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| 8-K - 8K 09-30-2011 - CAPITAL CITY BANK GROUP INC | form8k_093011.htm |
Capital City Bank Group, Inc.
Reports Third Quarter 2011 Results
TALLAHASSEE, Fla. (October 25, 2011) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income for the third quarter of 2011 totaling $2.0 million, or $0.12 per diluted share, compared to $2.1 million, or $0.12 per diluted share for the second quarter of 2011, and $0.4 million, or $0.02 per diluted share, for the third quarter of 2010. Net income for the nine month period ended September 30, 2011 was $5.4 million, or $0.32 per diluted share, compared to a net loss of $2.3 million, or $0.14 per diluted share for the same period in 2010.
Compared to the second quarter of 2011, third quarter 2011 earnings reflect lower operating revenues of $0.6 million and a $0.2 million increase in the loan loss provision, partially offset by a $0.5 million decline in noninterest expense and lower income tax expense of $0.1 million. A $1.9 million decline in the loan loss provision and a $1.7 million reduction in noninterest expense partially offset by lower operating revenues of $0.9 million and higher income taxes of $1.1 million drove the improvement in earnings compared to the third quarter of 2010.
The increase in earnings for the nine month period ended September 30, 2011 is attributable to an $8.6 million reduction in the loan loss provision and lower noninterest expense of $5.2 million, partially offset by a $0.8 million decline in operating revenues and higher income taxes of $5.2 million. 2011 performance also reflects the sale of our Visa Class B shares of stock during the first quarter which resulted in a $2.6 million net gain ($3.2 million pre-tax included in noninterest income and a swap liability of $0.6 million included in noninterest expense).
“Although we are still facing a challenging operating environment, I am pleased with our progress,” said William G. Smith, Jr., Chairman, President and Chief Executive Officer. “Market disruption continues to present opportunities and strengthen the Capital City brand. Profit in the third quarter of $2.0 million, or $0.12 per share represents our sixth consecutive quarter of profitability. Highlights from the quarter include lower nonperforming assets, declining credit costs, a strong net interest margin and lower operating expenses. While the economy remains sluggish and revenue growth continues to be a challenge, I am pleased with our third quarter performance” said Smith.
The Return on Average Assets was 0.31% and the Return on Average Equity was 2.97% for the third quarter of 2011. These metrics were 0.33% and 3.28% for the second quarter of 2011, and 0.06% and 0.60% for the third quarter of 2010, respectively.
For the nine month period ended September 30, 2011, the Return on Average Assets was 0.28% and the Return on Average Equity was 2.77% compared to -0.12% and -1.17%, respectively, for the same period of 2010.
Discussion of Financial Condition
Average earning assets were $2.203 billion for the third quarter of 2011, a decrease of $56.0 million, or 2.5% from the second quarter of 2011 and an increase of $15.1 million, or 0.7%, from the fourth quarter of 2010. The lower level of earning assets over the second quarter of 2011 was a result of a decline in the loan portfolio of $36.6 million, short-term investments of $17.4 million and the investment portfolio of $2.0 million. Compared to the fourth quarter of 2010, average overnight funds were higher by $59.0 million, the investment portfolio increased $41.1 million and loans declined $115.2 million, partially attributable to the resolution of problem loans during 2011.
Average loans continued to decline throughout the portfolio, driven primarily by a reduction in the commercial real estate, residential and commercial loan categories. The loan portfolio is impacted by weak loan demand attributable to the lack of consumer confidence and a sluggish economy. In addition to lower production, normal amortization, payoffs and the resolution of problem loans (which has the effect of lowering the loan portfolio as loans are either charged off or transferred to the other real estate owned (“OREO”) category), contributed to the overall decline. During the third quarter, problem loan resolutions accounted for $13.5 million or 45% of the net reduction in total loans of $29.9 million from the second quarter 2011. Problem loan resolutions accounted for $44.5 million, or 44%, of the net reduction in loans of $101.0 million from the fourth quarter of 20101.
1 The problem loan resolutions and reductions in portfolio balances stated in this paragraph are based on “as of" balances, not averages.
Nonperforming assets (including nonaccrual loans, restructured loans (“TDRs”), and OREO) totaled $143.0 million at the end of the third quarter of 2011, a decrease of $2.7 million from the second quarter of 2011 and a decrease of $2.3 million from the fourth quarter of 2010. Nonaccrual loans decreased $7.7 million from the second quarter of 2011 to $53.4 million, primarily reflecting migration of loans into the restructured loan category and the transfer of loans to OREO. Nonaccrual loan inflow for the third quarter of 2011 was comparable to the second quarter of 2011.
Compared to the fourth quarter of 2010, nonaccrual loans declined by $12.3 million reflecting the movement of loans to the OREO category and, to a lesser extent, migration to the restructured loan category. TDR's totaled $28.4 million at the end of the third quarter, a $4.8 million increase over the second quarter of 2011 and a $6.8 million increase over the fourth quarter of 2010. The balance of OREO totaled $61.2 million at the end of the third quarter, a slight increase of $0.2 million from the second quarter of 2011. For 2011, we have realized a slower pace of loan defaults, momentum in working loans through the collection cycle, and progress in our property disposition efforts, which has contributed to the overall improvement in our nonperforming asset portfolio. So far in 2011, we have sold OREO properties totaling $25.2 million, which compares to $18.0 million for the full year 2010. Nonperforming assets represented 5.67% of total assets at September 30, 2011 compared to 5.60% at June 30, 2011 and 5.54% at December 31, 2010.
Average total deposits were $2.061 billion for the third quarter, a decrease of $45.4 million, or 2.2%, from the second quarter of 2011 and $53.9 million, or 2.6%, from the fourth quarter of 2010. Deposits decreased in both periods driven primarily by a reduction in certificates of deposit. Additionally, a decrease resulting from existing clients moving from our Guaranteed Now Account product to repurchase agreements occurred late in the fourth quarter of 2010 as further discussed below. Public funds balances increased as anticipated from the fourth quarter of 2010, but have declined from the second quarter level, which reflects the seasonality within this deposit category. Noninterest bearing demand and savings accounts experienced a slight increase in both periods, partially offsetting the above mentioned decline.
As a result of changes in the FDIC’s Temporary Liquidity Guarantee Program, our government guaranteed NOW product was discontinued during the fourth quarter. As of December 31, 2010, approximately $95 million in balances from this product remained in the NOW category, $95 million migrated to the noninterest bearing DDA category, and $60 million moved into repurchase agreements.
We continue to pursue prudent pricing discipline to manage the mix of our deposits. Therefore, we are not attempting to compete with higher rate paying competitors for deposits. We continue to experience a favorable shift in the mix of our deposits as higher cost certificates of deposit balances are replaced with lower rate nonmaturity deposits and noninterest bearing demand accounts.
We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $231.7 million during the third quarter of 2011 compared to an average overnight funds sold position of $249.1 million in the linked quarter and $164.9 million in the fourth quarter of 2010. The lower balance when compared to the linked quarter primarily reflects declining deposits mentioned above and lower levels of short-term borrowings, partially offset by a decrease in the loan portfolio. The variance as compared to the fourth quarter of 2010 is primarily attributable to a net reduction in loans and an increase in repurchase agreements, partially offset by a decline in deposits and the deployment of funds to the investment portfolio.
Equity capital was $260.9 million as of September 30, 2011, compared to $260.5 million as of June 30, 2011 and $259.0 million as of December 31, 2010. Our leverage ratio was 10.20%, 9.95%, and 10.10%, respectively, for these periods. Further, our risk-adjusted capital ratio of 15.41% at September 30, 2011 exceeds the 10.0% threshold to be designated as “well-capitalized” under the risk-based regulatory guidelines. At September 30, 2011, our tangible common equity ratio was 7.19%, compared to 6.96% at June 30, 2011 and 6.82% at December 31, 2010.
Discussion of Operating Results
Tax equivalent net interest income for the third quarter of 2011 was $23.3 million compared to $23.7 million for the second quarter of 2011 and $25.1 million for the third quarter of 2010. For the nine month period ended September 30, 2011, tax equivalent net interest income totaled $70.3 million compared to $74.3 million for the same period in 2010.
The decrease of $0.4 million in tax equivalent net interest income from the second quarter of 2011 was due to lower loan balances, declining loan fees and lower earning asset yields, partially offset by a reduction in the costs of funds, an additional calendar day and a lower level of foregone interest on nonaccrual loans.
The decrease in tax equivalent net interest income of $1.8 million and $4.0 million, for the three and nine month periods ended September 30, 2011, respectively, as compared to the same periods in 2010, resulted from an unfavorable change in earning asset mix and yield, partially offset by a reduction in interest expense and a lower level of foregone interest on nonaccrual loans.
The decline in loans, coupled with the low rate environment continues to put pressure on our net interest income. Lowering our costs of funds, to the extent we can and continuing to shift the mix of our deposits will help to partially mitigate the unfavorable impact of weak loan demand and re-pricing.
The net interest margin in the third quarter of 2011 was 4.20%, a decrease of one basis point over the linked quarter and a decline of 18 basis points from the third quarter of 2010. Year over year, for the nine month period, the margin declined 11 basis points to 4.18%. The decrease in the margin for all comparable periods is attributable to the shift in our earning asset mix and unfavorable asset re-pricing, partially offset by a favorable variance in our average cost of funds.
The provision for loan losses for the third quarter of 2011 was $3.7 million compared to $3.5 million in the second quarter of 2011 and $5.7 million for the third quarter of 2010. For the nine month period ended September 30, 2011, the loan loss provision totaled $11.4 million compared to $20.0 million for the same period in 2010. This change was driven by a reduction in impaired loans and related reserves as well as a lower general reserve, which is primarily reflective of a 14% reduction in the level of internally classified loans, and lower loss rates. Net charge-offs for the third quarter of 2011 totaled $5.1 million, or 1.22%, of average loans compared to $6.3 million, or 1.49% for the second quarter of 2011 and $6.4 million, or 1.40%, in the third quarter of 2010. For the nine month period ended September 30, 2011, net charge-offs totaled $17.2 million, or 1.35%, of average loans compared to $26.3 million, or 1.91%, for the same period of 2010. At quarter-end, the allowance for loan losses of $29.7 million was 1.79% of outstanding loans (net of overdrafts) and provided coverage of 36% of nonperforming loans compared to 1.84% and 37%, respectively, at June 30, 2011, and 2.01% and 41%, respectively, at December 31, 2010.
Noninterest income for the third quarter of 2011 totaled $14.2 million, a decrease of $0.3 million, or 1.8%, from the second quarter of 2011 and an increase of $0.7 million, or 5.5%, over the third quarter of 2010. A $0.5 million reduction in other income drove the decline from the second quarter of 2011 and reflects a lower level of gains from the sale of ORE properties. Partially offsetting the lower level of other income was a $0.3 million increase in deposit fees. The favorable variance compared to the third quarter of 2010 was primarily due to a higher deposit and bank card fees of $0.2 million and $0.3 million, respectively. For the nine month period ended September 30, 2011, noninterest income totaled $45.0 million, an increase of $2.9 million, or 6.8%, from the same period in 2010. The increase reflects a $3.3 million increase in other income reflective of a $3.2 million pre-tax gain from the sale of our Class B shares of Visa stock during the first quarter of 2011, and a $1.0 million increase in gains from the sale of OREO properties, partially offset by a $1.1 million decline in merchant fees. Increases in retail brokerage and bank card fees of $0.4 million and $0.8 million, respectively, also contributed to the increase for the year. Partially offsetting these favorable variances was a $1.1 million reduction in deposit fees reflective of a lower level of overdraft fees due to reduced activity as well as the implementation of new rules under Regulation E. The aforementioned reduction in merchant fees reflects the transfer of our merchant processing business to another processor, which was completed in August 2010. This decline is substantially offset by a reduction in processing costs, which is reflected as interchange fees in noninterest expense.
Noninterest expense for the third quarter of 2011 totaled $30.6 million, a decrease of $0.5 million from the second quarter of 2011 and $1.7 million from the third quarter of 2010. The decline from the second quarter of 2011 was primarily due to a $0.5 million reduction in OREO expense reflective of both a reduction in valuation adjustments and losses from the sale of properties. Compared to the third quarter of 2010, the favorable variance was due to lower OREO expense of $0.8 million, intangible amortization expense of $0.6 million, occupancy expense of $0.3 million, and other expense of $0.9 million, partially offset by higher salaries/associate benefit expense of $0.8 million. The lower level of OREO expense primarily reflects a reduction in the level of losses recognized on the sale of OREO. Intangible amortization expense declined due to the full amortization of core deposit intangibles related to several past acquisitions. Occupancy expense declined due to lower lease expense for two banking offices that have been relocated to newly constructed offices as well as lower expense for furniture/equipment, reflecting the full depreciation of our imaging system components. The $0.9 million decline in other expense was primarily due to lower FDIC insurance expense of $0.5 million and professional fees of $0.2 million. FDIC insurance expense declined due to a lower rate reflecting recent changes to the FDIC premium structure. Professional fees declined due to reduction in consulting fees related to a review of our vendor contracts. The increase in salaries/associate benefit expense primarily reflects a higher level of performance incentive expense and associate salaries reflective of third quarter, 2011 merit raises.
For the nine month period ended September 30, 2011, noninterest expense totaled $95.1 million, a $5.2 million decline from the same period of 2010 attributable to lower occupancy expense of $0.3 million, furniture/equipment expense of $0.2 million, intangible amortization expense of $1.6 million, other real estate expense of $1.0 million, and a decline in other expense of $3.3 million. Partially offsetting the aforementioned favorable variances was a $1.0 million increase in salaries/associate benefit expense. Occupancy expense declined due to lower lease expense for two banking offices that have been relocated to newly constructed offices and the reduction in furniture/equipment expense reflects the full depreciation of several system components. Intangible amortization expense declined due to the full amortization of core deposit intangibles related to several past acquisitions. The lower level of OREO expense reflects both a reduction in valuation adjustments and a property carrying costs. The $3.3 million reduction in other expense primarily reflects a reduction in FDIC insurance expense of $1.3 million, interchange fees of $0.9 million, professional fees of $0.5 million, advertising expense of $0.2 million, and telephone expense of $0.2 million. The reduction in FDIC insurance expense reflects a lower rate due to recent changes to the FDIC premium structure. Lower interchange fees are attributable to the sale of our merchant processing business as noted above in our discussion of noninterest income. Professional fees declined due to lower consulting fees. The reduction in advertising fees reflects efficiencies gained in the promotion of our free checking products. Telephone expense declined primarily due to the renegotiation of contracts.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (“Company”) (NASDAQ: CCBG) is one of the largest publicly traded financial services companies headquartered in Florida and has approximately $2.5 billion in assets. The Company provides a full range of banking services, including traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bankcards, data processing and securities brokerage services. The Company's bank subsidiary, Capital City Bank, was founded in 1895 and now has 70 banking offices and 79 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: legislative or regulatory changes, including the Dodd-Frank Act; the strength of the U.S. economy and the local economies where the Company conducts operations; the accuracy of the Company’s financial statement estimates and assumptions, including the estimate for the Company’s loan loss provision; the frequency and magnitude of foreclosure of the Company’s loans; continued depression of the market value of the Company that could result in an impairment of goodwill; restrictions on our operations, including the inability to pay dividends without our regulators’ consent; the effects of the health and soundness of other financial institutions, including the FDIC’s need to increase Deposit Insurance Fund assessments; our ability to declare and pay dividends; 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; fluctuations in inflation, interest rates, or monetary policies; 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 impact on our net interest margin from the repeal of Regulation Q; negative publicity and the impact on our reputation; technological changes; the effects of security breaches and computer viruses that may affect the Company’s computer systems; changes in consumer spending and savings habits; the Company’s growth and profitability; changes in accounting; the Company’s ability to integrate acquisitions; 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, 2010, 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.
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CAPITAL CITY BANK GROUP, INC.
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CONSOLIDATED STATEMENT OF OPERATIONS
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Unaudited
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Three Months Ended
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Nine Months Ended
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(Dollars in thousands, except per share data)
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Sep 30, 2011
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June 30, 2011
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Sep 30, 2010
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Sep 30, 2011
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Sep 30, 2010
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EARNINGS
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Net Income (Loss)
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$ | 1,977 | $ | 2,145 | $ | 401 | $ | 5,432 | $ | (2,331 | ) | |||||||||
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Net Income (Loss) Per Common Share
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$ | 0.12 | $ | 0.12 | $ | 0.02 | $ | 0.32 | $ | (0.14 | ) | |||||||||
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PERFORMANCE
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Return on Average Equity
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2.97 | % | 3.28 | % | 0.60 | % | 2.77 | % | -1.17 | % | ||||||||||
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Return on Average Assets
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0.31 | % | 0.33 | % | 0.06 | % | 0.28 | % | -0.12 | % | ||||||||||
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Net Interest Margin
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4.20 | % | 4.21 | % | 4.38 | % | 4.18 | % | 4.29 | % | ||||||||||
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Noninterest Income as % of Operating Revenue
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38.14 | % | 38.13 | % | 35.17 | % | 39.38 | % | 36.52 | % | ||||||||||
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Efficiency Ratio
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81.40 | % | 81.41 | % | 82.08 | % | 82.07 | % | 84.39 | % | ||||||||||
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CAPITAL ADEQUACY
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Tier 1 Capital Ratio
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14.05 | % | 13.83 | % | 12.93 | % | 14.05 | % | 12.93 | % | ||||||||||
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Total Capital Ratio
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15.41 | % | 15.19 | % | 14.29 | % | 15.41 | % | 14.29 | % | ||||||||||
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Tangible Common Equity Ratio
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7.19 | % | 6.96 | % | 6.98 | % | 7.19 | % | 6.98 | % | ||||||||||
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Leverage Ratio
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10.20 | % | 9.95 | % | 9.75 | % | 10.20 | % | 9.75 | % | ||||||||||
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Equity to Assets
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10.34 | % | 10.02 | % | 10.10 | % | 10.34 | % | 10.10 | % | ||||||||||
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ASSET QUALITY
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Allowance as % of Non-Performing Loans
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36.26 | % | 36.71 | % | 39.94 | % | 36.26 | % | 39.94 | % | ||||||||||
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Allowance as a % of Loans
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1.79 | % | 1.84 | % | 2.10 | % | 1.79 | % | 2.10 | % | ||||||||||
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Net Charge-Offs as % of Average Loans
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1.22 | % | 1.49 | % | 1.40 | % | 1.35 | % | 1.91 | % | ||||||||||
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Nonperforming Assets as % of Loans and ORE
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8.32 | % | 8.33 | % | 7.86 | % | 8.32 | % | 7.86 | % | ||||||||||
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Nonperforming Assets as % of Total Assets
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5.67 | % | 5.60 | % | 5.65 | % | 5.67 | % | 5.65 | % | ||||||||||
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STOCK PERFORMANCE
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High
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$ | 11.18 | $ | 13.12 | $ | 14.24 | $ | 13.80 | $ | 18.25 | ||||||||||
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Low
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$ | 9.81 | $ | 9.94 | $ | 10.76 | $ | 9.81 | $ | 10.76 | ||||||||||
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Close
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$ | 10.38 | $ | 10.26 | $ | 12.14 | $ | 10.38 | $ | 12.14 | ||||||||||
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Average Daily Trading Volume
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43,483 | 29,716 | 29,747 | 31,783 | 34,489 | |||||||||||||||
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CAPITAL CITY BANK GROUP, INC.
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CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
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Unaudited
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2011
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2011
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2011
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2010
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2010
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(Dollars in thousands)
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Third Quarter
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Second Quarter
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First Quarter
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Fourth Quarter
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Third Quarter
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ASSETS:
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Cash and Due From Banks
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$ | 53,027 | $ | 71,554 | $ | 52,000 | $ | 35,410 | $ | 48,701 | ||||||||||
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Funds Sold and Interest Bearing Deposits
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193,387 | 223,183 | 271,375 | 200,783 | 193,415 | |||||||||||||||
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Total Cash and Cash Equivalents
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246,414 | 294,737 | 323,375 | 236,193 | 242,116 | |||||||||||||||
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Investment Securities, Available-for-Sale
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306,038 | 304,313 | 311,356 | 309,731 | 231,303 | |||||||||||||||
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Loans, Net of Unearned Interest
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Commercial, Financial, & Agricultural
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142,511 | 149,830 | 153,960 | 157,394 | 156,049 | |||||||||||||||
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Real Estate - Construction
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31,991 | 30,867 | 35,614 | 43,239 | 45,346 | |||||||||||||||
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Real Estate - Commercial
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644,128 | 660,058 | 668,583 | 671,702 | 680,639 | |||||||||||||||
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Real Estate - Residential
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388,686 | 395,126 | 404,204 | 420,604 | 448,704 | |||||||||||||||
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Real Estate - Home Equity
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245,438 | 248,228 | 248,745 | 251,565 | 250,795 | |||||||||||||||
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Consumer
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188,933 | 194,624 | 196,205 | 200,727 | 207,207 | |||||||||||||||
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Other Loans
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13,720 | 5,987 | 5,098 | 9,937 | 9,828 | |||||||||||||||
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Overdrafts
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2,292 | 2,882 | 2,385 | 3,503 | 2,669 | |||||||||||||||
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Total Loans, Net of Unearned Interest
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1,657,699 | 1,687,602 | 1,714,794 | 1,758,671 | 1,801,237 | |||||||||||||||
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Allowance for Loan Losses
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(29,658 | ) | (31,080 | ) | (33,873 | ) | (35,436 | ) | (37,720 | ) | ||||||||||
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Loans, Net
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1,628,041 | 1,656,522 | 1,680,921 | 1,723,235 | 1,763,517 | |||||||||||||||
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Premises and Equipment, Net
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111,471 | 112,576 | 113,918 | 115,356 | 115,689 | |||||||||||||||
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Intangible Assets
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85,591 | 85,699 | 85,806 | 86,159 | 86,712 | |||||||||||||||
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Other Real Estate Owned
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61,196 | 61,016 | 55,364 | 57,937 | 51,208 | |||||||||||||||
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Other Assets
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85,221 | 84,395 | 91,754 | 93,442 | 89,451 | |||||||||||||||
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Total Other Assets
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343,479 | 343,686 | 346,842 | 352,894 | 343,060 | |||||||||||||||
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Total Assets
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$ | 2,523,972 | $ | 2,599,258 | $ | 2,662,494 | $ | 2,622,053 | $ | 2,579,996 | ||||||||||
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LIABILITIES
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Deposits:
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Noninterest Bearing Deposits
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$ | 584,628 | $ | 568,813 | $ | 540,184 | $ | 546,257 | $ | 479,887 | ||||||||||
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NOW Accounts
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708,066 | 764,480 | 818,512 | 770,149 | 830,297 | |||||||||||||||
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Money Market Accounts
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280,001 | 283,230 | 288,224 | 275,416 | 282,848 | |||||||||||||||
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Regular Savings Accounts
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154,136 | 153,403 | 150,051 | 139,888 | 135,143 | |||||||||||||||
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Certificates of Deposit
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316,968 | 331,085 | 350,076 | 372,266 | 393,268 | |||||||||||||||
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Total Deposits
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2,043,798 | 2,101,011 | 2,147,047 | 2,103,976 | 2,121,443 | |||||||||||||||
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Short-Term Borrowings
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47,508 | 65,237 | 86,650 | 92,928 | 38,138 | |||||||||||||||
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Subordinated Notes Payable
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62,887 | 62,887 | 62,887 | 62,887 | 62,887 | |||||||||||||||
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Other Long-Term Borrowings
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45,389 | 49,196 | 50,050 | 50,101 | 46,456 | |||||||||||||||
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Other Liabilities
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63,465 | 60,383 | 56,582 | 53,142 | 50,383 | |||||||||||||||
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Total Liabilities
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2,263,047 | 2,338,714 | 2,403,216 | 2,363,034 | 2,319,307 | |||||||||||||||
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SHAREOWNERS' EQUITY
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Common Stock
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172 | 171 | 171 | 171 | 171 | |||||||||||||||
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Additional Paid-In Capital
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38,074 | 37,724 | 37,548 | 36,920 | 36,864 | |||||||||||||||
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Retained Earnings
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237,969 | 237,709 | 237,276 | 237,679 | 237,471 | |||||||||||||||
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Accumulated Other Comprehensive Loss, Net of Tax
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(15,290 | ) | (15,060 | ) | (15,717 | ) | (15,751 | ) | (13,817 | ) | ||||||||||
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Total Shareowners' Equity
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260,925 | 260,544 | 259,278 | 259,019 | 260,689 | |||||||||||||||
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Total Liabilities and Shareowners' Equity
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$ | 2,523,972 | $ | 2,599,258 | $ | 2,662,494 | $ | 2,622,053 | $ | 2,579,996 | ||||||||||
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OTHER BALANCE SHEET DATA
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Earning Assets
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$ | 2,157,124 | $ | 2,215,098 | $ | 2,297,525 | $ | 2,269,185 | $ | 2,225,955 | ||||||||||
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Intangible Assets
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Goodwill
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84,811 | 84,811 | 84,811 | 84,811 | 84,811 | |||||||||||||||
|
Core Deposits
|
318 | 378 | 437 | 742 | 1,248 | |||||||||||||||
|
Other
|
462 | 510 | 558 | 606 | 653 | |||||||||||||||
|
Interest Bearing Liabilities
|
1,614,954 | 1,709,518 | 1,806,450 | 1,763,635 | 1,789,037 | |||||||||||||||
|
Book Value Per Diluted Share
|
$ | 15.20 | $ | 15.20 | $ | 15.13 | $ | 15.15 | $ | 15.25 | ||||||||||
|
Tangible Book Value Per Diluted Share
|
10.21 | 10.21 | 10.13 | 10.11 | 10.18 | |||||||||||||||
|
Actual Basic Shares Outstanding
|
17,157 | 17,127 | 17,127 | 17,100 | 17,095 | |||||||||||||||
|
Actual Diluted Shares Outstanding
|
17,172 | 17,139 | 17,136 | 17,101 | 17,096 | |||||||||||||||
|
CAPITAL CITY BANK GROUP, INC.
|
||||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||||||||||||||
|
Unaudited
|
||||||||||||||||||||||||||||
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
2011
|
2011
|
2011
|
2010
|
2010
|
2011
|
2010
|
||||||||||||||||||||||
|
(Dollars in thousands, except per share data)
|
Third Quarter
|
Second Quarter
|
First Quarter
|
Fourth Quarter
|
Third Quarter
|
Third Quarter
|
Third Quarter
|
|||||||||||||||||||||
|
INTEREST INCOME
|
||||||||||||||||||||||||||||
|
Interest and Fees on Loans
|
$ | 23,777 | $ | 24,305 | $ | 23,947 | $ | 25,656 | $ | 26,418 | $ | 72,029 | $ | 80,054 | ||||||||||||||
|
Investment Securities
|
978 | 1,017 | 1,071 | 1,080 | 1,014 | 3,066 | 3,118 | |||||||||||||||||||||
|
Funds Sold
|
136 | 145 | 171 | 95 | 144 | 452 | 492 | |||||||||||||||||||||
|
Total Interest Income
|
24,891 | 25,467 | 25,189 | 26,831 | 27,576 | 75,547 | 83,664 | |||||||||||||||||||||
|
INTEREST EXPENSE
|
||||||||||||||||||||||||||||
|
Deposits
|
907 | 1,083 | 1,258 | 1,524 | 1,820 | 3,248 | 7,121 | |||||||||||||||||||||
|
Short-Term Borrowings
|
78 | 110 | 111 | 99 | 31 | 299 | 60 | |||||||||||||||||||||
|
Subordinated Notes Payable
|
339 | 343 | 340 | 342 | 376 | 1,022 | 1,666 | |||||||||||||||||||||
|
Other Long-Term Borrowings
|
467 | 492 | 494 | 508 | 565 | 1,453 | 1,642 | |||||||||||||||||||||
|
Total Interest Expense
|
1,791 | 2,028 | 2,203 | 2,473 | 2,792 | 6,022 | 10,489 | |||||||||||||||||||||
|
Net Interest Income
|
23,100 | 23,439 | 22,986 | 24,358 | 24,784 | 69,525 | 73,175 | |||||||||||||||||||||
|
Provision for Loan Losses
|
3,718 | 3,545 | 4,133 | 3,783 | 5,668 | 11,396 | 20,041 | |||||||||||||||||||||
|
Net Interest Income after Provision for Loan Losses
|
19,382 | 19,894 | 18,853 | 20,575 | 19,116 | 58,129 | 53,134 | |||||||||||||||||||||
|
NONINTEREST INCOME
|
||||||||||||||||||||||||||||
|
Service Charges on Deposit Accounts
|
6,629 | 6,309 | 5,983 | 6,434 | 6,399 | 18,921 | 20,066 | |||||||||||||||||||||
|
Data Processing Fees
|
749 | 764 | 974 | 880 | 911 | 2,487 | 2,730 | |||||||||||||||||||||
|
Asset Management Fees
|
1,080 | 1,080 | 1,080 | 1,095 | 1,040 | 3,240 | 3,140 | |||||||||||||||||||||
|
Retail Brokerage Fees
|
807 | 939 | 729 | 738 | 671 | 2,475 | 2,082 | |||||||||||||||||||||
|
Gain on Sale of Investment Securities
|
- | - | - | - | 3 | - | 8 | |||||||||||||||||||||
|
Mortgage Banking Fees
|
645 | 568 | 617 | 1,027 | 772 | 1,830 | 1,921 | |||||||||||||||||||||
|
Interchange Fees (1)
|
1,420 | 1,443 | 1,360 | 1,285 | 1,291 | 4,223 | 3,792 | |||||||||||||||||||||
|
ATM/Debit Card Fees (1)
|
1,170 | 1,115 | 1,136 | 1,051 | 1,036 | 3,421 | 3,072 | |||||||||||||||||||||
|
Other
|
1,693 | 2,230 | 4,455 | 2,225 | 1,326 | 8,378 | 5,279 | |||||||||||||||||||||
|
Total Noninterest Income
|
14,193 | 14,448 | 16,334 | 14,735 | 13,449 | 44,975 | 42,090 | |||||||||||||||||||||
|
NONINTEREST EXPENSE
|
||||||||||||||||||||||||||||
|
Salaries and Associate Benefits
|
15,805 | 16,000 | 16,577 | 15,389 | 15,003 | 48,382 | 47,366 | |||||||||||||||||||||
|
Occupancy, Net
|
2,495 | 2,447 | 2,396 | 2,406 | 2,611 | 7,338 | 7,604 | |||||||||||||||||||||
|
Furniture and Equipment
|
2,118 | 2,117 | 2,226 | 2,268 | 2,288 | 6,461 | 6,661 | |||||||||||||||||||||
|
Intangible Amortization
|
108 | 107 | 353 | 553 | 709 | 568 | 2,129 | |||||||||||||||||||||
|
Other Real Estate
|
2,542 | 3,033 | 3,677 | 4,709 | 3,306 | 9,252 | 10,213 | |||||||||||||||||||||
|
Other
|
7,579 | 7,463 | 8,102 | 8,215 | 8,446 | 23,144 | 26,403 | |||||||||||||||||||||
|
Total Noninterest Expense
|
30,647 | 31,167 | 33,331 | 33,540 | 32,363 | 95,145 | 100,376 | |||||||||||||||||||||
|
OPERATING PROFIT(LOSS)
|
2,928 | 3,175 | 1,856 | 1,770 | 202 | 7,959 | (5,152 | ) | ||||||||||||||||||||
|
Provision for Income Taxes
|
951 | 1,030 | 546 | (148 | ) | (199 | ) | 2,527 | (2,821 | ) | ||||||||||||||||||
|
NET INCOME(LOSS)
|
$ | 1,977 | $ | 2,145 | $ | 1,310 | $ | 1,918 | $ | 401 | $ | 5,432 | $ | (2,331 | ) | |||||||||||||
|
PER SHARE DATA
|
||||||||||||||||||||||||||||
|
Basic Earnings
|
$ | 0.12 | $ | 0.12 | $ | 0.08 | $ | 0.12 | $ | 0.02 | $ | 0.32 | $ | (0.14 | ) | |||||||||||||
|
Diluted Earnings
|
$ | 0.12 | $ | 0.12 | $ | 0.08 | $ | 0.12 | $ | 0.02 | $ | 0.32 | $ | (0.14 | ) | |||||||||||||
|
Cash Dividends
|
0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.300 | 0.390 | |||||||||||||||||||||
|
AVERAGE SHARES
|
||||||||||||||||||||||||||||
|
Basic
|
17,152 | 17,127 | 17,122 | 17,095 | 17,087 | 17,134 | 17,069 | |||||||||||||||||||||
|
Diluted
|
17,167 | 17,139 | 17,130 | 17,096 | 17,088 | 17,143 | 17,070 | |||||||||||||||||||||
|
(1) Together referred to as "Bank Card Fees"
|
||||||||||||||||||||||||||||
|
CAPITAL CITY BANK GROUP, INC.
|
||||||||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES
|
||||||||||||||||||||
|
AND NONPERFORMING ASSETS
|
||||||||||||||||||||
|
Unaudited
|
||||||||||||||||||||
|
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
|
(Dollars in thousands, except per share data)
|
Third Quarter
|
Second Quarter
|
First Quarter
|
Fourth Quarter
|
Third Quarter
|
|||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES
|
||||||||||||||||||||
|
Balance at Beginning of Period
|
$ | 31,080 | $ | 33,873 | $ | 35,436 | $ | 37,720 | $ | 38,442 | ||||||||||
|
Provision for Loan Losses
|
3,718 | 3,545 | 4,133 | 3,783 | 5,668 | |||||||||||||||
|
Net Charge-Offs
|
$ | 5,140 | $ | 6,338 | $ | 5,696 | $ | 6,067 | $ | 6,390 | ||||||||||
|
Balance at End of Period
|
29,658 | 31,080 | 33,873 | 35,436 | 37,720 | |||||||||||||||
|
As a % of Loans
|
1.79 | % | 1.84 | % | 1.98 | % | 2.01 | % | 2.10 | % | ||||||||||
|
As a % of Nonperforming Loans
|
36.26 | % | 36.71 | % | 34.57 | % | 40.57 | % | 39.94 | % | ||||||||||
|
As a % of Nonperforming Assets
|
20.74 | % | 21.34 | % | 22.09 | % | 24.39 | % | 25.90 | % | ||||||||||
|
CHARGE-OFFS
|
||||||||||||||||||||
|
Commercial, Financial and Agricultural
|
$ | 186 | $ | 301 | $ | 721 | $ | 629 | $ | 242 | ||||||||||
|
Real Estate - Construction
|
75 | 14 | - | 234 | 701 | |||||||||||||||
|
Real Estate - Commercial
|
1,031 | 2,808 | 430 | 1,469 | 1,741 | |||||||||||||||
|
Real Estate - Residential
|
3,867 | 3,315 | 4,445 | 3,629 | 3,175 | |||||||||||||||
|
Consumer
|
832 | 606 | 620 | 582 | 1,057 | |||||||||||||||
|
Total Charge-Offs
|
$ | 5,991 | $ | 7,044 | $ | 6,216 | $ | 6,543 | $ | 6,916 | ||||||||||
|
RECOVERIES
|
||||||||||||||||||||
|
Commercial, Financial and Agricultural
|
$ | 33 | $ | 43 | $ | 63 | $ | 48 | $ | 65 | ||||||||||
|
Real Estate - Construction
|
- | 5 | 9 | - | - | |||||||||||||||
|
Real Estate - Commercial
|
37 | 115 | 12 | 55 | 6 | |||||||||||||||
|
Real Estate - Residential
|
379 | 170 | 96 | 7 | 181 | |||||||||||||||
|
Consumer
|
402 | 373 | 340 | 366 | 274 | |||||||||||||||
|
Total Recoveries
|
$ | 851 | $ | 706 | $ | 520 | $ | 476 | $ | 526 | ||||||||||
|
NET CHARGE-OFFS
|
$ | 5,140 | $ | 6,338 | $ | 5,696 | $ | 6,067 | $ | 6,390 | ||||||||||
|
Net Charge-Offs as a % of Average Loans(1)
|
1.22 | % | 1.49 | % | 1.33 | % | 1.35 | % | 1.40 | % | ||||||||||
|
RISK ELEMENT ASSETS
|
||||||||||||||||||||
|
Nonaccruing Loans
|
$ | 53,396 | $ | 61,076 | $ | 73,954 | $ | 65,700 | $ | 74,168 | ||||||||||
|
Restructured Loans
|
28,404 | 23,582 | 24,028 | 21,649 | 20,267 | |||||||||||||||
|
Total Nonperforming Loans
|
81,800 | 84,658 | 97,982 | 87,349 | 94,435 | |||||||||||||||
|
Other Real Estate
|
61,196 | 61,016 | 55,364 | 57,937 | 51,208 | |||||||||||||||
|
Total Nonperforming Assets
|
$ | 142,996 | $ | 145,674 | $ | 153,346 | $ | 145,286 | $ | 145,643 | ||||||||||
|
Past Due Loans 30-89 Days
|
$ | 17,053 | $ | 18,103 | $ | 19,391 | $ | 24,193 | $ | 24,904 | ||||||||||
|
Past Due Loans 90 Days or More
|
$ | 26 | $ | 271 | $ | - | $ | 159 | $ | - | ||||||||||
|
Nonperforming Loans as a % of Loans
|
4.93 | % | 5.02 | % | 5.71 | % | 4.97 | % | 5.24 | % | ||||||||||
|
Nonperforming Assets as a % of
|
||||||||||||||||||||
|
Loans and Other Real Estate
|
8.32 | % | 8.33 | % | 8.66 | % | 8.00 | % | 7.86 | % | ||||||||||
|
Nonperforming Assets as a % of Capital(2)
|
49.21 | % | 49.95 | % | 52.31 | % | 49.34 | % | 48.81 | % | ||||||||||
|
Nonperforming Assets as a % of Total Assets
|
5.67 | % | 5.60 | % | 5.76 | % | 5.54 | % | 5.65 | % | ||||||||||
|
(1) Annualized
|
||||||||||||||||||||
|
(2) Capital includes allowance for loan losses.
|
||||||||||||||||||||
|
AVERAGE BALANCE AND INTEREST RATES(1)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Third Quarter 2011
|
Second Quarter 2011
|
First Quarter 2011
|
Fourth Quarter 2010
|
Third Quarter 2010 | September 2011 YTD | September 2010 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
|
$ | 1,667,720 | $ | 23,922 | 5.69 | % | $ | 1,704,348 | $ | 24,465 | 5.76 | % | $ | 1,730,330 | $ | 24,101 | 5.65 | % | $ | 1,782,916 | $ | 25,799 | 5.74 | % | $ | 1,807,483 | $ | 26,568 | 5.83 | % | $ | 1,700,570 | $ | 72,488 | 5.70 | % | $ | 1,844,788 | $ | 80,543 | 5.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||
|
Investment Securities
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Taxable Investment Securities
|
248,138 | 828 | 1.32 |
%
|
244,487 | 825 | 1.35 |
%
|
231,153 | 851 | 1.48 |
%
|
178,926 | 799 | 1.78 |
%
|
124,625 | 674 | 2.15 |
%
|
241,321 | 2,504 | 1.40 | % | 108,268 | 1,882 | 2.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tax-Exempt Investment Securities
|
55,388 | 231 | 1.67 |
%
|
60,963 | 297 | 1.95 |
%
|
74,226 | 337 | 1.81 |
%
|
83,469 | 434 | 2.08 |
%
|
88,656 | 521 | 2.35 |
%
|
63,457 | 865 | 1.82 | % | 92,672 | 1,898 | 2.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Investment Securities
|
303,526 | 1,059 | 1.39 |
%
|
305,450 | 1,122 | 1.47 |
%
|
305,379 | 1,188 | 1.56 |
%
|
262,395 | 1,233 | 1.87 |
%
|
213,281 | 1,195 | 2.23 |
%
|
304,778 | 3,369 | 1.47 | % | 200,940 | 3,780 | 2.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Funds Sold
|
231,681 | 136 | 0.23 |
%
|
249,133 | 145 | 0.23 |
%
|
242,893 | 171 | 0.28 |
%
|
172,738 | 95 | 0.24 |
%
|
252,434 | 144 | 0.22 |
%
|
241,195 | 452 | 0.25 | % | 274,245 | 492 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Earning Assets
|
2,202,927 | $ | 25,117 | 4.52 |
%
|
2,258,931 | $ | 25,732 | 4.57 |
%
|
2,278,602 | $ | 25,460 | 4.53 |
%
|
2,218,049 | $ | 27,127 | 4.85 |
%
|
2,273,198 | $ | 27,907 | 4.87 |
%
|
2,246,543 | $ | 76,309 | 4.54 | % | 2,319,973 | $ | 84,815 | 4.89 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash and Due From Banks
|
47,252 | 47,465 | 50,942 | 51,030 | 50,942 | 48,539 | 52,170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
(30,969 | ) | (32,993 | ) | (34,822 | ) | (37,713 | ) | (39,584 | ) | (32,914 | ) | (41,729 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Assets
|
344,041 | 344,884 | 348,295 | 345,427 | 342,202 | 345,725 | 337,212 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Assets
|
$ | 2,563,251 | $ | 2,618,287 | $ | 2,643,017 | $ | 2,576,793 | $ | 2,626,758 | $ | 2,607,893 | $ | 2,667,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
LIABILITIES:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest Bearing Deposits
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOW Accounts
|
$ | 726,652 | $ | 222 | 0.12 | % | $ | 782,698 | $ | 259 | 0.13 | % | $ | 786,939 | $ | 261 | 0.13 | % | $ | 837,625 | $ | 296 | 0.14 | % | $ | 871,158 | $ | 326 | 0.15 | % | $ | 765,209 | $ | 742 | 0.13 | % | $ | 872,512 | $ | 1,110 | 0.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||
|
Money Market Accounts
|
282,378 | 95 | 0.13 |
%
|
284,411 | 136 | 0.19 |
%
|
278,562 | 131 | 0.19 |
%
|
282,887 | 134 | 0.19 |
%
|
293,424 | 145 | 0.20 |
%
|
281,798 | 362 | 0.17 | % | 333,558 | 1,165 | 0.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Savings Accounts
|
153,748 | 19 | 0.05 |
%
|
152,599 | 16 | 0.04 |
%
|
144,623 | 18 | 0.05 |
%
|
136,276 | 16 | 0.05 |
%
|
133,690 | 17 | 0.05 |
%
|
150,357 | 53 | 0.05 | % | 130,485 | 49 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Time Deposits
|
324,951 | 571 | 0.70 |
%
|
338,723 | 672 | 0.80 |
%
|
360,575 | 848 | 0.95 |
%
|
382,870 | 1,078 | 1.12 |
%
|
402,880 | 1,332 | 1.31 |
%
|
341,286 | 2,091 | 0.82 | % | 423,726 | 4,797 | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Interest Bearing Deposits
|
1,487,729 | 907 | 0.24 |
%
|
1,558,431 | 1,083 | 0.28 |
%
|
1,570,699 | 1,258 | 0.32 |
%
|
1,639,658 | 1,524 | 0.37 |
%
|
1,701,152 | 1,820 | 0.42 |
%
|
1,538,650 | 3,248 | 0.28 | % | 1,760,281 | 7,121 | 0.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Short-Term Borrowings
|
64,160 | 78 | 0.48 |
%
|
76,754 | 110 | 0.58 |
%
|
87,267 | 111 | 0.52 |
%
|
34,706 | 99 | 1.14 |
%
|
23,388 | 31 | 0.54 |
%
|
75,976 | 299 | 0.53 | % | 25,558 | 60 | 0.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Subordinated Notes Payable
|
62,887 | 339 | 2.11 |
%
|
62,887 | 343 | 2.16 |
%
|
62,887 | 340 | 2.16 |
%
|
62,887 | 342 | 2.13 |
%
|
62,887 | 376 | 2.34 |
%
|
62,887 | 1,022 | 2.14 | % | 62,887 | 1,666 | 3.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Long-Term Borrowings
|
46,435 | 467 | 3.99 |
%
|
49,650 | 492 | 3.97 |
%
|
50,345 | 494 | 3.98 |
%
|
50,097 | 508 | 4.02 |
%
|
54,258 | 565 | 4.13 |
%
|
48,795 | 1,453 | 3.98 | % | 52,330 | 1,642 | 4.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Interest Bearing Liabilities
|
1,661,211 | $ | 1,791 | 0.43 |
%
|
1,747,722 | $ | 2,028 | 0.47 |
%
|
1,771,198 | $ | 2,203 | 0.50 |
%
|
1,787,348 | $ | 2,473 | 0.55 |
%
|
1,841,685 | $ | 2,792 | 0.60 |
%
|
1,726,308 | $ | 6,022 | 0.47 | % | 1,901,056 | $ | 10,489 | 0.74 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Noninterest Bearing Deposits
|
574,184 | 548,870 | 554,680 | 476,209 | 471,013 | 559,316 | 457,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Liabilities
|
63,954 | 59,324 | 55,536 | 50,614 | 50,318 | 59,635 | 43,391 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Liabilities
|
2,299,349 | 2,355,916 | 2,381,414 | 2,314,171 | 2,363,016 | 2,345,259 | 2,402,254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
SHAREOWNERS' EQUITY:
|
$ | 263,902 | $ | 262,371 | $ | 261,603 | $ | 262,622 | $ | 263,742 | $ | 262,634 | $ | 265,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Liabilities and Shareowners' Equity
|
$ | 2,563,251 | $ | 2,618,287 | $ | 2,643,017 | $ | 2,576,793 | $ | 2,626,758 | $ | 2,607,893 | $ | 2,667,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest Rate Spread
|
$ | 23,326 | 4.09 |
%
|
$ | 23,704 | 4.10 |
%
|
$ | 23,257 | 4.03 |
%
|
$ | 24,654 | 4.30 |
%
|
$ | 25,115 | 4.27 | % |
|
$ | 70,287 | 4.07 | % | $ | 74,326 | 4.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest Income and Rate Earned(1)
|
25,117 | 4.52 |
%
|
25,732 | 4.57 |
%
|
25,460 | 4.53 |
%
|
27,127 | 4.85 |
%
|
27,907 | 4.87 | % |
|
76,309 | 4.54 | % | 84,815 | 4.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest Expense and Rate Paid(2)
|
1,791 | 0.32 |
%
|
2,028 | 0.36 |
%
|
2,203 | 0.39 |
%
|
2,473 | 0.44 |
%
|
2,792 | 0.49 | % |
|
6,022 | 0.36 | % | 10,489 | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Interest Margin
|
$ | 23,326 | 4.20 |
%
|
$ | 23,704 | 4.21 |
%
|
$ | 23,257 | 4.14 |
%
|
$ | 24,654 | 4.41 |
%
|
$ | 25,115 | 4.38 | % |
|
$ | 70,287 | 4.18 | % | $ | 74,326 | 4.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(1) Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
|
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|
(2) Rate calculated based on average earning assets.
|
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