10-Q 1 ccbg-20220331.htm FORM 10-Q ccbg-20220331
16892060 3000000 0.01 90000000 16947602 0.01 FALSE --12-31 2022 0000726601 Interest is at the Prime rate minus 1.00% to plus 1.00% Q1 - - no no no Interest is at the SOFR plus 2.25%, to 3.25% Yes 11/30/2022 0000726601 2022-01-01 2022-03-31 0000726601 us-gaap:CommitmentsToExtendCreditMember 2022-03-31 0000726601 2022-03-31 0000726601 us-gaap:MortgagesMember 2021-12-31 0000726601 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0000726601 2021-12-31 0000726601 us-gaap:StandbyLettersOfCreditMember 2021-12-31 0000726601 us-gaap:PensionPlansDefinedBenefitMember 2022-01-01 2022-03-31 0000726601 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member 2021-12-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0000726601 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-03-31 0000726601 2021-01-01 2021-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0000726601 us-gaap:MortgageBackedSecuritiesMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2021-12-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-01-01 2022-03-31 0000726601 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2022-01-01 2022-03-31 0000726601 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel1Member 2022-03-31 0000726601 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-03-31 0000726601 us-gaap:CommonStockMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2021-12-31 0000726601 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member 2022-03-31 0000726601 us-gaap:MortgagesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2021-12-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000726601 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-01-01 2021-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember 2021-12-31 0000726601 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000726601 us-gaap:StandbyLettersOfCreditMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2021-12-31 0000726601 us-gaap:RetainedEarningsMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel3Member 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember 2022-03-31 0000726601 us-gaap:CommitmentsToExtendCreditMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:HomeEquityMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 us-gaap:CommonStockMember 2020-12-31 0000726601 us-gaap:HomeEquityMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2022-03-31 0000726601 us-gaap:CommonStockMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-01-01 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2022-03-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-03-31 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-03-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000726601 us-gaap:RetainedEarningsMember 2021-12-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-01-01 2021-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2022-03-31 0000726601 2021-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2021-03-31 0000726601 us-gaap:ConstructionLoansMember 2021-03-31 0000726601 us-gaap:MortgagesMember 2021-03-31 0000726601 us-gaap:ResidentialRealEstateMember 2021-03-31 0000726601 us-gaap:HomeEquityMember 2021-03-31 0000726601 us-gaap:ConsumerLoanMember 2021-03-31 0000726601 us-gaap:DepositAccountMember 2022-01-01 2022-03-31 0000726601 us-gaap:CreditAndDebitCardMember 2022-01-01 2022-03-31 0000726601 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2022-01-01 2022-03-31 0000726601 us-gaap:MortgageBankingMember 2022-01-01 2022-03-31 0000726601 ccbg:LeasePaymentTransactionMember 2022-03-31 0000726601 2020-12-31 0000726601 us-gaap:DepositAccountMember 2021-01-01 2021-03-31 0000726601 us-gaap:CreditAndDebitCardMember 2021-01-01 2021-03-31 0000726601 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2021-01-01 2021-03-31 0000726601 us-gaap:MortgageBankingMember 2021-01-01 2021-03-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000726601 us-gaap:RetainedEarningsMember 2020-12-31 0000726601 us-gaap:CommonStockMember 2021-03-31 0000726601 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000726601 us-gaap:RetainedEarningsMember 2021-03-31 0000726601 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0000726601 us-gaap:HomeEquityMember 2020-12-31 0000726601 us-gaap:ConsumerLoanMember 2020-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2020-12-31 0000726601 us-gaap:ConstructionLoansMember 2020-12-31 0000726601 us-gaap:MortgagesMember 2020-12-31 0000726601 us-gaap:ResidentialRealEstateMember 2020-12-31 0000726601 us-gaap:PensionPlansDefinedBenefitMember 2021-01-01 2021-03-31 0000726601 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2021-01-01 2021-03-31 0000726601 us-gaap:USTreasurySecuritiesMember 2022-03-31 0000726601 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-03-31 0000726601 ccbg:EquitySecuiritesBankStocksMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:PassMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:SpecialMentionMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:SubstandardMember 2022-03-31 0000726601 us-gaap:PassMember us-gaap:ConstructionLoansMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:PassMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:SpecialMentionMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:SubstandardMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:PassMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:SpecialMentionMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:SubstandardMember 2022-03-31 0000726601 2021-01-01 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2022-01-01 2022-03-31 0000726601 us-gaap:ConstructionLoansMember 2022-01-01 2022-03-31 0000726601 us-gaap:MortgagesMember 2022-01-01 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember 2022-01-01 2022-03-31 0000726601 us-gaap:HomeEquityMember 2022-01-01 2022-03-31 0000726601 us-gaap:ConsumerLoanMember 2022-01-01 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember ccbg:ResidentialMortgageLoanCommitmentsDerivativeContractsMember 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember ccbg:ForwardSalesContractsMember 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember 2022-01-01 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:MasterRepurchaseAgreementMember 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:MasterRepurchaseAgreementMember 2022-01-01 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:MasterRepurchaseAgreementMember srt:MinimumMember 2022-01-01 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:MasterRepurchaseAgreementMember srt:MaximumMember 2022-01-01 2022-03-31 0000726601 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember ccbg:ResidentialMortgageLoansHeldForSaleMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:ResidentialMortgageLoansHeldForSaleMember 2022-03-31 0000726601 2022-05-02 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-12-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-12-31 0000726601 us-gaap:InterestRateSwapMember 2022-03-31 0000726601 us-gaap:InterestRateSwapMember 2022-01-01 2022-03-31 0000726601 us-gaap:InterestRateContractMember 2022-03-31 0000726601 us-gaap:InterestRateSwapMember 2021-12-31 0000726601 us-gaap:InterestRateSwapMember 2020-12-31 0000726601 us-gaap:InterestRateSwapMember 2021-01-01 2021-03-31 0000726601 srt:MinimumMember 2022-03-31 0000726601 srt:MaximumMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateSwapMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateSwapMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel3Member 2022-03-31 0000726601 srt:MinimumMember 2022-01-01 2022-03-31 0000726601 srt:MaximumMember 2022-01-01 2022-03-31 0000726601 us-gaap:InterestRateContractMember 2022-01-01 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember 2021-01-01 2021-03-31 0000726601 us-gaap:ConstructionLoansMember 2021-01-01 2021-03-31 0000726601 us-gaap:MortgagesMember 2021-01-01 2021-03-31 0000726601 us-gaap:ResidentialRealEstateMember 2021-01-01 2021-03-31 0000726601 us-gaap:HomeEquityMember 2021-01-01 2021-03-31 0000726601 us-gaap:ConsumerLoanMember 2021-01-01 2021-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:PerformingFinancingReceivableMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:NonperformingFinancingReceivableMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:PerformingFinancingReceivableMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:NonperformingFinancingReceivableMember 2022-03-31 0000726601 us-gaap:ResidentialMortgageMember 2021-12-31 0000726601 ccbg:ResidentialMortgageLoanCommitmentsDerivativeContractsMember us-gaap:ResidentialMortgageMember 2021-12-31 0000726601 ccbg:ForwardSalesContractsMember us-gaap:ResidentialMortgageMember 2021-12-31 0000726601 us-gaap:ResidentialMortgageMember 2021-12-31 0000726601 us-gaap:ResidentialMortgageMember 2021-01-01 2021-12-31 0000726601 us-gaap:InterestRateSwapMember 2021-01-01 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member ccbg:MortgageServicingRightsMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageServicingRightsMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageServicingRightsMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageServicingRightsMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0000726601 ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000726601 ccbg:ResidentialMortgageLoansHeldForSaleMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000726601 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000726601 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0000726601 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000726601 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingDerivativeAssetMember 2021-12-31 0000726601 ccbg:MortgageBankingIrlcDerivativeMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0000726601 ccbg:MortgageBankingDerivativeAssetMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0000726601 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-03-31 0000726601 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-03-31 0000726601 us-gaap:InterestRateSwapMember 2021-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 us-gaap:FinancialAssetPastDueMember 2022-03-31 0000726601 us-gaap:FinancialAssetNotPastDueMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-03-31 0000726601 us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-03-31 0000726601 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0000726601 us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0000726601 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-12-31 0000726601 us-gaap:FinancialAssetPastDueMember 2021-12-31 0000726601 us-gaap:FinancialAssetNotPastDueMember 2021-12-31 0000726601 srt:MinimumMember 2021-01-01 2021-12-31 0000726601 srt:MaximumMember 2021-01-01 2021-12-31 0000726601 us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember ccbg:DelinquentOrDefaultedMortgageLoansMember 2021-12-31 0000726601 us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember ccbg:DelinquentOrDefaultedMortgageLoansMember 2022-01-01 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageBankingIrlcDerivativeMember 2021-12-31 0000726601 us-gaap:MunicipalBondsMember 2022-03-31 0000726601 ccbg:StrategicWealthGroupLlcMember 2022-01-01 2022-03-31 0000726601 ccbg:StrategicWealthGroupLlcMember 2021-04-30 2021-04-30 0000726601 ccbg:StrategicWealthGroupLlcMember 2021-04-30 0000726601 us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:InterestRateContractMember 2021-01-01 2021-03-31 0000726601 ccbg:DelinquentOrDefaultedMortgageLoansMember us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember 2022-03-31 0000726601 ccbg:CchlSubsidiaryMember 2022-03-31 0000726601 us-gaap:DebtSecuritiesMember 2022-03-31 0000726601 us-gaap:EquitySecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:LineofcreditoneMember 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember ccbg:LineofcreditoneMember 2022-01-01 2022-03-31 0000726601 us-gaap:USTreasurySecuritiesMember 2021-12-31 0000726601 us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000726601 us-gaap:MortgageBackedSecuritiesMember 2021-12-31 0000726601 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000726601 ccbg:EquitySecuiritesBankStocksMember 2021-12-31 0000726601 ccbg:ThreeLeaseArrangementsMember 2022-03-31 0000726601 ccbg:FourthLeaseArrangementMember 2022-03-31 0000726601 ccbg:BanktechVenturesMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel1Member ccbg:MortgageServicingRightsMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member ccbg:MortgageServicingRightsMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel3Member ccbg:MortgageServicingRightsMember 2021-12-31 0000726601 ccbg:MortgageServicingRightsMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 us-gaap:CarryingReportedAmountFairValueDisclosureMember ccbg:MortgageBankingDerivativeAssetMember 2022-03-31 0000726601 ccbg:CapitalCityHomeLoansMember 2022-01-01 2022-03-31 0000726601 ccbg:CapitalCityHomeLoansMember 2021-01-01 2021-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember srt:MinimumMember ccbg:LineofcreditoneMember 2022-01-01 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember srt:MaximumMember ccbg:LineofcreditoneMember 2022-01-01 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherDebtSecuritiesMember 2022-03-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherDebtSecuritiesMember 2021-12-31 0000726601 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherDebtSecuritiesMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 ccbg:LoansReceivableForCommercialAndFinancialAndAgriculturalMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 us-gaap:ConstructionLoansMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:ConstructionLoansMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:MortgagesMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:MortgagesMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 us-gaap:MortgagesMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:MortgagesMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 us-gaap:ResidentialRealEstateMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:ResidentialRealEstateMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:HomeEquityMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:HomeEquityMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 us-gaap:HomeEquityMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:HomeEquityMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 us-gaap:ConsumerLoanMember ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:ConsumerLoanMember us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2022-03-31 0000726601 ccbg:RealEstateSecuredMember us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:AssetPledgedAsCollateralMember ccbg:NonRealEstateSecuredMember 2021-12-31 0000726601 us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000726601 us-gaap:AssetPledgedAsCollateralMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel1Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel2Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:FairValueInputsLevel3Member ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:CarryingReportedAmountFairValueDisclosureMember ccbg:MortgageBankingIrlcDerivativeMember 2022-03-31 0000726601 us-gaap:WarehouseAgreementBorrowingsMember 2021-12-31 0000726601 ccbg:CorporateDebtAndAssetBackedSecuritiesMember 2022-03-31 0000726601 ccbg:FairValueSwapMember 2022-03-31 0000726601 ccbg:FairValueSwapMember 2021-12-31 0000726601 us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember ccbg:DelinquentOrDefaultedMortgageLoansMember 2021-01-01 2021-03-31 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares dummy:Contracts dummy:Investment_Positions ccbg:BankingOffices iso4217:USD dummy:LoanContracts
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
D.C.
 
20549
FORM
10-Q
QUARTERLY REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number:
0-13358
Capital City Bank Group, Inc.
(Exact name of Registrant as specified in its charter)
Florida
 
59-2273542
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
217 North Monroe Street
,
Tallahassee
,
Florida
 
32301
(Address of principal executive office)
 
(Zip Code)
(
850
)
402-7821
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par value $0.01
CCBG
Nasdaq Stock Market
, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
 
Yes
 
[X] No [
 
]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
 
Yes [
X
] No [
 
]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
 
or
an emerging growth company.
 
See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards pursuant to Section 13(a) of The Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [
 
]
No
 
[X]
At May 2, 2022,
16,947,627
 
shares of the Registrant's Common Stock, $.01 par value, were outstanding.
2
CAPITAL CITY BANK
 
GROUP,
 
INC.
QUARTERLY
 
REPORT ON FORM 10-Q
FOR THE THREE MONTHS ENDED MARCH 31, 2022
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – March 31, 2022 and December 31, 2021
4
Consolidated Statements of Income – Three Months Ended March 31, 2022 and 2021
5
Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2022 and 2021
6
Consolidated Statements of Changes in Shareowners’ Equity – Three Months Ended March 31, 2022 and 2021
7
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
30
 
 
Item 3.
 
Quantitative and Qualitative Disclosure About Market Risk
45
 
 
Item 4.
 
Controls and Procedures
45
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
45
 
 
Item 1A.
Risk Factors
45
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
45
 
 
Item 3.
Defaults Upon Senior Securities
45
Item 4.
Mine Safety Disclosure
45
Item 5.
Other Information
45
 
 
Item 6.
Exhibits
46
 
 
Signatures
 
47
3
INTRODUCTORY NOTE
Caution Concerning Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations,
estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of
which are beyond our control.
 
The words “may,” “could,” “should,” “would,” “believe,”
 
“anticipate,” “estimate,” “expect,” “intend,” “plan,”
“target,” “goal,” and similar expressions are intended to identify forward-looking statements.
All forward-looking statements, by their nature, are subject to risks and uncertainties.
 
Our actual future results may differ materially from
those set forth in our forward-looking statements.
Our ability to
 
achieve our financial objectives
 
could be adversely affected
 
by the factors discussed
 
in detail in Part
 
I, Item 2. “Management’s
Discussion and
 
Analysis of Financial
 
Condition and
 
Results of Operations”
 
and Part II,
 
Item 1A. “Risk
 
Factors” in this
 
Quarterly Report
 
on
Form 10-Q and
 
the following sections
 
of our Annual
 
Report on Form
 
10-K for the
 
year ended December
 
31, 2021
 
(the “2021 Form
 
10-K”):
(a) “Introductory
 
Note” in
 
Part I,
 
Item 1.
 
“Business”; (b)
 
“Risk Factors”
 
in Part
 
I, Item
 
1A, as
 
updated in
 
our subsequent
 
quarterly reports
filed on Form 10-Q; and (c)
 
“Introduction” in “Management’s
 
Discussion and Analysis of Financial
 
Condition and Results of Operations,” in
Part II, Item 7, as well as:
our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry;
legislative or regulatory changes;
changes in monetary and fiscal policies
 
of the U.S. Government;
inflation, interest rate, market and monetary fluctuations;
the effects of security breaches and computer viruses that may affect our computer systems or fraud related to debit card products;
the accuracy of our financial statement estimates and assumptions, including the estimates used for our allowance for credit losses,
deferred tax asset valuation and pension plan;
changes in accounting principles, policies, practices or guidelines;
the frequency and magnitude of foreclosure of our loans;
the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations;
the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
 
our ability to declare and pay dividends, the payment of which is subject to our capital requirements;
changes in the securities and real estate markets;
structural changes in the markets for origination, sale and servicing of residential mortgages;
uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to
these loans and related interest rate risk or price risk resulting from retaining mortgage servicing rights and the potential effects of
higher interest rates on our loan origination volumes;
the effect of corporate restructuring, acquisitions or dispositions, including the actual restructuring and other related charges
 
and the
failure to achieve the expected gains, revenue growth or expense savings from such corporate restructuring, acquisitions or dispositions;
the magnitude and duration of the ongoing COVID-19 pandemic and its impact on the global economy and financial market conditions
and our business;
the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies,
 
military conflict,
terrorism, civil unrest or other geopolitical events;
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where
we operate;
climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could
significantly impact our business;
the willingness of clients to accept third-party products and services rather than our products and services and vice versa;
increased competition and its effect on pricing;
technological changes;
negative publicity and the impact on our reputation;
changes in consumer spending and saving habits;
growth and profitability of our noninterest income;
the limited trading activity of our common stock;
the concentration of ownership of our common stock;
anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws;
other risks described from time to time in our filings with the Securities and Exchange Commission; and
our ability to manage the risks involved in the foregoing.
However, other factors besides those listed in
Item 1A Risk Factors
 
or discussed in this Form 10-Q also could adversely affect our results,
and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.
 
Any forward-looking
statements made by us or on our behalf speak only as of the date they are made.
 
We do not undertake to update any forward-looking
statement, except as required by applicable law.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
PART
 
I.
 
FINANCIAL INFORMATION
Item 1.
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(Unaudited)
March 31,
December 31,
(Dollars in Thousands, Except Par Value)
2022
 
2021
ASSETS
 
 
Cash and Due From Banks
$
77,963
$
65,313
Federal Funds Sold and Interest Bearing Deposits
 
790,465
 
970,041
Total Cash and Cash Equivalents
 
868,428
 
1,035,354
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
655,927
 
and $
660,732
)
 
624,361
 
654,611
Investment Securities, Held to Maturity (fair value of $
501,277
 
and $
339,699
)
 
518,678
 
339,601
Equity Securities
855
 
861
Total Investment
 
Securities
 
1,143,894
 
995,073
 
Loans Held For Sale, at fair value
50,815
 
52,532
 
Loans Held for Investment
1,985,509
 
1,931,465
Allowance for Credit Losses
 
(20,756)
 
(21,606)
Loans Held for Investment, Net
 
1,964,753
 
1,909,859
 
 
Premises and Equipment, Net
 
82,518
 
83,412
Goodwill and Other Intangibles
 
93,213
 
93,253
Other Real Estate Owned
17
17
Other Assets
 
106,407
 
94,349
Total Assets
$
4,310,045
$
4,263,849
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,704,329
$
1,668,912
Interest Bearing Deposits
 
2,061,178
 
2,043,950
Total Deposits
 
3,765,507
 
3,712,862
 
 
Short-Term
 
Borrowings
 
30,865
34,557
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
806
884
Other Liabilities
 
77,323
67,735
Total Liabilities
 
3,927,388
3,868,925
Temporary Equity
10,512
11,758
 
 
SHAREOWNERS’ EQUITY
 
 
Preferred Stock, $
0.01
 
par value;
3,000,000
 
shares authorized;
no
 
shares issued and outstanding
 
-
-
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
16,947,602
 
and
16,892,060
 
shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
169
169
Additional Paid-In Capital
 
35,188
34,423
Retained Earnings
 
370,531
364,788
Accumulated Other Comprehensive Loss, net of tax
 
(33,743)
(16,214)
Total Shareowners’
 
Equity
 
372,145
383,166
Total Liabilities, Temporary
 
Equity, and Shareowners' Equity
$
4,310,045
4,263,849
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in Thousands, Except Per Share
 
Data)
2022
2021
INTEREST INCOME
Loans, including Fees
$
22,133
$
23,350
Investment Securities:
Taxable Securities
2,890
1,863
Tax Exempt Securities
6
20
Federal Funds Sold and Interest Bearing Deposits
409
213
Total Interest Income
25,438
25,446
INTEREST EXPENSE
Deposits
224
208
Short-Term
 
Borrowings
192
412
Subordinated Notes Payable
317
307
Other Long-Term
 
Borrowings
9
21
Total Interest Expense
742
948
NET INTEREST INCOME
24,696
24,498
Provision for Credit Losses
-
(982)
Net Interest Income After Provision For Credit Losses
24,696
25,480
NONINTEREST INCOME
Deposit Fees
5,191
4,271
Bank Card Fees
3,763
3,618
Wealth Management
 
Fees
6,070
3,090
Mortgage Banking Revenues
8,946
17,125
Other
1,848
1,722
Total Noninterest
 
Income
25,818
29,826
NONINTEREST EXPENSE
Compensation
24,856
26,064
Occupancy, Net
6,093
5,967
Other Real Estate Owned, Net
 
25
(118)
Pension Settlement
209
-
Other
8,050
8,563
Total Noninterest
 
Expense
39,233
40,476
INCOME BEFORE INCOME TAXES
11,281
14,830
Income Tax Expense
2,235
2,787
NET INCOME
$
9,046
$
12,043
Income Attributable to Noncontrolling Interests
(591)
(2,537)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
8,455
$
9,506
BASIC NET INCOME PER SHARE
$
0.50
$
0.56
DILUTED NET INCOME PER SHARE
$
0.50
$
0.56
Average Basic Shares
 
Outstanding
16,931
16,838
Average Diluted
 
Shares Outstanding
16,946
16,862
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
 
(Unaudited)
Three Months Ended
March 31,
(Dollars in Thousands)
2022
2021
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
8,455
$
9,506
Other comprehensive (loss) income, before
 
tax:
Investment Securities:
Change in net unrealized (loss) gain on securities available for sale
(25,445)
(1,952)
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
1,836
2,125
Benefit Plans:
Reclassification adjustment for service cost
-
24
Actuarial gain
-
166
Pension Settlement
209
-
Total Benefit Plans
209
190
Other comprehensive (loss) income, before
 
tax
(23,400)
363
Deferred tax (benefit) expense related to other comprehensive income
(5,871)
92
Other comprehensive (loss) income, net of tax
(17,529)
271
TOTAL COMPREHENSIVE
 
(LOSS) INCOME
$
(9,074)
$
9,777
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
CONSOLIDATED STATEMENTS
 
OF CHANGES IN SHAREOWNERS' EQUITY
(Unaudited)
Accumulated
 
Other
Additional
Comprehensive
 
Shares
Common
Paid-In
Retained
(Loss) Income,
(Dollars In Thousands, Except Share Data)
Outstanding
Stock
Capital
Earnings
Net of Taxes
Total
Balance, January 1, 2022
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common Shareowners
-
-
-
8,455
-
8,455
Other Comprehensive Loss, net of tax
-
-
-
-
(17,529)
(17,529)
Cash Dividends ($
0.1600
 
per share)
-
-
-
(2,712)
-
(2,712)
Stock Based Compensation
-
-
245
-
-
245
Stock Compensation Plan Transactions, net
55,542
-
520
-
-
520
Balance, March 31, 2022
16,947,602
$
169
$
35,188
$
370,531
$
(33,743)
$
372,145
Balance, January 1, 2021
16,790,573
$
168
$
32,283
$
332,528
$
(44,142)
$
320,837
Net Income Attributable to Common Shareowners
-
-
-
9,506
-
9,506
Reclassification to Temporary Equity
(1)
-
-
-
(4,182)
-
(4,182)
Other Comprehensive Income, net of tax
-
-
-
-
271
271
Cash Dividends ($
0.1500
 
per share)
-
-
-
(2,528)
-
(2,528)
Stock Based Compensation
-
-
219
-
-
219
Stock Compensation Plan Transactions, net
61,305
1
302
-
-
303
Balance, March 31, 2021
16,851,878
$
169
$
32,804
$
335,324
$
(43,871)
$
324,426
(1)
Adjustment to redemption value for non-controlling interest in Capital City Home Loans.
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
 
(Unaudited)
Three Months Ended March 31,
(Dollars in Thousands)
2022
2021
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
8,455
$
9,506
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
-
(982)
 
Depreciation
1,907
1,942
 
Amortization of Premiums, Discounts and Fees, net
2,907
2,428
 
Amortization of Intangible Asset
40
-
 
Pension Plan Settlement Charge
209
-
 
Originations of Loans Held-for-Sale
(246,887)
(470,248)
 
Proceeds From Sales of Loans Held-for-Sale
257,550
519,331
 
Mortgage Banking Revenues
(8,946)
(17,125)
 
Net Additions for Capitalized Mortgage Servicing Rights
227
119
 
Change in Valuation
 
Provision for Mortgage Servicing Rights
-
(250)
 
Stock Compensation
245
219
 
Net Tax Benefit From Stock-Based
 
Compensation
(19)
(4)
 
Deferred Income Taxes
(6,167)
(378)
 
Net Change in Operating Leases
(27)
(41)
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
-
(202)
 
Net Decrease (Increase) in Other Assets
1,441
(1,370)
 
Net Increase in Other Liabilities
7,036
7,935
Net Cash Provided By Operating Activities
17,971
50,880
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(194,448)
(54,382)
 
Payments, Maturities, and Calls
14,441
24,629
Securities Available for
 
Sale:
 
Purchases
(25,139)
(133,628)
 
Proceeds from Sale or Securities
3,365
-
 
Payments, Maturities, and Calls
24,824
49,349
Purchases of Loans Held for Investment
(26,713)
(23,686)
Net Increase in Loans Held for Investment
(28,405)
(29,437)
Proceeds From Sales of Other Real Estate Owned
-
1,084
Purchases of Premises and Equipment
(1,013)
(1,592)
Noncontrolling Interest Contributions
1,838
1,259
Net Cash Used In Investing Activities
(231,250)
(166,404)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
52,645
140,548
Net Decrease in Short-Term
 
Borrowings
(3,692)
(24,181)
Repayment of Other Long-Term
 
Borrowings
(78)
(1,014)
Dividends Paid
(2,712)
(2,528)
Issuance of Common Stock Under Purchase Plans
190
33
Net Cash Provided By Financing Activities
46,353
112,858
NET DECREASE IN CASH AND CASH EQUIVALENTS
(166,926)
(2,666)
Cash and Cash Equivalents at Beginning of Period
 
1,035,354
928,549
Cash and Cash Equivalents at End of Period
 
$
868,428
925,883
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
715
1,009
 
Income Taxes Paid
$
20
-
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
-
$
184
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
9
CAPITAL CITY BANK
 
GROUP,
 
INC.
NOTES TO CONSOLIDATED
 
FINANCIAL STATEMENTS
NOTE 1 –
BUSINESS AND BASIS OF PRESENTATION
Nature of Operations
.
 
Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of
 
banking and banking-
related services to individual and corporate clients through its subsidiary,
 
Capital City Bank, with banking offices located in Florida,
Georgia, and Alabama.
 
The Company is subject to competition from other financial institutions, is subject
 
to regulation by certain
government agencies and undergoes periodic examinations
 
by those regulatory authorities.
Basis of Presentation
.
 
The consolidated financial statements in this Quarterly Report on Form
 
10-Q include the accounts of CCBG
and its wholly owned subsidiary,
 
Capital City Bank (“CCB” or the “Bank”).
 
All material inter-company transactions and accounts
have been eliminated.
 
Certain previously reported amounts have been reclassified to conform to the current year’s
 
presentation.
The accompanying unaudited consolidated financial statements have
 
been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to
 
Form 10-Q and Article 10 of Regulation S-X.
 
Accordingly,
they do not include all of the information and notes required by generally accepted
 
accounting principles for complete financial
statements.
 
In the opinion of management, all adjustments (consisting of normal
 
recurring accruals) considered necessary for a fair
presentation have been included.
 
The Consolidated Statement of Financial Condition at December
 
31, 2021 has been derived from the audited consolidated financial
statements at that date, but does not include all of the information and notes
 
required by generally accepted accounting principles for
complete financial statements.
 
For further information, refer to the consolidated financial statements and
 
notes thereto included in the
Company’s annual report
 
on Form 10-K for the year ended December 31, 2021.
Acquisition.
 
On
April 30, 2021
, a newly formed subsidiary of CCBG, Capital City Strategic Wealth,
 
LLC (“CCSW”) acquired
substantially all of the assets of Strategic Wealth
 
Group, LLC and certain related businesses (“SWG”), including
 
advisory, service,
and insurance carrier agreements, and the assignment of all related revenues
 
thereof.
 
Under the terms of the purchase agreement,
SWG principles became officers of CCSW and will continue
 
the operation of their
five
 
offices in South Georgia offering wealth
management services and comprehensive risk management
 
and asset protection services for individuals and businesses.
 
CCBG paid
$
4.5
 
million in cash consideration and recorded goodwill of $
2.8
 
million and a customer relationship intangible asset of $
1.6
 
million.
Accounting Standards Updates
Accounting Standards Update (“ASU”)
 
2022-02, “Financial Instruments – Credit Losses (Topic
 
326)
.
 
In March 2022, the Financial
Accounting Standards Board ("FASB")
 
issued ASU 2022-02, "Financial Instruments – Credit Losses (Topic
 
326), Troubled Debt
Restructurings and Vintage
 
Disclosures". ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings
 
("TDRs")
in ASC 310-40, "Receivables - Troubled Debt
 
Restructurings by Creditors" for entities that have adopted the current expected credit
loss model introduced by ASU 2016-13, “Financial Instruments –
 
Credit Losses (Topic 326):
 
Measurement of Credit Losses on
Financial Instruments”.
 
ASU 2022-02 also requires that public business entities disclose current
 
-period gross charge-offs by year of
origination for financing receivables and net investments in leases within the
 
scope of Subtopic 326-20, "Financial Instruments—
Credit Losses—Measured at Amortized Cost".
 
ASU 2022-02 is effective for the Company for fiscal years beginning
 
after December
15, 2022, including interim periods within those fiscal years, with early
 
adoption permitted. The Company is evaluating the effect
 
that
ASU 2022-02 will have on its consolidated financial statements and
 
related disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value
securities available-for-sale and securities held-to-maturity and the corresponding
 
amounts of gross
Available for
 
Sale
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
March 31, 2022
U.S. Government Treasury
$
190,049
$
15
$
10,051
$
-
$
180,013
U.S. Government Agency
232,067
547
8,179
-
224,435
States and Political Subdivisions
47,107
11
3,753
(15)
43,350
Mortgage-Backed Securities
(1)
91,169
15
5,121
-
86,063
Corporate Debt Securities
88,208
4
5,018
(21)
83,173
Other Securities
(2)
7,327
-
-
-
7,327
Total
 
$
655,927
$
592
$
32,122
$
(36)
$
624,361
December 31, 2021
U.S. Government Treasury
$
190,409
$
65
$
2,606
$
-
$
187,868
U.S. Government Agency
238,490
1,229
2,141
-
237,578
States and Political Subdivisions
47,762
44
811
(15)
46,980
Mortgage-Backed Securities
(1)
89,440
27
598
-
88,869
Corporate Debt Securities
87,537
10
1,304
(21)
86,222
Other Securities
(2)
7,094
-
-
-
7,094
Total
 
$
660,732
$
1,375
$
7,460
$
(36)
$
654,611
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2022
U.S. Government Treasury
$
289,237
$
10
$
9,355
$
279,892
Mortgage-Backed Securities
(1)
229,441
414
8,470
221,385
Total
 
$
518,678
$
424
$
17,825
$
501,277
December 31, 2021
U.S. Government Treasury
$
115,499
$
-
$
1,622
$
113,877
Mortgage-Backed Securities
(1)
224,102
2,819
1,099
225,822
Total
 
$
339,601
$
2,819
$
2,721
$
339,699
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
 
at cost of $
2.3
 
million and $
5.1
 
million,
respectively,
 
at March 31, 2022 and $
2.0
 
million and $
5.1
 
million, respectively,
 
at December 31, 2021.
At March 31, 2022, the investment portfolio had $
0.9
 
million in equity securities. These securities do not have a readily determinable
fair value and were not credit impaired.
 
Securities with an amortized cost of $
453.3
 
million and $
463.8
 
million at March 31, 2022 and December 31, 2021, respectively,
 
were
pledged to secure public deposits and for other purposes.
The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required
 
to own capital stock in the FHLB based
generally upon the balances of residential and commercial real estate loans and FHLB
 
advances.
 
FHLB stock, which is included in
other securities,
 
is pledged to secure FHLB advances.
 
No ready market exists for this stock, and it has no quoted fair value; however,
redemption of this stock has historically been at par value.
As a member of the Federal Reserve Bank of Atlanta, the Bank is required to maintain
 
stock in the Federal Reserve Bank of Atlanta
based on a specified ratio relative to the Bank’s
 
capital.
 
Federal Reserve Bank stock is carried at cost.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Investment Sales.
There were sales of investment securities totaling $
3.4
 
million for the three months ended March 31, 2022. There
were no significant sales of investment securities for the three months ended
 
December 31, 2021 and March 31, 2021.
Maturity Distribution
.
 
At March 31, 2022, the Company's investment securities had the following
 
maturity distribution based on
contractual maturity.
 
Expected maturities may differ from contractual maturities because borrowers
 
may have the right to call or
prepay obligations.
 
Mortgage-backed securities and certain amortizing U.S. government
 
agency securities are shown separately
because they are not due at a certain maturity date.
Available for
 
Sale
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
36,321
 
$
34,519
 
$
-
 
$
-
Due after one year through five years
 
306,432
 
 
290,613
 
 
289,237
 
 
279,892
Due after five year through ten years
 
62,103
 
 
56,445
 
 
-
 
 
-
Mortgage-Backed Securities
91,169
86,063
229,441
221,385
U.S. Government Agency
 
152,575
 
 
149,394
 
 
-
 
 
-
Equity Securities
 
7,327
 
 
7,327
 
 
-
 
 
-
Total
 
$
655,927
 
$
624,361
 
$
518,678
 
$
501,277
Unrealized Losses on Investment Securities.
 
The following table summarizes the available for sale investment securities with
unrealized losses aggregated by major security type and length of time in a continuous
 
unrealized loss position:
 
Less Than
Greater Than
12 Months
12 Months
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
March 31, 2022
Available for
 
Sale
U.S. Government Treasury
$
117,369
 
$
6,723
 
$
57,638
 
$
3,328
 
$
175,007
 
$
10,051
U.S. Government Agency
122,572
5,952
43,637
2,227
166,209
8,179
States and Political Subdivisions
42,181
 
3,719
 
444
 
34
 
42,625
 
3,753
Mortgage-Backed Securities
85,848
 
5,121
 
-
 
-
 
85,848
 
5,121
Corporate Debt Securities
79,718
 
5,018
 
-
 
-
 
79,718
 
5,018
Total
 
447,688
 
26,533
 
101,719
 
5,589
 
549,407
 
32,122
 
Held to Maturity
U.S. Government Treasury
 
261,362
 
9,355
 
 
-
 
-
 
 
261,362
 
 
9,355
Mortgage-Backed Securities
166,472
 
7,633
 
10,496
 
837
 
176,968
 
8,470
Total
 
$
427,834
 
$
16,988
 
$
10,496
 
$
837
 
$
438,330
 
$
17,825
December 31, 2021
Available for
 
Sale
 
U.S. Government Treasury
$
172,206
 
$
2,606
 
$
-
 
$
-
 
$
172,206
 
$
2,606
U.S. Government Agency
127,484
1,786
17,986
355
145,470
2,141
States and Political Subdivisions
 
42,122
 
 
811
 
 
-
 
 
-
 
 
42,122
 
 
811
Mortgage-Backed Securities
81,832
598
-
-
81,832
598
Corporate Debt Securities
69,354
1,304
-
-
69,354
1,304
Total
 
$
492,998
 
$
7,105
 
$
17,986
 
$
355
 
$
510,984
 
$
7,460
 
Held to Maturity
U.S. Government Treasury
 
113,877
 
 
1,622
 
 
-
 
 
-
 
 
113,877
 
 
1,622
Mortgage-Backed Securities
115,015
1,099
-
-
115,015
1,099
Total
 
$
228,892
 
$
2,721
 
$
-
 
$
-
 
$
228,892
 
$
2,721
12
At March 31, 2022, there were
673
 
positions (combined Available-for-Sale
 
and Held-to-Maturity) with unrealized losses totaling
$
49.9
 
million.
553
 
of these positions were U.S. government agency securities issued by U.S. government
 
sponsored entities.
 
Municipal securities totaled
48
 
positions.
 
The remaining
72
 
positions were corporate debt and asset backed securities.
 
These
investment securities had allowance for credit losses totaling less than $
0.1
 
million at March 31, 2022.
 
The declines in the fair values
of these securities were attributable to changes in interest rates and not credit quality.
 
Credit Quality Indicators
The Company monitors the credit quality of its investment securities through
 
various risk management procedures, including the
monitoring of credit ratings.
 
A majority of the debt securities in the Company’s
 
investment portfolio were issued by a U.S.
government entity or agency and are either explicitly or implicitly guaranteed
 
by the U.S. government.
 
The Company believes the
long history of no credit losses on these securities indicates that the expectation
 
of nonpayment of the amortized cost basis is zero,
even if the U.S. government were to technically default.
 
Further, certain municipal securities held by the Company
 
have been pre-
refunded and secured by government guaranteed treasuries.
 
Therefore, for the aforementioned securities, the Company does not
assess or record expected credit losses due to the zero loss assumption.
 
The Company monitors the credit quality of its municipal and
corporate securities portfolio via credit ratings
 
which are updated on a quarterly basis.
 
On a quarterly basis, municipal and corporate
securities in an unrealized loss position are evaluated to determine if the
 
loss is attributable to credit
 
related factors and if an allowance
for credit loss is needed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
NOTE 3 – LOANS HELD FOR INVESTMENT AND ALLOWANCE
 
FOR CREDIT LOSSES
Loan Portfolio Composition
.
 
The composition of the held for investment (“HFI”) loan portfolio was as follows:
(Dollars in Thousands)
March 31, 2022
 
December 31, 2021
Commercial, Financial and Agricultural
$
230,213
 
$
223,086
Real Estate – Construction
 
174,293
 
 
174,394
Real Estate – Commercial Mortgage
 
669,110
 
 
663,550
Real Estate – Residential
(1)
 
374,712
 
 
360,021
Real Estate – Home Equity
 
188,174
 
 
187,821
Consumer
(2)
 
349,007
 
 
322,593
Loans Held For Investment, Net of Unearned Income
$
1,985,509
 
$
1,931,465
(1)
Includes loans in process balances of $
6.7
 
million and $
13.6
 
million at March 31, 2022 and December 31, 2021,
 
respectively.
(2)
Includes overdraft balances of $
1.2
 
million and $
1.1
 
million at March 31, 2022 and December 31, 2021,
 
respectively.
 
Net deferred loan costs, which include premiums on purchased loans,
 
included in loans were $
4.4
 
million at March 31, 2022 and $
3.9
million at December 31, 2021.
Accrued interest receivable on loans which is excluded from amortized
 
cost totaled $
5.8
 
million at March 31, 2022 and $
5.3
 
million at
December 31, 2021, and is reported separately in Other Assets.
The Company has pledged a blanket floating lien on all 1-4 family residential mortgage
 
loans, commercial real estate mortgage loans,
and home equity loans to support available borrowing capacity at the FHLB of
 
Atlanta and has pledged a blanket floating lien on all
consumer loans, commercial loans, and construction loans to support available
 
borrowing capacity at the Federal Reserve Bank of
Atlanta.
Loan Purchase and Sales
.
 
The Company will periodically purchase newly originated 1-4 family real
 
estate secured adjustable rate
loans from Capital City Home Loans (“CCHL”), a related party.
 
Residential loan purchases from CCHL totaled $
26.3
 
million and
$
22.2
 
million for the three months ended March 31, 2022 and March 31, 2021, respectively,
 
and were not credit impaired.
 
Allowance for Credit Losses
.
 
The methodology for estimating the amount of credit losses reported in
 
the allowance for credit losses
(“ACL”) has two basic components: first, an asset-specific component
 
involving loans that do not share risk characteristics and the
measurement of expected credit losses for such individual loans; and second,
 
a pooled component for expected credit losses for pools
of loans that share similar risk characteristics.
 
This allowance methodology is discussed further in Note 1 – Significant
 
Accounting
Policies in the Company’s 2021 Form
 
10-K.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14
The following table details the activity in the allowance for credit losses by
 
portfolio segment.
 
Allocation of a portion of the
allowance to one category of loans does not preclude its availability to
 
absorb losses in other categories.
 
Commercial,
Real Estate
Financial,
 
Real Estate
Commercial
 
Real Estate
Real Estate
(Dollars in Thousands)
Agricultural
Construction
Mortgage
Residential
Home Equity
Consumer
Total
Three Months Ended
March 31, 2022
Beginning Balance
$
2,191
$
3,302
$
5,810
$
4,129
$
2,296
$
3,878
$
21,606
Provision for Credit Losses
(161)
(714)
(181)
314
(405)
1,068
(79)
Charge-Offs
(73)
-
(266)
-
(33)
(1,402)
(1,774)
Recoveries
 
165
8
29
27
58
716
1,003
Net (Charge-Offs) Recoveries
92
8
(237)
27
25
(686)
(771)
Ending Balance
$
2,122
$
2,596
$
5,392
$
4,470
$
1,916
$
4,260
$
20,756
Three Months Ended
March 31, 2021
Beginning Balance
$
2,204
$
2,479
$
7,029
$
5,440
$
3,111
$
3,553
$
23,816
Provision for Credit Losses
(314)
(225)
(718)
(305)
(655)
(95)
(2,312)
Charge-Offs
(69)
-
-
(6)
(5)
(1,056)
(1,136)
Recoveries
 
136
-
645
75
124
678
1,658
Net (Charge-Offs) Recoveries
67
-
645
69
119
(378)
522
Ending Balance
$
1,957
$
2,254
$
6,956
$
5,204
$
2,575
$
3,080
$
22,026
For the three months ended March 31, 2022, the allowance decreased
 
by $
0.9
 
million and reflected a provision benefit of $
0.1
 
million
and net loan charge-offs of $
0.8
 
million. For the three months ended March 31, 2021, the allowance decreased
 
$
1.8
 
million which
reflected a provision benefit of $
2.3
 
million and net loan recoveries of $
0.5
 
million.
 
The provision benefit for the three months ended
March 31, 2022 and March 31, 2021 reflected improvement in the
 
forecasted level of unemployment and its potential effect on rates
of default.
 
Three unemployment rate forecast scenarios were utilized to estimate probability
 
of default and were weighted based on
management’s estimate of probability.
 
See Note 8 – Commitments and Contingencies for information on the allowance for
 
off-
balance sheet credit commitments.