CAPITAL CITY BANK GROUP INC
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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.
FY2025 · Filed Feb 27, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 RiskCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0000726601-26-000007
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 2031 previous paragraphs and 1987 current paragraphs.
1222 unchanged; 291 reworded; 445 added; 486 removed; 32 previous and 29 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 (445)
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advisory services.
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Through Capital City
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Please see the
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about our business.
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expansion, and
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culture.
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level, further deepen
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expanding our residential mortgage banking and
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wealth businesses.
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Northern Arc of
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These markets also benefit from favorable demographic trends,
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including population growth, state government stability,
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and expanding healthcare and education sectors, which support our long-
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term relationship banking strategy and contribute to the resilience of our
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deposit base.
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reflected a $12.7 million increase in net interest income
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million increase in noninterest expense,
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Net income attributable to
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CCHL.
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net interest income totaled $171.8 million compared
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to $159.2 million for 2024
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Net interest margin increased
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by 20 basis points to 4.28% (increase in earning asset yield
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of 10 basis points and decrease
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in cost of funds of 10 basis points)
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compared to 1.10% in 2024 - net loan
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charge-offs were 14 basis points of
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by $6.4 million, or 8.4%, due to higher mortgage banking revenues
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of $2.6 million, wealth
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management fees of $1.6 million, other income of $1.5 million, and deposit fees of $0.7
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million
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based pay and health care cost) partially offset by lower pension
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expense and higher gains from the sale of banking
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facilities
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Loan balances decreased by $83.6 million, or 3.1%
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(average), and decreased by $105.4 million, or 4.0%
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(end of period)
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Average deposit balances increased
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by $53.9 million, or 1.5% driven by strong core
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deposit growth
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Removed paragraphs (486)
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offices and 104 ATMs/ITMs
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banking business.
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Our five-year strategic plan “2025 In Focus” guides
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optimization, market expansion, and culture.
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drive higher profitability.
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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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(excluding Northern Arc of
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Additionally,
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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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BMG initiated the buyout by exercising its put option in CCHL’s
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reflected a $34 million increase in net interest income
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that was partially offset by a $5.4 million increase in noninterest expense
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in the provision for credit losses.
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Net income
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the earnings of CCHL.
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net interest income totaled $159.2 million for 2024 compared
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to $159.4 million for 2023 driven by higher
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yields across our earning assets, partially offset by higher
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deposit cost which was well controlled at 89 basis points
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for the
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year – net interest margin
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was 4.08% for 2024 compared to 4.05% for 2023
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net loan
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charge-offs were 21
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$4.4 million, or 6.1%, driven by higher mortgage banking revenues
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and wealth management
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of higher
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incentive compensation, merit raises, and higher health insurance costs
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Loan balances increased $50.1 million, or 1.9% (average),
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and decreased $82.4 million, or 3.0% (end
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of period)
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Deposit balances decreased $72.2
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million, or 2.0% (average), and decreased $29.8 million,
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or 0.8% (end of period)
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Reworded paragraphs (291)
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and asset protection services. The Bank has 62 banking
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The Bank has 62 banking offices and 108 ATMs/ITMs
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Through Capital City Home Loans, LLC (“CCHL”), we have 27
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Home Loans, LLC (“CCHL”), we have 28 additional offices
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additional offices in the Southeast for our mortgage
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in the Southeast for our mortgage banking business.
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page 6 for more detailed information about our business.
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section captioned “About Us” beginning on page 5 for more detailed information
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us in the areas of client experience, channel
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Our strategic plan guides us in the areas of client experience, channel optimization, market
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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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As part of the strategic plan, we aim to take our brand of relationship banking to the next
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next level, further deepen relationships within our communities, expand into new
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relationships within our communities, expand into new higher growth
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higher growth markets, diversify our revenue
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markets, diversify our revenue sources, invest in new
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sources, invest in new technology that will support the expansion of client relationships,
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technology that will support the expansion of client relationships, scale within
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scale within our lines of business, and
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our lines of business, and drive higher profitability.
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initiatives in support of the strategic plan, including the implementation of an
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initiatives in support of the strategic plan, including the implementation of an integrated marketing
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integrated marketing software aimed at deepening client relationships,
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software aimed at deepening client relationships, the continuation of
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the continuation of our comprehensive review of our
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our comprehensive review of our banking office network,
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and expansion into new markets and further diversification of revenues by expanding
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and expansion into new markets and further diversification of revenues by
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In 7 of 12 markets in Florida and one of three Georgia markets
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In 7 of 12 markets in Florida and one of three Georgia markets (excluding
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Furthermore, in the counties in which we operate, we maintain an 8.3% deposit
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Furthermore, in the counties in which we operate, we maintain an 8.0% deposit
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market share in the Florida counties and 5.2% in
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market share in the Florida counties and 5.0% in
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in the Company’s financial statements. As part of
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in the Company’s financial statements. On
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On November 15, 2024, CCB entered into an agreement with BMG to
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November 15, 2024, CCB entered into an agreement with BMG to transfer
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transfer the 49% Interest to CCB, effective January 1, 2025.
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the 49% Interest to CCB, which closed on January 1,
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For 2024, net income attributable to common shareowners totaled $52.
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For 2025, net income attributable to common shareowners totaled $61.6
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million, or $3.12 per diluted share, compared to net
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million, or $3.60 per diluted share, compared to net
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income of $52.3 million, or $3.07 per diluted share, for 2023, and $33.4
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income of $52.9 million, or $3.12 per diluted share, for 2024, and $52.3
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million, or $1.97 per diluted share, for 2022.
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million, or $3.07 per diluted share, for 2023.
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a $5.2 million increase in income taxes, a $3.6 million
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offset by a $6.2 million increase in income taxes, a $1.7
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attributable to common shareowners included a $1.3 million increase
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common shareowners included a $1.3 million decrease in the deduction
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a $0.9 million increase in income taxes, and a $0.1 million decrease in net
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expense, a $0.9 million increase in income taxes, and a $0.1 million decrease
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in the deduction to record the 49% non-controlling interest in
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to record the non-controlling interest in the earnings of
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the year – allowance coverage ratio remained stable at 1.10%
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the year – allowance coverage ratio increased to 1.22%
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basis points of average loans for 2024 versus 18 basis points for 2023
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average loans for 2025 compared to 21 basis
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$8.3 million, or 5.3%, primarily due to higher compensation expense reflective
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$1.7 million, or 1.0%, primarily due to higher compensation expense (primarily performance-
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For more detailed information, refer to the following additional sections of
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For more detailed information, refer to the following additional sections of the
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the MD&A “Results of Operations” and “Financial
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MD&A “Results of Operations” and “Financial
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For 2024, our taxable equivalent net interest income totaled $159.
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For 2025, our taxable equivalent net interest income totaled $171.8
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The $0.2 million, or 0.1%, decrease in 2024 was primarily attributable to higher deposit
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The $0.2 million, or 0.1%, decrease in 2024 was driven by higher deposit interest expense
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For 2024, our taxable equivalent interest income totaled $194.9
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For 2025, our taxable equivalent interest income totaled $204.6
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The $13.5 million, or 7.4%, increase in 2024 was primarily attributable
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The $13.5 million, or 7.4%, increase in 2024 was primarily attributable to
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to loan growth and favorable loan repricing.
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$13.0 million increase in loan income driven by loan growth and favorable loan
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For 2024, interest expense totaled $35.7 million compared to $22.1 million
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For 2025, interest expense totaled $32.7 million compared to $35.7 million for 2024
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market accounts reflected adjustments to our board and managed rates for this product
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to our board and managed rates for
Showing the first 40 of 291 pairs. Open the source sections for the rest.
Rearranged current paragraphs (29)
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and a $6.4 million increase in noninterest income, that were partially
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and a $1.2 million increase in provision for credit losses.
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We discuss these variances in more
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The increase in the net interest margin for 2025 was primarily due
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Increase (Decrease) Due to Change In
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million expense for unfunded loan commitments).
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increase over 2024, attributable to increases in
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The increase in 2025 was primarily due to
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trust fees reflected new account growth and a fee increase in the first quarter of 2025.
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The increase in 2024 was attributable to a
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in the third quarter of 2025 and to a lesser extent higher miscellaneous income
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reflected a mid-year fee increase.
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headed Net Interest Income and Margin).
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decline in this metric for 2024 was attributable to a higher level of noninterest
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million increase in salary expense and a $1.6 million increase in
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The unfavorable variance in other associate benefit expense was due to a $0.9
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associate insurance cost due to higher health insurance cost and a $0.6 million increase
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attributable to an increase in maintenance agreement expense, primarily
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equity fund drove the increase in our effective tax rate compared
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to 2024 and to a lesser extent a higher than projected Internal
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The $1.8 million increase in the allowance in 2025 reflected a credit loss
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The increase in the allowance in 2025 was primarily
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$5.7 million, or 0.21%, for 2024, and net loan charge-offs
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at December 31, 2024 and 1.10% and 480%, respectively,
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All of these positions maintain an overall
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Activities in the Consolidated Financial Statements.
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residential mortgage loans, commercial real estate mortgage loans,
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SOFR plus a margin of 1.80%.
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comprehensive loss reflected a $10.7 million decrease in
Rearranged previous paragraphs (32)
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Please see the section captioned “About Us” beginning on
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offset by higher deposit interest expense.
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reflected an overall improved earning asset mix driven by loan growth, and higher
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primarily a $9.6 million increase attributable to NOW
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and a $3.5 million increase attributable to money market accounts.
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to a provision expense of $9.7 million for 2023
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provision for loans HFI in 2024 was primarily due to lower new loan volume and loan
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The increase in other income was primarily due
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account analysis fees and the decrease in overdraft fees
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in 2024 and 2023 were generally due to lower card volume reflective of overall slower
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decrease in 2024 was primarily attributable to a $1.4 million gain from
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The $0.9 million increase in 2023 was due to a
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million increase in salary expense and a $1.6 million
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lower new loan volume and a $2.2 million increase in base salary
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The unfavorable variance in other associate benefit expense was due to a $0.9 million
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and a $0.6 million increase in stock compensation expense
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The increase in our effective tax rate in 2023 was attributable to a higher
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Expansion into the Northern Arc of Atlanta, Georgia (Cobb and
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ultimate collectability is no longer considered doubtful.
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we would have recorded an additional $0.3 million of
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provision of $5.0 million and net loan charge-offs
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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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for each of the last three fiscal years.
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At December 31, 2024, $403.3 million, or 41.5%, of our investment portfolio
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was classified as AFS, with $567.2
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and 31 municipal bond positions had a total
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allowance for credit loss of $3,000.
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real estate mortgage loans, and home equity
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pay a fixed interest rate of 2.50% and receive a variable interest rate based on three-month
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per diluted share compared to $25.92 at December 31,
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$0.3 million decrease or increase, respectively.