CAPITAL CITY BANK GROUP INC
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 11, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-13.
0000726601-24-000007
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosure About Market RiskCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-11.
0000726601-25-000013
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosure About Market RiskThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 2024 previous paragraphs and 2031 current paragraphs.
1148 unchanged; 347 reworded; 500 added; 491 removed; 38 previous and 36 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (500)
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offices and 104 ATMs/ITMs
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banking business.
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drive higher profitability.
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the continuation of our comprehensive review of our
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banking office network,
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our residential
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mortgage banking and wealth businesses.
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additional 15 smaller, less competitive,
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markets where
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(excluding Northern Arc of
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Atlanta).
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We expanded
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Additionally,
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2023, Panama City, Florida
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Panama City, Florida (West
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Bay) in the first quarter of
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To expand our presence and
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office in the
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Arc and Walton County
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office
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wealth advisors, and treasury professionals.
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Arc and Walton County
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offices.
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On March 1, 2020, CCB acquired from BMGBMG, LLC (“BMG”) an initial 51% membership
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interest in CCHL (formerly
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known as Brand Mortgage Group, LLC), which became a consolidated entity
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in the Company’s financial statements. As part of
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the transaction, CCHL’s
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operating agreement included put and call options for CCB to purchase from
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BMG the remaining 49% of
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CCHL’s
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membership interests (the “49% Interest”).
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On November 15, 2024, CCB entered into an agreement with BMG to
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transfer the 49% Interest to CCB, effective January 1, 2025.
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BMG initiated the buyout by exercising its put option in CCHL’s
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reflected a $5.7 million decrease in provision for credit
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losses and a $4.4 million increase in noninterest income, that were partially
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offset by a $8.3 million increase in noninterest
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a $0.9 million increase in income taxes, and a $0.1 million decrease in net
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Net income attributable to
Showing the first 40 of 500 passages. Open the source sections for the rest.
Removed paragraphs (491)
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offices and 103 ATMs/ITMs
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client relationships, continued our
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comprehensive review of our banking office network, continued
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revenues by expanding our residential mortgage banking and wealth businesses
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additional fourteen smaller, less competitive,
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markets (excluding Northern
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share.
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We have continued
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of 2023.
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Additionally, we expanded
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2024 and we plan to open
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another full-service office in Panama City,
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Florida (West Bay)
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To expand our presence
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and
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During 2022 and
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County office markets, including commercial
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treasury professionals.
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reside in the Northern Arc and Walton
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County offices.
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On March 1, 2020, CCB acquired a 51% membership interest in Brand Mortgage
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Group, LLC (“Brand”) which is now operated
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as CCHL, a consolidated entity in the Company’s
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financial statements. The terms of the transaction included a buyout call/put
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option for CCB to purchase the remaining 49% of the membership interests in CCHL (“the
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49% Interest”) that are held by
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BMGBMG, LLC (“BMG”). The option requires 12 months advance notice
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to the other party, and under the
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terms of the option,
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January 1, 2025 is the earliest date the transfer of the 49% Interest may be completed.
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On December 20, 2023, BMG notified
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CCB that BMG will exercise its put option and the transfer of the 49% Interest will become
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effective on January 1, 2025.
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reflected higher net interest income of $34.0 million that
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was partially offset by higher noninterest expense of $5.4 million,
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higher income taxes of $5.2 million, lower noninterest income
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The increase in net income attributable to common shareowners for 202
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was attributable to higher net interest income of $22.2
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million, lower noninterest expense of $10.9 million, and lower income
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taxes of $1.9 million, partially offset by a $9.0 million
Showing the first 40 of 491 passages. Open the source sections for the rest.
Reworded paragraphs (347)
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a full range of banking services, including traditional deposit and credit
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provide a full range of banking services, including traditional deposit and credit
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services, mortgage banking, asset management, trust, merchant services, bankcards,
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services, mortgage banking, asset management, trust, merchant services,
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securities brokerage services and financial
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bankcards, securities brokerage services and financial
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advisory services, including the sale of life insurance, risk management, and
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advisory services, including the sale of life insurance, risk management,
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asset protection services. The Bank has 63 banking
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and asset protection services. The Bank has 62 banking
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Through Capital City Home Loans, LLC (“CCHL”), we have 29
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Through Capital City Home Loans, LLC (“CCHL”), we have 27
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additional offices in the Southeast for our mortgage banking business.
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additional offices in the Southeast for our mortgage
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In 2021, we initiated a new five-year strategic plan “2025 In Focus” that guide
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Our five-year strategic plan “2025 In Focus” guides
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us in the areas of client
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us in the areas of client experience, channel
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experience, channel optimization, market expansion, and culture.
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optimization, market expansion, and culture.
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As part of 2025 In Focus, we aim to take our brand of
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As part of the strategic plan, we aim to take our brand of relationship banking to the
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relationship banking to the next level, further deepen relationships within
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next level, further deepen relationships within our communities, expand into new
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markets, diversify our revenue sources, invest in new technology that
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higher growth markets, diversify our revenue
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will support the expansion of client relationships, scale
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sources, invest in new technology that will support the expansion of client relationships,
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within our lines of business, and drive higher profitability.
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scale within our lines of business, and
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initiatives in support of the strategic plan,
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initiatives in support of the strategic plan, including the implementation of an
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including the implementation of an integrated marketing software aimed at deepening
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integrated marketing software aimed at deepening client relationships,
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expansion into new markets and further diversification of
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and expansion into new markets and further diversification of revenues by expanding
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rural markets located on the outskirts of, and centered between, our larger markets
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rural markets located on the outskirts of, and centered between, our larger
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where we are positioned as a market leader.
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we are positioned as a market leader.
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In 7 of 11 markets in Florida and two of four Georgia
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In 7 of 12 markets in Florida and one of three Georgia markets
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Arc of Atlanta markets entered into in 2022 and 2023),
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Atlanta markets entered into in 2022 and 2023),
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we frequently rank within the top four banks in terms of deposit market
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we frequently rank within the top three banks in terms of deposit market share.
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Furthermore, in the counties in which we operate, we maintain an 7.7% deposit
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Furthermore, in the counties in which we operate, we maintain an 8.3% deposit
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market share in the Florida counties and
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market share in the Florida counties and 5.2% in
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5.5% in the Georgia counties (excluding Northern Arc of Atlanta).
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the Georgia counties (excluding Northern Arc of
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Our markets provide for a strong core deposit funding base, a
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Our markets provide for a strong core deposit funding base, a key
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key differentiator and driver of our profitability and franchise
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differentiator and driver of our profitability and franchise
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our expansion into the Northern Arc of Atlanta, Georgia by opening
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into the Northern Arc of Atlanta, Georgia by opening full-service offices
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quarter of 2022 and Duluth (Gwinnett County) in the second quarter
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Marietta (Cobb County) in the fourth quarter of 2022 and Duluth (Gwinnett
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our presence in the Florida Panhandle by opening a full-service office
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we expanded our presence in the Florida Panhandle by opening a full-service office
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Florida in the first quarter of 2023 and Panama City,
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Florida in the first quarter of
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Florida (Lynn Haven) in the first quarter of
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(Lynn Haven) in the first quarter of 2024, and
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office in the area in early 2023.
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area in early 2023.
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we hired leadership and banking teams in the Northern Arc and Walton
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During 2022 and 2023, we hired leadership and banking teams in the Northern
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bankers, retail delivery support, private banking, wealth advisors, and
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markets, including commercial bankers, retail delivery support, private banking,
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Further, CCHL loan originators will
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Further, CCHL loan originators reside in the Northern
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For 2023, net income attributable to common shareowners totaled $52.3 million,
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For 2024, net income attributable to common shareowners totaled $52.
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or $3.07 per diluted share, compared to net
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million, or $3.12 per diluted share, compared to net
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income of $33.4 million, or $1.97 per diluted share, for 2022, and $33.4
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income of $52.3 million, or $3.07 per diluted share, for 2023, and $33.4
Showing the first 40 of 347 pairs. Open the source sections for the rest.
Rearranged current paragraphs (36)
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County) in the second quarter of 2023.
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For 2023, the increase in net income attributable to common shareowners
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in the provision for credit losses.
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attributable to common shareowners included a $1.3 million increase
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yields across our earning assets, partially offset by higher
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See section titled “Financial Condition - Market Risk and Interest Rate
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and Analysis of Financial Condition and Results of Operations for additional
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million expense for loans HFI and $0.2 million expense for unfunded
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other income was primarily attributable to a $1.4 million gain from the
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decrease in 2024 was primarily attributable to a $1.4 million gain from
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$1.4 million gain from the sale of mortgage servicing rights that was partially
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the addition of staffing in new markets and annual merit),
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plan service cost expense that was partially
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expense due to a higher level of retirements.
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operations and invest in technology that provides
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The increase in salary expense was primarily due to a $3.6 million
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The decrease in associate benefit expense
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offset by a $0.5 million increase in
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The increase in our effective tax rate in 2023 was attributable to a higher
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pre-tax income from CCHL, in
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Expansion into the Northern Arc of Atlanta, Georgia (Cobb and
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The $0.7 million decrease in the allowance in 2024 reflected a credit loss
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The decrease in the allowance in 2024 was
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The increase in the allowance in
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at December 31, 2023 and 0.98% and 1,091%, respectively,
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for each of the last three fiscal years.
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was classified as AFS, with $567.2
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million, or 64.7%, classified as HTM and $3.5
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million, or 0.2%, classified as equity securities.
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securities, U.S. Treasuries, and SBA securities held carry
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and 31 municipal bond positions had a total
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The average maturity of our investment portfolio at December 31,
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decreased $93.7 million, or 2.5%, in 2023.
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million and at December 31, 2023, totaled $709.8 million.
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to manage the mix of our deposits as well as the overall client relationship rather
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per diluted share compared to $25.92 at December 31,
Rearranged previous paragraphs (38)
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our communities, expand into new higher growth
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full-service offices in Marietta (Cobb County) in the fourth
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Net income attributable to common shareowners
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interest in the earnings of CCHL.
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the year reflective of higher interest rates.
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Increase (Decrease) Due to Change In
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$0.4 million, and bank card fees of $0.1 million.
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Strong best efforts adjustable-rate production by
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CCHL during 2022 contributed to the Bank’s
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credit rate for commercial deposit accounts.
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drove the increase in account service charge fees.
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$3.7 million and retail brokerage fees of $0.6 million.
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reflective of the rapid increase in
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Activities in the Notes to Consolidated Financial Statements.
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mortgage servicing rights that was partially offset by
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in associate insurance expense (higher premiums).
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These favorable variances were partially offset by
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insurance – other (FDIC insurance fees) of
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$0.7 million, processing fees of $0.5
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million, and legal fees of $0.3 million.
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These favorable variances were partially offset by
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in 2021 drove the increase in other real estate expense.
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The increase in salary expense was primarily due to a $3.6
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in new markets and annual merit), a $3.0 million reduction in
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service cost expense that was partially offset by a $0.5 million increase
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in associate insurance expense (higher premiums).
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The increase in associate benefit expense was primarily attributable to an increase
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(increased premiums) and maintenance agreements (network and security upgrades).
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million - mid-2023 sale of servicing rights).
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our core processor outsourcing contract negotiation), insurance
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Expansion into new markets in the Northern Arc of Atlanta, Georgia
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31, 2022. 1-4 family real estate secured
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provision of $9.6 million and net loan charge-offs
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The increases in the allowance for both 2023 and
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Mortgage Association and Federal Home Loan Mortgage Corporation)
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reinvested in order to fund loan growth.
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– Mortgage Banking Activities in the Consolidated
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Further, book value is impacted by the periodic adjustment