TALLAHASSEE, Fla., Jan. 24, 2017 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $3.3 million, or $0.20 per diluted share for the fourth quarter of 2016 compared to net income of $2.9 million, or $0.17 per diluted share for the third quarter of 2016, and $2.6 million, or $0.16 per diluted share, for the fourth quarter of 2015. For the full year 2016, net income totaled $11.7 million, or $0.69 per diluted share, compared to net income of $9.1 million, or $0.53 per diluted share in 2015.
Full Year 2016 HIGHLIGHTS
- Broader based loan growth of 4.6% driven by both increased demand and effective calling efforts
- 49% reduction in loan loss provision driven by lower loan charge-offs and strong loan recoveries
- 1.8% decrease in noninterest expenses (primarily OREO costs and FDIC fees)
- NPAs and classified assets down by 35% and 28%, respectively
- $10 million trust preferred securities (“TRUPs”) repurchased at a discount added $2.5 million pre-tax earnings ($0.09 per share)
- Repurchased 435,000 shares of common stock
Fourth Quarter 2016 HIGHLIGHTS
- Average loans grew 1.1% sequentially driven by strong commercial real estate production
- Continued progress in reducing noninterest expenses – down 1.6% sequentially
- NPAs and classified assets down sequentially by 10% and 7%, respectively
“We finished 2016 with a strong fourth quarter, and I am pleased with our performance for the full year,” said William G. Smith, Jr., Chairman, President and CEO. “Positive trends continued through the quarter, and we experienced solid loan growth, significant reductions in nonperforming assets, decreases in expenses and growth in earnings. We made meaningful progress throughout the year, thanks to the hard work of our associates and our sustained focus on initiatives that add value to our shareowners. As we move into 2017, I look forward to the opportunities and challenges of a new year.”
Compared to the third quarter of 2016, performance reflects higher net interest income of $0.7 million and lower noninterest expense of $0.5 million, partially offset by a $0.5 million increase in the loan loss provision, lower noninterest income of $0.2 million, and higher income taxes of $0.1 million.
Compared to the fourth quarter of 2015, the increase in earnings was due to lower noninterest expense of $0.7 million, higher net interest income of $0.3 million, and lower income taxes of $0.1 million, partially offset by lower noninterest income of $0.4 million.
For the full year 2016, the increase in earnings was attributable to lower noninterest expense of $2.0 million, higher net interest income of $1.6 million, and a $0.8 million decrease in the loan loss provision, partially offset by higher income taxes of $1.4 million and lower noninterest income of $0.4 million.
The Return on Average Assets was 0.48% and the Return on Average Equity was 4.70% for the fourth quarter of 2016. These metrics were 0.42% and 4.12% for the third quarter of 2016, respectively, and 0.39% and 3.74% for the fourth quarter of 2015, respectively. For the full year 2016, the Return on Average Assets was 0.43% and the Return on Average Equity was 4.22% compared to 0.34% and 3.31%, respectively, for 2015.
Discussion of Operating Results
Tax equivalent net interest income for the fourth quarter of 2016 was $20.3 million compared to $19.6 million for the third quarter of 2016 and $20.0 million for the fourth quarter of 2015. During the fourth quarter of 2016, overnight funds were used to fund growth in the loan and investment portfolios resulting in a positive shift in our earning asset mix. Non-accrual loan adjustments also had a favorable impact. The increase in tax equivalent net interest income compared to the fourth quarter of 2015 reflects growth in the investment portfolio and a higher rate paid on overnight funds, partially offset by a decline in loan fees. For the full year 2016, tax equivalent net interest income totaled $79.0 million compared to $77.0 million for the prior year. The year over year increase was driven primarily by one additional calendar day and growth in the loan and investment portfolios. These increases were partially offset by generally lower loan rates.
Although the low interest rate environment continues to put downward pressure on our net interest income, we have been successful in increasing our net interest income year-over-year. The Federal Open Market Committee (FOMC) increased the federal funds rate 25 basis points to a target rate of 75 basis points in December 2016, alleviating some of this pressure in 2017, particularly in our variable rate loans. However, aggressive lending competition in all markets continues to impact the pricing for loans. Historically low rates and competition, collectively, continue to impact our loan yields. Various loan strategies, which align with our overall risk appetite, continue to be reviewed and implemented to enhance our performance.
Our net interest margin for the fourth quarter of 2016 was 3.34%, an increase of 11 basis points over the third quarter of 2016 and a decrease of three basis points from the fourth quarter of 2015. The increase in the margin compared to the third quarter of 2016 was due to growth in our loan and investment portfolios, in addition to $0.5 million in net interest recoveries. The decrease in the margin compared to the fourth quarter of 2015 was primarily attributable to lower loan yields. For the full year 2016, the net interest margin declined six basis points to 3.25% compared to 2015, primarily due to lower loan yields and loan fees.
The provision for loan losses for the fourth quarter of 2016 was $0.5 million compared to no provision for the third quarter of 2016 and $0.5 million for the fourth quarter of 2015. For the full year 2016, the loan loss provision totaled $0.8 million compared to $1.6 million for 2015. For 2016, the lower level of loan loss provision reflects continued favorable problem loan migration and lower net loan charge-offs, partially offset by growth in the loan portfolio. Net loan charge-offs for the fourth quarter of 2016 totaled $0.8 million compared to net loan recoveries of $0.1 million for the third quarter of 2016 and net loan charge-offs of $1.3 million for the fourth quarter of 2015. For the full year 2016, net loan charge-offs totaled $1.3 million (consisting of gross charge-offs of $4.7 million, less recoveries of $3.4 million), or 0.09% of average loans compared to $5.2 million, or 0.35% for 2015. As of December 31, 2016, the allowance for loan losses of $13.4 million was 0.86% of outstanding loans (net of overdrafts) and provided coverage of 157% of nonperforming loans compared to 0.88% and 160%, respectively, as of September 30, 2016 and 0.93% and 135%, respectively, as of December 31, 2015.
Noninterest income for the fourth quarter of 2016 totaled $12.8 million, a decrease of $0.2 million, or 1.8%, from the third quarter of 2016 and a decrease of $0.4 million, or 3.4%, from the fourth quarter of 2015. The decrease from the third quarter of 2016 reflects lower deposit fees of $0.1 million and mortgage banking fees of $0.1 million. Compared to the fourth quarter of 2015, the decrease reflects lower deposit fees of $0.4 million, wealth management fees of $0.2 million, and bank card fees of $0.1 million, partially offset by higher mortgage banking fees of $0.3 million. For the full year 2016, noninterest income totaled $53.7 million, a $0.4 million decrease from 2015, primarily attributable to lower deposit fees of $1.3 million and wealth management fees of $0.5 million partially offset by higher other income of $0.8 million and mortgage banking fees of $0.6 million. The decrease in deposit fees reflects lower overdraft service fees attributable to a reduction in accounts using this service as well as lower utilization by existing users. The reduction in wealth management fees generally reflects lower trading volume by our retail brokerage clients. The favorable variance in other income primarily reflects a $2.5 million gain from the partial retirement of our trust preferred securities (“TRUPs”) in 2016, partially offset by higher BOLI income of $1.7 million in 2015. Strong residential home sales activity in our markets drove the improvement in mortgage banking fees.
Noninterest expense for the fourth quarter of 2016 totaled $27.6 million, a decrease of $0.5 million, or 1.6%, from the third quarter of 2016 reflective of lower other real estate owned (“OREO”) expense of $0.5 million, other expense of $0.5 million, and occupancy expense of $0.2 million, partially offset by higher compensation expense of $0.7 million. Compared to the fourth quarter of 2015, noninterest expense decreased $0.7 million, or 2.5%, due to lower OREO expense of $0.9 million, other expense of $0.6 million, and occupancy expense of $0.1 million, partially offset by higher compensation expense of $0.9 million. For the full year 2016, noninterest expense totaled $113.2 million, a decrease of $2.1 million, or 1.8%, from 2015 reflective of lower OREO expense of $1.3 million, other expense of $0.9 million and compensation expense of $0.4 million, partially offset by higher occupancy expense of $0.5 million. Lower carrying costs drove the reduction in OREO expense. The reduction in other expense was primarily attributable to lower FDIC insurance fees and professional fees, partially offset by higher telephone expense. The decrease in compensation reflects a higher level of deferred loan cost (which reduces salary expense) partially offset by higher pension plan expense. The increase in occupancy expense was primarily due to higher depreciation expense reflective of technology investments in our banking offices and security infrastructure, and to a lesser extent higher maintenance costs for building and furniture/equipment.
We realized income tax expense of $1.5 million (32% effective rate) for the fourth quarter of 2016 compared to $1.4 million (33% effective rate) for the third quarter of 2016 and $1.6 million (38% effective rate) for the fourth quarter of 2015. For the full year 2016, income tax expense totaled $5.9 million (33% effective rate) compared to $4.5 million (33% effective rate) for 2015. Absent future discrete events, we anticipate our effective tax rate will remain in the range of 34%-35%.
Discussion of Financial Condition
Average earning assets were $2.423 billion for the fourth quarter of 2016, an increase of $5.4 million, or 0.2%, over the third quarter of 2016, and an increase of $69.7 million, or 3.0%, over the fourth quarter of 2015. The change in earning assets over both periods reflects a higher level of total deposits. Additionally, growth in both the loan and investment portfolios led to a more favorable earning asset mix.
We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $145.5 million during the fourth quarter of 2016 compared to an average net overnight funds sold position of $166.2 million in the third quarter of 2016 and $222.8 million in the fourth quarter of 2015. The decrease in net overnight funds compared to the third quarter of 2016 reflects an increase in both the investment and loan portfolios. The decrease in net overnight funds compared to the fourth quarter of 2015 reflects growth in the loan and investment portfolios, and a reduction in both short-term and long-term borrowings, partially offset by growth in deposit balances.
Average loans increased $17.4 million, or 1.1% when compared to the third quarter of 2016, and have grown $80.7 million, or 5.4% when compared to the fourth quarter of 2015. The increase compared to the third quarter of 2016 reflects growth in all loan types except institutional and residential mortgages. Growth over the fourth quarter of 2015 was experienced in all loan products, with the exception of residential mortgages.
Without compromising our credit standards or taking on inordinate interest rate risk, we continue to make minor modifications on some of our lending programs to try to mitigate the impact that consumer and business deleveraging has had on our portfolio. These programs, coupled with economic improvements in our anchor markets, have helped to increase overall production.
Nonperforming assets (nonaccrual loans and OREO) totaled $19.2 million at year-end 2016, a decrease of $2.2 million, or 10%, from the third quarter of 2016 and $10.4 million, or 35%, from year-end 2015. Nonaccrual loans totaled $8.5 million at year-end 2016, a $0.1 million decrease from the third quarter of 2016 and a $1.8 million decrease from year-end 2015. Nonaccrual loan additions totaled $3.9 million in the fourth quarter of 2016 and $13.1 million for the full year 2016, which compares to $3.6 million and $15.7 million, respectively, for the same periods of 2015. The balance of OREO totaled $10.6 million at year-end 2016, a decrease of $2.1 million and $8.7 million, respectively, from the third quarter of 2016 and year-end 2015. For the fourth quarter of 2016, we added properties totaling $0.7 million, sold properties totaling $2.4 million, and recorded valuation adjustments totaling $0.4 million. For the full year 2016, we added properties totaling $4.0 million, sold properties totaling $10.3 million, and recorded valuation adjustments totaling $2.4 million. Nonperforming assets represented 0.67% of total assets as of December 31, 2016 compared to 0.78% as of September 30, 2016 and 1.06% as of December 31, 2015.
Average total deposits were $2.307 billion for the fourth quarter of 2016, an increase of $18.2 million, or 0.8%, over the third quarter of 2016, and an increase of $132.2 million, or 6.1% over the fourth quarter of 2015. The increase in deposits when compared to both periods reflects growth in all deposit products except money market accounts and certificates of deposit. The seasonal inflow of public fund balances began late in the fourth quarter of 2016, and is expected to peak during the first quarter of 2017 for this cycle.
Deposit levels remain strong, particularly given the recent increase in the fed funds rate, and average core deposits continue to experience growth. Competitive rates are monitored on an ongoing basis as a prudent pricing discipline remains the key to managing our mix of deposits.
Compared to the third quarter of 2016, average borrowings decreased $3.5 million primarily due to payoffs of FHLB advances. Compared to the fourth quarter of 2015, average borrowings decreased by $74.5 million due to a partial redemption of subordinated debt and a decline in repurchase agreements.
Shareowners’ equity was $275.2 million as of December 31, 2016, compared to $276.6 million as of September 30, 2016 and $274.4 million as of December 31, 2015. During 2016, shareowners’ equity was positively impacted by net income of $11.7 million, stock compensation accretion of $1.3 million, and net adjustments totaling $1.0 million related to transactions under our stock compensation plans. Shareowners’ equity was reduced by common stock dividends of $2.9 million ($0.17 per share), common stock share repurchases totaling $6.3 million (435,461 shares), a $3.5 million increase in the accumulated other comprehensive loss for our pension plan, and a net increase of $0.5 million in the unrealized loss on investment securities. Our leverage ratio was 10.23%, 10.12%, and 10.65%, respectively, for these periods. Further, as of December 31, 2016, our risk-adjusted capital ratio was 16.28% compared to 16.28% and 17.25% at September 30, 2016 and December 31, 2015, respectively. Our common equity tier 1 ratio was 12.61% as of December 31, 2016, compared to 12.55% as of September 30, 2016 and 12.84% as of December 31, 2015. All of our capital ratios significantly exceed the threshold to be designated as “well-capitalized” under the Basel III capital standards. Share repurchase activity and the partial retirement of TRUPs during 2016 unfavorably impacted our regulatory capital ratios by approximately 38 basis points and 50 basis points, respectively.
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 $2.8 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, data processing and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 60 banking offices and 71 ATMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit 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 the Company’s future results to differ materially. The following factors, among others, could cause the Company’s actual results to differ: the accuracy of the Company’s financial statement estimates and assumptions; legislative or regulatory changes, including the Dodd-Frank Act, Basel III, and the ability to repay and qualified mortgage standards; fluctuations in inflation, interest rates, or monetary policies; the effects of security breaches and computer viruses that may affect the Company’s computer systems or fraud related to debit card products; changes in consumer spending and savings habits; the Company’s growth and profitability; the strength of the U.S. economy and the local economies where the Company conducts operations; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; harsh weather conditions and man-made disasters; changes in the stock market and other capital and real estate markets; customer acceptance of third-party products and services; increased competition and its effect on pricing, including the long-term impact on our net interest margin from the repeal of Regulation Q; negative publicity and the impact on our reputation; technological changes, especially changes that allow out of market competitors to compete in our markets; changes in accounting; and the Company’s ability to manage the risks involved in the foregoing. Additional factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and the Company’s other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and the Company assumes no obligation to update forward-looking statements or the reasons why actual results could differ.
USE OF NON-GAAP FINANCIAL MEASURE
We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry. The GAAP to non-GAAP reconciliation is provided below.
| (Dollars in Thousands) | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | |||||||||||
| TANGIBLE COMMON EQUITY RATIO | ||||||||||||||||
| Shareowners' Equity (GAAP) | $ | 275,168 | $ | 276,624 | $ | 274,824 | $ | 276,833 | $ | 274,352 | ||||||
| Less: Goodwill (GAAP) | 84,811 | 84,811 | 84,811 | 84,811 | 84,811 | |||||||||||
| Tangible Shareowners' Equity (non-GAAP) | A | 190,357 | 191,813 | 190,013 | 192,022 | 189,541 | ||||||||||
| Total Assets (GAAP) | 2,845,197 | 2,753,154 | 2,767,635 | 2,792,186 | 2,797,860 | |||||||||||
| Less: Goodwill (GAAP) | 84,811 | 84,811 | 84,811 | 84,811 | 84,811 | |||||||||||
| Tangible Assets (non-GAAP) | B | $ | 2,760,386 | $ | 2,668,343 | $ | 2,682,824 | $ | 2,707,375 | $ | 2,713,049 | |||||
| Tangible Common Equity Ratio (non-GAAP) | A/B | 6.90 | % | 7.19 | % | 7.08 | % | 7.09 | % | 6.99 | % | |||||
| Actual Diluted Shares Outstanding (GAAP) | C | 16,949 | 16,874 | 16,855 | 17,254 | 17,226 | ||||||||||
| Tangible Book Value per Diluted Share (non-GAAP) | A/C | $ | 11.23 | $ | 11.37 | $ | 11.27 | $ | 11.13 | $ | 11.00 | |||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| EARNINGS HIGHLIGHTS | |||||||||||||||
| Unaudited | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| (Dollars in thousands, except per share data) | Dec 31, 2016 | Sep 30, 2016 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2015 | ||||||||||
| EARNINGS | |||||||||||||||
| Net Income | $ | 3,296 | $ | 2,873 | $ | 2,602 | $ | 11,746 | $ | 9,116 | |||||
| Diluted Net Income Per Share | $ | 0.20 | $ | 0.17 | $ | 0.16 | $ | 0.69 | $ | 0.53 | |||||
| PERFORMANCE | |||||||||||||||
| Return on Average Assets | 0.48 | % | 0.42 | % | 0.39 | % | 0.43 | % | 0.34 | % | |||||
| Return on Average Equity | 4.70 | % | 4.12 | % | 3.74 | % | 4.22 | % | 3.31 | % | |||||
| Net Interest Margin | 3.34 | % | 3.23 | % | 3.37 | % | 3.25 | % | 3.31 | % | |||||
| Noninterest Income as % of Operating Revenue | 38.91 | % | 40.24 | % | 40.05 | % | 40.78 | % | 41.47 | % | |||||
| Efficiency Ratio | 83.23 | % | 85.92 | % | 85.11 | % | 85.34 | % | 87.94 | % | |||||
| CAPITAL ADEQUACY | |||||||||||||||
| Tier 1 Capital | 15.51 | % | 15.48 | % | 16.42 | % | 15.51 | % | 16.42 | % | |||||
| Total Capital | 16.28 | % | 16.28 | % | 17.25 | % | 16.28 | % | 17.25 | % | |||||
| Tangible Common Equity (1) | 6.90 | % | 7.19 | % | 6.99 | % | 6.90 | % | 6.99 | % | |||||
| Leverage | 10.23 | % | 10.12 | % | 10.65 | % | 10.23 | % | 10.65 | % | |||||
| Common Equity Tier 1 | 12.61 | % | 12.55 | % | 12.84 | % | 12.61 | % | 12.84 | % | |||||
| Equity to Assets | 9.67 | % | 10.05 | % | 9.81 | % | 9.67 | % | 9.81 | % | |||||
| ASSET QUALITY | |||||||||||||||
| Allowance as % of Non-Performing Loans | 157.40 | % | 159.56 | % | 135.40 | % | 157.40 | % | 135.40 | % | |||||
| Allowance as a % of Loans | 0.86 | % | 0.88 | % | 0.93 | % | 0.86 | % | 0.93 | % | |||||
| Net Charge-Offs as % of Average Loans | 0.20 | % | (0.02 | )% | 0.34 | % | 0.09 | % | 0.35 | % | |||||
| Nonperforming Assets as % of Loans and ORE | 1.21 | % | 1.35 | % | 1.94 | % | 1.21 | % | 1.94 | % | |||||
| Nonperforming Assets as % of Total Assets | 0.67 | % | 0.78 | % | 1.06 | % | 0.67 | % | 1.06 | % | |||||
| STOCK PERFORMANCE | |||||||||||||||
| High | $ | 23.15 | $ | 15.35 | $ | 16.05 | $ | 23.15 | $ | 16.33 | |||||
| Low | 14.29 | 13.32 | 13.56 | 12.83 | 13.16 | ||||||||||
| Close | $ | 20.48 | $ | 14.77 | $ | 15.35 | $ | 20.48 | $ | 15.35 | |||||
| Average Daily Trading Volume | 23,371 | 19,696 | 19,500 | 21,473 | 21,073 | ||||||||||
| (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to page 4. | |||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||
| Unaudited | |||||||||||||||
| 2016 | 2015 | ||||||||||||||
| (Dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||
| ASSETS | |||||||||||||||
| Cash and Due From Banks | $ | 48,268 | $ | 79,608 | $ | 51,766 | $ | 45,914 | $ | 51,288 | |||||
| Funds Sold and Interest Bearing Deposits | 247,779 | 144,576 | 220,719 | 304,908 | 327,617 | ||||||||||
| Total Cash and Cash Equivalents | 296,047 | 224,184 | 272,485 | 350,822 | 378,905 | ||||||||||
| Investment Securities Available for Sale | 522,734 | 500,139 | 485,848 | 462,444 | 451,028 | ||||||||||
| Investment Securities Held to Maturity | 177,365 | 189,928 | 204,474 | 187,079 | 187,892 | ||||||||||
| Total Investment Securities | 700,099 | 690,067 | 690,322 | 649,523 | 638,920 | ||||||||||
| Loans Held for Sale | 10,886 | 10,510 | 12,046 | 10,475 | 11,632 | ||||||||||
| Loans, Net of Unearned Interest | |||||||||||||||
| Commercial, Financial, & Agricultural | 216,404 | 223,278 | 207,105 | 183,681 | 179,816 | ||||||||||
| Real Estate - Construction | 58,443 | 54,107 | 46,930 | 42,538 | 46,484 | ||||||||||
| Real Estate - Commercial | 503,978 | 497,775 | 485,329 | 503,259 | 499,813 | ||||||||||
| Real Estate - Residential | 272,895 | 276,193 | 280,015 | 285,772 | 285,748 | ||||||||||
| Real Estate - Home Equity | 236,512 | 235,433 | 235,394 | 234,128 | 233,901 | ||||||||||
| Consumer | 262,735 | 258,173 | 252,347 | 245,197 | 240,434 | ||||||||||
| Other Loans | 8,614 | 10,875 | 11,177 | 10,297 | 4,837 | ||||||||||
| Overdrafts | 1,708 | 1,678 | 2,177 | 1,963 | 1,242 | ||||||||||
| Total Loans, Net of Unearned Interest | 1,561,289 | 1,557,512 | 1,520,474 | 1,506,835 | 1,492,275 | ||||||||||
| Allowance for Loan Losses | (13,431 | ) | (13,744 | ) | (13,677 | ) | (13,613 | ) | (13,953 | ) | |||||
| Loans, Net | 1,547,858 | 1,543,768 | 1,506,797 | 1,493,222 | 1,478,322 | ||||||||||
| Premises and Equipment, Net | 95,476 | 96,499 | 97,313 | 98,029 | 98,819 | ||||||||||
| Goodwill | 84,811 | 84,811 | 84,811 | 84,811 | 84,811 | ||||||||||
| Other Real Estate Owned | 10,638 | 12,738 | 14,622 | 17,450 | 19,290 | ||||||||||
| Other Assets | 99,382 | 90,577 | 89,240 | 87,854 | 87,161 | ||||||||||
| Total Other Assets | 290,307 | 284,625 | 285,986 | 288,144 | 290,081 | ||||||||||
| Total Assets | $ | 2,845,197 | $ | 2,753,154 | $ | 2,767,636 | $ | 2,792,186 | $ | 2,797,860 | |||||
| LIABILITIES | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest Bearing Deposits | $ | 791,182 | $ | 801,671 | $ | 798,219 | $ | 790,040 | $ | 758,283 | |||||
| NOW Accounts | 904,014 | 793,363 | 804,263 | 786,432 | 848,330 | ||||||||||
| Money Market Accounts | 252,800 | 257,004 | 259,813 | 254,682 | 248,367 | ||||||||||
| Regular Savings Accounts | 304,680 | 298,682 | 294,432 | 286,807 | 269,162 | ||||||||||
| Certificates of Deposit | 159,610 | 164,387 | 168,079 | 173,447 | 178,707 | ||||||||||
| Total Deposits | 2,412,286 | 2,315,107 | 2,324,806 | 2,291,408 | 2,302,849 | ||||||||||
| Short-Term Borrowings | 12,749 | 12,113 | 9,609 | 62,922 | 61,058 | ||||||||||
| Subordinated Notes Payable | 52,887 | 52,887 | 52,887 | 62,887 | 62,887 | ||||||||||
| Other Long-Term Borrowings | 14,881 | 21,368 | 26,401 | 27,062 | 28,265 | ||||||||||
| Other Liabilities | 77,226 | 75,055 | 79,109 | 71,074 | 68,449 | ||||||||||
| Total Liabilities | 2,570,029 | 2,476,530 | 2,492,812 | 2,515,353 | 2,523,508 | ||||||||||
| SHAREOWNERS' EQUITY | |||||||||||||||
| Common Stock | 168 | 168 | 168 | 172 | 172 | ||||||||||
| Additional Paid-In Capital | 34,188 | 33,152 | 32,855 | 38,671 | 38,256 | ||||||||||
| Retained Earnings | 267,037 | 264,581 | 262,380 | 259,139 | 258,181 | ||||||||||
| Accumulated Other Comprehensive Loss, Net of Tax | (26,225 | ) | (21,277 | ) | (20,579 | ) | (21,149 | ) | (22,257 | ) | |||||
| Total Shareowners' Equity | 275,168 | 276,624 | 274,824 | 276,833 | 274,352 | ||||||||||
| Total Liabilities and Shareowners' Equity | $ | 2,845,197 | $ | 2,753,154 | $ | 2,767,636 | $ | 2,792,186 | $ | 2,797,860 | |||||
| OTHER BALANCE SHEET DATA | |||||||||||||||
| Earning Assets | $ | 2,520,053 | $ | 2,402,664 | $ | 2,443,561 | $ | 2,471,741 | $ | 2,470,445 | |||||
| Interest Bearing Liabilities | 1,701,621 | 1,599,804 | 1,615,484 | 1,654,239 | 1,696,776 | ||||||||||
| Book Value Per Diluted Share | $ | 16.23 | $ | 16.39 | $ | 16.31 | $ | 16.04 | $ | 15.93 | |||||
| Tangible Book Value Per Diluted Share(1) | 11.23 | 11.37 | 11.27 | 11.13 | 11.00 | ||||||||||
| Actual Basic Shares Outstanding | 16,845 | 16,807 | 16,804 | 17,222 | 17,157 | ||||||||||
| Actual Diluted Shares Outstanding | 16,949 | 16,874 | 16,855 | 17,254 | 17,226 | ||||||||||
| (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to page 4. | |||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
| Unaudited | |||||||||||||||
| Twelve Months Ended | |||||||||||||||
| 2016 | 2015 | December 31, | |||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | ||||||||
| INTEREST INCOME | |||||||||||||||
| Interest and Fees on Loans | $ | 18,671 | $ | 18,046 | $ | 18,105 | $ | 18,045 | $ | 18,861 | $ | 72,867 | $ | 73,169 | |
| Investment Securities | 1,949 | 1,846 | 1,751 | 1,637 | 1,572 | 7,183 | 5,857 | ||||||||
| Funds Sold | 212 | 212 | 318 | 362 | 169 | 1,104 | 632 | ||||||||
| Total Interest Income | 20,832 | 20,104 | 20,174 | 20,044 | 20,602 | 81,154 | 79,658 | ||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 224 | 223 | 211 | 221 | 219 | 879 | 944 | ||||||||
| Short-Term Borrowings | 57 | 43 | 38 | 10 | 9 | 148 | 59 | ||||||||
| Subordinated Notes Payable | 363 | 341 | 343 | 387 | 354 | 1,434 | 1,368 | ||||||||
| Other Long-Term Borrowings | 129 | 177 | 206 | 216 | 226 | 728 | 936 | ||||||||
| Total Interest Expense | 773 | 784 | 798 | 834 | 808 | 3,189 | 3,307 | ||||||||
| Net Interest Income | 20,059 | 19,320 | 19,376 | 19,210 | 19,794 | 77,965 | 76,351 | ||||||||
| Provision for Loan Losses | 464 | - | (97 | ) | 452 | 513 | 819 | 1,594 | |||||||
| Net Interest Income after Provision for Loan Losses | 19,595 | 19,320 | 19,473 | 18,758 | 19,281 | 77,146 | 74,757 | ||||||||
| NONINTEREST INCOME | |||||||||||||||
| Deposit Fees | 5,238 | 5,373 | 5,321 | 5,400 | 5,664 | 21,332 | 22,608 | ||||||||
| Bank Card Fees | 2,754 | 2,759 | 2,855 | 2,853 | 2,866 | 11,221 | 11,278 | ||||||||
| Wealth Management Fees | 1,773 | 1,774 | 1,690 | 1,792 | 1,893 | 7,029 | 7,533 | ||||||||
| Mortgage Banking Fees | 1,392 | 1,503 | 1,267 | 1,030 | 1,043 | 5,192 | 4,539 | ||||||||
| Other | 1,621 | 1,602 | 4,082 | 1,602 | 1,755 | 8,907 | 8,133 | ||||||||
| Total Noninterest Income | 12,778 | 13,011 | 15,215 | 12,677 | 13,221 | 53,681 | 54,091 | ||||||||
| NONINTEREST EXPENSE | |||||||||||||||
| Compensation | 16,699 | 15,993 | 16,051 | 16,241 | 15,833 | 64,984 | 65,414 | ||||||||
| Occupancy, Net | 4,519 | 4,734 | 4,584 | 4,459 | 4,638 | 18,296 | 17,738 | ||||||||
| Other Real Estate, Net | 343 | 821 | 1,060 | 1,425 | 1,241 | 3,649 | 4,971 | ||||||||
| Other | 5,999 | 6,474 | 7,007 | 6,805 | 6,568 | 26,285 | 27,150 | ||||||||
| Total Noninterest Expense | 27,560 | 28,022 | 28,702 | 28,930 | 28,280 | 113,214 | 115,273 | ||||||||
| OPERATING PROFIT | 4,813 | 4,309 | 5,986 | 2,505 | 4,222 | 17,613 | 13,575 | ||||||||
| Income Tax Expense | 1,517 | 1,436 | 2,056 | 858 | 1,620 | 5,867 | 4,459 | ||||||||
| NET INCOME | $ | 3,296 | $ | 2,873 | $ | 3,930 | $ | 1,647 | $ | 2,602 | $ | 11,746 | $ | 9,116 | |
| PER SHARE DATA | |||||||||||||||
| Basic Net Income | $ | 0.20 | $ | 0.17 | $ | 0.22 | $ | 0.10 | $ | 0.16 | $ | 0.69 | $ | 0.53 | |
| Diluted Net Income | 0.20 | 0.17 | 0.22 | 0.10 | 0.16 | 0.69 | 0.53 | ||||||||
| Cash Dividend | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.17 | $ | 0.13 | |
| AVERAGE SHARES | |||||||||||||||
| Basic | 16,809 | 16,804 | 17,144 | 17,202 | 17,145 | 16,989 | 17,273 | ||||||||
| Diluted | 16,913 | 16,871 | 17,196 | 17,235 | 17,214 | 17,061 | 17,318 | ||||||||
| CAPITAL CITY BANK GROUP, INC. | |||||||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||
| AND RISK ELEMENT ASSETS | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||
| 2016 | 2015 | December 31, | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | ||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||
| Balance at Beginning of Period | $ | 13,744 | $ | 13,677 | $ | 13,613 | $ | 13,953 | $ | 14,737 | $ | 13,953 | $ | 17,539 | |||||||
| Provision for Loan Losses | 464 | - | (97 | ) | 452 | 513 | 819 | 1,594 | |||||||||||||
| Net Charge-Offs (Recoveries) | 777 | (67 | ) | (161 | ) | 792 | 1,297 | 1,341 | 5,180 | ||||||||||||
| Balance at End of Period | $ | 13,431 | $ | 13,744 | $ | 13,677 | $ | 13,613 | $ | 13,953 | $ | 13,431 | $ | 13,953 | |||||||
| As a % of Loans | 0.86 | % | 0.88 | % | 0.89 | % | 0.90 | % | 0.93 | % | 0.86 | % | 0.93 | % | |||||||
| As a % of Nonperforming Loans | 157.40 | % | 159.56 | % | 166.50 | % | 150.44 | % | 135.40 | % | 157.40 | % | 135.40 | % | |||||||
| CHARGE-OFFS | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 377 | $ | 143 | $ | 304 | $ | 37 | $ | 135 | $ | 861 | $ | 1,029 | |||||||
| Real Estate - Construction | - | - | - | - | - | - | - | ||||||||||||||
| Real Estate - Commercial | 70 | 5 | - | 274 | 87 | 349 | 1,250 | ||||||||||||||
| Real Estate - Residential | 120 | 96 | 205 | 478 | 587 | 899 | 1,852 | ||||||||||||||
| Real Estate - Home Equity | 38 | 51 | 146 | 215 | 397 | 450 | 1,403 | ||||||||||||||
| Consumer | 771 | 479 | 438 | 439 | 656 | 2,127 | 1,901 | ||||||||||||||
| Total Charge-Offs | $ | 1,376 | $ | 774 | $ | 1,093 | $ | 1,443 | $ | 1,862 | $ | 4,686 | $ | 7,435 | |||||||
| RECOVERIES | |||||||||||||||||||||
| Commercial, Financial and Agricultural | $ | 50 | $ | 199 | $ | 49 | $ | 39 | $ | 57 | $ | 337 | $ | 239 | |||||||
| Real Estate - Construction | - | - | - | - | - | - | - | ||||||||||||||
| Real Estate - Commercial | 45 | 45 | 237 | 81 | 13 | 408 | 183 | ||||||||||||||
| Real Estate - Residential | 277 | 139 | 579 | 236 | 264 | 1,231 | 705 | ||||||||||||||
| Real Estate - Home Equity | 32 | 237 | 81 | 59 | 37 | 409 | 136 | ||||||||||||||
| Consumer | 195 | 221 | 308 | 236 | 194 | 960 | 992 | ||||||||||||||
| Total Recoveries | $ | 599 | $ | 841 | $ | 1,254 | $ | 651 | $ | 565 | $ | 3,345 | $ | 2,255 | |||||||
| NET CHARGE-OFFS (RECOVERIES) | $ | 777 | $ | (67 | ) | $ | (161 | ) | $ | 792 | $ | 1,297 | $ | 1,341 | $ | 5,180 | |||||
| Net Charge-Offs as a % of Average Loans (1) | 0.20 | % | (0.02 | )% | (0.04 | )% | 0.21 | % | 0.34 | % | 0.09 | % | 0.35 | % | |||||||
| RISK ELEMENT ASSETS | |||||||||||||||||||||
| Nonaccruing Loans | $ | 8,533 | $ | 8,614 | $ | 8,214 | $ | 9,049 | $ | 10,305 | |||||||||||
| Other Real Estate Owned | 10,638 | 12,738 | 14,622 | 17,450 | 19,290 | ||||||||||||||||
| Total Nonperforming Assets | $ | 19,171 | $ | 21,352 | $ | 22,836 | $ | 26,499 | $ | 29,595 | |||||||||||
| Past Due Loans 30-89 Days | $ | 6,438 | $ | 5,667 | $ | 3,872 | $ | 3,599 | $ | 5,775 | |||||||||||
| Past Due Loans 90 Days or More | - | - | - | - | - | ||||||||||||||||
| Classified Loans | 41,507 | 43,228 | 45,058 | 49,780 | 53,551 | ||||||||||||||||
| Performing Troubled Debt Restructuring's | $ | 38,233 | $ | 35,046 | $ | 35,526 | $ | 36,700 | $ | 35,634 | |||||||||||
| Nonperforming Loans as a % of Loans | 0.54 | % | 0.55 | % | 0.54 | % | 0.60 | % | 0.69 | % | |||||||||||
| Nonperforming Assets as a % of | |||||||||||||||||||||
| Loans and Other Real Estate | 1.21 | % | 1.35 | % | 1.48 | % | 1.73 | % | 1.94 | % | |||||||||||
| Nonperforming Assets as a % of Total Assets | 0.67 | % | 0.78 | % | 0.83 | % | 0.95 | % | 1.06 | % | |||||||||||
| (1) Annualized | |||||||||||||||||||||
| CAPITAL CITY BANK GROUP, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AVERAGE BALANCE AND INTEREST RATES(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fourth Quarter 2016 | Third Quarter 2016 | Second Quarter 2016 | First Quarter 2016 | Fourth Quarter 2015 | Dec 2016 YTD | Dec 2015 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, Net of Unearned Interest | $ | 1,573,264 | 18,827 | 4.76 | % | $ | 1,555,889 | 18,216 | 4.66 | % | $ | 1,531,777 | 18,233 | 4.79 | % | $ | 1,507,508 | 18,141 | 4.84 | % | $ | 1,492,521 | 18,952 | 5.04 | % | $ | 1,542,232 | 73,417 | 4.76 | % | $ | 1,474,833 | 73,436 | 4.98 | % | |||||||||||||||||||||
| Investment Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable Investment Securities | 614,560 | 1,726 | 1.12 | 606,606 | 1,632 | 1.07 | 571,343 | 1,539 | 1.08 | 552,092 | 1,420 | 1.03 | 544,542 | 1,365 | 0.99 | 586,284 | 6,317 | 1.08 | 530,297 | 5,223 | 0.98 | |||||||||||||||||||||||||||||||||||
| Tax-Exempt Investment Securities | 90,046 | 343 | 1.52 | 89,241 | 327 | 1.47 | 90,030 | 325 | 1.44 | 94,951 | 332 | 1.40 | 93,838 | 328 | 1.40 | 91,059 | 1,327 | 1.46 | 81,748 | 1,005 | 1.23 | |||||||||||||||||||||||||||||||||||
| Total Investment Securities | 704,606 | 2,069 | 1.17 | 695,847 | 1,959 | 1.12 | 661,373 | 1,864 | 1.13 | 647,043 | 1,752 | 1.09 | 638,380 | 1,693 | 1.05 | 677,343 | 7,644 | 1.13 | 612,045 | 6,228 | 1.02 | |||||||||||||||||||||||||||||||||||
| Funds Sold | 145,518 | 212 | 0.58 | 166,207 | 212 | 0.51 | 254,627 | 318 | 0.50 | 286,167 | 362 | 0.51 | 222,828 | 169 | 0.30 | 212,817 | 1,104 | 0.52 | 237,976 | 632 | 0.27 | |||||||||||||||||||||||||||||||||||
| Total Earning Assets | 2,423,388 | $ | 21,108 | 3.47 | % | 2,417,943 | $ | 20,387 | 3.35 | % | 2,447,777 | $ | 20,415 | 3.35 | % | 2,440,718 | $ | 20,255 | 3.34 | % | 2,353,729 | $ | 20,814 | 3.51 | % | 2,432,392 | $ | 82,165 | 3.38 | % | 2,324,854 | $ | 80,296 | 3.45 | % | |||||||||||||||||||||
| Cash and Due From Banks | 50,207 | 45,139 | 46,605 | 47,834 | 45,875 | 47,447 | 48,195 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Loan Losses | (14,017 | ) | (14,052 | ) | (14,254 | ) | (13,999 | ) | (14,726 | ) | (14,080 | ) | (15,876 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 283,885 | 285,435 | 287,726 | 289,193 | 293,336 | 286,550 | 302,144 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 2,743,463 | $ | 2,734,465 | $ | 2,767,854 | $ | 2,763,746 | $ | 2,678,214 | $ | 2,752,309 | $ | 2,659,317 | ||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW Accounts | $ | 782,518 | $ | 78 | 0.04 | % | $ | 774,899 | $ | 78 | 0.04 | % | $ | 762,667 | $ | 67 | 0.04 | % | $ | 798,996 | $ | 69 | 0.03 | % | $ | 725,538 | $ | 62 | 0.03 | % | $ | 779,764 | $ | 292 | 0.04 | % | $ | 747,297 | $ | 254 | 0.03 | % | ||||||||||||||
| Money Market Accounts | 257,398 | 31 | 0.05 | 258,183 | 30 | 0.05 | 257,000 | 30 | 0.05 | 252,446 | 29 | 0.05 | 259,091 | 30 | 0.05 | 256,265 | 120 | 0.05 | 257,920 | 134 | 0.05 | |||||||||||||||||||||||||||||||||||
| Savings Accounts | 303,006 | 37 | 0.05 | 297,172 | 37 | 0.05 | 291,210 | 36 | 0.05 | 277,745 | 34 | 0.05 | 266,468 | 33 | 0.05 | 292,326 | 144 | 0.05 | 255,397 | 126 | 0.05 | |||||||||||||||||||||||||||||||||||
| Time Deposits | 161,859 | 78 | 0.19 | 165,324 | 78 | 0.19 | 170,837 | 78 | 0.19 | 177,057 | 89 | 0.20 | 180,124 | 94 | 0.21 | 168,741 | 323 | 0.19 | 186,944 | 430 | 0.23 | |||||||||||||||||||||||||||||||||||
| Total Interest Bearing Deposits | 1,504,781 | 224 | 0.06 | % | 1,495,578 | 223 | 0.06 | % | 1,481,714 | - | 211 | 0.06 | % | 1,506,244 | - | 221 | 0.06 | % | 1,431,221 | 219 | 0.06 | % | 1,497,096 | 879 | 0.06 | % | 1,447,558 | 944 | 0.07 | % | ||||||||||||||||||||||||||
| Short-Term Borrowings | 14,768 | 57 | 1.54 | % | 12,162 | 43 | 1.39 | % | 53,691 | 38 | 0.28 | % | 66,938 | 10 | 0.06 | % | 68,093 | 9 | 0.06 | % | 36,762 | 148 | 0.40 | % | 58,481 | 59 | 0.10 | % | ||||||||||||||||||||||||||||
| Subordinated Notes Payable | 52,887 | 363 | 2.68 | 52,887 | 341 | 2.52 | 54,316 | 343 | 2.50 | 62,887 | 387 | 2.43 | 62,887 | 354 | 2.20 | 55,729 | 1,434 | 2.53 | 62,887 | 1,368 | 2.14 | |||||||||||||||||||||||||||||||||||
| Other Long-Term Borrowings | 17,473 | 129 | 2.93 | 23,629 | 177 | 2.98 | 26,721 | 206 | 3.11 | 27,769 | 216 | 3.12 | 28,618 | 226 | 3.14 | 23,880 | 728 | 3.05 | 29,698 | 936 | 3.15 | |||||||||||||||||||||||||||||||||||
| Total Interest Bearing Liabilities | 1,589,909 | $ | 773 | 0.20 | % | 1,584,256 | $ | 784 | 0.20 | % | 1,616,442 | $ | 798 | 0.20 | % | 1,663,838 | $ | 834 | 0.20 | % | 1,590,819 | $ | 808 | 0.20 | % | 1,613,467 | $ | 3,189 | 0.20 | % | 1,598,624 | $ | 3,307 | 0.21 | % | |||||||||||||||||||||
| Noninterest Bearing Deposits | 802,136 | 793,163 | 794,839 | 752,356 | 743,497 | 785,689 | 715,883 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 72,475 | 79,639 | 77,041 | 70,088 | 68,005 | 74,818 | 69,666 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 2,464,520 | 2,457,058 | 2,488,322 | 2,486,282 | 2,402,321 | 2,473,974 | 2,384,173 | |||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREOWNERS' EQUITY: | 278,943 | 277,407 | 279,532 | 277,464 | 275,893 | 278,335 | 275,144 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities and Shareowners' Equity | $ | 2,743,463 | $ | 2,734,465 | $ | 2,767,854 | $ | 2,763,746 | $ | 2,678,214 | $ | 2,752,309 | $ | 2,659,317 | ||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Spread | $ | 20,335 | 3.27 | % | $ | 19,603 | 3.15 | % | $ | 19,617 | 3.15 | % | $ | 19,421 | 3.14 | % | $ | 20,006 | 3.31 | % | $ | 78,976 | 3.18 | % | $ | 76,989 | 3.25 | % | ||||||||||||||||||||||||||||
| Interest Income and Rate Earned(1) | 21,108 | 3.47 | 20,387 | 3.35 | 20,415 | 3.35 | 20,255 | 3.34 | 20,814 | 3.51 | 82,165 | 3.38 | 80,296 | 3.45 | ||||||||||||||||||||||||||||||||||||||||||
| Interest Expense and Rate Paid(2) | 773 | 0.13 | 784 | 0.13 | 798 | 0.13 | 834 | 0.14 | 808 | 0.14 | 3,189 | 0.13 | 3,307 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||
| Net Interest Margin | $ | 20,335 | 3.34 | % | $ | 19,603 | 3.23 | % | $ | 19,617 | 3.22 | % | $ | 19,421 | 3.20 | % | $ | 20,006 | 3.37 | % | $ | 78,976 | 3.25 | % | $ | 76,989 | 3.31 | % | ||||||||||||||||||||||||||||
| (1) Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Rate calculated based on average earning assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||