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Capital City Bank Group, Inc. Reports Fourth Quarter And Full Year 2012 Results

The Return on Average Assets was 0.29% and the Return on Average Equity was 2.95% for the fourth quarter of 2012. These metrics were 0.17% and 1.77% for the third quarter of 2012, and -0.08% and -0.80% for the fourth quarter of 2011, respectively.

For the full year 2012, the Return on Average Assets was 0.00% and the Return on Average Equity was 0.04% compared to 0.19% and 1.86%, respectively, for the full year of 2011.

Discussion of Financial Condition

Average earning assets were $2.179 billion for the fourth quarter of 2012, a decrease of $30.2 million, or 1.4%, from the third quarter of 2012, and an increase of $32.5 million, or 1.5%, from the fourth quarter of 2011.  As compared to the third quarter of 2012, the decline in average earning assets is attributable to a lower level of overnight funds resulting from a seasonal decline in deposits and the resolution of problem loans. The shift in the mix of earning assets continued as the loan portfolio declined when compared to the prior quarter. The increase in average earning assets compared to the fourth quarter of 2011 primarily reflects a higher level of public funds. 

We maintained an average net overnight funds (deposits with banks plus fed funds sold less fed funds purchased) sold position of $366.0 million during the fourth quarter of 2012 compared to an average net overnight funds sold position of $386.0 million in the third quarter of 2012 and an average overnight funds sold position of $191.8 million in the fourth quarter of 2011.  The lower balance when compared to the third quarter of 2012 reflects lower levels of deposits, primarily public funds and certificates of deposit, partially offset by a decrease in the loan portfolio. The higher balances when compared to the fourth quarter of 2011 primarily reflect the decline in the loan portfolio.

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