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

We realized income tax expense of $0.6 million in the fourth quarter of 2012 compared to income tax expense of $0.4 million for the third quarter of 2012 and a tax benefit of $1.9 million for the fourth quarter of 2011.  For the full year 2012, we realized a tax benefit of $1.3 million compared to income tax expense of $0.6 million for 2011.  The decrease in the tax provision year over year primarily reflects lower operating profits and to a lesser extent the resolution of certain tax contingencies during the fourth quarter of 2012.

ABOUT CAPITAL CITY BANK GROUP

Capital City Bank Group, Inc. (Nasdaq:CCBG) is one of the largest publicly traded bank holding companies headquartered in Florida and has approximately $2.6 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 69 locations and 72 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; 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 Twelve Months Ended
(Dollars in thousands, except per share data) Dec 31, 2012 Sep 30, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
           
EARNINGS          
Net Income (Loss)  $ 1,874  $ 1,121  $ (535)  $ 108  $ 4,897
Net Income (Loss) Per Common Share  $ 0.11  $ 0.07  $ (0.03)  $ 0.01  $ 0.29
PERFORMANCE          
Return on Average Equity 2.95% 1.77% -0.80% 0.04% 1.86%
Return on Average Assets 0.29% 0.17% -0.08% 0.00% 0.19%
Net Interest Margin 3.78% 3.82% 4.17% 3.81% 4.18%
Noninterest Income as % of Operating Revenue 40.81% 39.31% 38.34% 39.66% 39.13%
Efficiency Ratio 84.68% 86.89% 85.37% 88.72% 83.24%
CAPITAL ADEQUACY          
Tier 1 Capital Ratio 14.35% 14.43% 13.96% 14.35% 13.96%
Total Capital Ratio 15.72% 15.80% 15.32% 15.72% 15.32%
Tangible Common Equity Ratio 6.35% 6.86% 6.51% 6.35% 6.51%
Leverage Ratio 9.90% 9.83% 10.26% 9.90% 10.26%
Equity to Assets 9.37% 10.04% 9.54% 9.37% 9.54%
ASSET QUALITY          
Allowance as % of Non-Performing Loans 45.42% 40.80% 41.37% 45.42% 41.37%
Allowance as a % of Loans 1.93% 1.97% 1.91% 1.93% 1.91%
Net Charge-Offs as % of Average Loans 1.00% 0.66% 1.50% 1.16% 1.39%
Nonperforming Assets as % of Loans and ORE 7.47% 8.02% 8.14% 7.47% 8.14%
Nonperforming Assets as % of Total Assets 4.47% 5.10% 5.21% 4.47% 5.21%
STOCK PERFORMANCE          
High   $ 11.91  $ 10.96  $ 11.11  $ 11.91  $ 13.80
Low 9.04 7.00 9.43 6.35 9.43
Close 11.37 10.64 9.55 11.37 9.55
Average Daily Trading Volume  $ 20,045  $ 23,737  $ 33,026  $ 26,622  $ 32,096
           
CAPITAL CITY BANK GROUP, INC.          
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION        
Unaudited          
 
           
  2012 2011
(Dollars in thousands) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
ASSETS          
Cash and Due From Banks  $ 66,238  $ 53,076  $ 57,477  $ 50,567  $ 54,953
Funds Sold and Interest Bearing Deposits 443,494 314,318 434,814 418,678 330,361
Total Cash and Cash Equivalents  509,732  367,394  492,291  469,245  385,314
           
Investment Securities, Available-for-Sale 296,985 288,166 280,753 284,490 307,149
           
Loans, Net of Unearned Interest          
Commercial, Financial, & Agricultural 139,850 135,939 136,736 132,119 130,879
Real Estate - Construction 43,740 43,278 46,803 34,554 26,367
Real Estate - Commercial 613,625 609,671 605,819 624,528 639,140
Real Estate - Residential 318,400 341,044 353,198 364,123 386,877
Real Estate - Home Equity 236,263 239,446 242,929 240,800 244,263
Consumer 150,728 154,389 162,899 174,132 186,216
Other Loans 11,547 6,891 5,638 6,555 12,495
Overdrafts 7,149 2,637 2,214 2,073 2,446
Total Loans, Net of Unearned Interest  1,521,302  1,533,295  1,556,236  1,578,884  1,628,683
Allowance for Loan Losses (29,167) (30,222) (29,929) (31,217) (31,035)
Loans, Net  1,492,135  1,503,073  1,526,307  1,547,667  1,597,648
           
Premises and Equipment, Net 107,092 109,003 110,302 111,408 110,991
Intangible Assets 85,053 85,161 85,269 85,376 85,484
Other Real Estate Owned 53,426 53,172 58,059 58,100 62,600
Other Assets 89,561 87,815 92,869 103,992 92,126
Total Other Assets 335,132 335,151 346,499 358,876 351,201
           
Total Assets  $ 2,633,984  $ 2,493,784  $ 2,645,850  $ 2,660,278  $ 2,641,312
           
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits  $ 609,235  $ 596,660  $ 623,130  $ 605,774  $ 618,317
NOW Accounts 842,435 703,327 789,103 845,149 828,990
Money Market Accounts 267,766 285,084 288,352 283,224 276,910
Regular Savings Accounts 184,541 181,523 178,388 172,262 158,462
Certificates of Deposit 241,019 254,000 271,413 279,295 289,840
Total Deposits 2,144,996 2,020,594 2,150,386 2,185,704 2,172,519
           
Short-Term Borrowings 47,435 42,388 69,449 42,188 43,372
Subordinated Notes Payable 62,887 62,887 62,887 62,887 62,887
Other Long-Term Borrowings 46,859 38,126 38,846 42,826 44,606
Other Liabilities 84,918 79,427 75,260 75,876 65,986
           
Total Liabilities 2,387,095 2,243,422 2,396,828 2,409,481 2,389,370
           
SHAREOWNERS' EQUITY          
Common Stock 172 172 172 172 172
Additional Paid-In Capital 38,707 38,493 38,260 38,101 37,838
Retained Earnings 237,569 235,694 234,573 236,299 237,461
Accumulated Other Comprehensive Loss, Net of Tax (29,559) (23,997) (23,983) (23,775) (23,529)
           
Total Shareowners' Equity 246,889 250,362 249,022 250,797 251,942
           
Total Liabilities and Shareowners' Equity  $ 2,633,984  $ 2,493,784  $ 2,645,850  $ 2,660,278  $ 2,641,312
           
OTHER BALANCE SHEET DATA          
Earning Assets  $ 2,261,781  $ 2,135,779  $ 2,271,803  $ 2,282,053  $ 2,266,193
Intangible Assets          
Goodwill 84,811 84,811 84,811 84,811 84,811
Core Deposits 19 79 139 198 258
Other 223 271 319 367 415
Interest Bearing Liabilities 1,692,942 1,567,335 1,698,438 1,727,831 1,705,066
           
Book Value Per Diluted Share  $ 14.31  $ 14.54  $ 14.48  $ 14.60  $ 14.68
Tangible Book Value Per Diluted Share 9.38 9.59 9.52 9.63 9.70
           
Actual Basic Shares Outstanding 17,232 17,223 17,198 17,182 17,160
Actual Diluted Shares Outstanding 17,259 17,223 17,198 17,182 17,161
           
CAPITAL CITY BANK GROUP, INC.              
CONSOLIDATED STATEMENT OF OPERATIONS              
Unaudited              
 
            Twelve Months Ended
  2012 2011 December 31,
(Dollars in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter 2012 2011
               
INTEREST INCOME              
Interest and Fees on Loans  $ 20,756  $ 21,274  $ 21,359  $ 22,005  $ 22,915  $ 85,394  $ 94,944
Investment Securities 808 798 834 900 902 3,340 3,968
Funds Sold 223 254 244 225 95 946 547
Total Interest Income 21,787 22,326 22,437 23,130 23,912 89,680 99,459
               
INTEREST EXPENSE              
Deposits 429 480 556 643 699 2,108 3,947
Short-Term Borrowings 69 71 48 8 6 196 305
Subordinated Notes Payable 351 372 372 382 358 1,477 1,380
Other Long-Term Borrowings 383 372 396 436 452 1,587 1,905
Total Interest Expense 1,232 1,295 1,372 1,469 1,515 5,368 7,537
Net Interest Income 20,555 21,031 21,065 21,661 22,397 84,312 91,922
Provision for Loan Losses 2,766 2,864 5,743 4,793 7,600 16,166 18,996
Net Interest Income after Provision for Loan Losses 17,789 18,167 15,322 16,868 14,797 68,146 72,926
               
NONINTEREST INCOME              
Service Charges on Deposit Accounts 6,764 6,406 6,313 6,309 6,530 25,792 25,451
Data Processing Fees 671 687 680 675 743 2,713 3,230
Asset Management Fees (1) 1,100 1,020 1,020 1,015 1,124 4,155 4,364
Retail Brokerage Fees (1) 718 666 884 758 776 3,026 3,251
Mortgage Banking Fees 910 978 864 848 845 3,600 2,675
Interchange Fees (2) 1,726 1,619 1,580 1,526 1,399 6,451 5,622
ATM/Debit Card Fees (2) 886 997 1,204 1,245 1,098 4,332 4,519
Other  1,343 1,202 1,361 1,210 1,358 5,116 9,736
Total Noninterest Income 14,118 13,575 13,906 13,586 13,873 55,185 58,848
               
NONINTEREST EXPENSE              
Compensation 15,772 15,510 16,117 16,843 15,260 64,242 63,642
Occupancy, Net 2,200 2,332 2,276 2,266 2,284 9,074 9,622
Furniture and Equipment 2,212 2,245 2,245 2,201 2,097 8,903 8,558
Intangible Amortization 108 108 107 108 107 431 675
Other Real Estate 1,917 2,616 3,460 3,513 3,425 11,506 12,677
Other  7,259 7,390 8,088 7,666 7,930 30,403 31,074
Total Noninterest Expense 29,468 30,201 32,293 32,597 31,103 124,559 126,248
               
OPERATING PROFIT (LOSS)  2,439 1,541 (3,065) (2,143) (2,433) (1,228) 5,526
Income Tax Expense (Benefit)  564 420 (1,339) (981) (1,898) (1,336) 629
NET INCOME (LOSS)  $ 1,875  $ 1,121  $ (1,726)  $ (1,162)  $ (535)  $ 108  $ 4,897
               
PER SHARE DATA              
Basic Income (Loss)   $ 0.11  $ 0.07  $ (0.10)  $ (0.07)  $ (0.03)  $ 0.01  $ 0.29
Diluted Income (Loss)  $ 0.11  $ 0.07  $ (0.10)  $ (0.07)  $ (0.03)  $ 0.01  $ 0.29
Cash Dividends 0.000 0.000 0.000 0.000 0.000 0.000 0.300
AVERAGE SHARES              
Basic  17,229 17,215 17,192 17,181 17,157 17,205 17,140
Diluted  17,256 17,228 17,192 17,181 17,157 17,220 17,140
               
               
(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 2012 2011
(Dollars in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
           
ALLOWANCE FOR LOAN LOSSES          
Balance at Beginning of Period  $ 30,222  $ 29,929  $ 31,217  $ 31,035  $ 29,658
Provision for Loan Losses 2,766 2,864 5,743 4,793 7,600
Net Charge-Offs 3,821 2,571 7,031 4,611 6,223
Balance at End of Period $ 29,167 $ 30,222 $ 29,929 $ 31,217 $ 31,035
As a % of Loans 1.93% 1.97% 1.93% 1.98% 1.91%
As a % of Nonperforming Loans 45.42% 40.80% 40.03% 39.65% 41.37%
           
CHARGE-OFFS          
Commercial, Financial and Agricultural  $ 166  $ 331  $ 57  $ 268  $ 634
Real Estate - Construction 227 127 275 -- 25
Real Estate - Commercial 468 512 3,519 1,532 2,443
Real Estate - Residential 2,877 981 3,894 1,967 2,755
Real Estate - Home Equity 745 834 425 892 205
Consumer 488 355 550 732 879
Total Charge-Offs $ 4,971 $ 3,140 $ 8,720 $ 5,391 $ 6,941
           
RECOVERIES          
Commercial, Financial and Agricultural  $ 87  $ 53  $ 83  $ 67  $ 242
Real Estate - Construction  7  9  27 --  -- 
Real Estate - Commercial 468 34 42 138 87
Real Estate - Residential 83 76 969 163 34
Real Estate - Home Equity 250 15 116 18 13
Consumer 255 382 452 394 342
Total Recoveries  $ 1,150  $ 569  $ 1,689  $ 780  $ 718
           
NET CHARGE-OFFS  $ 3,821  $ 2,571  $ 7,031  $ 4,611  $ 6,223
           
Net Charge-Offs as a % of Average Loans (1) 1.00% 0.66% 1.80% 1.16% 1.50%
           
RISK ELEMENT ASSETS          
Nonaccruing Loans  $ 64,222  $ 74,075  $ 74,770  $ 78,726  $ 75,023
Other Real Estate Owned 53,426 53,172 58,059 58,100 62,600
Total Nonperforming Assets  $ 117,648  $ 127,247  $ 132,829  $ 136,826  $ 137,623
           
Past Due Loans 30-89 Days   $ 9,934  $ 12,923  $ 16,695  $ 9,193  $ 19,425
Past Due Loans 90 Days or More -- -- -- 25 224
Performing Troubled Debt Restructurings  $ 47,474  $ 45,973  $ 38,734  $ 37,373  $ 37,675
           
Nonperforming Loans as a % of Loans 4.22% 4.83% 4.80% 4.99% 4.61%
Nonperforming Assets as a % of          
Loans and Other Real Estate 7.47% 8.02% 8.23% 8.36% 8.14%
Nonperforming Assets as a % of Capital (2) 42.62% 45.35% 47.62% 48.52% 48.63%
Nonperforming Assets as a % of Total Assets 4.47% 5.10% 5.02% 5.14% 5.21%
           
           
(1) Annualized          
(2) Capital includes allowance for loan losses          
CAPITAL CITY BANK GROUP, INC.                  
AVERAGE BALANCE AND INTEREST RATES (1)                  
Unaudited                  
 
                   
  Fourth Quarter 2012 Third Quarter 2012 Second 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  $ 1,518,280 20,837 5.46%  $ 1,541,262  21,366 5.51%  $ 1,570,827  21,456 5.49%
                   
Investment Securities                  
Taxable Investment Securities  219,985  697 1.26  214,431  691 1.28  216,952  730 1.35
Tax-Exempt Investment Securities 74,647 172 0.92 67,446 163 0.97 63,715 161 1.01
                   
Total Investment Securities  294,632  869 1.17  281,877  854 1.21  280,667  891 1.27
                   
Funds Sold 366,034 223 0.24 386,027 254 0.26 411,353 244 0.24
                   
Total Earning Assets  2,178,946  $ 21,929 4.00%  2,209,166  $ 22,474 4.05%  2,262,847 $ 22,591 4.01%
                   
Cash and Due From Banks  51,344      47,207      47,711    
Allowance for Loan Losses  (30,605)      (30,260)      (31,599)    
Other Assets 334,326     340,126     345,458    
                   
Total Assets  $ 2,534,011      $ 2,566,239      $ 2,624,417    
                   
LIABILITIES:                  
Interest Bearing Deposits                  
NOW Accounts  $714,682  $131 0.07%  $740,178  $144 0.08%  $809,172  $167 0.08%
Money Market Accounts  275,458  57 0.08  287,250  60 0.08  280,371  63 0.09
Savings Accounts  182,760  23 0.05  179,445  23 0.05  174,923  21 0.05
Time Deposits 247,679 218 0.35 263,007 253 0.38 274,497 305 0.45
Total Interest Bearing Deposits  1,420,579  429 0.12%  1,469,880  480 0.13%  1,538,963  556 0.15%
                   
Short-Term Borrowings  45,893  69 0.59%  59,184  71 0.48%  57,983  48 0.33%
Subordinated Notes Payable  62,887  351 2.19  62,887  372 2.31  62,887  372 2.34
Other Long-Term Borrowings 42,673 383 3.57 38,494 372 3.85 40,617 396 3.92
                   
Total Interest Bearing Liabilities  1,572,032 $1,232 0.31%  1,630,445 $1,295 0.32%  1,700,450 $1,372 0.32%
                   
Noninterest Bearing Deposits  630,520      605,602      596,690    
Other Liabilities 78,442     78,446     74,633    
                   
Total Liabilities 2,280,994     2,314,493     2,371,773    
                   
SHAREOWNERS' EQUITY: 253,017     251,746     252,644    
                   
Total Liabilities and Shareowners' Equity  $ 2,534,011      $ 2,566,239      $ 2,624,417    
                   
Interest Rate Spread    $ 20,697 3.69%    $ 21,179 3.73%    $ 21,219 3.69%
                   
Interest Income and Rate Earned (1)   21,929 4.00   22,474 4.05   22,591 4.01
Interest Expense and Rate Paid (2)   1,232 0.22   1,295 0.23   1,372 0.24
                   
Net Interest Margin    $ 20,697 3.78%    $ 21,179 3.82%    $ 21,219 3.77%
                   
                   
(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            
 
             
  First Quarter 2012 Fourth Quarter 2011
(Dollars in thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS:            
Loans, Net of Unearned Interest  $ 1,596,480  22,121 5.57%  $ 1,646,715  23,032 5.55%
             
Investment Securities            
Taxable Investment Securities  242,481  794 1.31  248,217  816 1.31
Tax-Exempt Investment Securities 56,313 162 1.15 59,647 131 0.88
             
Total Investment Securities  298,794  956 1.28  307,864  947 1.22
             
Funds Sold 373,033 225 0.24 191,884 96 0.20
             
Total Earning Assets  2,268,307  $ 23,302 4.13%  2,146,463  $ 24,075 4.45%
             
Cash and Due From Banks  49,427      49,666    
Allowance for Loan Losses  (31,382)      (29,550)    
Other Assets 350,555     343,336    
             
Total Assets  $ 2,636,907      $ 2,509,915    
             
LIABILITIES:            
Interest Bearing Deposits            
NOW Accounts  $ 823,406  $192 0.09%  $ 700,005  $ 148 0.08%
Money Market Accounts  277,558  75 0.11  283,677  75 0.11
Savings Accounts  165,603  20 0.05  156,088  20 0.05
Time Deposits 284,129 356 0.50 299,487 456 0.60
Total Interest Bearing Deposits  1,550,696  643 0.17%  1,439,257  699 0.19%
             
Short-Term Borrowings  45,645  8 0.07%  44,573  6 0.05%
Subordinated Notes Payable  62,887  382 2.40  62,887  358 2.23
Other Long-Term Borrowings 44,286 436 3.96 45,007 452 3.99
             
Total Interest Bearing Liabilities  1,703,514  $ 1,469 0.35%  1,591,724  $ 1,515 0.38%
             
Noninterest Bearing Deposits  610,692      593,718    
Other Liabilities 68,254     60,197    
             
Total Liabilities 2,382,460     2,245,639    
             
SHAREOWNERS' EQUITY: 254,447     264,276    
             
Total Liabilities and Shareowners' Equity  $ 2,636,907      $ 2,509,915    
             
Interest Rate Spread    $ 21,833 3.78%    $ 22,560 4.07%
             
Interest Income and Rate Earned (1)   23,302 4.13   24,075 4.45
Interest Expense and Rate Paid (2)   1,469 0.26   1,515 0.28
             
Net Interest Margin    $ 21,833 3.87%    $ 22,560 4.17%
             
             
(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            
 
             
  Dec 2012 YTD Dec 2011 YTD
(Dollars in thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate
ASSETS:            
Loans, Net of Unearned Interest  $ 1,556,565  $ 85,780 5.51%  $ 1,686,995  $ 95,520 5.66%
             
Investment Securities            
Taxable Investment Securities  223,429  2,912 1.27  243,059  3,320 1.38
Tax-Exempt Investment Securities 65,560 658 1.00 62,497 996 1.59
             
Total Investment Securities  288,989  3,570 1.23  305,556  4,316 1.41
             
Funds Sold 384,067 946 0.25 228,766 548 0.24
             
Total Earning Assets  2,229,621  $ 90,296 4.05%  $ 2,221,317  $ 100,384 4.52%
             
Cash and Due From Banks  48,924      48,823    
Allowance for Loan Losses  (30,959)      (32,066)    
Other Assets 342,587     345,123    
             
Total Assets  $ 2,590,173      $ 2,583,197    
             
LIABILITIES:            
Interest Bearing Deposits            
NOW Accounts  $ 771,617  $634 0.08%  $ 748,774  $890 0.12%
Money Market Accounts  280,165  255 0.09  282,271  437 0.15
Savings Accounts  175,712  87 0.05  151,801  73 0.05
Time Deposits 267,263 1,132 0.42 330,750 2,547 0.77
Total Interest Bearing Deposits  1,494,757  2,108 0.14%  1,513,596  3,947 0.26%
             
Short-Term Borrowings  52,178  196 0.38%  68,061  305 0.45%
Subordinated Notes Payable  62,887  1,477 2.31  62,887  1,380 2.16
Other Long-Term Borrowings 41,513 1,587 3.82 47,841 1,905 3.98
             
Total Interest Bearing Liabilities  1,651,335  $ 5,368 0.33%  1,692,385  $ 7,537 0.45%
             
Noninterest Bearing Deposits  610,915      567,987    
Other Liabilities 74,963     59,777    
             
Total Liabilities 2,337,213     2,320,149    
             
SHAREOWNERS' EQUITY: 252,960     263,048    
             
Total Liabilities and Shareowners' Equity  $ 2,590,173      $ 2,583,197    
             
Interest Rate Spread    $ 84,928 3.72%    $ 92,847 4.07%
             
Interest Income and Rate Earned (1)   90,296 4.05   100,384 4.52
Interest Expense and Rate Paid (2)   5,368 0.24   7,537 0.34
             
Net Interest Margin    $ 84,928 3.81%    $ 92,847 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

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