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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
|
Document And Entity Information | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Transition Report | false | ||
Commission file number | 0-13358 | ||
Entity Registrant Name | Capital City Bank Group, Inc. | ||
Entity's state or country of incorporation | FL | ||
Employer Identification Number | 59-2273542 | ||
Entity Address Address Line1 | 217 North Monroe Street | ||
Entity Address City Or Town | Tallahassee | ||
Entity Address State Or Province | FL | ||
Entity Address Postal Zip Code | 32301 | ||
City area code | 850 | ||
Local phone number | 402-7821 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CCBG | ||
Name of the Exchange | NASDAQ | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity's Reporting Status Current | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Icfr Auditor Attestation Flag | true | ||
Document Fin Stmt Error Correction Flag | true | ||
Document Fin Stmt Restatement Recovery Analysis Flag | true | ||
Entity Public Float | $ 400,209,385 | ||
Entity Common Stock, Shares Outstanding | 16,941,553 | ||
Documents incorporated by reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of our Proxy Statement for the Annual Meeting of Shareowners held on April 23, 2024, are incorporated by reference in Part III. |
||
Amendment Flag | true | ||
Entity a Voluntary Filer | No | ||
Entity Central Index Key | 0000726601 | ||
Auditor | 686 | ||
Auditor name | Forvis Mazars, LLP | ||
Auditor location | Little Rock, Arkansas | ||
Amendment Description | EXPLANATORY NOTE Capital City Bank Group, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (the “Amendment” or “Form 10-K/A”) to amend and restate certain items in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2024 (the “Original Form 10-K”). Except as described below, no other information included in the Original Form 10-K is being amended or updated by this Amendment and this Amendment does not purport to reflect any information or events subsequent to the filing of the Original Form 10-K. Restatement Background As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2024, in preparation of its financial statements for the first quarter of 2024, the Company identified changes needed in preparing its consolidated financial statements, specifically its Consolidated Statement of Cash Flows related to certain construction/permanent loan sales. As a result, as further discussed below, the Company’s Consolidated Statements of Cash Flows for the following periods (collectively, the “Impacted Statements of Cash Flows”) should no longer be relied upon: (1) years ended December 31, 2023, 2022, and 2021, (2) the three-month periods ended March 31, 2023 and 2022, (3) the six-month periods ended June 30, 2023 and 2022, and (4) the nine-month periods ended September 30, 2023 and 2022. Company management, after consultation and discussion with the Audit Committee of the Board of Directors of the Company and the Company’s independent registered public accounting firm, Forvis Mazars, LLP, determined that the Impacted Statements of Cash Flows should no longer be relied upon. The Company has not filed and does not intend to file amendments to the Company’s previously filed Quarterly Reports on Form 10-Q containing any of the Impacted Statements of Cash Flow or the Company’s Annual Reports on Form 10-K for the years ended December 31, 2022 and 2021. This Form 10-K/A contains restatements of the Impacted Statements of Cash Flows. Accordingly, investors and others should rely on the financial information and other disclosures regarding the affected period as disclosed in this Form 10-K/A and in the Company’s future filings with the SEC (as applicable). For additional information, see “Part II – Item 8. Financial Statements and Supplementary – Note 1 – Restatement of Previously Issued Consolidated Financial Statements” in this Form 10-K/A. This Form 10-K/A also amends and restates the following items included in the Original Form 10-K as appropriate to reflect the restatement and revision of the relevant items: Cover Page; Item 8. Financial Statements and Supplementary Data; Item 9A. Controls and Procedures: Part III, Items 10 through 14; and Item 15. Exhibits and Financial Statement Schedules. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company is also including with this Form 10-K/A currently dated certifications of the Company’s Chief Executive Officer and Chief Financial Officer (attached as Exhibits 31.1, 31.2, 32.1, and 32.2). This Form 10-K/A also contains a modified report from Forvis Mazars on the consolidated financial statements for years ended December 31, 2023, 2022 and 2021, a modified Forvis Mazars opinion on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, 2022 and 2021, and a new consent of Forvis Mazars (attached as Exhibit 23.1). The Company is also filing this Amendment to check the box on the cover page of this Amendment following “Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).” The Company has conducted such analysis and has determined that the previously mentioned changes affecting the Impacted Statements of Cash Flows does not impact related performance metrics used for executive management’s compensation, and therefore that no recovery of incentive-based compensation was required. For additional information, see “Part III – Item 11. Executive Compensation” in this Form 10-K/A. Except as discussed above and as further described herein, the Company has not modified or updated the disclosures presented in the Original Form 10-K. Accordingly, this Form 10-K/A does not reflect events occurring after the filing of the Original Form 10-K or modify or update those disclosures affected by any such subsequent events. Information not affected by the restatements reflects disclosures made at the time of the filing of the Original Form 10-K. Forward-looking statements included in this Form 10-K/A represent management’s views as of the date of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Form 10-K/A should be read in conjunction with the Company’s filings made with the SEC subsequent to the filing of the Original Form 10-K, including any amendment to those filings. |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities, available for sale, amortized cost | $ 367,747 | $ 455,232 |
Investment securities, held to maturity, fair value | $ 591,751 | $ 612,701 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized | 3,000,000 | 3,000,000 |
Preferred Stock, issued | 0 | 0 |
Preferred Stock, outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized | 90,000,000 | 90,000,000 |
Common Stock, issued | 16,950,222 | 16,986,785 |
Common Stock, outstanding | 16,950,222 | 16,986,785 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | |||
Cash Dividends (in dollars per share) | $ 0.76 | $ 0.66 | $ 0.62 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | $ 52,258 | $ 33,412 | $ 33,396 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 3,099 | 32 | 5,296 | 1,724 | 7,689 | 3,878 | 9,714 | 7,494 | (1,553) |
Depreciation | 1,969 | 1,907 | 3,927 | 3,802 | 5,920 | 5,689 | 7,918 | 7,596 | 7,607 |
Amortization of Premiums, Discounts, and Fees, net | 1,067 | 2,610 | 2,117 | 5,053 | 3,216 | 6,618 | 4,221 | 7,772 | 14,072 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Gain on Securities Transactions | 3 | 0 | 0 | ||||||
Pension Settlement (Gain) Charges | 0 | 209 | (291) | 378 | (291) | 480 | (291) | 2,321 | 3,072 |
Originations of Loans Held for Sale | (75,626) | (162,448) | (203,266) | (268,058) | (308,263) | (343,899) | (406,803) | (390,191) | (1,228,946) |
Proceeds From Sales of Loans Held for Sale | 73,706 | 174,153 | 191,180 | 307,349 | 303,731 | 390,756 | 404,332 | 437,907 | 1,349,124 |
Mortgage Banking Revenues | (2,871) | (4,055) | (6,234) | (8,912) | (8,072) | (11,807) | (10,400) | (11,909) | (52,425) |
Net Additions for Capitalized Mortgage Servicing Rights | (91) | 364 | (253) | 360 | (392) | 570 | 419 | 726 | 72 |
Change in Valuation Provision for Mortgage Servicing Rights | 0 | 0 | (250) | ||||||
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Net Tax Benefit from Stock Compensation | (19) | (19) | (19) | (48) | (27) | (4) | |||
Deferred Income Taxes | (1,170) | (6,682) | (2,849) | (9,887) | (2,464) | (12,854) | (483) | (3,870) | (4,157) |
Net Change in Operating Leases | (3) | (27) | (3) | (72) | (12) | (83) | 79 | (108) | (165) |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | (1,858) | 0 | (1,900) | (26) | (1,915) | (136) | (2,053) | (422) | (1,662) |
Net (Increase) Decrease in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Net (Decrease) Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 20,629 | 22,200 | 24,859 | 72,015 | 50,192 | 80,555 | 54,782 | 92,692 | 122,170 |
Securities Held to Maturity: | |||||||||
Purchases | (194,448) | (218,548) | (219,865) | (1,483) | (219,865) | (251,525) | |||
Payments, Maturities, and Calls | 8,820 | 14,441 | 18,992 | 28,111 | 28,159 | 40,096 | 36,600 | 55,314 | 78,544 |
Securities Available for Sale: | |||||||||
Purchases | (2,017) | (25,139) | (4,634) | (37,044) | (9,399) | (41,880) | (8,379) | (52,238) | (523,961) |
Proceeds from the Sale of Securities | 0 | 3,365 | 0 | 3,365 | 30,420 | 3,365 | 30,420 | 3,365 | 495 |
Payments, Maturities, and Calls | 16,559 | 24,824 | 32,490 | 47,413 | 53,045 | 64,301 | 62,861 | 81,596 | 178,425 |
Equity Securities: | |||||||||
Purchases | (13,566) | 0 | 0 | ||||||
Net Decrease in Equity Securities | 10,127 | 0 | 0 | ||||||
Purchases of Loans Held for Investment | (923) | (381) | (1,463) | (15,985) | (2,249) | (16,324) | (2,488) | (16,753) | (20,209) |
Proceeds from Sales of Loans | 20,084 | 37,766 | 26,645 | 66,877 | 39,125 | 88,521 | 47,314 | 104,475 | 92,360 |
Net Increase in Loans Held for Investment | (127,336) | (96,732) | (164,319) | (359,417) | (194,631) | (520,473) | (226,896) | (720,670) | (10,061) |
Net Cash Paid for Acquisitions | 0 | 0 | (4,482) | ||||||
Proceeds From Sales of Other Real Estate Owned | 2,699 | 0 | 3,772 | 30 | 3,840 | 1,683 | 3,995 | 2,406 | 4,502 |
Purchases of Premises and Equipment, net | (1,886) | (1,013) | (3,851) | (3,322) | (5,459) | (4,013) | (7,046) | (6,322) | (5,193) |
Noncontrolling Interest Contributions | 1,838 | 2,573 | 2,867 | 0 | 2,867 | 7,139 | |||
Net Cash Used In Investing Activities | (84,000) | (235,479) | (92,368) | (485,947) | (57,149) | (601,722) | (68,541) | (765,825) | (453,966) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | (115,397) | 52,645 | (150,451) | 73,396 | (398,872) | 46,516 | (237,495) | 226,455 | 495,302 |
Net (Decrease) Increase in Short-Term Borrowings | (30,161) | (3,692) | (6,120) | 4,784 | (15,097) | 17,592 | (21,452) | 22,114 | (45,938) |
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Payments to Repurchase Common Stock | (819) | (2,022) | (3,121) | (3,710) | 0 | 0 | |||
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Net Cash (Used in) Provided By Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 3,723 | 715 | 8,720 | 1,617 | 15,026 | 3,588 | 21,775 | 6,586 | 3,547 |
Income Taxes Paid | 7,466 | 20 | 3,860 | 3,765 | 7,395 | 6,410 | 9,118 | 7,466 | 16,339 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 16,859 | 37,973 | 26,076 | 67,324 | 33,625 | 89,836 | 35,745 | 108,798 | 98,081 |
Loans and Premises Transferred to Other Real Estate Owned | $ 423 | $ 0 | $ 1,442 | $ 77 | $ 1,495 | $ 1,543 | $ 1,512 | $ 2,398 | $ 1,717 |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | Note 1 SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Capital City Bank Group, Inc. (“CCBG”) provides a full range of banking corporate clients through its wholly-owned subsidiary, “Company”), with banking offices located in Florida, financial institutions, is subject to regulation by certain government agencies regulatory authorities. Basis of Presentation The consolidated financial statements include the accounts of CCBG Capital City Strategic Wealth, and Capital City Investments. On March 1, 2020, CCB acquired a 51 % membership interest in Brand Mortgage Group, LLC (“Brand”) which is now operated as Capital City Home Loans, LLC (“CCHL”), a consolidated statements. The terms of the transaction included a buyout call/put option 49 % of the membership interests in CCHL (“the 49 % Interest”) that are held by BMGBMG, LLC (“BMG”). The option requires 12 months advance notice to the other party, 49 % Interest may be completed. On December 20, 2023, BMG notified CCB that BMG will exercise the 49 % Interest will become effective on January 1, 2025. The Company, which operates Florida, Georgia, and Alabama, follows accounting principles generally practices applicable to the banking industry. and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an voting interest entity or a variable interest entity under accounting principles Voting independently and provide the equity holders with the obligation to absorb losses, the right to make decisions about the entity’s least a majority of, the voting interest. entities that lack one or more of the characteristics of a voting interest entity. present when an enterprise has a variable interest, or a combination of variable expected losses, receive a majority of the entity’s interest, known as the primary beneficiary, Trust I (established November 1, 2004) and is not the primary beneficiary. financial statements. Certain previously reported amounts have been reclassified to conform company transactions and accounts have been eliminated in consolidation. potential recognition and/or disclosure through the date the consolidated Form 10-K/A were filed with the United States Securities and Exchange Use of Estimates The preparation of financial statements in conformity with accounting America requires management to make estimates and assumptions that affect disclosure of contingent assets and liabilities at the date of financial statements and expenses during the reporting period. susceptible to significant changes in the near-term income taxes, loss contingencies, valuation of other real estate owned, and impairment. Restatement of Previously Issued Consolidated Financial Restated herein are the Company’s 2022 and December 31, 2021 and for each of the three month periods ended June 30, 2023 and 2022 and nine month periods ended September 30, 2023 Prior Restatement Background On December 22, 2023, the Company filed a Form 10-K/A for the year items related to inter-company transactions between purchases that were not properly recorded. The material impact to Consolidated of Financial Condition and various key performance indicators resulted in a the year ended December 31, 2022, and the three, six and nine months ended and September 30, 2022, respectively (collectively, assessment of the misstatements noted in the Form 10-K/A filed December company loan sale and participation transactions was immaterial to the consolidated December 31, 2021. In connection with the preparation of the Company’s Company concluded that it had not appropriately eliminated intercompany Consolidated Statements of Cash Flows for the years ended December Statements. of the Consolidated Statements of Cash Flows for the years ended Restated Financial Statements”). Statements of Financial Condition, Consolidated Statements of Consolidated Statements in Changes in Shareowners’ Equity or the Notes to Description of Current Misstatements In connection with the preparation of the Company’s changes needed in preparing its consolidated financial statements, specifically, to certain construction/permanent loan sales. both the Original Restated Financial Statements and Subsequently Restated Financial following line items within the Impacted Statements of Cash Flows: Within the Cash Flows from Operating Activities ● An understatement of $ 100.1 47.6 33.8 Loans Held for Sale for the years ended December 31, 2023, 2022 and 2021, ● An understatement of $ 88.5 37.5 27.6 from Sales of Loans Held for Sale for the years ended December 31, 2023, 2022 ● An overstatement of $ 11.6 10.2 6.2 Provided by Operating Activities for the years ended December 31, 2023, Within the Cash Flows from Investing Activities ● An understatement of $ 35.7 114.7 98.6 (Increase) Decrease in Loans Held for Investment for the years ended ● An understatement of $ 47.3 104.5 92.4 ended December 31, 2023, 2022 and 2021, respectively. ● An overstatement of $ 11.6 10.2 6.2 in Investing Activities for the years ended December 31, 2023, 2022 Within the Supplemental Noncash Items section: ● Disclosure of noncash activity related to Loans Transferred for the years ended December, 31, 2023, 2022 35.7 108.8 98.1 respectively. The impacts of the restatement for the years ended December 31, 2023, Impacted Statements of Cash Flows and had no impact on the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Equity or the Notes to the Consolidated Financial Statements. The impacts of the restatement presented in Note 24, Restated Interim Consolidated Description of Current Restatement Tables The following tables present the amounts previously reported and a reconciliation restated Consolidated Statement of Cash Flows for the years ended 2021. The amounts previously reported were derived from the Company’s December 31, 2023 filed with the SEC on March 13, 2024. CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 52,258 $ - $ 52,258 Adjustments to Reconcile Net Income to 9,714 - 9,714 7,918 - 7,918 4,221 - 4,221 160 - 160 Gain on Securities Transactions 3 - 3 (291) - (291) (306,714) (100,089) (406,803) 315,812 88,520 404,332 (10,400) - (10,400) 419 - 419 1,237 - 1,237 (48) - (48) (483) - (483) 79 - 79 (2,053) - (2,053) (1,029) - (1,029) (4,452) - (4,452) Net Cash Provided By Operating Activities 66,351 (11,569) 54,782 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (1,483) - (1,483) 36,600 - 36,600 Securities Available for (8,379) - (8,379) 30,420 - 30,420 62,861 - 62,861 Equity Securities (13,566) - (13,566) 10,127 - 10,127 Purchase of loans held for investment (2,488) - (2,488) Net Increase in Loans Held for Investment (191,151) (35,745) (226,896) Proceeds from Sales of Loans - 47,314 47,314 Proceeds From Sales of Other Real Estate Owned 3,995 - 3,995 Purchases of Premises and Equipment, net (7,046) - (7,046) Net Cash Used In Investing Activities (80,110) 11,569 (68,541) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (237,495) - (237,495) Net Decrease in Other Short-Term (21,452) - (21,452) Repayment of Other Long-Term (199) - (199) Dividends Paid (12,905) - (12,905) Payments to Repurchase Common Stock (3,710) - (3,710) Issuance of Common Stock Under Compensation Plans 937 - 937 Net Cash Provided By Financing Activities (274,824) - (274,824) NET DECREASE IN CASH AND CASH EQUIVALENTS (288,583) - (288,583) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 312,067 $ - $ 312,067 Supplemental Cash Flow Disclosures: $ 21,775 $ - $ 21,775 $ 9,118 $ - $ 9,118 Supplemental Noncash Items $ - $ 35,745 $ 35,745 $ 1,512 $ - $ 1,512 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,412 $ - $ 33,412 Adjustments to Reconcile Net Income to 7,494 - 7,494 7,596 - 7,596 7,772 - 7,772 160 - 160 2,321 - 2,321 (437,827) 47,636 (390,191) 475,359 (37,452) 437,907 (11,909) - (11,909) 726 - 726 1,630 - 1,630 (27) - (27) (3,870) - (3,870) (108) - (108) (422) - (422) (8,636) - (8,636) 8,837 - 8,837 Net Cash Provided By Operating Activities 82,508 10,184 92,692 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (219,865) - (219,865) 55,314 - 55,314 Securities Available for (52,238) - (52,238) 3,365 - 3,365 81,596 - 81,596 Purchase of loans held for investment (16,753) - (16,753) Net Increase in Loans Held for Investment (606,011) (114,659) (720,670) Proceeds From Sales of Loans - 104,475 104,475 Proceeds From Sales of Other Real Estate Owned 2,406 - 2,406 Purchases of Premises and Equipment, net (6,322) - (6,322) Noncontrolling interest contributions received 2,867 - 2,867 Net Cash Used In Investing Activities (755,641) (10,184) (765,825) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 226,455 - 226,455 Net Increase in Other Short-Term 22,114 - 22,114 Repayment of Other Long-Term (249) - (249) Dividends Paid (11,191) - (11,191) Issuance of Common Stock Under Compensation Plans 1,300 - 1,300 Net Cash Provided By Financing Activities 238,429 - 238,429 NET DECREASE IN CASH AND CASH EQUIVALENTS (434,704) - (434,704) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 600,650 $ - $ 600,650 Supplemental Cash Flow Disclosures: $ 6,586 $ - $ 6,586 $ 7,466 $ - $ 7,466 Supplemental Noncash Items $ - $ 108,798 $ 108,798 $ 2,398 $ - $ 2,398 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,396 $ - $ 33,396 Adjustments to Reconcile Net Income to (1,553) - (1,553) 7,607 - 7,607 14,072 - 14,072 107 - 107 3,072 - 3,072 (1,262,746) 33,800 (1,228,946) 1,376,678 (27,554) 1,349,124 (52,425) - (52,425) 72 - 72 (250) - (250) 843 - 843 (4) - (4) (4,157) - (4,157) (165) - (165) (1,662) - (1,662) 10,885 - 10,885 (7,846) - (7,846) Net Cash Provided By Operating Activities 115,924 6,246 122,170 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (251,525) - (251,525) 78,544 - 78,544 Securities Available for (523,961) - (523,961) 495 - 495 178,425 - 178,425 Purchase of loans held for investment (20,209) - (20,209) Net Decrease (Increase) in Loans Held for Investment 88,545 (98,606) (10,061) Proceeds from Sales of Loans - 92,360 92,360 Net Cash Paid for Acquisitions (4,482) - (4,482) Proceeds From Sales of Other Real Estate Owned 4,502 - 4,502 Purchases of Premises and Equipment, net (5,193) - (5,193) Noncontrolling interest contributions received 7,139 - 7,139 Net Cash Used In Investing Activities (447,720) (6,246) (453,966) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 495,302 - 495,302 Net Decrease (45,938) - (45,938) Repayment of Other Long-Term (1,332) - (1,332) Dividends Paid (10,459) - (10,459) Issuance of Common Stock Under Compensation Plans 1,028 - 1,028 Net Cash Provided By Financing Activities 438,601 - 438,601 NET DECREASE IN CASH AND CASH EQUIVALENTS 106,805 - 106,805 Cash and Cash Equivalents at Beginning of Period 928,549 - 928,549 Cash and Cash Equivalents at End of Period $ 1,035,354 $ - $ 1,035,354 Supplemental Cash Flow Disclosures: $ 3,547 $ - $ 3,547 $ 16,339 $ - $ 16,339 Supplemental Noncash Items: $ - $ 98,081 $ 98,081 $ 1,717 $ - $ 1,717 The accompanying Notes to Consolidated Financial Statements are Significant Accounting Principles Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing sold. Generally, days or less. percentage of deposits. zero . The Company maintains certain cash balances that are restricted under warehouse agreements. 0.1 Investment Securities Investment securities are classified as held-to-maturity (“HTM”) and intent and ability to hold them until maturity. (“AFS”) and carried at fair value. equity securities that do not have readily determinable fair values, are impaired or upon observable transaction prices. of purchase. the security which correlates to its risk profile: U.S. government treasury, subdivisions, mortgage-backed securities, as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are classified Interest income includes amortization and accretion of purchase premiums from the amortized cost of the security sold. determined using the specific identification method. or minus any unrealized gain or loss at the time of transfer. accumulated other comprehensive loss (net of tax) and amortized as an adjustment the security. credit losses on the transferred security is evaluated in accordance with the accounting any allowance amounts reversed or established as part of the transfer of Income. The accrual of interest is generally suspended on securities more than 90 days a security is placed on nonaccrual status, all previously accrued and uncollected interest thus not included in the estimate of credit losses. Credit losses and changes thereto, are established as an allowance for credit loss through Losses are charged against the allowance when management either of the criteria regarding intent or requirement to sell is met. Certain debt securities in the Company’s explicitly or implicitly guaranteed by the U.S. government. securities indicates that the expectation of nonpayment of the amortized technically default. government guaranteed treasuries. credit losses due to the zero loss assumption. Impairment - Available . Unrealized gains on AFS securities are excluded from earnings and reported, securities that are in an unrealized loss position, the Company first assesses whether it intends than not it will be required to sell the security before recovery of its amortized or requirement to sell is met, the security’s that do not meet the aforementioned criteria or have a zero loss assumption, value has resulted from credit losses or other factors. value is less than amortized cost, any changes to the rating of the security by a related to the security, among be collected from the security are compared to the amortized cost basis of the security. expected to be collected is less than the amortized cost basis, a credit loss exists and through a provision for credit loss expense, limited by the amount that fair value is less than impairment that is not credit related is recognized in other comprehensive Allowance for Credit Losses - Held-to-Maturity Securities. Management measures expected credit losses on each individual HTM assumption. the difference between the discounted value of the expected amortized basis of the security. provision for credit loss expense. Loans Held for Investment Loans held for investment (“HFI”) are stated at amortized cost which includes the and discounts, and net deferred loan fees and costs. included in the amortized cost basis of loans. principal balances and includes loan late fees. amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity accrual of interest is generally suspended on loans more than 90 days past due placed on nonaccrual status, all previously accrued and uncollected interest election has been made to not include accrued interest in the estimate of credit recognized when the ultimate collectability is no longer considered doubtful. principal and interest amounts contractually due are brought current Loan charge-offs on commercial and investor loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. determinations are the borrower’s and any guarantor’s (if applicable), and collateral value. Examination Council’s Uniform classification and treatment of consumer loans, which generally require The Company has adopted comprehensive lending policies, underwriting maximize loan income within an acceptable level of risk. concentrations, loan delinquencies, nonperforming and potential problem review of loan portfolio quality and trends by Management and the Credit Risk Oversight estimating the allowance for credit losses. Allowance for Credit Losses The allowance for credit losses is a valuation account that is deducted from the amount expected to be collected on the loans. reported in earnings, and reduced by the charge-off allowance when management believes the uncollectability of a loan balance aggregate of amounts previously charged-off off-balance sheet credit exposures is provided for through the credit Management estimates the allowance balance using relevant available information, past events, current conditions, and reasonable and supportable forecasts. basis for the estimation of expected credit losses. current conditions and forecasts. The methodology for estimating the amount of credit losses reported in the first, an asset-specific component involving loans that do not share risk characteristics losses for such individual loans; and second, a pooled component for expected risk characteristics. Loans That Do Not Share Risk Characteristics (Individually Loans that do not share similar risk characteristics are evaluated on an individual have differing risk characteristics and are individually analyzed to dependent when the borrower is experiencing financial difficulty sale of the underlying collateral. measured based on the difference between the fair asset. by Financial Accounting Standards Board (“FASB”) expected credit loss under the same approach as those loans where foreclosure $250,000, balances less than $250,000, the Company has made a policy election to measure expected loss rates for similar loan types. Loans That Share Similar Risk Characteristics (Pooled The general steps in determining expected credit losses for the pooled loan component ● Segment loans into pools according to similar risk characteristics ● Develop historical loss rates for each loan pool segment ● Incorporate the impact of forecasts ● Incorporate the impact of other qualitative factors ● Calculate and review pool specific allowance for credit loss estimate A discounted cash flow methodology is utilized to calculate expected discounted present value of expected cash flow is then compared to estimate. The primary inputs used to calculate expected cash flows include historical and loss given default (“LGD”), and prepayment rates. rate and is based on management’s assessment the Company’s risk rating process are reflect the historical average net loss rate by loan pool. prepayments which will vary by loan segment and interest rate conditions. prepayment rates occurring in the loan portfolio and consideration of forecasted In developing loss rates, adjustments are made to incorporate the impact of forecasted applied, including the length of the forecast and reversion periods. able to make a reasonable and supportable assessment of future conditions. management believes it can develop a reasonable and supportable forecast, the use of historical default and loss rates. and reversion periods are periodically evaluated and based on management’s may vary by loan pool. utilizes established industry and economic data points and sources, the forecasted unemployment rate being a significant factor. on management’s assessment of Reversion period PD rates reflect the difference between forecast adjustment over the reversion period. Loss rates are further adjusted to account for other risk factors that impact loan defaults on management’s assessment of and external factors that are independent of and not reflected in the quantitative considers in this assessment include trends in underwriting standards, loan review systems, collateral valuations, concentrations, legal/regulatory/political natural disasters. Allowance for Credit Losses on Off-Balance The Company estimates expected credit losses over the contractual period contractual obligation to extend credit, unless that obligation is unconditionally credit losses on off-balance sheet credit exposures is adjusted as a provision liabilities. on commitments expected to be funded over its estimated life and applies the same outstanding loan balances by segment. the allowance for credit losses with similar risk characteristics that have been previously Mortgage Banking Activities Mortgage Loans Held for Sale and Revenue Recognition Mortgage loans held for sale (“HFS”) are carried at fair value under the fair value mortgage banking revenues on the Consolidated Statements of to investors is calculated using observable market information such mandatory delivery commitment prices. The Company bases loans committed (“FNMA”), Government National Mortgage Association (“GNMA”), and (“FHLMC”) (“Agency”) investors based on the Agency’s mortgage loans held for sale not committed to investors is based on quoted best execution quoted price exists, the fair value is determined using quoted prices for the specific attributes of that loan, which would be used by other market Gains and losses from the sale of mortgage loans held for sale are recognized based upon proceeds and carrying value of the related loans upon sale and are recorded Statements of Income. Sales proceeds reflect the cash received from investors premium. If the related mortgage loan is sold with servicing retained, the on the Consolidated Statements of Income. with the changes in the fair value of mortgage loans held for sale, and the realized and instruments. Mortgage loans held for sale are considered sold when the Company surrenders considered to have been surrendered when the transferred assets have been Company and its creditors; the purchaser obtains the right (free of conditions that to pledge or exchange the transferred assets; and the Company does not through either an agreement that both entitles and obligates the Company their maturity or the ability to unilaterally cause the holder to return specific criteria to have been met upon acceptance and receipt of sales proceeds Government National Mortgage Association (“GNMA”) optional individual delinquent mortgage loans that meet certain criteria from servicing. for an amount equal to 100 percent of the remaining principal balance of Servicing,” this buy-back option is considered a conditional option until becomes unconditional. unconditional buy-back option, the loans can no longer be reported Statement of Financial Condition, regardless of whether there is intent to exercise in other assets with the offsetting liability being reported Derivative Instruments (IRLC/Forward Commitments) The Company holds and issues derivative financial instruments such as interest rate forward sale commitments. IRLCs are subject to price risk primarily related interest rate risk on certain IRLCs, the Company uses forward sale commitments, mandatory delivery commitments with investors. Management expects fair value opposite to the changes in fair value of the IRLCs thereby reducing also used to hedge the interest rate risk on mortgage loans held for sale that are not price risk. If the mandatory delivery commitments are not fulfilled, the Company commitments are also executed with investors, whereby certain loans to an investor at a fixed price. If the best effort IRLC does not fund, The Company considers various factors and strategies in determining held for sale to economically hedge. Consolidated Statements of Financial Condition at their fair value. recognized in mortgage banking revenues on the Consolidated Statements losses resulting from the pairing-out of forward sale commitments are recognized Consolidated Statements of Income. The Company accounts for all derivative and does not designate any for hedge accounting. Mortgage Servicing Rights (“MSRs”) and Revenue Recognition The Company sells residential mortgage loans in the secondary market and may sale, an MSR asset is capitalized, which represents the then current fair value of performing servicing activities. fair value measurement method, the Company follows the amortization method. (other income) in proportion to and over the period of estimated net servicing reporting date. value, and included in other assets, net, on the Consolidated Statements of The Company periodically evaluates its MSRs asset for impairment. date using estimated prepayment speeds of the underlying mortgage characteristics of the underlying loans (predominantly loan type and note prepayment speeds are usually faster and the value of the MSRs asset generally Conversely, as mortgage increases, requiring less valuation reserve. amortized cost of the MSRs exceeds the estimated fair value by stratification. temporary impairment no longer exists for a stratification, the valuation temporary impairment (i.e., recoverability is considered remote when recognized as a write-down of the MSRs asset and the related valuation allowance available) and then against earnings. valuation allowance, precluding subsequent recoveries. Derivative/Hedging Activities At the inception of a derivative contract, the Company designates the derivative intentions and belief as to the likely effectiveness as a hedge. These three asset or liability or of an unrecognized firm commitment (“fair value variability of cash flows to be received or paid related to a recognized with no hedging designation (“standalone derivative”). For a fair value hedge, offsetting loss or gain on the hedged item, are recognized gain or loss on the derivative is reported in other comprehensive income and is reclassified during which the hedged transaction affects earnings. For not highly effective in hedging the changes in fair value or expected current earnings. Net cash settlements on derivatives that qualify for hedge expense, based on the item being hedged. Net cash settlements on derivatives reported in non-interest income. Cash flows on hedges are classified in the cash flow items being hedged. The Company formally documents the relationship between derivatives objective and the strategy for undertaking hedge transactions at the inception includes linking fair value or cash flow hedges to specific assets and liabilities on the Condition or to specific firm commitments or forecasted transactions. The Company inception and on an ongoing basis, whether the derivative instruments that are used fair values or cash flows of the hedged items. The Company discontinues hedge is no longer effective in offsetting changes in the terminates, a hedged forecasted transaction is no longer probable, a hedged derivative as a hedge is no longer appropriate or intended. When hedge accounting value of the derivative are recorded as non-interest income. When a fair is no longer adjusted for changes in fair value and the existing basis adjustment is amortized the asset or liability. When expected to occur, gains or losses that were accumulated same periods, in which the hedged transactions will affect earnings. Long-Lived Assets Premises and equipment is stated at cost less accumulated depreciation, useful lives for each type of asset with premises being depreciated over 10 40 depreciated over a range of 3 10 depreciated over the lesser of the useful life or the remaining lease term. expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their comparing the carrying value to estimated undiscounted cash flows. recorded equal to the carrying value less the fair value. See Note 6 – Premises and Leases The Company has entered into various operating leases, primarily for terms from one to ten years. at the Company’s sole discretion. Certain leases contain early termination options. calculation of the operating right-of-use assets or operating lease liabilities. adjustments to rental payments for inflation. the present value of the lease payments not yet paid, discounted using incremental borrowing rate. incremental borrowing rate at the commencement date in determining borrowing rate is based on the term of the lease. measured at (i) the initial measurement of the lease liability; (ii) any lease payments made commencement date less any lease incentives received; and (iii) any initial direct initial term of 12 months or less are not recorded on the Consolidated Statement leases, lease expense is recognized on a straight-line basis over the lease term. leases. Bank Owned Life Insurance The Company, through insurance is recorded at the amount that can be realized under the insurance contract which is the cash surrender value adjusted for other charges or Goodwill and Other Intangibles Goodwill represents the excess of the cost of businesses acquired over the fair with FASB ASC Topic annually during the fourth quarter or on an interim basis if an event occurs not reduce the fair value of the reporting unit below its carrying value. purchased as part of a business acquisition. circumstances indicate the carrying amount of the assets may not – Goodwill and Other Intangibles for additional information . Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are less estimated selling costs, establishing a new cost basis. management and the assets are carried at the lower of carrying amount or fair value assets is subjective in nature and may be adjusted in the future because of changes in economic expenses from operations and changes in value are included in noninterest Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Contingencies for additional information. Noncontrolling Interest To the extent recognizes noncontrolling interests in subsidiaries. equity which is redeemable or convertible for cash at the option of the equity holder the mezzanine section of the Consolidated Statements of Financial either CCBG (call) or the noncontrolling interest holder (put) on or CCBG’s control. holder based on their relative ownership percentages. to the higher of the carrying value or current redemption value, at the Statement corresponding adjustment to retained earnings. predetermined book value or pre-tax earnings multiple. noncontrolling interest, the Company’s Company uses an independent valuation expert to assist in estimating the fair value discounted cash flow methodology under the income approach, and (2) market approach. estimation of the fair value includes significant assumptions concerning: margins; (3) tax rates and (4) discount rates. Income Taxes Income tax expense is the total of the current year income tax due or refundable liabilities (excluding deferred tax assets and liabilities related to business income). amounts and tax bases of assets and liabilities, computed using enacted tax deferred tax assets to the expected amount most likely to be realized. generation of a sufficient level of future taxable income and recoverable to settlements of share-based payment awards are reported in earnings as an The Company files a consolidated federal income tax return and a separate separate state income tax return. Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted during the period excluding non-vested stock. non-vested stock awards granted using the treasury stock method. calculating basic earnings per common share and the weighted average common share for the reported periods is provided in Note 16 — Earnings Comprehensive Income Comprehensive income includes all changes in shareowners’ equity shareowners. changes in the net unrealized gain/loss on securities AFS, unrealized gain/loss status of defined benefit and supplemental executive retirement plans. Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Stock Based Compensation Compensation cost is recognized for share-based awards issued to employees, of grant. price of the Company’s common a Black-Scholes model is utilized to estimate the fair value of the award. compensation expense is recognized as forfeitures occur. Revenue Recognition FASB ASC Topic about the nature, amount, timing and uncertainty of revenue and cash flows services to customers. The core principle requires an entity to recognize revenue customers in an amount that reflects the consideration that it expects to be entitled services recognized as performance obligations are satisfied. The majority of the Company’s revenue financial instruments, such as our loans, letters of credit, and investment securities, mortgages in the secondary market, as these activities are subject to other Company recognizes revenue from these activities as it is earned based on are provided and collectability is reasonably assured. scope of ASC 606, which are presented in the accompanying Consolidated income are as follows: Deposit Fees - these represent general service fees for monthly account maintenance consist of transaction-based revenue, time-based revenue (service period), based revenue. account maintenance services or when a transaction has been completed. received at the time the performance obligations are satisfied. Wealth Management as consideration for managing the client’s services and similar fiduciary activities. Revenue is recognized when the Company’s month or quarter, which is the time that payment is received. dealer, for which the Company acts as an agent, referred to the third party. basis and recognized ratably throughout the quarter as the Company’s Bank Card Fees – bank card related fees primarily includes interchange cards. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. interchange income as transactions occur. Gains and Losses from the Sale of Bank Owned Property – the performance typically will be the delivery of control over the property to the buyer. the transaction price is typically identified in the purchase and sale agreement. financing, the Company must determine a transaction price, depending account the credit risk inherent in the arrangement. Insurance Commissions – insurance commissions recorded by the contractual agreements to sell policies to customers on behalf of the carriers. sell life and health insurance policies to customers. or when an existing policy renews. New policies and renewals generally have insurance carriers, a commission rate is agreed upon. The commission is recognized date) or when a policy renews. Other non-interest income primarily includes items such as mortgage loans held for sale), bank-owned life insurance, and safe deposit box fees, 606. The Company has made no significant judgments in applying the revenue guidance determination of the amount and timing of revenue from the above-described Recently Adopted Accounting Pronouncements Accounting Standards Update (“ASU”) Restructurings and Vintage The amendments eliminate the accounting guidance for troubled debt restructurings creditors that have adopted the CECL model and enhance the disclosure requirements made with borrowers experiencing financial difficulty. write-offs for financing receivables and net investment amendments in this update are for fiscal years beginning after December years. material impact on its consolidated financial statements. Issued But Not Yet ASU No. Common Control Arrangements.” ASU 2023-01 requires entities to amortize leasehold improvements associated with common control leases over the useful life provides certain practical expedients applicable to private companies and not effective for the Company on January 1, 2024, though early adoption 2023-02 will have on its consolidated financial statements and related disclosures. ASU No. Structures Using the Proportional ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account using the proportional amortization method, regardless of the program giving this method was only available for qualifying tax equity investments in low-income will be effective for the Company on January 1, 2024, though that ASU 2023-02 will have on its consolidated financial statements and related disclosures. ASU No. 2023-06, “Disclosure Improvements: Simplification Initiative.” ASU 2023-06 is intended to clarify or improve disclosure and presentation topics, which will allow users to more easily compare entities subject to the SEC’s were not previously subject to the requirements and align the requirements in the SEC’s regulations. ASU 2023-06 the SEC’s existing disclosure requirements, that related disclosure requirement from Regulation S-X or Regulation S-K not removed the applicable requirement from Regulation S-X or Regulation will be removed from the Codification and will not become effective provisions of the amendments and the impact on its future consolidated statements ASU No. 2023-09, “Income Taxes ASU 2023-09 is intended to enhance transparency and decision usefulness of income tax disclosures. The ASU addresses income tax information through improvements to income tax disclosures, taxes paid information. Retrospective application in all prior periods is permitted. on January 1, 2025. The Company is currently evaluating the impact of the incremental required to be disclosed as well as the impact to Note 13- Income Taxes. |
INVESTMENT SECURITIES |
12 Months Ended |
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Dec. 31, 2023 | |
Investment Securities [Abstract] | |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition . securities AFS and securities HTM, the corresponding amounts of losses. Available for Amortized Unrealized Unrealized Allowance for Carrying (Dollars in Thousands) Cost Gains Losses Credit Losses Value December 31, 2023 U.S. Government Treasury $ 25,947 $ 1 $ 1,269 $ - $ 24,679 U.S. Government Agency 152,983 104 8,053 - 145,034 States and Political Subdivisions 43,951 1 4,861 (8) 39,083 Mortgage-Backed Securities (1) 73,015 2 9,714 - 63,303 Corporate Debt Securities 63,600 - 6,031 (17) 57,552 Other Securities (2) 8,251 - - - 8,251 Total $ 367,747 $ 108 $ 29,928 $ (25) $ 337,902 December 31, 2022 U.S. Government Treasury $ 23,977 $ 1 $ 1,928 $ - $ 22,050 U.S. Government Agency 198,888 27 12,863 - 186,052 States and Political Subdivisions 47,197 - 6,855 (13) 40,329 Mortgage-Backed Securities (1) 80,829 2 11,426 - 69,405 Corporate Debt Securities 97,119 19 8,874 (28) 88,236 Other Securities (2) 7,222 - - - 7,222 Total $ 455,232 $ 49 $ 41,946 $ (41) $ 413,294 Held to Maturity Amortized Unrealized Unrealized Fair (Dollars in Thousands) Cost Gains Losses Value December 31, 2023 U.S. Government Treasury $ 457,681 $ - $ 16,492 $ 441,189 Mortgage-Backed Securities 167,341 13 16,792 150,562 Total $ 625,022 $ 13 $ 33,284 $ 591,751 December 31, 2022 U.S. Government Treasury $ 457,374 $ - $ 25,641 $ 431,733 Mortgage-Backed Securities 203,370 8 22,410 180,968 Total $ 660,744 $ 8 $ 48,051 $ 612,701 (1) Comprised of residential mortgage-backed (2) Includes Federal Home Loan Bank and Federal Reserve Bank recorded 3.2 5.1 December 31, 2023 and of $ 2.1 5.1 At December 31, 2023, and 2022, the investment portfolio had $ 3.5 0.01 These securities do not have a readily determinable fair value and were not Securities with an amortized cost of $ 578.5 656.1 pledged to secure public deposits and for other purposes. At December 31, 2023 and 2022, there were no agencies, in an amount greater than 10% of shareowners’ equity. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required generally upon the balances of residential and commercial real estate loans, and in other securities is pledged to secure FHLB advances. however, redemption of this stock has historically Bank is required to maintain stock in the Federal Reserve Bank of Atlanta based Federal Reserve Bank stock is carried at cost. During the third quarter of 2022, the Company transferred certain securities from made at fair value on the date of the transfer. 33 168.4 $ 159.0 in accumulated other comprehensive loss in the accompanying Consolidated 4.5 million and $ 7.9 comprehensive loss over the remaining life of the underlying securities as an adjustment Investment Sales . During 2023, the Company sold $ 30.4 investment securities during 2022 and 2021. Maturity Distribution . based on contractual maturity at December 31, 2023. borrowers may have the right to call or prepay obligations. agency securities are shown separately since they are not due at a certain maturity contractual maturity date. Available for Held to Maturity Amortized Fair Amortized Fair (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 28,545 $ 27,854 $ 90,119 $ 88,588 Due after one through five years 138,299 127,843 367,562 352,601 Due after five through ten years 39,090 33,420 - - Mortgage-Backed Securities 73,015 63,303 167,341 150,562 U.S. Government Agency 80,547 77,231 - - Other Securities 8,251 8,251 - - Total $ 367,747 $ 337,902 $ 625,022 $ 591,751 Unrealized Losses . The following table summarizes the investment securities with unrealized by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months Greater Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses December 31, 2023 Available for U.S. Government Treasury $ - $ - $ 19,751 $ 1,269 $ 19,751 $ 1,269 U.S. Government Agency 12,890 74 121,220 7,979 134,110 8,053 States and Political Subdivisions 1,149 31 37,785 4,830 38,934 4,861 Mortgage-Backed Securities 23 - 63,195 9,714 63,218 9,714 Corporate Debt Securities - - 57,568 6,031 57,568 6,031 Total 14,062 105 299,519 29,823 313,581 29,928 Held to Maturity U.S. Government Treasury 153,880 3,178 287,310 13,314 441,190 16,492 Mortgage-Backed Securities 786 14 148,282 16,778 149,068 16,792 Total $ 154,666 $ 3,192 $ 435,592 $ 30,092 $ 590,258 $ 33,284 December 31, 2022 Available for U.S. Government Treasury $ 983 $ - $ 19,189 $ 1,928 $ 20,172 $ 1,928 U.S. Government Agency 63,112 2,572 113,004 10,291 176,116 12,863 States and Political Subdivisions 1,425 2 38,760 6,853 40,185 6,855 Mortgage-Backed Securities 6,594 959 60,458 10,467 67,052 11,426 Equity Securities 26,959 878 58,601 7,996 85,560 8,874 Total 99,073 4,411 290,012 37,535 389,085 41,946 Held to Maturity U.S. Government Treasury 177,552 11,018 254,181 14,623 431,733 25,641 Mortgage-Backed Securities 88,723 6,814 91,462 15,596 180,185 22,410 Total $ 266,275 $ 17,832 $ 345,643 $ 30,219 $ 611,918 $ 48,051 At December 31, 2023, there were 878 $ 63.2 928 losses totaling $ 90.0 86 of the U.S. Government. 691 government sponsored entities. no expectation of nonpayment of the amortized cost basis is zero . 101 bonds) have a credit component. Business Administration securities (“SBA”), U.S. Agency, 2023, corporate debt securities had an allowance for credit losses of $ 17,000 8,000 . No ne of the securities held by the Company were past due or in nonaccrual status at December Credit Quality Indicators The Company monitors the credit quality of its investment securities through monitoring of credit ratings. government entity or agency and are either explicitly or implicitly guaranteed the long history of no credit losses on these securities indicates that the expectation zero, even if the U.S. government were to technically default. been pre-refunded and secured by government guaranteed treasuries. does no t assess or record expected credit losses due to the zero loss assumption. municipal and corporate securities portfolio via credit ratings which municipal and corporate securities in an unrealized loss position are related factors and if an allowance for credit loss is needed. |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES |
12 Months Ended |
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Dec. 31, 2023 | |
Loans Held for Investment and Allowance for Credit Losses [Abstract] | |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES | Note 3 LOANS HELD FOR INVESTMENT AND ALLOWANCE Loan Portfolio Composition . (Dollars in Thousands) 2023 2022 Commercial, Financial and Agricultural $ 225,190 $ 247,362 Real Estate – Construction 196,091 234,519 Real Estate – Commercial Mortgage 825,456 782,557 Real Estate – Residential (1) 1,004,219 749,513 Real Estate – Home Equity 210,920 208,217 Consumer (2) 272,042 325,517 Loans Held for Investment, Net of Unearned Income $ 2,733,918 $ 2,547,685 (1) Includes loans in process with outstanding balances 3.2 6.1 (2) 1 .0 million and $ 1.1 Net deferred costs, which include premiums on purchased loans, included 7.8 $ 5.1 Accrued interest receivable on loans which is excluded from amortized 10.1 8.0 million at December 31, 2022, and is reported separately in Other Assets. The Company has pledged a floating lien on certain 1-4 family residential and home equity loans to support available borrowing capacity at the FHLB and consumer loans, commercial loans, and construction loans to support available Atlanta. Loan Purchases and Sales . from CCHL, a related party effective on March 1, 2020 (see Note 1 totaled $ 364.8 421.7 impaired. totaling $ 15.0 Allowance for Credit Losses . losses (“ACL”) has two basic components: first, an asset-specific component and the measurement of expected credit losses for such individual loans; and losses for pools of loans that share similar risk characteristics. Accounting Policies. The following table details the activity in the allowance for credit losses by portfolio Allocation of a portion of the allowance to one category of loans does not preclude categories. Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2023 Beginning Balance $ 1,506 $ 2,654 $ 4,815 $ 10,741 $ 1,864 $ 3,488 $ 25,068 210 (154) 1,035 4,141 (233) 4,596 9,595 (511) - (120) (79) (39) (8,543) (9,292) 277 2 52 253 226 3,760 4,570 (234) 2 (68) 174 187 (4,783) (4,722) Ending Balance $ 1,482 $ 2,502 $ 5,782 $ 15,056 $ 1,818 $ 3,301 $ 29,941 2022 Beginning Balance $ 2,191 $ 3,302 $ 5,810 $ 4,129 $ 2,296 $ 3,878 $ 21,606 316 (658) (746) 6,328 (422) 2,579 7,397 (1,308) - (355) - (193) (6,050) (7,906) 307 10 106 284 183 3,081 3,971 (1,001) 10 (249) 284 (10) (2,969) (3,935) Ending Balance $ 1,506 $ 2,654 $ 4,815 $ 10,741 $ 1,864 $ 3,488 $ 25,068 2021 Beginning Balance $ 2,204 $ 2,479 $ 7,029 $ 5,440 $ 3,111 $ 3,553 $ 23,816 (227) 813 (1,679) (1,956) (1,125) 1,332 (2,842) (239) - (405) (108) (103) (3,972) (4,827) 453 10 865 753 413 2,965 5,459 214 10 460 645 310 (1,007) 632 Ending Balance $ 2,191 $ 3,302 $ 5,810 $ 4,129 $ 2,296 $ 3,878 $ 21,606 The $ 4.9 9.6 charge-offs of $ 4.7 3.5 7.4 and net loan charge-offs of $ 3.9 incremental allowance related to loan growth, primarily residential real interest rates). Four unemployment rate forecast scenarios continue to be utilized to estimate management’s estimate of probability. for credit losses. balance sheet commitments. Loan Portfolio Aging. A loan is defined as a past due loan when one full payment is past due or a contractual maturity days past due (“DPD”). The following table presents the aging of the amortized cost basis in accruing 30-59 60-89 90 + Total Total Nonaccrual Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans Loans 2023 Commercial, Financial and Agricultural $ 311 $ 105 $ - $ 416 $ 224,463 $ 311 $ 225,190 Real Estate – Construction 206 - - 206 195,563 322 196,091 Real Estate – Commercial Mortgage 794 - - 794 823,753 909 825,456 Real Estate – Residential 670 34 - 704 1,000,525 2,990 1,004,219 Real Estate – Home Equity 268 - - 268 209,653 999 210,920 Consumer 3,693 774 - 4,467 266,864 711 272,042 Total $ 5,942 $ 913 $ - $ 6,855 $ 2,720,821 $ 6,242 $ 2,733,918 2022 Commercial, Financial and Agricultural $ 109 $ 126 $ - $ 235 $ 247,086 $ 41 $ 247,362 Real Estate – Construction 359 - - 359 234,143 17 234,519 Real Estate – Commercial Mortgage 158 149 - 307 781,605 645 782,557 Real Estate – Residential 845 530 - 1,375 747,899 239 749,513 Real Estate – Home Equity - 35 - 35 207,411 771 208,217 Consumer 3,666 1,852 - 5,518 319,415 584 325,517 Total $ 5,137 $ 2,692 $ - $ 7,829 $ 2,537,559 $ 2,297 $ 2,547,685 Nonaccrual Loans . and/or management deems the collectability of the principal and/or when the principal and interest amounts contractually due are brought current or The Company did not recognize a significant amount of interest income on nonaccrual 2023 and 2022. The following table presents the amortized cost basis of loans in nonaccrual status and accrual by class of loans. 2023 2022 Nonaccrual Nonaccrual 90 + Days Nonaccrual Nonaccrual 90 + Days With No With Still With No With Still (Dollars in Thousands) ACL ACL Accruing ACL ACL Accruing Commercial, Financial and Agricultural $ - $ 311 $ - $ - $ 41 $ - Real Estate – Construction - 322 - - 17 - Real Estate – Commercial Mortgage 781 128 - 389 256 - Real Estate – Residential 1,705 1,285 - - 239 - Real Estate – Home Equity - 999 - - 771 - Consumer - 711 - - 584 - Total $ 2,486 $ 3,756 $ - $ 389 $ 1,908 $ - Collateral Dependent Loans . 2023 2022 Real Estate Non Real Estate Real Estate Non Real Estate (Dollars in Thousands) Secured Secured Secured Secured Commercial, Financial and Agricultural $ - $ 30 $ - $ - Real Estate – Construction 275 - - - Real Estate – Commercial Mortgage 1,296 - 389 - Real Estate – Residential 1,706 - 160 - Real Estate – Home Equity - - 130 - Consumer - - 21 - Total $ 3,277 $ 30 $ 700 $ - A loan is collateral dependent when the borrower is experiencing financial the sale or operation of the underlying collateral. The Bank’s collateral dependent residential or commercial collateral types. independent appraisals or internal evaluations, adjusted for selling costs or other expected net sales proceeds. Residential Real Estate Loans In Process of Foreclosure . 0.5 $ 0.6 Modifications to Borrowers Experiencing . are experiencing financial difficulty. granted an economic concession to the borrower that it would not otherwise consider. alternative, the Company will make concessions including the extension the interest rate, or a combination thereof. losses on a loan-by-loan basis. analysis or the underlying collateral value, if the loan is deemed to be collateral dependent. removed if the borrower’s financial condition improves had any forgiveness of principal or interest, and the loan is subsequently as a new loan. At December 31, 2023, the Company did no t difficulty. Credit Risk Management . procedures designed to maximize loan income within an acceptable level Company (the “Board”) review and approve these policies and procedures Reporting systems are used to monitor loan originations, loan quality, nonperforming loans and potential problem loans. our lines of business to monitor asset quality trends and the appropriateness of exposure limits are established and concentration risk is monitored. portfolio is reviewed to gauge diversification of risk, client concentrations, relevant classifications of loans. basis and have strategic plans in place to supplement Board-approved standards. Commercial, Financial, and Agricultural – Loans in this category borrower with consideration given to underlying collateral and personal service coverage ratio limits that require a borrower’s cash flow to be new and existing debt. accounts receivable, inventory, Loan to value ratios at origination are governed by established policy guidelines. Real Estate Construction – Loans in this category consist of short-term lines and construction/permanent loans made to individuals and investors rehabilitation of real property. generally secured by the property being financed, including 1-4 either owner-occupied or investment in nature. loans are generally based upon estimates of costs and value associated with the determined based upon third-party appraisals and evaluations. policy guidelines. these loans are closely monitored by on-site inspections. Real Estate Commercial Mortgage – Loans in this category consist of commercial either owner-occupied or investment in nature. project with consideration given to underlying real estate collateral and service coverage ratios and loan to value ratios specific to the property type. party appraisals and evaluations. Real Estate Residential – Residential mortgage loans held in the Company’s demonstrate the ability to make scheduled payments with full consideration employment status, current assets, other financial resources, credit history, mortgage liens on 1-4 family residential properties. evaluations. Real Estate Home Equity – Home equity loans and lines are made to qualified individuals secured by senior or junior mortgage liens on owner-occupied 1-4 include favorable credit history combined with supportive income and debt within established policy guidelines. Consumer Loans – This loan category includes personal installment loans, lines of credit. establishes maximum debt to income ratios, minimum credit scores, and includes and receipt of credit reports. Credit Quality Indicators . loans into risk categories based on relevant information about the ability financial information, historical payment performance, credit documentation, other factors. individual loan relationships over a predetermined amount and review uses the definitions noted below for categorizing and managing its criticized loans. criteria set forth below and are not considered criticized. Special Mention – Loans in this category are presently protected from loss, but could cause future problems. factors. Substandard – Loans in this category exhibit well-defined weaknesses that would These loans are no longer adequately protected due to well-defined borrower. Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized that the weaknesses make collection or liquidation in full, on the basis of currently questionable and improbable. Performing/Nonperforming – Loans within certain homogenous reviewed, but are monitored for credit quality via the aging status of the loan and by payment nonperforming status is updated on an on-going basis dependent upon improvement The following table summarizes gross loans held for investment at December assigned credit risk ratings (refer to Credit Risk Management section for detail Term Loans by Origination Year Revolving (Dollars in Thousands) 2023 2022 2021 2020 2019 Prior Loans Total Commercial, Financial, Agricultural: Pass $ 57,320 $ 66,671 $ 28,933 $ 10,610 $ 7,758 $ 7,502 $ 44,350 $ 223,144 Special Mention 168 608 356 10 9 - 76 1,227 Substandard 164 177 98 77 20 122 161 819 Total $ 57,652 $ 67,456 $ 29,387 $ 10,697 $ 7,787 $ 7,624 $ 44,587 $ 225,190 Current-Period Gross Writeoffs $ 6 $ 252 $ 65 $ 31 $ 41 $ 19 $ 97 $ 511 Real Estate - Construction: Pass $ 101,684 $ 68,265 $ 18,181 $ - $ 188 $ - $ 4,617 $ 192,935 Special Mention 631 500 539 212 - - - 1,882 Substandard - 47 576 651 - - - 1,274 Total $ 102,315 $ 68,812 $ 19,296 $ 863 $ 188 $ - $ 4,617 $ 196,091 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real Estate - Commercial Mortgage: Pass $ 117,840 $ 275,079 $ 135,663 $ 101,210 $ 43,878 $ 109,878 $ 18,367 $ 801,915 Special Mention 3,266 5,684 - 229 1,358 573 - 11,110 Substandard - 1,226 6,695 1,637 605 1,574 694 12,431 Total $ 121,106 $ 281,989 $ 142,358 $ 103,076 $ 45,841 $ 112,025 $ 19,061 $ 825,456 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ 120 $ - $ 120 Real Estate - Residential: Pass $ 372,394 $ 400,437 $ 83,108 $ 35,879 $ 24,848 $ 68,685 $ 8,252 $ 993,603 Special Mention 268 89 83 502 - 313 - 1,255 Substandard 570 1,110 1,906 1,626 1,007 3,142 - 9,361 Total $ 373,232 $ 401,636 $ 85,097 $ 38,007 $ 25,855 $ 72,140 $ 8,252 $ 1,004,219 Current-Period Gross Writeoffs $ - $ - $ 79 $ - $ - $ - $ - $ 79 Real Estate - Home Equity: Performing $ 890 $ 48 $ 127 $ 11 $ 386 $ 950 $ 207,509 $ 209,921 Nonperforming - - - - - - 999 999 Total $ 890 48 127 11 386 950 208,508 210,920 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ - $ 39 $ 39 Consumer: Performing $ 68,496 $ 90,031 $ 70,882 $ 21,314 $ 10,210 $ 4,258 $ 5,431 $ 270,622 Nonperforming 293 355 58 4 - - 710 1,420 Total $ 68,789 $ 90,386 $ 70,940 $ 21,318 $ 10,210 $ 4,258 $ 6,141 $ 272,042 Current-Period Gross Writeoffs $ 3,137 $ 3,224 $ 1,362 $ 329 $ 230 $ 99 $ 162 $ 8,543 |
MORTGAGE BANKING ACTIVITIES |
12 Months Ended |
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Dec. 31, 2023 | |
Mortgage Banking Activities [Abstract] | |
Mortgage Banking Activities | Note 4 MORTGAGE BANKING ACTIVITIES The Company’s mortgage residential loan pipeline price risk, utilization of warehouse lines to fund residential mortgage servicing. Residential Mortgage Loan Production The Company originates, markets, and services conventional and government conforming fixed rate residential mortgage loans are held for sale in the secondary rate residential mortgage loans may be held for investment. secondary market prices are the primary drivers of origination revenue. Residential mortgage loan commitments are generally outstanding for 30 commitment to originate a residential mortgage loan to when the closed commitments are subject to both credit and price risk. including collateral requirements, which are generally accepted by interest rate fluctuations and is partially managed through forward sales of residential TBAs) or mandatory delivery commitments with investors. The unpaid principal balance of residential mortgage loans held for sale, notional residential mortgage loan commitments and forward contract sales and their related December 31, 2023 December 31, 2022 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 27,944 $ 28,211 $ 26,274 $ 26,909 Residential Mortgage Loan Commitments (1) 23,545 523 36,535 819 Forward Sales Contracts (2) 24,500 209 15,500 187 $ 28,943 $ 27,915 (1) Recorded in other assets at fair value (2) Recorded in other assets and (other liabilities) At December 31, 2023, the Company had no 0.7 loans were on nonaccrual status. 0.6 30-89 days past due and $ 0.1 Mortgage banking revenues for the year ended December 31, was as follows: (Dollars in Thousands) 2023 2022 2021 Net realized gain on sales of mortgage loans $ 5,297 $ 5,565 $ 49,355 Net change in unrealized gain on mortgage loans held for sale (252) (1,164) (2,410) Net change in the fair value of mortgage loan commitments (296) (439) (3,567) Net change in the fair value of forward sales contracts (395) 192 900 Pair-Offs on net settlement of forward 367 4,956 2,956 Mortgage servicing rights additions 651 565 1,416 Net origination fees 5,028 2,234 3,775 Total mortgage banking $ 10,400 $ 11,909 $ 52,425 Residential Mortgage Servicing The Company may retain the right to service residential mortgage loans others is the primary driver of servicing revenue. The following represents a summary of mortgage servicing rights. (Dollars in Thousands) 2023 2022 Number of residential mortgage loans serviced for others 450 1,769 Outstanding principal balance of residential mortgage loans serviced $ 108,897 $ 410,470 Weighted average 5.37% 3.62% Remaining contractual term (in months) 309 298 Conforming conventional loans serviced by the Company are sold to the non-recourse basis, whereby foreclosure losses are generally the responsibility loans serviced by the Company are secured through the GNMA, whereby Housing Administration or partially guaranteed against loss by servicing portfolio balance consisted of the following loan types: FNMA 53.3 %), GNMA ( 4.7 %), and private investor ( 42.0 %). FNMA and private investor loans are structured as actual/actual payment remittance At December 31, 2023 the Company did no t have delinquent residential mortgage loans currently in GNMA pools serviced Company and had $ 0.3 been recorded in other assets and other liabilities, respectively, years ended December 31, 2023 and 2022, respectively, 0.3 1.7 delinquent or defaulted mortgage loans with the intention to modify their Activity in the capitalized mortgage servicing rights for the year ended (Dollars in Thousands) 2023 2022 2021 Beginning balance $ 2,599 $ 3,774 $ 3,452 Additions due to loans sold with servicing retained 651 565 1,416 Deletions and amortization (232) (1,291) (1,344) Valuation - - 250 Sale of Servicing Rights (1) (2,187) (449) - Ending balance $ 831 $ 2,599 $ 3,774 (1) In 2023, the Company sold an MSR portfolio with an unpaid principal balance of 334 4.0 1.38 In 2022, the Company sold an MSR portfolio with an unpaid principal balance 50 0.6 0.2 The Company did no t record any permanent impairment losses on mortgage servicing rights for the 2023 The key unobservable inputs used in determining the fair value of the Company’s as follows: 2023 2022 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 9.50% 12.00% Annual prepayment speeds 11.23% 17.79% 12.33% 20.23% Cost of servicing (per loan) $ 85 95 $ 85 95 Changes in residential mortgage interest rates directly affect servicing rights. rates, estimated loan curtailment, anticipated defaults, and other relevant was 14.22 % at December 31, 2023 and 13.42 % at December 31, 2022. Warehouse The Company has the following warehouse lines of credit and master repurchase December 31, 2023. Amounts (Dollars in Thousands) Outstanding $ 25 2.00% plus 3.00% , with a floor rate of 3.25% 4.25% . 0.1 lender. $ 192 $ 60 December 2024 . 2.75% to 3.25% . 8,192 $ 8,384 Warehouse $ 50.2 as collateral under the above warehouse lines of credit and master repurchase agreements. covenants which include certain financial requirements, including assets and maximum debt to net worth ratio, as defined in the agreements. debt covenants at December 31, 2023. The Company intends to renew the warehouse lines of credit and master repurchase The Company has extended a $ 50 are eliminated in the Company’s consolidated on the Consolidated Statement of Financial Condition. 2022 was $ 31.4 22.9 |
DERIVATIVES |
12 Months Ended |
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Dec. 31, 2023 | |
Derivatives [Abstract] | |
Derivatives | Note 5 DERIVATIVES The Company enters into derivative financial instruments to manage exposures receipt or payment of future known and uncertain cash amounts, the value of Company’s derivative financial known or expected cash receipts and its known or expected cash payments debt. Cash Flow Hedges of Interest Rate Risk Interest rate swaps with notional amounts totaling $ 30 hedge for subordinated debt. 2.50 % and receive a variable interest rate based on three-month CME Term For derivatives designated and that qualify as cash flow hedges of interest rate in accumulated other comprehensive loss (“AOCI”) and subsequently during which the hedged transaction affects earnings. Amounts derivatives will be reclassified to interest expense as interest payments are debt. The following table reflects the cash flow hedges included in the Consolidated Statement of Financial Notional Fair Weighted Average (Dollars in Thousands) Condition Location Value Interest rate swaps related to subordinated debt: December 31, 2023 Other Assets $ 30,000 $ 5,317 6.5 December 31, 2022 Other Assets $ 30,000 $ 6,195 7.5 The following table presents the net gains (losses) recorded in AOCI and cash flow derivative instruments (interest rate swaps related to subordinated debt). Amount of Gain Amount of Gain (Loss) Recognized (Loss) Reclassified (Dollars in Thousands) Category in AOCI from AOCI to Income December 31, 2023 Interest Expense $ 3,969 $ 1,395 December 31, 2022 Interest Expense $ 4,625 $ 337 December 31, 2021 Interest Expense $ 1,530 $ (151) The Company estimates there will be approximately $ 1.3 months. At December 31, 2023 and 2022, the Company had a collateral liability of 5.5 5.8 |
PREMISES AND EQUIPMENT |
12 Months Ended |
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Dec. 31, 2023 | |
Premises and equipment [Abstract] | |
PREMISES AND EQUIPMENT | Note 6 PREMISES AND EQUIPMENT The composition of the Company’s (Dollars in Thousands) 2023 2022 Land $ 22,393 $ 22,847 Buildings 110,472 109,849 Fixtures and Equipment 61,051 59,627 Total Premises and Equipment 193,916 192,323 Accumulated Depreciation (112,650) (110,185) Premises and Equipment, Net $ 81,266 $ 82,138 Depreciation expense for the above premises and equipment was approximately 7.9 . million, $ 7.6 7.6 2023, 2022, and 2021, respectively |
LEASES |
12 Months Ended |
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Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7 LEASES Operating leases in which the Company is the lessee are recorded as operating liabilities, included in other assets liabilities , respectively, Operating lease ROU assets represent the Company’s liabilities represent the Company’s liabilities are recognized at lease commencement based on the present value of that represents the Company’s incremental comprised of amortization of the ROU asset and the implicit interest accreted straight-line basis over the lease term, and is recorded in occupancy expense in The Company’s operating one forty-two years . Company’s leases are not complex assumptions or judgments made in applying the requirements of ASC Topic months or less are not recorded on the Consolidated Statement of Financial Condition on a straight-line basis over the lease term. 27.0 27.4 million, respectively. 22.3 22.7 respectively. The table below summarizes our lease expense and other information at (Dollars in Thousands) 2023 2022 2021 Operating lease expense $ 2,919 $ 1,719 $ 1,445 Short-term lease expense 622 658 663 Total lease expense $ 3,541 $ 2,377 $ 2,108 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,847 $ 1,937 $ 1,609 Right-of-use assets obtained in exchange for new operating lease liabilities 6,748 12,475 784 Weighted-average 16.9 19.5 25.3 Weighted-average 3.5 % 3.1 % 2.0 % The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) December 31, 2023 2024 $ 3,127 2025 3,105 2026 2,966 2027 2,888 2028 2,611 2028 and thereafter 20,670 Total $ 35,367 Less: Interest (7,976) Present Value $ 27,391 A related party is the lessor in an operating lease with the Company. Note 19 – Related Party Transactions. |
GOODWILL AND OTHER INTANGIBLES |
12 Months Ended |
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Dec. 31, 2023 | |
Goodwill And Other Intangibles [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | Note 8 GOODWILL AND OTHER INTANGIBLES At December 31, 2023 and 2022, the Company had goodwill of $ 91.8 basis, or more often if impairment indicators exist. If the assessment indicates that impairment has more than likely occurred, the the reporting unit to its carrying amount. impairment charge is recorded equal to the excess. On April 30, 2021, CCSW acquired substantially all of the assets of Strategic Wealth service, and insurance carrier agreements, and the assignment of all related revenues agreement, SWG principles became officers of CCSW and will five offering wealth management services and comprehensive businesses. CCBG paid $ 4.5 2.8 intangible asset ( 10 year 1.6 0.2 million in each of 2023 and 2022. 1.2 million and $ 1.3 0.2 million per year. During the fourth quarter of 2023, the Company performed its annual goodwill no goodwill impairment existed at December 31, 2023 and no will continue to evaluate goodwill for impairment as defined by ASC Topic |
OTHER REAL ESTATE OWNED |
12 Months Ended |
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Dec. 31, 2023 | |
Other Real Estate Owned [Abstract] | |
OTHER REAL ESTATE OWNED | Note 9 OTHER REAL ESTATE The following table presents other real estate owned activity at December 31, (Dollars in Thousands) 2023 2022 2021 Beginning Balance $ 431 $ 17 $ 808 Additions 1,512 2,398 1,717 Valuation (16) (11) (31) Sales (1,926) (1,973) (2,809) Other - - 332 Ending Balance $ 1 $ 431 $ 17 Net expenses applicable to other real estate owned for the three years ended December (Dollars in Thousands) 2023 2022 2021 Gains from the Sale of Properties $ (2,072) $ (480) $ (1,711) Losses from the Sale of Properties 3 47 18 Rental Income from Properties - (21) - Property Carrying Costs 84 106 174 Valuation 16 11 31 Total $ (1,969) $ (337) $ (1,488) |
DEPOSITS |
12 Months Ended |
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Dec. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS | Note 10 DEPOSITS The composition of the Company’s (Dollars in Thousands) 2023 2022 NOW Accounts $ 1,327,420 $ 1,290,494 Money Market Accounts 319,319 267,383 Savings Deposits 547,634 637,374 Time Deposits 129,515 90,446 Total Interest Bearing $ 2,323,888 $ 2,285,697 At December 31, 2023 and 2022, $ 1.0 1.1 respectively. The amount of time deposits that meet or exceed the FDIC insurance limit of $250,000 14.7 11.1 December 31, 2023 and 2022, respectively. At December 31, the scheduled maturities of time deposits were as follows: (Dollars in Thousands) 2023 2024 $ 112,448 2025 7,349 2026 3,554 2027 4,211 2028 1,953 Total $ 129,515 Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2023 2022 2021 NOW Accounts $ 12,375 $ 2,800 $ 294 Money Market Accounts 3,670 203 134 Savings Deposits 598 309 263 Time Deposits < $250,000 117 129 145 Time Deposits > $250,000 822 3 3 Total Interest Expense $ 17,582 $ 3,444 $ 839 |
SHORT-TERM BORROWINGS |
12 Months Ended |
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Dec. 31, 2023 | |
Short Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | Note 11 SHORT-TERM BORROWINGS Short-term borrowings included the following: (Dollars in Thousands) Federal Funds Purchased Securities Sold Under Repurchase Agreements (1) Other Short-Term Borrowings (2) 2023 Balance at December 31 $ - $ 26,957 $ 8,384 Maximum indebtedness at any month end - 32,426 42,345 Daily average indebtedness outstanding 12 19,917 24,134 Average rate paid 7.03 % 2.57 % 6.37 % Average rate paid - % 2.81 % 9.51 % 2022 Balance at December 31 $ - $ 6,582 $ 50,211 Maximum indebtedness at any month end - 9,452 50,211 Daily average indebtedness outstanding 2 8,095 32,386 Average rate paid 3.39 % 0.17 % 5.40 % Average rate paid - % 0.40 % 7.61 % 2021 Balance at December 31 $ - $ 4,955 $ 29,602 Maximum indebtedness at any month end - 6,755 58,309 Daily average indebtedness outstanding 2 5,762 47,748 Average rate paid 2.39 % 0.04 % 2.84 % Average rate paid - % 0.04 % 2.36 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. (2) Comprised of warehouse lines of credit totaling $ 8.4 |
LONG-TERM BORROWINGS |
12 Months Ended |
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Dec. 31, 2023 | |
Long-term Borrowings [Abstract] | |
LONG-TERM BORROWINGS | Note 12 LONG-TERM BORROWINGS Federal Home Loan Bank Advances. The Company had one FHLB long-term advance totaling $ 0.3 2023. The advance matures in 2025 and has a rate of 4.80%. The Company had one FHLB long-term advance totaling $0.5 million at December 31, 2022 with a weighted-average rate of 4.80%. certain 1-4 family residential mortgage loans, commercial real estate mortgage on the FHLB advances is paid on a monthly basis. Scheduled minimum future principal payments on our other long-term (Dollars in Thousands) 2023 2024 $ 198 2025 116 Total $ 314 Junior Subordinated Deferrable Interest The Company has issued two wholly owned Delaware statutory trusts. 30.9 for $ 32.0 two Company is not the primary beneficiary. financial statements. See Note 1 - Significant Accounting Policies for additional policy. In November 2004, CCBG Capital Trust I 30.0 of the trust. 3-month CME Term SOFR margin of 1.90 %. December 31, 2034 , and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company at any upon occurrence of certain events affecting their tax or regulatory are payable quarterly on March 31, June 30, September 30, and December 31 of $ 0.9 securities were used to purchase a $ 30.9 terms similar to the trust preferred securities. 10 securities that were auctioned as part of a liquidation of a pooled collateralized were originally issued through CCBG Capital Trust I. In May 2005, CCBG Capital Trust II issued 31.0 trust. 3-month CME Term SOFR of 1.80 %. June 15, 2035 , and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company and in whole at any time upon their tax or regulatory capital treatment. 15, September 15, and December 15 of each year. 0.9 CCBG. 32.0 million junior subordinated deferrable interest note issued by the Company, preferred securities. The Company has the right to defer payments of interest on the two notes at any time twenty consecutive quarterly interest payment periods. circumstances there is an event of default under the note or the Company has elected may not, with certain exceptions, declare or pay any dividends or distributions its capital stock. The Company has entered into agreements to guarantee the payments of distributions payments of redemption of the trust preferred securities. basis, to pay expenses and liabilities of the two trusts other than those arising under the of the Company under the two junior subordinated notes, the trust agreements establishing agreement as to expenses and liabilities, in aggregate, constitute a full and unconditional trusts’ obligations under the two trust preferred security issuances. Despite the fact that the accounts of CCBG Capital Trust consolidated financial statements, the $ 20.0 31.0 subsidiary trusts are included in the Tier 1 Capital of |
INCOME TAXES |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Income Tax [Abstract] | |
INCOME TAXES | Note 13 INCOME TAXES The provision for income taxes reflected in the Consolidated Statements of Comprehensive components: (Dollars in Thousands) 2023 2022 2021 Current: Federal $ 11,630 $ 10,646 $ 12,039 State 1,893 1,022 1,044 13,523 11,668 13,083 Deferred: Federal (391) (2,994) (3,246) State (351) (899) (10) Change in Valuation 259 23 8 (483) (3,870) (3,248) Total: Federal 11,239 7,652 8,793 State 1,542 123 1,034 Change in Valuation 259 23 8 Total $ 13,040 $ 7,798 $ 9,835 Income taxes provided were different than the tax expense 21 % to pre-tax income as a result of the following: (Dollars in Thousands) 2023 2022 2021 Tax Expense at Federal $ 13,411 $ 8,625 $ 10,385 Increases (Decreases) Resulting From: Tax-Exempt Interest (259) (248) (271) State Taxes, Net of Federal 1,218 94 819 Other (1,695) (546) 375 Change in Valuation 259 23 8 Tax-Exempt Cash Surrender (187) (175) (173) Noncontrolling Interest 293 25 (1,308) Actual Tax Expense $ 13,040 $ 7,798 $ 9,835 Deferred income tax liabilities and assets result from differences between purposes and for income tax return purposes. are currently in effect. The net deferred tax asset and the temporary differences comprising (Dollars in Thousands) 2023 2022 Deferred Tax Assets Attributable Allowance for Credit Losses $ 7,236 $ 6,042 Accrued Pension/SERP 144 1,530 State Net Operating Loss and Tax 2,069 1,920 Other Real Estate Owned 887 917 Accrued SERP Liability 2,594 3,246 Lease Liability 5,911 4,547 Net Unrealized Losses on Investment Securities 8,601 12,499 Other 2,665 3,043 Investment in Partnership 3,241 1,544 Total Deferred $ 33,348 $ 35,288 Deferred Tax Liabilities Depreciation on Premises and Equipment $ 3,733 $ 3,382 Deferred Loan Fees and Costs 2,614 2,372 Intangible Assets 3,344 3,310 Accrued Pension Liability 1,688 1,043 Right of Use Asset 5,829 4,474 Investments 469 469 Other 1,851 2,099 Total Deferred 19,528 17,149 Valuation 1,930 1,671 Net Deferred Tax $ 11,890 $ 16,468 In the opinion of management, it is more likely than not that all of the deferred tax operating loss carry-forwards and certain state tax credit carry-forwards Accordingly, a valuation 1.9 1.7 respectively. 2.1 which expire at various dates from 2024 2037 . The following table presents a reconciliation of the beginning and ending amount (Dollars in Thousands) 2023 2022 2021 Balance at January 1, $ 136 $ 52 $ - Additions Based on Tax 97 84 52 Balance at December 31 $ 233 $ 136 $ 52 Of this total, $ 0.2 effective tax rate in future periods. The Company does not increase or decrease in the next twelve months. It is the Company’s policy to recognize federal or state income taxes accounts. no Statements of Income for the years ended December 31, 2023, 2022, no Consolidated Statements of Financial Condition for penalties and interest The Company files a consolidated U.S. federal income tax return and a separate subsidiary files various returns in states where its banking offices are or state tax examinations for years before 2020. |
STOCK-BASED COMPENSATION |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | Note 14 STOCK-BASED COMPENSATION At December 31, 2023, the Company had three stock-based compensation (“AIP”), the 2021 Associate Stock Purchase Plan (“ASPP”), and which were approved by the shareowners in April 2021, replaced substantially 2011. 1.6 2.3 2.1 million, respectively. AIP. there were 700,000 AIP, associates under the 2021 Plan were tied to internally established goals. shares eligible to be awarded in 2023 was approximately $ 1.1 27,577 issuance, but additional shares could be earned if performance exceeded 26,614 for 2023 that were issued in January 2024. 8,840 11,847 shares, respectively, 1.1 1.9 1.2 years ended December 31, 2023, 2022 and 2021, respectively, Executive Long-Term . provisions of the AIP that allows William G. Smith, Jr., Thomas A. Barron, the President of CCB to earn shares based on the compound over a three-year period. 0.9 0.2 0.2 December 31, 2023, 2022 and 2021, respectively. 4,909 , 6,849 , and 27,915 December 31, 2023, 2022 and 2021, respectively. 17,334 After deducting the shares earned, but not issued, in 2023 under the AIP and 492,247 under the 2021 AIP. DSPP. The Company’s DSPP allows the directors 90 % of the closing price on the date of purchase. and meeting fees. 300,000 0.1 expense under the DSPP for each of the years ended December 31, 2023, DSPP totaling 13,090 , 14,977 19,362 2023, there were 252,571 ASPP. Under the Company’s ASPP, deductions at a price equal to 90 % of the lower of the fair market value at the beginning or end of each six-month offering period. 10 % of an associate’s eligible compensation, 25,000 (fair market value on each enrollment date) in any plan year. 400,000 reserved for issuance. 0.1 31, 2023, 2022 and 2021, respectively. 17,651 , 31,101 22,126 years ended December 31, 2023, 2022 and 2021, respectively. 329,122 issuance under the ASPP. Based on the Black-Scholes option pricing model, the weighted average granted under the ASPP was $ 5.32 $ 4.03 3.96 , respectively. of grant using the following weighted average assumptions: 2023 2022 2021 Dividend yield 2.3 % 2.4 % 2.5 % Expected volatility 22.5 % 17.6 % 21.8 % Risk-free interest rate 5.1 % 1.4 % 0.1 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Employee benefits plans [Abstract] | |
EMPLOYEE BENEFIT PLANS | Note 15 EMPLOYEE BENEFIT PLANS Pension Plan The Company sponsors a noncontributory pension plan covering amended to remove plan eligibility for new associates hired after December 31, 2020 or 2021. The Plan was also amended in December 2022, effective distribution age to 72 , per the SECURE Act 1.0. Benefits under this plan generally are based on the associate’s service and average of the five ten years Company’s general funding ensure deductibility for federal income tax purposes. The following table details on a consolidated basis the changes in benefit the plan, components of pension expense, amounts recognized in the and major assumptions used to determine these amounts. (Dollars in Thousands) 2023 2022 2021 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 108,151 $ 172,508 $ 212,566 Service Cost 3,488 6,289 6,971 Interest Cost 5,831 4,665 4,885 Actuarial Loss (Gain) 6,936 (39,962) (14,934) Benefits Paid (3,843) (2,139) (2,087) Expenses Paid (276) (416) (259) Settlements - (32,794) (34,634) Projected Benefit Obligation at End of Year $ 120,287 $ 108,151 $ 172,508 Change in Plan Assets: Fair Value $ 104,276 $ 165,274 $ 171,775 Actual Return on Plan Assets 19,138 (25,649) 30,479 Employer Contributions 6,000 - - Benefits Paid (3,843) (2,139) (2,087) Expenses Paid (276) (416) (259) Settlements - (32,794) (34,634) Fair Value $ 125,295 $ 104,276 $ 165,274 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other (Assets) Liabilities $ (5,008) $ 3,875 $ 7,234 Accumulated Benefit Obligation at End of Year $ 102,642 $ 91,770 $ 149,569 Components of Net Periodic Benefit Costs: Service Cost $ 3,488 $ 6,289 $ 6,971 Interest Cost 5,831 4,665 4,885 Expected Return on Plan Assets (6,805) (10,701) (11,147) Amortization of Prior Service Costs 5 15 15 Net Loss Amortization 934 1,713 6,764 Net Loss Settlements - 2,321 3,072 Net Periodic Benefit Cost $ 3,453 $ 4,302 $ 10,560 Weighted-Average Discount Rate 5.29% 5.63% 3.11% Rate of Compensation Increase (1) 5.10% 5.10% 4.40% Measurement Date 12/31/23 12/31/22 12/31/21 Weighted-Average Discount Rate 5.63% 3.11% 2.88% Expected Return on Plan Assets 6.75% 6.75% 6.75% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Amortization Amounts from Accumulated Other Comprehensive Loss: Net Actuarial Loss (Gain) $ (5,397) $ (3,612) $ (34,265) Prior Service Cost (5) (15) (15) Net Loss (934) (4,034) (9,836) Deferred Tax Expense 1,606 1,942 11,183 Other Comprehensive Gain, net of tax $ (4,730) $ (5,719) $ (32,933) Amounts Recognized in Accumulated Other Comprehensive Loss: Net Actuarial Losses $ 1,322 $ 7,653 $ 15,300 Prior Service Cost - 5 20 Deferred Tax Benefit (335) (1,941) (3,884) Accumulated Other Comprehensive Loss, net of tax $ 987 $ 5,717 $ 11,436 (1) During 2022 and 2021, lump sum payments made under the Company’s accounting. no losses during 2023 and $ 2.3 3.1 The service cost component of net periodic benefit cost is reflected in compensation Statements of Income. in the Consolidated Statements of Income. The Company expects to recognize $ 0.2 December 31, 2023 as a component of net periodic benefit cost during 2024. Plan Assets. The Company’s pension 2023 are as follows: Target Percentage of Plan Allocation Assets at December 31 (1) 2024 2023 2022 Equity Securities 68 % 70 % 73 % Debt Securities 27 % 18 % 23 % Cash and Cash Equivalents 5 % 12 % 4 % Total 100 % 100 % 100 % (1) Represents asset allocation at December 31 which end cash contribution to the plan. The Company’s pension plan assets are overseen investment manager for the plan. Company believes the best way to accomplish this goal is to take a conservative in mutual funds that include various high-grade equity securities and investment strategies. following investment policy statement allocation ranges: equity securities ranging 55 % and 81 %, debt securities ranging from 17 % and 37 %, and cash and cash equivalents ranging from 0 % and 10 %. assets is a weighted-average expectation for the return on plan assets. economic/financial data to arrive at expected long-term rates of return for each asset category. The major categories of assets in the Company’s segregated by the level of the valuation inputs within the fair value hierarchy fair value (see Note 22 – Fair Value (Dollars in Thousands) 2023 2022 Level 1: U.S. Treasury Securities $ 16,126 $ 17,264 Mutual Funds 92,991 81,231 Cash and Cash Equivalents 15,717 5,327 Level 2: Corporate Notes/Bonds 461 454 Total Fair Value $ 125,295 $ 104,276 Expected Benefit Payments. follows: (Dollars in Thousands) 2023 2024 $ 10,105 2025 11,119 2026 10,496 2027 10,042 2028 8,983 2029 through 2033 45,942 Total $ 96,687 Contributions. The following table details the amounts contributed to the pension plan in 2023 amount to be contributed in 2024. Expected Contribution (Dollars in Thousands) 2022 2023 2024 (1) Actual Contributions $ - $ 6,000 $ 5,000 (1) Supplemental Executive Retirement Plan The Company has a Supplemental Executive Retirement Plan (“SERP”) and (“SERP II”) covering selected executive officers. compensation as used for the pension plan, except the benefits are calculated without Revenue Code on compensation and benefits. and the benefit payable by the pension plan. certain executive officers that were not covered by The following table details on a consolidated basis the changes in benefit pension expense, amounts recognized in the Company’s used to determine these amounts. (Dollars in Thousands) 2023 2022 2021 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 10,948 $ 13,534 $ 13,402 Service Cost 18 31 35 Interest Cost 501 315 243 Actuarial (Gain) Loss 201 (2,932) (146) Net Settlements (2,464) - - Projected Benefit Obligation at End of Year $ 9,204 $ 10,948 $ 13,534 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 9,204 $ 10,948 $ 13,534 Accumulated Benefit Obligation at End of Year $ 8,943 $ 10,887 $ 12,803 Components of Net Periodic Benefit Costs: Service Cost $ 18 $ 31 $ 35 Interest Cost 501 315 243 Amortization of Prior Service Cost 151 277 277 Net Loss Amortization (531) 718 970 Net Gain Settlements (291) - - Net Periodic Benefit Cost $ (152) $ 1,341 $ 1,525 Weighted-Average Discount Rate 5.11% 5.45% 2.80% Rate of Compensation Increase (1) 5.10% 5.10% 4.40% Measurement Date 12/31/23 12/31/22 12/31/21 Weighted-Average Discount Rate 5.45% 2.80% 2.38% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Amortization Amounts from Accumulated Other Comprehensive Loss: Net Actuarial Loss (Gain) $ 201 $ (2,932) $ (146) Prior Service (Benefit) Cost (151) (277) (219) Net Gain (Loss) 531 (718) (970) Settlement Gain 291 - - Deferred Tax (Benefit) (222) 995 154 Other Comprehensive (Gain) Loss, net of tax $ 650 $ (2,932) $ (1,181) Amounts Recognized in Accumulated Other Comprehensive Loss: Net Actuarial (Loss) Gain $ (753) $ (1,775) $ 1,875 Prior Service Cost - 151 429 Deferred Tax Benefit 191 412 (584) Accumulated Other Comprehensive (Loss) Gain, net of tax $ (562) $ (1,212) $ 1,720 (1) The Company expects to recognize approximately $ 0.3 comprehensive loss at December 31, 2023 as a component of net periodic In June 2023, lump sum retirement distributions to two plan participants amount of the settlement gain was $ 0.3 Expected Benefit Payments . As of December 31, expected benefit payments related to the SERP were as follows: (Dollars in Thousands) 2023 2024 $ 8,800 2025 32 2026 38 2027 42 2028 64 2029 through 2033 748 Total $ 9,724 401(k) Plan The Company has a 401(k) Plan which enables CCB and CCBG associates to defer basis. enable participants to contribute any amount, up to the maximum annual limit allowed in any plan year placed in the 401(k) Plan trust account. 50 % from the Company are made for up to 6 % of the participant’s compensation for 50 % match, all associates hired after December 31, 2019 will receive annually a contribution by the Company 3 % of their compensation. Company made annual matching contributions of $ 1.7 contributions of $ 1.4 1.0 four investment options available to 401(k) participants, including the Company’s 50,000 CCBG common stock have been reserved for issuance. market. CCHL has a 401(k) Plan available to all CCHL associates who are amount, up to the maximum annual limit allowed by the IRS, of their compensation 401(k) Plan trust account. matching contributions were made by CCHL up to 3 % of eligible participant’s 0.4 0.4 and $ 0.7 Other Plans The Company has a Dividend Reinvestment and Optional Stock Purchase 250,000 issuance. market and, thus, the Company did no t issue any new shares under this plan in 2023, 2022 and 2021. |
EARNINGS PER SHARE |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Note 16 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (Dollars and Per Share Data in Thousands) 2023 2022 2021 Numerator: Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 Denominator: Denominator for Basic Earnings Per Share Weighted 16,987 16,951 16,863 Effects of Dilutive Securities Stock Compensation 36 34 30 Denominator for Diluted Earnings Per Share Adjusted Weighted 17,023 16,985 16,893 Basic Earnings Per Share $ 3.08 $ 1.97 $ 1.98 Diluted Earnings Per Share $ 3.07 $ 1.97 $ 1.98 |
REGULATORY MATTERS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Regulatory matters [Abstract] | |
REGULATORY MATTERS | Note 17 REGULATORY Regulatory Capital Requirements . requirements administered by the federal banking agencies. mandatory and possible additional discretionary actions by regulators that, the Company and Bank’s financial statements. corrective action , the Company and the Bank must meet specific capital guidelines that involve quantitative assets, liabilities and certain off-balance sheet items as calculated under classification are also subject to qualitative judgments by the regulators about Prompt corrective action provisions are not applicable to bank holding capital requirements is provided in the section captioned “Regulatory Management believes, at December 31, 2023 and 2022, that the Company which they are subject. categorized the Bank as well capitalized under the regulatory framework for prompt capitalized, an institution must maintain minimum common equity ratios as set forth in the following tables. changed the Bank’s category. presented in the following table. To Be Well Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2023 Common Equity Tier 1: CCBG $ 373,206 13.52% $ 124,192 4.50% * * CCB 383,211 13.89% 124,158 4.50% $ 179,340 6.50% Tier 1 Capital: CCBG 424,206 15.37% 165,589 6.00% * * CCB 383,211 13.89% 165,545 6.00% 220,726 8.00% Total Capital: CCBG 457,339 16.57% 220,785 8.00% * * CCB 416,343 15.09% 220,726 8.00% 275,908 10.00% Tier 1 Leverage: CCBG 424,206 10.30% 164,691 4.00% * * CCB 383,211 9.31% 164,680 4.00% 205,850 5.00% 2022 Common Equity Tier 1: CCBG $ 335,512 12.38% $ 121,918 4.50% * * CCB 358,882 13.25% 121,913 4.50% $ 176,096 6.50% Tier 1 Capital: CCBG 386,512 14.27% 162,557 6.00% * * CCB 358,882 13.25% 162,550 6.00% 216,733 8.00% Total Capital: CCBG 414,569 15.30% 216,743 8.00% * * CCB 386,067 14.25% 216,733 8.00% 270,917 10.00% Tier 1 Leverage: CCBG 386,512 8.91% 173,546 4.00% * * CCB 358,882 8.27% 173,505 4.00% 216,881 5.00% * Dividend Restrictions . to provide funds for the payment of dividends to shareowners and to provide may limit the amount of dividends that may be paid. declared would cause the regulatory capital of the Company’s Approval is also required if dividends declared exceed the net profits of retained net profits for proceeding two years. $ 44.4 dividend declaration. |
ACCUMULATED OTHER COMPREHENSIVE LOSS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | Note 18 ACCUMULATED OTHER FASB Topic Consolidated Statements of Income be displayed as other comprehensive the Consolidated Statements of Comprehensive Income (net of The following table shows the amounts allocated to accumulated other Accumulated Securities Other Available Interest Rate Retirement Comprehensive for Sale Swap Plans Loss Balance as of January 1, 2023 $ (37,349) $ 4,625 $ (4,505) $ (37,229) Other comprehensive income (loss) during the period 11,658 (655) 4,080 15,083 Balance as of December 31, 2023 $ (25,691) $ 3,970 $ (425) $ (22,146) Balance as of January 1, 2022 $ (4,588) $ 1,530 $ (13,156) $ (16,214) Other comprehensive (loss) income during the period (32,761) 3,095 8,651 (21,015) Balance as of December 31, 2022 $ (37,349) $ 4,625 $ (4,505) $ (37,229) Balance as of January 1, 2021 $ 2,700 $ 428 $ (47,270) $ (44,142) Other comprehensive (loss) income during the period (7,288) 1,102 34,114 27,928 Balance as of December 31, 2021 $ (4,588) $ 1,530 $ (13,156) $ (16,214) |
RELATED PARTY TRANSACTIONS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 19 RELATED PARTY At December 31, 2023 and 2022, certain officers and directors were indebted 6.3 and $ 7.3 1.7 8.5 totaled $ 2.7 5.0 Deposits from certain directors, executive officers, and 36.9 66.3 31, 2023 and 2022, respectively. The Company leases land from a partnership (Smith Interests General interest. 0.2 $ 0.1 agreement provide for annual lease payments of approximately $ 0.1 increase by 5 % every 10 The Company then has four five years 5 % at each extension. William G. Smith, III, the son of our Chairman, President, North Florida Region at Capital City Bank. base salary, annual bonus, employment and compensation practices applicable to associates with similar responsibilities |
OTHER NONINTEREST EXPENSE |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Other Noninterest Expense [Abstract] | |
OTHER NONINTEREST EXPENSE | Note 20 OTHER NONINTEREST EXPENSE Components of other noninterest expense in excess of 1 % of the sum of total interest income and noninterest income, which are not disclosed separately elsewhere, are presented below for each of (Dollars in Thousands) 2023 2022 2021 Legal Fees $ 1,721 $ 1,413 $ 1,411 Professional Fees 6,245 5,437 5,633 Telephone 2,729 2,851 2,975 Advertising 3,349 3,208 2,683 Processing Services 6,984 6,534 6,569 Insurance – Other 3,120 2,409 2,096 Pension – Other 76 (3,043) 1,913 Pension – Settlement (291) 2,321 3,072 Other 11,643 14,411 10,754 Total $ 35,576 35,541 37,106 |
COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 21 COMMITMENTS AND CONTINGENCIES Lending Commitments . business to meet the financing needs of its clients. standby letters of credit. The Company’s maximum exposure represented by the contractual amount of those instruments. commitments and issuing letters of credit as it does for on-balance sheet instruments. with the Company’s off-balance 2023 2022 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 207,605 $ 534,745 $ 742,350 $ 243,614 $ 531,873 $ 775,487 Standby Letters of Credit 6,094 - 6,094 5,619 - 5,619 Total $ 213,699 $ 534,745 $ 748,444 $ 249,233 $ 531,873 $ 781,106 (1) Commitments to extend credit are agreements to lend to a client so long as there is no the contract. Commitments generally have fixed expiration dates or other Since many of the commitments are expected to expire without being drawn necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the party. general, management does not anticipate any material losses as a result of any potential losses arising from such transactions are reserved for in the same manner credit facilities. For both on- and off-balance sheet financial instruments, the Company deemed necessary. obtained upon extension of credit is based on management’s may include deposits held in financial institutions; U.S. Treasury receivable; property, The allowance for credit losses for off-balance sheet credit commitments adjusted as a provision for credit loss expense and is recorded in other liabilities. allowance. (Dollars in Thousands) 2023 2022 2021 Beginning Balance $ 2,989 $ 2,897 $ 1,644 Provision for Credit Losses 202 92 1,253 Ending Balance $ 3,191 $ 2,989 $ 2,897 Other Commitments . operating leases. The Company has an outstanding commitment of up to $ 1.0 funding technology solutions for community banks. During 2022 0.1 0.4 million, respectively to the bank tech venture capital fund. At December commitment of $ 0.5 The Company, in 2022, 7.2 1.0 6.2 million was paid in 2023. $ 0.4 7.0 7.0 paid in 2023. 1.7 Contingencies . opinion, there are no material effect on the consolidated results of operations, Indemnification Obligation . are required to indemnify it for potential future settlement of certain litigation antitrust lawsuits challenging the practices of Visa U.S.A. network, obtained Class B shares of Visa, has funded a litigation reserve for the Covered Litigation resulting in a reduction in the During the first quarter of 2011, the Company into a swap contract with the purchaser of the shares that requires a payment to the subsequent revisions to the conversion ratio for its Class B shares. quarterly until the litigation reserve is fully liquidated and at which time the Conversion ratio payments and ongoing fixed quarterly charges 2023 totaled $ 0.8 0.9 0.8 December 31, 2023, there was no 0.1 |
FAIR VALUE MEASUREMENTS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | Note 22 FAIR VALUE The fair value of an asset or liability is the exchange price that would be received transfer that liability (exit price) in an orderly transaction occurring in the principal absence of a principal market) for such asset or liability. are consistent with the market approach, the income approach and/or consistently applied. or liability. in active markets for identical assets or liabilities and the lowest priority to unobservable follows: ● Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting the ability to access at the measurement date . ● Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, directly or indirectly. for identical or similar assets or liabilities in markets that are not active, observable for the asset or liability (such as interest rates, volatilities, prepayment are derived principally from, or corroborated, by market data by correlation . ● Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an assumptions about the assumptions that market participants would Assets and Liabilities Measured at Fair Value Securities Available for Sale. U.S. Treasury securities are reported at fair value classified as AFS are reported at fair value utilizing Level 2 inputs. measurements from an independent pricing service. dealer quotes, market spreads, cash flows, the U.S. Treasury information and the bond’s In general, the Company does not purchase securities that have a complicated structure. of traditional investments, nearly all of which are U.S. Treasury securities, or general obligation or revenue based municipal bonds. annually, the Company from an independent third-party source. Equity Securities. Investments securities classified as equity securities are carried at cost and the share of reported through net income as an adjustment to the investment balance. are classified as a Level 3 input within the fair value hierarchy. Loans Held for Sale . The fair value of residential mortgage loans held for sale based on Level 2 inputs is determined, possible, using either quoted secondary-market prices or investor commitments. determined using quoted prices for a similar asset or assets, adjusted for by other market participants. The Company has elected the fair value option Mortgage Banking Derivative Instruments. The fair values of IRLCs are derived by valuation models incorporating pricing for instruments with similar characteristics, commonly referred prices for best effort IRLCs which have unobservable inputs, such as an to be recorded upon sale of the loans, net estimated costs to originate the loans, and the pull-through classified as Level 3 within the fair value hierarchy. pricing for similar instruments and are therefore classified as Level 2 within Interest Rate Swap. The Company’s derivative positions are using models generally accepted in the financial services industry and from external market data providers. The fair value derivatives are determined Fair Value . valuation represents the amount due and payable to the counterparty based upon the period. no 0.1 A summary of fair values for assets and liabilities at December 31 consisted (Dollars in Thousands) Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Value 2023 ASSETS: Securities Available U.S. Government Treasury $ 24,679 $ - $ - $ 24,679 U.S. Government Agency - 145,034 - 145,034 States and Political Subdivisions - 39,083 - 39,083 Mortgage-Backed Securities - 63,303 - 63,303 Corporate Debt Securities - 57,552 - 57,552 Equity Securities - - 3,450 3,450 Loans Held for Sale - 28,211 - 28,211 Interest Rate Swap Derivative - 5,317 - 5,317 Residential Mortgage Loan Commitments ("IRLC") - - 523 523 LIABILITIES: Forward Sales Contracts ("Hedge Derivative") - 209 - 209 2022 ASSETS: Securities Available for U.S. Government Treasury $ 22,050 $ - $ - $ 22,050 U.S. Government Agency - 186,052 - 186,052 State and Political Subdivisions - 40,329 - 40,329 Mortgage-Backed Securities - 69,405 - 69,405 Corporate Debt Securities - 88,236 - 88,236 Equity Securities - - 10 10 Loans Held for Sale - 26,909 - 26,909 Interest Rate Swap Derivative - 6,195 - 6,195 Forward Sales Contracts ("Hedge Derivative") - 187 - 187 Residential Mortgage Loan Commitments ("IRLC") - - 819 819 Mortgage Banking Activities. The Company had Level 3 issuances and transfers related to mortgage 13.2 million and $ 11.6 transfers related to mortgage banking activities of $ 15.4 28.5 2022. statement of financial condition date, adjusted for pull-through rates and represent IRLCs that were funded and moved to mortgage loans held for sale, at fair Assets Measured at Fair Value Certain assets are measured at fair value on a non-recurring basis (i.e., the basis but are subject to fair value adjustments in certain circumstances). impairment. Collateral Dependent Loans . selling costs. banking regulations. judgment and estimation involved in the real estate appraisal process. at least a quarterly basis for additional impairment and adjusted accordingly. techniques applied in prior periods. 3.3 $ 0.1 0.7 $ 0.1 Other Real Estate Owned . at fair value through a charge-off to the allowance cost to sell. valuation or professional appraisal in conformance with banking regulations. on foreclosed assets and record valuation adjustments as necessary. inputs due to the judgment and estimation involved in the real estate valuation process. Mortgage Servicing Rights . Residential mortgage loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. model using estimated prepayment speeds of the underlying mortgage loans characteristics of the underlying loans (predominantly loan type and note inputs, including a discount rate, weighted average prepayment speed, inputs utilized are provided in Note 4 – Mortgage Banking Activities. no allowance for mortgage servicing rights. Other Fair Value The Company is required to disclose the estimated fair value of financial instruments, practical to estimate fair value and the following is a description of valuation Cash and Short-Term The carrying amount of cash and short-term investments is used to approximate given the short time frame to maturity and as such assets do not present unanticipated Securities Held to Maturity . caption “Assets and Liabilities Measured at Fair Value Other Equity Securities. Other equity securities are accounted for under the equity method (Topic These securities are not readily marketable securities and are reflected in Loans. techniques based upon projected cash flows and estimated discount Recognition and Measurement of Financial Assets and Financial , the values reported reflect the incorporation of a liquidity discount to meet the objective of “exit price” valuation. Deposits. the amounts payable on demand at the reporting date. The fair value of fixed present value techniques and rates currently offered for deposits of similar remaining Subordinated Notes Payable. flows and estimated discount rates as well as rates being offered Short-Term projected cash flows and estimated discount rates as well as rates being offered A summary of estimated fair values of significant financial instruments at 2023 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 83,118 $ 83,118 $ - $ - Fed Funds Sold and Interest Bearing Deposits 228,949 228,949 - - Investment Securities, Held to Maturity 625,022 441,189 150,562 - Other Equity Securities (1) 2,848 - 2,848 - Mortgage Servicing Rights 831 - - 1,280 Loans, Net of Allowance for Credit Losses 2,703,977 - - 2,510,529 LIABILITIES: Deposits $ 3,701,822 $ - $ 3,243,896 $ - Short-Term 35,341 - 35,341 - Subordinated Notes Payable 52,887 - 44,323 - Long-Term Borrowings 315 - 315 - 2022 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 72,114 $ 72,114 $ - $ - Short-Term Investments 528,536 528,536 - - Investment Securities, Held to Maturity 660,774 431,733 180,968 - Other Equity Securities (1) 2,848 - 2,848 - Mortgage Servicing Rights 2,599 - - 4,491 Loans, Net of Allowance for Credit Losses 2,522,617 - - 2,377,229 LIABILITIES: Deposits $ 3,939,317 $ - $ 3,310,383 $ - Short-Term 56,793 - 56,793 - Subordinated Notes Payable 52,887 - 45,763 - Long-Term Borrowings 513 - 513 - All non-financial instruments are excluded from the above table. aggregate fair value amounts presented do not represent the underlying The following tables present quantitative information about Level 3 at fair value on a non-recurring basis at December 31, 2023 and December |
PARENT COMPANY FINANCIAL INFORMATION |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Parent Company Financial Information [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | Note 23 PARENT COMPANY The following are condensed statements of financial condition of the parent company Parent Company Statements of Financial Condition (Dollars in Thousands, Except Per Share 2023 2022 ASSETS Cash and Due From Subsidiary Bank $ 54,004 $ 42,737 Equity Securities 569 199 Investment in Subsidiary Bank 445,441 404,892 Goodwill and Other Intangibles 3,838 3,998 Other Assets 10,758 11,297 Total Assets $ 514,610 $ 463,123 LIABILITIES Subordinated Notes Payable $ 52,887 $ 52,887 Other Liabilities 21,098 22,955 Total Liabilities 73,985 75,842 SHAREOWNERS’ EQUITY Common Stock, $ 0.01 90,000,000 16,950,222 16,986,785 shares issued and outstanding at December 31, 2023 and 2022, respectively 170 170 Additional Paid-In Capital 36,326 37,331 Retained Earnings 426,275 387,009 Accumulated Other Comprehensive Loss, Net of Tax (22,146) (37,229) Total Shareowners’ 440,625 387,281 Total Liabilities and Shareowners’ $ 514,610 $ 463,123 The operating results of the parent company for the three years ended December Parent Company Statements of Operations (Dollars in Thousands) 2023 2022 2021 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 6,367 $ 5,396 $ 5,516 Dividends 30,000 23,000 10,000 Other Income 453 253 174 Total Operating 36,820 28,649 15,690 OPERATING EXPENSE Salaries and Associate Benefits 4,257 5,034 3,558 Interest on Subordinated Notes Payable 2,427 1,652 1,233 Professional Fees 859 616 1,113 Advertising 214 232 134 Legal Fees 683 370 589 Other 1,670 2,186 2,087 Total Operating 10,110 10,090 8,714 Earnings Before Income Taxes Earnings of Subsidiary Bank 26,710 18,559 6,976 Income Tax Benefit (650) (661) (717) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 27,360 19,220 7,693 Equity in Undistributed Earnings of Subsidiary Bank 24,898 14,192 25,703 Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 The cash flows for the parent company for the three years ended December 31 were Parent Company Statements of Cash Flows (Dollars in Thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 Adjustments to Reconcile Net Income to Net Cash Provided By Equity in Undistributed Earnings of Subsidiary Bank (24,898) (14,192) (25,703) Stock Compensation 1,468 1,278 843 Amortization of Intangible Asset 160 160 107 Increase in Other Assets (117) (336) (21) Increase in Other Liabilities (1,557) 5,847 3,131 Net Cash Provided By Operating Activities $ 27,314 $ 26,169 $ 11,753 CASH FROM INVESTING ACTIVITIES: Purchase of Equity Securities $ (369) $ (79) $ (120) Net Cash Paid for Acquisition - - (4,482) Decrease (Increase) in Investment in Subsidiaries - 770 (10,770) Net Cash Provided by (Used in) Investing Activities $ (369) $ 691 $ (15,372) CASH FROM FINANCING ACTIVITIES: Repayment of Long-Term - - (900) Dividends Paid (12,905) (11,191) (10,459) Issuance of Common Stock Under Compensation Plans 937 1,300 1,028 Payments to Repurchase Common Stock (3,710) - - Net Cash Used In Financing Activities $ (15,678) $ (9,891) $ (10,331) Net Increase (Decrease) in Cash and Due from Subsidiary Bank 11,267 16,969 (13,950) Cash and Due from Subsidiary Bank at Beginning of Year 42,737 25,768 39,718 Cash and Due from Subsidiary Bank at End of Year $ 54,004 $ 42,737 $ 25,768 |
RESTATED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Restated Interim Consolidated Statements of Cash Flows [Abstract] | |
Restated Interim Consolidated Statements of Cash Flows | Note 24 RESTATED As further described in Note 1, the Impacted Statements of Cash Flows for each and 2022, six-month periods ended June 30, 2023 and 2022, and nine-month been restated and are reflected in the tables that follow. Statements” in Note 1. opinion of management, necessary for a fair statement of the cash flows for the interim computed independently for each interim period presented; therefore, the amount for the respective year due to rounding. CAPITAL CITY BANK CONSOLIDATED STATEMENTS As Restated (Dollars in Thousands) For Three Months Ended Mar 31, 2022 For Six Months Ended Jun 30, 2022 For Nine Months Ended Sept 30, 2022 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 6,938 $ 14,198 $ 23,803 Adjustments to Reconcile Net Income to 32 1,724 3,878 1,907 3,802 5,689 2,610 5,053 6,618 40 80 120 209 378 480 (162,448) (268,058) (343,899) 174,153 307,349 390,756 (4,055) (8,912) (11,807) 364 360 570 245 489 904 (19) (19) (19) (6,682) (9,887) (12,854) (27) (72) (83) - (26) (136) 1,897 3,516 3,696 7,036 22,040 12,839 Net Cash Provided By Operating Activities 22,200 72,015 80,555 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (194,448) (218,548) (219,865) 14,441 28,111 40,096 Securities Available for (25,139) (37,044) (41,880) 3,365 3,365 3,365 24,824 47,413 64,301 Purchase of loans held for investment (381) (15,985) (16,324) Net Increase in Loans Held for Investment (96,732) (359,417) (520,473) Proceeds from Sales of Loans 37,766 66,877 88,521 Proceeds From Sales of Other Real Estate Owned - 30 1,683 Purchases of Premises and Equipment, net (1,013) (3,322) (4,013) Noncontrolling interest contributions received 1,838 2,573 2,867 Net Cash Used In Investing Activities (235,479) (485,947) (601,722) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 73,396 46,516 Net (Decrease) Increase in Other Short-Term (3,692) 4,784 17,592 Repayment of Other Long-Term (78) (150) (200) Dividends Paid (2,712) (5,424) (8,307) Issuance of Common Stock Under Compensation Plans 190 496 577 Net Cash Provided By Financing Activities 46,353 73,102 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) (340,830) (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 1,035,354 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ 694,524 $ 570,365 Supplemental Cash Flow Disclosures: $ 715 $ 1,617 $ 3,588 $ 20 $ 3,765 $ 6,410 Supplemental Noncash Items: $ 37,973 $ 67,324 $ 89,836 $ - $ 77 $ 1,543 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENTS As Restated (Dollars in Thousands) For Three Months Ended Mar 31, 2023 For Six Months Ended Jun 30, 2023 For Nine Months Ended Sept 30, 2023 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 13,709 $ 27,883 $ 40,539 Adjustments to Reconcile Net Income to 3,099 5,296 7,689 1,969 3,927 5,920 1,067 2,117 3,216 40 80 120 - (291) (291) (75,626) (203,266) (308,263) 73,706 191,180 303,731 (2,871) (6,234) (8,072) (91) (253) (392) 536 764 1,110 (1,170) (2,849) (2,464) (3) (3) (12) (1,858) (1,900) (1,915) (4,349) 4,593 8,207 12,471 3,815 1,069 Net Cash Provided By Operating Activities 20,629 24,859 50,192 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 8,820 18,992 28,159 Securities Available for (2,017) (4,634) (9,399) - - 30,420 16,559 32,490 53,045 Purchase of loans held for investment (923) (1,463) (2,249) Net Increase in Loans Held for Investment (127,336) (164,319) (194,631) Proceeds from Sales of Loans 20,084 26,645 39,125 Proceeds From Sales of Other Real Estate Owned 2,699 3,772 3,840 Purchases of Premises and Equipment, net (1,886) (3,851) (5,459) Net Cash Used In Investing Activities (84,000) (92,368) (57,149) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (115,397) (150,451) (398,872) Net Decrease in Other Short-Term (30,161) (6,120) (15,097) Repayment of Other Long-Term (50) (99) (149) Dividends Paid (3,064) (6,121) (9,518) Payments to Repurchase Common Stock (819) (2,022) (3,121) Issuance of Common Stock Under Compensation Plans 164 480 562 Net Cash Provided By Financing Activities (149,327) (164,333) (426,195) NET DECREASE IN CASH AND CASH EQUIVALENTS (212,698) (231,842) (433,152) Cash and Cash Equivalents at Beginning of Period 600,650 600,650 600,650 Cash and Cash Equivalents at End of Period $ 387,952 $ 368,808 $ 167,498 Supplemental Cash Flow Disclosures: $ 3,723 $ 8,720 $ 15,026 $ 7,466 $ 3,860 $ 7,395 Supplemental Noncash Items: $ 16,859 $ 26,076 $ 33,625 $ 423 $ 1,442 $ 1,495 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Three Months Ended March 31, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income $ 6,938 $ - $ 6,938 Adjustments to Reconcile Net Income to 32 - 32 1,907 - 1,907 2,610 - 2,610 40 - 40 209 - 209 (177,933) 15,485 (162,448) 188,264 (14,111) 174,153 (4,055) - (4,055) 364 - 364 245 - 245 (19) - (19) (6,682) - (6,682) (27) - (27) 1,897 - 1,897 7,036 - 7,036 Net Cash Provided By Operating Activities 20,826 1,374 22,200 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (194,448) - (194,448) 14,441 - 14,441 Securities Available for (25,139) - (25,139) 3,365 - 3,365 24,824 - 24,824 Purchases of Loans Held for Investment (381) - (381) Net Increase in Loans Held for Investment (57,592) (39,140) (96,732) Proceeds from Sales of Loans - 37,766 37,766 Purchases of Premises and Equipment, net (1,013) - (1,013) Noncontrolling Interest Contributions 1,838 - 1,838 Net Cash Used In Investing Activities (234,105) (1,374) (235,479) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 - 52,645 Net Decrease in Other Short-Term (3,692) - (3,692) Repayment of Other Long-Term (78) - (78) Dividends Paid (2,712) - (2,712) Issuance of Common Stock Under Compensation Plans 190 - 190 Net Cash Provided By Financing Activities 46,353 - 46,353 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) - (166,926) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ - $ 868,428 Supplemental Cash Flow Disclosures: $ 715 $ - $ 715 $ 20 $ - $ 20 Supplemental Noncash Items $ - $ 37,973 $ 37,973 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Six Months Ended June 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 14,198 $ - $ 14,198 Adjustments to Reconcile Net Income to 1,724 - 1,724 3,802 - 3,802 5,053 - 5,053 80 - 80 378 - 378 (316,372) 48,314 (268,058) 352,830 (45,481) 307,349 (8,912) - (8,912) 360 - 360 489 - 489 (19) - (19) (9,887) - (9,887) (72) - (72) (26) - (26) 3,516 - 3,516 22,040 - 22,040 Net Cash Provided By Operating Activities 69,182 2,833 72,015 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (218,548) - (218,548) 28,111 - 28,111 Securities Available for (37,044) - (37,044) 3,365 - 3,365 47,413 - 47,413 Purchases of Loans Held for Investment (15,985) - (15,985) Net Increase in Loans Held for Investment (289,707) (69,710) (359,417) Proceeds from Sales of Loans - 66,877 66,877 Proceeds From Sales of Other Real Estate Owned 30 - 30 Purchases of Premises and Equipment, net (3,322) - (3,322) Noncontrolling Interest Contributions 2,573 - 2,573 Net Cash Used In Investing Activities (483,114) (2,833) (485,947) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 73,396 - 73,396 Net Increase in Other Short-Term 4,784 - 4,784 Repayment of Other Long-Term (150) - (150) Dividends Paid (5,424) - (5,424) Issuance of Common Stock Under Compensation Plans 496 - 496 Net Cash Provided By Financing Activities 73,102 - 73,102 NET DECREASE IN CASH AND CASH EQUIVALENTS (340,830) - (340,830) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 694,524 $ - $ 694,524 Supplemental Cash Flow Disclosures: $ 1,617 $ - $ 1,617 $ 3,765 $ - $ 3,765 Supplemental Noncash Items: $ - $ 67,324 $ 67,324 $ 77 $ - $ 77 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Nine Months Ended September 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 23,803 $ - $ 23,803 Adjustments to Reconcile Net Income to 3,878 - 3,878 5,689 - 5,689 6,618 - 6,618 120 - 120 480 - 480 (399,041) 55,142 (343,899) 440,219 (49,463) 390,756 (11,807) - (11,807) 570 - 570 904 - 904 (19) - (19) (12,854) - (12,854) (83) - (83) (136) - (136) 3,696 - 3,696 12,839 - 12,839 Net Cash Provided By Operating Activities 74,876 5,679 80,555 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (219,865) - (219,865) 40,096 - 40,096 Securities Available for (41,880) - (41,880) 3,365 - 3,365 64,301 - 64,301 Purchases of Loans Held for Investment (16,324) - (16,324) Net Increase in Loans Held for Investment (426,273) (94,200) (520,473) Proceeds from Sales of Loans - 88,521 88,521 Proceeds From Sales of Other Real Estate Owned 1,683 - 1,683 Purchases of Premises and Equipment, net (4,013) - (4,013) Noncontrolling Interest Contributions 2,867 - 2,867 Net Cash Used In Investing Activities (596,043) (5,679) (601,722) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 46,516 - 46,516 Net Increase in Other Short-Term 17,592 - 17,592 Repayment of Other Long-Term (200) - (200) Dividends Paid (8,307) - (8,307) Issuance of Common Stock Under Compensation Plans 577 - 577 Net Cash Provided By Financing Activities 56,178 - 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (464,989) - (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 570,365 $ - $ 570,365 Supplemental Cash Flow Disclosures: $ 3,588 $ - $ 3,588 $ 6,410 $ - $ 6,410 Supplemental Noncash Items: $ - $ 89,836 $ 89,836 $ 1,543 $ - $ 1,543 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Three Months Ended March 31, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income $ 13,709 $ - $ 13,709 Adjustments to Reconcile Net Income to 3,099 - 3,099 1,969 - 1,969 1,067 - 1,067 40 - 40 (62,745) (12,881) (75,626) 64,050 9,656 73,706 (2,871) - (2,871) (91) - (91) 536 - 536 (1,170) - (1,170) (3) - (3) (1,858) - (1,858) (4,349) - (4,349) 12,471 - 12,471 Net Cash Provided By Operating Activities 23,854 (3,225) 20,629 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 8,820 - 8,820 Securities Available for (2,017) - (2,017) 16,559 - 16,559 Purchases of Loans Held for Investment (923) - (923) Net Increase in Loans Held for Investment (110,477) (16,859) (127,336) Proceeds from Sales of Loans - 20,084 20,084 Proceeds From Sales of Other Real Estate Owned 2,699 - 2,699 Purchases of Premises and Equipment, net (1,886) - (1,886) Net Cash Used In Investing Activities (87,225) 3,225 (84,000) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (115,397) - (115,397) Net Decrease in Other Short-Term (30,161) - (30,161) Repayment of Other Long-Term (50) - (50) Dividends Paid (3,064) - (3,064) Payments to Repurchase Common Stock (819) - (819) Issuance of Common Stock Under Compensation Plans 164 - 164 Net Cash Provided By Financing Activities (149,327) - (149,327) NET DECREASE IN CASH AND CASH EQUIVALENTS (212,698) - (212,698) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 387,952 $ - $ 387,952 Supplemental Cash Flow Disclosures: $ 3,723 $ - $ 3,723 $ 7,466 $ - $ 7,466 Supplemental Noncash Items: $ - $ 16,859 $ 16,859 $ 423 $ - $ 423 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Six Months Ended June 30, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 27,883 $ - $ 27,883 Adjustments to Reconcile Net Income to 5,296 - 5,296 3,927 - 3,927 2,117 - 2,117 80 - 80 (291) - (291) (164,173) (39,093) (203,266) 152,657 38,523 191,180 (6,234) - (6,234) (253) - (253) 764 - 764 (2,849) - (2,849) (3) - (3) (1,900) - (1,900) 4,593 - 4,593 3,815 - 3,815 Net Cash Provided By Operating Activities 25,429 (570) 24,859 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 18,992 - 18,992 Securities Available for (4,634) - (4,634) 32,490 - 32,490 Purchases of Loans Held for Investment (1,463) - (1,463) Net Increase in Loans Held for Investment (138,244) (26,075) (164,319) Proceeds from Sales of Loans - 26,645 26,645 Proceeds From Sales of Other Real Estate Owned 3,772 - 3,772 Purchases of Premises and Equipment, net (3,851) - (3,851) Net Cash Used In Investing Activities (92,938) 570 (92,368) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (150,451) - (150,451) Net Decrease in Other Short-Term (6,120) - (6,120) Repayment of Other Long-Term (99) - (99) Dividends Paid (6,121) - (6,121) Payments to Repurchase Common Stock (2,022) - (2,022) Issuance of Common Stock Under Compensation Plans 480 - 480 Net Cash Provided By Financing Activities (164,333) - (164,333) NET DECREASE IN CASH AND CASH EQUIVALENTS (231,842) - (231,842) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 368,808 $ - $ 368,808 Supplemental Cash Flow Disclosures: $ 8,720 $ - $ 8,720 $ 3,860 $ - $ 3,860 Supplemental Noncash Items: $ - $ 26,076 $ 26,076 $ 1,442 $ - $ 1,442 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Nine Months Ended September 30, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 40,539 $ - $ 40,539 Adjustments to Reconcile Net Income to 7,689 - 7,689 5,920 - 5,920 3,216 - 3,216 120 - 120 (291) - (291) (246,198) (62,065) (308,263) 247,166 56,565 303,731 (8,072) - (8,072) (392) - (392) 1,110 - 1,110 (2,464) - (2,464) (12) - (12) (1,915) - (1,915) 8,207 - 8,207 1,069 - 1,069 Net Cash Provided By Operating Activities 55,692 (5,500) 50,192 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 28,159 - 28,159 Securities Available for Sale: (9,399) - (9,399) 30,420 - 30,420 53,045 - 53,045 Purchases of Loans Held for Investment (2,249) - (2,249) Net Increase in Loans Held for Investment (161,006) (33,625) (194,631) Proceeds from Sales of Loans - 39,125 39,125 Proceeds From Sales of Other Real Estate Owned 3,840 - 3,840 Purchases of Premises and Equipment, net (5,459) - (5,459) Net Cash Used In Investing Activities (62,649) 5,500 (57,149) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (398,872) - (398,872) Net Decrease in Other Short-Term Borrowings (15,097) - (15,097) Repayment of Other Long-Term Borrowings (149) - (149) Dividends Paid (9,518) - (9,518) Payments to Repurchase Common Stock (3,121) - (3,121) Issuance of Common Stock Under Compensation Plans 562 - 562 Net Cash Provided By Financing Activities (426,195) - (426,195) NET DECREASE IN CASH AND CASH EQUIVALENTS (433,152) - (433,152) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 167,498 $ - $ 167,498 Supplemental Cash Flow Disclosures: $ 15,026 $ - $ 15,026 $ 7,395 $ - $ 7,395 Supplemental Noncash Items: $ - $ 33,625 $ 33,625 $ 1,495 $ - $ 1,495 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Capital City Bank Group, Inc. (“CCBG”) provides a full range of banking corporate clients through its wholly-owned subsidiary, “Company”), with banking offices located in Florida, financial institutions, is subject to regulation by certain government agencies regulatory authorities. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of CCBG Capital City Strategic Wealth, and Capital City Investments. On March 1, 2020, CCB acquired a 51 % membership interest in Brand Mortgage Group, LLC (“Brand”) which is now operated as Capital City Home Loans, LLC (“CCHL”), a consolidated statements. The terms of the transaction included a buyout call/put option 49 % of the membership interests in CCHL (“the 49 % Interest”) that are held by BMGBMG, LLC (“BMG”). The option requires 12 months advance notice to the other party, 49 % Interest may be completed. On December 20, 2023, BMG notified CCB that BMG will exercise the 49 % Interest will become effective on January 1, 2025. The Company, which operates Florida, Georgia, and Alabama, follows accounting principles generally practices applicable to the banking industry. and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an voting interest entity or a variable interest entity under accounting principles Voting independently and provide the equity holders with the obligation to absorb losses, the right to make decisions about the entity’s least a majority of, the voting interest. entities that lack one or more of the characteristics of a voting interest entity. present when an enterprise has a variable interest, or a combination of variable expected losses, receive a majority of the entity’s interest, known as the primary beneficiary, Trust I (established November 1, 2004) and is not the primary beneficiary. financial statements. Certain previously reported amounts have been reclassified to conform company transactions and accounts have been eliminated in consolidation. potential recognition and/or disclosure through the date the consolidated Form 10-K/A were filed with the United States Securities and Exchange |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting America requires management to make estimates and assumptions that affect disclosure of contingent assets and liabilities at the date of financial statements and expenses during the reporting period. susceptible to significant changes in the near-term income taxes, loss contingencies, valuation of other real estate owned, and impairment. |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Restated herein are the Company’s 2022 and December 31, 2021 and for each of the three month periods ended June 30, 2023 and 2022 and nine month periods ended September 30, 2023 Prior Restatement Background On December 22, 2023, the Company filed a Form 10-K/A for the year items related to inter-company transactions between purchases that were not properly recorded. The material impact to Consolidated of Financial Condition and various key performance indicators resulted in a the year ended December 31, 2022, and the three, six and nine months ended and September 30, 2022, respectively (collectively, assessment of the misstatements noted in the Form 10-K/A filed December company loan sale and participation transactions was immaterial to the consolidated December 31, 2021. In connection with the preparation of the Company’s Company concluded that it had not appropriately eliminated intercompany Consolidated Statements of Cash Flows for the years ended December Statements. of the Consolidated Statements of Cash Flows for the years ended Restated Financial Statements”). Statements of Financial Condition, Consolidated Statements of Consolidated Statements in Changes in Shareowners’ Equity or the Notes to Description of Current Misstatements In connection with the preparation of the Company’s changes needed in preparing its consolidated financial statements, specifically, to certain construction/permanent loan sales. both the Original Restated Financial Statements and Subsequently Restated Financial following line items within the Impacted Statements of Cash Flows: Within the Cash Flows from Operating Activities ● An understatement of $ 100.1 47.6 33.8 Loans Held for Sale for the years ended December 31, 2023, 2022 and 2021, ● An understatement of $ 88.5 37.5 27.6 from Sales of Loans Held for Sale for the years ended December 31, 2023, 2022 ● An overstatement of $ 11.6 10.2 6.2 Provided by Operating Activities for the years ended December 31, 2023, Within the Cash Flows from Investing Activities ● An understatement of $ 35.7 114.7 98.6 (Increase) Decrease in Loans Held for Investment for the years ended ● An understatement of $ 47.3 104.5 92.4 ended December 31, 2023, 2022 and 2021, respectively. ● An overstatement of $ 11.6 10.2 6.2 in Investing Activities for the years ended December 31, 2023, 2022 Within the Supplemental Noncash Items section: ● Disclosure of noncash activity related to Loans Transferred for the years ended December, 31, 2023, 2022 35.7 108.8 98.1 respectively. The impacts of the restatement for the years ended December 31, 2023, Impacted Statements of Cash Flows and had no impact on the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Equity or the Notes to the Consolidated Financial Statements. The impacts of the restatement presented in Note 24, Restated Interim Consolidated Description of Current Restatement Tables The following tables present the amounts previously reported and a reconciliation restated Consolidated Statement of Cash Flows for the years ended 2021. The amounts previously reported were derived from the Company’s December 31, 2023 filed with the SEC on March 13, 2024. CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 52,258 $ - $ 52,258 Adjustments to Reconcile Net Income to 9,714 - 9,714 7,918 - 7,918 4,221 - 4,221 160 - 160 Gain on Securities Transactions 3 - 3 (291) - (291) (306,714) (100,089) (406,803) 315,812 88,520 404,332 (10,400) - (10,400) 419 - 419 1,237 - 1,237 (48) - (48) (483) - (483) 79 - 79 (2,053) - (2,053) (1,029) - (1,029) (4,452) - (4,452) Net Cash Provided By Operating Activities 66,351 (11,569) 54,782 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (1,483) - (1,483) 36,600 - 36,600 Securities Available for (8,379) - (8,379) 30,420 - 30,420 62,861 - 62,861 Equity Securities (13,566) - (13,566) 10,127 - 10,127 Purchase of loans held for investment (2,488) - (2,488) Net Increase in Loans Held for Investment (191,151) (35,745) (226,896) Proceeds from Sales of Loans - 47,314 47,314 Proceeds From Sales of Other Real Estate Owned 3,995 - 3,995 Purchases of Premises and Equipment, net (7,046) - (7,046) Net Cash Used In Investing Activities (80,110) 11,569 (68,541) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (237,495) - (237,495) Net Decrease in Other Short-Term (21,452) - (21,452) Repayment of Other Long-Term (199) - (199) Dividends Paid (12,905) - (12,905) Payments to Repurchase Common Stock (3,710) - (3,710) Issuance of Common Stock Under Compensation Plans 937 - 937 Net Cash Provided By Financing Activities (274,824) - (274,824) NET DECREASE IN CASH AND CASH EQUIVALENTS (288,583) - (288,583) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 312,067 $ - $ 312,067 Supplemental Cash Flow Disclosures: $ 21,775 $ - $ 21,775 $ 9,118 $ - $ 9,118 Supplemental Noncash Items $ - $ 35,745 $ 35,745 $ 1,512 $ - $ 1,512 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,412 $ - $ 33,412 Adjustments to Reconcile Net Income to 7,494 - 7,494 7,596 - 7,596 7,772 - 7,772 160 - 160 2,321 - 2,321 (437,827) 47,636 (390,191) 475,359 (37,452) 437,907 (11,909) - (11,909) 726 - 726 1,630 - 1,630 (27) - (27) (3,870) - (3,870) (108) - (108) (422) - (422) (8,636) - (8,636) 8,837 - 8,837 Net Cash Provided By Operating Activities 82,508 10,184 92,692 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (219,865) - (219,865) 55,314 - 55,314 Securities Available for (52,238) - (52,238) 3,365 - 3,365 81,596 - 81,596 Purchase of loans held for investment (16,753) - (16,753) Net Increase in Loans Held for Investment (606,011) (114,659) (720,670) Proceeds From Sales of Loans - 104,475 104,475 Proceeds From Sales of Other Real Estate Owned 2,406 - 2,406 Purchases of Premises and Equipment, net (6,322) - (6,322) Noncontrolling interest contributions received 2,867 - 2,867 Net Cash Used In Investing Activities (755,641) (10,184) (765,825) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 226,455 - 226,455 Net Increase in Other Short-Term 22,114 - 22,114 Repayment of Other Long-Term (249) - (249) Dividends Paid (11,191) - (11,191) Issuance of Common Stock Under Compensation Plans 1,300 - 1,300 Net Cash Provided By Financing Activities 238,429 - 238,429 NET DECREASE IN CASH AND CASH EQUIVALENTS (434,704) - (434,704) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 600,650 $ - $ 600,650 Supplemental Cash Flow Disclosures: $ 6,586 $ - $ 6,586 $ 7,466 $ - $ 7,466 Supplemental Noncash Items $ - $ 108,798 $ 108,798 $ 2,398 $ - $ 2,398 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,396 $ - $ 33,396 Adjustments to Reconcile Net Income to (1,553) - (1,553) 7,607 - 7,607 14,072 - 14,072 107 - 107 3,072 - 3,072 (1,262,746) 33,800 (1,228,946) 1,376,678 (27,554) 1,349,124 (52,425) - (52,425) 72 - 72 (250) - (250) 843 - 843 (4) - (4) (4,157) - (4,157) (165) - (165) (1,662) - (1,662) 10,885 - 10,885 (7,846) - (7,846) Net Cash Provided By Operating Activities 115,924 6,246 122,170 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (251,525) - (251,525) 78,544 - 78,544 Securities Available for (523,961) - (523,961) 495 - 495 178,425 - 178,425 Purchase of loans held for investment (20,209) - (20,209) Net Decrease (Increase) in Loans Held for Investment 88,545 (98,606) (10,061) Proceeds from Sales of Loans - 92,360 92,360 Net Cash Paid for Acquisitions (4,482) - (4,482) Proceeds From Sales of Other Real Estate Owned 4,502 - 4,502 Purchases of Premises and Equipment, net (5,193) - (5,193) Noncontrolling interest contributions received 7,139 - 7,139 Net Cash Used In Investing Activities (447,720) (6,246) (453,966) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 495,302 - 495,302 Net Decrease (45,938) - (45,938) Repayment of Other Long-Term (1,332) - (1,332) Dividends Paid (10,459) - (10,459) Issuance of Common Stock Under Compensation Plans 1,028 - 1,028 Net Cash Provided By Financing Activities 438,601 - 438,601 NET DECREASE IN CASH AND CASH EQUIVALENTS 106,805 - 106,805 Cash and Cash Equivalents at Beginning of Period 928,549 - 928,549 Cash and Cash Equivalents at End of Period $ 1,035,354 $ - $ 1,035,354 Supplemental Cash Flow Disclosures: $ 3,547 $ - $ 3,547 $ 16,339 $ - $ 16,339 Supplemental Noncash Items: $ - $ 98,081 $ 98,081 $ 1,717 $ - $ 1,717 The accompanying Notes to Consolidated Financial Statements are |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing sold. Generally, days or less. percentage of deposits. zero . The Company maintains certain cash balances that are restricted under warehouse agreements. 0.1 |
Investment Securities | Investment Securities Investment securities are classified as held-to-maturity (“HTM”) and intent and ability to hold them until maturity. (“AFS”) and carried at fair value. equity securities that do not have readily determinable fair values, are impaired or upon observable transaction prices. of purchase. the security which correlates to its risk profile: U.S. government treasury, subdivisions, mortgage-backed securities, as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are classified Interest income includes amortization and accretion of purchase premiums from the amortized cost of the security sold. determined using the specific identification method. or minus any unrealized gain or loss at the time of transfer. accumulated other comprehensive loss (net of tax) and amortized as an adjustment the security. credit losses on the transferred security is evaluated in accordance with the accounting any allowance amounts reversed or established as part of the transfer of Income. The accrual of interest is generally suspended on securities more than 90 days a security is placed on nonaccrual status, all previously accrued and uncollected interest thus not included in the estimate of credit losses. Credit losses and changes thereto, are established as an allowance for credit loss through Losses are charged against the allowance when management either of the criteria regarding intent or requirement to sell is met. Certain debt securities in the Company’s explicitly or implicitly guaranteed by the U.S. government. securities indicates that the expectation of nonpayment of the amortized technically default. government guaranteed treasuries. credit losses due to the zero loss assumption. Impairment - Available . Unrealized gains on AFS securities are excluded from earnings and reported, securities that are in an unrealized loss position, the Company first assesses whether it intends than not it will be required to sell the security before recovery of its amortized or requirement to sell is met, the security’s that do not meet the aforementioned criteria or have a zero loss assumption, value has resulted from credit losses or other factors. value is less than amortized cost, any changes to the rating of the security by a related to the security, among be collected from the security are compared to the amortized cost basis of the security. expected to be collected is less than the amortized cost basis, a credit loss exists and through a provision for credit loss expense, limited by the amount that fair value is less than impairment that is not credit related is recognized in other comprehensive Allowance for Credit Losses - Held-to-Maturity Securities. Management measures expected credit losses on each individual HTM assumption. the difference between the discounted value of the expected amortized basis of the security. provision for credit loss expense. |
Loans Held for Investment | Loans Held for Investment Loans held for investment (“HFI”) are stated at amortized cost which includes the and discounts, and net deferred loan fees and costs. included in the amortized cost basis of loans. principal balances and includes loan late fees. amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity accrual of interest is generally suspended on loans more than 90 days past due placed on nonaccrual status, all previously accrued and uncollected interest election has been made to not include accrued interest in the estimate of credit recognized when the ultimate collectability is no longer considered doubtful. principal and interest amounts contractually due are brought current Loan charge-offs on commercial and investor loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. determinations are the borrower’s and any guarantor’s (if applicable), and collateral value. Examination Council’s Uniform classification and treatment of consumer loans, which generally require The Company has adopted comprehensive lending policies, underwriting maximize loan income within an acceptable level of risk. concentrations, loan delinquencies, nonperforming and potential problem review of loan portfolio quality and trends by Management and the Credit Risk Oversight estimating the allowance for credit losses. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is a valuation account that is deducted from the amount expected to be collected on the loans. reported in earnings, and reduced by the charge-off allowance when management believes the uncollectability of a loan balance aggregate of amounts previously charged-off off-balance sheet credit exposures is provided for through the credit Management estimates the allowance balance using relevant available information, past events, current conditions, and reasonable and supportable forecasts. basis for the estimation of expected credit losses. current conditions and forecasts. The methodology for estimating the amount of credit losses reported in the first, an asset-specific component involving loans that do not share risk characteristics losses for such individual loans; and second, a pooled component for expected risk characteristics. Loans That Do Not Share Risk Characteristics (Individually Loans that do not share similar risk characteristics are evaluated on an individual have differing risk characteristics and are individually analyzed to dependent when the borrower is experiencing financial difficulty sale of the underlying collateral. measured based on the difference between the fair asset. by Financial Accounting Standards Board (“FASB”) expected credit loss under the same approach as those loans where foreclosure $250,000, balances less than $250,000, the Company has made a policy election to measure expected loss rates for similar loan types. Loans That Share Similar Risk Characteristics (Pooled The general steps in determining expected credit losses for the pooled loan component ● Segment loans into pools according to similar risk characteristics ● Develop historical loss rates for each loan pool segment ● Incorporate the impact of forecasts ● Incorporate the impact of other qualitative factors ● Calculate and review pool specific allowance for credit loss estimate A discounted cash flow methodology is utilized to calculate expected discounted present value of expected cash flow is then compared to estimate. The primary inputs used to calculate expected cash flows include historical and loss given default (“LGD”), and prepayment rates. rate and is based on management’s assessment the Company’s risk rating process are reflect the historical average net loss rate by loan pool. prepayments which will vary by loan segment and interest rate conditions. prepayment rates occurring in the loan portfolio and consideration of forecasted In developing loss rates, adjustments are made to incorporate the impact of forecasted applied, including the length of the forecast and reversion periods. able to make a reasonable and supportable assessment of future conditions. management believes it can develop a reasonable and supportable forecast, the use of historical default and loss rates. and reversion periods are periodically evaluated and based on management’s may vary by loan pool. utilizes established industry and economic data points and sources, the forecasted unemployment rate being a significant factor. on management’s assessment of Reversion period PD rates reflect the difference between forecast adjustment over the reversion period. Loss rates are further adjusted to account for other risk factors that impact loan defaults on management’s assessment of and external factors that are independent of and not reflected in the quantitative considers in this assessment include trends in underwriting standards, loan review systems, collateral valuations, concentrations, legal/regulatory/political natural disasters. Allowance for Credit Losses on Off-Balance The Company estimates expected credit losses over the contractual period contractual obligation to extend credit, unless that obligation is unconditionally credit losses on off-balance sheet credit exposures is adjusted as a provision liabilities. on commitments expected to be funded over its estimated life and applies the same outstanding loan balances by segment. the allowance for credit losses with similar risk characteristics that have been previously |
Mortgage Banking Activities | Mortgage Banking Activities Mortgage Loans Held for Sale and Revenue Recognition Mortgage loans held for sale (“HFS”) are carried at fair value under the fair value mortgage banking revenues on the Consolidated Statements of to investors is calculated using observable market information such mandatory delivery commitment prices. The Company bases loans committed (“FNMA”), Government National Mortgage Association (“GNMA”), and (“FHLMC”) (“Agency”) investors based on the Agency’s mortgage loans held for sale not committed to investors is based on quoted best execution quoted price exists, the fair value is determined using quoted prices for the specific attributes of that loan, which would be used by other market Gains and losses from the sale of mortgage loans held for sale are recognized based upon proceeds and carrying value of the related loans upon sale and are recorded Statements of Income. Sales proceeds reflect the cash received from investors premium. If the related mortgage loan is sold with servicing retained, the on the Consolidated Statements of Income. with the changes in the fair value of mortgage loans held for sale, and the realized and instruments. Mortgage loans held for sale are considered sold when the Company surrenders considered to have been surrendered when the transferred assets have been Company and its creditors; the purchaser obtains the right (free of conditions that to pledge or exchange the transferred assets; and the Company does not through either an agreement that both entitles and obligates the Company their maturity or the ability to unilaterally cause the holder to return specific criteria to have been met upon acceptance and receipt of sales proceeds Government National Mortgage Association (“GNMA”) optional individual delinquent mortgage loans that meet certain criteria from servicing. for an amount equal to 100 percent of the remaining principal balance of Servicing,” this buy-back option is considered a conditional option until becomes unconditional. unconditional buy-back option, the loans can no longer be reported Statement of Financial Condition, regardless of whether there is intent to exercise in other assets with the offsetting liability being reported Derivative Instruments (IRLC/Forward Commitments) The Company holds and issues derivative financial instruments such as interest rate forward sale commitments. IRLCs are subject to price risk primarily related interest rate risk on certain IRLCs, the Company uses forward sale commitments, mandatory delivery commitments with investors. Management expects fair value opposite to the changes in fair value of the IRLCs thereby reducing also used to hedge the interest rate risk on mortgage loans held for sale that are not price risk. If the mandatory delivery commitments are not fulfilled, the Company commitments are also executed with investors, whereby certain loans to an investor at a fixed price. If the best effort IRLC does not fund, The Company considers various factors and strategies in determining held for sale to economically hedge. Consolidated Statements of Financial Condition at their fair value. recognized in mortgage banking revenues on the Consolidated Statements losses resulting from the pairing-out of forward sale commitments are recognized Consolidated Statements of Income. The Company accounts for all derivative and does not designate any for hedge accounting. Mortgage Servicing Rights (“MSRs”) and Revenue Recognition The Company sells residential mortgage loans in the secondary market and may sale, an MSR asset is capitalized, which represents the then current fair value of performing servicing activities. fair value measurement method, the Company follows the amortization method. (other income) in proportion to and over the period of estimated net servicing reporting date. value, and included in other assets, net, on the Consolidated Statements of The Company periodically evaluates its MSRs asset for impairment. date using estimated prepayment speeds of the underlying mortgage characteristics of the underlying loans (predominantly loan type and note prepayment speeds are usually faster and the value of the MSRs asset generally Conversely, as mortgage increases, requiring less valuation reserve. amortized cost of the MSRs exceeds the estimated fair value by stratification. temporary impairment no longer exists for a stratification, the valuation temporary impairment (i.e., recoverability is considered remote when recognized as a write-down of the MSRs asset and the related valuation allowance available) and then against earnings. valuation allowance, precluding subsequent recoveries. |
Derivative/Hedging Activities | Derivative/Hedging Activities At the inception of a derivative contract, the Company designates the derivative intentions and belief as to the likely effectiveness as a hedge. These three asset or liability or of an unrecognized firm commitment (“fair value variability of cash flows to be received or paid related to a recognized with no hedging designation (“standalone derivative”). For a fair value hedge, offsetting loss or gain on the hedged item, are recognized gain or loss on the derivative is reported in other comprehensive income and is reclassified during which the hedged transaction affects earnings. For not highly effective in hedging the changes in fair value or expected current earnings. Net cash settlements on derivatives that qualify for hedge expense, based on the item being hedged. Net cash settlements on derivatives reported in non-interest income. Cash flows on hedges are classified in the cash flow items being hedged. The Company formally documents the relationship between derivatives objective and the strategy for undertaking hedge transactions at the inception includes linking fair value or cash flow hedges to specific assets and liabilities on the Condition or to specific firm commitments or forecasted transactions. The Company inception and on an ongoing basis, whether the derivative instruments that are used fair values or cash flows of the hedged items. The Company discontinues hedge is no longer effective in offsetting changes in the terminates, a hedged forecasted transaction is no longer probable, a hedged derivative as a hedge is no longer appropriate or intended. When hedge accounting value of the derivative are recorded as non-interest income. When a fair is no longer adjusted for changes in fair value and the existing basis adjustment is amortized the asset or liability. When expected to occur, gains or losses that were accumulated same periods, in which the hedged transactions will affect earnings. |
Long-Lived Assets | Long-Lived Assets Premises and equipment is stated at cost less accumulated depreciation, useful lives for each type of asset with premises being depreciated over 10 40 depreciated over a range of 3 10 depreciated over the lesser of the useful life or the remaining lease term. expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their comparing the carrying value to estimated undiscounted cash flows. recorded equal to the carrying value less the fair value. See Note 6 – Premises and |
Leases | Leases The Company has entered into various operating leases, primarily for terms from one to ten years. at the Company’s sole discretion. Certain leases contain early termination options. calculation of the operating right-of-use assets or operating lease liabilities. adjustments to rental payments for inflation. the present value of the lease payments not yet paid, discounted using incremental borrowing rate. incremental borrowing rate at the commencement date in determining borrowing rate is based on the term of the lease. measured at (i) the initial measurement of the lease liability; (ii) any lease payments made commencement date less any lease incentives received; and (iii) any initial direct initial term of 12 months or less are not recorded on the Consolidated Statement leases, lease expense is recognized on a straight-line basis over the lease term. leases. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company, through insurance is recorded at the amount that can be realized under the insurance contract which is the cash surrender value adjusted for other charges or |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill represents the excess of the cost of businesses acquired over the fair with FASB ASC Topic annually during the fourth quarter or on an interim basis if an event occurs not reduce the fair value of the reporting unit below its carrying value. purchased as part of a business acquisition. circumstances indicate the carrying amount of the assets may not – Goodwill and Other Intangibles for additional information |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are less estimated selling costs, establishing a new cost basis. management and the assets are carried at the lower of carrying amount or fair value assets is subjective in nature and may be adjusted in the future because of changes in economic expenses from operations and changes in value are included in noninterest |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Contingencies for additional information. |
Noncontrolling Interest | Noncontrolling Interest To the extent recognizes noncontrolling interests in subsidiaries. equity which is redeemable or convertible for cash at the option of the equity holder the mezzanine section of the Consolidated Statements of Financial either CCBG (call) or the noncontrolling interest holder (put) on or CCBG’s control. holder based on their relative ownership percentages. to the higher of the carrying value or current redemption value, at the Statement corresponding adjustment to retained earnings. predetermined book value or pre-tax earnings multiple. noncontrolling interest, the Company’s Company uses an independent valuation expert to assist in estimating the fair value discounted cash flow methodology under the income approach, and (2) market approach. estimation of the fair value includes significant assumptions concerning: margins; (3) tax rates and (4) discount rates. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable liabilities (excluding deferred tax assets and liabilities related to business income). amounts and tax bases of assets and liabilities, computed using enacted tax deferred tax assets to the expected amount most likely to be realized. generation of a sufficient level of future taxable income and recoverable to settlements of share-based payment awards are reported in earnings as an The Company files a consolidated federal income tax return and a separate separate state income tax return. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted during the period excluding non-vested stock. non-vested stock awards granted using the treasury stock method. calculating basic earnings per common share and the weighted average common share for the reported periods is provided in Note 16 — Earnings |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in shareowners’ equity shareowners. changes in the net unrealized gain/loss on securities AFS, unrealized gain/loss status of defined benefit and supplemental executive retirement plans. Consolidated Statements of Comprehensive Income and Changes in Shareowners’ |
Stock Based Compensation | Stock Based Compensation Compensation cost is recognized for share-based awards issued to employees, of grant. price of the Company’s common a Black-Scholes model is utilized to estimate the fair value of the award. compensation expense is recognized as forfeitures occur. |
Revenue Recognition | Revenue Recognition FASB ASC Topic about the nature, amount, timing and uncertainty of revenue and cash flows services to customers. The core principle requires an entity to recognize revenue customers in an amount that reflects the consideration that it expects to be entitled services recognized as performance obligations are satisfied. The majority of the Company’s revenue financial instruments, such as our loans, letters of credit, and investment securities, mortgages in the secondary market, as these activities are subject to other Company recognizes revenue from these activities as it is earned based on are provided and collectability is reasonably assured. scope of ASC 606, which are presented in the accompanying Consolidated income are as follows: Deposit Fees - these represent general service fees for monthly account maintenance consist of transaction-based revenue, time-based revenue (service period), based revenue. account maintenance services or when a transaction has been completed. received at the time the performance obligations are satisfied. Wealth Management as consideration for managing the client’s services and similar fiduciary activities. Revenue is recognized when the Company’s month or quarter, which is the time that payment is received. dealer, for which the Company acts as an agent, referred to the third party. basis and recognized ratably throughout the quarter as the Company’s Bank Card Fees – bank card related fees primarily includes interchange cards. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. interchange income as transactions occur. Gains and Losses from the Sale of Bank Owned Property – the performance typically will be the delivery of control over the property to the buyer. the transaction price is typically identified in the purchase and sale agreement. financing, the Company must determine a transaction price, depending account the credit risk inherent in the arrangement. Insurance Commissions – insurance commissions recorded by the contractual agreements to sell policies to customers on behalf of the carriers. sell life and health insurance policies to customers. or when an existing policy renews. New policies and renewals generally have insurance carriers, a commission rate is agreed upon. The commission is recognized date) or when a policy renews. Other non-interest income primarily includes items such as mortgage loans held for sale), bank-owned life insurance, and safe deposit box fees, 606. The Company has made no significant judgments in applying the revenue guidance determination of the amount and timing of revenue from the above-described |
Recently Adopted Accounting Pronouncements and Issued but not yet Effective Accounting Standards | Recently Adopted Accounting Pronouncements Accounting Standards Update (“ASU”) Restructurings and Vintage The amendments eliminate the accounting guidance for troubled debt restructurings creditors that have adopted the CECL model and enhance the disclosure requirements made with borrowers experiencing financial difficulty. write-offs for financing receivables and net investment amendments in this update are for fiscal years beginning after December years. material impact on its consolidated financial statements. Issued But Not Yet ASU No. Common Control Arrangements.” ASU 2023-01 requires entities to amortize leasehold improvements associated with common control leases over the useful life provides certain practical expedients applicable to private companies and not effective for the Company on January 1, 2024, though early adoption 2023-02 will have on its consolidated financial statements and related disclosures. ASU No. Structures Using the Proportional ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account using the proportional amortization method, regardless of the program giving this method was only available for qualifying tax equity investments in low-income will be effective for the Company on January 1, 2024, though that ASU 2023-02 will have on its consolidated financial statements and related disclosures. ASU No. 2023-06, “Disclosure Improvements: Simplification Initiative.” ASU 2023-06 is intended to clarify or improve disclosure and presentation topics, which will allow users to more easily compare entities subject to the SEC’s were not previously subject to the requirements and align the requirements in the SEC’s regulations. ASU 2023-06 the SEC’s existing disclosure requirements, that related disclosure requirement from Regulation S-X or Regulation S-K not removed the applicable requirement from Regulation S-X or Regulation will be removed from the Codification and will not become effective provisions of the amendments and the impact on its future consolidated statements ASU No. 2023-09, “Income Taxes ASU 2023-09 is intended to enhance transparency and decision usefulness of income tax disclosures. The ASU addresses income tax information through improvements to income tax disclosures, taxes paid information. Retrospective application in all prior periods is permitted. on January 1, 2025. The Company is currently evaluating the impact of the incremental required to be disclosed as well as the impact to Note 13- Income Taxes. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended |
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Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Restatement Impacts | CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 52,258 $ - $ 52,258 Adjustments to Reconcile Net Income to 9,714 - 9,714 7,918 - 7,918 4,221 - 4,221 160 - 160 Gain on Securities Transactions 3 - 3 (291) - (291) (306,714) (100,089) (406,803) 315,812 88,520 404,332 (10,400) - (10,400) 419 - 419 1,237 - 1,237 (48) - (48) (483) - (483) 79 - 79 (2,053) - (2,053) (1,029) - (1,029) (4,452) - (4,452) Net Cash Provided By Operating Activities 66,351 (11,569) 54,782 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (1,483) - (1,483) 36,600 - 36,600 Securities Available for (8,379) - (8,379) 30,420 - 30,420 62,861 - 62,861 Equity Securities (13,566) - (13,566) 10,127 - 10,127 Purchase of loans held for investment (2,488) - (2,488) Net Increase in Loans Held for Investment (191,151) (35,745) (226,896) Proceeds from Sales of Loans - 47,314 47,314 Proceeds From Sales of Other Real Estate Owned 3,995 - 3,995 Purchases of Premises and Equipment, net (7,046) - (7,046) Net Cash Used In Investing Activities (80,110) 11,569 (68,541) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (237,495) - (237,495) Net Decrease in Other Short-Term (21,452) - (21,452) Repayment of Other Long-Term (199) - (199) Dividends Paid (12,905) - (12,905) Payments to Repurchase Common Stock (3,710) - (3,710) Issuance of Common Stock Under Compensation Plans 937 - 937 Net Cash Provided By Financing Activities (274,824) - (274,824) NET DECREASE IN CASH AND CASH EQUIVALENTS (288,583) - (288,583) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 312,067 $ - $ 312,067 Supplemental Cash Flow Disclosures: $ 21,775 $ - $ 21,775 $ 9,118 $ - $ 9,118 Supplemental Noncash Items $ - $ 35,745 $ 35,745 $ 1,512 $ - $ 1,512 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,412 $ - $ 33,412 Adjustments to Reconcile Net Income to 7,494 - 7,494 7,596 - 7,596 7,772 - 7,772 160 - 160 2,321 - 2,321 (437,827) 47,636 (390,191) 475,359 (37,452) 437,907 (11,909) - (11,909) 726 - 726 1,630 - 1,630 (27) - (27) (3,870) - (3,870) (108) - (108) (422) - (422) (8,636) - (8,636) 8,837 - 8,837 Net Cash Provided By Operating Activities 82,508 10,184 92,692 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (219,865) - (219,865) 55,314 - 55,314 Securities Available for (52,238) - (52,238) 3,365 - 3,365 81,596 - 81,596 Purchase of loans held for investment (16,753) - (16,753) Net Increase in Loans Held for Investment (606,011) (114,659) (720,670) Proceeds From Sales of Loans - 104,475 104,475 Proceeds From Sales of Other Real Estate Owned 2,406 - 2,406 Purchases of Premises and Equipment, net (6,322) - (6,322) Noncontrolling interest contributions received 2,867 - 2,867 Net Cash Used In Investing Activities (755,641) (10,184) (765,825) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 226,455 - 226,455 Net Increase in Other Short-Term 22,114 - 22,114 Repayment of Other Long-Term (249) - (249) Dividends Paid (11,191) - (11,191) Issuance of Common Stock Under Compensation Plans 1,300 - 1,300 Net Cash Provided By Financing Activities 238,429 - 238,429 NET DECREASE IN CASH AND CASH EQUIVALENTS (434,704) - (434,704) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 600,650 $ - $ 600,650 Supplemental Cash Flow Disclosures: $ 6,586 $ - $ 6,586 $ 7,466 $ - $ 7,466 Supplemental Noncash Items $ - $ 108,798 $ 108,798 $ 2,398 $ - $ 2,398 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Year (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 33,396 $ - $ 33,396 Adjustments to Reconcile Net Income to (1,553) - (1,553) 7,607 - 7,607 14,072 - 14,072 107 - 107 3,072 - 3,072 (1,262,746) 33,800 (1,228,946) 1,376,678 (27,554) 1,349,124 (52,425) - (52,425) 72 - 72 (250) - (250) 843 - 843 (4) - (4) (4,157) - (4,157) (165) - (165) (1,662) - (1,662) 10,885 - 10,885 (7,846) - (7,846) Net Cash Provided By Operating Activities 115,924 6,246 122,170 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (251,525) - (251,525) 78,544 - 78,544 Securities Available for (523,961) - (523,961) 495 - 495 178,425 - 178,425 Purchase of loans held for investment (20,209) - (20,209) Net Decrease (Increase) in Loans Held for Investment 88,545 (98,606) (10,061) Proceeds from Sales of Loans - 92,360 92,360 Net Cash Paid for Acquisitions (4,482) - (4,482) Proceeds From Sales of Other Real Estate Owned 4,502 - 4,502 Purchases of Premises and Equipment, net (5,193) - (5,193) Noncontrolling interest contributions received 7,139 - 7,139 Net Cash Used In Investing Activities (447,720) (6,246) (453,966) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 495,302 - 495,302 Net Decrease (45,938) - (45,938) Repayment of Other Long-Term (1,332) - (1,332) Dividends Paid (10,459) - (10,459) Issuance of Common Stock Under Compensation Plans 1,028 - 1,028 Net Cash Provided By Financing Activities 438,601 - 438,601 NET DECREASE IN CASH AND CASH EQUIVALENTS 106,805 - 106,805 Cash and Cash Equivalents at Beginning of Period 928,549 - 928,549 Cash and Cash Equivalents at End of Period $ 1,035,354 $ - $ 1,035,354 Supplemental Cash Flow Disclosures: $ 3,547 $ - $ 3,547 $ 16,339 $ - $ 16,339 Supplemental Noncash Items: $ - $ 98,081 $ 98,081 $ 1,717 $ - $ 1,717 The accompanying Notes to Consolidated Financial Statements are |
INVESTMENT SECURITIES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Schedule of Amortized Cost and Related Market Value of Investment Securities Available-for-Sale | Available for Amortized Unrealized Unrealized Allowance for Carrying (Dollars in Thousands) Cost Gains Losses Credit Losses Value December 31, 2023 U.S. Government Treasury $ 25,947 $ 1 $ 1,269 $ - $ 24,679 U.S. Government Agency 152,983 104 8,053 - 145,034 States and Political Subdivisions 43,951 1 4,861 (8) 39,083 Mortgage-Backed Securities (1) 73,015 2 9,714 - 63,303 Corporate Debt Securities 63,600 - 6,031 (17) 57,552 Other Securities (2) 8,251 - - - 8,251 Total $ 367,747 $ 108 $ 29,928 $ (25) $ 337,902 December 31, 2022 U.S. Government Treasury $ 23,977 $ 1 $ 1,928 $ - $ 22,050 U.S. Government Agency 198,888 27 12,863 - 186,052 States and Political Subdivisions 47,197 - 6,855 (13) 40,329 Mortgage-Backed Securities (1) 80,829 2 11,426 - 69,405 Corporate Debt Securities 97,119 19 8,874 (28) 88,236 Other Securities (2) 7,222 - - - 7,222 Total $ 455,232 $ 49 $ 41,946 $ (41) $ 413,294 Held to Maturity Amortized Unrealized Unrealized Fair (Dollars in Thousands) Cost Gains Losses Value December 31, 2023 U.S. Government Treasury $ 457,681 $ - $ 16,492 $ 441,189 Mortgage-Backed Securities 167,341 13 16,792 150,562 Total $ 625,022 $ 13 $ 33,284 $ 591,751 December 31, 2022 U.S. Government Treasury $ 457,374 $ - $ 25,641 $ 431,733 Mortgage-Backed Securities 203,370 8 22,410 180,968 Total $ 660,744 $ 8 $ 48,051 $ 612,701 (1) Comprised of residential mortgage-backed (2) Includes Federal Home Loan Bank and Federal Reserve Bank recorded 3.2 5.1 December 31, 2023 and of $ 2.1 5.1 |
Schedule of Investment Securities with Maturity Distribution Based on Contractual Maturities | Available for Held to Maturity Amortized Fair Amortized Fair (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 28,545 $ 27,854 $ 90,119 $ 88,588 Due after one through five years 138,299 127,843 367,562 352,601 Due after five through ten years 39,090 33,420 - - Mortgage-Backed Securities 73,015 63,303 167,341 150,562 U.S. Government Agency 80,547 77,231 - - Other Securities 8,251 8,251 - - Total $ 367,747 $ 337,902 $ 625,022 $ 591,751 |
Schedule of Investment Securities with Continuous Unrealized Loss Position | Less Than 12 Months Greater Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses December 31, 2023 Available for U.S. Government Treasury $ - $ - $ 19,751 $ 1,269 $ 19,751 $ 1,269 U.S. Government Agency 12,890 74 121,220 7,979 134,110 8,053 States and Political Subdivisions 1,149 31 37,785 4,830 38,934 4,861 Mortgage-Backed Securities 23 - 63,195 9,714 63,218 9,714 Corporate Debt Securities - - 57,568 6,031 57,568 6,031 Total 14,062 105 299,519 29,823 313,581 29,928 Held to Maturity U.S. Government Treasury 153,880 3,178 287,310 13,314 441,190 16,492 Mortgage-Backed Securities 786 14 148,282 16,778 149,068 16,792 Total $ 154,666 $ 3,192 $ 435,592 $ 30,092 $ 590,258 $ 33,284 December 31, 2022 Available for U.S. Government Treasury $ 983 $ - $ 19,189 $ 1,928 $ 20,172 $ 1,928 U.S. Government Agency 63,112 2,572 113,004 10,291 176,116 12,863 States and Political Subdivisions 1,425 2 38,760 6,853 40,185 6,855 Mortgage-Backed Securities 6,594 959 60,458 10,467 67,052 11,426 Equity Securities 26,959 878 58,601 7,996 85,560 8,874 Total 99,073 4,411 290,012 37,535 389,085 41,946 Held to Maturity U.S. Government Treasury 177,552 11,018 254,181 14,623 431,733 25,641 Mortgage-Backed Securities 88,723 6,814 91,462 15,596 180,185 22,410 Total $ 266,275 $ 17,832 $ 345,643 $ 30,219 $ 611,918 $ 48,051 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Loans Held for Investment and Allowance for Credit Losses [Abstract] | |
Schedule of Composition of the Loan Portfolio | (Dollars in Thousands) 2023 2022 Commercial, Financial and Agricultural $ 225,190 $ 247,362 Real Estate – Construction 196,091 234,519 Real Estate – Commercial Mortgage 825,456 782,557 Real Estate – Residential (1) 1,004,219 749,513 Real Estate – Home Equity 210,920 208,217 Consumer (2) 272,042 325,517 Loans Held for Investment, Net of Unearned Income $ 2,733,918 $ 2,547,685 (1) Includes loans in process with outstanding balances 3.2 6.1 (2) 1 .0 million and $ 1.1 |
Schedule of Activity in the Allowance for Loan Losses by Portfolio Class | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2023 Beginning Balance $ 1,506 $ 2,654 $ 4,815 $ 10,741 $ 1,864 $ 3,488 $ 25,068 210 (154) 1,035 4,141 (233) 4,596 9,595 (511) - (120) (79) (39) (8,543) (9,292) 277 2 52 253 226 3,760 4,570 (234) 2 (68) 174 187 (4,783) (4,722) Ending Balance $ 1,482 $ 2,502 $ 5,782 $ 15,056 $ 1,818 $ 3,301 $ 29,941 2022 Beginning Balance $ 2,191 $ 3,302 $ 5,810 $ 4,129 $ 2,296 $ 3,878 $ 21,606 316 (658) (746) 6,328 (422) 2,579 7,397 (1,308) - (355) - (193) (6,050) (7,906) 307 10 106 284 183 3,081 3,971 (1,001) 10 (249) 284 (10) (2,969) (3,935) Ending Balance $ 1,506 $ 2,654 $ 4,815 $ 10,741 $ 1,864 $ 3,488 $ 25,068 2021 Beginning Balance $ 2,204 $ 2,479 $ 7,029 $ 5,440 $ 3,111 $ 3,553 $ 23,816 (227) 813 (1,679) (1,956) (1,125) 1,332 (2,842) (239) - (405) (108) (103) (3,972) (4,827) 453 10 865 753 413 2,965 5,459 214 10 460 645 310 (1,007) 632 Ending Balance $ 2,191 $ 3,302 $ 5,810 $ 4,129 $ 2,296 $ 3,878 $ 21,606 |
Schedule of Aging of the Recorded Investment in Accruing Past Due Loans by Class of Loans | 30-59 60-89 90 + Total Total Nonaccrual Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans Loans 2023 Commercial, Financial and Agricultural $ 311 $ 105 $ - $ 416 $ 224,463 $ 311 $ 225,190 Real Estate – Construction 206 - - 206 195,563 322 196,091 Real Estate – Commercial Mortgage 794 - - 794 823,753 909 825,456 Real Estate – Residential 670 34 - 704 1,000,525 2,990 1,004,219 Real Estate – Home Equity 268 - - 268 209,653 999 210,920 Consumer 3,693 774 - 4,467 266,864 711 272,042 Total $ 5,942 $ 913 $ - $ 6,855 $ 2,720,821 $ 6,242 $ 2,733,918 2022 Commercial, Financial and Agricultural $ 109 $ 126 $ - $ 235 $ 247,086 $ 41 $ 247,362 Real Estate – Construction 359 - - 359 234,143 17 234,519 Real Estate – Commercial Mortgage 158 149 - 307 781,605 645 782,557 Real Estate – Residential 845 530 - 1,375 747,899 239 749,513 Real Estate – Home Equity - 35 - 35 207,411 771 208,217 Consumer 3,666 1,852 - 5,518 319,415 584 325,517 Total $ 5,137 $ 2,692 $ - $ 7,829 $ 2,537,559 $ 2,297 $ 2,547,685 |
Schedule of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days and Still on Accrual by Class of Loans | 2023 2022 Nonaccrual Nonaccrual 90 + Days Nonaccrual Nonaccrual 90 + Days With No With Still With No With Still (Dollars in Thousands) ACL ACL Accruing ACL ACL Accruing Commercial, Financial and Agricultural $ - $ 311 $ - $ - $ 41 $ - Real Estate – Construction - 322 - - 17 - Real Estate – Commercial Mortgage 781 128 - 389 256 - Real Estate – Residential 1,705 1,285 - - 239 - Real Estate – Home Equity - 999 - - 771 - Consumer - 711 - - 584 - Total $ 2,486 $ 3,756 $ - $ 389 $ 1,908 $ - |
Amortized Cost Basis of Collateral-Dependent Loans | 2023 2022 Real Estate Non Real Estate Real Estate Non Real Estate (Dollars in Thousands) Secured Secured Secured Secured Commercial, Financial and Agricultural $ - $ 30 $ - $ - Real Estate – Construction 275 - - - Real Estate – Commercial Mortgage 1,296 - 389 - Real Estate – Residential 1,706 - 160 - Real Estate – Home Equity - - 130 - Consumer - - 21 - Total $ 3,277 $ 30 $ 700 $ - |
Summary of Gross Loans Held for Investment by Years of Origination | Term Loans by Origination Year Revolving (Dollars in Thousands) 2023 2022 2021 2020 2019 Prior Loans Total Commercial, Financial, Agricultural: Pass $ 57,320 $ 66,671 $ 28,933 $ 10,610 $ 7,758 $ 7,502 $ 44,350 $ 223,144 Special Mention 168 608 356 10 9 - 76 1,227 Substandard 164 177 98 77 20 122 161 819 Total $ 57,652 $ 67,456 $ 29,387 $ 10,697 $ 7,787 $ 7,624 $ 44,587 $ 225,190 Current-Period Gross Writeoffs $ 6 $ 252 $ 65 $ 31 $ 41 $ 19 $ 97 $ 511 Real Estate - Construction: Pass $ 101,684 $ 68,265 $ 18,181 $ - $ 188 $ - $ 4,617 $ 192,935 Special Mention 631 500 539 212 - - - 1,882 Substandard - 47 576 651 - - - 1,274 Total $ 102,315 $ 68,812 $ 19,296 $ 863 $ 188 $ - $ 4,617 $ 196,091 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real Estate - Commercial Mortgage: Pass $ 117,840 $ 275,079 $ 135,663 $ 101,210 $ 43,878 $ 109,878 $ 18,367 $ 801,915 Special Mention 3,266 5,684 - 229 1,358 573 - 11,110 Substandard - 1,226 6,695 1,637 605 1,574 694 12,431 Total $ 121,106 $ 281,989 $ 142,358 $ 103,076 $ 45,841 $ 112,025 $ 19,061 $ 825,456 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ 120 $ - $ 120 Real Estate - Residential: Pass $ 372,394 $ 400,437 $ 83,108 $ 35,879 $ 24,848 $ 68,685 $ 8,252 $ 993,603 Special Mention 268 89 83 502 - 313 - 1,255 Substandard 570 1,110 1,906 1,626 1,007 3,142 - 9,361 Total $ 373,232 $ 401,636 $ 85,097 $ 38,007 $ 25,855 $ 72,140 $ 8,252 $ 1,004,219 Current-Period Gross Writeoffs $ - $ - $ 79 $ - $ - $ - $ - $ 79 Real Estate - Home Equity: Performing $ 890 $ 48 $ 127 $ 11 $ 386 $ 950 $ 207,509 $ 209,921 Nonperforming - - - - - - 999 999 Total $ 890 48 127 11 386 950 208,508 210,920 Current-Period Gross Writeoffs $ - $ - $ - $ - $ - $ - $ 39 $ 39 Consumer: Performing $ 68,496 $ 90,031 $ 70,882 $ 21,314 $ 10,210 $ 4,258 $ 5,431 $ 270,622 Nonperforming 293 355 58 4 - - 710 1,420 Total $ 68,789 $ 90,386 $ 70,940 $ 21,318 $ 10,210 $ 4,258 $ 6,141 $ 272,042 Current-Period Gross Writeoffs $ 3,137 $ 3,224 $ 1,362 $ 329 $ 230 $ 99 $ 162 $ 8,543 |
MORTGAGE BANKING ACTIVITIES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Mortgage Banking Activities [Abstract] | |
Summary of Unpaid Principal Balance of Residential Mortgage Loans | December 31, 2023 December 31, 2022 Unpaid Principal Unpaid Principal (Dollars in Thousands) Balance/Notional Fair Value Balance/Notional Fair Value Residential Mortgage Loans Held for Sale $ 27,944 $ 28,211 $ 26,274 $ 26,909 Residential Mortgage Loan Commitments (1) 23,545 523 36,535 819 Forward Sales Contracts (2) 24,500 209 15,500 187 $ 28,943 $ 27,915 (1) Recorded in other assets at fair value (2) Recorded in other assets and (other liabilities) |
Mortgage Banking Revenue | (Dollars in Thousands) 2023 2022 2021 Net realized gain on sales of mortgage loans $ 5,297 $ 5,565 $ 49,355 Net change in unrealized gain on mortgage loans held for sale (252) (1,164) (2,410) Net change in the fair value of mortgage loan commitments (296) (439) (3,567) Net change in the fair value of forward sales contracts (395) 192 900 Pair-Offs on net settlement of forward 367 4,956 2,956 Mortgage servicing rights additions 651 565 1,416 Net origination fees 5,028 2,234 3,775 Total mortgage banking $ 10,400 $ 11,909 $ 52,425 |
Summary of Mortgage Servicing Rights | (Dollars in Thousands) 2023 2022 Number of residential mortgage loans serviced for others 450 1,769 Outstanding principal balance of residential mortgage loans serviced $ 108,897 $ 410,470 Weighted average 5.37% 3.62% Remaining contractual term (in months) 309 298 |
Activity in the Capitalized Mortgage Servicing Rights | (Dollars in Thousands) 2023 2022 2021 Beginning balance $ 2,599 $ 3,774 $ 3,452 Additions due to loans sold with servicing retained 651 565 1,416 Deletions and amortization (232) (1,291) (1,344) Valuation - - 250 Sale of Servicing Rights (1) (2,187) (449) - Ending balance $ 831 $ 2,599 $ 3,774 (1) In 2023, the Company sold an MSR portfolio with an unpaid principal balance of 334 4.0 1.38 In 2022, the Company sold an MSR portfolio with an unpaid principal balance 50 0.6 0.2 |
Key Unobservable Inputs used in Determining the Fair Value of Mortgage Servicing Rights | 2023 2022 Minimum Maximum Minimum Maximum Discount rates 9.50% 12.00% 9.50% 12.00% Annual prepayment speeds 11.23% 17.79% 12.33% 20.23% Cost of servicing (per loan) $ 85 95 $ 85 95 |
Warehouse Line Borrowings | Amounts (Dollars in Thousands) Outstanding $ 25 2.00% plus 3.00% , with a floor rate of 3.25% 4.25% . 0.1 lender. $ 192 $ 60 December 2024 . 2.75% to 3.25% . 8,192 $ 8,384 |
DERIVATIVES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Derivatives [Abstract] | |
Cash Flow Hedges Included in the Consolidated Statement of Financial Condition | Statement of Financial Notional Fair Weighted Average (Dollars in Thousands) Condition Location Value Interest rate swaps related to subordinated debt: December 31, 2023 Other Assets $ 30,000 $ 5,317 6.5 December 31, 2022 Other Assets $ 30,000 $ 6,195 7.5 |
Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income | Amount of Gain Amount of Gain (Loss) Recognized (Loss) Reclassified (Dollars in Thousands) Category in AOCI from AOCI to Income December 31, 2023 Interest Expense $ 3,969 $ 1,395 December 31, 2022 Interest Expense $ 4,625 $ 337 December 31, 2021 Interest Expense $ 1,530 $ (151) |
PREMISES AND EQUIPMENT (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Premises and equipment [Abstract] | |
Schedule of Composition of Premises and Equipment | (Dollars in Thousands) 2023 2022 Land $ 22,393 $ 22,847 Buildings 110,472 109,849 Fixtures and Equipment 61,051 59,627 Total Premises and Equipment 193,916 192,323 Accumulated Depreciation (112,650) (110,185) Premises and Equipment, Net $ 81,266 $ 82,138 |
LEASES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Expense and Other Information Related to the Company's Operating Leases | (Dollars in Thousands) 2023 2022 2021 Operating lease expense $ 2,919 $ 1,719 $ 1,445 Short-term lease expense 622 658 663 Total lease expense $ 3,541 $ 2,377 $ 2,108 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,847 $ 1,937 $ 1,609 Right-of-use assets obtained in exchange for new operating lease liabilities 6,748 12,475 784 Weighted-average 16.9 19.5 25.3 Weighted-average 3.5 % 3.1 % 2.0 % |
Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) December 31, 2023 2024 $ 3,127 2025 3,105 2026 2,966 2027 2,888 2028 2,611 2028 and thereafter 20,670 Total $ 35,367 Less: Interest (7,976) Present Value $ 27,391 |
OTHER REAL ESTATE OWNED (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Other Real Estate Owned [Abstract] | |
Schedule of Other Real Estate Owned Activity | (Dollars in Thousands) 2023 2022 2021 Beginning Balance $ 431 $ 17 $ 808 Additions 1,512 2,398 1,717 Valuation (16) (11) (31) Sales (1,926) (1,973) (2,809) Other - - 332 Ending Balance $ 1 $ 431 $ 17 |
Schedule of Net Expenses | Net expenses applicable to other real estate owned for the three years ended December (Dollars in Thousands) 2023 2022 2021 Gains from the Sale of Properties $ (2,072) $ (480) $ (1,711) Losses from the Sale of Properties 3 47 18 Rental Income from Properties - (21) - Property Carrying Costs 84 106 174 Valuation 16 11 31 Total $ (1,969) $ (337) $ (1,488) |
DEPOSITS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Regulatory matters [Abstract] | |
Schedule of Interest Bearing Deposits | (Dollars in Thousands) 2023 2022 NOW Accounts $ 1,327,420 $ 1,290,494 Money Market Accounts 319,319 267,383 Savings Deposits 547,634 637,374 Time Deposits 129,515 90,446 Total Interest Bearing $ 2,323,888 $ 2,285,697 |
Schedule of Maturities of Time Deposits | (Dollars in Thousands) 2023 2024 $ 112,448 2025 7,349 2026 3,554 2027 4,211 2028 1,953 Total $ 129,515 |
Schedule of Interest Expense on Deposits | Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2023 2022 2021 NOW Accounts $ 12,375 $ 2,800 $ 294 Money Market Accounts 3,670 203 134 Savings Deposits 598 309 263 Time Deposits < $250,000 117 129 145 Time Deposits > $250,000 822 3 3 Total Interest Expense $ 17,582 $ 3,444 $ 839 |
SHORT-TERM BORROWINGS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Short Term Borrowings [Abstract] | |
Schedule of Short-Term Borrowings | (Dollars in Thousands) Federal Funds Purchased Securities Sold Under Repurchase Agreements (1) Other Short-Term Borrowings (2) 2023 Balance at December 31 $ - $ 26,957 $ 8,384 Maximum indebtedness at any month end - 32,426 42,345 Daily average indebtedness outstanding 12 19,917 24,134 Average rate paid 7.03 % 2.57 % 6.37 % Average rate paid - % 2.81 % 9.51 % 2022 Balance at December 31 $ - $ 6,582 $ 50,211 Maximum indebtedness at any month end - 9,452 50,211 Daily average indebtedness outstanding 2 8,095 32,386 Average rate paid 3.39 % 0.17 % 5.40 % Average rate paid - % 0.40 % 7.61 % 2021 Balance at December 31 $ - $ 4,955 $ 29,602 Maximum indebtedness at any month end - 6,755 58,309 Daily average indebtedness outstanding 2 5,762 47,748 Average rate paid 2.39 % 0.04 % 2.84 % Average rate paid - % 0.04 % 2.36 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. (2) Comprised of warehouse lines of credit totaling $ 8.4 |
LONG-TERM BORROWINGS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Long-term Borrowings [Abstract] | |
Schedule of Minimum Future Principal Payments on FHLB Advances | (Dollars in Thousands) 2023 2024 $ 198 2025 116 Total $ 314 |
INCOME TAXES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Income Tax [Abstract] | |
Schedule of Provision for Income Taxes | (Dollars in Thousands) 2023 2022 2021 Current: Federal $ 11,630 $ 10,646 $ 12,039 State 1,893 1,022 1,044 13,523 11,668 13,083 Deferred: Federal (391) (2,994) (3,246) State (351) (899) (10) Change in Valuation 259 23 8 (483) (3,870) (3,248) Total: Federal 11,239 7,652 8,793 State 1,542 123 1,034 Change in Valuation 259 23 8 Total $ 13,040 $ 7,798 $ 9,835 |
Schedule of Effective Income Tax Rate Reconciliation | (Dollars in Thousands) 2023 2022 2021 Tax Expense at Federal $ 13,411 $ 8,625 $ 10,385 Increases (Decreases) Resulting From: Tax-Exempt Interest (259) (248) (271) State Taxes, Net of Federal 1,218 94 819 Other (1,695) (546) 375 Change in Valuation 259 23 8 Tax-Exempt Cash Surrender (187) (175) (173) Noncontrolling Interest 293 25 (1,308) Actual Tax Expense $ 13,040 $ 7,798 $ 9,835 |
Schedule of Deferred Income Tax Liabilities and Assets | (Dollars in Thousands) 2023 2022 Deferred Tax Assets Attributable Allowance for Credit Losses $ 7,236 $ 6,042 Accrued Pension/SERP 144 1,530 State Net Operating Loss and Tax 2,069 1,920 Other Real Estate Owned 887 917 Accrued SERP Liability 2,594 3,246 Lease Liability 5,911 4,547 Net Unrealized Losses on Investment Securities 8,601 12,499 Other 2,665 3,043 Investment in Partnership 3,241 1,544 Total Deferred $ 33,348 $ 35,288 Deferred Tax Liabilities Depreciation on Premises and Equipment $ 3,733 $ 3,382 Deferred Loan Fees and Costs 2,614 2,372 Intangible Assets 3,344 3,310 Accrued Pension Liability 1,688 1,043 Right of Use Asset 5,829 4,474 Investments 469 469 Other 1,851 2,099 Total Deferred 19,528 17,149 Valuation 1,930 1,671 Net Deferred Tax $ 11,890 $ 16,468 |
Schedule of Beginning and Ending Unrecognized Tax Benefit | (Dollars in Thousands) 2023 2022 2021 Balance at January 1, $ 136 $ 52 $ - Additions Based on Tax 97 84 52 Balance at December 31 $ 233 $ 136 $ 52 |
STOCK-BASED COMPENSATION (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of Stock Purchase Right Estimated on the Date of Grant using Weighted Average Assumption | 2023 2022 2021 Dividend yield 2.3 % 2.4 % 2.5 % Expected volatility 22.5 % 17.6 % 21.8 % Risk-free interest rate 5.1 % 1.4 % 0.1 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Employee benefits plans [Abstract] | |
Schedule of Components of Pension Expense, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions | (Dollars in Thousands) 2023 2022 2021 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 108,151 $ 172,508 $ 212,566 Service Cost 3,488 6,289 6,971 Interest Cost 5,831 4,665 4,885 Actuarial Loss (Gain) 6,936 (39,962) (14,934) Benefits Paid (3,843) (2,139) (2,087) Expenses Paid (276) (416) (259) Settlements - (32,794) (34,634) Projected Benefit Obligation at End of Year $ 120,287 $ 108,151 $ 172,508 Change in Plan Assets: Fair Value $ 104,276 $ 165,274 $ 171,775 Actual Return on Plan Assets 19,138 (25,649) 30,479 Employer Contributions 6,000 - - Benefits Paid (3,843) (2,139) (2,087) Expenses Paid (276) (416) (259) Settlements - (32,794) (34,634) Fair Value $ 125,295 $ 104,276 $ 165,274 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other (Assets) Liabilities $ (5,008) $ 3,875 $ 7,234 Accumulated Benefit Obligation at End of Year $ 102,642 $ 91,770 $ 149,569 Components of Net Periodic Benefit Costs: Service Cost $ 3,488 $ 6,289 $ 6,971 Interest Cost 5,831 4,665 4,885 Expected Return on Plan Assets (6,805) (10,701) (11,147) Amortization of Prior Service Costs 5 15 15 Net Loss Amortization 934 1,713 6,764 Net Loss Settlements - 2,321 3,072 Net Periodic Benefit Cost $ 3,453 $ 4,302 $ 10,560 Weighted-Average Discount Rate 5.29% 5.63% 3.11% Rate of Compensation Increase (1) 5.10% 5.10% 4.40% Measurement Date 12/31/23 12/31/22 12/31/21 Weighted-Average Discount Rate 5.63% 3.11% 2.88% Expected Return on Plan Assets 6.75% 6.75% 6.75% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Amortization Amounts from Accumulated Other Comprehensive Loss: Net Actuarial Loss (Gain) $ (5,397) $ (3,612) $ (34,265) Prior Service Cost (5) (15) (15) Net Loss (934) (4,034) (9,836) Deferred Tax Expense 1,606 1,942 11,183 Other Comprehensive Gain, net of tax $ (4,730) $ (5,719) $ (32,933) Amounts Recognized in Accumulated Other Comprehensive Loss: Net Actuarial Losses $ 1,322 $ 7,653 $ 15,300 Prior Service Cost - 5 20 Deferred Tax Benefit (335) (1,941) (3,884) Accumulated Other Comprehensive Loss, net of tax $ 987 $ 5,717 $ 11,436 (1) |
Schedule of Pension Plan Asset Allocation and the Target Asset Allocation | Target Percentage of Plan Allocation Assets at December 31 (1) 2024 2023 2022 Equity Securities 68 % 70 % 73 % Debt Securities 27 % 18 % 23 % Cash and Cash Equivalents 5 % 12 % 4 % Total 100 % 100 % 100 % (1) Represents asset allocation at December 31 which end cash contribution to the plan. |
Schedule of Fair Value of Plan Assets by Level of the Valuation Inputs within the Fair Value Hierarchy | (Dollars in Thousands) 2023 2022 Level 1: U.S. Treasury Securities $ 16,126 $ 17,264 Mutual Funds 92,991 81,231 Cash and Cash Equivalents 15,717 5,327 Level 2: Corporate Notes/Bonds 461 454 Total Fair Value $ 125,295 $ 104,276 |
Schedule of Expected Benefit Payments Related to the Defined Benefit Pension Plan | Expected Benefit Payments. follows: (Dollars in Thousands) 2023 2024 $ 10,105 2025 11,119 2026 10,496 2027 10,042 2028 8,983 2029 through 2033 45,942 Total $ 96,687 |
Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed | Expected Contribution (Dollars in Thousands) 2022 2023 2024 (1) Actual Contributions $ - $ 6,000 $ 5,000 (1) |
Schedule of Components of SERP's Periodic Benefit Cost, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions | (Dollars in Thousands) 2023 2022 2021 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 10,948 $ 13,534 $ 13,402 Service Cost 18 31 35 Interest Cost 501 315 243 Actuarial (Gain) Loss 201 (2,932) (146) Net Settlements (2,464) - - Projected Benefit Obligation at End of Year $ 9,204 $ 10,948 $ 13,534 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 9,204 $ 10,948 $ 13,534 Accumulated Benefit Obligation at End of Year $ 8,943 $ 10,887 $ 12,803 Components of Net Periodic Benefit Costs: Service Cost $ 18 $ 31 $ 35 Interest Cost 501 315 243 Amortization of Prior Service Cost 151 277 277 Net Loss Amortization (531) 718 970 Net Gain Settlements (291) - - Net Periodic Benefit Cost $ (152) $ 1,341 $ 1,525 Weighted-Average Discount Rate 5.11% 5.45% 2.80% Rate of Compensation Increase (1) 5.10% 5.10% 4.40% Measurement Date 12/31/23 12/31/22 12/31/21 Weighted-Average Discount Rate 5.45% 2.80% 2.38% Rate of Compensation Increase (1) 5.10% 4.40% 4.00% Amortization Amounts from Accumulated Other Comprehensive Loss: Net Actuarial Loss (Gain) $ 201 $ (2,932) $ (146) Prior Service (Benefit) Cost (151) (277) (219) Net Gain (Loss) 531 (718) (970) Settlement Gain 291 - - Deferred Tax (Benefit) (222) 995 154 Other Comprehensive (Gain) Loss, net of tax $ 650 $ (2,932) $ (1,181) Amounts Recognized in Accumulated Other Comprehensive Loss: Net Actuarial (Loss) Gain $ (753) $ (1,775) $ 1,875 Prior Service Cost - 151 429 Deferred Tax Benefit 191 412 (584) Accumulated Other Comprehensive (Loss) Gain, net of tax $ (562) $ (1,212) $ 1,720 (1) |
Schedule of Expected Benefit Payments Related to the SERP | (Dollars in Thousands) 2023 2024 $ 8,800 2025 32 2026 38 2027 42 2028 64 2029 through 2033 748 Total $ 9,724 |
EARNINGS PER SHARE (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | (Dollars and Per Share Data in Thousands) 2023 2022 2021 Numerator: Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 Denominator: Denominator for Basic Earnings Per Share Weighted 16,987 16,951 16,863 Effects of Dilutive Securities Stock Compensation 36 34 30 Denominator for Diluted Earnings Per Share Adjusted Weighted 17,023 16,985 16,893 Basic Earnings Per Share $ 3.08 $ 1.97 $ 1.98 Diluted Earnings Per Share $ 3.07 $ 1.97 $ 1.98 |
REGULATORY MATTERS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Regulatory matters [Abstract] | |
Schedule of Company and Bank's Actual Capital Amounts and Ratios | To Be Well Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2023 Common Equity Tier 1: CCBG $ 373,206 13.52% $ 124,192 4.50% * * CCB 383,211 13.89% 124,158 4.50% $ 179,340 6.50% Tier 1 Capital: CCBG 424,206 15.37% 165,589 6.00% * * CCB 383,211 13.89% 165,545 6.00% 220,726 8.00% Total Capital: CCBG 457,339 16.57% 220,785 8.00% * * CCB 416,343 15.09% 220,726 8.00% 275,908 10.00% Tier 1 Leverage: CCBG 424,206 10.30% 164,691 4.00% * * CCB 383,211 9.31% 164,680 4.00% 205,850 5.00% 2022 Common Equity Tier 1: CCBG $ 335,512 12.38% $ 121,918 4.50% * * CCB 358,882 13.25% 121,913 4.50% $ 176,096 6.50% Tier 1 Capital: CCBG 386,512 14.27% 162,557 6.00% * * CCB 358,882 13.25% 162,550 6.00% 216,733 8.00% Total Capital: CCBG 414,569 15.30% 216,743 8.00% * * CCB 386,067 14.25% 216,733 8.00% 270,917 10.00% Tier 1 Leverage: CCBG 386,512 8.91% 173,546 4.00% * * CCB 358,882 8.27% 173,505 4.00% 216,881 5.00% * |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Activity in Accumulated Other Comprehensive Loss, Net of Tax | Accumulated Securities Other Available Interest Rate Retirement Comprehensive for Sale Swap Plans Loss Balance as of January 1, 2023 $ (37,349) $ 4,625 $ (4,505) $ (37,229) Other comprehensive income (loss) during the period 11,658 (655) 4,080 15,083 Balance as of December 31, 2023 $ (25,691) $ 3,970 $ (425) $ (22,146) Balance as of January 1, 2022 $ (4,588) $ 1,530 $ (13,156) $ (16,214) Other comprehensive (loss) income during the period (32,761) 3,095 8,651 (21,015) Balance as of December 31, 2022 $ (37,349) $ 4,625 $ (4,505) $ (37,229) Balance as of January 1, 2021 $ 2,700 $ 428 $ (47,270) $ (44,142) Other comprehensive (loss) income during the period (7,288) 1,102 34,114 27,928 Balance as of December 31, 2021 $ (4,588) $ 1,530 $ (13,156) $ (16,214) |
OTHER NONINTEREST EXPENSE (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Other Noninterest Expense [Abstract] | |
Schedule of Components of Other Noninterest Expense | (Dollars in Thousands) 2023 2022 2021 Legal Fees $ 1,721 $ 1,413 $ 1,411 Professional Fees 6,245 5,437 5,633 Telephone 2,729 2,851 2,975 Advertising 3,349 3,208 2,683 Processing Services 6,984 6,534 6,569 Insurance – Other 3,120 2,409 2,096 Pension – Other 76 (3,043) 1,913 Pension – Settlement (291) 2,321 3,072 Other 11,643 14,411 10,754 Total $ 35,576 35,541 37,106 |
COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Amounts Associated with the Entities Off-Balance Sheet Obligations | 2023 2022 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 207,605 $ 534,745 $ 742,350 $ 243,614 $ 531,873 $ 775,487 Standby Letters of Credit 6,094 - 6,094 5,619 - 5,619 Total $ 213,699 $ 534,745 $ 748,444 $ 249,233 $ 531,873 $ 781,106 (1) |
Allowance for Credit Losses for Off-Balance Sheet Credit Commitments | (Dollars in Thousands) 2023 2022 2021 Beginning Balance $ 2,989 $ 2,897 $ 1,644 Provision for Credit Losses 202 92 1,253 Ending Balance $ 3,191 $ 2,989 $ 2,897 |
FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | (Dollars in Thousands) Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Value 2023 ASSETS: Securities Available U.S. Government Treasury $ 24,679 $ - $ - $ 24,679 U.S. Government Agency - 145,034 - 145,034 States and Political Subdivisions - 39,083 - 39,083 Mortgage-Backed Securities - 63,303 - 63,303 Corporate Debt Securities - 57,552 - 57,552 Equity Securities - - 3,450 3,450 Loans Held for Sale - 28,211 - 28,211 Interest Rate Swap Derivative - 5,317 - 5,317 Residential Mortgage Loan Commitments ("IRLC") - - 523 523 LIABILITIES: Forward Sales Contracts ("Hedge Derivative") - 209 - 209 2022 ASSETS: Securities Available for U.S. Government Treasury $ 22,050 $ - $ - $ 22,050 U.S. Government Agency - 186,052 - 186,052 State and Political Subdivisions - 40,329 - 40,329 Mortgage-Backed Securities - 69,405 - 69,405 Corporate Debt Securities - 88,236 - 88,236 Equity Securities - - 10 10 Loans Held for Sale - 26,909 - 26,909 Interest Rate Swap Derivative - 6,195 - 6,195 Forward Sales Contracts ("Hedge Derivative") - 187 - 187 Residential Mortgage Loan Commitments ("IRLC") - - 819 819 |
Schedule of Financial Instruments with Estimated Fair Values | 2023 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 83,118 $ 83,118 $ - $ - Fed Funds Sold and Interest Bearing Deposits 228,949 228,949 - - Investment Securities, Held to Maturity 625,022 441,189 150,562 - Other Equity Securities (1) 2,848 - 2,848 - Mortgage Servicing Rights 831 - - 1,280 Loans, Net of Allowance for Credit Losses 2,703,977 - - 2,510,529 LIABILITIES: Deposits $ 3,701,822 $ - $ 3,243,896 $ - Short-Term 35,341 - 35,341 - Subordinated Notes Payable 52,887 - 44,323 - Long-Term Borrowings 315 - 315 - 2022 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 72,114 $ 72,114 $ - $ - Short-Term Investments 528,536 528,536 - - Investment Securities, Held to Maturity 660,774 431,733 180,968 - Other Equity Securities (1) 2,848 - 2,848 - Mortgage Servicing Rights 2,599 - - 4,491 Loans, Net of Allowance for Credit Losses 2,522,617 - - 2,377,229 LIABILITIES: Deposits $ 3,939,317 $ - $ 3,310,383 $ - Short-Term 56,793 - 56,793 - Subordinated Notes Payable 52,887 - 45,763 - Long-Term Borrowings 513 - 513 - |
PARENT COMPANY FINANCIAL INFORMATION (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Parent Company Financial Information [Abstract] | |
Schedule of Condensed Statements of Financial Condition of the Parent Company | (Dollars in Thousands, Except Per Share 2023 2022 ASSETS Cash and Due From Subsidiary Bank $ 54,004 $ 42,737 Equity Securities 569 199 Investment in Subsidiary Bank 445,441 404,892 Goodwill and Other Intangibles 3,838 3,998 Other Assets 10,758 11,297 Total Assets $ 514,610 $ 463,123 LIABILITIES Subordinated Notes Payable $ 52,887 $ 52,887 Other Liabilities 21,098 22,955 Total Liabilities 73,985 75,842 SHAREOWNERS’ EQUITY Common Stock, $ 0.01 90,000,000 16,950,222 16,986,785 shares issued and outstanding at December 31, 2023 and 2022, respectively 170 170 Additional Paid-In Capital 36,326 37,331 Retained Earnings 426,275 387,009 Accumulated Other Comprehensive Loss, Net of Tax (22,146) (37,229) Total Shareowners’ 440,625 387,281 Total Liabilities and Shareowners’ $ 514,610 $ 463,123 |
Schedule of Operating Results of the Parent Company | (Dollars in Thousands) 2023 2022 2021 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 6,367 $ 5,396 $ 5,516 Dividends 30,000 23,000 10,000 Other Income 453 253 174 Total Operating 36,820 28,649 15,690 OPERATING EXPENSE Salaries and Associate Benefits 4,257 5,034 3,558 Interest on Subordinated Notes Payable 2,427 1,652 1,233 Professional Fees 859 616 1,113 Advertising 214 232 134 Legal Fees 683 370 589 Other 1,670 2,186 2,087 Total Operating 10,110 10,090 8,714 Earnings Before Income Taxes Earnings of Subsidiary Bank 26,710 18,559 6,976 Income Tax Benefit (650) (661) (717) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 27,360 19,220 7,693 Equity in Undistributed Earnings of Subsidiary Bank 24,898 14,192 25,703 Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 |
Schedule of Cash Flows for the Parent Company | (Dollars in Thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 Adjustments to Reconcile Net Income to Net Cash Provided By Equity in Undistributed Earnings of Subsidiary Bank (24,898) (14,192) (25,703) Stock Compensation 1,468 1,278 843 Amortization of Intangible Asset 160 160 107 Increase in Other Assets (117) (336) (21) Increase in Other Liabilities (1,557) 5,847 3,131 Net Cash Provided By Operating Activities $ 27,314 $ 26,169 $ 11,753 CASH FROM INVESTING ACTIVITIES: Purchase of Equity Securities $ (369) $ (79) $ (120) Net Cash Paid for Acquisition - - (4,482) Decrease (Increase) in Investment in Subsidiaries - 770 (10,770) Net Cash Provided by (Used in) Investing Activities $ (369) $ 691 $ (15,372) CASH FROM FINANCING ACTIVITIES: Repayment of Long-Term - - (900) Dividends Paid (12,905) (11,191) (10,459) Issuance of Common Stock Under Compensation Plans 937 1,300 1,028 Payments to Repurchase Common Stock (3,710) - - Net Cash Used In Financing Activities $ (15,678) $ (9,891) $ (10,331) Net Increase (Decrease) in Cash and Due from Subsidiary Bank 11,267 16,969 (13,950) Cash and Due from Subsidiary Bank at Beginning of Year 42,737 25,768 39,718 Cash and Due from Subsidiary Bank at End of Year $ 54,004 $ 42,737 $ 25,768 |
RESTATED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Restated Interim Consolidated Statements of Cash Flows [Abstract] | |
Schedule of Restated Interim Consolidated Statements of Cash Flows | CAPITAL CITY BANK CONSOLIDATED STATEMENTS As Restated (Dollars in Thousands) For Three Months Ended Mar 31, 2022 For Six Months Ended Jun 30, 2022 For Nine Months Ended Sept 30, 2022 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 6,938 $ 14,198 $ 23,803 Adjustments to Reconcile Net Income to 32 1,724 3,878 1,907 3,802 5,689 2,610 5,053 6,618 40 80 120 209 378 480 (162,448) (268,058) (343,899) 174,153 307,349 390,756 (4,055) (8,912) (11,807) 364 360 570 245 489 904 (19) (19) (19) (6,682) (9,887) (12,854) (27) (72) (83) - (26) (136) 1,897 3,516 3,696 7,036 22,040 12,839 Net Cash Provided By Operating Activities 22,200 72,015 80,555 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (194,448) (218,548) (219,865) 14,441 28,111 40,096 Securities Available for (25,139) (37,044) (41,880) 3,365 3,365 3,365 24,824 47,413 64,301 Purchase of loans held for investment (381) (15,985) (16,324) Net Increase in Loans Held for Investment (96,732) (359,417) (520,473) Proceeds from Sales of Loans 37,766 66,877 88,521 Proceeds From Sales of Other Real Estate Owned - 30 1,683 Purchases of Premises and Equipment, net (1,013) (3,322) (4,013) Noncontrolling interest contributions received 1,838 2,573 2,867 Net Cash Used In Investing Activities (235,479) (485,947) (601,722) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 73,396 46,516 Net (Decrease) Increase in Other Short-Term (3,692) 4,784 17,592 Repayment of Other Long-Term (78) (150) (200) Dividends Paid (2,712) (5,424) (8,307) Issuance of Common Stock Under Compensation Plans 190 496 577 Net Cash Provided By Financing Activities 46,353 73,102 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) (340,830) (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 1,035,354 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ 694,524 $ 570,365 Supplemental Cash Flow Disclosures: $ 715 $ 1,617 $ 3,588 $ 20 $ 3,765 $ 6,410 Supplemental Noncash Items: $ 37,973 $ 67,324 $ 89,836 $ - $ 77 $ 1,543 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENTS As Restated (Dollars in Thousands) For Three Months Ended Mar 31, 2023 For Six Months Ended Jun 30, 2023 For Nine Months Ended Sept 30, 2023 CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 13,709 $ 27,883 $ 40,539 Adjustments to Reconcile Net Income to 3,099 5,296 7,689 1,969 3,927 5,920 1,067 2,117 3,216 40 80 120 - (291) (291) (75,626) (203,266) (308,263) 73,706 191,180 303,731 (2,871) (6,234) (8,072) (91) (253) (392) 536 764 1,110 (1,170) (2,849) (2,464) (3) (3) (12) (1,858) (1,900) (1,915) (4,349) 4,593 8,207 12,471 3,815 1,069 Net Cash Provided By Operating Activities 20,629 24,859 50,192 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 8,820 18,992 28,159 Securities Available for (2,017) (4,634) (9,399) - - 30,420 16,559 32,490 53,045 Purchase of loans held for investment (923) (1,463) (2,249) Net Increase in Loans Held for Investment (127,336) (164,319) (194,631) Proceeds from Sales of Loans 20,084 26,645 39,125 Proceeds From Sales of Other Real Estate Owned 2,699 3,772 3,840 Purchases of Premises and Equipment, net (1,886) (3,851) (5,459) Net Cash Used In Investing Activities (84,000) (92,368) (57,149) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (115,397) (150,451) (398,872) Net Decrease in Other Short-Term (30,161) (6,120) (15,097) Repayment of Other Long-Term (50) (99) (149) Dividends Paid (3,064) (6,121) (9,518) Payments to Repurchase Common Stock (819) (2,022) (3,121) Issuance of Common Stock Under Compensation Plans 164 480 562 Net Cash Provided By Financing Activities (149,327) (164,333) (426,195) NET DECREASE IN CASH AND CASH EQUIVALENTS (212,698) (231,842) (433,152) Cash and Cash Equivalents at Beginning of Period 600,650 600,650 600,650 Cash and Cash Equivalents at End of Period $ 387,952 $ 368,808 $ 167,498 Supplemental Cash Flow Disclosures: $ 3,723 $ 8,720 $ 15,026 $ 7,466 $ 3,860 $ 7,395 Supplemental Noncash Items: $ 16,859 $ 26,076 $ 33,625 $ 423 $ 1,442 $ 1,495 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Three Months Ended March 31, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income $ 6,938 $ - $ 6,938 Adjustments to Reconcile Net Income to 32 - 32 1,907 - 1,907 2,610 - 2,610 40 - 40 209 - 209 (177,933) 15,485 (162,448) 188,264 (14,111) 174,153 (4,055) - (4,055) 364 - 364 245 - 245 (19) - (19) (6,682) - (6,682) (27) - (27) 1,897 - 1,897 7,036 - 7,036 Net Cash Provided By Operating Activities 20,826 1,374 22,200 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (194,448) - (194,448) 14,441 - 14,441 Securities Available for (25,139) - (25,139) 3,365 - 3,365 24,824 - 24,824 Purchases of Loans Held for Investment (381) - (381) Net Increase in Loans Held for Investment (57,592) (39,140) (96,732) Proceeds from Sales of Loans - 37,766 37,766 Purchases of Premises and Equipment, net (1,013) - (1,013) Noncontrolling Interest Contributions 1,838 - 1,838 Net Cash Used In Investing Activities (234,105) (1,374) (235,479) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 52,645 - 52,645 Net Decrease in Other Short-Term (3,692) - (3,692) Repayment of Other Long-Term (78) - (78) Dividends Paid (2,712) - (2,712) Issuance of Common Stock Under Compensation Plans 190 - 190 Net Cash Provided By Financing Activities 46,353 - 46,353 NET DECREASE IN CASH AND CASH EQUIVALENTS (166,926) - (166,926) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 868,428 $ - $ 868,428 Supplemental Cash Flow Disclosures: $ 715 $ - $ 715 $ 20 $ - $ 20 Supplemental Noncash Items $ - $ 37,973 $ 37,973 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Six Months Ended June 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 14,198 $ - $ 14,198 Adjustments to Reconcile Net Income to 1,724 - 1,724 3,802 - 3,802 5,053 - 5,053 80 - 80 378 - 378 (316,372) 48,314 (268,058) 352,830 (45,481) 307,349 (8,912) - (8,912) 360 - 360 489 - 489 (19) - (19) (9,887) - (9,887) (72) - (72) (26) - (26) 3,516 - 3,516 22,040 - 22,040 Net Cash Provided By Operating Activities 69,182 2,833 72,015 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (218,548) - (218,548) 28,111 - 28,111 Securities Available for (37,044) - (37,044) 3,365 - 3,365 47,413 - 47,413 Purchases of Loans Held for Investment (15,985) - (15,985) Net Increase in Loans Held for Investment (289,707) (69,710) (359,417) Proceeds from Sales of Loans - 66,877 66,877 Proceeds From Sales of Other Real Estate Owned 30 - 30 Purchases of Premises and Equipment, net (3,322) - (3,322) Noncontrolling Interest Contributions 2,573 - 2,573 Net Cash Used In Investing Activities (483,114) (2,833) (485,947) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 73,396 - 73,396 Net Increase in Other Short-Term 4,784 - 4,784 Repayment of Other Long-Term (150) - (150) Dividends Paid (5,424) - (5,424) Issuance of Common Stock Under Compensation Plans 496 - 496 Net Cash Provided By Financing Activities 73,102 - 73,102 NET DECREASE IN CASH AND CASH EQUIVALENTS (340,830) - (340,830) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 694,524 $ - $ 694,524 Supplemental Cash Flow Disclosures: $ 1,617 $ - $ 1,617 $ 3,765 $ - $ 3,765 Supplemental Noncash Items: $ - $ 67,324 $ 67,324 $ 77 $ - $ 77 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Nine Months Ended September 30, 2022 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 23,803 $ - $ 23,803 Adjustments to Reconcile Net Income to 3,878 - 3,878 5,689 - 5,689 6,618 - 6,618 120 - 120 480 - 480 (399,041) 55,142 (343,899) 440,219 (49,463) 390,756 (11,807) - (11,807) 570 - 570 904 - 904 (19) - (19) (12,854) - (12,854) (83) - (83) (136) - (136) 3,696 - 3,696 12,839 - 12,839 Net Cash Provided By Operating Activities 74,876 5,679 80,555 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: (219,865) - (219,865) 40,096 - 40,096 Securities Available for (41,880) - (41,880) 3,365 - 3,365 64,301 - 64,301 Purchases of Loans Held for Investment (16,324) - (16,324) Net Increase in Loans Held for Investment (426,273) (94,200) (520,473) Proceeds from Sales of Loans - 88,521 88,521 Proceeds From Sales of Other Real Estate Owned 1,683 - 1,683 Purchases of Premises and Equipment, net (4,013) - (4,013) Noncontrolling Interest Contributions 2,867 - 2,867 Net Cash Used In Investing Activities (596,043) (5,679) (601,722) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposits 46,516 - 46,516 Net Increase in Other Short-Term 17,592 - 17,592 Repayment of Other Long-Term (200) - (200) Dividends Paid (8,307) - (8,307) Issuance of Common Stock Under Compensation Plans 577 - 577 Net Cash Provided By Financing Activities 56,178 - 56,178 NET DECREASE IN CASH AND CASH EQUIVALENTS (464,989) - (464,989) Cash and Cash Equivalents at Beginning of Period 1,035,354 - 1,035,354 Cash and Cash Equivalents at End of Period $ 570,365 $ - $ 570,365 Supplemental Cash Flow Disclosures: $ 3,588 $ - $ 3,588 $ 6,410 $ - $ 6,410 Supplemental Noncash Items: $ - $ 89,836 $ 89,836 $ 1,543 $ - $ 1,543 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Three Months Ended March 31, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income $ 13,709 $ - $ 13,709 Adjustments to Reconcile Net Income to 3,099 - 3,099 1,969 - 1,969 1,067 - 1,067 40 - 40 (62,745) (12,881) (75,626) 64,050 9,656 73,706 (2,871) - (2,871) (91) - (91) 536 - 536 (1,170) - (1,170) (3) - (3) (1,858) - (1,858) (4,349) - (4,349) 12,471 - 12,471 Net Cash Provided By Operating Activities 23,854 (3,225) 20,629 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 8,820 - 8,820 Securities Available for (2,017) - (2,017) 16,559 - 16,559 Purchases of Loans Held for Investment (923) - (923) Net Increase in Loans Held for Investment (110,477) (16,859) (127,336) Proceeds from Sales of Loans - 20,084 20,084 Proceeds From Sales of Other Real Estate Owned 2,699 - 2,699 Purchases of Premises and Equipment, net (1,886) - (1,886) Net Cash Used In Investing Activities (87,225) 3,225 (84,000) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (115,397) - (115,397) Net Decrease in Other Short-Term (30,161) - (30,161) Repayment of Other Long-Term (50) - (50) Dividends Paid (3,064) - (3,064) Payments to Repurchase Common Stock (819) - (819) Issuance of Common Stock Under Compensation Plans 164 - 164 Net Cash Provided By Financing Activities (149,327) - (149,327) NET DECREASE IN CASH AND CASH EQUIVALENTS (212,698) - (212,698) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 387,952 $ - $ 387,952 Supplemental Cash Flow Disclosures: $ 3,723 $ - $ 3,723 $ 7,466 $ - $ 7,466 Supplemental Noncash Items: $ - $ 16,859 $ 16,859 $ 423 $ - $ 423 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Six Months Ended June 30, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING Net Income Attributable to Common Shareowners $ 27,883 $ - $ 27,883 Adjustments to Reconcile Net Income to 5,296 - 5,296 3,927 - 3,927 2,117 - 2,117 80 - 80 (291) - (291) (164,173) (39,093) (203,266) 152,657 38,523 191,180 (6,234) - (6,234) (253) - (253) 764 - 764 (2,849) - (2,849) (3) - (3) (1,900) - (1,900) 4,593 - 4,593 3,815 - 3,815 Net Cash Provided By Operating Activities 25,429 (570) 24,859 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 18,992 - 18,992 Securities Available for (4,634) - (4,634) 32,490 - 32,490 Purchases of Loans Held for Investment (1,463) - (1,463) Net Increase in Loans Held for Investment (138,244) (26,075) (164,319) Proceeds from Sales of Loans - 26,645 26,645 Proceeds From Sales of Other Real Estate Owned 3,772 - 3,772 Purchases of Premises and Equipment, net (3,851) - (3,851) Net Cash Used In Investing Activities (92,938) 570 (92,368) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (150,451) - (150,451) Net Decrease in Other Short-Term (6,120) - (6,120) Repayment of Other Long-Term (99) - (99) Dividends Paid (6,121) - (6,121) Payments to Repurchase Common Stock (2,022) - (2,022) Issuance of Common Stock Under Compensation Plans 480 - 480 Net Cash Provided By Financing Activities (164,333) - (164,333) NET DECREASE IN CASH AND CASH EQUIVALENTS (231,842) - (231,842) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 368,808 $ - $ 368,808 Supplemental Cash Flow Disclosures: $ 8,720 $ - $ 8,720 $ 3,860 $ - $ 3,860 Supplemental Noncash Items: $ - $ 26,076 $ 26,076 $ 1,442 $ - $ 1,442 The accompanying Notes to Consolidated Financial Statements are CAPITAL CITY BANK CONSOLIDATED STATEMENT For the Nine Months Ended September 30, 2023 (Dollars in Thousands) As Previously Reported Restatement Impact As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net Income Attributable to Common Shareowners $ 40,539 $ - $ 40,539 Adjustments to Reconcile Net Income to 7,689 - 7,689 5,920 - 5,920 3,216 - 3,216 120 - 120 (291) - (291) (246,198) (62,065) (308,263) 247,166 56,565 303,731 (8,072) - (8,072) (392) - (392) 1,110 - 1,110 (2,464) - (2,464) (12) - (12) (1,915) - (1,915) 8,207 - 8,207 1,069 - 1,069 Net Cash Provided By Operating Activities 55,692 (5,500) 50,192 CASH FLOWS FROM INVESTING ACTIVITIES Securities Held to Maturity: 28,159 - 28,159 Securities Available for Sale: (9,399) - (9,399) 30,420 - 30,420 53,045 - 53,045 Purchases of Loans Held for Investment (2,249) - (2,249) Net Increase in Loans Held for Investment (161,006) (33,625) (194,631) Proceeds from Sales of Loans - 39,125 39,125 Proceeds From Sales of Other Real Estate Owned 3,840 - 3,840 Purchases of Premises and Equipment, net (5,459) - (5,459) Net Cash Used In Investing Activities (62,649) 5,500 (57,149) CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Deposits (398,872) - (398,872) Net Decrease in Other Short-Term Borrowings (15,097) - (15,097) Repayment of Other Long-Term Borrowings (149) - (149) Dividends Paid (9,518) - (9,518) Payments to Repurchase Common Stock (3,121) - (3,121) Issuance of Common Stock Under Compensation Plans 562 - 562 Net Cash Provided By Financing Activities (426,195) - (426,195) NET DECREASE IN CASH AND CASH EQUIVALENTS (433,152) - (433,152) Cash and Cash Equivalents at Beginning of Period 600,650 - 600,650 Cash and Cash Equivalents at End of Period $ 167,498 $ - $ 167,498 Supplemental Cash Flow Disclosures: $ 15,026 $ - $ 15,026 $ 7,395 $ - $ 7,395 Supplemental Noncash Items: $ - $ 33,625 $ 33,625 $ 1,495 $ - $ 1,495 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 01, 2020 |
|
Significant Accounting Policies [Line Items] | ||||||||||
Average federal reserves | $ 0 | |||||||||
Restricted cash balance | 100,000 | |||||||||
Originations of Loans Held for Sale | $ 75,626,000 | $ 162,448,000 | $ 203,266,000 | $ 268,058,000 | $ 308,263,000 | $ 343,899,000 | 406,803,000 | $ 390,191,000 | $ 1,228,946,000 | |
Proceeds From Sales of Loans Held for Sale | 73,706,000 | 174,153,000 | 191,180,000 | 307,349,000 | 303,731,000 | 390,756,000 | 404,332,000 | 437,907,000 | 1,349,124,000 | |
Net Cash Provided in Operating Activities | 20,629,000 | 22,200,000 | 24,859,000 | 72,015,000 | 50,192,000 | 80,555,000 | 54,782,000 | 92,692,000 | 122,170,000 | |
Net (Increase) Decrease in Loans | 127,336,000 | 96,732,000 | 164,319,000 | 359,417,000 | 194,631,000 | 520,473,000 | 226,896,000 | 720,670,000 | 10,061,000 | |
Proceeds from Sales of Loans | 20,084,000 | 37,766,000 | 26,645,000 | 66,877,000 | 39,125,000 | 88,521,000 | 47,314,000 | 104,475,000 | 92,360,000 | |
Net Cash Provided by Investing Activities | (84,000,000) | (235,479,000) | (92,368,000) | (485,947,000) | (57,149,000) | (601,722,000) | (68,541,000) | (765,825,000) | (453,966,000) | |
Purchases of Loans Held for Investment | 923,000 | 381,000 | 1,463,000 | 15,985,000 | 2,249,000 | 16,324,000 | 2,488,000 | 16,753,000 | 20,209,000 | |
Loans Transferred from Held for Investment to Held-for-Sale, net | $ 16,859,000 | $ 37,973,000 | $ 26,076,000 | $ 67,324,000 | $ 33,625,000 | $ 89,836,000 | 35,745,000 | 108,798,000 | 98,081,000 | |
Overstated [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Originations of Loans Held for Sale | 47,600,000 | 33,800,000 | ||||||||
Proceeds From Sales of Loans Held for Sale | 37,500,000 | 27,600,000 | ||||||||
Net Cash Provided in Operating Activities | 11,600,000 | |||||||||
Net (Increase) Decrease in Loans | 98,600,000 | |||||||||
Net Cash Provided by Investing Activities | 11,600,000 | |||||||||
Understated [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Originations of Loans Held for Sale | 100,100,000 | |||||||||
Proceeds From Sales of Loans Held for Sale | 88,500,000 | |||||||||
Net Cash Provided in Operating Activities | 10,200,000 | 6,200,000 | ||||||||
Net (Increase) Decrease in Loans | 35,700,000 | 114,700,000 | ||||||||
Proceeds from Sales of Loans | $ 47,300,000 | 104,500,000 | 92,400,000 | |||||||
Net Cash Provided by Investing Activities | $ 10,200,000 | $ 6,200,000 | ||||||||
Premises [Member] | Minimum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life (in years) | 10 years | |||||||||
Premises [Member] | Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life (in years) | 40 years | |||||||||
Equipment [Member] | Minimum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life (in years) | 3 years | |||||||||
Equipment [Member] | Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life (in years) | 10 years | |||||||||
Capital City Home Loans [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Equity interest acquired | 51.00% | |||||||||
Noncontrolling interest in subsidiary | 49.00% |
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Restatement Impact) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | $ 52,258 | $ 33,412 | $ 33,396 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 3,099 | 32 | 5,296 | 1,724 | 7,689 | 3,878 | 9,714 | 7,494 | (1,553) |
Depreciation | 1,969 | 1,907 | 3,927 | 3,802 | 5,920 | 5,689 | 7,918 | 7,596 | 7,607 |
Amortization of Premiums, Discounts, and Fees, net | 1,067 | 2,610 | 2,117 | 5,053 | 3,216 | 6,618 | 4,221 | 7,772 | 14,072 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Gain on Securities Transactions | 3 | 0 | 0 | ||||||
Pension Settlement (Gain) Charges | 0 | 209 | (291) | 378 | (291) | 480 | (291) | 2,321 | 3,072 |
Originations of Loans Held for Sale | (75,626) | (162,448) | (203,266) | (268,058) | (308,263) | (343,899) | (406,803) | (390,191) | (1,228,946) |
Proceeds From Sales of Loans Held for Sale | 73,706 | 174,153 | 191,180 | 307,349 | 303,731 | 390,756 | 404,332 | 437,907 | 1,349,124 |
Mortgage Banking Revenues | (2,871) | (4,055) | (6,234) | (8,912) | (8,072) | (11,807) | (10,400) | (11,909) | (52,425) |
Net Additions for Capitalized Mortgage Servicing Rights | (91) | 364 | (253) | 360 | (392) | 570 | 419 | 726 | 72 |
Change in Valuation Provision for Mortgage Servicing Rights | 0 | 0 | (250) | ||||||
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Net Tax Benefit from Stock Compensation | (19) | (19) | (19) | (48) | (27) | (4) | |||
Deferred Income Taxes | (1,170) | (6,682) | (2,849) | (9,887) | (2,464) | (12,854) | (483) | (3,870) | (4,157) |
Net Change in Operating Leases | (3) | (27) | (3) | (72) | (12) | (83) | 79 | (108) | (165) |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | (1,858) | 0 | (1,900) | (26) | (1,915) | (136) | (2,053) | (422) | (1,662) |
Net (Increase) Decrease in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Net (Decrease) Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 20,629 | 22,200 | 24,859 | 72,015 | 50,192 | 80,555 | 54,782 | 92,692 | 122,170 |
Securities Held to Maturity: | |||||||||
Purchases | (194,448) | (218,548) | (219,865) | (1,483) | (219,865) | (251,525) | |||
Payments, Maturities, and Calls | 8,820 | 14,441 | 18,992 | 28,111 | 28,159 | 40,096 | 36,600 | 55,314 | 78,544 |
Securities Available for Sale: | |||||||||
Purchases | (2,017) | (25,139) | (4,634) | (37,044) | (9,399) | (41,880) | (8,379) | (52,238) | (523,961) |
Proceeds from the Sale of Securities | 0 | 3,365 | 0 | 3,365 | 30,420 | 3,365 | 30,420 | 3,365 | 495 |
Payments, Maturities, and Calls | 16,559 | 24,824 | 32,490 | 47,413 | 53,045 | 64,301 | 62,861 | 81,596 | 178,425 |
Equity Securities: | |||||||||
Purchases | (13,566) | 0 | 0 | ||||||
Net Decrease in Equity Securities | 10,127 | 0 | 0 | ||||||
Purchases of Loans Held for Investment | (923) | (381) | (1,463) | (15,985) | (2,249) | (16,324) | (2,488) | (16,753) | (20,209) |
Net Increase in Loans Held for Investment | (127,336) | (96,732) | (164,319) | (359,417) | (194,631) | (520,473) | (226,896) | (720,670) | (10,061) |
Proceeds from Sales of Loans | 20,084 | 37,766 | 26,645 | 66,877 | 39,125 | 88,521 | 47,314 | 104,475 | 92,360 |
Net Cash Paid for Acquisitions | 0 | 0 | (4,482) | ||||||
Proceeds From Sales of Other Real Estate Owned | 2,699 | 0 | 3,772 | 30 | 3,840 | 1,683 | 3,995 | 2,406 | 4,502 |
Purchases of Premises and Equipment, net | (1,886) | (1,013) | (3,851) | (3,322) | (5,459) | (4,013) | (7,046) | (6,322) | (5,193) |
Noncontrolling Interest Contributions | 1,838 | 2,573 | 2,867 | 0 | 2,867 | 7,139 | |||
Net Cash Used In Investing Activities | (84,000) | (235,479) | (92,368) | (485,947) | (57,149) | (601,722) | (68,541) | (765,825) | (453,966) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | (115,397) | 52,645 | (150,451) | 73,396 | (398,872) | 46,516 | (237,495) | 226,455 | 495,302 |
Net (Decrease) Increase in Short-Term Borrowings | (30,161) | (3,692) | (6,120) | 4,784 | (15,097) | 17,592 | (21,452) | 22,114 | (45,938) |
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Payments to Repurchase Common Stock | (819) | (2,022) | (3,121) | (3,710) | 0 | 0 | |||
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Net Cash (Used in) Provided By Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 3,723 | 715 | 8,720 | 1,617 | 15,026 | 3,588 | 21,775 | 6,586 | 3,547 |
Income Taxes Paid | 7,466 | 20 | 3,860 | 3,765 | 7,395 | 6,410 | 9,118 | 7,466 | 16,339 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 16,859 | 37,973 | 26,076 | 67,324 | 33,625 | 89,836 | 35,745 | 108,798 | 98,081 |
Loans and Premises Transferred to Other Real Estate Owned | 423 | 0 | 1,442 | 77 | 1,495 | 1,543 | 1,512 | 2,398 | 1,717 |
As Previously Reported [Member] | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | 13,709 | 6,938 | 27,883 | 14,198 | 40,539 | 23,803 | 52,258 | 33,412 | 33,396 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 3,099 | 32 | 5,296 | 1,724 | 7,689 | 3,878 | 9,714 | 7,494 | (1,553) |
Depreciation | 1,969 | 1,907 | 3,927 | 3,802 | 5,920 | 5,689 | 7,918 | 7,596 | 7,607 |
Amortization of Premiums, Discounts, and Fees, net | 1,067 | 2,610 | 2,117 | 5,053 | 3,216 | 6,618 | 4,221 | 7,772 | 14,072 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Gain on Securities Transactions | 3 | ||||||||
Pension Settlement (Gain) Charges | 209 | (291) | 378 | (291) | 480 | (291) | 2,321 | 3,072 | |
Originations of Loans Held for Sale | (62,745) | (177,933) | (164,173) | (316,372) | (246,198) | (399,041) | (306,714) | (437,827) | (1,262,746) |
Proceeds From Sales of Loans Held for Sale | 64,050 | 188,264 | 152,657 | 352,830 | 247,166 | 440,219 | 315,812 | 475,359 | 1,376,678 |
Mortgage Banking Revenues | (2,871) | (4,055) | (6,234) | (8,912) | (8,072) | (11,807) | (10,400) | (11,909) | (52,425) |
Net Additions for Capitalized Mortgage Servicing Rights | (91) | 364 | (253) | 360 | (392) | 570 | 419 | 726 | 72 |
Change in Valuation Provision for Mortgage Servicing Rights | (250) | ||||||||
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Net Tax Benefit from Stock Compensation | (19) | (19) | (19) | (48) | (27) | (4) | |||
Deferred Income Taxes | (1,170) | (6,682) | (2,849) | (9,887) | (2,464) | (12,854) | (483) | (3,870) | (4,157) |
Net Change in Operating Leases | (3) | (27) | (3) | (72) | (12) | (83) | 79 | (108) | (165) |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | (1,858) | (1,900) | (26) | (1,915) | (136) | (2,053) | (422) | (1,662) | |
Net (Increase) Decrease in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Net (Decrease) Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 23,854 | 20,826 | 25,429 | 69,182 | 55,692 | 74,876 | 66,351 | 82,508 | 115,924 |
Securities Held to Maturity: | |||||||||
Purchases | (194,448) | (218,548) | (219,865) | (1,483) | (219,865) | (251,525) | |||
Payments, Maturities, and Calls | 8,820 | 14,441 | 18,992 | 28,111 | 28,159 | 40,096 | 36,600 | 55,314 | 78,544 |
Securities Available for Sale: | |||||||||
Purchases | (2,017) | (25,139) | (4,634) | (37,044) | (9,399) | (41,880) | (8,379) | (52,238) | (523,961) |
Proceeds from the Sale of Securities | 3,365 | 3,365 | 30,420 | 3,365 | 30,420 | 3,365 | 495 | ||
Payments, Maturities, and Calls | 16,559 | 24,824 | 32,490 | 47,413 | 53,045 | 64,301 | 62,861 | 81,596 | 178,425 |
Equity Securities: | |||||||||
Purchases | (13,566) | ||||||||
Net Decrease in Equity Securities | 10,127 | ||||||||
Purchases of Loans Held for Investment | (923) | (381) | (1,463) | (15,985) | (2,249) | (16,324) | (2,488) | (16,753) | (20,209) |
Net Increase in Loans Held for Investment | (110,477) | (57,592) | (138,244) | (289,707) | (161,006) | (426,273) | (191,151) | (606,011) | 88,545 |
Proceeds from Sales of Loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash Paid for Acquisitions | (4,482) | ||||||||
Proceeds From Sales of Other Real Estate Owned | 2,699 | 3,772 | 30 | 3,840 | 1,683 | 3,995 | 2,406 | 4,502 | |
Purchases of Premises and Equipment, net | (1,886) | (1,013) | (3,851) | (3,322) | (5,459) | (4,013) | (7,046) | (6,322) | (5,193) |
Noncontrolling Interest Contributions | 1,838 | 2,573 | 2,867 | 2,867 | 7,139 | ||||
Net Cash Used In Investing Activities | (87,225) | (234,105) | (92,938) | (483,114) | (62,649) | (596,043) | (80,110) | (755,641) | (447,720) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | (115,397) | 52,645 | (150,451) | 73,396 | (398,872) | 46,516 | (237,495) | 226,455 | 495,302 |
Net (Decrease) Increase in Short-Term Borrowings | (30,161) | (3,692) | (6,120) | 4,784 | (15,097) | 17,592 | (21,452) | 22,114 | (45,938) |
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Payments to Repurchase Common Stock | (819) | (2,022) | (3,121) | (3,710) | |||||
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Net Cash (Used in) Provided By Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 3,723 | 715 | 8,720 | 1,617 | 15,026 | 3,588 | 21,775 | 6,586 | 3,547 |
Income Taxes Paid | 7,466 | 20 | 3,860 | 3,765 | 7,395 | 6,410 | 9,118 | 7,466 | 16,339 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loans and Premises Transferred to Other Real Estate Owned | 423 | 1,442 | 77 | 1,495 | 1,543 | 1,512 | 2,398 | 1,717 | |
Restatement Impact [Member] | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization of Premiums, Discounts, and Fees, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Gain on Securities Transactions | 0 | ||||||||
Pension Settlement (Gain) Charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Originations of Loans Held for Sale | (12,881) | 15,485 | (39,093) | 48,314 | (62,065) | 55,142 | (100,089) | 47,636 | 33,800 |
Proceeds From Sales of Loans Held for Sale | 9,656 | (14,111) | 38,523 | (45,481) | 56,565 | (49,463) | 88,520 | (37,452) | (27,554) |
Mortgage Banking Revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Additions for Capitalized Mortgage Servicing Rights | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Valuation Provision for Mortgage Servicing Rights | 0 | ||||||||
Stock Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Tax Benefit from Stock Compensation | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred Income Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Change in Operating Leases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net (Increase) Decrease in Other Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (Decrease) Increase in Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided By Operating Activities | (3,225) | 1,374 | (570) | 2,833 | (5,500) | 5,679 | (11,569) | 10,184 | 6,246 |
Securities Held to Maturity: | |||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | |||
Payments, Maturities, and Calls | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Securities Available for Sale: | |||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Proceeds from the Sale of Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Payments, Maturities, and Calls | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity Securities: | |||||||||
Purchases | 0 | ||||||||
Net Decrease in Equity Securities | 0 | ||||||||
Purchases of Loans Held for Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Increase in Loans Held for Investment | (16,859) | (39,140) | (26,075) | (69,710) | (33,625) | (94,200) | (35,745) | (114,659) | (98,606) |
Proceeds from Sales of Loans | 20,084 | 37,766 | 26,645 | 66,877 | 39,125 | 88,521 | 47,314 | 104,475 | 92,360 |
Net Cash Paid for Acquisitions | 0 | ||||||||
Proceeds From Sales of Other Real Estate Owned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Purchases of Premises and Equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Noncontrolling Interest Contributions | 0 | 0 | 0 | 0 | 0 | ||||
Net Cash Used In Investing Activities | 3,225 | (1,374) | 570 | (2,833) | 5,500 | (5,679) | 11,569 | (10,184) | (6,246) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (Decrease) Increase in Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repayment of Other Long-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Payments to Repurchase Common Stock | 0 | 0 | 0 | 0 | |||||
Issuance of Common Stock Under Compensation Plans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash (Used in) Provided By Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 16,859 | $ 37,973 | 26,076 | 67,324 | 33,625 | 89,836 | 35,745 | 108,798 | 98,081 |
Loans and Premises Transferred to Other Real Estate Owned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENT SECURITIES (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
Securities
|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
Securities
Item
|
Dec. 31, 2022
USD ($)
Securities
Item
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Investment Securities [Abstract] | |||||||||||
Securities pledged to secure public deposits | $ 578,500,000 | $ 656,100,000 | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Number of holdings securities in an amount greater than 10% of shareowner's equity | Securities | 0 | 0 | |||||||||
Amortized Cost | $ 367,747,000 | $ 455,232,000 | |||||||||
Fair Value | 337,902,000 | 413,294,000 | |||||||||
Unrealized Losses | 29,928,000 | 41,946,000 | |||||||||
Allowance for Credit Losses | 29,941,000 | 25,068,000 | $ 21,606,000 | $ 23,816,000 | |||||||
Equity Securities | 3,450,000 | 10,000 | |||||||||
Securities held nonaccrual status | 0 | ||||||||||
Proceeds from the Sale of Securities | $ 0 | $ 3,365,000 | $ 0 | $ 3,365,000 | $ 30,420,000 | $ 3,365,000 | 30,420,000 | 3,365,000 | $ 495,000 | ||
Municipal Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Allowance for Credit Losses | $ 8,000 | ||||||||||
Number of positions in AFS and HTM investments with unrealized losses | Item | 101 | ||||||||||
U.S. Government and Municipal Bonds [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Number of positions in AFS and HTM investments with unrealized losses | Item | 691 | ||||||||||
Debt Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ 63,200,000 | $ 90,000,000.0 | |||||||||
Number of positions in AFS and HTM investments with unrealized losses | Item | 878 | 928 | |||||||||
U.S. Treasury Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Amortized Cost | $ 25,947,000 | $ 23,977,000 | |||||||||
Fair Value | 24,679,000 | 22,050,000 | |||||||||
Unrealized Losses | $ 1,269,000 | 1,928,000 | |||||||||
Number of positions in AFS and HTM investments with unrealized losses | Item | 86 | ||||||||||
U.S. Government Agency [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Amortized Cost | $ 152,983,000 | 198,888,000 | |||||||||
Fair Value | 145,034,000 | 186,052,000 | |||||||||
Unrealized Losses | 8,053,000 | 12,863,000 | |||||||||
Allowance for Credit Losses | 0 | ||||||||||
Estimated write off of loans and leases receivable | 0 | ||||||||||
Available-for-sale Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Number of available for sale securities transferred | Securities | 33 | ||||||||||
Amortized Cost | $ 168,400,000 | 168,400,000 | |||||||||
Fair Value | $ 159,000,000.0 | $ 159,000,000.0 | |||||||||
Unrealized Losses | 4,500,000 | 7,900,000 | |||||||||
Corporate Debt Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Amortized Cost | 63,600,000 | 97,119,000 | |||||||||
Fair Value | 57,552,000 | 88,236,000 | |||||||||
Unrealized Losses | 6,031,000 | $ 8,874,000 | |||||||||
Allowance for Credit Losses | $ 17,000 |
INVESTMENT SECURITIES (Schedule of Amortized Cost and Related Market Value of Investment Securities Available-for-Sale) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Available-for-sale | ||
Amortized Cost | $ 367,747 | $ 455,232 |
Unrealized Gains | 108 | 49 |
Unrealized Losses | 29,928 | 41,946 |
Allowance for Credit Loss | (25) | (41) |
Fair Value | 337,902 | 413,294 |
Federal Home Loan Bank | 3,200 | 2,100 |
Federal Reserve Bank stock | 5,100 | 5,100 |
Held to Maturity | ||
Amortized Cost | 625,022 | 660,744 |
Unrealized Gains | 13 | 8 |
Unrealized Losses | 33,284 | 48,051 |
Fair value | 591,751 | 612,701 |
U.S. Government Treasury [Member] | ||
Available-for-sale | ||
Amortized Cost | 25,947 | 23,977 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | 1,269 | 1,928 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 24,679 | 22,050 |
Held to Maturity | ||
Amortized Cost | 457,681 | 457,374 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 16,492 | 25,641 |
Fair value | 441,189 | 431,733 |
U.S. Government Agency [Member] | ||
Available-for-sale | ||
Amortized Cost | 152,983 | 198,888 |
Unrealized Gains | 104 | 27 |
Unrealized Losses | 8,053 | 12,863 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 145,034 | 186,052 |
States and Political Subdivisions [Member] | ||
Available-for-sale | ||
Amortized Cost | 43,951 | 47,197 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | 4,861 | 6,855 |
Allowance for Credit Loss | (8) | (13) |
Fair Value | 39,083 | 40,329 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 73,015 | 80,829 |
Unrealized Gains | 2 | 2 |
Unrealized Losses | 9,714 | 11,426 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 63,303 | 69,405 |
Held to Maturity | ||
Amortized Cost | 167,341 | 203,370 |
Unrealized Gains | 13 | 8 |
Unrealized Losses | 16,792 | 22,410 |
Fair value | 150,562 | 180,968 |
Corporate Debt Securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 63,600 | 97,119 |
Unrealized Gains | 0 | 19 |
Unrealized Losses | 6,031 | 8,874 |
Allowance for Credit Loss | (17) | (28) |
Fair Value | 57,552 | 88,236 |
Other Securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 8,251 | 7,222 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | $ 8,251 | $ 7,222 |
INVESTMENT SECURITIES (Schedule of Investment Securities with Maturity Distribution Based on Contractual Maturities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 28,545 | |
Due after one through five years | 138,299 | |
Due after five through ten years | 39,090 | |
Total Investment Securities | 367,747 | $ 455,232 |
Fair Value | ||
Due in one year or less | 27,854 | |
Due after one through five years | 127,843 | |
Due after five through ten years | 33,420 | |
Total Investment Securities | 337,902 | 413,294 |
Amortized Cost | ||
Due in one year or less | 90,119 | |
Due after one through five years | 367,562 | |
Total Investment Securities | 625,022 | 660,744 |
Fair Value | ||
Due in one year or less | 88,588 | |
Due after one through five years | 352,601 | |
Total Investment Securities | 591,751 | 612,701 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 73,015 | |
Total Investment Securities | 73,015 | 80,829 |
Fair Value | ||
Due without single maturity date | 63,303 | |
Total Investment Securities | 63,303 | 69,405 |
Amortized Cost | ||
Due without single maturity date | 167,341 | |
Total Investment Securities | 167,341 | 203,370 |
Fair Value | ||
Due without single maturity date | 150,562 | |
Total Investment Securities | 150,562 | 180,968 |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 80,547 | |
Total Investment Securities | 152,983 | 198,888 |
Fair Value | ||
Due without single maturity date | 77,231 | |
Total Investment Securities | 145,034 | 186,052 |
Other Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 8,251 | |
Total Investment Securities | 8,251 | 7,222 |
Fair Value | ||
Due without single maturity date | 8,251 | |
Total Investment Securities | $ 8,251 | $ 7,222 |
INVESTMENT SECURITIES (Schedule of Investment Securities with Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 14,062 | $ 99,073 |
Less Than 12 Months, Unrealized Losses | 105 | 4,411 |
Greater Than 12 Months, Fair Value | 299,519 | 290,012 |
Greater Than 12 Months, Unrealized Losses | 29,823 | 37,535 |
Total Fair Value | 313,581 | 389,085 |
Total Unrealized Losses | 29,928 | 41,946 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 154,666 | 266,275 |
Less Than 12 Months, Unrealized Losses | 3,192 | 17,832 |
Greater Than 12 Months, Fair Value | 435,592 | 345,643 |
Greater Than 12 Months Or Longer, Unrealized Losses | 30,092 | 30,219 |
Total Fair Value | 590,258 | 611,918 |
Total Unrealized Losses | 33,284 | 48,051 |
U.S. Government Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 0 | 983 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
Greater Than 12 Months, Fair Value | 19,751 | 19,189 |
Greater Than 12 Months, Unrealized Losses | 1,269 | 1,928 |
Total Fair Value | 19,751 | 20,172 |
Total Unrealized Losses | 1,269 | 1,928 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 153,880 | 177,552 |
Less Than 12 Months, Unrealized Losses | 3,178 | 11,018 |
Greater Than 12 Months, Fair Value | 287,310 | 254,181 |
Greater Than 12 Months Or Longer, Unrealized Losses | 13,314 | 14,623 |
Total Fair Value | 441,190 | 431,733 |
Total Unrealized Losses | 16,492 | 25,641 |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 12,890 | 63,112 |
Less Than 12 Months, Unrealized Losses | 74 | 2,572 |
Greater Than 12 Months, Fair Value | 121,220 | 113,004 |
Greater Than 12 Months, Unrealized Losses | 7,979 | 10,291 |
Total Fair Value | 134,110 | 176,116 |
Total Unrealized Losses | 8,053 | 12,863 |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 1,149 | 1,425 |
Less Than 12 Months, Unrealized Losses | 31 | 2 |
Greater Than 12 Months, Fair Value | 37,785 | 38,760 |
Greater Than 12 Months, Unrealized Losses | 4,830 | 6,853 |
Total Fair Value | 38,934 | 40,185 |
Total Unrealized Losses | 4,861 | 6,855 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 23 | 6,594 |
Less Than 12 Months, Unrealized Losses | 0 | 959 |
Greater Than 12 Months, Fair Value | 63,195 | 60,458 |
Greater Than 12 Months, Unrealized Losses | 9,714 | 10,467 |
Total Fair Value | 63,218 | 67,052 |
Total Unrealized Losses | 9,714 | 11,426 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 786 | 88,723 |
Less Than 12 Months, Unrealized Losses | 14 | 6,814 |
Greater Than 12 Months, Fair Value | 148,282 | 91,462 |
Greater Than 12 Months Or Longer, Unrealized Losses | 16,778 | 15,596 |
Total Fair Value | 149,068 | 180,185 |
Total Unrealized Losses | 16,792 | 22,410 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 0 | |
Less Than 12 Months, Unrealized Losses | 0 | |
Greater Than 12 Months, Fair Value | 57,568 | |
Greater Than 12 Months, Unrealized Losses | 6,031 | |
Total Fair Value | 57,568 | |
Total Unrealized Losses | $ 6,031 | |
Equity Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 26,959 | |
Less Than 12 Months, Unrealized Losses | 878 | |
Greater Than 12 Months, Fair Value | 58,601 | |
Greater Than 12 Months, Unrealized Losses | 7,996 | |
Total Fair Value | 85,560 | |
Total Unrealized Losses | $ 8,874 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Narratives) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Loans Held for Investment and Allowance for Credit Losses [Abstract] | ||||||||||
Accrued interest receivable | $ 10,100,000 | $ 8,000,000.0 | ||||||||
Real estate loans for which formal foreclosure proceedings were in process | 500,000 | 600,000 | ||||||||
TDRs | 0 | |||||||||
Financing Receivable, Allowance for Credit Loss | 29,941,000 | 25,068,000 | $ 21,606,000 | $ 23,816,000 | ||||||
Increase (decrease) in allowance | 4,900,000 | 3,500,000 | ||||||||
Provision For Loan Losses Expensed | 9,595,000 | 7,397,000 | (2,842,000) | |||||||
Net loan charge-offs or (recoveries) | 4,722,000 | 3,935,000 | (632,000) | |||||||
Net deferred costs | 7,800,000 | 5,100,000 | ||||||||
Transfers from HFI to HFS | $ 16,859,000 | $ 37,973,000 | $ 26,076,000 | $ 67,324,000 | $ 33,625,000 | $ 89,836,000 | 35,745,000 | 108,798,000 | $ 98,081,000 | |
Capital City Home Loans [Member] | ||||||||||
Payments to purchase mortgage loans held for sale | $ 364,800,000 | 421,700,000 | ||||||||
Third Party [Member] | ||||||||||
Purchase of real estate secured adjustable rate loans | $ 15,000,000.0 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Composition of the Loan Portfolio) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | $ 2,733,918 | $ 2,547,685 |
Commercial, Financial, Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 225,190 | 247,362 |
Real Estate - Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 196,091 | 234,519 |
Real Estate - Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 825,456 | 782,557 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 1,004,219 | 749,513 |
Loans in process with outstanding balances | 3,200 | 6,100 |
Real Estate - Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 210,920 | 208,217 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | 272,042 | 325,517 |
Consumer [Member] | Overdraft deposits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Held for Investment | $ 1,000 | $ 1,100 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in the Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 25,068 | $ 21,606 | $ 23,816 |
Provision for credit losses | 9,595 | 7,397 | (2,842) |
Charge-Offs | (9,292) | (7,906) | (4,827) |
Recoveries | 4,570 | 3,971 | 5,459 |
Net (Charge-Offs) Recoveries | (4,722) | (3,935) | 632 |
Ending Balance | 29,941 | 25,068 | 21,606 |
Commercial, Financial, Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 1,506 | 2,191 | 2,204 |
Provision for credit losses | 210 | 316 | (227) |
Charge-Offs | (511) | (1,308) | (239) |
Recoveries | 277 | 307 | 453 |
Net (Charge-Offs) Recoveries | (234) | (1,001) | 214 |
Ending Balance | 1,482 | 1,506 | 2,191 |
Real Estate - Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,654 | 3,302 | 2,479 |
Provision for credit losses | (154) | (658) | 813 |
Charge-Offs | 0 | 0 | 0 |
Recoveries | 2 | 10 | 10 |
Net (Charge-Offs) Recoveries | 2 | 10 | 10 |
Ending Balance | 2,502 | 2,654 | 3,302 |
Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,815 | 5,810 | 7,029 |
Provision for credit losses | 1,035 | (746) | (1,679) |
Charge-Offs | (120) | (355) | (405) |
Recoveries | 52 | 106 | 865 |
Net (Charge-Offs) Recoveries | (68) | (249) | 460 |
Ending Balance | 5,782 | 4,815 | 5,810 |
Real Estate - Residential [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 10,741 | 4,129 | 5,440 |
Provision for credit losses | 4,141 | 6,328 | (1,956) |
Charge-Offs | (79) | 0 | (108) |
Recoveries | 253 | 284 | 753 |
Net (Charge-Offs) Recoveries | 174 | 284 | 645 |
Ending Balance | 15,056 | 10,741 | 4,129 |
Real Estate - Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 1,864 | 2,296 | 3,111 |
Provision for credit losses | (233) | (422) | (1,125) |
Charge-Offs | (39) | (193) | (103) |
Recoveries | 226 | 183 | 413 |
Net (Charge-Offs) Recoveries | 187 | (10) | 310 |
Ending Balance | 1,818 | 1,864 | 2,296 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 3,488 | 3,878 | 3,553 |
Provision for credit losses | 4,596 | 2,579 | 1,332 |
Charge-Offs | (8,543) | (6,050) | (3,972) |
Recoveries | 3,760 | 3,081 | 2,965 |
Net (Charge-Offs) Recoveries | (4,783) | (2,969) | (1,007) |
Ending Balance | $ 3,301 | $ 3,488 | $ 3,878 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Aging of the Recorded Investment in Accruing Past Due Loans by Class of Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | $ 6,242 | $ 2,297 |
Total Loans | 2,733,918 | 2,547,685 |
Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 225,190 | |
Nonaccrual Loans | 311 | 41 |
Total Loans | 225,190 | 247,362 |
Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 196,091 | |
Nonaccrual Loans | 322 | 17 |
Total Loans | 196,091 | 234,519 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 825,456 | |
Nonaccrual Loans | 909 | 645 |
Total Loans | 825,456 | 782,557 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,004,219 | |
Nonaccrual Loans | 2,990 | 239 |
Total Loans | 1,004,219 | 749,513 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 210,920 | |
Nonaccrual Loans | 999 | 771 |
Total Loans | 210,920 | 208,217 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 272,042 | |
Nonaccrual Loans | 711 | 584 |
Total Loans | 272,042 | 325,517 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,720,821 | 2,537,559 |
Current [Member] | Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 224,463 | 247,086 |
Current [Member] | Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 195,563 | 234,143 |
Current [Member] | Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 823,753 | 781,605 |
Current [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,000,525 | 747,899 |
Current [Member] | Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 209,653 | 207,411 |
Current [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 266,864 | 319,415 |
Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 6,855 | 7,829 |
Past Due [Member] | Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 416 | 235 |
Past Due [Member] | Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 206 | 359 |
Past Due [Member] | Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 794 | 307 |
Past Due [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 704 | 1,375 |
Past Due [Member] | Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 268 | 35 |
Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 4,467 | 5,518 |
30-59 DPD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,942 | 5,137 |
30-59 DPD [Member] | Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 311 | 109 |
30-59 DPD [Member] | Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 206 | 359 |
30-59 DPD [Member] | Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 794 | 158 |
30-59 DPD [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 670 | 845 |
30-59 DPD [Member] | Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 268 | 0 |
30-59 DPD [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,693 | 3,666 |
60-89 DPD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 913 | 2,692 |
60-89 DPD [Member] | Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 105 | 126 |
60-89 DPD [Member] | Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 DPD [Member] | Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 149 |
60-89 DPD [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 34 | 530 |
60-89 DPD [Member] | Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 35 |
60-89 DPD [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 774 | 1,852 |
90 +DPD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 +DPD [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days and Still on Accrual by Class of Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | $ 2,486 | $ 389 |
Total Nonaccrual With ACL | 3,756 | 1,908 |
90 + Days Still Accruing | 0 | 0 |
Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 0 | 0 |
Total Nonaccrual With ACL | 311 | 41 |
90 + Days Still Accruing | 0 | 0 |
Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 0 | 0 |
Total Nonaccrual With ACL | 322 | 17 |
90 + Days Still Accruing | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 781 | 389 |
Total Nonaccrual With ACL | 128 | 256 |
90 + Days Still Accruing | 0 | 0 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 1,705 | 0 |
Total Nonaccrual With ACL | 1,285 | 239 |
90 + Days Still Accruing | 0 | 0 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 0 | 0 |
Total Nonaccrual With ACL | 999 | 771 |
90 + Days Still Accruing | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual With No ACL | 0 | 0 |
Total Nonaccrual With ACL | 711 | 584 |
90 + Days Still Accruing | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Amortized Cost Basis of Collateral-Dependent Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | $ 3,277 | $ 700 |
Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 30 | 0 |
Commercial, Financial, Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 225,190 | |
Commercial, Financial, Agricultural [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 0 |
Commercial, Financial, Agricultural [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 30 | 0 |
Real Estate - Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 196,091 | |
Real Estate - Construction [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 275 | 0 |
Real Estate - Construction [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 825,456 | |
Real Estate - Commercial Mortgage [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 1,296 | 389 |
Real Estate - Commercial Mortgage [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 0 |
Real Estate - Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 1,004,219 | |
Real Estate - Residential [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 1,706 | 160 |
Real Estate - Residential [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 0 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 210,920 | |
Real Estate - Home Equity [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 130 |
Real Estate - Home Equity [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 272,042 | |
Consumer [Member] | Real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | 0 | 21 |
Consumer [Member] | Non real estate secured [Member] | Asset Pledged As Collateral [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Notes Receivable Gross | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES (Summary of Gross Loans Held for Investment by Years of Origination) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Financing Receivable, Recorded Investment [Line Items] | |||
Current Period Gross Writeoffs, Total | $ 9,292 | $ 7,906 | $ 4,827 |
Commercial, Financial, Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 57,652 | ||
2022 | 67,456 | ||
2021 | 29,387 | ||
2020 | 10,697 | ||
2019 | 7,787 | ||
Prior | 7,624 | ||
Revolving | 44,587 | ||
Total | 225,190 | ||
Current Period Gross Writeoffs, 2023 | 6 | ||
Current Period Gross Writeoffs, 2022 | 252 | ||
Current Period Gross Writeoffs, 2021 | 65 | ||
Current Period Gross Writeoffs, 2020 | 31 | ||
Current Period Gross Writeoffs, 2019 | 41 | ||
Current Period Gross Writeoffs, Prior | 19 | ||
Current Period Gross Writeoffs, Revolving | 97 | ||
Current Period Gross Writeoffs, Total | 511 | 1,308 | 239 |
Real Estate - Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 102,315 | ||
2022 | 68,812 | ||
2021 | 19,296 | ||
2020 | 863 | ||
2019 | 188 | ||
Prior | 0 | ||
Revolving | 4,617 | ||
Total | 196,091 | ||
Current Period Gross Writeoffs, 2023 | 0 | ||
Current Period Gross Writeoffs, 2022 | 0 | ||
Current Period Gross Writeoffs, 2021 | 0 | ||
Current Period Gross Writeoffs, 2020 | 0 | ||
Current Period Gross Writeoffs, 2019 | 0 | ||
Current Period Gross Writeoffs, Prior | 0 | ||
Current Period Gross Writeoffs, Revolving | 0 | ||
Current Period Gross Writeoffs, Total | 0 | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 121,106 | ||
2022 | 281,989 | ||
2021 | 142,358 | ||
2020 | 103,076 | ||
2019 | 45,841 | ||
Prior | 112,025 | ||
Revolving | 19,061 | ||
Total | 825,456 | ||
Current Period Gross Writeoffs, 2023 | 0 | ||
Current Period Gross Writeoffs, 2022 | 0 | ||
Current Period Gross Writeoffs, 2021 | 0 | ||
Current Period Gross Writeoffs, 2020 | 0 | ||
Current Period Gross Writeoffs, 2019 | 0 | ||
Current Period Gross Writeoffs, Prior | 120 | ||
Current Period Gross Writeoffs, Revolving | 0 | ||
Current Period Gross Writeoffs, Total | 120 | 355 | 405 |
Real Estate - Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 373,232 | ||
2022 | 401,636 | ||
2021 | 85,097 | ||
2020 | 38,007 | ||
2019 | 25,855 | ||
Prior | 72,140 | ||
Revolving | 8,252 | ||
Total | 1,004,219 | ||
Current Period Gross Writeoffs, 2023 | 0 | ||
Current Period Gross Writeoffs, 2022 | 0 | ||
Current Period Gross Writeoffs, 2021 | 79 | ||
Current Period Gross Writeoffs, 2020 | 0 | ||
Current Period Gross Writeoffs, 2019 | 0 | ||
Current Period Gross Writeoffs, Prior | 0 | ||
Current Period Gross Writeoffs, Revolving | 0 | ||
Current Period Gross Writeoffs, Total | 79 | 0 | 108 |
Real Estate - Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 890 | ||
2022 | 48 | ||
2021 | 127 | ||
2020 | 11 | ||
2019 | 386 | ||
Prior | 950 | ||
Revolving | 208,508 | ||
Total | 210,920 | ||
Current Period Gross Writeoffs, 2023 | 0 | ||
Current Period Gross Writeoffs, 2022 | 0 | ||
Current Period Gross Writeoffs, 2021 | 0 | ||
Current Period Gross Writeoffs, 2020 | 0 | ||
Current Period Gross Writeoffs, 2019 | 0 | ||
Current Period Gross Writeoffs, Prior | 0 | ||
Current Period Gross Writeoffs, Revolving | 39 | ||
Current Period Gross Writeoffs, Total | 39 | 193 | 103 |
Real Estate - Home Equity [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 890 | ||
2022 | 48 | ||
2021 | 127 | ||
2020 | 11 | ||
2019 | 386 | ||
Prior | 950 | ||
Revolving | 207,509 | ||
Total | 209,921 | ||
Real Estate - Home Equity [Member] | Nonperforming [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 999 | ||
Total | 999 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 68,789 | ||
2022 | 90,386 | ||
2021 | 70,940 | ||
2020 | 21,318 | ||
2019 | 10,210 | ||
Prior | 4,258 | ||
Revolving | 6,141 | ||
Total | 272,042 | ||
Current Period Gross Writeoffs, 2023 | 3,137 | ||
Current Period Gross Writeoffs, 2022 | 3,224 | ||
Current Period Gross Writeoffs, 2021 | 1,362 | ||
Current Period Gross Writeoffs, 2020 | 329 | ||
Current Period Gross Writeoffs, 2019 | 230 | ||
Current Period Gross Writeoffs, Prior | 99 | ||
Current Period Gross Writeoffs, Revolving | 162 | ||
Current Period Gross Writeoffs, Total | 8,543 | $ 6,050 | $ 3,972 |
Consumer [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 68,496 | ||
2022 | 90,031 | ||
2021 | 70,882 | ||
2020 | 21,314 | ||
2019 | 10,210 | ||
Prior | 4,258 | ||
Revolving | 5,431 | ||
Total | 270,622 | ||
Consumer [Member] | Nonperforming [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 293 | ||
2022 | 355 | ||
2021 | 58 | ||
2020 | 4 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 710 | ||
Total | 1,420 | ||
Pass [Member] | Commercial, Financial, Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 57,320 | ||
2022 | 66,671 | ||
2021 | 28,933 | ||
2020 | 10,610 | ||
2019 | 7,758 | ||
Prior | 7,502 | ||
Revolving | 44,350 | ||
Total | 223,144 | ||
Pass [Member] | Real Estate - Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 101,684 | ||
2022 | 68,265 | ||
2021 | 18,181 | ||
2020 | 0 | ||
2019 | 188 | ||
Prior | 0 | ||
Revolving | 4,617 | ||
Total | 192,935 | ||
Pass [Member] | Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 117,840 | ||
2022 | 275,079 | ||
2021 | 135,663 | ||
2020 | 101,210 | ||
2019 | 43,878 | ||
Prior | 109,878 | ||
Revolving | 18,367 | ||
Total | 801,915 | ||
Pass [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 372,394 | ||
2022 | 400,437 | ||
2021 | 83,108 | ||
2020 | 35,879 | ||
2019 | 24,848 | ||
Prior | 68,685 | ||
Revolving | 8,252 | ||
Total | 993,603 | ||
Special Mention [Member] | Commercial, Financial, Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 168 | ||
2022 | 608 | ||
2021 | 356 | ||
2020 | 10 | ||
2019 | 9 | ||
Prior | 0 | ||
Revolving | 76 | ||
Total | 1,227 | ||
Special Mention [Member] | Real Estate - Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 631 | ||
2022 | 500 | ||
2021 | 539 | ||
2020 | 212 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 1,882 | ||
Special Mention [Member] | Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 3,266 | ||
2022 | 5,684 | ||
2021 | 0 | ||
2020 | 229 | ||
2019 | 1,358 | ||
Prior | 573 | ||
Revolving | 0 | ||
Total | 11,110 | ||
Special Mention [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 268 | ||
2022 | 89 | ||
2021 | 83 | ||
2020 | 502 | ||
2019 | 0 | ||
Prior | 313 | ||
Revolving | 0 | ||
Total | 1,255 | ||
Substandard [Member] | Commercial, Financial, Agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 164 | ||
2022 | 177 | ||
2021 | 98 | ||
2020 | 77 | ||
2019 | 20 | ||
Prior | 122 | ||
Revolving | 161 | ||
Total | 819 | ||
Substandard [Member] | Real Estate - Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 47 | ||
2021 | 576 | ||
2020 | 651 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 1,274 | ||
Substandard [Member] | Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 1,226 | ||
2021 | 6,695 | ||
2020 | 1,637 | ||
2019 | 605 | ||
Prior | 1,574 | ||
Revolving | 694 | ||
Total | 12,431 | ||
Substandard [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 570 | ||
2022 | 1,110 | ||
2021 | 1,906 | ||
2020 | 1,626 | ||
2019 | 1,007 | ||
Prior | 3,142 | ||
Revolving | 0 | ||
Total | $ 9,361 |
MORTGAGE BANKING ACTIVITIES (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Mortgage Banking Activities [Abstract] | ||
Percentage of FNMA loan type of total loans serviced | 53.30% | |
Percentage of GNMA loan type of total loans serviced | 4.70% | |
Percentage of Private Investor loan type of total loans serviced | 42.00% | |
Repurchase of GNMA delinquent or defaulted mortgage loans to be modified | $ 300,000 | $ 1,700,000 |
Weighted average prepayment speed | 14.22% | 13.42% |
Warehouse lines of credit extended to CCHL | $ 50,000,000 | |
Balance of lines of credit receivable from CCHL | 31,400,000 | $ 22,900,000 |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 0 | 0 |
Delinquent residential mortgage loans currently in GNMA pools | 0 | 300,000 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | 6,242,000 | 2,297,000 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held-for-sale | 27,944,000 | 26,274,000 |
Mortgage Servicing Rights [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held-for-sale | 334,000,000 | 50,000,000 |
Sale price of loans held for sale | 4,000,000.0 | 600,000 |
Net Realized Gains on Sales of Mortgage Loans | 1,380,000 | 200,000 |
Warehouse Line Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Line of credit outstanding | 8,384,000 | 50,200,000 |
Financial Asset, 30 to 89 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | 700,000 | 100,000 |
Loans held-for-sale | $ 0 | $ 600,000 |
MORTGAGE BANKING ACTIVITIES (Summary of Unpaid Principal Balance of Residential Mortgage Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Assets | $ 119,648 | $ 119,337 |
Other Liabilities | 66,080 | 73,675 |
Loans Held For Sale, at fair value | 28,211 | 26,909 |
Forward Sales Contracts [Member] | ||
Other Assets | 24,500 | 15,500 |
Other assets fair value | 209 | 187 |
Residential Mortgage [Member] | ||
Loans held-for-sale | 27,944 | 26,274 |
Loans Held For Sale, at fair value | 28,211 | 26,909 |
Fair value | 28,943 | 27,915 |
Residential Mortgage [Member] | Loan Commitments (IRLCs) [Member] | ||
Other Assets | 23,545 | 36,535 |
Other assets fair value | $ 523 | $ 819 |
MORTGAGE BANKING ACTIVITIES (Mortgage Banking Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Net realized gain on sales of mortgage loans | $ 2,871 | $ 4,055 | $ 6,234 | $ 8,912 | $ 8,072 | $ 11,807 | $ 10,400 | $ 11,909 | $ 52,425 |
Mortgage servicing rights additions | 726 | 72 | |||||||
Mortgage Banking Revenues [Member] | |||||||||
Net realized gain on sales of mortgage loans | 5,297 | 5,565 | 49,355 | ||||||
Net change in unrealized gain on mortgage loans held for sale | (252) | (1,164) | (2,410) | ||||||
Net change in the fair value of mortgage loan commitments (IRLCs) | (296) | (439) | (3,567) | ||||||
Net change in the fair value of forward sales contracts | (395) | 192 | 900 | ||||||
Pair-Offs on net settlement of forward sales contracts | 367 | 4,956 | 2,956 | ||||||
Mortgage servicing rights additions | 651 | 565 | 1,416 | ||||||
Net origination fees | 5,028 | 2,234 | 3,775 | ||||||
Total mortgage banking revenues | $ 10,400 | $ 11,909 | $ 52,425 |
MORTGAGE BANKING ACTIVITIES (Summary of Mortgage Servicing Rights) (Details) - Residential Mortgage [Member] $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023
USD ($)
LoanContracts
|
Dec. 31, 2022
USD ($)
LoanContracts
|
|
Servicing Assets at Fair Value [Line Items] | ||
Number of Residential Mortgage Loans Serviced for Others | LoanContracts | 450 | 1,769 |
Outstanding Principal Balance of Residential Mortgage Loans Serviced for Others | $ | $ 108,897 | $ 410,470 |
Weighted Average Interest Rate | 5.37% | 3.62% |
Remaining contractual term (in months) | 309 months | 298 months |
MORTGAGE BANKING ACTIVITIES (Activity in the Capitalized Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Servicing Asset at Fair Value, Amount [Roll Forward | |||
Beginning Balance | $ 2,599 | $ 3,774 | $ 3,452 |
Additions due to loans sold with servicing retained | 651 | 565 | 1,416 |
Deletions and amortization | (232) | (1,291) | (1,344) |
Valuation Allowance reversal | 0 | 0 | 250 |
Sale of Servicing Rights | (2,187) | (449) | 0 |
Ending Balance | 831 | 2,599 | $ 3,774 |
Mortgage Servicing Rights [Member] | |||
Servicing Asset at Fair Value, Amount [Roll Forward | |||
Loans held-for-sale | 334,000 | 50,000 | |
Sale price of loans held for sale | 4,000 | 600 | |
Net Realized Gains on Sales of Mortgage Loans | $ 1,380 | $ 200 |
MORTGAGE BANKING ACTIVITIES (Key Unobservable Inputs used in Determining the Fair Value of Mortgage Servicing Rights) (Details) - $ / LoanContracts |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Maximum [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Discount Rates | 12.00% | 12.00% |
Annual prepayment speeds | 17.79% | 20.23% |
Cost of servicing (per loan) | 95 | 95 |
Minimum [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Discount Rates | 9.50% | 9.50% |
Annual prepayment speeds | 11.23% | 12.33% |
Cost of servicing (per loan) | 85 | 85 |
MORTGAGE BANKING ACTIVITIES (Warehouse Line Borrowings) (Details) - Warehouse Line Borrowings [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Short-term Debt [Line Items] | ||
Line of credit outstanding | $ 8,384 | $ 50,200 |
Master Repurchase Agreement [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |
Line of credit outstanding | 192 | |
Cash pledge deposit | $ 100 | |
Master Repurchase Agreement [Member] | Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate, basis spread (in percent) | 2.00% | |
Floor rate | 3.25% | |
Master Repurchase Agreement [Member] | Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate, basis spread (in percent) | 3.00% | |
Floor rate | 4.25% | |
Line of credit expiring December 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |
Line of credit outstanding | $ 8,192 | |
Line of Credit Facility, Expiration Date | Dec. 31, 2024 | |
Line of credit expiring December 2022 [Member] | Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate, basis spread (in percent) | 2.75% | |
Line of credit expiring December 2022 [Member] | Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate, basis spread (in percent) | 3.25% |
DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability Notional Amount | $ 30,000 | $ 30,000 |
Weighted average rate paid (Fixed) | 2.50% | |
Collateral liabilities | $ 5,500 | $ 5,800 |
Interest Rate Product [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,300 |
DERIVATIVES (Cash Flow Hedges Included in the Consolidated Statement of Financial Condition) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 30,000 | $ 30,000 |
Fair Value | $ 5,317 | $ 6,195 |
Weighted average maturity years | 6 years 6 months | 7 years 6 months |
DERIVATIVES (Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income) (Details) - Interest Rate Product [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI | $ 3,969 | $ 4,625 | $ 1,530 |
Amount of Gain (Loss) Reclassified from AOCI to Income | $ 1,395 | $ 337 | $ (151) |
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | |||||||||
Total Premises and Equipment | $ 193,916 | $ 192,323 | |||||||
Accumulated Depreciation | (112,650) | (110,185) | |||||||
Premises and Equipment, Net | 81,266 | 82,138 | |||||||
Depreciation expense | $ 1,969 | $ 1,907 | $ 3,927 | $ 3,802 | $ 5,920 | $ 5,689 | 7,918 | 7,596 | $ 7,607 |
Land [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Total Premises and Equipment | 22,393 | 22,847 | |||||||
Buildings [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Total Premises and Equipment | 110,472 | 109,849 | |||||||
Fixtures and Equipment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Total Premises and Equipment | $ 61,051 | $ 59,627 |
LEASES (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee Lease Description [Line Items] | ||
Right-of-use (ROU) assets | $ 27,000 | $ 22,300 |
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List | Other Assets | Other Assets |
Operating lease liability | $ 27,391 | $ 22,700 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term of operating lease | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term of operating lease | 42 years |
LEASES (Lease Expense and Other Information Related to the Company's Operating Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Lease expenses: | |||
Operating lease expense | $ 2,919 | $ 1,719 | $ 1,445 |
Short-term lease expense | 622 | 658 | 663 |
Total lease expense | 3,541 | 2,377 | 2,108 |
Other information: | |||
Operating cash flows from operating leases | 2,847 | 1,937 | 1,609 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,748 | $ 12,475 | $ 784 |
Weighted-average remaining lease term - operating leases (in years ) | 16 years 10 months 24 days | 19 years 6 months | 25 years 3 months 18 days |
Weighted-average discount rate - operating leases | 3.50% | 3.10% | 2.00% |
LEASES (Maturity of Remaining Lease Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 3,127 | |
2025 | 3,105 | |
2026 | 2,966 | |
2027 | 2,888 | |
2028 | 2,611 | |
2028 and thereafter | 20,670 | |
Total | 35,367 | |
Less: Interest | (7,976) | |
Present Value of Lease Liability | $ 27,391 | $ 22,700 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2021
USD ($)
Item
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Goodwill And Other Intangibles [Abstract] | ||||||||||
Goodwill | $ 91,800,000 | $ 91,800,000 | ||||||||
Goodwill impairment | 0 | 0 | ||||||||
Intangible Assets, Current | 1,200,000 | 1,300,000 | ||||||||
Business combination abstract | ||||||||||
Payments to Acquire Businesses, Gross | $ 4,500,000 | |||||||||
Additional goodwill | 2,800,000 | |||||||||
Intangible assets acquired | $ 1,600,000 | |||||||||
Amortization of Intangible Assets | $ 40,000 | $ 40,000 | $ 80,000 | $ 80,000 | $ 120,000 | $ 120,000 | $ 160,000 | $ 160,000 | $ 107,000 | |
Intangible assets useful life | 10 years | |||||||||
Estimated amortization expense for each of the succeeding fiscal years | $ 200,000 | |||||||||
Number of offices principles will continue to operate after acquisition | Item | 5 |
OTHER REAL ESTATE OWNED (Schedule of Other Real Estate Owned Activity) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Real Estate [Roll Forward] | |||
Beginning Balance | $ 431 | $ 17 | $ 808 |
Additions | 1,512 | 2,398 | 1,717 |
Valuation Write-Downs | (16) | (11) | (31) |
Sales | (1,926) | (1,973) | (2,809) |
Other | 0 | 0 | 332 |
Ending Balance | $ 1 | $ 431 | $ 17 |
OTHER REAL ESTATE OWNED (Schedule of Net Expenses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Real Estate Owned [Abstract] | |||
Gains from the Sale of Properties | $ (2,072) | $ (480) | $ (1,711) |
Losses from the Sale of Properties | 3 | 47 | 18 |
Rental Income from Properties | 0 | (21) | 0 |
Property Carrying Costs | 84 | 106 | 174 |
Valuation Adjustments | 16 | 11 | 31 |
Total | $ (1,969) | $ (337) | $ (1,488) |
DEPOSITS (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Deposits [Abstract] | ||
Overdrawn deposit accounts of loan | $ 1.0 | $ 1.1 |
Time deposits that meet or exceed the FDIC insurance limit of $250,000 | $ 14.7 | $ 11.1 |
DEPOSITS (Schedule of Interest Bearing Deposits) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
NOW Accounts | $ 1,327,420 | $ 1,290,494 |
Money Market Accounts | 319,319 | 267,383 |
Savings Deposits | 547,634 | 637,374 |
Time Deposits | 129,515 | 90,446 |
Total Interest Bearing Deposits | $ 2,323,888 | $ 2,285,697 |
DEPOSITS (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
2024 | $ 112,448 | |
2025 | 7,349 | |
2026 | 3,554 | |
2027 | 4,211 | |
2028 | 1,953 | |
Total | $ 129,515 | $ 90,446 |
DEPOSITS (Schedule of Interest Expense on Deposits) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Deposits [Abstract] | |||
NOW Accounts | $ 12,375 | $ 2,800 | $ 294 |
Money Market Accounts | 3,670 | 203 | 134 |
Savings Deposits | 598 | 309 | 263 |
Time Deposits less than $250,000 | 117 | 129 | 145 |
Time Deposits more than $250,000 | 822 | 3 | 3 |
Total Interest Expense | $ 17,582 | $ 3,444 | $ 839 |
SHORT-TERM BORROWINGS (Schedule of Short-Term Borrowings) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Short-term Debt [Line Items] | |||
Balance at December 31 | $ 35,341 | $ 56,793 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Balance at December 31 | 0 | 0 | $ 0 |
Maximum indebtedness at any month end | 0 | 0 | 0 |
Daily average indebtedness outstanding | $ 12 | $ 2 | $ 2 |
Average rate paid for the year (in percent) | 7.03% | 3.39% | 2.39% |
Average rate paid on period-end borrowings (in percent) | 0.00% | 0.00% | 0.00% |
Securities Sold Under Repurchase Agreements [Member] | |||
Short-term Debt [Line Items] | |||
Balance at December 31 | $ 26,957 | $ 6,582 | $ 4,955 |
Maximum indebtedness at any month end | 32,426 | 9,452 | 6,755 |
Daily average indebtedness outstanding | $ 19,917 | $ 8,095 | $ 5,762 |
Average rate paid for the year (in percent) | 2.57% | 0.17% | 0.04% |
Average rate paid on period-end borrowings (in percent) | 2.81% | 0.40% | 0.04% |
Other Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Balance at December 31 | $ 8,384 | $ 50,211 | $ 29,602 |
Maximum indebtedness at any month end | 42,345 | 50,211 | 58,309 |
Daily average indebtedness outstanding | $ 24,134 | $ 32,386 | $ 47,748 |
Average rate paid for the year (in percent) | 6.37% | 5.40% | 2.84% |
Average rate paid on period-end borrowings (in percent) | 9.51% | 7.61% | 2.36% |
Warehouse Line Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Balance at December 31 | $ 8,400 |
LONG-TERM BORROWINGS (Narrative) (Details) - Federal Home Loan Bank Advances [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||
FHLB advances | $ 0.3 | $ 0.5 |
Weighted-average rate (in percent) | 4.80% | 4.80% |
FHLB Debt instrument payment terms | The advance matures in 2025 and has a rate of 4.80%. The Company had one FHLB long-term advance totaling $0.5 million at December 31, 2022 with a weighted-average rate of 4.80%. |
LONG-TERM BORROWINGS (Narrative 2) (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 12, 2016
USD ($)
|
May 31, 2005
USD ($)
|
Nov. 30, 2004
USD ($)
|
Dec. 31, 2023
USD ($)
LoanContracts
|
|
CCBG Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of interest rate basis | 3-month CME Term SOFR | |||
CCBG Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of interest rate basis | 3-month CME Term SOFR | |||
Junior Subordinated Deferrable Interest Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of notes issued to trust | LoanContracts | 2 | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | $ 32.0 | |||
Debt Instrument Issued | $ 31.0 | |||
Note Payable Maturity Date | Jun. 15, 2035 | |||
Interest rate, basis spread (in percent) | 1.80% | |||
Proceeds received from the Trust | $ 32.0 | |||
Tier One Risk Based Capital | 31.0 | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust II [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | $ 0.9 | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | 30.9 | |||
Debt Instrument Issued | $ 30.0 | |||
Note Payable Maturity Date | Dec. 31, 2034 | |||
Interest rate, basis spread (in percent) | 1.90% | |||
Proceeds received from the Trust | $ 30.9 | |||
Tier One Risk Based Capital | $ 20.0 | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust I [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | $ 0.9 | |||
Subordinated Debt [Member] | ||||
Extinguishment Of Debt [Line Items] | ||||
Extinguishment Of Debt Amount | $ 10.0 |
LONG-TERM BORROWINGS (Schedule of Minimum Future Principal Payments on FHLB Advances) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Long-term Borrowings [Abstract] | |
2024 | $ 198 |
2025 | 116 |
Total | $ 314 |
INCOME TAXES (Narrative 1) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits | $ 233 | $ 136 | $ 52 | $ 0 |
Statutory federal income tax rate to pre-tax income (in percent) | 21.00% | 21.00% | 21.00% | |
Minimum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards, expiration dates | Dec. 31, 2024 | |||
Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards, expiration dates | Dec. 31, 2037 | |||
State [Member] | 2022 through 2041 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss and Tax credit carryforward, valuation allowance | $ 2,100 | |||
Inactive Subsidiary [Member] | State [Member] | 2022 through 2041 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 1,900 | $ 1,700 |
INCOME TAXES (Narrative 2) (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Income Tax [Abstract] | |||
Interest and penalties | $ 0 | $ 0 | $ 0 |
Amounts accrued for interest and penalties | 0 | $ 0 | |
Amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate | $ 200,000 |
INCOME TAXES (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current: | |||
Federal | $ 11,630 | $ 10,646 | $ 12,039 |
State | 1,893 | 1,022 | 1,044 |
Total | 13,523 | 11,668 | 13,083 |
Deferred: | |||
Federal | (391) | (2,994) | (3,246) |
State | (351) | (899) | (10) |
Change in Valuation Allowance | 259 | 23 | 8 |
Total | (483) | (3,870) | (3,248) |
Total | |||
Federal | 11,239 | 7,652 | 8,793 |
State | 1,542 | 123 | 1,034 |
Change in Valuation Allowance | 259 | 23 | 8 |
Total | $ 13,040 | $ 7,798 | $ 9,835 |
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax [Abstract] | |||
Tax Expense at Federal Statutory Rate | $ 13,411 | $ 8,625 | $ 10,385 |
Increases (Decreases) Resulting From: | |||
Tax-Exempt Interest Income | (259) | (248) | (271) |
State Taxes, Net of Federal Benefit | 1,218 | 94 | 819 |
Other | (1,695) | (546) | 375 |
Change in Valuation Allowance | 259 | 23 | 8 |
Tax-Exempt Cash Surrender Value Life Insurance Benefit | (187) | (175) | (173) |
Noncontrolling Interest | 293 | 25 | (1,308) |
Actual Tax Expense | $ 13,040 | $ 7,798 | $ 9,835 |
INCOME TAXES (Schedule of Deferred Income Tax Liabilities and Assets) (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Tax Assets attributable to: | ||
Allowance for Credit Losses | $ 7,236,000 | $ 6,042,000 |
Accrued Pension/SERP | 144,000 | 1,530,000 |
State Net Operating Loss and Tax Credit Carry-Forwards | 2,069,000 | 1,920,000 |
Other Real Estate Owned | 887,000 | 917,000 |
Accrued SERP Liability | 2,594,000 | 3,246,000 |
Lease Liability | 5,911,000 | 4,547,000 |
Net Unrealized Losses on Investment Securities | 8,601,000 | 12,499,000 |
Other | 2,665,000 | 3,043,000 |
Investment in Partnership | 3,241,000 | 1,544,000 |
Total Deferred Tax Assets | 33,348,000 | 35,288,000 |
Deferred Tax Liabilities attributable to: | ||
Depreciation on Premises and Equipment | 3,733,000 | 3,382,000 |
Deferred Loan Fees and Costs | 2,614,000 | 2,372,000 |
Intangible Assets | 3,344,000 | 3,310,000 |
Accrued Pension Liability | 1,688,000 | 1,043,000 |
Right of Use Asset | 5,829,000 | 4,474,000 |
Investments | 469,000 | 469,000 |
Other | 1,851,000 | 2,099,000 |
Total Deferred Tax Liabilities | 19,528,000 | 17,149,000 |
Valuation Allowance | 1,930,000 | 1,671,000 |
Net Deferred Tax Assets | $ 11,890,000 | $ 16,468,000 |
INCOME TAXES (Schedule of Beginning and Ending Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax [Abstract] | |||
Balance at January, 1 | $ 136 | $ 52 | $ 0 |
Additions Based on Tax Positions Related to Current Year | 97 | 84 | 52 |
Balance at December 31 | $ 233 | $ 136 | $ 52 |
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 2,100,000 | $ 2,300,000 | $ 1,600,000 |
2021 Director Stock Purchase Plan (DSPP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of common stock purchase (in percent) | 90.00% | ||
Shares reserved for issuance (in shares) | 300,000 | ||
Shares eligible for issuance (in shares) | 252,571 | ||
Shares issued (in shares) | 13,090 | 14,977 | 19,362 |
Compensation Expense | $ 100,000 | $ 100,000 | $ 100,000 |
2021 Associate Stock Purchase Plan (ASPP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of common stock purchase (in percent) | 90.00% | ||
Shares reserved for issuance (in shares) | 400,000 | ||
Shares eligible for issuance (in shares) | 329,122 | ||
Shares issued (in shares) | 17,651 | 31,101 | 22,126 |
Compensation Expense | $ 100,000 | $ 100,000 | |
Percentage of outstanding stock purchase (in percent) | 10.00% | ||
Maximum Stock purchases under the plan | $ 25,000 | ||
Weighted average estimated fair value (in dollars per shares) | $ 5.32 | $ 4.03 | $ 3.96 |
2021 Associate Incentive Plan (AIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance (in shares) | 700,000 | ||
Shares eligible for issuance (in shares) | 27,577 | ||
Shares remain eligible for issuance | 492,247 | ||
Shares were earned but not issued | 26,614 | ||
Compensation Expense | $ 1,100,000 | $ 1,900,000 | $ 1,200,000 |
Grant-date fair value of the shares eligible to be awarded | $ 1,100,000 | ||
2021 Associate Incentive Plan (AIP) [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 8,840 | 11,847 | |
Executive Long-Term Incentive Plan President[Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares were earned but not issued | 17,334 | ||
Executive Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 4,909 | 6,849 | 27,915 |
Compensation Expense | $ 900,000 | $ 200,000 | $ 200,000 |
STOCK-BASED COMPENSATION (Schedule of Stock Purchase Right Estimated on the Date of Grant using Weighted Average Assumption) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Stock-Based Compensation [Abstract] | |||
Dividend yield | 2.30% | 2.40% | 2.50% |
Expected volatility | 22.50% | 17.60% | 21.80% |
Risk-free interest rate | 5.10% | 1.40% | 0.10% |
Expected life (in months) | 6 months | 6 months | 6 months |
EMPLOYEE BENEFIT PLANS (Narrative 1) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net actuarial gain (loss) | $ (300,000) | ||||||||
Settlement loss | $ 0 | $ (209,000) | $ 291,000 | $ (378,000) | $ 291,000 | $ (480,000) | 291,000 | $ (2,321,000) | $ (3,072,000) |
Supplemental Executive Retirement Plan ("SERP") [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Settlement loss | 291,000 | 0 | 0 | ||||||
Settlement Gain | 291,000 | 0 | 0 | ||||||
Defined benefit pension plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net actuarial gain (loss) | (200,000) | ||||||||
Settlement loss | $ 0 | $ (2,321,000) | $ (3,072,000) | ||||||
Required minimum distribution age | 72 years | ||||||||
Year of highest compensation | 5 years | ||||||||
Year immediately preceding departure term | 10 years |
EMPLOYEE BENEFIT PLANS (Narrative 2) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Minimum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 55.00% | ||
Minimum [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 17.00% | ||
Minimum [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 0.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 81.00% | ||
Maximum [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 37.00% | ||
Maximum [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation (in percent) | 10.00% | ||
Employee Benefit 401 K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions (in percent) | 50.00% | ||
Participant's compensation for eligible associates (in percent) | 6.00% | ||
Matching contributions | $ 1.7 | $ 1.4 | $ 1.0 |
Shares reserved for issuance (in shares) | 50,000 | ||
Additional employers contribution for associates hired after year 2019 as a percentage of compensation | 3.00% | ||
Employee Benefit 401 K Plan [Member] | CCHL associates [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions | $ 0.4 | $ 0.4 | $ 0.7 |
Employee Benefit 401 K Plan [Member] | Maximum [Member] | CCHL associates [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions (in percent) | 3.00% | ||
Dividend Reinvestment and Optional Stock Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares reserved for issuance (in shares) | 250,000 | ||
Shares issued under plan | 0 | 0 | 0 |
EMPLOYEE BENEFIT PLANS (Schedule of Components of Pension Expense, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Change in Projected Benefit Obligation: | |||||||||
Actuarial Loss (Gain) | $ (4,905,000) | $ (4,223,000) | $ (31,339,000) | ||||||
Components of Net Periodic Benefit Costs: | |||||||||
Net Loss Settlements | $ 0 | $ 209,000 | $ (291,000) | $ 378,000 | $ (291,000) | $ 480,000 | (291,000) | 2,321,000 | 3,072,000 |
Defined benefit pension plan [Member] | |||||||||
Change in Projected Benefit Obligation: | |||||||||
Benefit Obligation at Beginning of Year | 108,151,000 | 172,508,000 | 108,151,000 | 172,508,000 | 108,151,000 | 172,508,000 | 108,151,000 | 172,508,000 | 212,566,000 |
Service Cost | 3,488,000 | 6,289,000 | 6,971,000 | ||||||
Interest Cost | 5,831,000 | 4,665,000 | 4,885,000 | ||||||
Actuarial Loss (Gain) | 6,936,000 | (39,962,000) | (14,934,000) | ||||||
Benefits Paid | (3,843,000) | (2,139,000) | (2,087,000) | ||||||
Expenses Paid | (276,000) | (416,000) | (259,000) | ||||||
Settlements | 0 | (32,794,000) | (34,634,000) | ||||||
Projected Benefit Obligation at End of Year | 120,287,000 | 108,151,000 | 172,508,000 | ||||||
Change in Plan Assets: | |||||||||
Fair Value of Plan Assets at Beginning of Year | $ 104,276,000 | $ 165,274,000 | $ 104,276,000 | $ 165,274,000 | $ 104,276,000 | $ 165,274,000 | 104,276,000 | 165,274,000 | 171,775,000 |
Actual Return (Loss) on Plan Assets | 19,138,000 | (25,649,000) | 30,479,000 | ||||||
Employer Contributions | 6,000,000 | 0 | 0 | ||||||
Benefits Paid | (3,843,000) | (2,139,000) | (2,087,000) | ||||||
Expenses Paid | (276,000) | (416,000) | (259,000) | ||||||
Settlements | 0 | (32,794,000) | (34,634,000) | ||||||
Fair Value of Plan Assets at End of Year | 125,295,000 | 104,276,000 | 165,274,000 | ||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||
Other (Assets) | (5,008,000) | ||||||||
Other Liabilities | 3,875,000 | 7,234,000 | |||||||
Accumulated Benefit Obligation at End of Year | 102,642,000 | 91,770,000 | 149,569,000 | ||||||
Components of Net Periodic Benefit Costs: | |||||||||
Service Cost | 3,488,000 | 6,289,000 | 6,971,000 | ||||||
Interest Cost | 5,831,000 | 4,665,000 | 4,885,000 | ||||||
Expected Return on Plan Assets | (6,805,000) | (10,701,000) | (11,147,000) | ||||||
Amortization of Prior Service Costs | 5,000 | 15,000 | 15,000 | ||||||
Net Loss Amortization | 934,000 | 1,713,000 | 6,764,000 | ||||||
Net Loss Settlements | 0 | 2,321,000 | 3,072,000 | ||||||
Net Periodic Benefit Cost | $ 3,453,000 | $ 4,302,000 | $ 10,560,000 | ||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||
Discount Rate (in percent) | 5.29% | 5.63% | 3.11% | ||||||
Rate of Compensation Increase (in percent) | 5.10% | 5.10% | 4.40% | ||||||
Measurement Date | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||
Discount Rate (in percent) | 5.63% | 3.11% | 2.88% | ||||||
Expected Return on Plan Assets (in percent) | 6.75% | 6.75% | 6.75% | ||||||
Rate of Compensation Increase (in percent) | 5.10% | 4.40% | 4.00% | ||||||
Amortization Amounts from Accumulated Other Comprehensive Loss: | |||||||||
Net Actuarial Loss (Gain) | $ (5,397,000) | $ (3,612,000) | $ (34,265,000) | ||||||
Prior Service Cost | (5,000) | (15,000) | (15,000) | ||||||
Net Loss | (934,000) | (4,034,000) | (9,836,000) | ||||||
Deferred Tax (Benefit) Expense | 1,606,000 | 1,942,000 | 11,183,000 | ||||||
Other Comprehensive Gain, net of tax | (4,730,000) | (5,719,000) | (32,933,000) | ||||||
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||||||||
Net Actuarial Losses | 1,322,000 | 7,653,000 | 15,300,000 | ||||||
Prior Service Cost | 0 | 5,000 | 20,000 | ||||||
Deferred Tax Benefit (Expense) | (335,000) | (1,941,000) | (3,884,000) | ||||||
Accumulated Other Comprehensive Loss, net of tax | $ 987,000 | $ 5,717,000 | $ 11,436,000 |
EMPLOYEE BENEFIT PLANS (Schedule of Pension Plan Asset Allocation and the Target Asset Allocation) (Details) - Defined benefit pension plan [Member] |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (in percent) | 100.00% | |
Percentage of Plan Assets at Year-End (in percent) | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (in percent) | 68.00% | |
Percentage of Plan Assets at Year-End (in percent) | 70.00% | 73.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (in percent) | 27.00% | |
Percentage of Plan Assets at Year-End (in percent) | 18.00% | 23.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (in percent) | 5.00% | |
Percentage of Plan Assets at Year-End (in percent) | 12.00% | 4.00% |
EMPLOYEE BENEFIT PLANS (Schedule of Fair Value of Plan Assets by Level of the Valuation Inputs within the Fair Value Hierarchy) (Details) - Defined benefit pension plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 125,295 | $ 104,276 | $ 165,274 | $ 171,775 |
U.S. Treasury Securities [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 16,126 | 17,264 | ||
Mutual Funds [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 92,991 | 81,231 | ||
Cash and Cash Equivalents [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 15,717 | 5,327 | ||
Corporate Notes/Bonds [Member] | Level 2 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 461 | $ 454 |
EMPLOYEE BENEFIT PLANS (Schedule of Expected Benefit Payments Related to the Defined Benefit Pension Plan) (Details) - Defined benefit pension plan [Member] $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 10,105 |
2025 | 11,119 |
2026 | 10,496 |
2027 | 10,042 |
2028 | 8,983 |
2029 through 2033 | 45,942 |
Total | $ 96,687 |
EMPLOYEE BENEFIT PLANS (Schedule of Amounts Contributed to the Pension Plan and the Expected Amount to be Contributed) (Details) - Defined benefit pension plan [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Contributions | $ 6,000 | $ 0 |
Expected contribution for 2024 | $ 5,000 |
EMPLOYEE BENEFIT PLANS (Schedule of Components of SERP's Periodic Benefit Cost, the Funded Status of the Plan, Amounts Recognized in the Consolidated Statements of Financial Condition, and Major Assumptions) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Change in Projected Benefit Obligation: | |||||||||
Actuarial Loss (Gain) | $ (4,905,000) | $ (4,223,000) | $ (31,339,000) | ||||||
Components of Net Periodic Benefit Costs: | |||||||||
Defined benefit plan settlement | $ 0 | $ (209,000) | $ 291,000 | $ (378,000) | $ 291,000 | $ (480,000) | 291,000 | (2,321,000) | (3,072,000) |
Supplemental Executive Retirement Plan ("SERP") [Member] | |||||||||
Change in Projected Benefit Obligation: | |||||||||
Benefit Obligation at Beginning of Year | $ 10,948,000 | $ 13,534,000 | $ 10,948,000 | $ 13,534,000 | $ 10,948,000 | $ 13,534,000 | 10,948,000 | 13,534,000 | 13,402,000 |
Service Cost | 18,000 | 31,000 | 35,000 | ||||||
Interest Cost | 501,000 | 315,000 | 243,000 | ||||||
Actuarial Loss (Gain) | 201,000 | (2,932,000) | (146,000) | ||||||
Net Settlements | (2,464,000) | 0 | 0 | ||||||
Projected Benefit Obligation at End of Year | 9,204,000 | 10,948,000 | 13,534,000 | ||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||
Other Liabilities | 9,204,000 | 10,948,000 | 13,534,000 | ||||||
Accumulated Benefit Obligation at End of Year | 8,943,000 | 10,887,000 | 12,803,000 | ||||||
Components of Net Periodic Benefit Costs: | |||||||||
Service Cost | 18,000 | 31,000 | 35,000 | ||||||
Interest Cost | 501,000 | 315,000 | 243,000 | ||||||
Amortization of Prior Service Cost | 151,000 | 277,000 | 277,000 | ||||||
Net Loss Amortization | (531,000) | 718,000 | 970,000 | ||||||
Defined benefit plan settlement | 291,000 | 0 | 0 | ||||||
Net Periodic Benefit Cost | $ (152,000) | $ 1,341,000 | $ 1,525,000 | ||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation: | |||||||||
Discount Rate (in percent) | 5.11% | 5.45% | 2.80% | ||||||
Rate of Compensation Increase (in percent) | 5.10% | 5.10% | 4.40% | ||||||
Measurement Date | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||
Discount Rate (in percent) | 5.45% | 2.80% | 2.38% | ||||||
Rate of Compensation Increase (in percent) | 5.10% | 4.40% | 4.00% | ||||||
Amortization Amounts from Accumulated Other Comprehensive Loss: | |||||||||
Net Actuarial Loss (Gain) | $ 201,000 | $ (2,932,000) | $ (146,000) | ||||||
Prior Service (Benefit) Cost | (151,000) | (277,000) | (219,000) | ||||||
Net Gain (Loss) | 531,000 | (718,000) | (970,000) | ||||||
Settlement Gain | 291,000 | 0 | 0 | ||||||
Deferred Tax (Benefit) Expense | (222,000) | 995,000 | 154,000 | ||||||
Other Comprehensive Gain, net of tax | 650,000 | (2,932,000) | (1,181,000) | ||||||
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||||||||
Net Actuarial (Loss) Gain | (753,000) | (1,775,000) | 1,875,000 | ||||||
Prior Service Cost | 0 | 151,000 | 429,000 | ||||||
Deferred Tax Benefit (Expense) | 191,000 | 412,000 | (584,000) | ||||||
Accumulated Other Comprehensive (Loss) Gain, net of tax | $ (562,000) | $ (1,212,000) | $ 1,720,000 |
EMPLOYEE BENEFIT PLANS (Schedule of Expected Benefit Payments Related to the SERP) (Details) - Supplemental Executive Retirement Plan ("SERP") [Member] $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 8,800 |
2025 | 32 |
2026 | 38 |
2027 | 42 |
2028 | 64 |
2029 through 2033 | 748 |
Total | $ 9,724 |
EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Numerator: | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | $ 52,258 | $ 33,412 | $ 33,396 |
Denominator: | |||||||||
Denominator for Basic Earnings Per Share Weighted-Average Shares | 16,987 | 16,951 | 16,863 | ||||||
Effects of Dilutive Securities Stock Compensation Plans | 36 | 34 | 30 | ||||||
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,023 | 16,985 | 16,893 | ||||||
Basic Earnings Per Share (in dollars per shares) | $ 3.08 | $ 1.97 | $ 1.98 | ||||||
Diluted Earnings Per Share (in dollars per shares) | $ 3.07 | $ 1.97 | $ 1.98 |
REGULATORY MATTERS (Schedule of Company and Bank's Actual Capital Amounts and Ratios) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Capital City Bank Group [Member] | ||
Actual [Abstract] | ||
Common Equity Tier 1 | $ 373,206 | $ 335,512 |
Tier 1 Capital | 424,206 | 386,512 |
Total Capital | 457,339 | 414,569 |
Tier 1 leverage | $ 424,206 | $ 386,512 |
Common Equity Tier 1, percent | 0.1352 | 0.1238 |
Tier 1 Capital, percent | 0.1537 | 0.1427 |
Total Capital, percent | 0.1657 | 0.1530 |
Tier 1 Leverage, percent | 0.1030 | 0.0891 |
Required for Capital Adequacy Purposes [Abstract] | ||
Common Equity Tier 1, Required for Capital | $ 124,192 | $ 121,918 |
Tier I Capital, Required for Capital | 165,589 | 162,557 |
Total Capital, Required for Capital | 220,785 | 216,743 |
Tier 1 Leverage, Required for Capital | $ 164,691 | $ 173,546 |
Common Equity Tier 1, Required for Capital, percent | 0.0450 | 0.0450 |
Tier 1 Capital, Required for Capital, percent | 0.0600 | 0.0600 |
Total Capital, Required for Capital, percent | 0.0800 | 0.0800 |
Tier I Leverage, Required for Capital, percent | 0.0400 | 0.0400 |
Capital City Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 44,400 | |
Actual [Abstract] | ||
Common Equity Tier 1 | 383,211 | $ 358,882 |
Tier 1 Capital | 383,211 | 358,882 |
Total Capital | 416,343 | 386,067 |
Tier 1 leverage | $ 383,211 | $ 358,882 |
Common Equity Tier 1, percent | 0.1389 | 0.1325 |
Tier 1 Capital, percent | 0.1389 | 0.1325 |
Total Capital, percent | 0.1509 | 0.1425 |
Tier 1 Leverage, percent | 0.0931 | 0.0827 |
Required for Capital Adequacy Purposes [Abstract] | ||
Common Equity Tier 1, Required for Capital | $ 124,158 | $ 121,913 |
Tier I Capital, Required for Capital | 165,545 | 162,550 |
Total Capital, Required for Capital | 220,726 | 216,733 |
Tier 1 Leverage, Required for Capital | $ 164,680 | $ 173,505 |
Common Equity Tier 1, Required for Capital, percent | 0.0450 | 0.0450 |
Tier 1 Capital, Required for Capital, percent | 0.0600 | 0.0600 |
Total Capital, Required for Capital, percent | 0.0800 | 0.0800 |
Tier I Leverage, Required for Capital, percent | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions [Abstract] | ||
Common Equity Tier 1, Well-Capitalized | $ 179,340 | $ 176,096 |
Tier 1 Capital, Well-Capitalized | 220,726 | 216,733 |
Total Capital, Well-Capitalized | 275,908 | 270,917 |
Tier 1 Leverage, Well-Capitalized | $ 205,850 | $ 216,881 |
Common Equity Tier 1, Well-Capitalized, percent | 0.0650 | 0.0650 |
Tier 1 Capital, Well-Capitalized, percent | 0.0800 | 0.0800 |
Total Capital, Well-Capitalized, percent | 0.1000 | 0.1000 |
Tier 1 Leverage, Well-Capitalized, percent | 0.0500 | 0.0500 |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Activity in Accumulated Other Comprehensive Loss, Net of Tax) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Beginning | $ (37,229) | ||
Other comprehensive (loss) income during the period | 15,083 | $ (21,015) | $ 27,928 |
Balance, Ending | (22,146) | (37,229) | |
Interest Rate Swaps [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Beginning | 4,625 | 1,530 | 428 |
Other comprehensive (loss) income during the period | (655) | 3,095 | 1,102 |
Balance, Ending | 3,970 | 4,625 | 1,530 |
Securities Available For Sale [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Beginning | (37,349) | (4,588) | 2,700 |
Other comprehensive (loss) income during the period | 11,658 | (32,761) | (7,288) |
Balance, Ending | (25,691) | (37,349) | (4,588) |
Retirement Plan [member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Beginning | (4,505) | (13,156) | (47,270) |
Other comprehensive (loss) income during the period | 4,080 | 8,651 | 34,114 |
Balance, Ending | (425) | (4,505) | (13,156) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Beginning | (37,229) | (16,214) | (44,142) |
Other comprehensive (loss) income during the period | 15,083 | (21,015) | 27,928 |
Balance, Ending | $ (22,146) | $ (37,229) | $ (16,214) |
RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
Item
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Related Party Transaction [Line Items] | |||
Lease payments | $ 2,847 | $ 1,937 | $ 1,609 |
Management [Member] | |||
Related Party Transaction [Line Items] | |||
Officers and directors indebted aggregate amount | 6,300 | 7,300 | |
Loan taken | 1,700 | 8,500 | |
Loan payment made | 2,700 | 5,000 | |
Deposits from certain directors, executive officers, and their related interests | 36,900 | $ 66,300 | |
Smith Interest General Partnership L.L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Lease payments | 200 | ||
Annual lease payments of approximately | $ 100 | ||
Annual lease payments percent increase | 5.00% | ||
Annual lease payments, term of increases | 10 years | ||
Number of lease option to extend | Item | 4 | ||
Lease extend term | 5 years |
OTHER NONINTEREST EXPENSE (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Other Noninterest Expense [Abstract] | |
Expense not disclosed separately of percentage of total interest and non interest expense | 1.00% |
OTHER NONINTEREST EXPENSE (Schedule of Components of Other Noninterest Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Noninterest Expense: | |||||||||
Legal Fees | $ 1,721 | $ 1,413 | $ 1,411 | ||||||
Professional Fees | 6,245 | 5,437 | 5,633 | ||||||
Telephone | 2,729 | 2,851 | 2,975 | ||||||
Advertising | 3,349 | 3,208 | 2,683 | ||||||
Processing Services | 6,984 | 6,534 | 6,569 | ||||||
Insurance - Other | 3,120 | 2,409 | 2,096 | ||||||
Pension - Other | 76 | (3,043) | 1,913 | ||||||
Pension - Settlement | $ 0 | $ 209 | $ (291) | $ 378 | $ (291) | $ 480 | (291) | 2,321 | 3,072 |
Other | 11,643 | 14,411 | 10,754 | ||||||
Total | $ 35,576 | $ 35,541 | $ 37,106 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Loss Contingency Pending Claims Number | 0 | ||
Banktech Ventures [Member] | |||
Other Commitments [Line Items] | |||
Outstanding commitment | $ 500,000 | ||
Contributions | 400,000 | $ 100,000 | |
Banktech Ventures [Member] | Maximum [Member] | |||
Other Commitments [Line Items] | |||
Outstanding commitment | 1,000,000.0 | ||
Solar Tax Credit Equity Fund [Member] | |||
Other Commitments [Line Items] | |||
Outstanding commitment | 400,000 | 7,200,000 | |
Contributions | 6,200,000 | 1,000,000.0 | |
Second Solar Tax Equity [Member] | |||
Other Commitments [Line Items] | |||
Outstanding commitment | 1,700,000 | ||
Contributions | 7,000,000.0 | ||
Commitments during period | 7,000,000.0 | ||
Visa U.S.A. network [Member] | Indemnification Obligation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, Payments | 800,000 | 900,000 | $ 800,000 |
Loss Contingency Accrual | $ 0 | $ 100,000 | $ 100,000 |
COMMITMENTS AND CONTINGENCIES (Schedule of Amounts Associated with the Entities Off-Balance Sheet Obligations) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Loss Contingencies [Line Items] | ||
Fixed | $ 213,699 | $ 249,233 |
Variable | 534,745 | 531,873 |
Total | 748,444 | 781,106 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed | 207,605 | 243,614 |
Variable | 534,745 | 531,873 |
Total | 742,350 | 775,487 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed | 6,094 | 5,619 |
Variable | 0 | 0 |
Total | $ 6,094 | $ 5,619 |
COMMITMENTS AND CONTINGENCIES (Allowance for Credit Losses for Off-Balance Sheet Credit Commitments) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Beginning Balance | $ 2,989 | $ 2,897 | $ 1,644 |
Provision for Credit Losses | 202 | 92 | 1,253 |
Ending Balance | $ 3,191 | $ 2,989 | $ 2,897 |
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability notional amount | $ 30,000,000 | $ 30,000,000 |
Issuances | 13,200,000 | 15,400,000 |
Transfers | 11,600,000 | 28,500,000 |
Valuation allowance for mortgage servicing rights | 0 | 0 |
Fair value swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability notional amount | 0 | 100,000 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, Carrying value | 3,300,000 | 700,000 |
Impaired loans valuation allowance | $ 100,000 | $ 100,000 |
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
ASSETS: | ||
Loans Held for Sale | $ 28,211 | $ 26,909 |
Other Assets | 119,648 | 119,337 |
LIABILITIES: | ||
Other Liabilities | 66,080 | 73,675 |
Fair Value, Measurements, Recurring [Member] | ||
ASSETS: | ||
Loans Held for Sale | 28,211 | 26,909 |
Interest Rate Swap Derivative | 5,317 | 6,195 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 24,679 | 22,050 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 145,034 | 186,052 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 39,083 | 40,329 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 63,303 | 69,405 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 3,450 | 10 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 57,552 | 88,236 |
Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts ("Hedge Derivative") [Member] | ||
ASSETS: | ||
Other Assets | 187 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Loan Commitments ("IRLC") [Member] | ||
ASSETS: | ||
Other Assets | 523 | 819 |
Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member] | ||
LIABILITIES: | ||
Other Liabilities | 209 | |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | ||
ASSETS: | ||
Loans Held for Sale | 0 | 0 |
Interest Rate Swap Derivative | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 24,679 | 22,050 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts ("Hedge Derivative") [Member] | ||
ASSETS: | ||
Other Assets | 0 | |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage Loan Commitments ("IRLC") [Member] | ||
ASSETS: | ||
Other Assets | 0 | 0 |
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member] | ||
LIABILITIES: | ||
Other Liabilities | 0 | |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | ||
ASSETS: | ||
Loans Held for Sale | 28,211 | 26,909 |
Interest Rate Swap Derivative | 5,317 | 6,195 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 145,034 | 186,052 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 39,083 | 40,329 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 63,303 | 69,405 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 57,552 | 88,236 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts ("Hedge Derivative") [Member] | ||
ASSETS: | ||
Other Assets | 187 | |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage Loan Commitments ("IRLC") [Member] | ||
ASSETS: | ||
Other Assets | 0 | 0 |
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member] | ||
LIABILITIES: | ||
Other Liabilities | 209 | |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | ||
ASSETS: | ||
Loans Held for Sale | 0 | 0 |
Interest Rate Swap Derivative | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 3,450 | 10 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts ("Hedge Derivative") [Member] | ||
ASSETS: | ||
Other Assets | 0 | |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage Loan Commitments ("IRLC") [Member] | ||
ASSETS: | ||
Other Assets | 523 | $ 819 |
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member] | ||
LIABILITIES: | ||
Other Liabilities | $ 0 |
FAIR VALUE MEASUREMENTS (Schedule of Financial Instruments with Estimated Fair Values) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Fair Value Disclosure Item Amounts [Domain] | Level 1 Inputs [Member] | ||||
ASSETS: | ||||
Investment Securities, Held to Maturity (fair value of $591,751 and $612,701) | $ 441,189 | $ 431,733 | ||
Other Equity Securities | 0 | |||
Mortgage Servicing Rights | 0 | |||
Loans, Net of Allowance for Credit Losses | 0 | |||
Fair Value Disclosure Item Amounts [Domain] | Level 2 Inputs [Member] | ||||
ASSETS: | ||||
Investment Securities, Held to Maturity (fair value of $591,751 and $612,701) | 150,562 | 180,968 | ||
Other Equity Securities | 2,848 | |||
Mortgage Servicing Rights | 0 | |||
Loans, Net of Allowance for Credit Losses | 0 | |||
Fair Value Disclosure Item Amounts [Domain] | Level 3 Inputs [Member] | ||||
ASSETS: | ||||
Investment Securities, Held to Maturity (fair value of $591,751 and $612,701) | 0 | 0 | ||
Other Equity Securities | 0 | |||
Mortgage Servicing Rights | 4,491 | |||
Loans, Net of Allowance for Credit Losses | 2,377,229 | |||
Investment Securities Available for Sale | 337,902 | 413,294 | ||
Investment Securities, Held to Maturity (fair value of $591,751 and $612,701) | 625,022 | 660,744 | ||
Equity Securities | 3,450 | 10 | ||
Loans Held for Sale | 28,211 | 26,909 | ||
Mortgage Servicing Rights | 831 | 2,599 | $ 3,774 | $ 3,452 |
LIABILITIES: | ||||
Derivative Liabilities | 66,080 | 73,675 | ||
Level 1 Inputs [Member] | ||||
ASSETS: | ||||
Cash | 83,118 | 72,114 | ||
Short-Term Investments | 228,949 | 528,536 | ||
Other Equity Securities | 0 | |||
Mortgage Servicing Rights | 0 | |||
Loans, Net of Allowance for Credit Losses | 0 | 0 | ||
LIABILITIES: | ||||
Deposits | 0 | 0 | ||
Short-Term Borrowings | 0 | 0 | ||
Subordinated Notes Payable | 0 | 0 | ||
Long-Term Borrowings | 0 | 0 | ||
Level 2 Inputs [Member] | ||||
ASSETS: | ||||
Cash | 0 | 0 | ||
Short-Term Investments | 0 | 0 | ||
Other Equity Securities | 2,848 | |||
Mortgage Servicing Rights | 0 | |||
Loans, Net of Allowance for Credit Losses | 0 | 0 | ||
LIABILITIES: | ||||
Deposits | 3,243,896 | 3,310,383 | ||
Short-Term Borrowings | 35,341 | 56,793 | ||
Subordinated Notes Payable | 44,323 | 45,763 | ||
Long-Term Borrowings | 315 | 513 | ||
Level 3 Inputs [Member] | ||||
ASSETS: | ||||
Cash | 0 | 0 | ||
Short-Term Investments | 0 | 0 | ||
Other Equity Securities | 0 | |||
Mortgage Servicing Rights | 1,280 | |||
Loans, Net of Allowance for Credit Losses | 2,510,529 | 2,377,229 | ||
LIABILITIES: | ||||
Deposits | 0 | 0 | ||
Short-Term Borrowings | 0 | 0 | ||
Subordinated Notes Payable | 0 | 0 | ||
Long-Term Borrowings | 0 | 0 | ||
Carrying Value [Member] | ||||
ASSETS: | ||||
Cash | 83,118 | 72,114 | ||
Short-Term Investments | 228,949 | 528,536 | ||
Investment Securities, Held to Maturity (fair value of $591,751 and $612,701) | 625,022 | 660,774 | ||
Other Equity Securities | 2,848 | 2,848 | ||
Mortgage Servicing Rights | 831 | 2,599 | ||
Loans, Net of Allowance for Credit Losses | 2,703,977 | 2,522,617 | ||
LIABILITIES: | ||||
Deposits | 3,701,822 | 3,939,317 | ||
Short-Term Borrowings | 35,341 | 56,793 | ||
Subordinated Notes Payable | 52,887 | 52,887 | ||
Long-Term Borrowings | $ 315 | $ 513 |
PARENT COMPANY FINANCIAL INFORMATION (Schedule of Condensed Statements of Financial Condition of the Parent Company) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2020 |
---|---|---|---|
ASSETS | |||
Cash and Due From Subsidiary Bank | $ 83,118 | $ 72,114 | |
Equity Securities | 3,450 | 10 | |
Goodwill and Other Intangibles | 92,933 | 93,093 | |
Other Assets | 119,648 | 119,337 | |
Total Assets | 4,304,477 | 4,519,223 | |
LIABILITIES | |||
Short-Term Borrowings | 35,341 | 56,793 | |
Other Long-Term Borrowings | 315 | 513 | |
Subordinated Notes Payable | 52,887 | 52,887 | |
Other Liabilities | 66,080 | 73,675 | |
Total Liabilities | 3,856,445 | 4,123,185 | |
SHAREOWNERS' EQUITY | |||
Common Stock, $.01 par value; 90,000,000 shares authorized;16,950,222 and 16,986,785 shares issued and outstanding at December 31, 2023 and 2022, respectively | 170 | 170 | |
Additional Paid-In Capital | 36,326 | 37,331 | |
Retained Earnings | 426,275 | 387,009 | |
Accumulated Other Comprehensive Loss, Net of Tax | (22,146) | (37,229) | |
Total Shareowners' Equity | 440,625 | 387,281 | $ 320,837 |
Total Liabilities and Shareowners' Equity | 4,304,477 | 4,519,223 | |
CCBG [Member] | |||
ASSETS | |||
Cash and Due From Subsidiary Bank | 54,004 | 42,737 | |
Equity Securities | 569 | 199 | |
Investment in Subsidiary Bank | 445,441 | 404,892 | |
Goodwill and Other Intangibles | 3,838 | 3,998 | |
Other Assets | 10,758 | 11,297 | |
Total Assets | 514,610 | 463,123 | |
LIABILITIES | |||
Subordinated Notes Payable | 52,887 | 52,887 | |
Other Liabilities | 21,098 | 22,955 | |
Total Liabilities | 73,985 | 75,842 | |
SHAREOWNERS' EQUITY | |||
Common Stock, $.01 par value; 90,000,000 shares authorized;16,950,222 and 16,986,785 shares issued and outstanding at December 31, 2023 and 2022, respectively | 170 | 170 | |
Additional Paid-In Capital | 36,326 | 37,331 | |
Retained Earnings | 426,275 | 387,009 | |
Accumulated Other Comprehensive Loss, Net of Tax | (22,146) | (37,229) | |
Total Shareowners' Equity | 440,625 | 387,281 | |
Total Liabilities and Shareowners' Equity | $ 514,610 | $ 463,123 |
PARENT COMPANY FINANCIAL INFORMATION (Schedule of Condensed Statements of Financial Condition of the Parent Company) (Parenthetical)) (Details) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||
Common stock, shares issued | 16,950,222 | 16,986,785 | ||
Common stock, shares outstanding | 16,950,222 | 16,986,785 | 16,892,060 | 16,790,573 |
CCBG [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||
Common stock, shares issued | 16,950,222 | 16,986,785 | ||
Common stock, shares outstanding | 16,950,222 | 16,985,785 |
PARENT COMPANY FINANCIAL INFORMATION (Schedule of Operating Results of the Parent Company) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
OPERATING EXPENSE | |||||||||
Salaries and Associate Benefits | $ 93,787 | $ 91,519 | $ 101,470 | ||||||
Interest on Subordinated Notes Payable | 2,427 | 1,652 | 1,228 | ||||||
Professional Fees | 6,245 | 5,437 | 5,633 | ||||||
Advertising | 3,349 | 3,208 | 2,683 | ||||||
Legal Fees | 1,721 | 1,413 | 1,411 | ||||||
Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 63,861 | 41,075 | 49,451 | ||||||
Income Tax Expense | 13,040 | 7,798 | 9,835 | ||||||
Net Income Attributable to Common Shareowners | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | 52,258 | 33,412 | 33,396 |
CCBG [Member] | |||||||||
OPERATING INCOME | |||||||||
Administrative Fees | 6,367 | 5,396 | 5,516 | ||||||
Dividends | 30,000 | 23,000 | 10,000 | ||||||
Other Income | 453 | 253 | 174 | ||||||
Total Operating Income | 36,820 | 28,649 | 15,690 | ||||||
OPERATING EXPENSE | |||||||||
Salaries and Associate Benefits | 4,257 | 5,034 | 3,558 | ||||||
Interest on Subordinated Notes Payable | 2,427 | 1,652 | 1,233 | ||||||
Professional Fees | 859 | 616 | 1,113 | ||||||
Advertising | 214 | 232 | 134 | ||||||
Legal Fees | 683 | 370 | 589 | ||||||
Other | 1,670 | 2,186 | 2,087 | ||||||
Total Operating Expense | 10,110 | 10,090 | 8,714 | ||||||
Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 26,710 | 18,559 | 6,976 | ||||||
Income Tax Expense | (650) | (661) | (717) | ||||||
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank | 27,360 | 19,220 | 7,693 | ||||||
Equity in Undistributed Earnings of Subsidiary Bank | 24,898 | 14,192 | 25,703 | ||||||
Net Income Attributable to Common Shareowners | $ 52,258 | $ 33,412 | $ 33,396 |
PARENT COMPANY FINANCIAL INFORMATION (Schedule of Cash Flows for the Parent Company) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net Income Attributable to Common Shareowners | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | $ 52,258 | $ 33,412 | $ 33,396 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||||||||
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Increase in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 20,629 | 22,200 | 24,859 | 72,015 | 50,192 | 80,555 | 54,782 | 92,692 | 122,170 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Purchase of Equity Securities | (13,566) | 0 | 0 | ||||||
Net Cash Paid for Acquisitions | 0 | 0 | (4,482) | ||||||
Net Cash Provided by (Used in) Investing Activities | (84,000) | (235,479) | (92,368) | (485,947) | (57,149) | (601,722) | (68,541) | (765,825) | (453,966) |
CASH FROM FINANCING ACTIVITIES: | |||||||||
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Payments to Repurchase Common Stock | 819 | 2,022 | 3,121 | 3,710 | 0 | 0 | |||
Net Cash Used In Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
Net Increase (Decrease) in Cash | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
CCBG [Member] | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net Income Attributable to Common Shareowners | 52,258 | 33,412 | 33,396 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||||||||
Equity in Undistributed Earnings of Subsidiary Bank | (24,898) | (14,192) | (25,703) | ||||||
Stock Compensation | 1,468 | 1,278 | 843 | ||||||
Amortization of Intangible Assets | 160 | 160 | 107 | ||||||
Increase in Other Assets | (117) | (336) | (21) | ||||||
Increase in Other Liabilities | (1,557) | 5,847 | 3,131 | ||||||
Net Cash Provided By Operating Activities | 27,314 | 26,169 | 11,753 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Purchase of Equity Securities | (369) | (79) | (120) | ||||||
Net Cash Paid for Acquisitions | 0 | 0 | (4,482) | ||||||
Decrease (Increase) in Investment in Subsidiaries | 0 | 770 | (10,770) | ||||||
Net Cash Provided by (Used in) Investing Activities | (369) | 691 | (15,372) | ||||||
CASH FROM FINANCING ACTIVITIES: | |||||||||
Repayment of Other Long-Term Borrowings | 0 | 0 | (900) | ||||||
Dividends Paid | (12,905) | (11,191) | (10,459) | ||||||
Issuance of Common Stock Under Compensation Plans | 937 | 1,300 | 1,028 | ||||||
Payments to Repurchase Common Stock | (3,710) | 0 | 0 | ||||||
Net Cash Used In Financing Activities | (15,678) | (9,891) | (10,331) | ||||||
Net Increase (Decrease) in Cash | 11,267 | 16,969 | (13,950) | ||||||
Cash and Cash Equivalents at Beginning of Year | $ 42,737 | $ 25,768 | $ 42,737 | $ 25,768 | $ 42,737 | $ 25,768 | 42,737 | 25,768 | 39,718 |
Cash and Cash Equivalents at End of Year | $ 54,004 | $ 42,737 | $ 25,768 |
RESTATED QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (Schedule of Restated Quarterly Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | $ 13,709 | $ 6,938 | $ 27,883 | $ 14,198 | $ 40,539 | $ 23,803 | $ 52,258 | $ 33,412 | $ 33,396 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 3,099 | 32 | 5,296 | 1,724 | 7,689 | 3,878 | 9,714 | 7,494 | (1,553) |
Depreciation | 1,969 | 1,907 | 3,927 | 3,802 | 5,920 | 5,689 | 7,918 | 7,596 | 7,607 |
Amortization of Premiums, Discounts, and Fees, net | 1,067 | 2,610 | 2,117 | 5,053 | 3,216 | 6,618 | 4,221 | 7,772 | 14,072 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Pension Settlement (Gain) Charges | 0 | 209 | (291) | 378 | (291) | 480 | (291) | 2,321 | 3,072 |
Originations of Loans Held for Sale | (75,626) | (162,448) | (203,266) | (268,058) | (308,263) | (343,899) | (406,803) | (390,191) | (1,228,946) |
Proceeds From Sales of Loans Held for Sale | 73,706 | 174,153 | 191,180 | 307,349 | 303,731 | 390,756 | 404,332 | 437,907 | 1,349,124 |
Mortgage Banking Revenues | (2,871) | (4,055) | (6,234) | (8,912) | (8,072) | (11,807) | (10,400) | (11,909) | (52,425) |
Net Additions for Capitalized Mortgage Servicing Rights | (91) | 364 | (253) | 360 | (392) | 570 | 419 | 726 | 72 |
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Net Tax Benefit from Stock Compensation | (19) | (19) | (19) | (48) | (27) | (4) | |||
Deferred Income Taxes | (1,170) | (6,682) | (2,849) | (9,887) | (2,464) | (12,854) | (483) | (3,870) | (4,157) |
Net Change in Operating Leases | (3) | (27) | (3) | (72) | (12) | (83) | 79 | (108) | (165) |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | (1,858) | 0 | (1,900) | (26) | (1,915) | (136) | (2,053) | (422) | (1,662) |
Net (Increase) Decrease in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Net (Decrease) Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 20,629 | 22,200 | 24,859 | 72,015 | 50,192 | 80,555 | 54,782 | 92,692 | 122,170 |
Securities Held to Maturity: | |||||||||
Purchases | (194,448) | (218,548) | (219,865) | (1,483) | (219,865) | (251,525) | |||
Payments, Maturities, and Calls | 8,820 | 14,441 | 18,992 | 28,111 | 28,159 | 40,096 | 36,600 | 55,314 | 78,544 |
Securities Available for Sale: | |||||||||
Purchases | (2,017) | (25,139) | (4,634) | (37,044) | (9,399) | (41,880) | (8,379) | (52,238) | (523,961) |
Proceeds from the Sale of Securities | 0 | 3,365 | 0 | 3,365 | 30,420 | 3,365 | 30,420 | 3,365 | 495 |
Payments, Maturities, and Calls | 16,559 | 24,824 | 32,490 | 47,413 | 53,045 | 64,301 | 62,861 | 81,596 | 178,425 |
Purchases of Loans Held for Investment | (923) | (381) | (1,463) | (15,985) | (2,249) | (16,324) | (2,488) | (16,753) | (20,209) |
Net Increase in Loans Held for Investment | (127,336) | (96,732) | (164,319) | (359,417) | (194,631) | (520,473) | (226,896) | (720,670) | (10,061) |
Proceeds from Sales of Loans | 20,084 | 37,766 | 26,645 | 66,877 | 39,125 | 88,521 | 47,314 | 104,475 | 92,360 |
Net Cash Paid for Acquisitions | 0 | 0 | (4,482) | ||||||
Proceeds From Sales of Other Real Estate Owned | 2,699 | 0 | 3,772 | 30 | 3,840 | 1,683 | 3,995 | 2,406 | 4,502 |
Purchases of Premises and Equipment, net | (1,886) | (1,013) | (3,851) | (3,322) | (5,459) | (4,013) | (7,046) | (6,322) | (5,193) |
Noncontrolling Interest Contributions | 1,838 | 2,573 | 2,867 | 0 | 2,867 | 7,139 | |||
Net Cash Used In Investing Activities | (84,000) | (235,479) | (92,368) | (485,947) | (57,149) | (601,722) | (68,541) | (765,825) | (453,966) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | (115,397) | 52,645 | (150,451) | 73,396 | (398,872) | 46,516 | (237,495) | 226,455 | 495,302 |
Net (Decrease) Increase in Short-Term Borrowings | (30,161) | (3,692) | (6,120) | 4,784 | (15,097) | 17,592 | (21,452) | 22,114 | (45,938) |
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Payments to Repurchase Common Stock | (819) | (2,022) | (3,121) | (3,710) | 0 | 0 | |||
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Net Cash (Used in) Provided By Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 3,723 | 715 | 8,720 | 1,617 | 15,026 | 3,588 | 21,775 | 6,586 | 3,547 |
Income Taxes Paid | 7,466 | 20 | 3,860 | 3,765 | 7,395 | 6,410 | 9,118 | 7,466 | 16,339 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 16,859 | 37,973 | 26,076 | 67,324 | 33,625 | 89,836 | 35,745 | 108,798 | 98,081 |
Loans and Premises Transferred to Other Real Estate Owned | 423 | 0 | 1,442 | 77 | 1,495 | 1,543 | 1,512 | 2,398 | 1,717 |
As Previously Reported [Member] | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | 13,709 | 6,938 | 27,883 | 14,198 | 40,539 | 23,803 | 52,258 | 33,412 | 33,396 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 3,099 | 32 | 5,296 | 1,724 | 7,689 | 3,878 | 9,714 | 7,494 | (1,553) |
Depreciation | 1,969 | 1,907 | 3,927 | 3,802 | 5,920 | 5,689 | 7,918 | 7,596 | 7,607 |
Amortization of Premiums, Discounts, and Fees, net | 1,067 | 2,610 | 2,117 | 5,053 | 3,216 | 6,618 | 4,221 | 7,772 | 14,072 |
Amortization of Intangible Assets | 40 | 40 | 80 | 80 | 120 | 120 | 160 | 160 | 107 |
Pension Settlement (Gain) Charges | 209 | (291) | 378 | (291) | 480 | (291) | 2,321 | 3,072 | |
Originations of Loans Held for Sale | (62,745) | (177,933) | (164,173) | (316,372) | (246,198) | (399,041) | (306,714) | (437,827) | (1,262,746) |
Proceeds From Sales of Loans Held for Sale | 64,050 | 188,264 | 152,657 | 352,830 | 247,166 | 440,219 | 315,812 | 475,359 | 1,376,678 |
Mortgage Banking Revenues | (2,871) | (4,055) | (6,234) | (8,912) | (8,072) | (11,807) | (10,400) | (11,909) | (52,425) |
Net Additions for Capitalized Mortgage Servicing Rights | (91) | 364 | (253) | 360 | (392) | 570 | 419 | 726 | 72 |
Stock Compensation | 536 | 245 | 764 | 489 | 1,110 | 904 | 1,237 | 1,630 | 843 |
Net Tax Benefit from Stock Compensation | (19) | (19) | (19) | (48) | (27) | (4) | |||
Deferred Income Taxes | (1,170) | (6,682) | (2,849) | (9,887) | (2,464) | (12,854) | (483) | (3,870) | (4,157) |
Net Change in Operating Leases | (3) | (27) | (3) | (72) | (12) | (83) | 79 | (108) | (165) |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | (1,858) | (1,900) | (26) | (1,915) | (136) | (2,053) | (422) | (1,662) | |
Net (Increase) Decrease in Other Assets | (4,349) | 1,897 | 4,593 | 3,516 | 8,207 | 3,696 | (1,029) | (8,636) | 10,885 |
Net (Decrease) Increase in Other Liabilities | 12,471 | 7,036 | 3,815 | 22,040 | 1,069 | 12,839 | (4,452) | 8,837 | (7,846) |
Net Cash Provided By Operating Activities | 23,854 | 20,826 | 25,429 | 69,182 | 55,692 | 74,876 | 66,351 | 82,508 | 115,924 |
Securities Held to Maturity: | |||||||||
Purchases | (194,448) | (218,548) | (219,865) | (1,483) | (219,865) | (251,525) | |||
Payments, Maturities, and Calls | 8,820 | 14,441 | 18,992 | 28,111 | 28,159 | 40,096 | 36,600 | 55,314 | 78,544 |
Securities Available for Sale: | |||||||||
Purchases | (2,017) | (25,139) | (4,634) | (37,044) | (9,399) | (41,880) | (8,379) | (52,238) | (523,961) |
Proceeds from the Sale of Securities | 3,365 | 3,365 | 30,420 | 3,365 | 30,420 | 3,365 | 495 | ||
Payments, Maturities, and Calls | 16,559 | 24,824 | 32,490 | 47,413 | 53,045 | 64,301 | 62,861 | 81,596 | 178,425 |
Purchases of Loans Held for Investment | (923) | (381) | (1,463) | (15,985) | (2,249) | (16,324) | (2,488) | (16,753) | (20,209) |
Net Increase in Loans Held for Investment | (110,477) | (57,592) | (138,244) | (289,707) | (161,006) | (426,273) | (191,151) | (606,011) | 88,545 |
Proceeds from Sales of Loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash Paid for Acquisitions | (4,482) | ||||||||
Proceeds From Sales of Other Real Estate Owned | 2,699 | 3,772 | 30 | 3,840 | 1,683 | 3,995 | 2,406 | 4,502 | |
Purchases of Premises and Equipment, net | (1,886) | (1,013) | (3,851) | (3,322) | (5,459) | (4,013) | (7,046) | (6,322) | (5,193) |
Noncontrolling Interest Contributions | 1,838 | 2,573 | 2,867 | 2,867 | 7,139 | ||||
Net Cash Used In Investing Activities | (87,225) | (234,105) | (92,938) | (483,114) | (62,649) | (596,043) | (80,110) | (755,641) | (447,720) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | (115,397) | 52,645 | (150,451) | 73,396 | (398,872) | 46,516 | (237,495) | 226,455 | 495,302 |
Net (Decrease) Increase in Short-Term Borrowings | (30,161) | (3,692) | (6,120) | 4,784 | (15,097) | 17,592 | (21,452) | 22,114 | (45,938) |
Repayment of Other Long-Term Borrowings | (50) | (78) | (99) | (150) | (149) | (200) | (199) | (249) | (1,332) |
Dividends Paid | (3,064) | (2,712) | (6,121) | (5,424) | (9,518) | (8,307) | (12,905) | (11,191) | (10,459) |
Payments to Repurchase Common Stock | (819) | (2,022) | (3,121) | (3,710) | |||||
Issuance of Common Stock Under Compensation Plans | 164 | 190 | 480 | 496 | 562 | 577 | 937 | 1,300 | 1,028 |
Net Cash (Used in) Provided By Financing Activities | (149,327) | 46,353 | (164,333) | 73,102 | (426,195) | 56,178 | (274,824) | 238,429 | 438,601 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (212,698) | (166,926) | (231,842) | (340,830) | (433,152) | (464,989) | (288,583) | (434,704) | 106,805 |
Cash and Cash Equivalents at Beginning of Year | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 600,650 | 1,035,354 | 928,549 |
Cash and Cash Equivalents at End of Year | 387,952 | 868,428 | 368,808 | 694,524 | 167,498 | 570,365 | 312,067 | 600,650 | 1,035,354 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 3,723 | 715 | 8,720 | 1,617 | 15,026 | 3,588 | 21,775 | 6,586 | 3,547 |
Income Taxes Paid | 7,466 | 20 | 3,860 | 3,765 | 7,395 | 6,410 | 9,118 | 7,466 | 16,339 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loans and Premises Transferred to Other Real Estate Owned | 423 | 1,442 | 77 | 1,495 | 1,543 | 1,512 | 2,398 | 1,717 | |
Restatement Impact [Member] | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income Attributable to Common Shareowners | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Cash From Operating Activities: | |||||||||
Provision for Credit Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization of Premiums, Discounts, and Fees, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension Settlement (Gain) Charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Originations of Loans Held for Sale | (12,881) | 15,485 | (39,093) | 48,314 | (62,065) | 55,142 | (100,089) | 47,636 | 33,800 |
Proceeds From Sales of Loans Held for Sale | 9,656 | (14,111) | 38,523 | (45,481) | 56,565 | (49,463) | 88,520 | (37,452) | (27,554) |
Mortgage Banking Revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Additions for Capitalized Mortgage Servicing Rights | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Tax Benefit from Stock Compensation | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred Income Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Change in Operating Leases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Gain on Sales and Write-Downs of Other Real Estate Owned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net (Increase) Decrease in Other Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (Decrease) Increase in Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided By Operating Activities | (3,225) | 1,374 | (570) | 2,833 | (5,500) | 5,679 | (11,569) | 10,184 | 6,246 |
Securities Held to Maturity: | |||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | |||
Payments, Maturities, and Calls | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Securities Available for Sale: | |||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Proceeds from the Sale of Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Payments, Maturities, and Calls | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchases of Loans Held for Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Increase in Loans Held for Investment | (16,859) | (39,140) | (26,075) | (69,710) | (33,625) | (94,200) | (35,745) | (114,659) | (98,606) |
Proceeds from Sales of Loans | 20,084 | 37,766 | 26,645 | 66,877 | 39,125 | 88,521 | 47,314 | 104,475 | 92,360 |
Net Cash Paid for Acquisitions | 0 | ||||||||
Proceeds From Sales of Other Real Estate Owned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Purchases of Premises and Equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Noncontrolling Interest Contributions | 0 | 0 | 0 | 0 | 0 | ||||
Net Cash Used In Investing Activities | 3,225 | (1,374) | 570 | (2,833) | 5,500 | (5,679) | 11,569 | (10,184) | (6,246) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net (Decrease) Increase in Deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (Decrease) Increase in Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repayment of Other Long-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Payments to Repurchase Common Stock | 0 | 0 | 0 | 0 | |||||
Issuance of Common Stock Under Compensation Plans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Cash (Used in) Provided By Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Cash Flow Disclosures: | |||||||||
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Noncash Items: | |||||||||
Loans Transferred from Held for Investment to Held-for-Sale, net | 16,859 | $ 37,973 | 26,076 | 67,324 | 33,625 | 89,836 | 35,745 | 108,798 | 98,081 |
Loans and Premises Transferred to Other Real Estate Owned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |