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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
September 30, 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 October 28, 2022,
16,961,812
 
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 PERIOD ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
PART I –
 
Financial Information
 
Page
 
Item 1.
 
Consolidated Financial Statements (Unaudited)
Consolidated Statements of Financial Condition – September 30, 2022 and December 31, 2021
4
Consolidated Statements of Income – Three and Nine Months Ended September 30, 2022 and 2021
5
Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2022 and 2021
6
Consolidated Statements of Changes in Shareowners’ Equity – Three and Nine Months Ended September 30, 2022 and 2021
7
Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2022 and 2021
8
Notes to Consolidated Financial Statements
9
 
 
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
31
 
 
Item 3.
 
Quantitative and Qualitative Disclosure About Market Risk
47
 
 
Item 4.
 
Controls and Procedures
47
 
 
PART II –
 
Other Information
 
Item 1.
Legal Proceedings
47
 
 
Item 1A.
Risk Factors
47
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
47
 
 
Item 3.
Defaults Upon Senior Securities
47
Item 4.
Mine Safety Disclosure
47
Item 5.
Other Information
47
 
 
Item 6.
Exhibits
48
 
 
Signatures
 
49
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;
the impact of legislative or regulatory changes on our business;
changes in monetary and fiscal policies of the U.S. Government;
the impact of inflation, interest rate, market and monetary fluctuations on our loan origination volumes and deposit portfolio;
changes in consumer spending and saving habits;
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;
 
climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could
significantly impact our business;
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;
the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies
 
(including the ongoing
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 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;
growth and profitability of our noninterest income;
the limited trading activity of our common stock;
the concentration of ownership of our common stock;
other risks described from time to time in our filings with the Securities and Exchange Commission;
 
risks from the ongoing COVID-19 pandemic; 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)
September 30,
December 31,
(Dollars in Thousands, Except Par Value)
2022
 
2021
ASSETS
 
 
Cash and Due From Banks
$
72,686
$
65,313
Federal Funds Sold and Interest Bearing Deposits
 
497,679
 
970,041
Total Cash and Cash Equivalents
 
570,365
 
1,035,354
 
 
Investment Securities, Available
 
for Sale, at fair value (amortized cost of $
461,646
 
and $
660,732
)
 
416,745
 
654,611
Investment Securities, Held to Maturity (fair value of $
623,628
 
and $
339,699
)
 
676,178
 
339,601
Equity Securities
1,349
 
861
Total Investment
 
Securities
 
1,094,272
 
995,073
 
Loans Held For Sale, at fair value
50,304
 
52,532
 
Loans Held for Investment
2,346,185
 
1,931,465
Allowance for Credit Losses
 
(22,510)
 
(21,606)
Loans Held for Investment, Net
 
2,323,675
 
1,909,859
 
 
Premises and Equipment, Net
 
81,736
 
83,412
Goodwill and Other Intangibles
 
93,133
 
93,253
Other Real Estate Owned
13
17
Other Assets
 
119,173
 
94,349
Total Assets
$
4,332,671
$
4,263,849
 
 
LIABILITIES
 
 
Deposits:
 
 
Noninterest Bearing Deposits
$
1,737,046
$
1,668,912
Interest Bearing Deposits
 
2,022,332
 
2,043,950
Total Deposits
 
3,759,378
 
3,712,862
 
 
Short-Term
 
Borrowings
 
52,271
34,557
Subordinated Notes Payable
 
52,887
52,887
Other Long-Term
 
Borrowings
 
562
884
Other Liabilities
 
84,657
67,735
Total Liabilities
 
3,949,755
3,868,925
Temporary Equity
9,751
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;
16,961,812
 
and
16,892,060
 
shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
170
169
Additional Paid-In Capital
 
36,234
34,423
Retained Earnings
 
384,964
364,788
Accumulated Other Comprehensive Loss, net of tax
 
(48,203)
(16,214)
Total Shareowners’
Equity
 
373,165
383,166
Total Liabilities, Temporary
 
Equity, and Shareowners’ Equity
$
4,332,671
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
 
September 30,
Nine Months Ended
 
September 30,
(Dollars in Thousands, Except Per Share
 
Data)
2022
2021
2022
2021
INTEREST INCOME
Loans, including Fees
$
27,761
$
25,885
$
73,966
$
73,817
Investment Securities:
Taxable
4,360
2,332
11,083
6,231
Tax Exempt
12
18
25
56
Funds Sold
 
3,231
285
5,048
698
Total Interest Income
35,364
28,520
90,122
80,802
INTEREST EXPENSE
Deposits
1,052
210
1,542
626
Short-Term
 
Borrowings
536
317
1,071
1,053
Subordinated Notes Payable
443
307
1,130
922
Other Long-Term
 
Borrowings
6
14
23
51
Total Interest Expense
2,037
848
3,766
2,652
NET INTEREST INCOME
33,327
27,672
86,356
78,150
Provision for Credit Losses
2,099
-
3,641
(1,553)
Net Interest Income After Provision For Credit Losses
31,228
27,672
82,715
79,703
NONINTEREST INCOME
Deposit Fees
5,947
5,075
16,585
13,582
Bank Card Fees
3,860
3,786
11,657
11,402
Wealth Management
 
Fees
3,937
3,623
14,410
9,987
Mortgage Banking Revenues
7,116
12,283
25,127
42,625
Other
2,074
1,807
5,876
5,277
Total Noninterest
 
Income
22,934
26,574
73,655
82,873
NONINTEREST EXPENSE
Compensation
24,738
25,245
74,977
76,687
Occupancy, Net
6,153
6,032
18,321
17,972
Other
8,919
8,425
26,243
27,642
Total Noninterest
 
Expense
39,810
39,702
119,541
122,301
INCOME BEFORE INCOME TAXES
14,352
14,544
36,829
40,275
Income Tax Expense
3,074
2,949
7,486
7,795
NET INCOME
11,278
11,595
29,343
32,480
Loss (Income) Attributable to Noncontrolling Interests
37
(1,504)
(860)
(5,456)
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
11,315
$
10,091
$
28,483
$
27,024
BASIC NET INCOME PER SHARE
$
0.67
$
0.60
$
1.68
$
1.60
DILUTED NET INCOME PER SHARE
$
0.67
$
0.60
$
1.68
$
1.60
Average Common
 
Basic Shares Outstanding
16,960
16,875
16,947
16,857
Average Common
 
Diluted Shares Outstanding
16,996
16,909
16,973
16,886
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
Nine Months Ended
September 30,
September 30,
(Dollars in Thousands)
2022
2021
2022
2021
NET INCOME ATTRIBUTABLE
 
TO COMMON SHAREOWNERS
$
11,315
$
10,091
$
28,483
$
27,024
Other comprehensive (loss) income, before
 
tax:
Investment Securities:
Change in net unrealized gain/loss on securities available for sale
(2,618)
(1,935)
(38,778)
(4,361)
Unrealized losses on securities transferred from available for sale
to held to maturity
(9,384)
-
(9,384)
-
Amortization of unrealized losses on securities transferred from
available for sale to held to maturity
586
-
586
-
Derivative:
Change in net unrealized gain on effective cash flow
 
derivative
1,407
172
4,403
1,378
Benefit Plans:
Reclassification adjustment for service cost
-
-
-
24
Actuarial gain
-
-
-
166
Defined benefit plan settlement
102
500
480
2,500
Total Benefit Plans
102
500
480
2,690
Other comprehensive (loss) income, before
 
tax
(9,907)
(1,263)
(42,693)
(293)
Deferred tax (benefit) expense related to other comprehensive income
(2,469)
41
(10,704)
292
Other comprehensive (loss) income, net of tax
(7,438)
(1,304)
(31,989)
(585)
TOTAL COMPREHENSIVE
 
INCOME (LOSS)
$
3,877
$
8,787
$
(3,506)
$
26,439
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, July 1, 2022
16,959,280
$
170
$
35,738
$
376,532
$
(40,765)
$
371,675
Net Income Attributable to Common Shareowners
-
-
-
11,315
-
11,315
Other Comprehensive Loss, net of tax
-
-
-
-
(7,438)
(7,438)
Cash Dividends ($
0.1700
 
per share)
-
-
-
(2,883)
-
(2,883)
Stock Based Compensation
-
-
415
-
-
415
Stock Compensation Plan Transactions, net
2,532
-
81
-
-
81
Balance, September 30, 2022
16,961,812
$
170
$
36,234
$
384,964
$
(48,203)
$
373,165
Balance, July 1, 2021
16,874,279
$
169
$
33,560
$
345,574
$
(43,423)
$
335,880
Net Income Attributable to Common Shareowners
-
-
-
10,091
-
10,091
Reclassification to Temporary Equity
(1)
-
-
-
6,585
-
6,585
Other Comprehensive Loss, net of tax
-
-
-
-
(1,304)
(1,304)
Cash Dividends ($
0.1600
 
per share)
-
-
-
(2,700)
-
(2,700)
Stock Based Compensation
-
-
219
-
-
219
Stock Compensation Plan Transactions, net
4,024
-
97
-
-
97
Balance, September 30, 2021
16,878,303
$
169
$
33,876
$
359,550
$
(44,727)
$
348,868
Balance, January 1, 2022
16,892,060
$
169
$
34,423
$
364,788
$
(16,214)
$
383,166
Net Income Attributable to Common Shareowners
-
-
-
28,483
-
28,483
Other Comprehensive Loss, net of tax
-
-
-
-
(31,989)
(31,989)
Cash Dividends ($
0.4900
 
per share)
-
-
-
(8,307)
-
(8,307)
Stock Based Compensation
-
-
904
-
-
904
Stock Compensation Plan Transactions, net
69,752
1
907
-
-
908
Balance, September 30, 2022
16,961,812
$
170
$
36,234
$
384,964
$
(48,203)
$
373,165
Balance, January 1, 2021
16,790,573
$
168
$
32,283
$
332,528
$
(44,142)
$
320,837
Net Income Attributable to Common Shareowners
-
-
-
27,024
-
27,024
Reclassification to Temporary Equity
(1)
-
-
-
7,756
-
7,756
Other Comprehensive Loss, net of tax
-
-
-
-
(585)
(585)
Cash Dividends ($
0.4600
 
per share)
-
-
-
(7,758)
-
(7,758)
Stock Based Compensation
-
-
657
-
-
657
Stock Compensation Plan Transactions, net
87,730
1
936
-
-
937
Balance, September 30, 2021
16,878,303
$
169
$
33,876
$
359,550
$
(44,727)
$
348,868
(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)
Nine Months Ended September 30,
(Dollars in Thousands)
2022
2021
CASH FLOWS FROM OPERATING
 
ACTIVITIES
Net Income Attributable to Common Shareowners
$
28,483
$
27,024
Adjustments to Reconcile Net Income to
 
Cash Provided by Operating Activities:
 
Provision for Credit Losses
3,641
(1,553)
 
Depreciation
5,689
5,666
 
Amortization of Premiums, Discounts and Fees, net
7,190
11,401
 
Amortization of Intangible Asset
120
80
 
Pension Plan Settlement Charge
480
2,500
 
Originations of Loans Held-for-Sale
(799,482)
(1,247,119)
 
Proceeds From Sales of Loans Held-for-Sale
826,837
1,326,747
 
Mortgage Banking Revenues
(25,127)
(42,625)
 
Net Additions for Capitalized Mortgage Servicing Rights
(1,921)
138
 
Change in Valuation
 
Provision for Mortgage Servicing Rights
-
(250)
 
Stock Compensation
904
657
 
Net Tax Benefit From Stock-Based
 
Compensation
(19)
(4)
 
Deferred Income Taxes
(11,265)
(3,085)
 
Net Change in Operating Leases
(83)
(122)
 
Net Gain on Sales and Write-Downs of Other Real Estate Owned
(136)
(1,640)
 
Net Decrease (Increase) in Other Assets
3,696
70
 
Net Increase in Other Liabilities
12,839
8,283
Net Cash Provided By Operating Activities
51,846
86,168
CASH FLOWS FROM INVESTING ACTIVITIES
Securities Held to Maturity:
 
Purchases
(219,865)
(235,356)
 
Payments, Maturities, and Calls
40,096
61,673
Securities Available for
 
Sale:
 
Purchases
(41,880)
(478,000)
 
Proceeds from Sale or Securities
3,365
-
 
Payments, Maturities, and Calls
64,301
148,968
Purchases of Loans Held for Investment
(329,481)
(92,336)
Net (Increase) Decrease in Loans Held for Investment
(90,086)
150,590
Net Cash Paid for Acquisitions
-
(4,482)
Proceeds From Sales of Other Real Estate Owned
1,683
3,892
Purchases of Premises and Equipment
(4,013)
(4,590)
Noncontrolling Interest Contributions
2,867
5,424
Net Cash Used In Investing Activities
(573,013)
(444,217)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposits
46,516
248,402
Net Increase (Decrease) in Short-Term
 
Borrowings
17,592
(28,458)
Repayment of Other Long-Term
 
Borrowings
(200)
(1,233)
Dividends Paid
(8,307)
(7,758)
Issuance of Common Stock Under Purchase Plans
577
667
Net Cash Provided By Financing Activities
56,178
211,620
NET DECREASE IN CASH AND CASH EQUIVALENTS
(464,989)
(146,429)
Cash and Cash Equivalents at Beginning of Period
 
1,035,354
928,549
Cash and Cash Equivalents at End of Period
 
$
570,365
782,120
Supplemental Cash Flow Disclosures:
 
Interest Paid
$
3,588
2,679
 
Income Taxes Paid
$
6,410
12,759
Noncash Investing and Financing Activities:
 
Loans Transferred to Other Real Estate Owned
$
1,543
$
1,636
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 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 restructur
 
ings (“TDRs”) 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”.
 
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. Upon adoption,
ASU 2022-02 is not expected to have a significant impact on our 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 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
September 30, 2022
U.S. Government Treasury
$
21,140
$
-
$
2,082
$
-
$
19,058
U.S. Government Agency
206,631
85
13,572
-
193,144
States and Political Subdivisions
47,249
-
7,008
(13)
40,228
Mortgage-Backed Securities
(1)
82,879
2
12,583
-
70,298
Corporate Debt Securities
96,421
28
9,730
(28)
86,691
Other Securities
(2)
7,326
-
-
-
7,326
Total
 
$
461,646
$
115
$
44,975
$
(41)
$
416,745
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
September 30, 2022
U.S. Government Treasury
$
462,302
$
-
$
27,585
$
434,717
Mortgage-Backed Securities
(1)
213,876
10
24,975
188,911
Total
 
$
676,178
$
10
$
52,560
$
623,628
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 $
5.0
 
million,
respectively,
 
at September 30, 2022 and $
2.0
 
million and $
5.1
 
million, respectively,
 
at December 31, 2021.
At September 30, 2022, the investment portfolio had $
1.3
 
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 $
469.2
 
million and $
463.8
 
million at September 30, 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
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.
 
During the third quarter of 2022, the Company transferred certain securities from
 
the AFS to HTM classification.
 
Transfers are made
at fair value on the date of the transfer.
 
The
33
 
securities had an amortized cost basis and fair value of $
168.4
 
million and $
159.0
million, respectively at the time of transfer.
 
The net unamortized, unrealized loss on the transferred securities included
 
in accumulated
other comprehensive loss in the accompanying balance sheet at September
 
30, 2022 totaled $
8.8
 
million.
 
This amount will be
amortized out of accumulated other comprehensive loss over the remaining
 
life of the underlying securities as an adjustment of the
yield on those securities.
Investment Sales.
There were no significant sales of investment securities for the three or nine months
 
ended September 30, 2022 or
September 30, 2021.
Maturity Distribution
.
 
At September 30, 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 (“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
$
39,283
 
$
35,743
 
$
-
 
$
-
Due after one year through five years
 
151,355
 
 
138,505
 
 
462,302
 
 
434,717
Due after five year through ten years
 
54,076
 
 
44,031
 
 
-
 
 
-
Mortgage-Backed Securities
82,879
70,298
213,876
188,911
U.S. Government Agency
 
126,727
 
 
120,842
 
 
-
 
 
-
Other Securities
 
7,326
 
 
7,326
 
 
-
 
 
-
Total
 
$
461,646
 
$
416,745
 
$
676,178
 
$
623,628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
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
September 30, 2022
Available for
 
Sale
U.S. Government Treasury
$
-
 
$
-
 
$
19,058
 
$
2,082
 
$
19,058
 
$
2,082
U.S. Government Agency
69,249
3,367
110,295
10,205
179,544
13,572
States and Political Subdivisions
5,831
 
736
 
34,410
 
6,272
 
40,241
 
7,008
Mortgage-Backed Securities
25,953
 
4,076
 
44,278
 
8,507
 
70,231
 
12,583
Corporate Debt Securities
33,827
 
1,211
 
48,927
 
8,519
 
82,754
 
9,730
Total
 
134,860
 
9,390
 
256,968
 
35,585
 
391,828
 
44,975
 
Held to Maturity
U.S. Government Treasury
 
205,334
 
12,813
 
 
229,383
 
14,772
 
 
434,717
 
 
27,585
Mortgage-Backed Securities
108,405
 
10,634
 
79,302
 
14,341
 
187,707
 
24,975
Total
 
$
313,739
 
$
23,447
 
$
308,685
 
$
29,113
 
$
622,424
 
$
52,560
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
At September 30, 2022, there were
897
 
positions (combined AFS and HTM) with unrealized losses totaling $
97.5
 
million.
 
87
 
of these
positions are U.S. Treasury bonds and
 
carry the full faith and credit of the U.S. Government.
 
682
 
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 zero.
 
The remaining
128
 
positions (municipal securities
and corporate bonds) have a credit component.
 
At September 30, 2022, all collateralized mortgage obligation securities
 
(“CMO”),
MBS, Small Business Administration securities (“SBA”), U.S. Agency,
 
and U.S. Treasury bonds held were AAA rated.
 
At September
30, 2022, corporate debt securities had an allowance for credit losses of $
28,000
 
and municipal securities had an allowance of
$
13,000
.
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 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.
 
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