||||||||||||||||||||||||||||||||||||||
Total Earning Assets | 2,447,777 | $ | 20,415 | 3.35 | % | 2,440,718 | $ | 20,255 | 3.34 | % | 2,353,729 | $ | 20,814 | 3.51 | % | 2,310,823 | $ | 20,064 | 3.45 | % | 2,328,012 | $ | 19,968 | 3.44 | % | 2,444,247 | $ | 40,670 | 3.35 | % | 2,317,308 | $ | 39,418 | 3.43 | % | |||||||||||||||||||||||||||
Cash and Due From Banks | 46,605 | 47,834 | 45,875 | 45,872 | 52,473 | 47,220 | 50,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | (14,254) | (13,999) | (14,726) | (15,403) | (16,070) | (14,127) | (16,702) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | 287,726 | 289,193 | 293,336 | 298,400 | 306,286 | 288,460 | 308,526 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,767,854 | $ | 2,763,746 | $ | 2,678,214 | $ | 2,639,692 | $ | 2,670,701 | $ | 2,765,800 | $ | 2,659,687 | ||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW Accounts | $ | 762,667 | $ | 67 | 0.04 | % | $ | 798,996 | $ | 69 | 0.03 | % | $ | 725,538 | $ | 62 | 0.03 | % | $ | 709,130 | $ | 60 | 0.03 | % | $ | 761,388 | $ | 64 | 0.03 | % | $ | 780,832 | $ | 136 | 0.03 | % | $ | 777,757 | $ | 132 | 0.03 | % | ||||||||||||||||||||
Money Market Accounts | 257,000 | 30 | 0.05 | 252,446 | 29 | 0.05 | 259,091 | 30 | 0.05 | 261,749 | 31 | 0.05 | 256,265 | 32 | 0.05 | 254,723 | 59 | 0.05 | 255,378 | 73 | 0.06 | |||||||||||||||||||||||||||||||||||||||||
Savings Accounts | 291,210 | 36 | 0.05 | 277,745 | 34 | 0.05 | 266,468 | 33 | 0.05 | 258,752 | 32 | 0.05 | 253,808 | 31 | 0.05 | 284,477 | 70 | 0.05 | 248,064 | 61 | 0.05 | |||||||||||||||||||||||||||||||||||||||||
Time Deposits | 170,837 | 78 | 0.19 | 177,057 | 89 | 0.20 | 180,124 | 94 | 0.21 | 183,976 | 97 | 0.21 | 189,213 | 132 | 0.28 | 173,947 | 167 | 0.19 | 191,919 | 239 | 0.25 | |||||||||||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 1,481,714 | 211 | 0.06 | % | 1,506,244 | 221 | 0.06 | % | 1,431,221 | 219 | 0.06 | % | 1,413,607 | 220 | 0.06 | % | 1,460,674 | 259 | 0.07 | % | 1,493,979 | 432 | 0.06 | % | 1,473,118 | 505 | 0.07 | % | ||||||||||||||||||||||||||||||||||
Short-Term Borrowings | 53,691 | 38 | 0.28 | % | 66,938 | 10 | 0.06 | % | 68,093 | 9 | 0.06 | % | 61,548 | 14 | 0.09 | % | 54,237 | 15 | 0.11 | % | 60,315 | 48 | 0.16 | % | 52,035 | 36 | 0.14 | % | ||||||||||||||||||||||||||||||||||
Subordinated Notes Payable | 54,316 | 343 | 2.50 | 62,887 | 387 | 2.43 | 62,887 | 354 | 2.20 | 62,887 | 344 | 2.14 | 62,887 | 338 | 2.13 | 58,601 | 730 | 2.47 | 62,887 | 670 | 2.12 | |||||||||||||||||||||||||||||||||||||||||
Other Long-Term Borrowings | 26,721 | 206 | 3.11 | 27,769 | 216 | 3.12 | 28,618 | 226 | 3.14 | 29,383 | 233 | 3.15 | 30,067 | 237 | 3.16 | 27,245 | 422 | 3.11 | 30,407 | 477 | 3.16 | |||||||||||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 1,616,442 | $ | 798 | 0.20 | % | 1,663,838 | $ | 834 | 0.20 | % | 1,590,819 | $ | 808 | 0.20 | % | 1,567,425 | $ | 811 | 0.21 | % | 1,607,865 | $ | 849 | 0.21 | % | 1,640,140 | $ | 1,632 | 0.20 | % | 1,618,447 | $ | 1,688 | 0.21 | % | |||||||||||||||||||||||||||
Noninterest Bearing Deposits | 794,839 | 752,356 | 743,497 | 723,826 | 717,725 | 773,597 | 697,811 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 77,041 | 70,088 | 68,005 | 73,485 | 70,690 | 73,565 | 68,569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,488,322 | 2,486,282 | 2,402,321 | 2,364,736 | 2,396,280 | 2,487,302 | 2,384,827 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREOWNERS' EQUITY: | 279,532 | 277,464 | 275,893 | 274,956 | 274,421 | 278,498 | 274,860 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,767,854 | $ | 2,763,746 | $ | 2,678,214 | $ | 2,639,692 | $ | 2,670,701 | $ | 2,765,800 | $ | 2,659,687 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Spread | $ | 19,617 | 3.15 | % | $ | 19,421 | 3.14 | % | $ | 20,006 | 3.31 | % | $ | 19,253 | 3.24 | % | $ | 19,119 | 3.23 | % | $ | 39,038 | 3.14 | % | $ | 37,730 | 3.22 | % | ||||||||||||||||||||||||||||||||||
Interest Income and Rate Earned(1) | 20,415 | 3.35 | 20,255 | 3.34 | 20,814 | 3.51 | 20,064 | 3.45 | 19,968 | 3.44 | 40,670 | 3.35 | 39,418 | 3.43 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense and Rate Paid(2) | 798 | 0.13 | 834 | 0.14 | 808 | 0.14 | 811 | 0.14 | 849 | 0.15 | 1,632 | 0.13 | 1,688 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin | $ | 19,617 | 3.22 | % | $ | 19,421 | 3.20 | % | $ | 20,006 | 3.37 | % | $ | 19,253 | 3.31 | % | $ | 19,119 | 3.29 | % | $ | 39,038 | 3.21 | % | $ | 37,730 | 3.28 | % | ||||||||||||||||||||||||||||||||||
(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. |
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