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

Our mix of deposits continues to improve as higher cost certificates of deposit are replaced with lower rate non-maturity deposits and noninterest bearing demand accounts.  Prudent pricing discipline will continue to be the key to managing our mix of deposits.  Therefore, we do not attempt to compete with higher rate paying competitors for deposits. 

Borrowings decreased by $9.1 million when compared to the third quarter of 2012 as a result of lower balances in repurchase agreements, and were lower by $1.0 million when compared to the fourth quarter of 2011, as a result of normal amortization in FHLB advances.

Nonperforming assets (nonaccrual loans and OREO) totaled $117.7 million at year-end 2012 compared to $127.2 million at the end of the third quarter of 2012 and $137.6 million at year-end 2011. Nonaccrual loans totaled $64.2 million at year-end 2012, a decrease of $9.9 million from the third quarter of 2012 and $10.8 million from year-end 2011, reflective of loan resolutions (charge-offs and transfer of loans to OREO) and loans restored to an accrual status, which outpaced gross additions. Gross additions slowed significantly year over year, by approximately $45 million. The balance of OREO totaled $53.4 million at year-end 2012, a $0.2 million increase over the third quarter of 2012 and a decrease of $9.2 million from year-end 2011. We continued to experience progress during 2012 in our efforts to dispose of OREO selling properties totaling $28.2 million compared to $27.8 million in 2011. Nonperforming assets represented 4.47% of total assets at December 31, 2012 compared to 5.10% at September 30, 2012 and 5.21% at December 31, 2011.

Equity capital was $246.9 million as of December 31, 2012, compared to $250.4 million as of September 30, 2012 and $251.9 million as of December 31, 2011. Our leverage ratio was 9.90%, 9.83%, and 10.26%, respectively, for these periods. Further, our risk-adjusted capital ratio of 15.72% at December 31, 2012 exceeds the 10.0% threshold to be designated as "well-capitalized" under the risk-based regulatory guidelines. At December 31, 2012, our tangible common equity ratio was 6.35%, compared to 6.86% at September 30, 2012 and 6.51% at December 31, 2011. The tangible common equity ratio was impacted by a $5.5 million unfavorable variance in the pension component of our other comprehensive income. This unfavorable variance was driven by a reduction in our pension plan's discount rate due to a decline in market rates, and a lower than anticipated return on plan assets.  

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