Capital City Bank Group, Inc. Reports Third Quarter 2025 Results

Rhea-AI Summary

Capital City Bank Group (NASDAQ: CCBG) reported Q3 2025 net income of $16.0 million or $0.93 diluted EPS, up from $15.0 million ($0.88) in Q2 2025 and $13.1 million ($0.77) in Q3 2024. Tax-equivalent net interest income was $43.6 million and net interest margin rose to 4.34%. Noninterest income was $22.3 million, up 11.6% QoQ, which included a $0.7 million gain on the sale of the insurance subsidiary. Provision for credit losses was $1.9 million; net loan charge-offs were annualized 18 bps. Loans and deposits declined ~1.9% and 2.4% (end of period), respectively. Tangible book value per diluted share increased 4.0% (+$1.01).

Positive

• Net income +$1.0M QoQ to $16.0M
• Net interest margin increased 4 bps to 4.34%
• Noninterest income rose 11.6% QoQ to $22.3M
• Tangible book value per diluted share +4.0% (+$1.01)

Negative

• Loans HFI decreased ~1.9% QoQ (end of period)
• Deposits decreased ~2.4% QoQ (end of period)
• Provision for credit losses increased to $1.9M in Q3 2025
• Net loan charge-offs rose to annualized 18 bps in Q3 2025

TALLAHASSEE, Fla., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.0 million, or $0.93 per diluted share, for the third quarter of 2025 compared to $15.0 million, or $0.88 per diluted share, for the second quarter of 2025, and $13.1 million, or $0.77 per diluted share, for the third quarter of 2024.

QUARTER HIGHLIGHTS (3^rd Quarter 2025 versus 2^nd Quarter 2025)

Income Statement

• Tax-equivalent net interest income totaled $43.6 million compared to $43.2 million for the second quarter of 2025
  • Net interest margin increased four-basis points to 4.34% due to a four-basis point decline in cost of funds to 78 basis points
• Provision for credit losses increased by $1.3 million to $1.9 million for the third quarter of 2025 - net loan charge-offs were 18-basis points (annualized) of average loans – allowance coverage ratio increased to 1.17% at September 30, 2025
• Noninterest income increased by $2.3 million, or 11.6%, due to a $1.2 million increase in other income which included a $0.7 million gain from the sale of our insurance subsidiary, and higher mortgage banking revenues of $0.6 million and deposit fees of $0.6 million
• Noninterest expense increased by $0.4 million, or 0.9%, due to an increase in other miscellaneous expenses
  
  

Balance Sheet

• Loan balances decreased by $46.4 million, or 1.7% (average), and decreased by $49.5 million, or 1.9% (end of period)
• Deposit balances decreased by $68.4 million, or 1.9% (average), and decreased by $89.9 million, or 2.4% (end of period) due to the seasonal decrease in our public fund balances
  • Noninterest bearing deposits averaged 36.4% of total deposits for the third quarter of 2025 and 36.3% for the year
• Tangible book value per diluted share (non-GAAP financial measure) increased by $1.01, or 4.0%

“We are pleased to share another strong report for the third quarter of 2025, highlighted by an above-peer ROA of 1.47% and ROE of 11.67%,” said William G. Smith, Jr., Capital City Bank Group Chairman and CEO. “Revenue growth driven by continued net interest margin expansion and higher noninterest income drove the improvement and resulted in a 4% increase in tangible book value per share. We are in a position of strength and look forward to finishing the year strong and continued momentum in 2026.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the third quarter of 2025 totaled $43.6 million compared to $43.2 million for the second quarter of 2025 and $40.3 million for the third quarter of 2024. Compared to the second quarter of 2025, the increase was driven by a $0.5 million increase in investment securities income, a $0.4 million decrease in interest expense, and a $0.1 million increase in overnight funds income, partially offset by a $0.6 million decrease in loan income. One additional calendar day in the third quarter of 2025 contributed to the improvement. Compared to the third quarter of 2024, the increase was primarily due to a $3.0 million increase in investment securities income, a $1.2 million decrease in interest expense, and a $0.5 million increase in overnight funds income, partially offset by a $1.4 million decrease in loan income. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from both prior periods reflected the gradual decrease in our deposit rates. The decrease in loan income compared to both prior periods was due to lower loan balances that was partially offset by favorable rate repricing.

For the first nine months of 2025, tax-equivalent net interest income totaled $128.4 million compared to $118.0 million for the same period of 2024 with the increase primarily attributable to a $7.3 million increase in investment securities income, a $2.3 million increase in overnight funds income, and a $2.3 million decrease in deposit interest expense, partially offset by a $1.9 million decrease in loan income. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates. The decrease in loan income was due to lower loan balances that was partially offset by favorable rate repricing.

Our net interest margin for the third quarter of 2025 was 4.34%, an increase of four basis points over the second quarter of 2025 and an increase of 22 basis points over the third quarter of 2024. For the month of September 2025, our net interest margin was 4.41%. For the first nine months of 2025, our net interest margin of 4.28% reflected a 23 basis point increase over the same period of 2024. The improvement in the net interest margin compared to all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields and lower deposit cost. For the third quarter of 2025, our cost of funds was 78 basis points, a decrease of four basis points from the second quarter of 2025 and a 15-basis point decrease from the third quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 80 basis points, 81 basis points, and 92 basis points, respectively, for the same periods.

Provision for Credit Losses 

We recorded a provision expense for credit losses of $1.9 million for the third quarter of 2025 compared to $0.6 million for the second quarter of 2025 and $1.2 million for the third quarter of 2024. For the first nine months of 2025, we recorded a provision expense for credit losses of $3.3 million which was comparable to the same period of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the third quarter of 2025 totaled $22.3 million compared to $20.0 million for the second quarter of 2025 and $19.5 million for the third quarter of 2024. The $2.3 million, or 11.6%, increase over the second quarter of 2025 was primarily due to a $1.2 million increase in other income, a $0.6 million increase in mortgage banking revenues, and a $0.6 million increase in deposit fees. The increase in other income was primarily due to a $0.7 million gain from the sale of our insurance subsidiary (Capital City Strategic Wealth) in the third quarter of 2025, and to a lesser extent higher miscellaneous income. The increase in mortgage revenues was driven by an increase in the gain on sale margin for loan sales. Fee adjustments made late in the second quarter of 2025 contributed to the increase in deposit fees and miscellaneous income.

Compared to the third quarter of 2024, the $2.8 million, or 14.4%, increase was primarily due to a $1.1 million increase in other income, a $0.8 million increase in mortgage banking revenues, a $0.4 million increase in wealth management fees, and a $0.4 million increase in deposit fees. The increase in other income reflected the aforementioned gain from the sale of our insurance subsidiary and higher miscellaneous income. Higher production volume and gain on sale margin drove the improvement in mortgage banking revenues. The increase in wealth management fees was primarily due to higher retail brokerage fees. The aforementioned fee adjustments drove the improvement in deposit fees.

For the first nine months of 2025, noninterest income totaled $62.3 million compared to $57.2 million for the same period of 2024, primarily attributable to a $2.2 million increase in wealth management fees, a $1.6 million increase in mortgage banking revenues, and a $1.1 million increase in other income. The increase in wealth management fees reflected increases in trust fees of $1.1 million and retail brokerage fees of $1.0 million attributable to a combination of new business and higher account valuations. A fee increase implemented in early 2025 also contributed to the increase in trust fees. Higher production volume and gain on sale margin drove the improvement in mortgage banking revenues. The increase in other income reflected the aforementioned gain from the sale of our insurance subsidiary and higher miscellaneous income.

Noninterest expense for the third quarter of 2025 totaled $42.9 million compared to $42.5 million for the second quarter of 2025 and $42.9 million for the third quarter of 2024. The $0.4 million, or 0.9%, increase over the second quarter of 2025 reflected a $0.8 million increase in other expense that was partially offset by a $0.4 million decrease in compensation expense. The increase in other expense was driven by higher miscellaneous expenses of $0.7 million and professional fees of $0.1 million. The decrease in compensation was primarily due to lower performance-based compensation (cash and stock incentives). Compared to the third quarter of 2024, a $0.3 million increase in compensation expense was offset by a $0.2 million decrease in other expense and a $0.1 million decline in occupancy expense.

For the first nine months of 2025, noninterest expense totaled $124.2 million compared to $123.5 million for the same period of 2024 with the $0.6 million, or 0.5%, increase primarily due to a $4.2 million increase in compensation expense that was partially offset by a $3.4 million decrease in other expense and a $0.2 million decrease in occupancy expense. The increase in compensation was due to a $2.6 million increase in salary expense and a $1.6 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.3 million, base salaries of $0.6 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to higher gains from the sale of banking facilities, and a $1.4 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.4 million (outsource of core processing system), charitable contribution expense of $0.8 million, and professional fees of $0.3 million.

Income Taxes

We realized income tax expense of $5.1 million (effective rate of 24.4%) for the third quarter of 2025 compared to $5.0 million (effective rate of 24.9%) for the second quarter of 2025 and $3.0 million (effective rate of 19.1%) for the third quarter of 2024. For the first nine months of 2025, we realized income tax expense of $15.3 million (effective rate of 24.2%) compared to $9.7 million (effective rate of 20.1%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate compared to the prior year periods. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.982 billion for the third quarter of 2025, a decrease of $50.5 million, or 1.3%, from the second quarter of 2025, and an increase of $59.6 million, or 1.5%, over the fourth quarter of 2024. Compared to the second quarter of 2025, the change in the earning asset mix reflected a $46.4 million decrease in loans HFI and a $14.1 million decrease in investment securities, partially offset by a $7.4 million increase in overnight funds sold and a $2.6 million increase in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in earning asset mix reflected a $78.7 million increase in investment securities and a $57.9 million increase in overnight funds sold, partially offset by a $71.2 million decrease in loans HFI and a $5.8 million decrease in loans HFS.

Average loans HFI decreased by $46.4 million, or 1.8%, from the second quarter of 2025 and decreased by $71.2 million, or 2.7%, from the fourth quarter of 2024. Compared to the second quarter of 2025, the decline reflected decreases in construction loans of $22.4 million, consumer loans (primarily indirect auto) of $10.4 million, commercial real estate loans of $8.7 million, residential real estate loans of $2.9 million, and commercial loans of $2.7 million, partially offset by a $2.0 million increase in home equity loans. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $55.6 million, consumer loans (primarily auto indirect loans) of $14.4 million, commercial loans of $11.9 million and commercial real estate loans of $6.8 million, partially offset by increases in home equity loans of $12.8 million and residential real estate loans of $7.0 million.

Loans HFI at September 30, 2025, decreased by $49.5 million, or 1.9%, from June 30, 2025, and decreased by $69.5 million, or 2.6%, from December 31, 2024. Compared to June 30, 2025, the decline was primarily due to decreases in construction loans of $17.4 million, commercial real estate loans of $17.2 million, consumer loans (primarily indirect auto) of $11.6 million, and residential real estate loans of $9.0 million, partially offset by a $5.9 million increase in home equity loans. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $63.2 million, consumer loans (primarily indirect auto) of $13.6 million, and commercial loans of $10.2 million, partially offset by increases in home equity loans of $14.0 million, residential real estate loans of $8.8 million, and commercial real estate loans of $6.2 million.

Allowance for Credit Losses

At September 30, 2025, the allowance for credit losses for loans HFI totaled $30.2 million compared to $29.9 million at June 30, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over June 30, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs were 18 basis points of average loans for the third quarter of 2025 compared to 9 basis points for the second quarter of 2025. Net loan charge-offs for the nine-months ended September 30, 2025 were 12 basis points compared to 20 basis points for the same period of 2024. At September 30, 2025, the allowance represented 1.17% of loans HFI compared to 1.13% at June 30, 2025, and 1.10% at December 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $10.0 million at September 30, 2025, compared to $6.6 million at June 30, 2025, and $6.7 million at December 31, 2024. At September 30, 2025, nonperforming assets as a percentage of total assets was 0.23%, compared to 0.15% at June 30, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $8.2 million at September 30, 2025, a $1.7 million increase over June 30, 2025 and a $1.9 million increase over December 31, 2024 with the increase over both periods primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $26.5 million at September 30, 2025, a $2.1 million decrease from June 30, 2025, and a $6.6 million increase over December 31, 2024.

Deposits

Average total deposits were $3.612 billion for the third quarter of 2025, a decrease of $68.4 million, or 1.86%, from the second quarter of 2025 and an increase of $11.9 million, or 0.33%, over the fourth quarter of 2024. Compared to the second quarter of 2025, the decrease was attributable to lower public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances, partially offset by higher core deposit balances (primarily noninterest bearing checking, money market accounts, and certificates of deposit). The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances, partially offset by the seasonal decline in public fund balances.

At September 30, 2025, total deposits were $3.615 billion, a decrease of $89.9 million, or 2.4%, from June 30 2025, and a decrease of $57.1 million, or 1.6%, from December 31, 2024. The decrease compared to both prior periods was due to a decline in public fund deposits, partially offset by growth in our core deposits. Public funds totaled $497.9 million at September 30, 2025, $596.6 million at June 30, 2025, and $660.9 million at December 31, 2024.

Liquidity

We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $356.2 million in the third quarter of 2025 compared to $348.8 million in the second quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to the second quarter of 2025, the slight increase reflected lower average loan and investment security balances partially offset by lower average deposit balances. The increase over the fourth quarter of 2024 was primarily due to lower average loan balances.

At September 30, 2025, we had the ability to generate approximately $1.625 billion (excludes overnight funds position of $398 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At September 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.15 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $11.2 million.

Capital

Shareowners’ equity was $540.6 million at September 30, 2025, compared to $526.4 million at June 30, 2025, and $495.3 million at December 31, 2024. For the first nine months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $47.9 million, a net $7.7 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.9 million, and stock compensation accretion of $1.4 million. The net favorable change in accumulated other comprehensive loss reflected a $8.8 million decrease in the investment securities loss that was partially offset by a $1.1 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $12.6 million ($0.74 per share) and net adjustments totaling $2.0 million related to transactions under our stock compensation plans.

At September 30, 2025, our total risk-based capital ratio was 20.59% compared to 19.60% at June 30, 2025, and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 17.73%, 16.81%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.64%, 11.14%, and 11.05%, respectively, on these dates. At September 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.66% at September 30, 2025, compared to 10.09% and 9.51% at June 30, 2025, and December 31, 2024, respectively.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and has 62 banking offices and 108 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://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 our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; dispositions (including the impact from the sale of our insurance subsidiary) acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; action or inaction by the federal government, including as a result of any prolonged government shutdown or government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Shareowners' Equity (GAAP)		$	540,635		$	526,423		$	512,575		$	495,317		$	476,499
Less: Goodwill and Other Intangibles (GAAP)			89,095			92,693			92,733			92,773			92,813
Tangible Shareowners' Equity (non-GAAP)	A		451,540			433,730			419,842			402,544			383,686
Total Assets (GAAP)			4,323,774			4,391,753			4,461,233			4,324,932			4,225,316
Less: Goodwill and Other Intangibles (GAAP)			89,095			92,693			92,733			92,773			92,813
Tangible Assets (non-GAAP)	B	$	4,234,679		$	4,299,060		$	4,368,500		$	4,232,159		$	4,132,503
Tangible Common Equity Ratio (non-GAAP)	A/B		10.66	%		10.09	%		9.61	%		9.51	%		9.28	%
Actual Diluted Shares Outstanding (GAAP)	C		17,115,336			17,097,986			17,072,330			17,018,122			16,980,686
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	26.38		$	25.37		$	24.59		$	23.65		$	22.60

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
		Three Months Ended						Nine Months Ended
(Dollars in thousands, except per share data)		Sep 30, 2025		Jun 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	15,950	$	15,044	$	13,118	$	47,852	$	39,825
Diluted Net Income Per Share	$	0.93	$	0.88	$	0.77	$	2.80	$	2.35
PERFORMANCE
Return on Average Assets (annualized)		1.47	%	1.38	%	1.24	%	1.47	%	1.26	%
Return on Average Equity (annualized)		11.67		11.44		10.87		12.12		11.39
Net Interest Margin		4.34		4.30		4.12		4.28		4.05
Noninterest Income as % of Operating Revenue		33.89		31.67		32.67		32.67		32.69
Efficiency Ratio		65.09	%	67.26	%	71.81	%	65.11	%	70.49	%
CAPITAL ADEQUACY
Tier 1 Capital		19.33	%	18.38	%	16.77	%	19.33	%	16.77	%
Total Capital		20.59		19.60		17.97		20.59		17.97
Leverage		11.64		11.14		10.89		11.64		10.89
Common Equity Tier 1		17.73		16.81		14.88		17.73		14.88
Tangible Common Equity(1)		10.66		10.09		9.28		10.66		9.28
Equity to Assets		12.50	%	11.99	%	11.28	%	12.50	%	11.28	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		368.54	%	463.01	%	452.64	%	368.54	%	452.64	%
Allowance as a % of Loans HFI		1.17		1.13		1.11		1.17		1.11
Net Charge-Offs as % of Average Loans HFI		0.18		0.09		0.19		0.12		0.20
Nonperforming Assets as % of Loans HFI and OREO		0.39		0.25		0.27		0.39		0.27
Nonperforming Assets as % of Total Assets		0.23	%	0.15	%	0.17	%	0.23	%	0.17	%
STOCK PERFORMANCE
High	$	44.69	$	39.82	$	36.67	$	44.69	$	36.67
Low		38.00		32.38		26.72		32.38		25.45
Close	$	41.79	$	39.35	$	35.29	$	41.79	$	35.29
Average Daily Trading Volume		42,187		27,397		37,151		31,559		32,720
(1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
	2025										2024
(Dollars in thousands)	Third Quarter				Second Quarter			First Quarter			Fourth Quarter			Third Quarter
ASSETS
Cash and Due From Banks	$	68,397		$	78,485		$	78,521		$	70,543		$	83,431
Funds Sold and Interest Bearing Deposits		397,502			394,917			446,042			321,311			261,779
Total Cash and Cash Equivalents		465,899			473,402			524,563			391,854			345,210
Investment Securities Available for Sale		577,333			533,457			461,224			403,345			336,187
Investment Securities Held to Maturity		404,659			462,599			517,176			567,155			561,480
Other Equity Securities		2,145			3,242			2,315			2,399			6,976
Total Investment Securities		984,137			999,298			980,715			972,899			904,643
Loans Held for Sale ("HFS"):		24,204			19,181			21,441			28,672			31,251
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural		179,018			180,008			184,393			189,208			194,625
Real Estate - Construction		156,756			174,115			192,282			219,994			218,899
Real Estate - Commercial		785,290			802,504			806,942			779,095			819,955
Real Estate - Residential		1,037,324			1,046,368			1,040,594			1,028,498			1,023,485
Real Estate - Home Equity		234,111			228,201			225,987			220,064			210,988
Consumer		185,847			197,483			206,191			199,479			213,305
Other Loans		2,283			1,552			3,227			14,006			461
Overdrafts		1,378			1,259			1,154			1,206			1,378
Total Loans Held for Investment		2,582,007			2,631,490			2,660,770			2,651,550			2,683,096
Allowance for Credit Losses		(30,202	)		(29,862	)		(29,734	)		(29,251	)		(29,836	)
Loans Held for Investment, Net		2,551,805			2,601,628			2,631,036			2,622,299			2,653,260
Premises and Equipment, Net		79,748			79,906			80,043			81,952			81,876
Goodwill and Other Intangibles		89,095			92,693			92,733			92,773			92,813
Other Real Estate Owned		1,831			132			132			367			650
Other Assets		127,055			125,513			130,570			134,116			115,613
Total Other Assets		297,729			298,244			303,478			309,208			290,952
Total Assets	$	4,323,774		$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,303,786		$	1,332,080		$	1,363,739		$	1,306,254		$	1,330,715
NOW Accounts		1,222,861			1,284,137			1,292,654			1,285,281			1,174,585
Money Market Accounts		405,846			408,666			445,999			404,396			401,272
Savings Accounts		500,323			504,331			511,265			506,766			507,604
Certificates of Deposit		182,096			175,639			170,233			169,280			164,901
Total Deposits		3,614,912			3,704,853			3,783,890			3,671,977			3,579,077
Repurchase Agreements		25,629			21,800			22,799			26,240			29,339
Other Short-Term Borrowings		14,615			12,741			14,401			2,064			7,929
Subordinated Notes Payable		42,582			42,582			52,887			52,887			52,887
Other Long-Term Borrowings		680			680			794			794			794
Other Liabilities		84,721			82,674			73,887			75,653			71,974
Total Liabilities		3,783,139			3,865,330			3,948,658			3,829,615			3,742,000
Temporary Equity		-			-			-			-			6,817
SHAREOWNERS' EQUITY
Common Stock		171			171			171			170			169
Additional Paid-In Capital		40,067			39,527			38,576			37,684			36,070
Retained Earnings		499,176			487,665			476,715			463,949			454,342
Accumulated Other Comprehensive Income (Loss), Net of Tax		1,221			(940	)		(2,887	)		(6,486	)		(14,082	)
Total Shareowners' Equity		540,635			526,423			512,575			495,317			476,499
Total Liabilities, Temporary Equity and Shareowners' Equity	$	4,323,774		$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316
OTHER BALANCE SHEET DATA
Earning Assets	$	3,987,850		$	4,044,886		$	4,108,969		$	3,974,431		$	3,880,769
Interest Bearing Liabilities		2,394,632			2,450,576			2,511,032			2,447,708			2,339,311
Book Value Per Diluted Share	$	31.59		$	30.79		$	30.02		$	29.11		$	28.06
Tangible Book Value Per Diluted Share(1)		26.38			25.37			24.59			23.65			22.60
Actual Basic Shares Outstanding		17,069			17,066			17,055			16,975			16,944
Actual Diluted Shares Outstanding		17,115			17,098			17,072			17,018			16,981
(1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
		2025						2024					Nine Months Ended September 30,
(Dollars in thousands, except per share data)		Third Quarter		Second Quarter		First Quarter		Fourth Quarter			Third Quarter		2025		2024
INTEREST INCOME
Loans, including Fees	$	40,279	$	40,872	$	40,478	$	41,453		$	41,659	$	121,629	$	123,480
Investment Securities		7,188		6,678		5,808		4,694			4,155		19,674		12,403
Federal Funds Sold and Interest Bearing Deposits		3,964		3,909		3,496		3,596			3,514		11,369		9,031
Total Interest Income		51,431		51,459		49,782		49,743			49,328		152,672		144,914
INTEREST EXPENSE
Deposits		7,265		7,405		7,383		7,766			8,223		22,053		24,396
Repurchase Agreements		158		156		164		199			221		478		639
Other Short-Term Borrowings		58		179		117		83			52		354		159
Subordinated Notes Payable		383		530		560		581			610		1,473		1,868
Other Long-Term Borrowings		10		5		11		11			11		26		17
Total Interest Expense		7,874		8,275		8,235		8,640			9,117		24,384		27,079
Net Interest Income		43,557		43,184		41,547		41,103			40,211		128,288		117,835
Provision for Credit Losses		1,881		620		768		701			1,206		3,269		3,330
Net Interest Income after Provision for Credit Losses		41,676		42,564		40,779		40,402			39,005		125,019		114,505
NONINTEREST INCOME
Deposit Fees		5,877		5,320		5,061		5,207			5,512		16,258		16,139
Bank Card Fees		3,733		3,774		3,514		3,697			3,624		11,021		11,010
Wealth Management Fees		5,173		5,206		5,763		5,222			4,770		16,142		13,891
Mortgage Banking Revenues		4,794		4,190		3,820		3,118			3,966		12,804		11,225
Other		2,754		1,524		1,749		1,516			1,641		6,027		4,951
Total Noninterest Income		22,331		20,014		19,907		18,760			19,513		62,252		57,216
NONINTEREST EXPENSE
Compensation		26,056		26,490		26,248		26,108			25,800		78,794		74,613
Occupancy, Net		7,037		7,071		6,793		6,893			7,098		20,901		21,089
Other		9,823		8,977		5,660		8,781			10,023		24,460		27,831
Total Noninterest Expense		42,916		42,538		38,701		41,782			42,921		124,155		123,533
OPERATING PROFIT		21,091		20,040		21,985		17,380			15,597		63,116		48,188
Income Tax Expense		5,141		4,996		5,127		4,219			2,980		15,264		9,705
Net Income		15,950		15,044		16,858		13,161			12,617		47,852		38,483
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		-		-		-		(71	)		501		-		1,342
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	15,950	$	15,044	$	16,858	$	13,090		$	13,118	$	47,852	$	39,825
PER COMMON SHARE
Basic Net Income	$	0.93	$	0.88	$	0.99	$	0.77		$	0.77	$	2.81	$	2.35
Diluted Net Income		0.93		0.88		0.99		0.77			0.77		2.80		2.35
Cash Dividend	$	0.26	$	0.24	$	0.24	$	0.23		$	0.23	$	0.74	$	0.65
AVERAGE SHARES
Basic		17,068		17,056		17,027		16,946			16,943		17,050		16,942
Diluted		17,114		17,088		17,044		16,990			16,979		17,083		16,966

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
		2025									2024						Nine Months Ended September 30,
(Dollars in thousands, except per share data)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2025			2024
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,862		$	29,734		$	29,251		$	29,836		$	29,219		$	29,251		$	29,941
Transfer from Other (Assets) Liabilities		-			-			-			-			-			-			(50	)
Provision for Credit Losses		1,550			718			1,083			1,085			1,879			3,351			3,940
Net Charge-Offs (Recoveries)		1,210			590			600			1,670			1,262			2,400			3,995
Balance at End of Period	$	30,202		$	29,862		$	29,734		$	29,251		$	29,836		$	30,202		$	29,836
As a % of Loans HFI		1.17	%		1.13	%		1.12	%		1.10	%		1.11	%		1.17	%		1.11	%
As a % of Nonperforming Loans		368.54	%		463.01	%		692.10	%		464.14	%		452.64	%		368.54	%		452.64	%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period		1,738		$	1,832		$	2,155		$	2,522		$	3,139		$	2,155		$	3,191
Provision for Credit Losses		357			(94	)		(323	)		(367	)		(617	)		(60	)		(669	)
Balance at End of Period(1)		2,095			1,738			1,832			2,155			2,522			2,095			2,522
ACL - DEBT SECURITIES
Provision for Credit Losses	$	(26	)	$	(4	)	$	8		$	(17	)	$	(56	)	$	(22	)	$	59
CHARGE-OFFS
Commercial, Financial and Agricultural	$	373		$	74		$	168		$	499		$	331		$	615		$	1,013
Real Estate - Construction		-			-			-			47			-			-			-
Real Estate - Commercial		-			-			-			-			3			-			3
Real Estate - Residential		12			49			8			44			-			69			17
Real Estate - Home Equity		10			24			-			33			23			34			99
Consumer		954			914			865			1,307			1,315			2,733			3,926
Overdrafts		619			437			570			574			611			1,626			1,820
Total Charge-Offs	$	1,968		$	1,498		$	1,611		$	2,504		$	2,283		$	5,077		$	6,878
RECOVERIES
Commercial, Financial and Agricultural	$	95		$	117		$	75		$	103		$	176		$	287		$	276
Real Estate - Construction		-			-			-			3			-			-			-
Real Estate - Commercial		8			6			3			33			5			17			228
Real Estate - Residential		13			65			119			28			88			197			148
Real Estate - Home Equity		10			42			9			17			59			61			120
Consumer		369			456			481			352			405			1,306			1,128
Overdrafts		263			222			324			298			288			809			983
Total Recoveries	$	758		$	908		$	1,011		$	834		$	1,021		$	2,677		$	2,883
NET CHARGE-OFFS (RECOVERIES)	$	1,210		$	590		$	600		$	1,670		$	1,262		$	2,400		$	3,995
Net Charge-Offs as a % of Average Loans HFI(2)		0.18	%		0.09	%		0.09	%		0.25	%		0.19	%		0.12	%		0.20	%
CREDIT QUALITY
Nonaccruing Loans	$	8,195		$	6,449		$	4,296		$	6,302		$	6,592
Other Real Estate Owned		1,831			132			132			367			650
Total Nonperforming Assets ("NPAs")	$	10,026		$	6,581		$	4,428		$	6,669		$	7,242
Past Due Loans 30-89 Days	$	5,468		$	4,523		$	3,735		$	4,311		$	9,388
Classified Loans		26,512			28,623			19,194			19,896			25,501
Nonperforming Loans as a % of Loans HFI		0.32	%		0.25	%		0.16	%		0.24	%		0.25	%
NPAs as a % of Loans HFI and Other Real Estate		0.39	%		0.25	%		0.17	%		0.25	%		0.27	%
NPAs as a % of Total Assets		0.23	%		0.15	%		0.10	%		0.15	%		0.17	%
(1)Recorded in other liabilities
(2)Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
		Third Quarter 2025								Second Quarter 2025								First Quarter 2025								Fourth Quarter 2024								Third Quarter 2024									September 2025 YTD								September 2024 YTD
(Dollars in thousands)		Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate				Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
ASSETS:
Loans Held for Sale	$	25,276		$	425		6.68	%	$	22,668		$	475		8.40	%	$	24,726		$	490		8.04	%	$	31,047			976		7.89	%	$	24,570		$	720		7.49	%		$	24,226		$	1,390		7.67	%	$	26,050		$	1,800		6.22	%
Loans Held for Investment(1)		2,606,213			39,894		6.07			2,652,572			40,436		6.11			2,665,910			40,029		6.09			2,677,396			40,521		6.07			2,693,533			40,985		6.09				2,641,346			120,359		6.09			2,716,220			121,864		6.02
Investment Securities
Taxable Investment Securities		992,260			7,175		2.88			1,006,514			6,666		2.65			981,485			5,802		2.38			914,353			4,688		2.04			907,610			4,148		1.82				993,460			19,643		2.64			926,241			12,385		1.78
Tax-Exempt Investment Securities(1)		1,620			18		4.44			1,467			17		4.50			845			9		4.32			849			9		4.31			846			10		4.33				1,313			44		4.43			848			28		4.34
Total Investment Securities		993,880			7,193		2.88			1,007,981			6,683		2.65			982,330			5,811		2.38			915,202			4,697		2.04			908,456			4,158		1.82				994,773			19,687		2.64			927,089			12,413		1.78
Federal Funds Sold and Interest Bearing Deposits		356,161			3,964		4.42			348,787			3,909		4.49			320,948			3,496		4.42			298,255			3,596		4.80			256,855			3,514		5.44				342,094			11,369		4.44			220,056			9,031		5.48
Total Earning Assets		3,981,530		$	51,476		5.12	%		4,032,008		$	51,503		5.12	%		3,993,914		$	49,826		5.06	%		3,921,900		$	49,790		5.05	%		3,883,414		$	49,377		5.06	%			4,002,439		$	152,805		5.10	%		3,889,415		$	145,108		4.98	%
Cash and Due From Banks		65,085								65,761								73,467								73,992								70,994									68,074								73,843
Allowance for Credit Losses		(30,342	)							(30,492	)							(30,008	)							(30,107	)							(29,905	)								(30,282	)							(29,833	)
Other Assets		301,678								302,984								297,660								293,884								291,359									300,788								292,762
Total Assets	$	4,317,951							$	4,370,261							$	4,335,033							$	4,259,669							$	4,215,862								$	4,341,019							$	4,226,187
LIABILITIES:
Noninterest Bearing Deposits	$	1,314,560							$	1,342,304							$	1,317,425							$	1,323,556							$	1,332,305								$	1,324,753							$	1,340,981
NOW Accounts		1,198,124		$	3,782		1.25	%		1,225,697		$	3,750		1.23	%		1,249,955		$	3,854		1.25	%		1,182,073		$	3,826		1.29	%		1,145,544		$	4,087		1.42	%			1,224,402		$	11,386		1.24	%		1,184,596		$	13,009		1.47	%
Money Market Accounts		416,656			2,090		1.99			431,774			2,340		2.17			420,059			2,187		2.11			422,615			2,526		2.38			418,625			2,694		2.56				422,817			6,617		2.09			393,294			7,431		2.52
Savings Accounts		503,189			159		0.13			507,950			174		0.14			507,676			176		0.14			504,859			179		0.14			512,098			180		0.14				506,255			509		0.13			523,573			544		0.14
Time Deposits		179,802			1,234		2.72			172,982			1,141		2.65			170,367			1,166		2.78			167,321			1,235		2.94			163,462			1,262		3.07				174,418			3,541		2.71			153,991			3,412		2.96
Total Interest Bearing Deposits		2,297,771			7,265		1.25			2,338,403			7,405		1.27			2,348,057			7,383		1.28			2,276,868			7,766		1.36			2,239,729			8,223		1.46				2,327,892			22,053		1.27			2,255,454			24,396		1.44
Total Deposits		3,612,331			7,265		0.80			3,680,707			7,405		0.81			3,665,482			7,383		0.82			3,600,424			7,766		0.86			3,572,034			8,223		0.92				3,652,645			22,053		0.81			3,596,435			24,396		0.91
Repurchase Agreements		21,966			158		2.86			22,557			156		2.78			29,821			164		2.23			28,018			199		2.82			27,126			221		3.24				24,752			478		2.58			26,619			639		3.21
Other Short-Term Borrowings		12,753			58		1.82			10,503			179		6.82			7,437			117		6.39			6,510			83		5.06			2,673			52		7.63				10,251			354		4.62			4,334			159		4.88
Subordinated Notes Payable		42,582			383		3.52			51,981			530		4.03			52,887			560		4.23			52,887			581		4.30			52,887			610		4.52				49,113			1,473		3.95			52,887			1,868		4.64
Other Long-Term Borrowings		681			10		5.55			792			5		2.41			794			11		5.68			794			11		5.57			795			11		5.55				755			26		4.50			447			17		5.16
Total Interest Bearing Liabilities		2,375,753		$	7,874		1.32	%		2,424,236		$	8,275		1.37	%		2,438,996		$	8,235		1.37	%		2,365,077		$	8,640		1.45	%		2,323,210		$	9,117		1.56	%			2,412,763		$	24,384		1.35	%		2,339,741		$	27,079		1.55	%
Other Liabilities		85,422								76,138								65,211								73,130								73,767									75,664								71,574
Total Liabilities		3,775,735								3,842,678								3,821,632								3,761,763								3,729,282									3,813,180								3,752,296
Temporary Equity		-								-								-								6,763								6,443									-								6,694
SHAREOWNERS' EQUITY:		542,216								527,583								513,401								491,143								480,137									527,839								467,197
Total Liabilities, Temporary Equity and Shareowners' Equity	$	4,317,951							$	4,370,261							$	4,335,033							$	4,259,669							$	4,215,862								$	4,341,019							$	4,226,187
Interest Rate Spread				$	43,602		3.81	%				$	43,228		3.75	%				$	41,591		3.69	%				$	41,150		3.59	%				$	40,260		3.49	%					$	128,421		3.75	%				$	118,029		3.43	%
Interest Income and Rate Earned(1)					51,476		5.12						51,503		5.12						49,826		5.06						49,790		5.05						49,377		5.06							152,805		5.10						145,108		4.98
Interest Expense and Rate Paid(2)					7,874		0.78						8,275		0.82						8,235		0.84						8,640		0.88						9,117		0.93							24,384		0.81						27,079		0.93
Net Interest Margin				$	43,602		4.34	%				$	43,228		4.30	%				$	41,591		4.22	%				$	41,150		4.17	%				$	40,260		4.12	%					$	128,421		4.28	%				$	118,029		4.05	%
(1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
(2)Ratecalculated based on average earning assets.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

FAQ

What were Capital City Bank Group (CCBG) Q3 2025 earnings per share?

CCBG reported Q3 2025 diluted EPS of $0.93.

How did CCBG's net interest margin change in Q3 2025?

CCBG's net interest margin increased 4 basis points to 4.34% in Q3 2025.

Why did noninterest income rise for CCBG in Q3 2025?

Noninterest income rose to $22.3M, aided by a $0.7M gain from the sale of its insurance subsidiary and higher mortgage banking and deposit fees.

What happened to CCBG loans and deposits in Q3 2025?

Loans declined about 1.9% and deposits declined about 2.4% (end of period) in Q3 2025.

Did CCBG's credit metrics change in Q3 2025?

Yes—provision for credit losses rose to $1.9M, net loan charge-offs annualized were 18 bps, and nonperforming assets increased to $10.0M.