Business | WCTV Eyewitness News: Tallahassee, Thomasville, Valdosta

Capital City Bank Group, Inc. Reports Fourth Quarter and Full Year 2011 Results

By: Globe Newswire
By: Globe Newswire


TALLAHASSEE, Fla., Jan. 27, 2012 (GLOBE NEWSWIRE) -- Capital City Bank

Group, Inc. (Nasdaq:CCBG) today reported a net loss of $0.5 million, or

$0.03 per diluted share, for the fourth quarter of 2011, compared to

net income of $2.0 million, or $0.12 per diluted share for the third

quarter of 2011 and net income of $1.9 million, or $0.12 per diluted

share, for the fourth quarter of 2010. For the full year 2011, CCBG

reported net income of $4.9 million, or $0.29 per diluted share

compared to a net loss of $0.4 million, or $0.02 per diluted share in

2010.



Compared to the third quarter of 2011, earnings reflect lower operating

revenues of $1.0 million, a $3.9 million increase in the loan loss

provision and higher noninterest expense of $0.5 million, partially

offset by lower income taxes of $2.9 million. Compared to the fourth

quarter of 2010, the reduction in earnings was due to lower operating

revenues of $2.8 million and a $3.8 million increase in the loan loss

provision, partially offset by a $2.4 million reduction in noninterest

expense and a higher income tax benefit of $1.8 million.



For the full year 2011, the improvement in earnings was due to a $7.7

million reduction in noninterest expense and a lower loan loss

provision of $4.8 million, partially offset by a $3.6 million decline

in operating revenues and higher income taxes of $3.6 million. 2011

performance also reflects the sale of our Visa Class B shares of stock

during the first quarter which resulted in a $2.6 million net gain

($3.2 million pre-tax included in noninterest income and a swap

liability of $0.6 million included in noninterest expense).



"Given the economic environment, we are proud of our accomplishments

during 2011," said William G. Smith, Jr., Chairman, President and CEO.

"Year over year we earned $0.29 per share versus a loss of $0.02 per

share in 2010, our sales of OREO exceeded the combined sales of the

prior two years and gross additions to our problem loan pool continued

their downward trend. While the fourth quarter results were

disappointing, they were consistent with our prior comments that our

performance would be uneven as we work through this economic cycle. It

remains a tough operating environment and there is work left to be

done, but as the economy recovers, I believe we have the experience and

capability to return Capital City to its historical performance

levels."



The Return on Average Assets was -0.08% and the Return on Average

Equity was -0.80% for the fourth quarter of 2011. These metrics were

0.31% and 2.97% for the third quarter of 2011, and 0.30% and 2.90% for

the fourth quarter of 2010, respectively.



For the full year 2011, the Return on Average Assets was 0.19% and the

Return on Average Equity was 1.86% compared to -0.02% and -0.16%,

respectively, for the full year of 2010.



Discussion of Financial Condition



Average earning assets were $2.146 billion for the fourth quarter of

2011, a decrease of $56.5 million, or 2.6% from the third quarter of

2011, and a decline of $71.6 million, or 3.2%, from the fourth quarter

of 2010. The decrease in both periods is attributable to a reduction in

the level of deposits (primarily seasonal in nature) and the resolution

of problem loans as they were charged off or transferred to the other

real estate category ("OREO"). Period over period, average deposits

declined $28.9 million and $82.9 million, respectively, and average

loans declined (a portion of which is attributable to problem loan

resolution) by $21.0 million and $136.2 million, respectively.



Loan balances continue to decline throughout the portfolio, driven

primarily by a reduction in the commercial real estate, residential and

commercial loan categories. The loan portfolio has been impacted by

weak loan demand attributable to the lack of consumer confidence and a

sluggish economy. In addition to lower production, normal amortization

and payoffs, the resolution of problem loans (which has the effect of

lowering the loan portfolio as loans are either charged off or

transferred to the OREO category) also contributed to the overall

decline. During the fourth quarter of 2011, loan charge-offs and loans

transferred to OREO accounted for $13.1 million, or 45%, of the net

reduction in total loans of $29.0 million from the third quarter of

2011. Compared to the fourth quarter of 2010, this accounted for $63.6

million, or 49%, of the net reduction in loans of $130.0 million(1).



Average total deposits were $2.033 billion for the fourth quarter of

2011, a decrease of $28.9 million, or 1.4%, from the third quarter of

2011 and a decrease of $82.9 million, or 3.9%, from the fourth quarter

of 2010. The decrease in deposits in both periods was driven primarily

by a reduction in certificates of deposit. Additionally, a decrease

resulting from existing clients moving from our Guaranteed Now Account

("GNA") product to repurchase agreements occurred late in the fourth

quarter of 2010 as further discussed below. Noninterest bearing demand

and savings accounts increased in both periods, partially offsetting

the above mentioned declines in GNA and certificates of deposit.



Pursuant to changes in the FDIC's Temporary Liquidity Guarantee

Program, our government guaranteed NOW product was discontinued during

the fourth quarter of 2010. 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

repurchase agreements as of the end of December 2010.



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. We continue to experience a

favorable shift in the mix of our deposits as higher cost certificates

of deposit balances are replaced with lower rate non-maturity deposits

and noninterest bearing demand accounts.



We maintained an average net overnight funds (deposits with banks plus

fed funds sold less fed funds purchased) sold position of $191.8

million during the fourth quarter of 2011 compared to an average net

overnight funds sold position of $231.7 million in the prior quarter

and an average overnight funds sold position of $172.7 million in the

fourth quarter of 2010. The lower balance when compared to the third

quarter of 2011 reflects declining deposits (public funds and

certificates of deposit) and lower levels of short-term borrowings,

partially offset by a decrease in the loan portfolio. The higher

balance as compared to the fourth quarter of 2010 is primarily

attributable to a net reduction in loans and an increase in repurchase

agreements, partially offset by a decline in deposits, borrowings and

the deployment of funds to the investment portfolio.



Nonperforming assets (including nonaccrual loans, troubled debt

restructurings ("TDR's") and OREO) totaled $158.3 million at year-end

2011, an increase of $15.3 million from the third quarter of 2011 and

$13.0 million from year-end 2010. The increase in nonperforming assets

compared to both periods was driven by a higher level of nonaccrual

loans added during the fourth quarter of 2011 generally reflective of

the prolonged economic recovery in our markets and its impact on our

borrowers. Nonaccrual loans totaled $75.0 million at the end of the

fourth quarter of 2011, an increase of $21.6 million from the third

quarter of 2011 and $9.3 million from the fourth quarter of 2010.

Nonaccrual loan inflow during the fourth quarter of 2011 was primarily

comprised of loans secured by residential 1-4 family real estate,

commercial real estate, and farm property. Five relationships

constituted $16.9 million of the $21.6 million increase. TDR's totaled

$20.6 million at the end of the fourth quarter of 2011, a decrease of

$7.8 million from the third quarter of 2011 and a decrease of $1.0

million from the fourth quarter of 2010. OREO balances totaled $62.6

million at year-end 2011 compared to $61.2 million at the end of the

third quarter of 2011 and $57.9 million at year-end 2010. Nonperforming

assets represented 5.99% of total assets at December 31, 2011, compared

to 5.67% at September 30, 2011 and 5.54% at December 31, 2010.



Equity capital was $251.9 million as of December 31, 2011, compared to

$260.9 million as of September 30, 2011 and $259.0 million as of

December 31, 2010. Our leverage ratio was 10.02%, 10.20%, and 10.10%,

respectively, for these periods. Further, our risk-adjusted capital

ratio of 15.32% at December 31, 2011 exceeds the 10.0% threshold to be

designated as "well-capitalized" under the risk-based regulatory

guidelines. At December 31, 2011, our tangible common equity ratio was

6.51%, compared to 7.19% at September 30, 2011 and 6.82% at December

31, 2010. The tangible common equity ratio was impacted by an $8.0

million unfavorable variance in the pension component of our other

comprehensive income. This unfavorable variance was driven by a

reduction in our pension plan's discount rate due to a decline in

market rates, and a lower than anticipated return on plan assets.



Discussion of Operating Results



Tax equivalent net interest income for the fourth quarter of 2011 was

$22.6 million compared to $23.3 million for the third quarter of 2011

and $24.6 million for the fourth quarter of 2010. For the full year

2011, tax equivalent net interest income totaled $92.8 million compared

to $99.0 million in 2010.



The decrease of $0.7 million in tax equivalent net interest income

compared to the third quarter of 2011 was due to a reduction in loan

income attributable to declining loan balances, an increase in foregone

interest on nonaccrual loans and continued unfavorable asset repricing,

partially offset by lower interest expense. The lower interest expense

reflects the reduction in deposit rates enacted late in the third

quarter of 2011. The rate change affected all interest bearing deposit

categories with the exception of savings.



The decrease in tax equivalent net interest income of $2.0 million and

$6.2 million, for the three and twelve month periods ended December 31,

2011, respectively, as compared to the same periods in 2010, resulted

from an unfavorable change in earning asset mix and yield, partially

offset by a reduction in interest expense and a lower level of foregone

interest on nonaccrual loans.



The decline in loans, coupled with the low rate environment continues

to put pressure on our net interest income. Lowering our cost of funds,

to the extent we can, and continuing to shift the mix of our deposits

will help to partially mitigate the unfavorable impact of weak loan

demand and repricing.



The net interest margin for the fourth quarter of 2011 was 4.17%, a

decrease of 3 basis points from the third quarter of 2011 and a decline

of 24 basis points from the fourth quarter of 2010. For the full year

2011, the margin declined by 14 basis points to 4.18%. The decrease in

the margin for all comparable periods is attributable to the shift in

our earning asset mix and unfavorable asset repricing, partially offset

by a lower average cost of funds.



The provision for loan losses for the fourth quarter of 2011 was $7.6

million compared to $3.7 million in the third quarter of 2011 and $3.8

million for the fourth quarter of 2010. For the full year 2011, the

loan loss provision totaled $19.0 million compared to $23.8 million for

2010. Compared to the third quarter of 2011, the increase in the

provision was driven by a higher level of general reserves reflective

of an increase in the level of internally classified loans, delinquent

loans and higher loan loss factors. While the level of impaired loans

increased quarter over quarter, our impaired loan reserves declined

reflective of charge-offs realized on loans migrating to OREO status

and lower specific reserves needed for loans added to impaired status

during the quarter. For the full year 2011, the lower loan loss

provision was primarily due to lower specific reserves required for

newly identified impaired loans. Net charge-offs for the fourth quarter

of 2011 totaled $6.2 million, or 1.50% of average loans, compared to

$5.1 million, or 1.22%, in the third quarter of 2011, and $6.1 million,

or 1.35%, in the fourth quarter of 2010. For 2011, our net charge-offs

totaled $23.4 million, or 1.39% of average loans, compared to $32.4

million, or 1.77%, for 2010. A $6.0 million reduction in construction

loan charge-offs drove the year over year decline in net charge-offs.

Over the last four years, we have recorded a cumulative loan loss

provision totaling $115.3 million, or 6.0% of beginning loans and have

recognized cumulative net charge-offs of $102.0 million, or 5.3%. At

year-end 2011, the allowance for loan losses of $31.0 million was 1.91%

of outstanding loans (net of overdrafts) and provided coverage of 32%

of nonperforming loans compared to 1.79% and 36%, respectively, at the

end of the third quarter of 2011, and 2.01% and 41%, respectively, at

year-end 2010.



Noninterest income for the fourth quarter of 2011 totaled $13.9

million, a decrease of $0.3 million, or 2.2%, from the third quarter of

2011 and a decrease of $0.9 million, or 5.8%, from the fourth quarter

of 2010. Lower deposit fees of $0.1 million, bank card fees of $0.1

million and other income of $0.3 million, partially offset by higher

mortgage banking fees of $0.2 million, drove the decline over the third

quarter of 2011. The unfavorable variance compared to the fourth

quarter of 2010 was primarily due to lower data processing fees of $0.1

million, mortgage banking fees of $0.2 million and other income of $0.9

million, partially offset by higher deposit fees of $0.1 million and

bank card fees of $0.2 million. For the full year 2011, noninterest

income totaled $58.8 million, an increase of $2.0 million over 2010

driven by a $2.2 million increase in other income. The increase in

other income reflects a $3.2 million pre-tax gain from the sale of our

Class B shares of Visa stock during the first quarter of 2011 that was

partially offset by lower merchant fees of $1.1 million. Higher retail

brokerage fees of $0.4 million and bank card fees of $0.9 million also

contributed to the year over year increase, but were partially offset

by lower deposit fees of $1.0 million. Year over year, the

aforementioned reduction in merchant fees reflects the transfer of our

merchant processing business to another processor, which was completed

in August 2010. This decline is substantially offset by a reduction in

processing costs, which is reflected as interchange fees in noninterest

expense. The higher level of brokerage fees reflects increased client

investment activity. Bank card fees increased due to an increase in new

deposit accounts as well as higher card utilization. The reduction in

deposit fees reflects a lower level of overdraft fees due to reduced

activity as well as the implementation of new rules under Regulation E.



Noninterest expense for the fourth quarter of 2011 totaled $31.1

million, an increase of $0.5 million over the third quarter of 2011 and

a decrease of $2.4 million from the fourth quarter of 2010. The

increase from the third quarter was primarily due to higher OREO

expense of $0.9 million and other expense of $0.4 million, partially

offset by lower salary/associate benefit expense of $0.5 million and

occupancy expense of $0.2 million. Lower OREO expense of $1.3 million,

intangible amortization of $0.4 million, and other expense of $0.3

million drove the favorable variance compared to the fourth quarter of

2010.



For the full year 2011, noninterest expense totaled $126.2 million, a

$7.7 million decline from 2010, which was primarily attributable to

lower expense for OREO of $2.2 million, intangible amortization of $2.0

million, and other expense of $3.5 million. The lower level of OREO

expense reflects both a reduction in valuation adjustments and property

carrying costs. Intangible amortization expense declined due to the

full amortization of core deposit intangibles related to several past

acquisitions. The reduction in other expense primarily reflects a

reduction in FDIC insurance expense of $1.8 million, interchange fees

of $1.0 million, professional fees of $0.5 million, and advertising

expense of $0.4 million. The reduction in FDIC insurance expense

reflects a lower rate due to recent changes to the FDIC premium

structure. Lower interchange fees are attributable to the sale of our

merchant processing business as noted above in our discussion of

noninterest income. Professional fees declined due to higher consulting

fees paid in 2010 related to the review of our vendor contracts. The

reduction in advertising fees primarily reflects efficiencies gained in

the promotion of our free checking products.



We realized a tax benefit of $1.8 million in the fourth quarter of 2011

compared to income tax expense of $1.0 million for the third quarter of

2011 and a tax benefit of $0.1 million for the fourth quarter of 2010.

For the full year 2011, we realized income tax expense of $0.6 million

compared to a tax benefit of $3.0 million for 2010. The increase in the

tax provision year over year reflects higher operating profits, a lower

level of tax exempt income and the resolution of certain tax

contingencies.



Regulatory Matters



Our bank regulators recently concluded a regular safety and soundness

examination. As of today, our regulators have not issued their report,

but have indicated that they will not require an adjustment to our

allowance for loan losses. The regulators have discussed with us a

range of outcomes from continuing the existing board resolutions we

adopted in February 2010 (the "Existing Board Resolutions") to entering

into a Memorandum of Understanding ("MOU"). An MOU would be an informal

action that is not published or publicly available and that is used

when circumstances warrant a milder form of action than a formal

supervisory action, such as a formal written agreement or order. We

have had discussions with our bank regulators concerning their

findings, but we do not know their requirements at this time. Those

requirements, once finalized, may be more restrictive than those

currently contained in the Existing Board Resolutions. In particular,

any new board resolutions or MOU could limit our ability to pay

dividends to our shareowners, require us to suspend dividend payments

to holders of our trust preferred securities, and take various other

actions to improve our asset quality and preserve our capital position.

As with our Existing Board Resolutions, we expect that our management

and board of directors will be required to focus considerable time and

attention on taking corrective actions to comply with the terms of any

new board resolutions or MOU.



As disclosed in a press release issued on December 14, 2011, we

suspended the payment of quarterly dividends on our common stock. We

believe that, given our inability to fully earn our dividend in 2011,

it was, and continues to be, prudent to preserve our capital at least

until the economic conditions in Florida and Georgia improve. We remain

committed to resuming dividend payments as soon as conditions warrant,

and subject to any limitations from our regulators.



About Capital City Bank Group, Inc.



Capital City Bank Group, Inc. ("Company") (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 78 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: legislative or regulatory changes, including the

Dodd-Frank Act; the strength of the U.S. economy and the local

economies where the Company conducts operations; the accuracy of the

Company's financial statement estimates and assumptions, including the

estimate for the Company's loan loss provision; the frequency and

magnitude of foreclosure of the Company's loans; continued depression

of the market value of the Company that could result in an impairment

of goodwill; restrictions on our operations, including the inability to

pay dividends without our regulators' consent; the effects of the

health and soundness of other financial institutions, including the

FDIC's need to increase Deposit Insurance Fund assessments; the effects

of the Company's lack of a diversified loan portfolio, including the

risks of geographic and industry concentrations; harsh weather

conditions and man-made disasters; fluctuations in inflation, interest

rates, or monetary policies; changes in the stock market and other

capital and real estate markets; customer acceptance of third-party

products and services; increased competition and its effect on pricing,

including the impact on our net interest margin from the repeal of

Regulation Q; negative publicity and the impact on our reputation;

technological changes; the effects of security breaches and computer

viruses that may affect the Company's computer systems; changes in

consumer spending and savings habits; the Company's growth and

profitability; changes in accounting; the Company's ability to

integrate acquisitions; 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, 2010, and the Company's other filings with the SEC, which are

available at the SEC's internet site (http://www.sec.gov).

Forward-looking statements in this Press Release speak only as of the

date of the Press Release, and the Company assumes no obligation to

update forward-looking statements or the reasons why actual results

could differ.



(1) The reductions in loan portfolio balances stated in this paragraph

are based on "as of" balances, not averages.







 CAPITAL CITY BANK GROUP, INC.

 EARNINGS HIGHLIGHTS

 Unaudited





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



                                  Three Months Ended         Twelve Months Ended

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



 (Dollars in thousands,     Dec 31,    Sep 30,    Dec 31,    Dec 31,    Dec 31,

  except per share data)      2011       2011       2010       2011       2010

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



 EARNINGS

 Net Income (Loss)           $ (535)    $ 1,977    $ 1,918    $ 4,897    $ (413)



 Net Income (Loss) Per

  Common Share              $ (0.03)     $ 0.12     $ 0.12     $ 0.29   $ (0.02)

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

 PERFORMANCE

 Return on Average Equity    (0.80%)      2.97%      2.90%      1.86%    (0.16%)

 Return on Average Assets    (0.08%)      0.31%      0.30%      0.19%    (0.02%)

 Net Interest Margin           4.17%      4.20%      4.41%      4.18%      4.32%

 Noninterest Income as %

  of Operating Revenue        38.34%     38.14%     37.69%     39.13%     36.81%



 Efficiency Ratio             85.08%     81.40%     83.75%     82.79%     84.23%

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

 CAPITAL ADEQUACY

 Tier 1 Capital Ratio         13.96%     14.05%     13.14%     13.96%     13.14%

 Total Capital Ratio          15.32%     15.41%     14.50%     15.32%     14.50%

 Tangible Common Equity

  Ratio                        6.51%      7.19%      6.82%      6.51%      6.82%

 Leverage Ratio               10.26%     10.20%     10.10%     10.26%     10.10%



 Equity to Assets              9.54%     10.34%      9.88%      9.54%      9.88%

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

 ASSET QUALITY

 Allowance as % of

  Non-Performing Loans        32.44%     36.26%     40.57%     32.05%     40.57%

 Allowance as a % of

  Loans                        1.91%      1.79%      2.01%      1.91%      2.01%

 Net Charge-Offs as % of

  Average Loans                1.50%      1.22%      1.35%      1.39%      1.77%

 Nonperforming Assets as

  % of Loans and ORE           9.36%      8.32%      8.00%      9.43%      8.00%



 Nonperforming Assets as

  % of Total Assets            5.99%      5.67%      5.54%      6.04%      5.54%

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

 STOCK PERFORMANCE

 High                        $ 11.11    $ 11.18    $ 14.19    $ 13.80    $ 18.25

 Low                          $ 9.43     $ 9.81    $ 11.56     $ 9.43    $ 10.76

 Close                        $ 9.55    $ 10.38    $ 12.60     $ 9.55    $ 12.60



 Average Daily Trading

  Volume                    $ 33,026   $ 43,483   $ 21,385   $ 32,096   $ 31,174

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











 CAPITAL CITY BANK GROUP, INC.

 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

 Unaudited





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



                                                        2011                               2010

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



                                  Fourth        Third         Second        First         Fourth

 (Dollars in thousands)           Quarter       Quarter       Quarter       Quarter       Quarter

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

 ASSETS

 Cash and Due From Banks           $ 54,953      $ 53,027      $ 71,554      $ 52,000      $ 35,410



 Funds Sold and Interest

  Bearing Deposits                  330,361       193,387       223,183       271,375       200,783

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

  Total Cash and Cash

   Equivalents                      385,314       246,414       294,737       323,375       236,193



 Investment Securities,

  Available-for-Sale                307,149       306,038       304,313       311,356       309,731



 Loans, Net of Unearned

  Interest

  Commercial, Financial, &

   Agricultural                     130,879       142,511       149,830       153,960       157,394

  Real Estate - Construction         26,367        31,991        30,867        35,614        43,239

  Real Estate - Commercial          639,140       644,128       660,058       668,583       671,702

  Real Estate - Residential         386,877       388,686       395,126       404,204       420,604

  Real Estate - Home Equity         244,263       245,438       248,228       248,745       251,565

  Consumer                          186,216       188,933       194,624       196,205       200,727

  Other Loans                        12,495        13,720         5,987         5,098         9,937



  Overdrafts                          2,446         2,292         2,882         2,385         3,503

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

  Total Loans, Net of

   Unearned Interest              1,628,683     1,657,699     1,687,602     1,714,794     1,758,671



  Allowance for Loan Losses        (31,035)      (29,658)      (31,080)      (33,873)      (35,436)

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

  Loans, Net                      1,597,648     1,628,041     1,656,522     1,680,921     1,723,235



 Premises and Equipment, Net        110,991       111,471       112,576       113,918       115,356

 Intangible Assets                   85,483        85,591        85,699        85,806        86,159

 Other Real Estate Owned             62,600        61,196        61,016        55,364        57,937



 Other Assets                        92,127        85,221        84,395        91,754        93,442

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



  Total Other Assets                351,201       343,479       343,686       346,842       352,894

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





 Total Assets                     2,641,312     2,523,972     2,599,258     2,662,494     2,622,053

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



 LIABILITIES

 Deposits:

  Noninterest Bearing

   Deposits                         618,317       584,628       568,813       540,184       546,257

  NOW Accounts                      828,990       708,066       764,480       818,512       770,149

  Money Market Accounts             276,910       280,001       283,230       288,224       275,416

  Regular Savings Accounts          158,462       154,136       153,403       150,051       139,888



  Certificates of Deposit           289,840       316,968       331,085       350,076       372,266

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

  Total Deposits                  2,172,519     2,043,798     2,101,011     2,147,047     2,103,976



 Short-Term Borrowings               43,372        47,508        65,237        86,650        92,928

 Subordinated Notes Payable          62,887        62,887        62,887        62,887        62,887

 Other Long-Term Borrowings          44,606        45,389        49,196        50,050        50,101



 Other Liabilities                   65,986        63,465        60,383        56,582        53,142

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





 Total Liabilities                2,389,370     2,263,047     2,338,714     2,403,216     2,363,034

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



 SHAREOWNERS' EQUITY

 Common Stock                           172           172           171           171           171

 Additional Paid-In Capital          37,838        38,074        37,724        37,548        36,920

 Retained Earnings                  237,461       237,969       237,709       237,276       237,679



 Accumulated Other

  Comprehensive Loss, Net of

  Tax                              (23,529)      (15,290)      (15,060)      (15,717)      (15,751)

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





 Total Shareowners' Equity          251,942       260,925       260,544       259,278       259,019

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





 Total Liabilities and

  Shareowners' Equity           $ 2,641,312   $ 2,523,972   $ 2,599,258   $ 2,662,494   $ 2,622,053

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



 OTHER BALANCE SHEET DATA

 Earning Assets                 $ 2,266,193   $ 2,157,124   $ 2,215,098   $ 2,297,525   $ 2,269,185

 Intangible Assets

  Goodwill                           84,811        84,811        84,811        84,811        84,811

  Core Deposits                         258           318           378           437           742

  Other                                 414           462           510           558           606



 Interest Bearing Liabilities     1,705,066     1,614,954     1,709,518     1,806,450     1,763,635

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



 Book Value Per Diluted Share       $ 14.68       $ 15.20       $ 15.20       $ 15.13       $ 15.15



 Tangible Book Value Per

  Diluted Share                        9.70         10.21         10.21         10.13         10.11

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



 Actual Basic Shares

  Outstanding                        17,160        17,157        17,127        17,127        17,100



 Actual Diluted Shares

  Outstanding                        17,161        17,172        17,139        17,136        17,101

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











 CAPITAL CITY BANK GROUP, INC.

 CONSOLIDATED STATEMENT OF OPERATIONS

 Unaudited





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

                                                                                     Twelve Months Ended



                                                2011                        2010         December 31,

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



 (Dollars in thousands,       Fourth      Third     Second      First     Fourth

  except per share data)      Quarter    Quarter    Quarter    Quarter    Quarter      2011       2010

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



 INTEREST INCOME

 Interest and Fees on Loans   $ 22,915   $ 23,777   $ 24,305   $ 23,947   $ 25,656   $ 94,944   $ 105,710

 Investment Securities             902        978      1,017      1,071      1,080      3,968       4,198



 Funds Sold                         95        136        145        171         95        547         587

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



  Total Interest Income         23,912     24,891     25,467     25,189     26,831     99,459     110,495

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



 INTEREST EXPENSE

 Deposits                          699        907      1,083      1,258      1,524      3,947       8,645

 Short-Term Borrowings               6         78        110        111         99        305         159

 Subordinated Notes Payable        358        339        343        340        342      1,380       2,008



 Other Long-Term Borrowings        452        467        492        494        508      1,905       2,150

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



  Total Interest Expense         1,515      1,791      2,028      2,203      2,473      7,537      12,962

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

 Net Interest Income            22,397     23,100     23,439     22,986     24,358     91,922      97,533



 Provision for Loan Losses       7,600      3,718      3,545      4,133      3,783     18,996      23,824

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



 Net Interest Income after

  Provision for Loan Losses     14,797     19,382     19,894     18,853     20,575     72,926      73,709

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



 NONINTEREST INCOME

 Service Charges on Deposit

  Accounts                       6,530      6,629      6,309      5,983      6,434     25,451      26,500

 Data Processing Fees              743        749        764        974        880      3,230       3,610

 Asset Management Fees           1,124      1,080      1,080      1,080      1,095      4,364       4,235

 Retail Brokerage Fees             776        807        939        729        738      3,251       2,820

 Gain on Sale of Investment

  Securities                        --         --         --         --         --         --           8

 Mortgage Banking Fees             845        645        568        617      1,027      2,675       2,948

 Interchange Fees (1)            1,399      1,420      1,443      1,360      1,285      5,622       5,077

 ATM/Debit Card Fees (1)         1,098      1,170      1,115      1,136      1,051      4,519       4,123



 Other                           1,358      1,693      2,230      4,455      2,225      9,736       7,504

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



  Total Noninterest Income      13,873     14,193     14,448     16,334     14,735     58,848      56,825

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



 NONINTEREST EXPENSE

 Salaries and Associate

  Benefits                      15,260     15,805     16,000     16,577     15,389     63,642      62,755

 Occupancy, Net                  2,284      2,495      2,447      2,396      2,406      9,622      10,010

 Furniture and Equipment         2,097      2,118      2,117      2,226      2,268      8,558       8,929

 Intangible Amortization           107        108        107        353        553        675       2,682

 Other Real Estate               3,425      2,542      3,033      3,677      4,709     12,677      14,922



 Other                           7,930      7,579      7,463      8,102      8,215     31,074      34,618

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



  Total Noninterest Expense     31,103     30,647     31,167     33,331     33,540    126,248     133,916

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



 OPERATING PROFIT (LOSS)       (2,433)      2,928      3,175      1,856      1,770      5,526     (3,382)



 Provision for Income Taxes    (1,898)        951      1,030        546      (148)        629     (2,969)

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



 NET INCOME (LOSS)             $ (535)    $ 1,977    $ 2,145    $ 1,310    $ 1,918    $ 4,897     $ (413)

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



 PER SHARE DATA

 Basic Earnings               $ (0.03)     $ 0.12     $ 0.12     $ 0.08     $ 0.12     $ 0.29    $ (0.02)

 Diluted Earnings             $ (0.03)     $ 0.12     $ 0.12     $ 0.08     $ 0.12     $ 0.29    $ (0.02)

 Cash Dividends                  0.000      0.100      0.100      0.100      0.100      0.300       0.490

 AVERAGE SHARES

 Basic                          17,157     17,152     17,127     17,122     17,095     17,140      17,076



 Diluted                        17,157     17,167     17,139     17,130     17,096     17,140      17,077

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



 (1) Together referred to

  as "Bank Card Fees"











 CAPITAL CITY BANK GROUP, INC.

 ALLOWANCE FOR LOAN LOSSES

 AND NONPERFORMING ASSETS

 Unaudited





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

                                    2011        2011        2011        2011        2010



 (Dollars in thousands, except     Fourth       Third      Second       First      Fourth

  per share data)                 Quarter     Quarter     Quarter     Quarter     Quarter

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



 ALLOWANCE FOR LOAN LOSSES

 Balance at Beginning of Period    $ 29,658    $ 31,080    $ 33,873    $ 35,436    $ 37,720

 Provision for Loan Losses            7,600       3,718       3,545       4,133       3,783



 Net Charge-Offs                    $ 6,223     $ 5,140     $ 6,338     $ 5,696     $ 6,067

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





 Balance at End of Period            31,035      29,658      31,080      33,873      35,436

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

 As a % of Loans                      1.91%       1.79%       1.84%       1.98%       2.01%

 As a % of Nonperforming Loans       32.05%      36.26%      36.71%      34.57%      40.57%



 As a % of Nonperforming Assets      19.46%      20.74%      21.34%      22.09%      24.39%

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



 CHARGE-OFFS

 Commercial, Financial and

  Agricultural                        $ 634       $ 186       $ 301       $ 721       $ 629

 Real Estate - Construction              25          75          14          --         234

 Real Estate - Commercial             2,443       1,031       2,808         430       1,469

 Real Estate - Residential            2,960       3,867       3,315       4,445       3,629



 Consumer                               879         832         606         620         582

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





 Total Charge-Offs                  $ 6,941     $ 5,991     $ 7,044     $ 6,216     $ 6,543

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



 RECOVERIES

 Commercial, Financial and

  Agricultural                        $ 242        $ 33        $ 43        $ 63        $ 48

 Real Estate - Construction              --          --           5           9          --

 Real Estate - Commercial                87          37         115          12          55

 Real Estate - Residential               47         379         170          96           7



 Consumer                               342         402         373         340         366

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





 Total Recoveries                     $ 718       $ 851       $ 706       $ 520       $ 476

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





 NET CHARGE-OFFS                    $ 6,223     $ 5,140     $ 6,338     $ 5,696     $ 6,067

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





 Net Charge-Offs as a % of

  Average Loans(1)                    1.50%       1.22%       1.49%       1.33%       1.35%

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



 RISK ELEMENT ASSETS

 Nonaccruing Loans                 $ 75,023    $ 53,396    $ 61,076    $ 73,954    $ 65,700



 Troubled Debt Restructurings

  ("TDR's")                          20,644      28,404      23,582      24,028      21,649

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

 Total Nonperforming Loans           95,667      81,800      84,658      97,982      87,349



 Other Real Estate                   62,600      61,196      61,016      55,364      57,937

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



 Total Nonperforming Assets       $ 158,267   $ 142,996   $ 145,674   $ 153,346   $ 145,286

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



 Past Due Loans 30-89 Days         $ 19,425    $ 17,053    $ 18,103    $ 19,391    $ 24,193



 Past Due Loans 90 Days or More       $ 224        $ 26       $ 271        $ --       $ 159

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



 Nonperforming Loans as a % of

  Loans                               5.87%       4.93%       5.02%       5.71%       4.97%

 Nonperforming Assets as a % of

  Loans and Other Real Estate         9.36%       8.32%       8.33%       8.66%       8.00%

 Nonperforming Assets as a % of

  Capital(2)                         55.93%      49.21%      49.95%      52.31%      49.34%



 Nonperforming Assets as a % of

  Total Assets                        5.99%       5.67%       5.60%       5.76%       5.54%

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



 (1) Annualized

 (2) Capital includes allowance

  for loan losses.











 AVERAGE BALANCE AND INTEREST RATES(1)

 Unaudited





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





                          Fourth Quarter 2011               Third Quarter 2011                Second Quarter 2011

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



 (Dollars in          Average               Average     Average               Average     Average               Average

  thousands)          Balance     Interest   Rate       Balance     Interest   Rate       Balance     Interest   Rate

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

 ASSETS:

 Loans, Net of

  Unearned

  Interest          $ 1,646,715     23,032    5.55%   $ 1,667,720   $ 23,922    5.69%   $ 1,704,348   $ 24,465    5.76%



 Investment

  Securities

  Taxable

   Investment

   Securities           248,217        816    1.31%       248,138        828    1.32%       244,487        825    1.35%



  Tax-Exempt

   Investment

   Securities            59,647        131    0.88%        55,388        231    1.67%        60,963        297    1.95%

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



 Total Investment

  Securities            307,864        947    1.22%       303,526      1,059    1.39%       305,450      1,122    1.47%





 Funds Sold             191,884         96    0.20%       231,681        136    0.23%       249,133        145    0.23%

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



 Total Earning

  Assets              2,146,463   $ 24,075    4.45%                 $ 25,117    4.52%                 $ 25,732    4.57%

                                 ---------  -------     2,202,927  ---------  -------     2,258,931  ---------  -------



 Cash and Due

  From Banks             49,666                            47,252                            47,465

 Allowance for

  Loan Losses          (29,550)                          (30,969)                          (32,993)



 Other Assets           343,336                           344,041                           344,884

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





 Total Assets       $ 2,509,915                       $ 2,563,251                       $ 2,618,287

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



 LIABILITIES:

 Interest Bearing

  Deposits

 NOW Accounts         $ 700,005      $ 148    0.08%     $ 726,652      $ 222    0.12%     $ 782,698      $ 259    0.13%

 Money Market

  Accounts              283,677         75    0.11%       282,378         95    0.13%       284,411        136    0.19%

 Savings Accounts       156,088         20    0.05%       153,748         19    0.05%       152,599         16    0.04%



 Time Deposits          299,487        456    0.60%       324,951        571    0.70%       338,723        672    0.80%

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

 Total Interest

  Bearing

  Deposits            1,439,257        699    0.19%     1,487,729        907    0.24%     1,558,431      1,083    0.28%



 Short-Term

  Borrowings             44,573          6    0.05%        64,160         78    0.48%        76,754        110    0.58%

 Subordinated

  Notes Payable          62,887        358    2.23%        62,887        339    2.11%        62,887        343    2.16%



 Other Long-Term

  Borrowings             45,007        452    3.99%        46,435        467    3.99%        49,650        492    3.97%

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



 Total Interest

  Bearing

  Liabilities         1,591,724    $ 1,515    0.38%                  $ 1,791    0.43%                  $ 2,028    0.47%

                                 ---------  -------     1,661,211  ---------  -------     1,747,722  ---------  -------



 Noninterest

  Bearing

  Deposits              593,718                           574,184                           548,870



 Other

  Liabilities            60,197                            63,954                            59,324

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



 Total

  Liabilities         2,245,639                         2,299,349                         2,355,916





 SHAREOWNERS'

  EQUITY:             $ 264,276                         $ 263,902                         $ 262,371

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





 Total

  Liabilities and

  Shareowners'

  Equity            $ 2,509,915                       $ 2,563,251                       $ 2,618,287

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





 Interest Rate

  Spread                          $ 22,560    4.07%                 $ 23,326    4.09%                 $ 23,704    4.10%

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



 Interest Income

  and Rate

  Earned(1)                         24,075    4.45%                   25,117    4.52%                   25,732    4.57%



 Interest Expense

  and Rate

  Paid(2)                            1,515    0.28%                    1,791    0.32%                    2,028    0.36%

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





 Net Interest

  Margin                          $ 22,560    4.17%                 $ 23,326    4.20%                 $ 23,704    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





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





                                      First Quarter 2011                Fourth Quarter 2010

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



                                  Average               Average     Average               Average

 (Dollars in thousands)           Balance     Interest   Rate       Balance     Interest   Rate

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

 ASSETS:

 Loans, Net of Unearned

  Interest                      $ 1,730,330   $ 24,101    5.65%   $ 1,782,916   $ 25,799    5.74%



 Investment Securities

  Taxable Investment

   Securities                       231,153        851    1.48%       178,926        799    1.78%



  Tax-Exempt Investment

   Securities                        74,226        337    1.81%        83,469        434    2.08%

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



 Total Investment Securities        305,379      1,188    1.56%       262,395      1,233    1.87%





 Funds Sold                         242,893        171    0.28%       172,738         95    0.24%

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





 Total Earning Assets             2,278,602   $ 25,460    4.53%                 $ 27,127    4.85%

                                             ---------  -------     2,218,049  ---------  -------



 Cash and Due From Banks             50,942                            51,030

 Allowance for Loan Losses         (34,822)                          (37,713)



 Other Assets                       348,295                           345,427

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





 Total Assets                   $ 2,643,017                       $ 2,576,793

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



 LIABILITIES:

 Interest Bearing Deposits

 NOW Accounts                     $ 786,939      $ 261    0.13%     $ 837,625      $ 296    0.14%

 Money Market Accounts              278,562        131    0.19%       282,887        134    0.19%

 Savings Accounts                   144,623         18    0.05%       136,276         16    0.05%



 Time Deposits                      360,575        848    0.95%       382,870      1,078    1.12%

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

 Total Interest Bearing

  Deposits                        1,570,699      1,258    0.32%     1,639,658      1,524    0.37%



 Short-Term Borrowings               87,267        111    0.52%        34,706         99    1.14%

 Subordinated Notes Payable          62,887        340    2.16%        62,887        342    2.13%



 Other Long-Term Borrowings          50,345        494    3.98%        50,097        508    4.02%

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



 Total Interest Bearing

  Liabilities                     1,771,198    $ 2,203    0.50%                  $ 2,473    0.55%

                                             ---------  -------     1,787,348  ---------  -------



 Noninterest Bearing Deposits       554,680                           476,209



 Other Liabilities                   55,536                            50,614

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



 Total Liabilities                2,381,414                         2,314,171





 SHAREOWNERS' EQUITY:             $ 261,603                         $ 262,622

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





 Total Liabilities and

  Shareowners' Equity           $ 2,643,017                       $ 2,576,793

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





 Interest Rate Spread                         $ 23,257    4.03%                 $ 24,654    4.30%

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



 Interest Income and Rate

  Earned(1)                                     25,460    4.53%                   27,127    4.85%



 Interest Expense and Rate

  Paid(2)                                        2,203    0.39%                    2,473    0.44%

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





 Net Interest Margin                          $ 23,257    4.14%                 $ 24,654    4.41%

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



 (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 2011 YTD                  December 2010 YTD

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



                                  Average                Average     Average                Average

 (Dollars in thousands)           Balance     Interest    Rate       Balance     Interest    Rate

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

 ASSETS:

 Loans, Net of Unearned

  Interest                      $ 1,686,995    $ 95,520    5.66%   $ 1,829,193   $ 106,342    5.81%



 Investment Securities

  Taxable Investment

   Securities                       243,059       3,320    1.38%       126,078       2,681    2.12%



  Tax-Exempt Investment

   Securities                        62,497         996    1.59%        90,352       2,332    2.58%

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



 Total Investment Securities        305,556       4,316    1.41%       216,430       5,013    2.31%





 Funds Sold                         228,766         548    0.24%       248,659         587    0.23%

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





 Total Earning Assets             2,221,317   $ 100,384    4.52%                 $ 111,942    4.88%

                                             ----------  -------     2,294,282  ----------  -------



 Cash and Due From Banks             48,823                             51,883

 Allowance for Loan Losses         (32,066)                           (40,717)



 Other Assets                       345,123                            339,283

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





 Total Assets                   $ 2,583,197                        $ 2,644,731

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



 LIABILITIES:

 Interest Bearing Deposits

 NOW Accounts                       748,774       $ 890    0.12%     $ 863,719     $ 1,406    0.16%

 Money Market Accounts              282,271         437    0.15%       320,786       1,299    0.41%

 Savings Accounts                   151,801          73    0.05%       131,945          65    0.05%



 Time Deposits                      330,750       2,547    0.77%       413,428       5,875    1.42%

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

 Total Interest Bearing

  Deposits                        1,513,596       3,947    0.26%     1,729,878       8,645    0.05%



 Short-Term Borrowings               68,061         305    0.45%        27,864         159    0.57%

 Subordinated Notes Payable          62,887       1,380    2.16%        62,887       2,008    3.15%



 Other Long-Term Borrowings          47,841       1,905    3.98%        51,767       2,150    4.15%

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



 Total Interest Bearing

  Liabilities                     1,692,385     $ 7,537    0.45%                  $ 12,962    0.69%

                                             ----------  -------     1,872,396  ----------  -------



 Noninterest Bearing Deposits       567,987                            462,445



 Other Liabilities                   59,777                             45,211

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



 Total Liabilities                2,320,149                          2,380,052





 SHAREOWNERS' EQUITY:             $ 263,048                          $ 264,679

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





 Total Liabilities and

  Shareowners' Equity           $ 2,583,197                        $ 2,644,731

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





 Interest Rate Spread                          $ 92,847    4.07%                  $ 98,980    4.19%

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



 Interest Income and Rate

  Earned(1)                                     100,384    4.52%                   111,942    4.88%



 Interest Expense and Rate

  Paid(2)                                         7,537    0.34%                    12,962    0.56%

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





 Net Interest Margin                           $ 92,847    4.18%                  $ 98,980    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.

 


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