CCBG 8-K
Capital City Bank Group Inc (CCBG)
8-K
2026-07-21
For: 2026-07-21
View Original
Added on
July 21, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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☐
CAPITAL CITY BANK GROUP, INC.
FORM 8-
K
CURRENT REPORT
Item 2.02. Results of Operations and Financial Condition.
On July 21, 2026, Capital City Bank Group, Inc. (“CCBG”) issued an earnings press release reporting CCBG’s financial
results for the three and six month periods ended June 30, 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: July 21, 2026
By:
/s/ Jeptha E. Larkin
Jeptha E. Larkin,
Executive Vice President and Chief Financial Officer
Capital City Bank Group, Inc.
Reports Second Quarter 2026 Results
TALLAHASSEE, Fla. (July 21, 202 6) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to
common shareowners of $16.3 million, or $0.95 per diluted share, for the second quarter of 2026 compared to $15.8 million, or
$0.92 per diluted share, for the first quarter of 2026, and $15.0 million, or $0.88 per diluted share, for the second quarter of 2025.
Return on Assets was 1.48% and Return on Equity was 11.38% for the second quarter of 2026 compared to 1.45% and 11.30%,
respectively for the first quarter of 2026, and 1.38% and 11.44%, respectively for the second quarter of 2025.
QUARTER HIGHLIGHTS (2
nd
st
Income Statement
●
Tax-equivalent net interest income totaled $44.2 million compared to $42.9 million for the prior quarter and reflected one
additional calendar day in the second quarter
-
Net interest margin increased 11 basis points to 4.35% (earning asset yield increased 5 basis points and cost of funds
decreased 6 basis points to 75 basis points)
●
Credit loss provision increased $0.2 million - net loan charge-offs of 14 basis points (annualized) of average loans -
allowance coverage ratio increased one basis point to 1.24% at June 30, 2026
●
Noninterest income increased $0.7 million, or 3.3%, driven by higher mortgage banking revenues and bank card fees
●
Noninterest expense increased $1.3 million, or 3.1%, primarily due to a higher other expense of $0.9 million and occupancy
expense of $0.3 million
Balance Sheet
●
Loan balances decreased $32.4 million, or 1.3% (average), and decreased $18.5 million, or 0.7% (end of period)
●
Stable credit quality - total nonperforming assets of $13.4 million (30 basis points of total assets) at June 30, 2026, a $0.4
million increase over the prior quarter
●
Deposit balances decreased $12.2 million, or 0.3% (average), and decreased $30.6 million, or 0.8% (end of period) due to
the seasonal decrease in our public fund balances
●
Tangible book value per diluted share (non-GAAP financial measure) increased $0.56, or 2.0%
“We’re pleased with another strong quarter of performance and the momentum our team continues to build,” said William G.
Smith, Jr., Chairman and CEO. “As we look to the second half of the year, we’ll remain focused on serving our clients’ financial
needs, managing risk wisely and executing on the opportunities ahead. None of this happens without the dedication of our
associates and the strong communities we’re privileged to serve.”
2
Net Interest Income/Net Interest Margin
Tax
-equivalent net interest income for the second quarter of 2026 totaled $44.2 million, compared to $42.9 million for the first
quarter of 2026, and $43.2 million for the second quarter of 2025. Compared to the first quarter of 2026, the increase was
attributable to higher investment securities income and lower deposit interest expense, partially offset by lower loan interest income
and overnight funds income due to lower average balances. The increase in investment securities income reflected new investment
purchases at higher rates and higher balances as we deploy additional liquidity into the investment security portfolio. The increase
over the second quarter of 2025 was also driven by the same aforementioned factors. One additional calendar day also contributed to
the increase over the first quarter of 2026.
For the first six months of 2026, tax -equivalent net interest income totaled $87.1 million compared to $84.8 million for the same
period of 2025, primarily attributable to higher investment securities income and lower deposit interest expense, partially offset by
lower loan interest income and overnight funds income. New investment purchases at higher yields and higher balances drove the
increase in investment securities income. The decrease in deposit interest expense reflected lower public funds deposit balances and
lower rates across our product lines. Lower average loan balances contributed to the decrease in loan interest income, while the
decrease in overnight funds income reflected the deployment of more liquidity into the investment portfolio.
Our net interest margin for the second quarter of 2026 was 4.35%, an increase of 11 basis points from the first quarter of 2026 and an
increase of five basis points over the second quarter of 2025. For the first six months of 2026, our net interest margin increased by
four basis points to 4.30% compared to the same period of 2025. The increase in net interest margin over all prior periods was
largely attributable to a higher investment security yield driven by new purchases at higher rates and lower deposit costs. For the
second quarter of 2026, our cost of funds was 75 basis points, a decrease of six basis points from the first quarter of 2026, and a
decrease of seven basis points from the second quarter of 2025. Our cost of deposits (including noninterest bearing accounts) was 76
basis points, 81 basis points, and 81 basis points, respectively, for the same periods.
We recorded a provision expense for credit losses of $0.9 million for the second quarter of 2026, compared to $0.7 million for the
first quarter of 2026 and $0.6 million for the second quarter of 2025. For the first six months of 2026, we recorded a provision
expense for credit losses of $1.6 million compared to $1.4 million for the first six months 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 10. 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 second quarter of 2026 totaled $20.6 million, a $0.7 million, or 3.3%, increase over the first quarter of
2026 and a $0.6 million, or 2.9%, increase over the second quarter of 2025. The increase over the first quarter of 2026 was primarily
attributable to increases in mortgage banking revenues of $0.4 million and bank card fees of $0.2 million. The increase in mortgage
banking revenues was primarily due to higher production volume and the increase in bank card fees reflected higher card volume.
The increase over the second quarter of 2025 was driven by increases in other income of $0.7 million, mortgage banking revenues
of $0.5 million, and deposit fees of $0.3 million that were partially offset by a decrease in wealth management fees of $1.0 million.
The increase in other income was primarily due to a higher level of other fees/commissions, bank owned life insurance income, and
miscellaneous income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The decrease in wealth
management fees was attributable to lower retail brokerage fees, which reflects a decline in assets under management.
For the first six months of 2026, noninterest income totaled $40.5 million, a $0.6 million, or 1.5%, increase over the same period of
2025, primarily attributable to increases in other income of $1.4 million, mortgage banking revenues of $0.9 million, and deposit
fees of $0.9 million, that were partially offset by a decrease in wealth management fees of $2.7 million. The increase in other
income was primarily attributable to a $0.5 million miscellaneous recovery and increases in other fees/commissions of $0.3 million,
miscellaneous income of $0.2 million, and bank owned life insurance income of $0.1 million. The increase in mortgage banking
revenues reflected a higher gain on sale margin. Higher service charge fees and commercial account analysis fees drove the increase
in deposit fees. We are currently in the process of reviewing and updating our deposit product offerings against peer and industry
best practices and we expect modifications will reduce related fee revenues beginning in the third quarter of 2026. The decrease in
wealth management fees was attributable to the aforementioned decrease in retail brokerage assets under management and lower
insurance commissions.
3
Noninterest expense for the second quarter of 2026 totaled $42.6 million, a $1.3 million, or 3.1%, increase over the first quarter of
2026 and a $0.1 million, or 0.2%, increase over the second quarter of 2025. The increase over the first quarter of 2026 was primarily
attributable to increases in other expense of $0.9 million and occupancy expense of $0. 2 million. Increases in other real estate
(ORE) expense of $0.4 million, travel/entertainment expense of $0.2 million, professional fees of $0.1 million, and miscellaneous
expenses of $0.1 million drove the increase in other expense. The increase in occupancy expense was primarily attributable to
higher FF&E maintenance agreement expense. The increase over the second quarter of 2025 reflected increases in other expense
of
$0.5 million and occupancy expense of $0.2 million that was partially offset by a $0.6 million decrease in compensation expense,
including a $0.3 million decline in salary expense and $0.3 million decrease in associate benefits.
For the first six months of 2026, noninterest expense totaled $84.0 million, a $2.8 million, or 3.4%, increase over the same period of
2025 and reflected increases in other expense of $3.4 million and occupancy expense of $0.6 million that was partially offset by a
$1.2 million decrease in compensation expense. The increase in other expense was primarily due to a $4.2 million increase in ORE
expense, which reflected a lower level of gains from the sale of properties, namely a large gain realized from the sale of our
operations center building in 2025. Higher expense for charitable contributions of $0.6 million was partially offsetting. The increase
in occupancy expense reflected higher expense for FF&E maintenance agreements and software licenses. The decrease in
compensation expense reflected lower salary expense of $0.9 million and associate benefit expense of $0.3 million. Lower
commission expense drove the decline in salary expense and the decrease in associate benefit expense was attributable to lower
stock based compensation.
Income Taxes
We realized income tax expense of $5.0 million (effective rate of 23.4%) for the second quarter of 2026, compared to $4.8 million
(effective rate of 23.5%) for the first quarter of 2026 and $5.0 million (effective rate of 24.9%) for the second quarter of 2025. For
the first six months of 2026, we realized income tax expense of $9.8 million (effective rate of 23.4%) compared to $10.1 million
(effective rate of 24.1%) for the same period of 2025. The effective rate for the second quarter of 2026 reflected a tax benefit related
to an investment in a solar tax equity fund during the quarter and the effective rate for the first quarter of 2026 included a discrete
item related to stock -based compensation. Absent discrete items or new tax credit investments, we expect our annual effective tax
rate to approximate 23.5% for 2026.
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $4.069 billion for the second quarter of 2026, a decrease of $21.0 million, or 0.5% from the first
quarter of 2026, and an increase of $32.9 million, or 0.8% over the fourth quarter of 2025. Compared to the first quarter of 2026, the
change in earning asset mix reflected a $42.6 million decrease in overnight funds and a $32.4 million decrease in loans held for
investment, partially offset by a $48.2 million increase in investment securities and a $5.8 million increase in loans held for sale
(“HFS”). Compared to the fourth quarter of 2025, the change reflected a $161.3 million increase in investment securities and a $6.2
million increase in loans HFS, partially offset by a $72.4 million decrease in overnight funds and a $62.2 million decrease in loans
held for investment.
Average loans HFI decreased by $32.4 million, or 1.3% from the first quarter of 2026, and decreased by $62.2 million, or 2.4%
from the fourth quarter of 2025. Compared to the first quarter of 2026, the decline was primarily attributable to decreases in
residential real estate loans of $14.4 million, commercial real estate loans of $14.4 million, and commercial loans of $5.2 million,
partially offset by increases in home equity loans of $1.9 million. Compared to the fourth quarter of 2025, the decline was primarily
attributable to decreases in residential real estate loans of $30.6 million, commercial real estate loans of $24.5 million, commercial
loans of $6.6 million, construction loans of $4.1 million, consumer loans (primarily indirect auto) of $2.9 million, partially offset by
an increase in home equity loans of $5.9 million.
Loans HFI at June 30, 2026, decreased by $18.5 million, or 0.7% from March 31, 2026, and decreased by $46.2 million, or 1.8%,
from December 31, 2025. Compared to March 31, 2026, the decline was primarily due to decreases in other loans of $9.7 million,
construction loans of $7.5 million, and commercial real estate loans of $5.2 million, partially offset by increases in commercial
loans of $2.3 million, and consumer loans (primarily indirect auto) of $1.3 million. Compared to December 31, 2025, the decline
was primarily attributable to decreases in residential real estate loans of $22.8 million, commercial real estate loans of $18.1
million, commercial loans of $7.8 million, other loans of $2.1 million, consumer loans (primarily indirect auto) of $1.5 million,
partially offset by increases in home equity loans of $3.6 million, and construction loans of $2.2 million.
4
Allowance for Credit Losses
At June 30, 2026, the allowance for credit losses for loans HFI totaled $31.0 million compar able to March 31, 2026 and December
31, 2025. Activity within the allowance is provided on Page 10. Net loan charge -offs were 14 basis points of average loans for the
second quarter of 2026 versus 10 basis points for the first quarter of 2026 and 18 basis points for the fourth quarter of 2025. At June
30, 2026, the allowance represented 1.24% of loans HFI compared to 1.23% at March 31, 2026, and 1.22% at December 31, 2025.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled $13.4 million at June 30, 2026 , compared to $13.0 million at
March 31, 2026 and $10.5 million at December 31, 2025. At June 30, 2026, nonperforming assets as a percentage of total assets was
0.30%, compared to 0.29% at March 31, 2026 and 0.24% at December 31, 2025. Nonaccrual loans totaled $10.0 million at June 30,
2026, a $1.1 million decrease from March 31, 2026 and a $1.4 million increase over December 31, 2025. Other real estate totaled
$3.4 million at June 30, 2026, a $1.6 million increase over March 31, 2026 and
a
$1.5 million increase over December 31, 2025.
Further, classified loans totaled $29.8 million at June 30, 2026, a $15.3 million increase over March 31, 2026 and a $15.5 million
increase over December 31, 2025. The increase over both prior periods reflected the downgrade of four commercial real estate
relationships (two private schools totaling $9.8 million ($6.4 million and $3.4 million), hotel $2.0 million, funeral home $5.0
million).
Deposits
Average total deposits were $3.679 billion for the second quarter of 2026, a decrease of $12.2 million, or 0.3%, from the first
quarter of 2026, and an increase of $31.3 million, or 0.9%, over the fourth quarter of 2025. Compared to the first quarter of 2026,
the decrease was primarily attributable to lower public funds balances of $43.5 million (primarily NOW account balances) as those
balances begin to seasonally decline in the second quarter, partially offset by higher core account balances of $31.3 million
(primarily MMA and noninterest bearing checking). The increase over the fourth quarter of 2025 was primarily due to higher public
funds balances of $56.1 million, partially offset by lower core deposit balances of $24.8 million.
At June 30, 2026, total deposits were $3.721 billion, a decrease of $30.6 million, or 0.8% from March 31, 2026, and an increase
of
$58.7 million, or 1.6% over December 31, 2025. The decrease from March 31, 2026, was driven by lower public funds balances of
$68.4 million (primarily NOW accounts), partially offset by an increase in core deposit balances of $37.8 million (primarily
noninterest bearing accounts). The increase over December 31, 2025 was primarily due to core deposit growth
of
$151.9 million,
partially offset by lower public funds balances of $93.2 million. Total public funds balances were $561.5 million at June 30, 2026,
$629.9 million at March 31, 2026, and $654.7 million at December 31, 2025, respectively.
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 $365.1 million in the second quarter of 2026 compared to $407.7 million in the first quarter of 2026 and $437.5 million
in the fourth quarter of 2025. Compared to the first quarter of 2026, the variance reflected lower average deposits and the
deployment of excess liquidity into the investment security portfolio. Compared to the fourth quarter of 2025, the variance was
driven by 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 June 30, 2026, the weighted-average
maturity and duration of our portfolio were 2.95 years and 2.60 years, respectively, and the available -for-sale portfolio had a net
unrealized after -tax loss of $14.0 million.
At June 30, 2026, we had the ability to generate approximately $1.721 billion (excludes overnight funds position of $413 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 $570.1 million at June 30, 2026 compared to $559.9 million at March 31, 2026 and $552.9 million at
December 31, 2025. For the first six months of 2026, shareowners’ equity was positively impacted by net income attributable to
shareowners of $32.1 million, the issuance of stock of $3.4 million, and stock compensation accretion of $0.9 million. Shareowners’
equity was reduced by common stock dividends of $9.2 million ($0.54 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 an
unfavorable net change of $4.8 million in accumulated other comprehensive loss due to an unfavorable fair value mark on the
investment securities portfolio driven by higher bond rates in the second quarter.
5
At June 30, 2026, our total risk-based capital ratio was 22.35%, compared to 21.62% at March 31, 2026 and 21.45% at December
31, 2025. Our common equity tier 1 capital ratio was 19.80%, 19.08%, and 18.56%, respectively, on these dates. Our leverage ratio
was 11.96%, 11.65%, and 11.77%, respectively, on these dates. At June 30, 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 11.03% at June 30, 2026, compared to 10.79% at both March 31, 2026, and December 31,
2025. If our unrealized held-to-maturity securities loss of $7.8 million (after -tax) was recognized in accumulated other
comprehensive loss, our adjusted tangible capital ratio would be 10.85%.
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 ATMs/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; increased competition and its effect on deposit fees; 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; 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 conflicts 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)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Shareowners' Equity (GAAP)
$
570,095
$
559,912
$
552,851
$
540,635
$
526,423
Less: Goodwill and Other Intangibles (GAAP)
89,095
89,095
89,095
89,095
92,693
Tangible Shareowners' Equity (non-GAAP)
A
481,000
470,817
463,756
451,540
433,730
Total Assets (GAAP)
4,450,483
4,453,734
4,385,765
4,323,774
4,391,753
Less: Goodwill and Other Intangibles (GAAP)
89,095
89,095
89,095
89,095
92,693
Tangible Assets (non-GAAP)
B
$
4,361,388
$
4,364,639
$
4,296,670
$
4,234,679
$
4,299,060
Tangible Common Equity Ratio (non-GAAP)
A/B
11.03%
10.79%
10.79%
10.66%
10.09%
Actual Diluted Shares Outstanding (GAAP)
C
17,135,824
17,114,954
17,154,586
17,115,336
17,097,986
Tangible Book Value per Diluted Share (non-GAAP)
A/C
$
28.07
$
27.51
$
27.03
$
26.38
$
25.37
7
CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
EARNINGS
Net Income Attributable to Common Shareowners
$
16,277
$
15,817
$
15,044
$
32,094
$
31,902
Diluted Net Income Per Share
$
0.95
$
0.92
$
0.88
$
1.87
$
1.87
PERFORMANCE
Return on Average Assets (annualized)
1.48
%
1.45
%
1.38
%
1.47
%
1.48
%
Return on Average Equity (annualized)
11.38
11.30
11.44
11.34
12.36
Net Interest Margin
4.35
4.24
4.30
4.30
4.26
Noninterest Income as % of Operating Revenue
31.79
31.77
31.67
31.78
32.03
Efficiency Ratio
65.76
%
65.89
%
67.26
%
65.83
%
65.13
%
CAPITAL ADEQUACY
Tier 1 Capital
21.10
%
20.37
%
18.38
%
21.10
%
18.38
%
Total Capital
22.35
21.62
19.60
22.35
19.60
Leverage
11.96
11.65
11.14
11.96
11.14
Common Equity Tier 1
19.80
19.08
16.81
19.80
16.81
Tangible Common Equity
(1)
11.03
10.79
10.09
11.03
10.09
Equity to Assets
12.81
%
12.57
%
11.99
%
12.81
%
11.99
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
309.72
%
278.19
%
463.01
%
309.72
%
463.01
%
Allowance as a % of Loans HFI
1.24
1.23
1.13
1.24
1.13
Net Charge-Offs as % of Average Loans HFI
0.14
0.10
0.09
0.12
0.09
Nonperforming Assets as % of Loans HFI and OREO
0.54
0.51
0.25
0.54
0.25
Nonperforming Assets as % of Total Assets
0.30
%
0.29
%
0.15
%
0.30
%
0.15
%
STOCK PERFORMANCE
High
$
51.04
$
46.83
$
39.82
$
51.04
$
39.82
Low
42.79
39.26
32.38
39.26
32.38
Close
$
49.42
$
43.46
$
39.35
$
49.42
$
39.35
Average Daily Trading Volume
95,532
100,149
27,397
97,821
25,988
(1)
reconciliation to GAAP, refer to Page 9.
8
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
2026
2025
(Dollars in thousands)
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
ASSETS
Cash and Due From Banks
$
67,124
$
64,214
$
62,189
$
68,397
$
78,485
Funds Sold and Interest Bearing Deposits
412,609
424,756
467,782
397,502
394,917
Total Cash and Cash Equivalents
479,733
488,970
529,971
465,899
473,402
Investment Securities Available for Sale
853,608
800,550
643,922
577,333
533,457
Investment Securities Held to Maturity
304,460
353,296
377,446
404,659
462,599
Other Equity Securities
2,068
2,083
2,069
2,145
3,242
Total Investment Securities
1,160,136
1,155,929
1,023,437
984,137
999,298
Loans Held for Sale ("HFS"):
34,278
25,088
21,695
24,204
19,181
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
172,536
170,268
180,341
179,018
180,008
Real Estate - Construction
149,127
156,630
146,920
156,756
174,115
Real Estate - Commercial
750,637
755,800
768,731
785,290
802,504
Real Estate - Residential
998,145
998,720
1,020,942
1,037,324
1,046,368
Real Estate - Home Equity
244,462
243,932
240,897
234,111
228,201
Consumer
180,859
179,515
182,327
185,847
197,483
Other Loans
2,668
12,347
4,748
2,283
1,552
Overdrafts
1,437
1,192
1,212
1,378
1,259
Total Loans Held for Investment
2,499,871
2,518,404
2,546,118
2,582,007
2,631,490
Allowance for Credit Losses
(31,007)
(30,999)
(31,001)
(30,202)
(29,862)
Loans Held for Investment, Net
2,468,864
2,487,405
2,515,117
2,551,805
2,601,628
Premises and Equipment, Net
81,148
77,670
79,457
79,748
79,906
Goodwill and Other Intangibles
89,095
89,095
89,095
89,095
92,693
Other Real Estate Owned
3,424
1,822
1,936
1,831
132
Other Assets
133,805
127,755
125,057
127,055
125,513
Total Other Assets
307,472
296,342
295,545
297,729
298,244
Total Assets
$
4,450,483
$
4,453,734
$
4,385,765
$
4,323,774
$
4,391,753
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,344,694
$
1,299,933
$
1,251,886
$
1,303,786
$
1,332,080
NOW Accounts
1,282,360
1,309,527
1,322,114
1,222,861
1,284,137
Money Market Accounts
418,342
432,874
390,888
405,846
408,666
Savings Accounts
511,000
516,149
503,485
500,323
504,331
Certificates of Deposit
164,613
193,134
193,939
182,096
175,639
Total Deposits
3,721,009
3,751,617
3,662,312
3,614,912
3,704,853
Repurchase Agreements
7,420
4,561
22,018
25,629
21,800
Other Short-Term Borrowings
39,487
28,715
28,074
14,615
12,741
Subordinated Notes Payable
33,303
33,303
42,582
42,582
42,582
Other Long-Term Borrowings
567
680
680
680
680
Other Liabilities
78,602
74,946
77,248
84,721
82,674
Total Liabilities
3,880,388
3,893,822
3,832,914
3,783,139
3,865,330
SHAREOWNERS' EQUITY
Common Stock
171
171
171
171
171
Additional Paid-In Capital
40,821
39,854
41,650
40,067
39,527
Retained Earnings
531,291
519,632
508,443
499,176
487,665
Accumulated Other Comprehensive Income (Loss), Net of Tax
(2,188)
255
2,587
1,221
(940)
Total Shareowners' Equity
570,095
559,912
552,851
540,635
526,423
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,450,483
$
4,453,734
$
4,385,765
$
4,323,774
$
4,391,753
OTHER BALANCE SHEET DATA
Earning Assets
$
4,106,894
$
4,124,177
$
4,059,032
$
3,987,850
$
4,044,886
Interest Bearing Liabilities
2,457,092
2,518,943
2,503,780
2,394,632
2,450,576
Book Value Per Diluted Share
$
33.27
$
32.71
$
32.23
$
31.59
$
30.79
Tangible Book Value Per Diluted Share
(1)
28.07
27.51
27.03
26.38
25.37
Actual Basic Shares Outstanding
17,111
17,098
17,084
17,069
17,066
Actual Diluted Shares Outstanding
17,136
17,115
17,155
17,115
17,098
(1)
Tangible book value per diluted share is a non -GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 9.
9
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
2026
2025
Six Months Ended
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2026
2025
INTEREST INCOME
Loans, including Fees
$
38,212
$
38,254
$
39,565
$
40,279
$
40,872
$
76,466
$
81,350
Investment Securities
10,260
9,055
7,768
7,188
6,678
19,315
12,486
Federal Funds Sold and Interest Bearing Deposits
3,366
3,711
4,382
3,964
3,909
7,077
7,405
Total Interest Income
51,838
51,020
51,715
51,431
51,459
102,858
101,241
INTEREST EXPENSE
Deposits
6,933
7,395
7,544
7,265
7,405
14,328
14,788
Repurchase Agreements
61
73
134
158
156
134
320
Other Short-Term Borrowings
349
327
217
58
179
676
296
Subordinated Notes Payable
288
398
451
383
530
686
1,090
Other Long-Term Borrowings
9
10
9
10
5
19
16
Total Interest Expense
7,640
8,203
8,355
7,874
8,275
15,843
16,510
Net Interest Income
44,198
42,817
43,360
43,557
43,184
87,015
84,731
Provision for Credit Losses
919
712
1,995
1,881
620
1,631
1,388
Net Interest Income after Provision for Credit Losses
43,279
42,105
41,365
41,676
42,564
85,384
83,343
NONINTEREST INCOME
Deposit Fees
5,656
5,598
5,811
5,877
5,320
11,254
10,381
Bank Card Fees
3,858
3,630
3,684
3,733
3,774
7,488
7,288
Wealth Management Fees
4,185
4,051
4,525
5,173
5,206
8,236
10,969
Mortgage Banking Revenues
4,660
4,252
4,155
4,794
4,190
8,912
8,010
Other
2,240
2,402
1,928
2,754
1,524
4,642
3,273
Total Noninterest Income
20,599
19,933
20,103
22,331
20,014
40,532
39,921
NONINTEREST EXPENSE
Compensation
25,836
25,703
28,384
26,056
26,490
51,539
52,738
Occupancy, Net
7,319
7,083
7,052
7,037
7,071
14,402
13,864
Other
9,485
8,587
7,431
9,823
8,977
18,072
14,637
Total Noninterest Expense
42,640
41,373
42,867
42,916
42,538
84,013
81,239
OPERATING PROFIT
21,238
20,665
18,601
21,091
20,040
41,903
42,025
Income Tax Expense
4,961
4,848
4,896
5,141
4,996
9,809
10,123
NET INCOME
$
16,277
$
15,817
$
13,705
$
15,950
$
15,044
$
32,094
$
31,902
PER COMMON SHARE
Basic Net Income
$
0.95
$
0.92
$
0.80
$
0.93
$
0.88
$
1.88
$
1.87
Diluted Net Income
0.95
0.92
0.80
0.93
0.88
1.87
1.87
Cash Dividend
$
0.27
$
0.27
$
0.26
$
0.26
$
0.24
$
0.54
$
0.48
AVERAGE SHARES
Basic
17,101
17,129
17,070
17,068
17,056
17,115
17,042
Diluted
17,126
17,146
17,140
17,114
17,088
17,133
17,067
10
CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2026
2025
Six Months Ended
June 30,
(Dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
2026
2025
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
30,999
$
31,001
$
30,202
$
29,862
$
29,734
$
31,001
$
29,251
Provision for Credit Losses
904
635
1,984
1,550
718
1,539
1,801
Net Charge-Offs
896
637
1,185
1,210
590
1,533
1,190
Balance at End of Period
$
31,007
$
30,999
$
31,001
$
30,202
$
29,862
$
31,007
$
29,862
As a % of Loans HFI
1.24%
1.23%
1.22%
1.17%
1.13%
1.24%
1.13%
As a % of Nonperforming Loans
309.72%
278.19%
360.69%
368.54%
463.01%
309.72%
463.01%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
2,189
$
2,107
$
2,095
$
1,738
$
1,832
$
2,107
$
2,155
Provision for Credit Losses
8
82
12
357
(94)
90
(417)
Balance at End of Period
(1)
2,197
2,189
2,107
2,095
1,738
2,197
1,738
ACL - DEBT SECURITIES
Provision for Credit Losses
$
7
$
(5)
$
(1)
$
(26)
$
(4)
$
2
$
4
CHARGE-OFFS
Commercial, Financial and Agricultural
$
577
$
300
$
167
$
373
$
74
$
877
$
242
Real Estate - Construction
-
-
-
-
-
-
-
Real Estate - Commercial
-
-
4
-
-
-
-
Real Estate - Residential
38
-
67
12
49
38
57
Real Estate - Home Equity
-
13
10
10
24
13
24
Consumer
613
852
925
954
914
1,465
1,779
Overdrafts
524
631
670
619
437
1,155
1,007
Total Charge-Offs
$
1,752
$
1,796
$
1,843
$
1,968
$
1,498
$
3,548
$
3,109
RECOVERIES
Commercial, Financial and Agricultural
$
65
$
74
$
44
$
95
$
117
$
139
$
192
Real Estate - Construction
-
-
-
-
-
-
-
Real Estate - Commercial
7
84
29
8
6
91
9
Real Estate - Residential
27
77
8
13
65
104
184
Real Estate - Home Equity
4
10
6
10
42
14
51
Consumer
468
579
246
369
456
1,047
937
Overdrafts
285
335
325
263
222
620
546
Total Recoveries
$
856
$
1,159
$
658
$
758
$
908
$
2,015
$
1,919
NET CHARGE-OFFS
$
896
$
637
$
1,185
$
1,210
$
590
$
1,533
$
1,190
Net Charge-Offs as a % of Average Loans HFI
(2)
0.14%
0.10%
0.18%
0.18%
0.09%
0.12%
0.09%
CREDIT QUALITY
Nonaccruing Loans
$
10,011
$
11,143
$
8,595
$
8,195
$
6,449
Other Real Estate Owned
3,424
1,822
1,936
1,831
132
Total Nonperforming Assets ("NPAs")
$
13,435
$
12,965
$
10,531
$
10,026
$
6,581
Past Due Loans 30-89 Days
$
2,680
$
6,643
$
7,017
$
5,468
$
4,523
Classified Loans
Commercial, Financial and Agricultural
1,479
1,660
1,650
1,514
1,820
Real Estate - Construction
379
-
-
718
-
Real Estate - Commercial
21,638
6,374
5,897
11,745
12,212
Real Estate - Residential
3,825
3,497
3,601
8,348
8,237
Real Estate - Home Equity
1,461
2,003
1,957
3,043
4,995
Consumer
1,020
1,011
1,229
1,144
1,359
Total Classified Loans
29,802
14,545
14,334
26,512
28,623
Nonperforming Loans as a % of Loans HFI
0.40%
0.44%
0.34%
0.32%
0.25%
NPAs as a % of Loans HFI and Other Real Estate
0.54%
0.51%
0.41%
0.39%
0.25%
NPAs as a % of Total Assets
0.30%
0.29%
0.24%
0.23%
0.15%
(1)
Recorded in other liabilities.
(2)
Annualized.
11
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
Second Quarter 2026
First Quarter 2026
Fourth Quarter 2025
Third Quarter 2025
Second Quarter 2025
June 2026 YTD
June 2025 YTD
(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
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
ASSETS:
Loans Held for Sale
$
30,505
$
500
6.57
%
$
24,716
$
404
6.63
%
$
24,261
$
374
6.11
%
$
25,276
425
6.68
%
$
22,668
$
475
8.40
%
$
27,626
$
904
6.60
%
$
23,692
$
965
8.21
%
Loans Held for Investment
(1)
2,505,875
37,751
6.04
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
2,522,007
75,637
6.05
2,659,204
80,465
6.10
Investment Securities
Taxable Investment Securities
1,165,965
10,249
3.52
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
1,141,869
19,291
3.39
994,068
12,468
2.52
Tax-Exempt Investment Securities
(1)
1,356
15
4.41
1,620
17
4.25
1,620
17
4.30
1,620
18
4.44
1,467
17
4.50
1,487
32
4.32
1,158
26
4.43
Total Investment Securities
1,167,321
10,264
3.52
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
1,143,356
19,323
3.39
995,226
12,494
2.52
Federal Funds Sold and Interest
Bearing Deposits
365,126
3,366
3.70
407,679
3,711
3.69
437,536
4,382
3.97
356,161
3,964
4.42
348,787
3,909
4.49
386,285
7,077
3.69
334,944
7,405
4.46
Total Earning Assets
4,068,827
$
51,881
5.11
%
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
%
4,079,274
$
102,941
5.08
%
4,013,066
$
101,329
5.09
%
Cash and Due From Banks
64,337
63,079
67,291
65,085
65,761
63,712
69,593
Allowance for Credit Losses
(31,602)
(31,545)
(30,922)
(30,342)
(30,492)
(31,574)
(30,251)
Other Assets
305,809
297,532
294,757
301,678
302,984
301,694
300,336
Total Assets
$
4,407,371
$
4,418,904
$
4,367,036
$
4,317,951
$
4,370,261
$
4,413,106
$
4,352,744
LIABILITIES:
Noninterest Bearing Deposits
$
1,308,276
$
1,282,988
$
1,303,266
$
1,314,560
$
1,342,304
$
1,295,703
$
1,329,933
NOW Accounts
1,263,616
$
3,938
1.25
%
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
%
1,283,146
$
8,159
1.28
%
1,237,759
$
7,604
1.24
%
Money Market Accounts
419,983
1,857
1.77
403,340
1,752
1.76
415,577
1,977
1.89
416,656
2,090
1.99
431,774
2,340
2.17
411,708
3,609
1.77
425,949
4,527
2.14
Savings Accounts
513,815
100
0.08
509,351
132
0.10
501,080
157
0.12
503,189
159
0.13
507,950
174
0.14
511,595
232
0.09
507,813
350
0.14
Time Deposits
173,086
1,038
2.41
192,443
1,290
2.72
191,626
1,355
2.80
179,802
1,234
2.72
172,982
1,141
2.65
182,711
2,328
2.57
171,682
2,307
2.71
Total Interest Bearing Deposits
2,370,500
6,933
1.17
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
2,389,160
14,328
1.21
2,343,203
14,788
1.27
Total Deposits
3,678,776
6,933
0.76
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
3,684,863
14,328
0.78
3,673,136
14,788
0.81
Repurchase Agreements
10,917
61
2.24
15,789
73
1.88
20,690
134
2.57
21,966
158
2.86
22,557
156
2.78
13,340
134
2.03
26,169
320
2.47
Other Short-Term Borrowings
33,545
349
4.17
27,836
327
4.76
20,954
217
4.09
12,753
58
1.82
10,503
179
6.82
30,706
676
4.44
8,978
296
6.64
Subordinated Notes Payable
33,303
288
3.42
41,620
398
3.83
42,582
451
4.15
42,582
383
3.52
51,981
530
4.03
37,438
686
3.64
52,432
1,090
4.13
Other Long-Term Borrowings
660
9
5.78
680
10
5.68
680
9
5.55
681
10
5.55
792
5
2.41
670
19
5.73
793
16
4.04
Total Interest Bearing Liabilities
2,448,925
$
7,640
1.25
%
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
%
2,471,314
$
15,843
1.29
%
2,431,575
$
16,510
1.37
%
Other Liabilities
76,331
74,300
78,520
85,422
76,138
75,321
70,705
Total Liabilities
3,833,532
3,851,241
3,810,936
3,775,735
3,842,678
3,842,338
3,832,213
SHAREOWNERS' EQUITY:
573,839
567,663
556,100
542,216
527,583
570,768
520,531
Total Liabilities, Temporary Equity
and Shareowners' Equity
$
4,407,371
$
4,418,904
$
4,367,036
$
4,317,951
$
4,370,261
$
4,413,106
$
4,352,744
Interest Rate Spread
$
44,241
3.86
%
$
42,857
3.72
%
$
43,404
3.72
%
$
43,602
3.81
%
$
43,228
3.75
%
$
87,098
3.79
%
$
84,819
3.72
%
Interest Income and Rate Earned
(1)
51,881
5.11
51,060
5.06
51,759
5.08
51,476
5.12
51,503
5.12
102,941
5.08
101,329
5.09
Interest Expense and Rate Paid
(2)
7,640
0.75
8,203
0.81
8,355
0.82
7,874
0.78
8,275
0.82
15,843
0.78
16,510
0.83
Net Interest Margin
$
44,241
4.35
%
$
42,857
4.24
%
$
43,404
4.26
%
$
43,602
4.34
%
$
43,228
4.30
%
$
87,098
4.30
%
$
84,819
4.26
%
(1)
Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
(2)
Rate calculated based on average earning assets.