CCBG 8-K
Capital City Bank Group Inc (CCBG)
8-K
2026-04-20
For: 2026-04-20
View Original
Added on
April 20, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
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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.
☐
CAPITAL CITY BANK GROUP, INC.
FORM 8-
K
CURRENT REPORT
Item 2.02. Results of Operations and Financial Condition.
On April 20, 2026, Capital City Bank Group, Inc. (“CCBG”) issued an earnings press release reporting CCBG’s financial
results for the three month period ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and
incorporated herein by reference.
The information furnished under Item 2.02 of this Current Report, including the Exhibits attached hereto, shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
.
Item No. Description of Exhibit
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Exhibit 99.1 referenced herein, contains “forward-looking statements” within the meaning, and protections, of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including,
without limitation, statements about future financial and operating results, economic and seasonal conditions in CCBG’s
markets, and improvements to reported earnings that may or may not be realized, as well as statements with respect to
CCBG’s objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual
results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to CCBG’s beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond CCBG’s control, and which may cause the actual results, performance
or achievements of CCBG or its wholly-owned banking subsidiary, Capital City Bank, to be materially different from future
results, performance or achievements expressed or implied by such forward-looking statements. You should not expect
CCBG to update any forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CAPITAL CITY BANK GROUP, INC.
Date: April 20, 2026
By:
/s/ Jeptha E. Larkin
Jeptha E. Larkin,
Executive Vice President and Chief Financial Officer
Capital City Bank Group, Inc.
Reports First Quarter 2026 Results
TALLAHASSEE, Fla. (April 20, 2026) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable
to common shareowners of $15.8 million, or $0.92 per diluted share, for the first quarter of 2026 compared to $13.7 million, or $0.80
per diluted share, for the fourth quarter of 2025, and $16.9 million, or $0. 99 per diluted share, for the first quarter of 2025.
Return on Assets of 1.45% and Return on Equity of 11.30% for the first quarter of 2026 compared to 1.25% and 9.78%, respectively
for the fourth quarter of 2025, and 1.58% and 13.32%, respectively for the first quarter of 2025.
QUARTER HIGHLIGHTS (1
st
th
Income Statement
●
Tax-equivalent net interest income totaled $42.9 million compared to $43.4 million for the prior quarter and reflected two
less calendar days in the first quarter
-
Net interest margin decreased two basis points to 4.24%
●
Credit quality metrics remained stable, with net loan charge‑offs of 10 basis points (annualized) of average loans, while the
allowance coverage ratio increased one basis point to 1.23% as of March 31, 2026
●
Noninterest income decreased $0.2 million, or 0.8%, and reflected lower wealth management fees of $0.5 million and deposit
fees of $0.2 million, partially offset by a miscellaneous recovery of $0.5 million
●
Noninterest expense decreased $1.5 million, or 3.5%, primarily due to a $2.7 million decrease in compensation expense
(lower performance-based incentives) that was partially offset by an increase in other expense which reflected a $1.5 million
pension plan settlement gain recognized in the prior quarter
Balance Sheet
●
Loan balances decreased $29.8 million, or 1.2% (average), and decreased $27.7 million, or 1.1% (end of period)
●
Deposit balances increased by $43.5 million, or 1.2% (average), and increased $89.3 million, or 2.4% (end of period), driven
by strong core deposit growth
●
Tangible book value per diluted share (non-GAAP financial measure) increased $0.48, or 1.8%
●
Repurchased 63,088 shares of our common stock
“We are off to a strong start to the year, with earnings growth of 15% over the prior quarter driven by solid deposit trends,
disciplined credit performance, and continued expense control,” said William G. Smith, Jr., Chairman and CEO. “We remain
focused on deepening client relationships and executing consistently, while maintaining the balance sheet strength and flexibility
to perform across a range of economic conditions.”
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the first quarter of 2026 totaled $42.9 million, compared to $43.4 million for the fourth
quarter of 2025, and $41.6 million for the first quarter of 2025. Compared to the fourth quarter of 2025, the decrease was primarily
driven by lower loan interest income due to lower average loan balances and lower overnight funds income, partially offset by higher
investment securities income due to new investment purchases at higher yields and lower deposit interest expense. Two less calendar
days contributed to the decline compared to the fourth quarter of 2025. Compared to the first quarter of 2025, the increase was
primarily attributable to higher investment securities income due to new investment purchases at higher yields and higher overnight
funds income due to higher average balances that outpaced a decrease in loan interest income due to lower average balances.
Our net interest margin for the first quarter of 2026 was 4.24%, a decrease of two basis points from the fourth quarter of 2025 and an
increase of two basis points over the first quarter of 2025. Compared to the fourth quarter of 2025 the decrease was primarily
attributable to a lower overnight funds rate and lower average loan balances. Compared to the first quarter of 2025, the increase
reflected favorable investment securities repricing partially offset by a lower overnight funds rate and lower average loan balances.
For the first quarter of 2026, our cost of funds was 81 basis points, a decrease of one basis point from the fourth quarter of 2025 and
a decrease of three basis points from the first quarter of 2025. Our cost of deposits (including noninterest bearing accounts) was 81
basis points, 82 basis points, and 82 basis points, respectively, for the same periods.
2
We recorded a provision expense for credit losses of $0.7 million for the first quarter of 2026, compared to $2.0 million for the
fourth quarter of 2025 and $0.8 million for the first quarter of 2025. Activity within the components of the provision (loans held for
investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the
various factors that impacted our provision expense for Loans HFI in further detail below under the heading
Allowance for Credit
Losses
.
Noninterest Income and Noninterest Expense
Noninterest income for the first quarter of 2026 totaled $19.9 million, a $0.2 million, or 0.8%, decrease from the fourth quarter of
2025 and similar to the first quarter of 2025. The decrease from the fourth quarter of 2025 reflected a $0.5 million decrease in
wealth management fees and a $0.2 million decrease in deposit fees, partially offset by a $0.5 million increase in other income. The
decline in wealth management fees was primarily due to a decrease in retail brokerage fees. The increase in other income was due to
a $0.5 million miscellaneous recovery. Compared to the first quarter of 2025, a $1.7 million decrease in wealth management fees
was offset by a $0.7 million increase in other income, a $0.5 million increase in deposit related fees, and a $0.4 million increase in
mortgage banking revenues. The decline in wealth management fees was attributable to a decrease in retail brokerage assets under
management and lower insurance commission revenue due to the sale of our insurance subsidiary in 2025. The increase in other
income reflected the aforementioned miscellaneous recovery of $0.5 million.
Noninterest expense for the first quarter of 2026 totaled $41.4 million, a $1.5 million, or 3.5%, decrease from the fourth quarter of
2025 and a $2.7 million, or 6.9%, increase over the first quarter of 2025. The decrease from the fourth quarter of 2025 reflected a
$2.7 million decrease in compensation expense, partially offset by a $1.2 million increase in other expense. The decrease in
compensation expense was primarily due to higher performance-based incentive pay of $2.6 million in the fourth quarter of 2025.
The increase in other expense reflected a $1.5 million pension plan settlement gain recorded in the fourth quarter of 2025.
Compared to the first quarter of 2025, the increase reflected a $2.9 million increase in other expense and a $0.3 million increase in
occupancy expense, which was partially offset by a $0.5 million decrease in compensation expense. The increase in other expense
was primarily attributable to a $4.1 million increase in other real estate expense that reflected a gain from the sale of our operations
center building in the first quarter of 2025, partially offset by decreases in charitable contributions, professional fees, and other
miscellaneous expenses. The increase in occupancy expense was primarily attributable to higher expense for maintenance
agreements and software. The decrease in compensation expense reflected a decrease in commission expense related to the sale of
our insurance subsidiary.
Income Taxes
We realized income tax expense of $4.8 million (effective rate of 23.5%) for the first quarter of 2026, compared to $4.9 million
(effective rate of 26.3%) for the fourth quarter of 2025 and $5.1 million (effective rate of 23.3%) for the first quarter of 2025.
Compared to the fourth quarter of 2025, the variance in the effective tax rate reflected discrete items for both quarters, including a
benefit in the first quarter of 2026 related to stock-based compensation and an expense in the fourth quarter of 2025 related to an
Internal Revenue Code (“IRC”) Section 162(m) limitation for executive compensation. Absent discrete items or new tax credit
investments, we expect our annual effective tax rate to approximate 24% for 2026.
3
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $4.090 billion for the first quarter of 2026, an increase of $53.9 million, or 1.3% over the fourth
quarter of 2025, and an increase of $95.9 million, or 2.4% over the first quarter of 2025. Compared to the fourth quarter of 2025, the
change in earning asset mix reflected a $113.1 million increase in investment securities and a $0.5 million increase in loans held for
sale (“HFS”), partially offset by a $29.9 million decrease in overnight funds sold and a $29.8 million decrease in loans held for
investment. Compared to the first quarter of 2025, the increase was primarily attributable to a $136.8 million increase in investment
securities and an $86.7 million increase in overnight funds sold, partially offset by a $127.6 million decrease in loans held for
investment.
Average loans HFI decreased by $29.8 million, or 1.16% from the fourth quarter of 2025, and decreased by $127.6 million, or 4.8%
from the first quarter of 2025. Compared to the fourth quarter of 2025, the decline was primarily attributable to decreases in
residential real estate loans of $16.3 million, commercial real estate loans of $10.2 million, construction loans of $4.2 million,
consumer loans (primarily indirect auto) of $2.3 million, and commercial loans of $1.5 million, partially offset by an increase in
home equity loans of $4.0 million. Compared to the first quarter of 2025, the decline was primarily attributable to declines in
construction loans of $56.8 million, commercial real estate loans of $32.6 million, consumer loans (primarily indirect auto) of $23.4
million, residential real estate loans of $21.8 million, and commercial loans of $11.3 million, partially offset by an increase in home
equity loans of $19.1 million.
Loans HFI at March 31, 2026, decreased by $27.7 million, or 1.1%, from December 31, 2025, and decreased by $142.4 million, or
5.4%, from March 31, 2025. Compared to December 31, 2025, the decline was primarily due to decreases in residential real estate
loans of $22.2 million, commercial real estate loans of $12.9 million, commercial loans of $10.1 million, other loans of $7.6 million
and consumer loans (primarily indirect auto) of $2.8 million, partially offset by increases in construction loans of $9.7 million and
home equity loans of $3.0 million. Compared to the first quarter of 2025, the decrease was primarily attributable to declines in
commercial real estate loans of $51.1 million, residential real estate loans of $41.9 million, construction loans of $35.7 million,
consumer loans (primarily indirect auto) of $26.7 million, and commercial loans of $14.1 million, partially offset by an increase in
home equity loans of $17.9 million.
Allowance for Credit Losses
At March 31, 2026, the allowance for credit losses for loans HFI totaled $31.0 million comparable to $31.0 million and $29.7
million at December 31, 2025 and March 31, 2025, respectively. Activity within the allowance is provided on Page 10. The slight
increase in the allowance over March 31, 2025 was primarily attributable to utilization of a higher forecasted unemployment rate in
calculating loan loss rates. Net loan charge-offs were 10 basis points of average loans for the first quarter of 2026 versus 18 basis
points for the fourth quarter of 2025 and 9 basis points for the first quarter of 2025. At March 31, 2026, the allowance represented
1.23% of loans HFI compared to 1.22% at December 31, 2025, and 1.12% at March 31, 2025.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled $13.0 million at March 31, 2026 compared to $10.5 million at
December 31, 2025 and $4.4 million at March 31, 2025. At March 31, 2026, nonperforming assets as a percentage of total assets
was 0.29%, compared to 0.24% at December 31, 2025 and 0.10% at March 31, 2025. Nonaccrual loans totaled $11.1 million at
March 31, 2026, a $2.5 million increase over December 31, 2025 and a $6.8 million increase over March 31, 2025. The increase
over December 31, 2025 was primarily attributable to the addition of four residential 1-4 family real estate loans totaling $1.9
million. Other real estate totaled $1.8 million at March 31, 2026 and reflected the addition of a banking office property for $1.2
million during the first quarter of 2026. Further, classified loans totaled $14.5 million at March 31, 2026, a $0.2 million increase
over December 31, 2025 and a $4.6 million decrease from March 31, 2025.
Deposits
Average total deposits were $3.691 billion for the first quarter of 2026, an increase of $43.5 million, or 1.2%, over the fourth quarter
of 2025 and an increase of $25.5 million, or 0.7%, over the first quarter of 2025. Compared to the fourth quarter of 2025, the
increase was primarily attributable to higher public funds balances of $99 million, driven by seasonal inflows from municipal clients
as they receive their tax receipts beginning in late November, partially offset by declines in core deposits of $64 million (noninterest
bearing and interest bearing DDAs). The increase over the first quarter of 2025 was due to growth in both core deposit balances, and
public funds.
4
At March 31, 2026, total deposits were $3.752 billion, an increase of $89.3 million, or 2.4%, over December 31, 2025, and a
decrease of $32.3 million, or 0.9%, from March 31, 2025. The increase over December 31, 2025, was driven by higher core deposit
balances of $103 million (primarily noninterest bearing and NOW accounts), partially offset by a decrease in public funds balances
of $25 million (primarily NOW accounts). The decrease from March 31, 2025, was primarily due to lower public funds balances
(noninterest bearing accounts). Total public funds balances were $629.9 million at March 31, 2026, $654.7 million at December 31,
2025, and $648.0 million at March 31, 2025.
Liquidity
The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold, less FED funds purchased) sold
position of $407.7 million in the first quarter of 2026 compared to $437.5 million in the fourth quarter of 2025 and $320.9 million in
the first quarter of 2025. Compared to both prior periods, the variance reflected higher average deposits and lower average loans and
the deployment of excess liquidity into the investment security portfolio.
We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral
for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S.
Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At March 31, 2026, the weighted-average
maturity and duration of our portfolio were 2.98 years and 2.64 years, respectively, and the available -for-sale portfolio had a net
unrealized after-tax loss of $11.7 million.
At March 31, 2026, we had the ability to generate approximately $1.651 billion (excludes overnight funds position of $425 million)
in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank
borrowings, the Federal Reserve Discount Window, and brokered deposits.
Capital
Shareowners’ equity was $559.9 million at March 31, 2026 compared to $552.9 million at December 31, 2025 and $512.6 million at
March 31, 2025. For the first three months of 2026, shareowners’ equity was positively impacted by net income attributable to
shareowners of $15.8 million, the issuance of stock of $2.8 million, and stock compensation accretion of $0.5 million. Shareowners’
equity was reduced by a common stock dividend of $4.6 million ($0.27 per share), repurchases of our common stock of $2.6 million
(63,088 shares), net adjustments totaling $2.6 million related to transactions under our stock-based compensation plans, and a net
$2.3 million decrease in the accumulated other comprehensive gain. The net unfavorable change in accumulated other
comprehensive gain was primarily due to a $2.2 million increase in the investment securities loss.
At March 31, 2026, our total risk-based capital ratio was 21.62%, compared to 21.45% at December 31, 2025 and 19.20% at March
31, 2025. Our common equity tier 1 capital ratio was 19.08%, 18.56%, and 16.08%, respectively, on these dates. Our leverage ratio
was 11.65%, 11.77%, and 11.17%, respectively, on these dates. At March 31, 2026, all our regulatory capital ratios exceeded the
thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio
(non-GAAP financial measure) was 10.79% at March 31, 2026 and December 31, 2025, compared to 9.61% at March 31, 2025. If
our unrealized held-to-maturity securities loss of $7.2 million (after -tax) were recognized in accumulated other comprehensive loss,
our adjusted tangible capital ratio would be 10.62%.
5
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered
in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit
and credit services, mortgage banking, asset management, trust, merchant services, bankcards, and securities brokerage services.
Our bank subsidiary, Capital City Bank, was founded in 1895 and has 62 banking offices and 107 ATM s/ITMs in Florida, Georgia
and Alabama. For more information about Capital City Bank Group, Inc., visit
https://www.ccbg.com/
.
FORWARD -LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and
risks, which could cause our future results to differ materially. 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. The following factors, among others, could cause our actual results to differ: the effects of and changes
in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation,
interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they
may have on us and our clients and our assessment of that impact; supply -demand imbalances and general economic conditions
affecting local real estate prices and a general deterioration in commercial real estate market fundamentals; the costs and effects of
legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of
regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and
regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we
and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory
agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in
the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level
of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic
review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and
acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer
spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines
of business; technological changes, including the impact of generative artificial intelligence; the costs and effects of cyber incidents
or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; dispositions
(including the impact from the sale of our insurance subsidiary); acquisitions and integration of acquired businesses; impairment of
our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems;
our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our
organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and
international financial and commodity markets; changes in the competitive environment in our markets and among banking
organizations and other financial service providers; action or inaction by the federal government, including tariffs or trade wars
(including potential resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports,
disruptions to supply chains, and decreased demand for other banking products and services), government intervention in the U.S.
financial system; policies related to credit card interest rates, and legislative, regulatory or supervisory actions related to so-called
“de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships,
compliance obligations, or operational practices; the effects of natural disasters (including hurricanes), widespread health
emergencies (including pandemics), military conflict (including impacts related to the conflict in the Middle East and resulting
disruptions to energy and other commodities markets and supply chains), terrorism, civil unrest, climate change or other geopolitical
events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential
mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control;
negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common
stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our
other filings with the SEC, which are available at the SEC’s internet site (
https://www.sec.gov
). Forward-looking statements in this
Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or
the reasons why actual results could differ, except as may be required by law.
6
USE OF NON-GAAP FINANCIAL MEASURES
Unaudited
We
present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other
intangibles resulting from merger and acquisition activity.
We
believe these measures are useful to investors because they allow
investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not
be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-
GAAP measures or similar measures differently.
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data)
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Shareowners' Equity (GAAP)
$
559,912
$
552,851
$
540,635
$
526,423
$
512,575
Less: Goodwill and Other Intangibles (GAAP)
89,095
89,095
89,095
92,693
92,733
Tangible Shareowners' Equity (non-GAAP)
A
470,817
463,756
451,540
433,730
419,842
Total Assets (GAAP)
4,453,734
4,385,765
4,323,774
4,391,753
4,461,233
Less: Goodwill and Other Intangibles (GAAP)
89,095
89,095
89,095
92,693
92,733
Tangible Assets (non-GAAP)
B
$
4,364,639
$
4,296,670
$
4,234,679
$
4,299,060
$
4,368,500
Tangible Common Equity Ratio (non-GAAP)
A/B
10.79%
10.79%
10.66%
10.09%
9.61%
Actual Diluted Shares Outstanding (GAAP)
C
17,114,954
17,154,586
17,115,336
17,097,986
17,072,330
Tangible Book Value per Diluted Share (non-GAAP)
A/C
$
27.51
$
27.03
$
26.38
$
25.37
$
24.59
7
CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
(Dollars in thousands, except per share data)
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
EARNINGS
Net Income Attributable to Common Shareowners
$
15,817
$
13,705
$
16,858
Diluted Net Income Per Share
$
0.92
$
0.80
$
0.99
PERFORMANCE
Return on Average Assets (annualized)
1.45
%
1.25
%
1.58
%
Return on Average Equity (annualized)
11.30
9.78
13.32
Net Interest Margin
4.24
4.26
4.22
Noninterest Income as % of Operating Revenue
31.77
31.68
32.39
Efficiency Ratio
65.89
%
67.50
%
62.93
%
CAPITAL ADEQUACY
Tier 1 Capital
20.37
%
20.20
%
18.01
%
Total Capital
21.62
21.45
19.20
Leverage
11.65
11.77
11.17
Common Equity Tier 1
19.08
18.56
16.08
Tangible Common Equity
(1)
10.79
10.79
9.61
Equity to Assets
12.57
%
12.61
%
11.49
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
278.19
%
360.69
%
692.10
%
Allowance as a % of Loans HFI
1.23
1.22
1.12
Net Charge-Offs as % of Average Loans HFI
0.10
0.18
0.09
Nonperforming Assets as % of Loans HFI and OREO
0.51
0.41
0.17
Nonperforming Assets as % of Total Assets
0.29
%
0.24
%
0.10
%
STOCK PERFORMANCE
High
$
46.83
$
45.63
$
38.27
Low
39.26
38.27
33.00
Close
$
43.46
$
42.57
$
35.96
Average Daily Trading Volume
100,149
54,533
24,486
(1)
8
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
2026
2025
(Dollars in thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
ASSETS
Cash and Due From Banks
$
64,214
$
62,189
$
68,397
$
78,485
$
78,521
Funds Sold and Interest Bearing Deposits
424,756
467,782
397,502
394,917
446,042
Total Cash and Cash Equivalents
488,970
529,971
465,899
473,402
524,563
Investment Securities Available for Sale
800,550
643,922
577,333
533,457
461,224
Investment Securities Held to Maturity
353,296
377,446
404,659
462,599
517,176
Other Equity Securities
2,083
2,069
2,145
3,242
2,315
1,155,929
1,023,437
984,137
999,298
980,715
Loans Held for Sale ("HFS"):
25,088
21,695
24,204
19,181
21,441
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
170,268
180,341
179,018
180,008
184,393
Real Estate - Construction
156,630
146,920
156,756
174,115
192,282
Real Estate - Commercial
755,800
768,731
785,290
802,504
806,942
Real Estate - Residential
998,720
1,020,942
1,037,324
1,046,368
1,040,594
Real Estate - Home Equity
243,932
240,897
234,111
228,201
225,987
Consumer
179,515
182,327
185,847
197,483
206,191
Other Loans
12,347
4,748
2,283
1,552
3,227
Overdrafts
1,192
1,212
1,378
1,259
1,154
Total Loans Held for Investment
2,518,404
2,546,118
2,582,007
2,631,490
2,660,770
Allowance for Credit Losses
(30,999)
(31,001)
(30,202)
(29,862)
(29,734)
Loans Held for Investment, Net
2,487,405
2,515,117
2,551,805
2,601,628
2,631,036
Premises and Equipment, Net
77,670
79,457
79,748
79,906
80,043
Goodwill and Other Intangibles
89,095
89,095
89,095
92,693
92,733
Other Real Estate Owned
1,822
1,936
1,831
132
132
Other Assets
127,755
125,057
127,055
125,513
130,570
Total Other Assets
296,342
295,545
297,729
298,244
303,478
Total Assets
$
4,453,734
$
4,385,765
$
4,323,774
$
4,391,753
$
4,461,233
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,299,933
$
1,251,886
$
1,303,786
$
1,332,080
$
1,363,739
NOW Accounts
1,309,527
1,322,114
1,222,861
1,284,137
1,292,654
Money Market Accounts
432,874
390,888
405,846
408,666
445,999
Savings Accounts
516,149
503,485
500,323
504,331
511,265
Certificates of Deposit
193,134
193,939
182,096
175,639
170,233
Total Deposits
3,751,617
3,662,312
3,614,912
3,704,853
3,783,890
Repurchase Agreements
4,561
22,018
25,629
21,800
22,799
Other Short-Term Borrowings
28,715
28,074
14,615
12,741
14,401
Subordinated Notes Payable
33,303
42,582
42,582
42,582
52,887
Other Long-Term Borrowings
680
680
680
680
794
Other Liabilities
74,946
77,248
84,721
82,674
73,887
Total Liabilities
3,893,822
3,832,914
3,783,139
3,865,330
3,948,658
SHAREOWNERS' EQUITY
Common Stock
171
171
171
171
171
Additional Paid-In Capital
39,854
41,650
40,067
39,527
38,576
Retained Earnings
519,632
508,443
499,176
487,665
476,715
Accumulated Other Comprehensive Income (Loss), Net of Tax
255
2,587
1,221
(940)
(2,887)
Total Shareowners' Equity
559,912
552,851
540,635
526,423
512,575
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,453,734
$
4,385,765
$
4,323,774
$
4,391,753
$
4,461,233
OTHER BALANCE SHEET DATA
Earning Assets
$
4,124,177
$
4,059,032
$
3,987,850
$
4,044,886
$
4,108,968
Interest Bearing Liabilities
2,518,943
2,503,780
2,394,632
2,450,576
2,511,032
Book Value Per Diluted Share
$
32.71
$
32.23
$
31.59
$
30.79
$
30.02
Tangible Book Value Per Diluted Share
(1)
27.51
27.03
26.38
25.37
24.59
Actual Basic Shares Outstanding
17,098
17,084
17,069
17,066
17,055
Actual Diluted Shares Outstanding
17,115
17,155
17,115
17,098
17,072
(1)
9
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
2026
2025
(Dollars in thousands, except per share data)
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
INTEREST INCOME
Loans, including Fees
$
38,254
$
39,565
$
40,279
$
40,872
$
40,478
Investment Securities
9,055
7,768
7,188
6,678
5,808
Federal Funds Sold and Interest Bearing Deposits
3,711
4,382
3,964
3,909
3,496
Total Interest Income
51,020
51,715
51,431
51,459
49,782
INTEREST EXPENSE
Deposits
7,395
7,544
7,265
7,405
7,383
Repurchase Agreements
73
134
158
156
164
Other Short-Term Borrowings
327
217
58
179
117
Subordinated Notes Payable
398
451
383
530
560
Other Long-Term Borrowings
10
9
10
5
11
Total Interest Expense
8,203
8,355
7,874
8,275
8,235
Net Interest Income
42,817
43,360
43,557
43,184
41,547
Provision for Credit Losses
712
1,995
1,881
620
768
Net Interest Income after Provision for Credit Losses
42,105
41,365
41,676
42,564
40,779
NONINTEREST INCOME
Deposit Fees
5,598
5,811
5,877
5,320
5,061
Bank Card Fees
3,630
3,684
3,733
3,774
3,514
Wealth Management Fees
4,051
4,525
5,173
5,206
5,763
Mortgage Banking Revenues
4,252
4,155
4,794
4,190
3,820
Other
2,402
1,928
2,754
1,524
1,749
Total Noninterest Income
19,933
20,103
22,331
20,014
19,907
NONINTEREST EXPENSE
Compensation
25,703
28,384
26,056
26,490
26,248
Occupancy, Net
7,083
7,052
7,037
7,071
6,793
Other
8,587
7,431
9,823
8,977
5,660
Total Noninterest Expense
41,373
42,867
42,916
42,538
38,701
OPERATING PROFIT
20,665
18,601
21,091
20,040
21,985
Income Tax Expense
4,848
4,896
5,141
4,996
5,127
Net Income
15,817
13,705
15,950
15,044
16,858
NET INCOME ATTRIBUTABLE TO
COMMON SHAREOWNERS
$
15,817
$
13,705
$
15,950
$
15,044
$
16,858
PER COMMON SHARE
Basic Net Income
$
0.92
$
0.80
$
0.93
$
0.88
$
0.99
Diluted Net Income
0.92
0.80
0.93
0.88
0.99
Cash Dividend
$
0.27
$
0.26
$
0.26
$
0.24
$
0.24
AVERAGE SHARES
Basic
17,129
17,070
17,068
17,056
17,027
Diluted
17,146
17,140
17,114
17,088
17,044
10
CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2026
2025
(Dollars in thousands, except per share data)
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
31,001
$
30,202
$
29,862
$
29,734
$
29,251
Provision for Credit Losses
635
1,984
1,550
718
1,083
Net Charge-Offs (Recoveries)
637
1,185
1,210
590
600
Balance at End of Period
$
30,999
$
31,001
$
30,202
$
29,862
$
29,734
As a % of Loans HFI
1.23%
1.22%
1.17%
1.13%
1.12%
As a % of Nonperforming Loans
278.19%
360.69%
368.54%
463.01%
692.10%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
2,107
$
2,095
$
1,738
$
1,832
$
2,155
Provision for Credit Losses
82
12
357
(94)
(323)
Balance at End of Period
(1)
2,189
2,107
2,095
1,738
1,832
ACL - DEBT SECURITIES
Provision for Credit Losses
$
(5)
$
(1)
$
(26)
$
(4)
$
8
CHARGE-OFFS
Commercial, Financial and Agricultural
$
300
$
167
$
373
$
74
$
168
Real Estate - Commercial
-
4
-
-
-
Real Estate - Residential
-
67
12
49
8
Real Estate - Home Equity
13
10
10
24
-
Consumer
852
925
954
914
865
Overdrafts
631
670
619
437
570
Total Charge-Offs
$
1,796
$
1,843
$
1,968
$
1,498
$
1,611
RECOVERIES
Commercial, Financial and Agricultural
$
74
$
44
$
95
$
117
$
75
Real Estate - Commercial
84
29
8
6
3
Real Estate - Residential
77
8
13
65
119
Real Estate - Home Equity
10
6
10
42
9
Consumer
579
246
369
456
481
Overdrafts
335
325
263
222
324
Total Recoveries
$
1,159
$
658
$
758
$
908
$
1,011
NET CHARGE-OFFS (RECOVERIES)
$
637
$
1,185
$
1,210
$
590
$
600
Net Charge-Offs as a % of Average Loans HFI
(2)
0.10%
0.18%
0.18%
0.09%
0.09%
CREDIT QUALITY
Nonaccruing Loans
$
11,143
$
8,595
$
8,195
$
6,449
$
4,296
Other Real Estate Owned
1,822
1,936
1,831
132
132
Total Nonperforming Assets ("NPAs")
$
12,965
$
10,531
$
10,026
$
6,581
$
4,428
Past Due Loans 30-89 Days
$
6,643
$
7,017
$
5,468
$
4,523
$
3,735
Classified Loans
14,545
14,334
26,512
28,623
19,194
Nonperforming Loans as a % of Loans HFI
0.44%
0.34%
0.32%
0.25%
0.16%
NPAs as a % of Loans HFI and Other Real Estate
0.51%
0.41%
0.39%
0.25%
0.17%
NPAs as a % of Total Assets
0.29%
0.24%
0.23%
0.15%
0.10%
(1)
(2)
11
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
First Quarter 2026
Fourth Quarter 2025
Third Quarter 2025
Second Quarter 2025
First Quarter 2025
(Dollars in thousands)
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
ASSETS:
Loans Held for Sale
$
24,716
$
404
6.63
%
$
24,261
$
374
6.11
%
$
25,276
$
425
6.68
%
$
22,668
475
8.40
%
$
24,726
$
490
8.04
%
Loans Held for Investment
(1)
2,538,318
37,886
6.05
2,568,073
39,230
6.06
2,606,213
39,894
6.07
2,652,572
40,436
6.11
2,665,910
40,029
6.09
Investment Securities
Taxable Investment Securities
1,117,505
9,042
3.26
1,004,420
7,756
3.07
992,260
7,175
2.88
1,006,514
6,666
2.65
981,485
5,802
2.38
Tax-Exempt Investment Securities
(1)
1,620
17
4.25
1,620
17
4.30
1,620
18
4.44
1,467
17
4.50
845
9
4.32
Total Investment Securities
1,119,125
9,059
3.26
1,006,040
7,773
3.08
993,880
7,193
2.88
1,007,981
6,683
2.65
982,330
5,811
2.38
Federal Funds Sold and Interest Bearing
Deposits
407,679
3,711
3.69
437,536
4,382
3.97
356,161
3,964
4.42
348,787
3,909
4.49
320,948
3,496
4.42
Total Earning Assets
4,089,838
$
51,060
5.06
%
4,035,910
$
51,759
5.08
%
3,981,530
$
51,476
5.12
%
4,032,008
$
51,503
5.12
%
3,993,914
$
49,826
5.06
%
Cash and Due From Banks
63,079
67,291
65,085
65,761
73,467
Allowance for Credit Losses
(31,545)
(30,922)
(30,342)
(30,492)
(30,008)
Other Assets
297,532
294,757
301,678
302,984
297,660
Total Assets
$
4,418,904
$
4,367,036
$
4,317,951
$
4,370,261
$
4,335,033
LIABILITIES:
Noninterest Bearing Deposits
$
1,282,988
$
1,303,266
$
1,314,560
$
1,342,304
$
1,317,425
NOW Accounts
1,302,894
$
4,221
1.31
%
1,235,961
$
4,055
1.30
%
1,198,124
$
3,782
1.25
%
1,225,697
$
3,750
1.23
%
1,249,955
$
3,854
1.25
%
Money Market Accounts
403,340
1,752
1.76
415,577
1,977
1.89
416,656
2,090
1.99
431,774
2,340
2.17
420,059
2,187
2.11
Savings Accounts
509,351
132
0.10
501,080
157
0.12
503,189
159
0.13
507,950
174
0.14
507,676
176
0.14
Time Deposits
192,443
1,290
2.72
191,626
1,355
2.80
179,802
1,234
2.72
172,982
1,141
2.65
170,367
1,166
2.78
Total Interest Bearing Deposits
2,408,028
7,395
1.25
2,344,244
7,544
1.28
2,297,771
7,265
1.25
2,338,403
7,405
1.27
2,348,057
7,383
1.28
Total Deposits
3,691,016
7,395
0.81
3,647,510
7,544
0.82
3,612,331
7,265
0.80
3,680,707
7,405
0.81
3,665,482
7,383
0.82
Repurchase Agreements
15,789
73
1.88
20,690
134
2.57
21,966
158
2.86
22,557
156
2.78
29,821
164
2.23
Other Short-Term Borrowings
27,836
327
4.76
20,954
217
4.09
12,753
58
1.82
10,503
179
6.82
7,437
117
6.39
Subordinated Notes Payable
41,620
398
3.83
42,582
451
4.15
42,582
383
3.52
51,981
530
4.03
52,887
560
4.23
Other Long-Term Borrowings
680
10
5.68
680
9
5.55
681
10
5.55
792
5
2.41
794
11
5.68
Total Interest Bearing Liabilities
2,493,953
$
8,203
1.33
%
2,429,150
$
8,355
1.36
%
2,375,753
$
7,874
1.32
%
2,424,236
$
8,275
1.37
%
2,438,996
$
8,235
1.37
%
Other Liabilities
74,300
78,520
85,422
76,138
65,211
Total Liabilities
3,851,241
3,810,936
3,775,735
3,842,678
3,821,632
SHAREOWNERS' EQUITY:
567,663
556,100
542,216
527,583
513,401
Total Liabilities, Temporary Equity and
Shareowners' Equity
$
4,418,904
$
4,367,036
$
4,317,951
$
4,370,261
$
4,335,033
Interest Rate Spread
$
42,857
3.72
%
$
43,404
3.72
%
$
43,602
3.81
%
$
43,228
3.75
%
$
41,591
3.69
%
Interest Income and Rate Earned
(1)
51,060
5.06
51,759
5.08
51,476
5.12
51,503
5.12
49,826
5.06
Interest Expense and Rate Paid
(2)
8,203
0.81
8,355
0.82
7,874
0.78
8,275
0.82
8,235
0.84
Net Interest Margin
$
42,857
4.24
%
$
43,404
4.26
%
$
43,602
4.34
%
$
43,228
4.30
%
$
41,591
4.22
%
(1)
(2)