10-Q 1 ccbg-20240331.htm FORM 10-Q ccbg-20240331
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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, 2024
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 June 28, 2024,
16,941,553
 
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, 2024
TABLE OF CONTENTS
 
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – March 31, 2024 and December 31, 2023
5
Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023
6
Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023
7
Consolidated Statements of Changes in Shareowners’ Equity – Three Months Ended March 31, 2024 and 2023
8
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023
9
Notes to Consolidated Financial Statements
10
 
 
Item 2.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
33
 
 
Item 3.
 
Quantitative and Qualitative Disclosure About Market Risk
48
 
 
Item 4.
 
Controls and Procedures
48
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
49
 
 
Item 1A.
Risk Factors
49
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
49
 
 
Item 3.
Defaults Upon Senior Securities
49
Item 4.
Mine Safety Disclosure
50
Item 5.
Other Information
50
 
 
Item 6.
Exhibits
51
 
 
Signatures
 
52
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,” “vision,” “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
 
II,
 
Item
 
1A.
 
“Risk
Factors” in
 
this Quarterly
 
Report on
 
Form 10-Q
 
and in
 
Part I,
 
Item 1A.
 
“Risk Factors”
 
in our
 
Annual Report
 
on Form
 
10-K/A for
 
the year
ended December 31,
 
2023 (the “2023
 
Form 10-K/A”), as
 
updated in our
 
subsequent quarterly reports
 
filed on Form
 
10-Q, as well
 
as, among
other factors:
our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry;
legislative or regulatory changes;
adverse developments in the financial services industry generally, such as bank failures and any related impact on depositor behavior;
 
the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net
interest margin and ability to replace maturing deposits and advances, as necessary;
 
inflation, interest rate, market and monetary fluctuations;
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;
changes in monetary and fiscal policies of the U.S. Government;
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 our liquidity position;
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 loan segments, 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;
our ability to retain key personnel;
the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies (including pandemics, such
as the COVID-19 pandemic), 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;
the impact of the restatement of our previously issued consolidated statements of cash flows for the years ended December 31, 2021, 2022
and 2023 and for each of the three month periods ended March 31, 2022 and 2023, six month periods ended June 30, 2022 and 2023 and
nine month periods ended September 30, 2022 and 2023;
any deficiencies in the processes undertaken to effect such restatements and to identify and correct all errors in our historical financial
statements that may require restatement;
any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to
remediate our existing material weaknesses in our internal controls deemed ineffective;
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;
the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems of those of our customers
or third-party providers;
the outcomes of litigation or regulatory proceedings;
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.
4
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
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)
2024
 
2023
ASSETS
 
 
Cash and Due From Banks
$
73,642
$
83,118
Federal Funds Sold and Interest Bearing Deposits
 
231,047
 
228,949
Total Cash and Cash Equivalents
 
304,689
 
312,067
 
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
358,416
 
and $
367,747
)
 
327,338
 
337,902
Investment Securities, Held to Maturity (fair value of $
569,682
 
and $
591,751
)
 
603,386
 
625,022
Equity Securities
3,445
 
3,450
Total Investment
 
Securities
 
934,169
 
966,374
 
Loans Held For Sale, at fair value
24,705
 
28,211
 
Loans Held for Investment
2,731,172
 
2,733,918
Allowance for Credit Losses
 
(29,329)
 
(29,941)
Loans Held for Investment, Net
 
2,701,843
 
2,703,977
 
 
 
Premises and Equipment, Net
 
81,452
 
81,266
Goodwill and Other Intangibles
 
92,893
 
92,933
Other Real Estate Owned
1
1
Other Assets
 
120,170
 
119,648
Total Assets
$
4,259,922
$
4,304,477
 
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,361,939
$
1,377,934
Interest Bearing Deposits
 
2,292,862
 
2,323,888
Total Deposits
 
3,654,801
 
3,701,822
 
 
 
Short-Term
 
Borrowings
 
31,886
35,341
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
265
315
Other Liabilities
 
65,181
66,080
Total Liabilities
3,805,020
3,856,445
Temporary Equity
6,588
7,407
 
 
 
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;
16,928,507
 
and
16,950,222
 
shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
169
170
Additional Paid-In Capital
 
34,861
36,326
Retained Earnings
 
435,364
426,275
Accumulated Other Comprehensive Loss, net of tax
 
(22,080)
(22,146)
Total Shareowners’
Equity
 
448,314
440,625
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,259,922
$
4,304,477
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in Thousands, Except Per Share
 
Data)
2024
2023
INTEREST INCOME
Loans, including Fees
$
40,683
$
34,891
Investment Securities:
Taxable Securities
4,238
4,912
Tax Exempt Securities
6
12
Federal Funds Sold and Interest Bearing Deposits
1,893
4,111
Total Interest Income
46,820
43,926
INTEREST EXPENSE
Deposits
7,594
2,488
Short-Term
 
Borrowings
240
461
Subordinated Notes Payable
628
571
Other Long-Term
 
Borrowings
3
6
Total Interest Expense
8,465
3,526
NET INTEREST INCOME
38,355
40,400
Provision for Credit Losses
920
3,099
Net Interest Income After Provision for Credit Losses
37,435
37,301
NONINTEREST INCOME
Deposit Fees
5,250
5,239
Bank Card Fees
3,620
3,726
Wealth Management
 
Fees
4,682
3,928
Mortgage Banking Revenues
2,878
2,871
Other
1,667
1,994
Total Noninterest
 
Income
18,097
17,758
NONINTEREST EXPENSE
Compensation
24,407
23,524
Occupancy, Net
6,994
6,762
Other
8,770
7,389
Total Noninterest
 
Expense
40,171
37,675
INCOME BEFORE INCOME TAXES
15,361
17,384
Income Tax Expense
3,536
3,710
NET INCOME
$
11,825
$
13,674
Loss Attributable to Noncontrolling Interests
732
35
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
12,557
$
13,709
BASIC NET INCOME PER SHARE
$
0.74
$
0.81
DILUTED NET INCOME PER SHARE
$
0.74
$
0.80
Average Basic Shares
 
Outstanding
16,951
17,016
Average Diluted
 
Shares Outstanding
16,969
17,045
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
 
(Unaudited)
Three Months Ended
March 31,
(Dollars in Thousands)
2024
2023
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
12,557
$
13,709
Other comprehensive income, before
 
tax:
Investment Securities:
Change in net unrealized loss on securities available for sale
(1,175)
6,808
Amortization of unrealized losses on securities transferred from available
 
for sale to held to maturity
891
865
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
437
(801)
Other comprehensive income, before
 
tax
153
6,872
Deferred tax expense related to other comprehensive income
87
1,719
Other comprehensive income, net of tax
66
5,153
TOTAL COMPREHENSIVE
 
INCOME
$
12,623
$
18,862
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
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, 2024
16,950,222
$
170
$
36,326
$
426,275
$
(22,146)
$
440,625
Net Income Attributable to Common Shareowners
-
-
-
12,557
-
12,557
Reclassification to Temporary Equity
(1)
-
-
-
87
-
87
Other Comprehensive Income, net of tax
-
-
-
-
66
66
Cash Dividends ($
0.2100
 
per share)
-
-
-
(3,555)
-
(3,555)
Repurchase of Common Stock
(82,540)
(1)
(2,329)
-
-
(2,330)
Stock Based Compensation
-
-
392
-
-
392
Stock Compensation Plan Transactions, net
60,825
-
472
-
-
472
Balance, March 31, 2024
16,928,507
$
169
$
34,861
$
435,364
$
(22,080)
$
448,314
Balance, January 1, 2023
16,986,785
$
170
$
37,331
$
387,009
$
(37,229)
$
387,281
Net Income Attributable to Common Shareowners
-
-
-
13,709
-
13,709
Other Comprehensive Income, net of tax
-
-
-
-
5,153
5,153
Cash Dividends ($
0.1800
 
per share)
-
-
-
(3,064)
-
(3,064)
Repurchase of Common Stock
(25,241)
-
(819)
-
-
(819)
Stock Based Compensation
-
-
536
-
-
536
Stock Compensation Plan Transactions, net
60,204
-
464
-
-
464
Balance, March 31, 2023
17,021,748
$
170
$
37,512
$
397,654
$
(32,076)
$
403,260
(1)
 
Adjustments to redemption value for non-controlling
 
interest in Capital City Home Loans, LLC ("CCHL")
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
 
(Unaudited)
Three Months Ended March 31,
(Dollars in Thousands)
2024
2023
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
12,557
$
13,709
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
920
3,099
 
Depreciation
2,051
1,969
 
Amortization of Premiums, Discounts and Fees, net
953
1,067
 
Amortization of Intangible Asset
53
40
 
Originations of Loans Held-for-Sale
(105,717)
(75,626)
 
Proceeds From Sales of Loans Held-for-Sale
106,941
73,706
 
Mortgage Banking Revenues
(2,878)
(2,871)
 
Net Additions for Capitalized Mortgage Servicing Rights
(88)
(91)
 
Stock Compensation
392
536
 
Net Tax Benefit from
 
Stock-Based Compensation
(5)
-
 
Deferred Income Taxes (Benefit)
(1,799)
(1,170)
 
Net Change in Operating Leases
166
(3)
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
-
(1,858)
 
Net Decrease (Increase) in Other Assets
2,598
(4,349)
 
Net (Decrease) Increase in Other Liabilities
(1,497)
12,471
Net Cash Provided By Operating Activities
14,647
20,629
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(1,277)
-
 
Proceeds from Payments, Maturities, and Calls
22,827
8,820
Securities Available for
 
Sale:
 
Purchases
(1,100)
(2,017)
 
Proceeds from Payments, Maturities, and Calls
10,012
16,559
Equity Securities:
 
Net Decrease in Equity Securities
5
-
Purchases of Loans Held for Investment
(302)
(923)
Proceeds from Sales of Loans
13,116
20,084
Net Increase in Loans Held for Investment
(6,830)
(127,336)
Proceeds From Sales of Other Real Estate Owned
-
2,699
Purchases of Premises and Equipment
(2,237)
(1,886)
Net Cash Provided by (Used In) Investing Activities
34,214
(84,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Decrease in Deposits
(47,021)
(115,397)
Net Decrease in Short-Term
 
Borrowings
(3,455)
(30,161)
Repayment of Other Long-Term
 
Borrowings
(50)
(50)
Dividends Paid
(3,555)
(3,064)
Payments to Repurchase Common Stock
(2,330)
(819)
Proceeds from Issuance of Common Stock Under Purchase Plans
172
164
Net Cash Used In by Financing Activities
(56,239)
(149,327)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(7,378)
(212,698)
Cash and Cash Equivalents at Beginning of Period
 
312,067
600,650
Cash and Cash Equivalents at End of Period
 
$
304,689
387,952
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
7,875
$
3,723
 
Income Taxes Paid
$
-
$
7,466
Supplemental Noncash Items:
 
Loans Transferred to Other Real Estate Owned
$
-
$
423
 
Loans Transferred from Held for Investment
 
to Held for Sale, net
$
7,956
$
16,859
The accompanying Notes to Consolidated Financial Statements are
 
an integral part of these statements.
10
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, 2023 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 2023 Form
 
10-K/A.
Accounting Standards Updates
Adoption of New Accounting Standard,
 
On January 1, 2023, the Company adopted Accounting Standards Update (“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 in Accounting
 
Standards Codification (“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.”
Proposed Accounting Standards
,
ASU
 
2023-01, “Leases (Topic
 
842)
:
 
Common Control Arrangements.” ASU 2023-01 requires
entities to amortize leasehold improvements associated with common control
 
leases over the useful life to the common control group.
ASU 2023-01 also provides certain practical expedients applicable to private
 
companies and not-for-profit organizations. The
 
standard
is effective for the Company on January 1, 2024. As the Company
 
does not have any such common control leases, adoption of this
standard will not have any immediate impact on its consolidated financial statements and
 
related disclosures.
ASU No.
 
2023-02, “Investments—Equity Method and Joint Ventures
 
(Topic
 
323)
: Accounting for Investments in Tax
 
Credit
Structures Using the Proportional Amortization Method.” 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
 
for qualifying tax equity investments using the
proportional amortization method, regardless of the program giving
 
rise to the related income tax credits. Previously,
 
this method was
only available for qualifying tax equity investments in low-income
 
housing tax credit structures. The standard is effective for the
Company on January 1, 2024. As the Company does not have any such investments
 
in tax credit structures that are accounted for
using the proportional amortization method, adoption of this standard will not
 
have any immediate impact on its consolidated financial
statements or disclosures.
 
ASU No. 2023-06, “Disclosure Improvements
 
:
 
Codification Amendments in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative.”
 
ASU 2023-06 is intended to clarify or improve disclosure and presentation
 
requirements of a variety of
topics, which will allow users to more easily compare entities subject to the SEC's existing
 
disclosures with those entities that were
not previously subject to the requirements and align the requirements in
 
the FASB accounting standard
 
codification with the SEC's
regulations. The Company is currently evaluating the provisions of
 
the amendments and the impact on its future consolidated
statements.
 
 
 
 
 
 
 
 
11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value of investment
securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)
 
and the corresponding amounts of gross
 
unrealized gains and losses.
Available for
 
Sale
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
March 31, 2024
U.S. Government Treasury
$
24,977
$
-
$
1,226
$
-
$
23,751
U.S. Government Agency
147,113
77
8,142
-
139,048
States and Political Subdivisions
43,509
-
4,767
(39)
38,703
Mortgage-Backed Securities
(1)
71,465
1
10,918
-
60,548
Corporate Debt Securities
63,256
-
6,021
(43)
57,192
Other Securities
(2)
8,096
-
-
-
8,096
Total
 
$
358,416
$
78
$
31,074
$
(82)
$
327,338
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
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2024
U.S. Government Treasury
$
442,762
$
-
$
16,288
$
426,474
Mortgage-Backed Securities
(1)
160,624
6
17,422
143,208
Total
 
$
603,386
$
6
$
33,710
$
569,682
December 31, 2023
U.S. Government Treasury
$
457,681
$
-
$
16,492
$
441,189
Mortgage-Backed Securities
(1)
167,341
13
16,792
150,562
Total
 
$
625,022
$
13
$
33,284
$
591,751
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
 
at cost of $
3.0
 
million and $
5.1
 
million,
respectively,
 
at March 31, 2024 and $
3.2
 
million and $
5.1
 
million, respectively,
 
at December 31, 2023.
At March 31, 2024 and December 31, 2023, the investment portfolio had $
3.4
 
million and $
3.5
 
million, respectively in equity
securities. These securities do not have a readily determinable fair value
 
and were not credit impaired.
 
Securities with an amortized cost of $
452.5
 
million and $
578.5
 
million at March 31, 2024 and December 31, 2023, 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.
 
 
 
 
12
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.
 
Investment Sales.
There were
no
 
sales of investment securities for the three months ended March 31, 2024 and March
 
31, 2023.
 
Maturity Distribution
.
 
At March 31, 2024, 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 (“MBS”) 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
$
31,877
 
$
31,210
 
$
136,137
 
$
133,613
Due after one year through five years
 
138,581
 
 
127,809
 
 
306,625
 
 
292,861
Due after five year through ten years
 
34,427
 
 
29,217
 
 
-
 
 
-
Mortgage-Backed Securities
71,465
60,548
160,624
143,208
U.S. Government Agency
 
73,970
 
 
70,458
 
 
-
 
 
-
Other Securities
 
8,096
 
 
8,096
 
 
-
 
 
-
Total
 
$
358,416
 
$
327,338
 
$
603,386
 
$
569,682
 
 
 
 
 
 
13
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, 2024
Available for
 
Sale
U.S. Government Treasury
$
3,980
 
$
1
 
$
19,771
 
$
1,225
 
$
23,751
 
$
1,226
U.S. Government Agency
13,416
78
117,053
8,064
130,469
8,142
States and Political Subdivisions
1,296
 
36
 
37,445
 
4,731
 
38,741
 
4,767
Mortgage-Backed Securities
71
 
1
 
60,446
 
10,917
 
60,517
 
10,918
Corporate Debt Securities
-
 
-
 
57,236
 
6,021
 
57,236
 
6,021
Total
 
$
18,763
 
$
116
 
$
291,951
 
$
30,958
 
$
310,714
 
$
31,074
 
Held to Maturity
U.S. Government Treasury
 
144,380
 
3,214
 
 
282,094
 
13,074
 
 
426,474
 
 
16,288
Mortgage-Backed Securities
1,785
 
11
 
140,058
 
17,411
 
141,843
 
17,422
Total
 
$
146,165
 
$
3,225
 
$
422,152
 
$
30,485
 
$
568,317
 
$
33,710
December 31, 2023
Available for
 
Sale
 
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
At March 31, 2024, there were
876
 
positions (combined AFS and HTM) with unrealized losses totaling $
64.8
 
million.
 
85
 
of these
positions are U.S. Treasury bonds and carry
 
the full faith and credit of the U.S. Government.
 
690
 
are U.S. government agency
securities issued by U.S. government sponsored entities.
 
We believe
 
the long history of no credit losses on government securities
indicates that the expectation of nonpayment of the amortized cost basis is effectively
 
zero.
 
The remaining
101
 
positions (municipal
securities and corporate bonds) have a credit component.
 
At March 31, 2024, all collateralized mortgage obligation securities,
mortgage-backed securities,
 
Small Business Administration securities,
 
U.S. Agency, and U.S. Treasury
 
bonds held were AAA rated.
 
At March 31, 2024, corporate debt securities had an allowance for credit losses of $
43,000
 
and municipal securities had an allowance
of $
39,000
.
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
effectively 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
no
t 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.
 
 
 
14
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, 2024
 
December 31, 2023
Commercial, Financial and Agricultural
$
218,298
 
$
225,190
Real Estate – Construction
 
202,692
 
 
196,091
Real Estate – Commercial Mortgage
 
823,690
 
 
825,456
Real Estate – Residential
(1)
 
1,016,580
 
 
1,004,219
Real Estate – Home Equity
 
214,617
 
 
210,920
Consumer
(2)
 
255,295
 
 
272,042
Loans Held For Investment, Net of Unearned Income
$
2,731,172
 
$
2,733,918
(1)
Includes loans in process balances of $
4.4
 
million and $
3.2
 
million at March 31, 2024 and December 31,
 
2023, respectively.
(2)
Includes overdraft balances of $
1.1
 
million and $
1.0
 
million at March 31, 2024 and December 31,
 
2023, respectively.
 
Net deferred loan costs, which include premiums on purchased loans,
 
included in loans were $
7.6
 
million at March 31, 2024 and $
7.8
million at December 31, 2023.
Accrued interest receivable on loans which is excluded from amortized
 
cost totaled $
10.2
 
million at March 31, 2024 and $
10.1
 
million
at December 31, 2023, 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 CCHL, a related party.
 
Residential loan purchases from CCHL totaled $
35.6
 
million and $
120.1
 
million for the three
months ended March 31, 2024 and March 31, 2023, respectively,
 
and were not credit impaired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
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 2023 Form
 
10-K/A.
 
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, 2024
Beginning Balance
$
1,482
$
2,502
$
5,782
$
15,056
$
1,818
$
3,301
$
29,941
Provision for Credit Losses
284
(633)
(39)
(248)
130
1,388
882
Charge-Offs
(282)
-
-
(17)
(76)
(2,188)
(2,563)
Recoveries
 
41
-
204
37
24
763
1,069
Net (Charge-Offs) Recoveries
(241)
-
204
20
(52)
(1,425)
(1,494)
Ending Balance
$
1,525
$
1,869
$
5,947
$
14,828
$
1,896
$
3,264
$
29,329
Three Months Ended
March 31, 2023
Beginning Balance
$
1,506
$
2,654
$
4,815
$
10,741
$
1,864
$
3,488
$
25,068
Provision for Credit Losses
78
704
7
1,152
(10)
1,329
3,260
Charge-Offs
(164)
-
(120)
-
-
(2,366)
(2,650)
Recoveries
 
95
1
8
57
25
944
1,130
Net (Charge-Offs) Recoveries
(69)
1
(112)
57
25
(1,422)
(1,520)
Ending Balance
$
1,515
$
3,359
$
4,710
$
11,950
$
1,879
$
3,395
$
26,808
For the three months ended March 31, 2024, the allowance for HFI loans
 
decreased by $
0.6
 
million and reflected a provision expense
of $
0.9
 
million and net loan charge-offs of $
1.5
 
million.
 
The decrease was primarily due to favorable loan grade migration, lower loss
rates, and a combination of lower loan balances and shift in mix within the
 
portfolio.
 
For the three months ended March 31, 2023, the
allowance for HFI loans increased by $
1.7
 
million and reflected a provision expense of $
3.3
 
million and net loan charge-offs of $
1.5
million.
 
The increase was primarily driven by incremental reserves needed for loan growth.
 
Unemployment forecast scenarios were
utilized to estimate probability of default and are 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16
Loan Portfolio Aging.
 
A loan is defined as a past due loan when one full payment is past due or a contractual maturity
 
is over 30 days
past due (“DPD”).
The following table presents the aging of the amortized cost basis 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
March 31, 2024
Commercial, Financial and Agricultural
$
567
$
68
$
-
$
635
$
217,357
$
306
$
218,298
Real Estate – Construction
 
-
-
-
-
202,370
322
202,692
Real Estate – Commercial Mortgage
 
879
-
-
879
821,379
1,432
823,690
Real Estate – Residential
 
1,040
2
-
1,042
1,012,210
3,328
1,016,580
Real Estate – Home Equity
 
101
-
-
101
213,766
750
214,617
Consumer
 
2,412
323
-
2,735
251,900
660
255,295
Total
$
4,999
$
393
$
-
$
5,392
$
2,718,982
$
6,798
$
2,731,172
December 31, 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