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Capital City Bank Group, Inc. Reports Fourth Quarter and Full Year 2010 Results

By: GlobeNewswire
By: GlobeNewswire

TALLAHASSEE, Fla., Jan. 25, 2011 (GLOBE NEWSWIRE) --

Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income for the fourth
quarter of 2010 totaling $1.9 million, or $0.12 per diluted share,
compared to net income of $0.4 million, or $0.02 per diluted share, for
the third quarter of 2010 and a net loss of $3.4 million, or $0.20 per
diluted share, in the fourth quarter of 2009. For the full year 2010, a
net loss of $0.4 million, or $0.02 per diluted share was realized
compared to a net loss of $3.5 million, or $0.20 per diluted share, in
2009.

Compared to the third quarter of 2010, net income reflects a lower loan
loss provision of $1.9 million and higher noninterest income of $1.3
million, partially offset by a $0.4 million decline in net interest
income, higher noninterest expense of $1.2 million, and a lower income
tax benefit of $0.1 million. Earnings for the fourth quarter of 2010
include the reversal of our Visa related litigation reserve of $0.8
million. Compared to the fourth quarter of 2009, net income improved
due to a lower loan loss provision of $7.0 million, higher noninterest
income of $0.3 million, and lower noninterest expense of $1.8 million,
which was partially offset by lower net interest income of $0.9 million
and a lower income tax benefit of $2.9 million.

For the full year 2010, the improvement in earnings was due to a lower
loan loss provision of $16.2 million, partially offset by an $8.4
million reduction in net interest income, lower noninterest income of
$0.6 million, higher noninterest expense of $1.8 million, as well as a
lower income tax benefit of $2.3 million.

"In the fourth quarter, Capital City reported its third consecutive
quarter of positive earnings and improving credit quality," said
William G. Smith, Jr., Chairman, President and CEO. Perhaps, more
important is the Company's momentum as we enter 2011. While we
acknowledge the difficulties inherent in the current operating
environment and expect our return to historical performance levels to
be gradual, I remain excited about what I see for 2011. The inflow of
non-performing loans has slowed and our ability to sell other real
estate remains steady. Despite the current economic conditions, which
we expect to be choppy as the country emerges from this difficult
period, I am confident in Capital City's ability to resolve our problem
assets and improve our overall performance. Absent another economic
event, I believe the worst is behind us. A strong margin, lower credit
costs, an incredible core deposit book and strong capital were the
drivers in the fourth quarter and I believe will continue to produce
good results in 2011."

The Return on Average Assets was 0.30% and the Return on Average Equity
was 2.90% for the fourth quarter of 2010. These metrics were 0.06% and
0.60% for the third quarter of 2010, and -0.52% and -5.03% for the
fourth quarter of 2009, respectively.

For the full year 2010, the Return on Average Assets was -0.02% and the
Return on Average Equity was -0.16% compared to -0.14% and -1.26%,
respectively, for the full year of 2009.

Discussion of Financial Condition

Average earning assets were $2.218 billion for the fourth quarter of
2010, a decrease of $55.1 million, or 2.4% from the third quarter of
2010, and a decline of $19.5 million, or 0.9%, from the fourth quarter
of 2009. The decrease from the third quarter of 2010 is primarily
attributable to a lower level of overnight funds of $79.7 million
(partially reflecting a reduction in deposits), and problem loan
resolutions, which have the effect of lowering the loan portfolio as
loans are either charged off or transferred to the other real estate
owned category, partially offset by a higher investment portfolio. The
lower earning asset total compared to the fourth quarter of 2009 is
attributable to a decline in the loan portfolio of $162.0 million,
partly offset by increases in overnight funds and investment securities
of $59.9 million and $82.5 million, respectively. The favorable
variances in overnight funds and investments were partially funded by
an increase in average deposits of $25.9 million. Average loans have
declined throughout the portfolio, driven by reductions in the
commercial real estate and construction loan categories.

The portfolio continues to be impacted by weak loan demand attributable
to the sluggish economy, but not at the levels we have experienced in
recent quarters. In addition to lower production and normal
amortization and payoffs, the reduction in the portfolio is also
attributable to gross charge-offs and the transfer of loans to the
other real estate owned category. On a linked quarter basis, problem
loan resolutions accounted for $23.8 million, or 56%, of a net
reduction in total loans of $42.6 million, and on a year over year
basis, problem loan resolutions accounted for $85.0 million, or 54%, of
the net reduction of $157.3 million(1).

Nonperforming assets (including nonaccrual loans, restructured loans
and other real estate owned) totaled $145.3 million at year-end 2010, a
reduction of $8.4 million from our 2010 high of $153.7 million at the
end of the first quarter. Compared to the linked quarter, nonperforming
assets have declined by $0.4 million and have increased $1.2 million
from the fourth quarter of 2009. Nonaccrual loans totaled $65.7 million
at the end of the fourth quarter, a decline of $8.5 million from the
linked quarter reflective of the migration of loans to the other real
estate category. Quarter over quarter, the other real estate owned
("OREO") balance increased by $6.7 million and the restructured loan
balance increased by $1.4 million. Year over year, the slight increase
in total nonperforming assets reflects a $20.6 million decline in the
nonaccrual loan balance, reflective of an increased pace of problem
loan resolutions flowing into the OREO category, which realized an
increase of $21.8 million. At year-end, nonperforming assets
represented 8.00% of loans and OREO compared to 7.86% at the prior
quarter-end and 7.38% at year-end 2009. The change in this ratio from
both the prior quarter and prior year-end reflects the impact of the
aforementioned lower loan portfolio balances.

Average total deposits were $2.116 billion for the fourth quarter, a
decrease of $56.3 million, or 2.6%, from the third quarter of 2010 and
an increase of $25.9 million, or 1.2%, from the fourth quarter of 2009.
Deposit levels remain strong, but down slightly from the third quarter
level, primarily attributable to lower money market account,
certificates of deposit balances, and a decline in public funds.
Certificates of deposit declined primarily due to reductions in the
number of single relationship, higher yielding certificates of deposit
with the Bank. Public funds balances have declined as anticipated from
the linked quarter reflecting seasonality within this deposit category.
Money market balances declined as run-off continued in our promotional
deposits as rates on these deposits were lowered to standard board
rates during the third quarter. To date, the bank has retained
approximately $21 million in new deposits and this initiative served to
support our core deposit growth strategy while succeeding in further
strengthening the Bank's overall liquidity position. Our Absolutely
Free Checking ("AFC") products continue to be successful as both
balances and the number of accounts increased quarter over quarter. As
anticipated, public funds, on average, declined from the prior quarter,
but experienced significant growth late in the fourth quarter primarily
reflecting the influx of tax receipts. Pursuant to changes in the
FDIC's Temporary Liquidity Guarantee Program, our government guaranteed
NOW product was discontinued during the fourth quarter. Approximately
$95 million in balances for this product remained in the NOW category,
$95 million migrated to the noninterest bearing DDA category, and $60
million in balances moved to the Repo category as of the end of
December.

We continue to pursue prudent pricing discipline to manage the mix of
our deposits. Therefore, we are not attempting to compete with higher
rate paying competitors for deposits. The increase from the fourth
quarter of 2009 reflects higher public funds of $19.4 million and core
deposits of $6.0 million, fueled primarily by the success of the AFC
products.

We maintained an average net overnight funds (deposits with banks plus
fed funds sold less fed funds purchased) sold position of $171.4
million during the fourth quarter of 2010 compared to an average net
overnight funds sold position of $246.9 million in the prior quarter
and an average overnight funds sold position of $112.8 million in the
fourth quarter of 2009. The lower balance when compared to the linked
quarter primarily reflects the decline in deposits mentioned above and
the increase in the investment portfolio, partially offset by the lower
loan portfolio. The favorable variance as compared to fourth quarter
2009 is primarily attributable to the growth in deposits and net
reductions in the loan portfolio, partially offset by a higher balance
in the investment portfolio. A portion of the funds sold position was
deployed into the investment portfolio during the third and fourth
quarters of 2010. We will continue to evaluate deploying the excess
funds sold position into the investment portfolio during the first
quarter of 2011.

Equity capital was $259.0 million as of December 31, 2010, compared to
$260.7 million as of September 30, 2010 and $267.9 million as of
December 31, 2009. Our leverage ratio was 9.97%, 9.75%, and 10.39%,
respectively, for the comparable periods. Further, our risk-adjusted
capital ratio of 14.50% at December 31, 2010 exceeds the 10.0%
threshold to be designated as "well-capitalized" under the risk-based
regulatory guidelines and reflects an improvement of 21 basis points
over the linked quarter. At December 31, 2010, our tangible common
equity ratio was 6.82%, compared to 6.98% at September 30, 2010 and
6.84% at December 31, 2009. The reduction as compared to the linked
quarter is attributable to higher tangible assets, reflecting the
influx of public funds late in the fourth quarter, which is seasonal in
nature.

Discussion of Operating Results

Tax equivalent net interest income for the fourth quarter of 2010 was
$24.6 million compared to $25.1 million for the third quarter of 2010
and $25.8 million for the fourth quarter of 2009. For the twelve months
of 2010, tax equivalent net interest income totaled $99.0 million
compared to $108.2 million in 2009.

The decrease of $0.5 million in tax equivalent net interest income on a
linked quarter basis was due to a reduction in loan income attributable
to declining loan balances, and continued unfavorable asset repricing,
partially offset by lower interest expense and a continued decrease in
foregone interest on nonaccrual loans. Lower interest expense reflects
a reduction in deposit rates primarily in certificates of deposit.

The decrease of $9.2 million in tax equivalent net interest income for
twelve months of 2010, as compared to the same period in 2009, resulted
from a reduction in loans outstanding, lower earning assets yields
reflecting unfavorable asset repricing, higher foregone interest and
lower loan fees, partially offset by a reduction in interest expense.

The net interest margin in the fourth quarter of 2010 was 4.41%, an
increase of 3 basis points over the linked quarter and a decline of 18
basis points from the fourth quarter of 2009. The increase in the
margin when compared to the linked quarter was a result of a 5 basis
point reduction in the cost of funds, as the yield on earning assets
declined 2 basis points. The lower cost of funds resulted from a
reduction in the rates on certificates of deposit which were
significantly reduced in all markets, as well as a net reduction in the
rates for our variable rate subordinated notes. The decline in the
margin for the twelve months of 2010 is attributable to the shift in
our earning asset mix and unfavorable asset repricing, partially offset
by a favorable variance in our average cost of funds.

Strong deposit growth experienced in the fourth quarter of 2009 and the
first half of 2010 improved our liquidity position, but has also
adversely impacted our margin in the short term as a significant
portion of this growth is currently invested in overnight funds.

The provision for loan losses for the fourth quarter of 2010 was $3.8
million compared to $5.7 million in the third quarter of 2010 and $10.8
million for the fourth quarter of 2009. For the full year 2010, the
loan loss provision totaled $23.8 million compared to $40.0 million for
2009. The decline in the provision for all periods reflects lower
impaired loan reserves as well as other stabilizing trends within the
loan portfolio, including a lower level of past due loans and potential
problem loans. The balance of our impaired loans has declined for three
consecutive quarters and totaled $87.8 million at year-end 2010
compared to $112.0 million at year-end 2009. Inflow into the impaired
loan category has also slowed significantly year over year. Net
charge-offs for the fourth quarter of 2010 totaled $6.1 million, or
1.35% of average loans, compared to $6.4 million, or 1.40%, in the
third quarter of 2010, and $11.8 million, or 2.42%, in the fourth
quarter of 2010. For 2010, our net charge-offs totaled $32.4 million,
or 1.77% of average loans, compared to $32.6 million, or 1.66%, for
2009. Over the last twelve quarters, we have recorded a cumulative loan
loss provision totaling $96.3 million, or 5.0% of beginning loans and
have recognized cumulative net charge-offs of $78.6 million, or 4.1%.
At year-end 2010, the allowance for loan losses of $35.4 million was
2.01% of outstanding loans (net of overdrafts) and provided coverage of
41% of nonperforming loans compared to 2.10% and 40%, respectively, at
the end of the third quarter of 2010, and 2.30% and 41%, respectively,
at year-end 2009.

Noninterest income for the fourth quarter of 2010 increased $1.3
million, or 9.6%, over the linked quarter attributable to higher
mortgage banking fees of $0.3 million and other income of $1.0 million.
Compared to the fourth quarter of 2009, noninterest income increased
$0.3 million, or 2.2%, primarily due to higher mortgage banking fees of
$0.5 million, bank card fees totaling $0.3 million, and other income of
$0.4 million, partially offset by lower deposit fees of $0.7 million
and a decline in data processing fees of $0.1 million. For both
periods, the increase in mortgage banking fees reflects increased
secondary market loan fundings driven by increased home purchase
activity in our markets and to a lesser extent a higher level of loan
refinance activity. Improved margin realized on secondary market loan
sales also contributed to the improvement. Bank card fees increased
from the linked quarter due to a seasonal increase in card utilization
and over the prior year quarter due to a new rewards program as well as
higher card activation and utilization. Also, for both periods, other
income increased due to gains realized from the sale of OREO
properties. The aforementioned reduction in deposit fees, relative to
the fourth quarter of 2009, reflects a lower level of overdraft fees
due to reduced activity reflective of current economic conditions and a
higher level of consumer awareness that have both impacted consumer and
business spending habits, as well as the recent implementation of new
rules under Regulation E, which regulate our ability to post one-time
debit card/ATM transactions for clients who have not opted in to our
overdraft protection service.

For the full year 2010, noninterest income declined $0.6 million, or
1.0%, from 2009 attributable to lower deposit fees of $1.6 million and
other income of $0.9 million, partially offset by higher asset
management fees of $0.3 million, mortgage banking fees of $0.2 million,
retail brokerage fees of $0.2 million, and bank card fees totaling $1.3
million. Deposit fees have declined for the same aforementioned reasons
and the decrease in other income reflects a reduced level of merchant
fees - a substantial portion of our merchant portfolio was sold in July
2008 and over the course of 2009 our remaining merchants migrated to a
new processor. For 2010, we continued to service our largest remaining
merchant who migrated to a new processor during the third quarter of
2010. The reduction in this revenue source has been substantially
offset by a reduction in processing costs which is reflected in
noninterest expense (interchange fees). The increase in asset
management fees primarily reflects higher asset values on which our fee
schedule is based and the higher level of retail brokerage fees is due
to higher trading volume. The increase in mortgage banking fees is
attributable to the same aforementioned reasons. Bank card fees
increased due to a new rewards program implemented in early 2010 as
well as a higher level of card activation and utilization. For 2011, we
expect our data processing revenue will be reduced due to the loss of
two client banks that were taken into receivership by the FDIC during
the later part of 2010. We anticipate that the conversion of these two
clients to a new processor will take place early in the second quarter
of 2011 and that the annualized impact on our noninterest income will
approximate $1.2 million.

Noninterest expense for the fourth quarter of 2010 increased $1.2
million, or 3.6%, over the linked quarter primarily due to higher
expense for OREO properties of $1.4 million and an increase in
advertising expense of $0.6 million, partially offset by the reversal
of our Visa litigation reserve which totaled $0.8 million. The higher
level of OREO expense primarily reflects higher carrying costs realized
during the current quarter. Higher advertising expense generally
reflects an increased level of promotional activities during the fourth
quarter. Compared to the fourth quarter of 2009, noninterest expense
decreased by $1.8 million, or 5.0%, due to lower compensation expense
of $0.7 million, professional fees of $0.5 million, intangible
amortization expense of $0.5 million, legal expense of $0.2 million,
and interchange fees of $0.3 million. The reversal of our Visa
litigation reserve of $0.8 million also contributed to the reduction.
Higher expense for OREO properties of $1.2 million partially offset the
aforementioned favorable variances. The decline in compensation
primarily reflects lower pension expense due to improved pension plan
asset returns which impact our accounting expense. The lower level of
professional fees reflects a one-time payment made during the prior
year quarter related to a contract review consulting engagement. The
reduction in intangible asset amortization expense reflects the full
amortization of a core deposit intangible. The lower level of legal
expense generally reflects improvements made to our process for
managing legal support needed for our problem loan work-outs and
collections. The decline in interchange fees reflects the migration of
our last merchant services client to a new processor -- this decline is
substantially offset by a corresponding decline in merchant fee
revenue. The unfavorable variance in OREO expense reflects growth in
the number of OREO properties and the associated carrying costs.

For the full year 2010, noninterest expense increased $1.8 million, or
1.4%, due primarily to higher expense for OREO properties of $7.3
million and FDIC insurance costs of $1.2 million, which was partially
offset by lower expense for compensation of $2.3 million, printing and
supplies of $0.4 million, advertising of $0.4 million, intangible
amortization expense of $1.4 million, professional fees of $0.2
million, interchange fees of $1.0 million, and the impact of the Visa
litigation reserve reversal of $0.8 million. Year over year, the
increase in OREO expense primarily reflects growth in the number of
OREO properties and the related carrying costs as well as property
valuation write-downs. Our FDIC insurance costs increased as a result
of higher premium costs and higher deposit balances. The decline in
compensation cost primarily reflects lower pension expense driven by
improved plan asset returns and to a lesser extent lower salary cost
reflective of a reduction in headcount. The reduction in printing and
supplies expense and advertising expense reflect our efforts to improve
control of discretionary costs. The reduction in intangible asset
amortization expense reflects the full amortization of two core deposit
intangible assets. The lower level of interchange fees reflects the
migration of our last merchant services client to a new processor --
this decline is substantially offset by a corresponding decline in
merchant fee revenue which is reflected in other income.

We realized a tax benefit of $0.1 million in the fourth quarter of 2010
compared to a tax benefit of $0.2 million for the third quarter of 2010
and a tax benefit of $3.0 million for the fourth quarter of 2009. For
the full year 2010, we realized a tax benefit of $3.0 million compared
to a tax benefit of $5.3 million for 2009. We have substantial tax
exempt income as well as a lower level of pre-tax income at our bank
subsidiary due to higher loan loss provisions -- both of these factors
favorably impacted our tax provision for all of the aforementioned
periods.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (Nasdaq:CCBG) is one of the largest
publicly traded financial services 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 70 banking offices and 79 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 frequency and magnitude of foreclosure of the
Company's loans; the effects of the Company's lack of a diversified
loan portfolio, including the risks of geographic and industry
concentrations; the accuracy of the Company's financial statement
estimates and assumptions, including the estimate for the Company's
loan loss provision and the valuation allowance on deferred tax assets;
restrictions on our operations, including the inability to pay
dividends without our regulators' consent; continued depression of the
market value of the Company that could result in an impairment of
goodwill; the Company's ability to integrate acquisitions; the strength
of the U.S. economy and the local economies where the Company conducts
operations; harsh weather conditions and manmade disasters;
fluctuations in inflation, interest rates, or monetary policies;
changes in the stock market and other capital and real estate markets;
legislative or regulatory changes; customer acceptance of third-party
products and services; increased competition and its effect on pricing;
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, 2009, 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 problem loan resolutions and reductions in portfolio balances
stated in this paragraph are based on "as of" balances, not averages.

EARNINGS HIGHLIGHTS
-------------------------------------------------------------------------------

Three Months Ended Twelve Months Ended
------------------------------ ---------------------

(Dollars in thousands, Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
except per share data) 2010 2010 2009 2010 2009
------------------------ -------- -------- ---------- --------- ----------
EARNINGS
Net Income(Loss) $ 1,918 $ 401 $ (3,407) $ (413) $ (3,471)

Net Income(Loss) Per
Common Share $ 0.12 $ 0.02 $ (0.20) $ (0.02) $ (0.20)
------------------------ -------- -------- ---------- --------- ----------
PERFORMANCE
Return on Average Equity 2.90% 0.60% -5.03% -0.16% -1.26%
Return on Average Assets 0.30% 0.06% -0.52% -0.02% -0.14%
Net Interest Margin 4.41% 4.38% 4.59% 4.32% 4.96%
Noninterest Income as %
of Operating Revenue 37.69% 35.17% 36.30% 36.81% 35.14%

Efficiency Ratio 83.75% 82.08% 85.21% 84.23% 77.33%
------------------------ -------- -------- ---------- --------- ----------
CAPITAL ADEQUACY
Tier 1 Capital Ratio 13.14% 12.93% 12.76% 13.14% 12.76%
Total Capital Ratio 14.50% 14.29% 14.11% 14.50% 14.11%
Tangible Capital Ratio 6.82% 6.98% 6.84% 6.82% 6.84%
Leverage Ratio 9.97% 9.75% 10.39% 9.97% 10.39%

Equity to Assets 9.88% 10.10% 9.89% 9.88% 9.89%
------------------------ -------- -------- ---------- --------- ----------
ASSET QUALITY
Allowance as % of
Non-Performing Loans 40.57% 39.94% 40.77% 40.57% 40.77%
Allowance as a % of
Loans 2.01% 2.10% 2.30% 2.01% 2.30%
Net Charge-Offs as % of
Average Loans 1.35% 1.40% 2.42% 1.77% 1.66%

Nonperforming Assets as
% of Loans and ORE 8.00% 7.86% 7.38% 8.00% 7.38%
------------------------ -------- -------- ---------- --------- ----------
STOCK PERFORMANCE
High $ 14.19 $ 14.24 $ 14.34 $ 18.25 $ 27.31
Low $ 11.56 $ 10.76 $ 11.00 $ 10.76 $ 9.50
Close $ 12.60 $ 12.14 $ 13.84 $ 12.60 $ 13.84

Average Daily Trading
Volume 21,385 29,747 39,672 31,174 46,881
------------------------ -------- -------- ---------- --------- ----------

CAPITAL CITY BANK GROUP,
INC.
CONSOLIDATED STATEMENT OF
OPERATIONS
Unaudited

-----------------------------------------------------------------------------------------------------------
Twelve Months Ended
December 31

2010 2010 2010 2010 2009
(Dollars in thousands, Fourth Third Second First Fourth
except per share data) Quarter Quarter Quarter Quarter Quarter 2010 2009
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

INTEREST INCOME
Interest and Fees on Loans $ 25,656 $ 26,418 $ 26,644 $ 26,992 $ 28,582 $ 105,710 $ 117,324
Investment Securities 1,080 1,014 1,114 990 1,097 4,198 5,370

Funds Sold 95 144 176 172 77 587 82
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

Total Interest Income 26,831 27,576 27,934 28,154 29,756 110,495 122,776
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

INTEREST EXPENSE
Deposits 1,524 1,820 2,363 2,938 2,964 8,645 10,585
Short-Term Borrowings 99 31 12 17 22 159 291
Subordinated Notes Payable 342 376 639 651 936 2,008 3,730

Other Long-Term Borrowings 508 565 551 526 542 2,150 2,236
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

Total Interest Expense 2,473 2,792 3,565 4,132 4,464 12,962 16,842
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------
Net Interest Income 24,358 24,784 24,369 24,022 25,292 97,533 105,934

Provision for Loan Losses 3,783 5,668 3,633 10,740 10,834 23,824 40,017
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

Net Interest Income after
Provision for Loan Losses 20,575 19,116 20,736 13,282 14,458 73,709 65,917
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

NONINTEREST INCOME
Service Charges on Deposit
Accounts 6,434 6,399 7,039 6,628 7,183 26,500 28,142
Data Processing Fees 880 911 919 900 948 3,610 3,628
Asset Management Fees 1,095 1,040 1,080 1,020 1,065 4,235 3,925
Retail Brokerage Fees 738 671 846 565 772 2,820 2,655
Gain on Sale of Investment
Securities -- 3 -- 5 -- 8 10
Mortgage Banking Fees 1,027 772 641 508 550 2,948 2,699
Interchange Fees (1) 1,285 1,291 1,289 1,212 1,129 5,077 4,432
ATM/Debit Card Fees (1) 1,051 1,036 1,073 963 892 4,123 3,515

Other 2,225 1,326 1,787 2,166 1,872 7,504 8,385
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

Total Noninterest Income 14,735 13,449 14,674 13,967 14,411 56,825 57,391
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

NONINTEREST EXPENSE
Salaries and Associate
Benefits 15,389 15,003 15,584 16,779 16,121 62,755 65,067
Occupancy, Net 2,406 2,611 2,585 2,408 2,458 10,010 9,798
Furniture and Equipment 2,268 2,288 2,192 2,181 2,261 8,929 9,096
Intangible Amortization 553 709 710 710 1,010 2,682 4,042

Other 12,924 11,752 13,558 11,306 13,463 49,540 44,112
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

Total Noninterest
Expense 33,540 32,363 34,629 33,384 35,313 133,916 132,115
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

OPERATING PROFIT(LOSS) 1,770 202 781 (6,135) (6,444) (3,382) (8,807)

Provision for Income Taxes (148) (199) 50 (2,672) (3,037) (2,969) (5,336)
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

NET INCOME(LOSS) $ 1,918 $ 401 $ 731 $ (3,463) $ (3,407) $ (413) $ (3,471)
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

PER SHARE DATA
Basic Earnings $ 0.12 $ 0.02 $ 0.04 $ (0.20) $ (0.20) $ (0.02) $ (0.20)
Diluted Earnings $ 0.12 $ 0.02 $ 0.04 $ (0.20) $ (0.20) $ (0.02) $ (0.20)
Cash Dividends 0.100 0.100 0.100 0.190 0.190 0.490 0.760
AVERAGE SHARES
Basic 17,095 17,087 17,063 17,057 17,034 17,076 17,044

Diluted 17,096 17,088 17,074 17,070 17,035 17,077 17,045
-------------------------- --------- --------- --------- ---------- ---------- ---------- ----------

(1) Together referred to
as "Bank Card Fees"

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL
CONDITION
Unaudited

---------------------------------------------------------------------------------------------------

2010 2010 2010 2010 2009
(Dollars in thousands, except Fourth Third Second First Fourth
per share data) Quarter Quarter Quarter Quarter Quarter
----------------------------- ------------ ------------ ------------ ------------ ------------

ASSETS
Cash and Due From Banks $ 35,410 $ 48,701 $ 52,380 $ 52,615 $ 57,877

Funds Sold and Interest
Bearing Deposits 200,783 193,415 250,508 293,413 276,416
----------------------------- ------------ ------------ ------------ ------------ ------------
Total Cash and Cash
Equivalents 236,193 242,116 302,888 346,028 334,293

Investment Securities,
Available-for-Sale 309,731 231,303 218,785 217,606 176,673

Loans, Net of Unearned
Interest
Commercial, Financial, &
Agricultural 157,394 156,049 161,268 169,766 189,061
Real Estate - Construction 43,239 45,346 56,910 79,145 111,249
Real Estate - Commercial 671,702 680,639 676,516 729,011 716,791
Real Estate - Residential 420,604 448,704 450,997 394,132 406,262
Real Estate - Home Equity 251,565 250,795 247,726 245,185 246,722
Consumer 200,727 207,207 215,723 224,793 233,524
Other Loans 9,937 9,828 9,498 6,888 10,207

Overdrafts 3,503 2,669 3,144 2,701 2,124
----------------------------- ------------ ------------ ------------ ------------ ------------
Total Loans, Net of
Unearned Interest 1,758,671 1,801,237 1,821,782 1,851,621 1,915,940

Allowance for Loan Losses (35,436) (37,720) (38,442) (41,198) (43,999)
----------------------------- ------------ ------------ ------------ ------------ ------------
Loans, Net 1,723,235 1,763,517 1,783,340 1,810,423 1,871,941

Premises and Equipment, Net 115,356 115,689 116,802 117,055 115,439
Intangible Assets 86,159 86,712 87,421 88,131 88,841
Other Real Estate Owned 57,937 51,208 48,110 46,444 36,134

Other Assets 93,442 89,451 93,398 89,416 85,003
----------------------------- ------------ ------------ ------------ ------------ ------------

Total Other Assets 352,894 343,060 345,731 341,046 325,417
----------------------------- ------------ ------------ ------------ ------------ ------------

Total Assets $ 2,622,053 $ 2,579,996 $ 2,650,744 $ 2,715,103 $ 2,708,324
----------------------------- ------------ ------------ ------------ ------------ ------------

LIABILITIES
Deposits:
Noninterest Bearing
Deposits $ 546,257 $ 479,887 $ 460,168 $ 446,855 $ 427,791
NOW Accounts 770,149 830,297 891,636 890,570 899,649
Money Market Accounts 275,416 282,848 303,369 376,091 373,105
Regular Savings Accounts 139,888 135,143 132,174 130,936 122,370

Certificates of Deposit 372,266 393,268 412,964 438,488 435,319
----------------------------- ------------ ------------ ------------ ------------ ------------
Total Deposits 2,103,976 2,121,443 2,200,311 2,282,940 2,258,234

Short-Term Borrowings 92,928 38,138 21,376 18,900 35,841
Subordinated Notes Payable 62,887 62,887 62,887 62,887 62,887
Other Long-Term Borrowings 50,101 46,456 55,605 50,679 49,380

Other Liabilities 53,142 50,383 48,885 37,738 34,083
----------------------------- ------------ ------------ ------------ ------------ ------------

Total Liabilities 2,363,034 2,319,307 2,389,064 2,453,144 2,440,425
----------------------------- ------------ ------------ ------------ ------------ ------------

SHAREOWNERS' EQUITY
Common Stock 171 171 171 171 170
Additional Paid-In Capital 36,920 36,864 36,633 36,816 36,099
Retained Earnings 237,679 237,471 238,779 239,755 246,460

Accumulated Other
Comprehensive Loss, Net of
Tax (15,751) (13,817) (13,903) (14,783) (14,830)
----------------------------- ------------ ------------ ------------ ------------ ------------

Total Shareowners' Equity 259,019 260,689 261,680 261,959 267,899
----------------------------- ------------ ------------ ------------ ------------ ------------

Total Liabilities and
Shareowners' Equity $ 2,622,053 $ 2,579,996 $ 2,650,744 $ 2,715,103 $ 2,708,324
----------------------------- ------------ ------------ ------------ ------------ ------------

OTHER BALANCE SHEET DATA
Earning Assets $ 2,269,185 $ 2,225,955 $ 2,291,075 $ 2,362,640 $ 2,369,029
Intangible Assets
Goodwill 84,811 84,811 84,811 84,811 84,811
Core Deposits 742 1,248 1,910 2,572 3,233
Other 606 653 700 748 797

Interest Bearing Liabilities 1,763,635 1,789,037 1,880,011 1,968,551 1,978,551
----------------------------- ------------ ------------ ------------ ------------ ------------

Book Value Per Diluted Share $ 15.15 $ 15.25 $ 15.32 $ 15.34 $ 15.72

Tangible Book Value Per
Diluted Share 10.11 10.18 10.21 10.18 10.51
----------------------------- ------------ ------------ ------------ ------------ ------------

Actual Basic Shares
Outstanding 17,100 17,095 17,067 17,063 17,036

Actual Diluted Shares
Outstanding 17,101 17,096 17,078 17,076 17,037
----------------------------- ------------ ------------ ------------ ------------ ------------

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR LOAN LOSSES
AND NONPERFORMING ASSETS

Unaudited
------------------------------------------------------------------------------------------
2010 2010 2010 2010 2009

Fourth Third Second First Fourth
(Dollars in thousands) Quarter Quarter Quarter Quarter Quarter
------------------------------ ---------- ---------- ---------- ---------- ----------

ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period $ 37,720 $ 38,442 $ 41,199 $ 43,999 $ 45,401
Provision for Loan Losses 3,783 5,668 3,633 10,740 10,834
Transfer of Unfunded Reserve
to Other Liability -- -- -- -- 392

Net Charge-Offs 6,067 6,390 6,390 13,540 11,844
------------------------------ ---------- ---------- ---------- ---------- ----------

Balance at End of Period $ 35,436 $ 37,720 $ 38,442 $ 41,199 $ 43,999
------------------------------ ---------- ---------- ---------- ---------- ----------
As a % of Loans 2.01% 2.10% 2.11% 2.23% 2.30%
As a % of Nonperforming Loans 40.57% 39.94% 37.80% 38.42% 40.77%

As a % of Nonperforming Assets 24.39% 25.90% 25.66% 26.81% 30.54%
------------------------------ ---------- ---------- ---------- ---------- ----------

CHARGE-OFFS
Commercial, Financial and
Agricultural $ 629 $ 242 $ 405 $ 842 $ 712
Real Estate - Construction 234 701 1,220 3,722 2,040
Real Estate - Commercial 1,469 1,741 920 4,631 1,584
Real Estate - Residential 3,629 3,175 4,725 3,727 7,377

Consumer 582 1,057 360 1,507 1,324
------------------------------ ---------- ---------- ---------- ---------- ----------

Total Charge-Offs $ 6,543 $ 6,916 $ 7,630 $ 14,429 $ 13,037
------------------------------ ---------- ---------- ---------- ---------- ----------

RECOVERIES
Commercial, Financial and
Agricultural $ 48 $ 65 $ 181 $ 77 $ 343
Real Estate - Construction -- -- 8 -- 5
Real Estate - Commercial 55 6 43 157 43
Real Estate - Residential 7 181 638 114 331

Consumer 366 274 370 541 471
------------------------------ ---------- ---------- ---------- ---------- ----------

Total Recoveries $ 476 $ 526 $ 1,240 $ 889 $ 1,193
------------------------------ ---------- ---------- ---------- ---------- ----------

NET CHARGE-OFFS $ 6,067 $ 6,390 $ 6,390 $ 13,540 $ 11,844
------------------------------ ---------- ---------- ---------- ---------- ----------

Net Charge-Offs as a % of
Average Loans(1) 1.35% 1.40% 1.39% 2.91% 2.42%
------------------------------ ---------- ---------- ---------- ---------- ----------

RISK ELEMENT ASSETS
Nonaccruing Loans $ 65,700 $ 74,168 $ 74,504 $ 76,382 $ 86,274

Restructured Loans 21,649 20,267 27,200 30,843 21,644
------------------------------ ---------- ---------- ---------- ---------- ----------
Total Nonperforming Loans 87,349 94,435 101,704 107,225 107,918

Other Real Estate 57,937 51,208 48,110 46,444 36,134
------------------------------ ---------- ---------- ---------- ---------- ----------

Total Nonperforming Assets $ 145,286 $ 145,643 $ 149,814 $ 153,669 $ 144,052
------------------------------ ---------- ---------- ---------- ---------- ----------

Past Due Loans 30-89 Days $ 24,193 $ 24,904 $ 21,192 $ 18,768 $ 36,501

Past Due Loans 90 Days or More $ 159 $ -- $ -- $ -- $ --
------------------------------ ---------- ---------- ---------- ---------- ----------

Nonperforming Loans as a % of
Loans 4.97% 5.24% 5.58% 5.79% 5.63%
Nonperforming Assets as a % of
Loans and Other Real Estate 8.00% 7.86% 8.01% 8.10% 7.38%

Nonperforming Assets as a % of
Capital(2) 49.34% 48.81% 49.92% 50.69% 46.19%
------------------------------ ---------- ---------- ---------- ---------- ----------

(1) Annualized
(2) Capital includes allowance
for loan losses.

AVERAGE BALANCE AND INTEREST
RATES(1)
Unaudited

------------------------------------------------------------------------------------------------

Fourth Quarter 2010 Third Quarter 2010
-------------------------------- --------------------------------

Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
---------------------------- ------------ --------- ------- ------------ --------- -------

ASSETS:
Loans, Net of Unearned
Interest $ 1,782,916 25,799 5.74% $ 1,807,483 26,568 5.83%

Investment Securities
Taxable Investment
Securities 178,926 799 1.78% 124,625 674 2.15%

Tax-Exempt Investment
Securities 83,469 434 2.08% 88,656 521 2.35%
---------------------------- ------------ --------- ------- ------------ --------- -------

Total Investment Securities 262,395 1,233 1.87% 213,281 1,195 2.23%

Funds Sold 172,738 95 0.24% 252,434 144 0.22%
---------------------------- ------------ --------- ------- ------------ --------- -------

Total Earning Assets 2,218,049 $ 27,127 4.85% $ 27,907 4.87%
--------- ------- 2,273,198 --------- -------

Cash and Due From Banks 51,030 50,942
Allowance for Loan Losses (37,713) (39,584)

Other Assets 345,427 342,202
---------------------------- ------------ ------------

Total Assets $2,576,793 $2,626,758
---------------------------- ------------ ------------

LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 837,625 $ 296 0.14% $ 871,158 $ 326 0.15%
Money Market Accounts 282,887 134 0.19% 293,424 145 0.20%
Savings Accounts 136,276 16 0.05% 133,690 17 0.05%

Time Deposits 382,870 1,078 1.12% 402,880 1,332 1.31%
---------------------------- ------------ --------- ------- ------------ --------- -------
Total Interest Bearing
Deposits 1,639,658 1,524 0.37% 1,701,152 1,820 0.42%

Short-Term Borrowings 34,706 99 1.14% 23,388 31 0.54%
Subordinated Notes Payable 62,887 342 2.13% 62,887 376 2.34%

Other Long-Term Borrowings 50,097 508 4.02% 54,258 565 4.13%
---------------------------- ------------ --------- ------- ------------ --------- -------

Total Interest Bearing
Liabilities 1,787,348 $ 2,473 0.55% $ 2,792 0.60%
--------- ------- 1,841,685 --------- -------

Noninterest Bearing Deposits 476,209 471,013

Other Liabilities 50,614 50,318
---------------------------- ------------ ------------

Total Liabilities 2,314,171 2,363,016

SHAREOWNERS' EQUITY: $ 262,622 $ 263,742
---------------------------- ------------ ------------

Total Liabilities and
Shareowners' Equity $ 2,576,793 $ 2,626,758
---------------------------- ------------ ------------

Interest Rate Spread $ 24,654 4.30% $ 25,115 4.27%
---------------------------- ------------ --------- ------- --------- -------

Interest Income and Rate
Earned(1) $ 27,127 4.85% $ 27,907 4.87%

Interest Expense and Rate
Paid(2) 2,473 0.44% 2,792 0.49%
---------------------------- ------------ --------- ------- --------- -------

Net Interest Margin $ 24,654 4.41% $ 25,115 4.38%
---------------------------- ------------ --------- ------- --------- -------

(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.

AVERAGE BALANCE AND INTEREST
RATES(1)
Unaudited

-----------------------------------------------------------------------------------------------

Second Quarter 2010 First Quarter 2010
------------------------------- --------------------------------

Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
---------------------------- ------------ -------- ------- ------------ --------- -------

ASSETS:
Loans, Net of Unearned
Interest $ 1,841,379 26,795 5.84% $ 1,886,367 27,180 5.84%

Investment Securities
Taxable Investment
Securities 128,268 708 2.21% 71,325 500 2.81%

Tax-Exempt Investment
Securities 92,140 624 2.71% 97,316 753 3.10%
---------------------------- ------------ -------- ------- ------------ --------- -------

Total Investment Securities 220,408 1,332 2.42% 168,641 1,253 2.98%

Funds Sold 267,578 176 0.26% 303,280 172 0.23%
---------------------------- ------------ -------- ------- ------------ --------- -------

Total Earning Assets 2,329,365 $28,303 4.87% $ 28,605 4.92%
-------- ------- 2,358,288 --------- -------

Cash and Due From Banks 50,739 54,873
Allowance for Loan Losses (41,074) (44,584)

Other Assets 339,458 329,842
---------------------------- ------------ ------------

Total Assets $ 2,678,488 $ 2,698,419
---------------------------- ------------ ------------

LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 879,329 $400 0.18% $ 867,004 $ 384 0.18%
Money Market Accounts 333,976 331 0.40% 374,161 689 0.75%
Savings Accounts 131,333 17 0.05% 126,352 15 0.05%

Time Deposits 430,571 1,615 1.50% 438,112 1,850 1.71%
---------------------------- ------------ -------- ------- ------------ --------- -------
Total Interest Bearing
Deposits 1,775,209 2,363 0.53% 1,805,629 2,938 0.66%

Short-Term Borrowings 22,694 12 0.20% 30,673 17 0.22%
Subordinated Notes Payable 62,887 639 4.02% 62,887 651 4.14%

Other Long-Term Borrowings 52,704 551 4.20% 49,981 526 4.27%
---------------------------- ------------ -------- ------- ------------ --------- -------

Total Interest Bearing
Liabilities 1,913,494 $3,565 0.75% $ 4,132 0.86%
-------- ------- 1,949,170 --------- -------

Noninterest Bearing Deposits 458,969 443,131

Other Liabilities 42,152 37,563
---------------------------- ------------ ------------

Total Liabilities 2,414,615 2,429,864

SHAREOWNERS' EQUITY: $ 263,873 $ 268,555
---------------------------- ------------ ------------

Total Liabilities and
Shareowners' Equity $ 2,678,488 $ 2,698,419
---------------------------- ------------ ------------

Interest Rate Spread $24,738 4.12% $ 24,473 4.06%
---------------------------- -------- ------- ------------ --------- -------

Interest Income and Rate
Earned(1) $28,303 4.87% $ 28,605 4.92%

Interest Expense and Rate
Paid(2) 3,565 0.61% 4,132 0.71%
---------------------------- -------- ------- ------------ --------- -------

Net Interest Margin $24,738 4.26% $ 24,473 4.21%
---------------------------- -------- ------- ------------ --------- -------

(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.

AVERAGE BALANCE AND INTEREST
RATES(1)
Unaudited

---------------------------------------------------------------------------------------------------

Fourth Quarter 2009 December 2010 YTD
-------------------------------- -----------------------------------

Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
---------------------------- ------------ --------- ------- ------------ ------------ -------

ASSETS:
Loans, Net of Unearned
Interest $ 1,944,873 28,813 5.88% $ 1,829,193 106,342 5.81%

Investment Securities
Taxable Investment
Securities 72,537 498 2.74% 126,078 2,681 2.12%

Tax-Exempt Investment
Securities 107,361 921 3.43% 90,352 2,332 2.58%
---------------------------- ------------ --------- ------- ------------ ------------ -------

Total Investment Securities 179,898 1,419 3.15% 216,430 5,013 2.31%

Funds Sold 112,790 77 0.27% 248,659 587 0.23%
---------------------------- ------------ --------- ------- ------------ ------------ -------

Total Earning Assets 2,237,561 $ 30,309 5.38% $ 111,942 4.88%
--------- ------- 2,294,282 ------------ -------

Cash and Due From Banks 69,687 51,883
Allowance for Loan Losses (46,468) (40,717)

Other Assets 314,470 339,283
---------------------------- ------------ ------------

Total Assets $ 2,575,250 $ 2,644,731
---------------------------- ------------ ------------

LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 740,550 $ 308 0.17% $ 863,719 $ 1,406 0.16%
Money Market Accounts 361,104 625 0.69% 320,786 1,299 0.41%
Savings Accounts 122,158 16 0.05% 131,945 65 0.05%

Time Deposits 439,654 2,015 1.82% 413,428 5,875 1.42%
---------------------------- ------------ --------- ------- ------------ ------------ -------
Total Interest Bearing
Deposits 1,663,466 2,964 0.71% 1,729,878 8,645 0.50%

Short-Term Borrowings 47,114 22 0.18% 27,864 159 0.57%
Subordinated Notes Payable 62,887 936 5.83% 62,887 2,008 3.15%

Other Long-Term Borrowings 50,026 542 4.30% 51,767 2,150 4.15%
---------------------------- ------------ --------- ------- ------------ ------------ -------

Total Interest Bearing
Liabilities 1,823,493 $ 4,464 0.97% $ 12,962 0.69%
--------- ------- 1,872,396 ------------ -------

Noninterest Bearing Deposits 426,542 462,445

Other Liabilities 56,659 45,211
---------------------------- ------------ ------------

Total Liabilities 2,306,694 2,380,052

SHAREOWNERS' EQUITY: $ 268,556 $ 264,679
---------------------------- ------------ ------------

Total Liabilities and
Shareowners' Equity $ 2,575,250 $ 2,644,731
---------------------------- ------------ ------------

Interest Rate Spread $ 25,845 4.41% $ 98,980 4.19%
---------------------------- --------- ------- ------------ ------------ -------

Interest Income and Rate
Earned(1) $ 30,309 5.38% $ 111,942 4.88%

Interest Expense and Rate
Paid(2) 4,464 0.79% 12,962 0.56%
---------------------------- --------- ------- ------------ ------------ -------

Net Interest Margin $ 25,845 4.59% $ 98,980.07 4.32%
---------------------------- --------- ------- ------------ ------------ -------

(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.

AVERAGE BALANCE AND INTEREST
RATES(1)
Unaudited

---------------------------------------------------------------

December 2009 YTD
---------------------------------

Average Average
(Dollars in thousands) Balance Interest Rate
---------------------------- ------------ ---------- -------

ASSETS:
Loans, Net of Unearned
Interest $ 1,961,990 118,186 6.02%

Investment Securities
Taxable Investment
Securities 83,648 2,698 3.22%

Tax-Exempt Investment
Securities 105,683 4,106 3.88%
---------------------------- ------------ ---------- -------

Total Investment Securities 189,331 6,804 3.59%

Funds Sold 32,911 82 0.25%
---------------------------- ------------ ---------- -------

Total Earning Assets 2,184,232 $ 125,072 5.73%
---------- -------

Cash and Due From Banks 76,107
Allowance for Loan Losses (42,331)

Other Assets 298,807
---------------------------- ------------

Total Assets $ 2,516,815
---------------------------- ------------

LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 711,753 $ 1,039 0.15%
Money Market Accounts 320,531 1,288 0.40%
Savings Accounts 121,582 60 0.05%

Time Deposits 420,198 8,198 1.95%
---------------------------- ------------ ---------- -------
Total Interest Bearing
Deposits 1,574,064 10,585 0.67%

Short-Term Borrowings 79,321 291 0.36%
Subordinated Notes Payable 62,887 3,730 5.85%

Other Long-Term Borrowings 51,973 2,236 4.30%
---------------------------- ------------ ---------- -------

Total Interest Bearing
Liabilities 1,768,245 $ 16,842 0.95%
---------- -------

Noninterest Bearing Deposits 418,365

Other Liabilities 54,660
---------------------------- ------------

Total Liabilities 2,241,270

SHAREOWNERS' EQUITY: $ 275,545
---------------------------- ------------

Total Liabilities and
Shareowners' Equity $ 2,516,815
---------------------------- ------------

Interest Rate Spread $ 108,230 4.78%
---------------------------- ---------- -------

Interest Income and Rate
Earned(1) $ 125,072 5.73%

Interest Expense and Rate
Paid(2) 16,842 0.77%
---------------------------- ---------- -------

Net Interest Margin $ 108,230 4.96%
---------------------------- ---------- -------

(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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