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Capital City Bank Group, Inc. Reports Third Quarter 2012 Results

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (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 66 full-service 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 Company's need and our ability to incur additional debt or equity financing; the accuracy of the Company's financial statement estimates and assumptions, including the estimate used for the Company's loan loss provision and deferred tax valuation allowance; continued depression of the market value of the Company that could result in an impairment of goodwill; legislative or regulatory changes, including the Dodd-Frank Act and Basel III; the strength of the U.S. economy and the local economies where the Company conducts operations; the frequency and magnitude of foreclosure of the Company's loans; 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; 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, 2011, 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.

1 The reductions in loan portfolio balances stated in this paragraph are based on "as of" balances, not averages.

           
CAPITAL CITY BANK GROUP, INC.          
EARNINGS HIGHLIGHTS          
Unaudited          
           
  Three Months Ended Nine Months Ended
(Dollars in thousands, except per share data) Sep 30, 2012 Jun 30, 2012 Sep 30, 2011 Sep 30, 2012 Sep 30, 2011
           
EARNINGS          
Net Income (Loss) $ 1,121 $ (1,726) $ 1,977 $ (1,767) $ 5,432
Net Income (Loss) Per Common Share $ 0.07 $ (0.10)  $ 0.12 $ (0.10)  $ 0.32
PERFORMANCE          
Return on Average Equity 1.77% -2.75% 2.97% -0.93% 2.77%
Return on Average Assets 0.17% -0.26% 0.31% -0.09% 0.28%
Net Interest Margin 3.82% 3.77% 4.20% 3.81% 4.18%
Noninterest Income as % of Operating Revenue 39.31% 39.88% 38.14% 39.28% 39.38%
Efficiency Ratio 87.68% 90.88% 81.40% 90.12% 82.07%
CAPITAL ADEQUACY          
Tier 1 Capital Ratio 14.43% 14.17% 14.05% 14.43% 14.05%
Total Capital Ratio 15.80% 15.54% 15.41% 15.80% 15.41%
Tangible Common Equity Ratio 6.86% 6.40% 7.19% 6.86% 7.19%
Leverage Ratio 9.83% 9.60% 10.20% 9.83% 10.20%
Equity to Assets 10.04% 9.41% 10.34% 10.04% 10.34%
ASSET QUALITY          
Allowance as % of Non-Performing Loans 40.80% 40.03% 55.54% 40.80% 55.54%
Allowance as a % of Loans 1.97% 1.93% 1.79% 1.97% 1.79%
Net Charge-Offs as % of Average Loans 0.66% 1.80% 1.22% 1.21% 1.35%
Nonperforming Assets as % of Loans and ORE 8.02% 8.23% 6.67% 8.02% 6.67%
Nonperforming Assets as % of Total Assets 5.10% 5.02% 4.54% 5.10% 4.54%
STOCK PERFORMANCE          
High  $ 10.96 $ 8.73 $ 11.18 $ 10.96 $ 13.80
Low 7.00 6.35 9.81 6.35 9.81
Close 10.64 7.37 10.38 10.64 10.38
Average Daily Trading Volume $ 23,737 $ 37,926 $ 43,483 $ 28,826 $ 31,783
           
           
CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION        
Unaudited          
           
  2012 2011
(Dollars in thousands) Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter
ASSETS          
Cash and Due From Banks  $ 53,076 $  57,477 $ 50,567 $ 54,953 $ 53,027
Funds Sold and Interest Bearing Deposits 314,318 434,814 418,678 330,361 193,387
Total Cash and Cash Equivalents  367,394  492,291  469,245  385,314  246,414
           
Investment Securities, Available-for-Sale 288,166 280,753 284,490 307,149 306,038
           
Loans, Net of Unearned Interest          
Commercial, Financial, & Agricultural 135,939 136,736 132,119 130,879 142,511
Real Estate - Construction 43,278 46,803 34,554 26,367 31,991
Real Estate - Commercial 609,671 605,819 624,528 639,140 644,128
Real Estate - Residential 341,044 353,198 364,123 386,877 388,686
Real Estate - Home Equity 239,446 242,929 240,800 244,263 245,438
Consumer 154,389 162,899 174,132 186,216 188,933
Other Loans 6,891 5,638 6,555 12,495 13,720
Overdrafts 2,637 2,214 2,073 2,446 2,292
Total Loans, Net of Unearned Interest  1,533,295  1,556,236  1,578,884  1,628,683  1,657,699
Allowance for Loan Losses (30,222) (29,929) (31,217) (31,035) (29,658)
Loans, Net  1,503,073  1,526,307  1,547,667  1,597,648  1,628,041
           
Premises and Equipment, Net 109,003 110,302 111,408 110,991 111,471
Intangible Assets 85,161 85,269 85,376 85,484 85,591
Other Real Estate Owned 53,172 58,059 58,100 62,600 61,196
Other Assets 87,815 92,869 103,992 92,126 85,221
Total Other Assets 335,151 346,499 358,876 351,201 343,479
           
Total Assets $ 2,493,784 $ 2,645,850 $ 2,660,278 $ 2,641,312 $ 2,523,972
           
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits $ 596,660 $ 623,130 $ 605,774 $ 618,317 $ 584,628
NOW Accounts 703,327 789,103 845,149 828,990 708,066
Money Market Accounts 285,084 288,352 283,224 276,910 280,001
Regular Savings Accounts 181,523 178,388 172,262 158,462 154,136
Certificates of Deposit 254,000 271,413 279,295 289,840 316,968
Total Deposits 2,020,594 2,150,386 2,185,704 2,172,519 2,043,798
           
Short-Term Borrowings 42,388 69,449 42,188 43,372 47,508
Subordinated Notes Payable 62,887 62,887 62,887 62,887 62,887
Other Long-Term Borrowings 38,126 38,846 42,826 44,606 45,389
Other Liabilities 79,427 75,260 75,876 65,986 63,465
           
Total Liabilities 2,243,422 2,396,828 2,409,481 2,389,370 2,263,047
           
SHAREOWNERS' EQUITY          
Common Stock 172 172 172 172 172
Additional Paid-In Capital 38,493 38,260 38,101 37,838 38,074
Retained Earnings 235,694 234,573 236,299 237,461 237,969
Accumulated Other Comprehensive Loss, Net of Tax (23,997) (23,983) (23,775) (23,529) (15,290)
           
Total Shareowners' Equity 250,362 249,022 250,797 251,942 260,925
           
Total Liabilities and Shareowners' Equity $ 2,493,784 $ 2,645,850 $ 2,660,278 $ 2,641,312 $ 2,523,972
           
OTHER BALANCE SHEET DATA          
Earning Assets $ 2,135,779 $ 2,271,803 $ 2,282,053 $ 2,266,193 $ 2,157,124
Intangible Assets          
Goodwill 84,811 84,811 84,811 84,811 84,811
Core Deposits 79 139 198 258 318
Other 271 319 367 415 462
Interest Bearing Liabilities 1,567,335 1,698,438 1,727,831 1,705,066 1,614,954
           
Book Value Per Diluted Share $ 14.54 $ 14.48 $ 14.60 $ 14.68 $ 15.20
Tangible Book Value Per Diluted Share 9.59 9.52 9.63 9.70 10.21
           
Actual Basic Shares Outstanding 17,223 17,198 17,182 17,160 17,157
Actual Diluted Shares Outstanding 17,223 17,198 17,182 17,161 17,172
               
               
CAPITAL CITY BANK GROUP, INC.              
CONSOLIDATED STATEMENT OF OPERATIONS              
Unaudited              
               
            Nine Months Ended
  2012 2011 September 30,
(Dollars in thousands, except per share data) Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter 2012 2011
               
INTEREST INCOME              
Interest and Fees on Loans $ 21,274 $ 21,359 $ 22,005 $ 22,915 $ 23,777 $ 64,638 $ 72,029
Investment Securities 798 834 900 902 978 2,532 3,066
Funds Sold 254 244 225 95 136 723 452
Total Interest Income 22,326 22,437 23,130 23,912 24,891 67,893 75,547
               
INTEREST EXPENSE              
Deposits 480 556 643 699 907 1,679 3,248
Short-Term Borrowings 71 48 8 6 78 127 299
Subordinated Notes Payable 372 372 382 358 339 1,126 1,022
Other Long-Term Borrowings 372 396 436 452 467 1,204 1,453
Total Interest Expense 1,295 1,372 1,469 1,515 1,791 4,136 6,022
Net Interest Income 21,031 21,065 21,661 22,397 23,100 63,757 69,525
Provision for Loan Losses 2,864 5,743 4,793 7,600 3,718 13,400 11,396
Net Interest Income after Provision for Loan Losses 18,167 15,322 16,868 14,797 19,382 50,357 58,129
               
NONINTEREST INCOME              
Service Charges on Deposit Accounts 6,406 6,313 6,309 6,530 6,629 19,028 18,921
Data Processing Fees 687 680 675 743 749 2,042 2,487
Asset Management Fees (1) 1,020 1,020 1,015 1,124 1,080 3,055 3,240
Retail Brokerage Fees (1) 666 884 758 776 807 2,308 2,475
Mortgage Banking Fees 978 864 848 845 645 2,690 1,830
Interchange Fees (2) 1,619 1,580 1,526 1,399 1,420 4,725 4,223
ATM/Debit Card Fees (2) 997 1,204 1,245 1,098 1,170 3,446 3,421
Other  1,202 1,361 1,210 1,358 1,693 3,773 8,378
Total Noninterest Income 13,575 13,906 13,586 13,873 14,193 41,067 44,975
               
NONINTEREST EXPENSE              
Salaries and Associate Benefits 15,510 16,117 16,843 15,260 15,805 48,470 48,382
Occupancy, Net 2,332 2,276 2,266 2,284 2,495 6,874 7,338
Furniture and Equipment 2,245 2,245 2,201 2,097 2,118 6,691 6,461
Intangible Amortization 108 107 108 107 108 323 568
Other Real Estate 2,616 3,460 3,513 3,425 2,542 9,589 9,252
Other  7,390 8,088 7,666 7,930 7,579 23,144 23,144
Total Noninterest Expense 30,201 32,293 32,597 31,103 30,647 95,091 95,145
               
OPERATING PROFIT (LOSS)  1,541 (3,065) (2,143) (2,433) 2,928 (3,667) 7,959
Income Tax Expense (Benefit)  420 (1,339) (981) (1,898) 951 (1,900) 2,527
NET INCOME (LOSS) $ 1,121 $ (1,726) $ (1,162) $ (535) $ 1,977 $ (1,767) $ 5,432
               
PER SHARE DATA              
Basic Income (Loss) $ 0.07 $ (0.10) $ (0.07) $ (0.03) $ 0.12 $ (0.10) $ 0.32
Diluted Income (Loss) $ 0.07 $ (0.10) $ (0.07) $ (0.03) $ 0.12 $ (0.10) $ 0.32
Cash Dividends 0.000 0.000 0.000 0.000 0.100 0.000 0.300
AVERAGE SHARES              
Basic  17,215 17,192 17,181 17,157 17,152 17,196 17,134
Diluted  17,228 17,192 17,181 17,157 17,167 17,196 17,143
               
(1) Together referred to as "Wealth Management Fees"            
(2) Together referred to as "Bank Card Fees"              
           
           
CAPITAL CITY BANK GROUP, INC.          
ALLOWANCE FOR LOAN LOSSES           
AND NONPERFORMING ASSETS          
Unaudited          
           
  2012 2012 2012 2011 2011
(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 $ 29,929 $ 31,217 $ 31,035 $ 29,658 $ 31,080
Provision for Loan Losses 2,864 5,743 4,793 7,600 3,718
Net Charge-Offs 2,571 7,031 4,611 6,223 5,140
Balance at End of Period $ 30,222 $ 29,929 $ 31,217 $ 31,035 $ 29,658
As a % of Loans 1.97% 1.93% 1.98% 1.91% 1.79%
As a % of Nonperforming Loans 40.80% 40.03% 39.65% 41.37% 55.54%
           
CHARGE-OFFS          
Commercial, Financial and Agricultural $ 331 $ 57 $ 268 $ 634 $ 186
Real Estate - Construction 127 275 -- 25 75
Real Estate - Commercial 512 3,519 1,532 2,443 1,031
Real Estate - Residential 981 3,894 1,967 2,755 3,287
Real Estate - Home Equity 834 425 892 205 580
Consumer 355 550 732 879 832
Total Charge-Offs $ 3,140 $ 8,720 $ 5,391 $ 6,941 $ 5,991
           
RECOVERIES          
Commercial, Financial and Agricultural $ 53 $ 83 $ 67 $ 242 $ 33
Real Estate - Construction  9  27 --  --   -- 
Real Estate - Commercial 34 42 138 87 37
Real Estate - Residential 76 969 163 34 271
Real Estate - Home Equity 15 116 18 13 108
Consumer 382 452 394 342 402
Total Recoveries $ 569 $ 1,689 $ 780 $ 718 $ 851
           
NET CHARGE-OFFS $ 2,571 $ 7,031 $ 4,611 $ 6,223 $ 5,140
           
Net Charge-Offs as a % of Average Loans (1) 0.66% 1.80% 1.16% 1.50% 1.22%
           
RISK ELEMENT ASSETS          
Nonaccruing Loans $ 74,075 $ 74,770 $ 78,726 $ 75,023 $ 53,396
Other Real Estate Owned 53,172 58,059 58,100 62,600 61,196
Total Nonperforming Assets $ 127,247 $ 132,829 $ 136,826 $ 137,623 $ 114,592
           
Past Due Loans 30-89 Days  $ 12,923 $ 16,695 $ 9,193 $ 19,425 $ 17,053
Past Due Loans 90 Days or More  --   --  25 224 26
Performing Troubled Debt Restructuring's $ 45,973 $ 38,734 $ 37,373 $ 37,675 $ 28,404
           
Nonperforming Loans as a % of Loans 4.83% 4.80% 4.99% 4.61% 3.22%
Nonperforming Assets as a % of          
Loans and Other Real Estate 8.02% 8.23% 8.36% 8.14% 6.67%
Nonperforming Assets as a % of Capital (2) 45.35% 47.62% 48.52% 48.63% 39.44%
Nonperforming Assets as a % of Total Assets 5.10% 5.02% 5.14% 5.21% 4.54%
           
(1) Annualized          
(2) Capital includes allowance for loan losses          
                   
                   
CAPITAL CITY BANK GROUP, INC.                  
AVERAGE BALANCE AND INTEREST RATES (1)                  
Unaudited                  
                   
                   
  Third Quarter 2012 Second Quarter 2012 First Quarter 2012
(Dollars in thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS:                  
Loans, Net of Unearned Interest  $ 1,541,262  21,366 5.51%  $ 1,570,827  21,456 5.49%  $ 1,596,480  22,121 5.57%
                   
Investment Securities                  
Taxable Investment Securities  214,431  691 1.28  216,952  730 1.35  242,481  794 1.31
Tax-Exempt Investment Securities 67,446 163 0.97 63,715 161 1.01 56,313 162 1.15
                   
Total Investment Securities  281,877  854 1.21  280,667  891 1.27  298,794  956 1.28
                   
Funds Sold 386,027 254 0.26 411,353 244 0.24 373,033 225 0.24
                   
Total Earning Assets  2,209,166 $ 22,474 4.05%  2,262,847 $ 22,591 4.01%  2,268,307 $ 23,302 4.13%
                   
Cash and Due From Banks  47,207      47,711      49,427    
Allowance for Loan Losses  (30,260)      (31,599)      (31,382)    
Other Assets 340,126     345,458     350,555    
                   
Total Assets $ 2,566,239     $ 2,624,417     $ 2,636,907    
                   
LIABILITIES:                  
Interest Bearing Deposits                  
NOW Accounts $ 740,178 $ 144 0.08%  $ 809,172  $ 167 0.08% $ 823,406  $ 192 0.09%
Money Market Accounts  287,250  60 0.08  280,371  63 0.09  277,558  75 0.11
Savings Accounts  179,445  23 0.05  174,923  21 0.05  165,603  20 0.05
Time Deposits 263,007 253 0.38 274,497 305 0.45 284,129 356 0.50
Total Interest Bearing Deposits  1,469,880  480 0.13%  1,538,963  556 0.15%  1,550,696  643 0.17%
                   
Short-Term Borrowings  59,184  71 0.48%  57,983  48 0.33%  45,645  8 0.07%
Subordinated Notes Payable  62,887  372 2.31  62,887  372 2.34  62,887  382 2.40
Other Long-Term Borrowings 38,494 372 3.85 40,617 396 3.92 44,286 436 3.96%
                   
Total Interest Bearing Liabilities  1,630,445 $ 1,295 0.32%  1,700,450 $ 1,372 0.32%  1,703,514 $ 1,469 0.35%
                   
Noninterest Bearing Deposits  605,602      596,690      610,692    
Other Liabilities 78,446     74,633     68,254    
                   
Total Liabilities 2,314,493     2,371,773     2,382,460    
                   
SHAREOWNERS' EQUITY: 251,746     252,644     254,447    
                   
Total Liabilities and Shareowners' Equity $ 2,566,239     $ 2,624,417     $ 2,636,907    
                   
Interest Rate Spread   $ 21,179 3.73%   $ 21,219 3.69%   $ 21,833 3.78%
                   
Interest Income and Rate Earned (1)   22,474 4.05   22,591 4.01   23,302 4.13
Interest Expense and Rate Paid (2)   1,295 0.23   1,372 0.24   1,469 0.26
                   
Net Interest Margin   $ 21,179 3.82%   $ 21,219 3.77%   $ 21,833 3.87%
                   
(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.                
             
             
CAPITAL CITY BANK GROUP, INC.            
AVERAGE BALANCE AND INTEREST RATES (1)            
Unaudited            
             
             
  Fourth Quarter 2011 Third Quarter 2011
(Dollars in thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS:            
Loans, Net of Unearned Interest $ 1,646,715  $ 23,032 5.55%  $ 1,667,720  $ 23,922 5.69%
             
Investment Securities            
Taxable Investment Securities  248,217  816 1.31  248,138  828 1.32
Tax-Exempt Investment Securities 59,647 131 0.88 55,388 231 1.67
             
Total Investment Securities  307,864  947 1.22  303,526  1,059 1.39
             
Funds Sold 191,884 96 0.20 231,681 136 0.23
             
Total Earning Assets  2,146,463 $ 24,075 4.45%  2,202,927 $ 25,117 4.52%
             
Cash and Due From Banks  49,666      47,252    
Allowance for Loan Losses  (29,550)      (30,969)    
Other Assets 343,336     344,041    
             
Total Assets $ 2,509,915     $ 2,563,251    
             
LIABILITIES:            
Interest Bearing Deposits            
NOW Accounts  $ 700,005  $ 148 0.08% $ 726,652  $ 222 0.12%
Money Market Accounts  283,677  75 0.11  282,378  95 0.13
Savings Accounts  156,088  20 0.05  153,748  19 0.05
Time Deposits 299,487 456 0.60 324,951 571 0.70
Total Interest Bearing Deposits  1,439,257  699 0.19%  1,487,729  907 0.24%
             
Short-Term Borrowings  44,573  6 0.05%  64,160  78 0.48%
Subordinated Notes Payable  62,887  358 2.23  62,887  339 2.11
Other Long-Term Borrowings 45,007 452 3.99 46,435 467 3.99
             
Total Interest Bearing Liabilities  1,591,724 $ 1,515 0.38%  1,661,211 $ 1,791 0.43%
             
Noninterest Bearing Deposits  593,718      574,184    
Other Liabilities 60,197     63,954    
             
Total Liabilities 2,245,639     2,299,349    
             
SHAREOWNERS' EQUITY: 264,276     263,902    
             
Total Liabilities and Shareowners' Equity $ 2,509,915     $ 2,563,251    
             
Interest Rate Spread   $ 22,560 4.07%   $ 23,326 4.09%
             
Interest Income and Rate Earned (1)   24,075 4.45   25,117 4.52
Interest Expense and Rate Paid (2)   1,515 0.28   1,791 0.32
             
Net Interest Margin   $ 22,560 4.17%   $ 23,326 4.20%
             
(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.          
         
         
CAPITAL CITY BANK GROUP, INC.        
AVERAGE BALANCE AND INTEREST RATES (1)        
Unaudited        
             
             
  Sep 2012 YTD Sep 2011 YTD
(Dollars in thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS:            
Loans, Net of Unearned Interest  $ 1,569,420  $ 64,943 5.53%  $ 1,700,570  $ 72,488 5.70%
             
Investment Securities            
Taxable Investment Securities  224,584  2,215 1.33  241,321  2,504 1.40
Tax-Exempt Investment Securities 62,509 486 1.04 63,457 865 1.82
             
Total Investment Securities  287,093  2,701 1.25  304,778  3,369 1.47
             
Funds Sold 390,122 723 0.25 241,195 452 0.25
             
Total Earning Assets  2,246,635 $ 68,367 4.06%  2,246,543 $ 76,309 4.54%
             
Cash and Due From Banks  48,112      48,539    
Allowance for Loan Losses  (31,077)      (32,914)    
Other Assets 345,361     345,725    
             
Total Assets $ 2,609,031     $ 2,607,893    
             
LIABILITIES:            
Interest Bearing Deposits            
NOW Accounts $ 790,733 $ 503 0.08%  $ 765,209 $ 742 0.13%
Money Market Accounts  281,746  198 0.09  281,798  362 0.17
Savings Accounts  173,346  64 0.05  150,357  53 0.05
Time Deposits 273,838 914 0.45 341,286 2,091 0.82
Total Interest Bearing Deposits  1,519,664  1,679 0.15%  1,538,650  3,248 0.28%
             
Short-Term Borrowings  54,289  127 0.31%  75,976  299 0.53%
Subordinated Notes Payable  62,887  1,126 2.35  62,887  1,022 2.14
Other Long-Term Borrowings 41,123 1,204 3.91 48,795 1,453 3.98
             
Total Interest Bearing Liabilities  1,677,962 $ 4,136 0.33%  1,726,308 $ 6,022 0.47%
             
Noninterest Bearing Deposits  604,333      559,316    
Other Liabilities 73,795     59,635    
             
Total Liabilities 2,356,090     2,345,260    
             
SHAREOWNERS' EQUITY: 252,941     262,634    
             
Total Liabilities and Shareowners' Equity $ 2,609,031     $ 2,607,894    
             
Interest Rate Spread   $ 64,231 3.73%   $ 70,287 4.07%
             
Interest Income and Rate Earned (1)   68,367 4.06   76,309 4.54
Interest Expense and Rate Paid (2)   4,136 0.25   6,022 0.36
             
Net Interest Margin   $ 64,231 3.81%   $ 70,287 4.18%
             
(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.          
CONTACT: J. Kimbrough Davis
         Executive Vice President and Chief Financial Officer
         850.402.7820

Stock quotes in this article: CCBG 

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