[10-Q] CAPITAL CITY BANK GROUP INC Quarterly Earnings Report

Q: How did CCBG perform in Q3 2025?

Net income was $15,950,000 and diluted EPS was $0.93 , up from $12,617,000 and $0.77 in Q3 2024.

Q: What were CCBG’s key revenue drivers in Q3 2025?

Net interest income was $43,557,000 ; noninterest income rose to $22,331,000 , led by mortgage banking, wealth management, and deposit fees.

Q: What is CCBG’s balance sheet size and deposit base?

Total assets were $4,323,774,000 and deposits were $3,614,912,000 at September 30, 2025.

Q: How did loans and credit reserves trend?

Loans held for investment were $2,582,007,000 ; the allowance for credit losses increased to $30,202,000 .

Q: What changed in shareholders’ equity and AOCI?

Shareowners’ equity rose to $540,635,000 , with accumulated other comprehensive income improving to $1,221,000 .

Q: How many CCBG shares are outstanding?

Shares outstanding were 17,068,650 at September 30, 2025, and 17,068,825 at October 31, 2025.

Q: Did CCBG pay dividends in Q3 2025?

Yes. Cash dividends were $0.2600 per share during the quarter, per the equity statement.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Capital City Bank Group (CCBG) reported higher profitability for Q3 2025. Net income rose to $15,950,000 from $12,617,000 a year ago, and diluted EPS increased to $0.93 from $0.77. Net interest income improved to $43,557,000 as deposit and borrowing costs declined year over year. Provision for credit losses was $1,881,000 versus $1,206,000. Noninterest income grew to $22,331,000, led by mortgage banking, wealth management, and deposit fees, while operating expenses were essentially flat.

Balance sheet trends were stable. Total assets were $4,323,774,000. Deposits were $3,614,912,000. Loans held for investment were $2,582,007,000, and the allowance for credit losses increased to $30,202,000. Shareowners’ equity rose to $540,635,000, aided by a swing in accumulated other comprehensive income to $1,221,000. Cash and cash equivalents increased to $465,899,000. Shares outstanding were 17,068,650 at quarter end, and 17,068,825 as of October 31, 2025.

Insights

Solid Q3 profitability with steady credit and stronger liquidity.

CCBG delivered higher earnings as net interest income reached $43,557,000 and expenses stayed flat. Noninterest revenue categories, notably mortgage banking and wealth management, supported fee growth. The provision of $1,881,000 and an allowance of $30,202,000 reflect prudent credit protection.

Loans held for investment were $2,582,007,000 and deposits totaled $3,614,912,000. Liquidity improved, with cash and equivalents at $465,899,000. Shareowners’ equity rose to $540,635,000, helped by positive AOCI, which can be sensitive to rates.

Key items to track include net interest margin drivers (funding costs vs. asset yields) and credit trends in consumer and real estate portfolios. Subsequent filings may detail margin trajectory and any changes in fee momentum.

10/31/2025 - 01:52 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,

D.C.

20549

FORM

10-Q

☒

QUARTERLY REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended

September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number:

0-13358

Capital City Bank Group, Inc.

(Exact name of Registrant as specified in its charter)

Florida

59-2273542

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

217 North Monroe Street

Tallahassee

Florida

32301

(Address of principal executive office)

(Zip Code)

(

850

)

402-7821

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par value $0.01

CCBG

Nasdaq Stock Market

, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such

filing requirements for the past 90 days.

Yes

[X] No [

]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405

of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit

such files).

Yes [

] No [

]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,

an emerging growth company.

See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth

company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards pursuant to Section 13(a) of The Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [

]

[X]

At October 31, 2025,

17,068,825

shares of the Registrant’s Common Stock, $.01 par value, were outstanding.

CAPITAL CITY BANK

GROUP,

INC.

QUARTERLY

REPORT ON FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

PART I –

Financial Information

Page

Item 1.

Consolidated Financial Statements (Unaudited)

Consolidated Statements of Financial Condition – September 30, 2025 and December 31, 2024

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Comprehensive Income (Loss) – Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Changes in Shareowners’ Equity – Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024

Notes to Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

Item 4.

Controls and Procedures

PART II –

Other Information

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosure

Item 5.

Other Information

Item 6.

Exhibits

Signatures

INTRODUCTORY NOTE

Special Cautionary Notice Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform

Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations,

estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of

which are beyond our control.

The words “may,” “could,” “should,” “would,” “believe,”

“anticipate,” “contemplate,” “estimate,” “expect,”

“intend,” “plan,” “point to,” “project,” “target,” “vision,” “goal,” “continue,” “further,”

and similar expressions are intended to identify

forward-looking statements.

All forward-looking statements, by their nature, are subject to risks and uncertainties.

Our actual future results may differ materially from

those set forth in our forward-looking statements.

Our

ability

achieve

our

financial

objectives

could

adversely

affected

the

factors

discussed

detail

Part

II,

Item

1A.

“Risk

Factors” in this Quarterly Report on Form 10-Q and in Part I, Item 1A. “Risk Factors” in our Annual Report on

Form 10-K for the year ended

December 31,

2024

(the “2024

Form 10-K”),

as updated

in our

subsequent

quarterly reports

filed on

Form 10-Q,

as well

as,

among other

factors:

●

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 cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our

customers or third-party providers;

●

Fraud or misconduct by internal or external parties which we may not be able to prevent, detect or mitigate;

●

Acquisitions and integration of acquired businesses;

●

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;

●

A deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid

exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy;

●

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;

●

Potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation,

regulatory proceedings and enforcement actions;

●

Negative publicity and the impact on our reputation;

●

The limited trading activity and concentration of ownership of our common stock; and

●

Other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent

reports filed with the

SEC and available on its website at www.sec.gov.

However, other factors besides those listed in

Item 1A Risk Factors

or discussed in this Form 10-Q also could adversely affect our results,

and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.

Any forward-looking

statements made by us or on our behalf speak only as of the date they are made.

We do not undertake to update any forward-looking

statement, except as required by applicable law.

PART

FINANCIAL INFORMATION

Item 1.

CAPITAL CITY BANK

GROUP,

INC.

CONSOLIDATED STATEMENTS

OF FINANCIAL CONDITION

(Unaudited)

September 30,

December 31,

(Dollars in Thousands, Except Par Value)

2025

2024

ASSETS

Cash and Due From Banks

68,397

70,543

Federal Funds Sold and Interest Bearing Deposits

397,502

321,311

Total Cash and Cash Equivalents

465,899

391,854

Investment Securities, Available

for Sale, at fair value (amortized cost of $

592,323

and $

429,033

)

577,333

403,345

Investment Securities, Held to Maturity (fair value of $

394,125

and $

544,460

)

404,659

567,155

Equity Securities

2,145

2,399

Total Investment

Securities

984,137

972,899

Loans Held For Sale, at fair value

24,204

28,672

Loans Held for Investment

2,582,007

2,651,550

Allowance for Credit Losses

(30,202)

(29,251)

Loans Held for Investment, Net

2,551,805

2,622,299

Premises and Equipment, Net

79,748

81,952

Goodwill and Other Intangibles

89,095

92,773

Other Real Estate Owned

1,831

367

Other Assets

127,055

134,116

Total Assets

4,323,774

4,324,932

LIABILITIES

Deposits:

Noninterest Bearing Deposits

1,303,786

1,306,254

Interest Bearing Deposits

2,311,126

2,365,723

Total Deposits

3,614,912

3,671,977

Short-Term

Borrowings

40,244

28,304

Subordinated Notes Payable

42,582

52,887

Other Long-Term

Borrowings

680

794

Other Liabilities

84,721

75,653

Total Liabilities

3,783,139

3,829,615

SHAREOWNERS’ EQUITY

Preferred Stock, $

0.01

par value;

3,000,000

shares authorized;

shares issued and outstanding

Common Stock, $

0.01

par value;

90,000,000

shares authorized;

17,068,650

and

16,974,513

shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

171

170

Additional Paid-In Capital

40,067

37,684

Retained Earnings

499,176

463,949

Accumulated Other Comprehensive Income (Loss), net of tax

1,221

(6,486)

Total Shareowners’

Equity

540,635

495,317

Total Liabilities and Shareowners’

Equity

4,323,774

4,324,932

The accompanying Notes to Consolidated Financial Statements are

an integral part of these statements.

CAPITAL CITY BANK

GROUP,

INC.

CONSOLIDATED STATEMENTS

OF INCOME

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in Thousands, Except Per Share

Data)

2025

2024

2025

2024

INTEREST INCOME

Loans, including Fees

40,279

41,659

121,629

123,480

Investment Securities:

Taxable

7,175

4,149

19,644

12,385

Tax Exempt

Funds Sold and Interest Bearing Deposits

3,964

3,514

11,369

9,031

Total Interest Income

51,431

49,328

152,672

144,914

INTEREST EXPENSE

Deposits

7,265

8,223

22,053

24,396

Short-Term

Borrowings

216

273

832

798

Subordinated Notes Payable

383

610

1,473

1,868

Other Long-Term

Borrowings

Total Interest Expense

7,874

9,117

24,384

27,079

NET INTEREST INCOME

43,557

40,211

128,288

117,835

Provision for Credit Losses

1,881

1,206

3,269

3,330

Net Interest Income After Provision For Credit Losses

41,676

39,005

125,019

114,505

NONINTEREST INCOME

Deposit Fees

5,877

5,512

16,258

16,139

Bank Card Fees

3,733

3,624

11,021

11,010

Wealth Management

Fees

5,173

4,770

16,142

13,891

Mortgage Banking Revenues

4,794

3,966

12,804

11,225

Other

2,754

1,641

6,027

4,951

Total Noninterest

Income

22,331

19,513

62,252

57,216

NONINTEREST EXPENSE

Compensation

26,056

25,800

78,794

74,613

Occupancy, Net

7,037

7,098

20,901

21,089

Other

9,823

10,023

24,460

27,831

Total Noninterest

Expense

42,916

42,921

124,155

123,533

INCOME BEFORE INCOME TAXES

21,091

15,597

63,116

48,188

Income Tax Expense

5,141

2,980

15,264

9,705

NET INCOME

15,950

12,617

47,852

38,483

Loss Attributable to Noncontrolling Interests

501

1,342

NET INCOME ATTRIBUTABLE

TO COMMON SHAREOWNERS

15,950

13,118

47,852

39,825

BASIC NET INCOME PER SHARE

0.93

0.77

2.81

2.35

DILUTED NET INCOME PER SHARE

0.93

0.77

2.80

2.35

Average Common

Basic Shares Outstanding

17,068

16,943

17,050

16,942

Average Common

Diluted Shares Outstanding

17,114

16,979

17,083

16,966

The accompanying Notes to Consolidated Financial Statements are

an integral part of these statements.

CAPITAL CITY BANK

GROUP,

INC.

CONSOLIDATED STATEMENTS

OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

(Dollars in Thousands)

2025

2024

2025

2024

NET INCOME ATTRIBUTABLE

TO COMMON SHAREOWNERS

15,950

13,118

47,852

39,825

Other comprehensive income, before

tax:

Investment Securities:

Change in net unrealized loss on securities available for sale

2,932

9,505

10,676

9,099

Amortization of unrealized losses on securities transferred from

available for sale to held to maturity

202

785

1,044

2,521

Derivative:

Change in net unrealized gain on effective cash flow

derivative

(253)

(1,261)

(1,442)

(873)

Other comprehensive income, before

tax

2,881

9,029

10,278

10,747

Deferred tax expense related to other comprehensive income

720

2,435

2,571

2,683

Other comprehensive income, net of tax

2,161

6,594

7,707

8,064

TOTAL COMPREHENSIVE

INCOME

18,111

19,712

55,559

47,889

The accompanying Notes to Consolidated Financial Statements are

an integral part of these statements.

CAPITAL CITY BANK

GROUP,

INC.

CONSOLIDATED STATEMENTS

OF CHANGES IN SHAREOWNERS’ EQUITY

(Unaudited)

Accumulated

Other

Additional

Comprehensiv

Common

Paid-In

Retained

(Loss) Income,

(Dollars In Thousands, Except Share Data)

Outstanding

Stock

Capital

Earnings

Net of Taxes

Total

Balance, July 1, 2025

17,066,395

171

39,527

487,665

(940)

526,423

Net Income Attributable to Common Shareowners

15,950

Other Comprehensive Income, net of tax

2,161

Cash Dividends ($

0.2600

per share)

(4,439)

Stock Based Compensation

448

Stock Compensation Plan Transactions, net

2,255

Balance, September 30, 2025

17,068,650

171

40,067

499,176

1,221

540,635

Balance, July 1, 2024

16,941,553

169

35,547

445,959

(20,676)

460,999

Net Income Attributable to Common Shareowners

13,118

Reclassification to Temporary Equity

(1)

(838)

Other Comprehensive Income, net of tax

6,594

Cash Dividends ($

0.2300

per share)

(3,897)

Stock Based Compensation

425

Stock Compensation Plan Transactions, net

2,817

Balance, September 30, 2024

16,944,370

169

36,070

454,342

(14,082)

476,499

Balance, January 1, 2025

16,974,513

170

37,684

463,949

(6,486)

495,317

Net Income Attributable to Common Shareowners

47,852

Other Comprehensive Income, net of tax

7,707

Cash Dividends ($

0.7400

per share)

(12,625)

Stock Based Compensation

1,373

Stock Compensation Plan Transactions, net

94,137

1,010

1,011

Balance, September 30, 2025

17,068,650

171

40,067

499,176

1,221

540,635

Balance, January 1, 2024

16,950,222

170

36,326

426,275

(22,146)

440,625

Net Income Attributable to Common Shareowners

39,825

Reclassification to Temporary Equity

(1)

(751)

Other Comprehensive Income, net of tax

8,064

Cash Dividends ($

0.6500

per share)

(11,007)

Repurchase of Common Stock

(82,540)

(2,330)

Stock Based Compensation

1,139

Stock Compensation Plan Transactions, net

76,688

(1)

935

934

Balance, September 30, 2024

16,944,370

169

36,070

454,342

(14,082)

476,499

(1)

Adjustments to redemption value for non-controlling

interest in Capital City Home Loans, LLC ("CCHL")

The accompanying Notes to Consolidated Financial Statements are

an integral part of these statements.

CAPITAL CITY BANK

GROUP,

INC.

CONSOLIDATED STATEMENTS

OF CASH FLOWS

(Unaudited)

Nine Months Ended September 30,

(Dollars in Thousands)

2025

2024

CASH FLOWS FROM OPERATING

ACTIVITIES

Net Income Attributable to Common Shareowners

47,852

39,825

Adjustments to Reconcile Net Income to

Cash Provided by Operating Activities:

Provision for Credit Losses

3,269

3,330

Depreciation

5,548

5,798

Amortization of Premiums, Discounts and Fees, net

3,403

3,130

Amortization of Intangible Asset

107

120

Gain on Sale of Subsidiary

(773)

Originations of Loans Held-for-Sale

(332,760)

(366,700)

Proceeds From Sales of Loans Held-for-Sale

350,882

369,063

Mortgage Banking Revenues

(12,804)

(11,225)

Net Additions for Capitalized Mortgage Servicing Rights

(138)

Stock Compensation

1,373

1,139

Net Tax Benefit from

Stock-Based Compensation

(154)

Deferred Income Taxes

2,429

1,400

Net Change in Operating Leases

208

Net (Gain) Loss on Sales and Write-Downs of Other Real Estate

Owned

(4,514)

Net Decrease in Other Assets

3,770

1,738

Net Increase in Other Liabilities

8,364

4,645

Net Cash Provided By Operating Activities

76,054

52,334

CASH FLOWS FROM INVESTING ACTIVITIES

Securities Held to Maturity:

Purchases

(66,697)

(20,287)

Proceeds from Payments, Maturities, and Calls

228,784

83,657

Securities Available for

Sale:

Purchases

(225,039)

(49,436)

Proceeds from Payments, Maturities, and Calls

60,899

55,229

Equity Securities:

Purchases

(60)

Net Decrease in Equity Securities

1,191

158

Purchases of Loans Held for Investment

(958)

(302)

Proceeds from Sales of Loans

39,802

31,462

Net Decrease in Loans Held for Investment

23,666

19,779

Net Cash Received for Divestitures

2,375

Proceeds From Sales of Other Real Estate Owned

7,340

Purchases of Premises and Equipment

(5,967)

(6,442)

Net Cash Provided by Investing Activities

65,336

113,851

CASH FLOWS FROM FINANCING ACTIVITIES

Net Decrease in Deposits

(57,065)

(122,745)

Net Increase in Short-Term

Borrowings

11,940

1,729

Redemption of Subordinated Notes

(10,305)

Net Increase in Other Long-Term

Borrowings

677

Dividends Paid

(12,625)

(11,007)

Payments to Repurchase Common Stock

(2,330)

Proceeds from Issuance of Common Stock Under Purchase Plans

710

634

Net Cash Used In Financing Activities

(67,345)

(133,042)

NET INCREASE IN CASH AND CASH EQUIVALENTS

74,045

33,143

Cash and Cash Equivalents at Beginning of Period

391,854

312,067

Cash and Cash Equivalents at End of Period

465,899

345,210

Supplemental Cash Flow Disclosures:

Interest Paid

24,148

26,143

Income Taxes Paid

8,700

5,741

Supplemental Noncash Items:

Loans and Premises Transferred to Other Real Estate Owned

4,290

683

Loans Transferred from Held for Investment

to Held for Sale, net

40,652

25,640

The accompanying Notes to Consolidated Financial Statements are

an integral part of these statements.

CAPITAL CITY BANK

GROUP,

INC.

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS

NOTE 1 –

BUSINESS AND BASIS OF PRESENTATION

Nature of Operations

Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of

banking and banking-

related services to individual and corporate clients through its wholly owned

subsidiary, Capital City Bank (“CCB” or the

“Bank”),

with banking offices located in Florida, Georgia,

and Alabama.

The Company is subject to competition from other financial

institutions, is subject to regulation by certain government agencies and undergoes

periodic examinations by those regulatory

authorities.

Basis of Presentation

The consolidated financial statements in this Quarterly Report on Form

10-Q include the accounts of CCBG

and CCB.

All material inter-company transactions and accounts have

been eliminated.

Certain previously reported amounts have

been reclassified to conform to the current year’s presentation.

The accompanying unaudited consolidated financial statements have

been prepared in accordance with generally accepted accounting

principles for interim financial information and with the instructions to Form

10-Q and Article 10 of Regulation S-X.

Accordingly,

they do not include all of the information and notes required by generally accepted

accounting principles for complete financial

statements.

In the opinion of management, all adjustments (consisting of normal

recurring accruals) considered necessary for a fair

presentation have been included.

The Consolidated Statement of Financial Condition at December

31, 2024 has been derived from the audited consolidated financial

statements at that date, but does not include all of the information and notes

required by generally accepted accounting principles for

complete financial statements.

For further information, refer to the consolidated financial statements and notes

thereto included in the

Company’s 2024 Form

10-K.

Accounting Standards Updates

Proposed Accounting Standards

ASU No. 2023-06, “Disclosure Improvements:

Codification Amendments in Response to the SEC’s

Disclosure Update and Simplification Initiative.”

Accounting Standards Update

(“ASU”) 2023-06 is intended to clarify or improve

disclosure and presentation requirements of a variety of topics, which will allow users to

more easily compare entities subject to the

SEC’s existing disclosures with those

entities that were not previously subject to the requirements and align the requirements

in the

FASB accounting

standard codification with the SEC’s

regulations. ASU 2023-06 is to be applied prospectively,

and early adoption is

prohibited. For reporting entities subject to the SEC’s

existing disclosure requirements, the effective

dates of ASU 2023-06 will be the

date on which the SEC’s removal of

that related disclosure requirement from Regulation S-X or Regulation

S-K becomes effective. If

by June 30, 2027, the SEC has not removed the applicable requirement from

Regulation S-X or Regulation S-K, the pending content

of the related amendment will not become effective for

any entities. The Company is currently evaluating the provisions of the

amendments and the impact on its future consolidated statements.

ASU No. 2023-09, “Income Taxes

(Topic

740): Improvements to Income Tax

Disclosures.”

ASU 2023-09 is intended to enhance

transparency and decision usefulness of income tax disclosures. The ASU addresses

investor requests for more transparency about

income tax information through improvements to income tax disclosures,

primarily related to the rate reconciliation and income taxes

paid information. Retrospective application in all prior periods is permitted.

ASU 2023-09 is effective for the Company as of January

1, 2025. The Company is currently evaluating the impact of the incremental

income taxes information that will be required to be

disclosed within its Annual Report on Form 10-K for the year ended December

31, 2025 and subsequent annual reports.

ASU No. 2023-03, “Income Statement — Reporting Comprehensive

Income — Expense Disaggregation

Disclosures (Subtopic 220-

40): Disaggregation of Income Statement

Expenses.”

ASU 2024-03 introduces new requirements to disclose additional information

about certain types of expenses, including employee compensation, depreciation,

intangible asset amortization, and selling expenses.

ASU 2024-03 is effective for the Company as of January 1, 2026. The

Company is currently evaluating the impact of the incremental

disclosures that will be required under the standard.

ASU 2025-06, “Intangibles - Goodwill and Other -Internal-Use Software (Subtopic

350-40): Targeted

Improvements to the

Accounting for Internal-Use Software.”

The ASU updates accounting for internal-use software by shifting from a stage-based

model

to a principles-based approach aligned with modern development. Key

provisions include new capitalization criteria based on

authorization, funding commitment, and probable completion, removal

of development stages, integrated website guidance, and

enhanced disclosures.

The Company is currently evaluating the provisions of the amendments and

the impact on its future

consolidated statements and disclosures.

NOTE 2 –

INVESTMENT SECURITIES

Investment Portfolio Composition

. The following table summarizes the amortized cost and related fair value of investment

securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)

and the corresponding amounts of gross

unrealized gains and losses.

Available for

Sale

Amortized

Unrealized

Allowance for

Fair

(Dollars in Thousands)

Cost

Gains

Losses

Credit Losses

Value

September 30, 2025

U.S. Government Treasury

272,030

1,567

283

273,314

U.S. Government Agency

165,774

3,148

162,685

States and Political Subdivisions

37,525

2,319

35,248

Mortgage-Backed Securities

(1)

61,225

8,286

52,940

Corporate Debt Securities

47,672

2,580

(43)

45,049

Other Securities

(2)

8,097

Total

592,323

1,669

16,616

(43)

577,333

December 31, 2024

U.S. Government Treasury

106,710

934

105,801

U.S. Government Agency

148,666

5,578

143,127

States and Political Subdivisions

43,212

3,827

(3)

39,382

Mortgage-Backed Securities

(1)

66,379

10,902

55,477

Corporate Debt Securities

55,970

4,444

(64)

51,462

Other Securities

(2)

8,096

Total

429,033

25,685

(67)

403,345

Held to Maturity

Amortized

Unrealized

Fair

(Dollars in Thousands)

Cost

Gains

Losses

Value

September 30, 2025

U.S. Government Treasury

170,612

1,348

169,264

Mortgage-Backed Securities

(1)

234,047

625

9,811

224,861

Total

404,659

625

11,159

394,125

December 31, 2024

U.S. Government Treasury

368,005

6,476

361,529

Mortgage-Backed Securities

(1)

199,150

16,235

182,931

Total

567,155

22,711

544,460

(1)

Comprised of residential mortgage-backed

securities.

(2)

Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded

at cost of $

3.0

million and $

5.1

million,

respectively,

at September 30, 2025 and at December 31, 2024.

At September 30, 2025 and December 31, 2024, the investment portfolio

had $

2.1

million and $

2.4

million, respectively, in equity

securities. These securities do not have a readily determinable fair value

and were not credit impaired.

Securities with an amortized cost of $

442.6

million and $

489.5

million at September 30, 2025 and December 31, 2024, respectively,

were pledged to secure public deposits and for other purposes.

The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required

to own capital stock in the FHLB based

generally upon the balances of residential and commercial real estate loans, and

FHLB advances. The Bank’s investment

in FHLB

stock, which is included in other securities is pledged to secure FHLB advances.

No ready market exists for this stock, and it has no

quoted fair value; however, redemption

of this stock has historically been at par value.

As a member of the Federal Reserve Bank of

Atlanta, the Bank is required to maintain stock in the Federal Reserve Bank of Atlanta

based on a specified ratio relative to the Bank’s

capital.

Federal Reserve Bank stock is carried at cost.

Investment Sales.

There were

sales of investment securities for the three and nine months ended September 30, 2025 and

2024.

Maturity Distribution

At September 30, 2025, the Company’s

investment securities had the following maturity distribution based on

contractual maturity.

Expected maturities may differ from contractual maturities because borrowers

may have the right to call or

prepay obligations.

Mortgage-backed securities, certain amortizing U.S. government agency

securities and other securities are shown

separately because they are not due at a certain maturity date.

Available for

Sale

Held to Maturity

(Dollars in Thousands)

Amortized Cost

Fair Value

Amortized Cost

Fair Value

Due in one year or less

89,433

88,479

170,612

169,264

Due after one year through five years

306,889

304,548

Due after five year through ten years

12,896

11,675

Mortgage-Backed Securities

61,225

52,940

234,047

224,861

U.S. Government Agency

113,783

111,594

Other Securities

8,097

Total

592,323

577,333

404,659

394,125

Unrealized Losses on Investment Securities.

The following table summarizes the available for sale and held to maturity

investment

securities with unrealized losses aggregated by major security type and length

of time in a continuous unrealized loss position:

Less Than

Greater Than

12 Months

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in Thousands)

Value

Losses

Value

Losses

Value

Losses

September 30, 2025

Available for

Sale

U.S. Government Treasury

14,604

11,832

240

26,436

283

U.S. Government Agency

68,734

456

82,855

2,692

151,589

3,148

States and Political Subdivisions

1,876

124

31,747

2,195

33,623

2,319

Mortgage-Backed Securities

52,861

8,286

52,897

8,286

Corporate Debt Securities

43,522

2,580

43,522

2,580

Total

85,250

623

222,817

15,993

308,067

16,616

Held to Maturity

U.S. Government Treasury

169,264

1,348

169,264

1,348

Mortgage-Backed Securities

17,694

113,104

9,718

130,798

9,811

Total

17,694

282,368

11,066

300,062

11,159

December 31, 2024

Available for

Sale

U.S. Government Treasury

81,363

318

14,510

616

95,873

934

U.S. Government Agency

33,155

184

100,844

5,394

133,999

5,578

States and Political Subdivisions

2,728

164

36,654

3,663

39,382

3,827

Mortgage-Backed Securities

55,409

10,902

55,463

10,902

Corporate Debt Securities

3,093

249

48,369

4,195

51,462

4,444

Total

120,393

915

255,786

24,770

376,179

25,685

Held to Maturity

U.S. Government Treasury

361,529

6,476

361,529

6,476

Mortgage-Backed Securities

58,230

1,000

119,353

15,235

177,583

16,235

Total

58,230

1,000

480,882

21,711

539,112

22,711

At September 30, 2025, there were

750

positions (combined AFS and HTM) with unrealized pre-tax losses totaling

27.8

million.

of these positions are U.S. Treasury bonds and carry

the full faith and credit of the U.S. Government.

634

are U.S. government

agency securities issued by U.S. government sponsored entities.

We believe the

long history of no credit losses on government

securities indicates that the expectation of nonpayment of the amortized

cost basis is effectively zero.

At September 30, 2025, all

collateralized mortgage obligation securities, mortgage

-backed securities, Small Business Administration securities, U.S. Agency,

and

U.S. Treasury bonds held were AAA rated.

The remaining

positions (municipal securities and corporate bonds) have a credit

component.

At September 30, 2025, corporate debt securities had an allowance for credit losses of $

43,000

and municipal securities

had an allowance of less than $

1,000

ne of the securities held by the Company were past due or in nonaccrual status at September

30, 2025.

Credit Quality Indicators

The Company monitors the credit quality of its investment securities through

various risk management procedures, including the

monitoring of credit ratings.

A majority of the debt securities in the Company’s

investment portfolio were issued by a U.S.

government entity or agency and are either explicitly or implicitly guaranteed

by the U.S. government.

The Company believes the

long history of no credit losses on these securities indicates that the expectation

of nonpayment of the amortized cost basis is

effectively zero, even if the U.S. government were

to technically default.

Further, certain municipal securities held by the Company

have been pre-refunded and secured by government guaranteed

treasuries.

Therefore, for the aforementioned securities, the Company

does

t assess or record expected credit losses due to the zero loss assumption.

The Company monitors the credit quality of its

municipal and corporate securities portfolio via credit ratings

which are updated on a quarterly basis.

On a quarterly basis, municipal

and corporate securities in an unrealized loss position are evaluated to determine

if the loss is attributable to credit related factors and

if an allowance for credit loss is needed.

NOTE 3 – LOANS HELD FOR INVESTMENT AND ALLOWANCE

FOR CREDIT LOSSES

Loan Portfolio Composition

The composition of the held for investment (“HFI”) loan portfolio was as follows:

(Dollars in Thousands)

September 30, 2025

December 31, 2024

Commercial, Financial and Agricultural

179,018

189,208

Real Estate – Construction

156,756

219,994

Real Estate – Commercial Mortgage

785,290

779,095

Real Estate – Residential

(1)

1,039,607

1,042,504

Real Estate – Home Equity

234,111

220,064

Consumer

(2)

187,225

200,685

Loans Held For Investment, Net of Unearned Income

2,582,007

2,651,550

(1)

Includes loans in process balances of $

2.6

million and $

13.6

million at September 30, 2025 and December 31, 2024, respectively.

(2)

Includes overdraft balances of $

1.4

million and $

1.2

million at September 30, 2025 and December 31, 2024, respectively.

Net deferred loan costs, which include premiums on purchased loans,

included in loans were $

8.5

million at September 30, 2025 and

8.3

million at December 31, 2024.

Accrued interest receivable on loans which is excluded from amortized

cost totaled $

9.8

million at September 30, 2025 and $

10.3

million at December 31, 2024, and is reported separately in Other Assets.

The Company has pledged a blanket floating lien on all 1-4 family residential mortgage

loans, commercial real estate mortgage loans,

and home equity loans to support available borrowing capacity at the FHLB of

Atlanta and has pledged a blanket floating lien on all

consumer loans, commercial loans, and construction loans to support available

borrowing capacity at the Federal Reserve Bank of

Atlanta.

Allowance for Credit Losses

The methodology for estimating the amount of credit losses reported in the

allowance for credit losses

(“ACL”) has two basic components: first, an asset-specific component

involving loans that do not share risk characteristics and the

measurement of expected credit losses for such individual loans; and second,

a pooled component for expected credit losses for pools

of loans that share similar risk characteristics.

This allowance methodology is discussed further in Note 1 – Significant

Accounting

Policies in the Company’s 2024 Form

10-K.

The following table details the activity in the allowance for credit losses by

portfolio segment.

Allocation of a portion of the

allowance to one category of loans does not preclude its availability to

absorb losses in other categories.

Commercial,

Real Estate

Financial,

Real Estate

Commercial

Real Estate

(Dollars in Thousands)

Agricultural

Construction

Mortgage

Residential

Home Equity

Consumer

Total

Three Months Ended

September 30, 2025

Beginning Balance

1,425

1,811

6,256

15,264

2,014

3,092

29,862

Provision for Credit Losses

370

(352)

268

164

200

900

1,550

Charge-Offs

(373)

(12)

(10)

(1,573)

(1,968)

Recoveries

632

758

Net (Charge-Offs) Recoveries

(278)

(941)

(1,210)

Ending Balance

1,517

1,459

6,532

15,429

2,214

3,051

30,202

Nine Months Ended

September 30, 2025

Beginning Balance

1,514

2,384

5,867

14,568

1,952

2,966

29,251

Provision for Credit Losses

331

(925)

648

733

235

2,329

3,351

Charge-Offs

(615)

(69)

(34)

(4,359)

(5,077)

Recoveries

287

197

2,115

2,677

Net (Charge-Offs) Recoveries

(328)

128

(2,244)

(2,400)

Ending Balance

1,517

1,459

6,532

15,429

2,214

3,051

30,202

Three Months Ended

September 30, 2024

Beginning Balance

1,575

1,751

6,076

14,788

1,865

3,164

29,219

Provision for Credit Losses

134

442

547

(240)

(49)

1,045

1,879

Charge-Offs

(331)

(3)

(23)

(1,926)

(2,283)

Recoveries

176

693

1,021

Net (Charge-Offs) Recoveries

(155)

(1,233)

(1,262)

Ending Balance

1,554

2,193

6,625

14,636

1,852

2,976

29,836

Nine Months Ended

September 30, 2024

Beginning Balance

1,482

2,502

5,782

15,056

1,818

3,301

29,941

Provision for Credit Losses

809

(309)

618

(551)

3,310

3,890

Charge-Offs

(1,013)

(3)

(17)

(99)

(5,746)

(6,878)

Recoveries

276

228

148

120

2,111

2,883

Net (Charge-Offs) Recoveries

(737)

225

131

(3,635)

(3,995)

Ending Balance

1,554

2,193

6,625

14,636

1,852

2,976

29,836

For the nine months ended September 30, 2025, the allowance for

loans HFI increased by $

0.9

million and reflected a provision

expense of $

3.4

million and net loan charge-offs of $

2.4

million.

The increase in the allowance over December 31, 2024 was

primarily attributable to qualitative factor adjustments that were partially

offset by lower loan balances.

For the nine months ended

September 30, 2024, the allowance for loans HFI decreased by $

0.1

million and reflected a provision expense of $

3.9

million and net

loan charge-offs of $

4.0

million.

The decrease in the allowance was primarily due to lower loan balances offset

by higher loss rates

and loan grade migration.

Four unemployment forecast scenarios were utilized to estimate probability of default

and are weighted

based on management’s estimate

of probability.

See Note 8 – Commitments and Contingencies for information on the allowance for

off-balance sheet credit commitments.

Loan Portfolio Aging.

A loan is defined as a past due loan when one full payment is past due or a contractual maturity

is over 30 days

past due (“DPD”).

The following table presents the aging of the amortized cost basis in accruing

past due loans by class of loans.

30-59

60-89

90 +

Total

Nonaccrual

Total

(Dollars in Thousands)

DPD

Past Due

Current

Loans

September 30, 2025

Commercial, Financial and Agricultural

274

298

177,354

1,366

179,018

Real Estate – Construction

156,756

Real Estate – Commercial Mortgage

832

400

1,232

782,051

2,007

785,290

Real Estate – Residential

406

1,154

1,560

1,035,791

2,256

1,039,607

Real Estate – Home Equity

406

424

231,849

1,838

234,111

Consumer

1,669

285

1,954

184,543

728

187,225

Total

3,587

1,881

5,468

2,568,344

8,195

2,582,007

December 31, 2024

Commercial, Financial and Agricultural

340

390

188,781

189,208

Real Estate – Construction

219,994

Real Estate – Commercial Mortgage

719

100

819

777,710

566

779,095

Real Estate – Residential

185

498

683

1,038,694

3,127

1,042,504

Real Estate – Home Equity

122

218,160

1,782

220,064

Consumer

2,154

143

2,297

197,598

790

200,685

Total

3,520

791

4,311

2,640,937

6,302

2,651,550

Nonaccrual Loans

Loans are generally placed on nonaccrual status if principal or interest payments

become 90 days past due and/or

management deems the collectability of the principal and/or interest to

be doubtful.

Loans are returned to accrual status when the

principal and interest amounts contractually due are brought current

or when future payments are reasonably assured.

The following table presents the amortized cost basis of loans in nonaccrual

status and loans past due over 90 days and still on accrual

by class of loans.

September 30, 2025

December 31, 2024

Nonaccrual

With No

With

90 + Days

With No

With

90 + Days

(Dollars in Thousands)

ACL

Still Accruing

ACL

Still Accruing

Commercial, Financial and Agricultural

1,210

156

Real Estate – Construction

Real Estate – Commercial Mortgage

1,780

227

427

139

Real Estate – Residential

1,452

804

2,046

1,081

Real Estate – Home Equity

1,614

224

509

1,273

Consumer

728

790

Total Nonaccrual

Loans

6,056

2,139

2,982

3,320

Collateral Dependent Loans.

The following table presents the amortized cost basis of collateral-dependent

loans.

September 30, 2025

December 31, 2024

Real Estate

Non Real Estate

Real Estate

Non Real Estate

(Dollars in Thousands)

Secured

Commercial, Financial and Agricultural

1,210

Real Estate – Construction

Real Estate – Commercial Mortgage

1,780

427

Real Estate – Residential

2,180

2,476

Real Estate – Home Equity

1,614

651

Consumer

Total Collateral Dependent

Loans

5,574

1,210

3,554

A loan is collateral dependent when the borrower is experiencing

financial difficulty and repayment of the loan is dependent on

the

sale or operation of the underlying collateral.

The Bank’s collateral dependent

loan portfolio is comprised primarily of real estate secured loans, collateralized

by either residential

or commercial collateral types.

The loans are carried at fair value based on current values determined by

either independent appraisals

or internal evaluations, adjusted for selling costs or other amounts to be deducted

when estimating expected net sales proceeds.

Residential Real Estate Loans In Process of Foreclosure

At September 30, 2025, the Company had $

0.9

million of 1-4 family

residential real estate loans for which formal foreclosure proceedings were

in process, compared to $

0.5

million at December 31,

2024.

Modifications to Borrowers Experiencing

Financial Difficulty.

Occasionally, the Company may

modify loans to borrowers who are

experiencing financial difficulty.

Loan modifications to borrowers in financial difficulty are loans in

which the Company has granted

an economic concession to the borrower that it would not otherwise consider.

In these instances, as part of a work-out alternative, the

Company will make concessions including the extension of the loan

term, a principal moratorium, a reduction in the interest rate, or a

combination thereof.

The impact of the modifications and defaults are factored into the allowance for credit

losses on a loan-by-loan

basis.

Thus, specific reserves are established based upon the results of either a

discounted cash flow analysis or the underlying

collateral value, if the loan is deemed to be collateral dependent.

A modified loan classification can be removed if the borrower’s

financial condition improves such that the borrower is no longer in financial difficulty,

the loan has not had any forgiveness of

principal or interest, and the loan is subsequently refinanced or restructured

at market terms and qualifies as a new loan.

At September 30, 2025, the Company maintained

two

modified commercial mortgage loans to borrowers experiencing financial

difficulty.

One

loan for $

2.5

million was provided a 6-month interest only extension in exchange for

additional collateral and was

current with

payment delay.

A second loan

for $

0.3

million was provided a below market interest rate and extended repayment

terms and was

30 days past due

at September 30, 2025.

other new modifications to borrowers experiencing financial difficulty

were made during the nine months ended September 30, 2025 and 2024.

Credit Risk Management

The Company has adopted comprehensive lending policies, underwriting standards and

loan review

procedures designed to maximize loan income within an acceptable

level of risk.

Management and the Board of Directors review and

approve these policies and procedures on a regular basis (at least annually).

Reporting systems are used to monitor loan originations, loan quality,

concentrations of credit, loan delinquencies and nonperforming

loans and potential problem loans.

Management and the Credit Risk Oversight Committee periodically

review the Company’s lines

of business to monitor asset quality trends and the appropriateness of credit policies.

In addition, total borrower exposure limits are

established and concentration risk is monitored.

As part of this process, the overall composition of the portfolio is reviewed to gauge

diversification of risk, client concentrations, industry group, loan

type, geographic area, or other relevant classifications of loans.

Specific segments of the loan portfolio are monitored and reported

to the Board on a quarterly basis and have strategic plans in place

to supplement Board approved credit policies governing exposure

limits and underwriting standards.

Detailed below are the types of

loans within the Company’s

loan portfolio and risk characteristics unique to each.

Commercial, Financial, and Agricultural – Loans in this category

are primarily made based on identified cash flows of the borrower

with consideration given to underlying collateral and personal or

other guarantees.

Lending policy establishes debt service coverage

ratio limits that require a borrower’s cash flow to be sufficient

to cover principal and interest payments on all new and existing debt.

The majority of these loans are secured by the assets being financed or other

business assets such as accounts receivable, inventory,

equipment.

Collateral values are determined based upon third party appraisals and evaluations.

Loan to value ratios at origination are

governed by established policy guidelines.

Real Estate Construction – Loans in this category consist of short-term

construction loans, revolving and non-revolving credit lines

and construction/permanent loans made to individuals and investors

to finance the acquisition, development, construction or

rehabilitation of real property.

These loans are primarily made based on identified cash flows of the borrower

or project and generally

secured by the property being financed, including 1-4 family residential

properties and commercial properties that are either owner-

occupied or investment in nature.

These properties may include either vacant or improved property.

Construction loans are generally

based upon estimates of costs and value associated with the completed

project.

Collateral values are determined based upon third

party appraisals and evaluations.

Loan to value ratios at origination are governed by established policy guidelines.

The disbursement

of funds for construction loans is made in relation to the progress of the project

and as such these loans are closely monitored by on-

site inspections.

Real Estate Commercial Mortgage – Loans in this category consists of commercial

mortgage loans secured by property that is either

owner-occupied or investment in nature.

These loans are primarily made based on identified cash flows of the borrower or

project

with consideration given to underlying real estate collateral and

personal guarantees.

Lending policy establishes debt service

coverage ratios and loan to value ratios specific to the property type.

Collateral values are determined based upon third party

appraisals and evaluations.

Real Estate Residential – Residential mortgage loans held in the Company’s

loan portfolio are made to borrowers that demonstrate the

ability to make scheduled payments with full consideration to underwriting

factors such as current income, employment status, current

assets, and other financial resources, credit history,

and the value of the collateral.

Collateral consists of mortgage liens on 1-4 family

residential properties.

Collateral values are determined based upon third party appraisals and evaluations.

The Company does not

originate sub-prime loans.

Real Estate Home Equity – Home equity loans and lines are made to qualified

individuals for legitimate purposes generally secured

by senior or junior mortgage liens on owner-occupied

1-4 family homes or vacation homes.

Borrower qualifications include

favorable credit history combined with supportive income and

debt ratio requirements and combined loan to value ratios within

established policy guidelines.

Collateral values are determined based upon third party appraisals and evaluations.

Consumer Loans – This loan portfolio includes personal installment loans,

direct and indirect automobile financing, and overdraft

lines of credit.

The majority of the consumer loan category consists of direct and indirect automobile

loans.

Lending policy

establishes maximum debt to income ratios, minimum credit scores, and

includes guidelines for verification of applicants’ income and

receipt of credit reports.

Credit Quality Indicators

As part of the ongoing monitoring of the Company’s

loan portfolio quality, management

categorizes loans

into risk categories based on relevant information about the ability of

borrowers to service their debt such as: current financial

information, historical payment performance, credit documentation,

and current economic and market trends, among other

factors.

Risk ratings are assigned to each loan and revised as needed through established monitoring

procedures for individual loan

relationships over a predetermined amount and review of smaller balance homogenous

loan pools.

The Company uses the definitions

noted below for categorizing and managing its criticized loans.

Loans categorized as “Pass” do not meet the criteria set forth below

and are not considered criticized.

Special Mention – Loans in this category are presently protected from loss,

but weaknesses are apparent which, if not corrected, could

cause future problems.

Loans in this category may not meet required underwriting criteria and

have no mitigating factors.

More than

the ordinary amount of attention is warranted for these loans.

Substandard – Loans in this category exhibit well-defined weaknesses that would

typically bring normal repayment into jeopardy.

These loans are no longer adequately protected due to well-defined

weaknesses that affect the repayment capacity of the

borrower.

The possibility of loss is much more evident and above average supervision is required

for these loans.

Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized

as Substandard, with the characteristic that

the weaknesses make collection or liquidation in full, on the basis of

currently existing facts, conditions, and values, highly

questionable and improbable.

Performing/Nonperforming – Loans within certain homogenous

loan pools (home equity and consumer) are not individually reviewed,

but are monitored for credit quality via the aging status of the loan and by payment

activity.

The performing or nonperforming status

is updated on an on-going basis dependent upon improvement

and deterioration in credit quality.

The following tables summarize gross loans held for investment at September

30, 2025 and December 31, 2024 and current period

gross write-offs for the nine months ended September 30, 2025

and 12 months ended December 31, 2024 by years of origination and

internally assigned credit risk ratings (refer to Credit Risk Management section

for detail on risk rating system).

(Dollars in Thousands)

Term

Loans by Origination Year

Revolving

As of September 30, 2025

2025

2024

2023

2022

2021

Prior

Loans

Total

Commercial, Financial,

Agriculture:

Pass

28,710

27,329

25,719

26,672

13,671

9,439

41,051

172,591

Special Mention

2,851

250

1,722

4,913

Substandard

130

1,241

1,514

Total

28,710

27,329

28,700

26,835

13,699

9,731

44,014

179,018

Current-Period Gross

Writeoffs

148

327

615

Real Estate - Construction:

Pass

50,730

63,161

10,010

14,284

190

15,022

153,450

Special Mention

2,588

Substandard

718

Total

50,730

63,161

10,728

16,872

190

15,022

156,756

Real Estate - Commercial

Mortgage:

Pass

74,048

82,444

108,719

180,457

95,397

162,220

25,699

728,984

Special Mention

3,885

5,550

23,406

3,948

6,663

1,143

44,595

Substandard

384

1,402

3,808

860

5,158

11,711

Total

78,317

83,846

114,368

207,671

100,205

174,041

26,842

785,290

Real Estate - Residential:

Pass

115,780

133,764

286,851

326,723

62,441

92,274

9,682

1,027,515

Special Mention

975

277

401

1,653

Substandard

3,866

1,309

1,314

3,782

168

10,439

Total

115,780

137,630

286,851

328,032

64,730

96,333

10,251

1,039,607

Current-Period Gross

Writeoffs

Real Estate - Home Equity:

Performing

1,600

439

109

638

229,459

232,273

Nonperforming

1,764

1,838

Total

1,674

439

109

638

231,223

234,111

Current-Period Gross

Writeoffs

Consumer:

Performing

51,487

24,496

31,429

36,559

26,315

6,955

9,256

186,497

Nonperforming

195

115

280

728

Total

51,682

24,611

31,498

36,839

26,376

6,963

9,256

187,225

Current-Period Gross

Writeoffs

1,872

202

792

933

352

109

4,359

(Dollars in Thousands)

Term

Loans by Origination Year

Revolving

As of December 31, 2024

2024

2023

2022

2021

2020

Prior

Loans

Total

Commercial, Financial,

Agriculture:

Pass

35,596

36,435

37,506

18,433

4,610

9,743

41,720

184,043

Special Mention

435

3,979

261

4,760

Substandard

193

405

Total

36,031

40,414

37,960

18,454

4,668

9,814

41,867

189,208

Current-Period Gross

Writeoffs

548

500

111

160

183

1,512

Real Estate - Construction:

Pass

105,148

73,615

29,821

185

8,288

217,110

Special Mention

1,555

1,329

2,884

Total

106,703

73,615

31,150

185

8,288

219,994

Current-Period Gross

Writeoffs

Real Estate - Commercial

Mortgage:

Pass

77,561

110,183

207,574

109,863

87,369

122,272

26,324

741,146

Special Mention

171

2,913

17,031

2,253

4,402

530

27,300

Substandard

2,463

3,403

869

2,508

1,305

101

10,649

Total

77,732

115,559

228,008

110,732

92,130

127,979

26,955

779,095

Current-Period Gross

Writeoffs

Real Estate - Residential:

Pass

165,050

316,521

358,851

71,423

31,169

76,921

11,872

1,031,807

Special Mention

265

1,104

468

534

521

2,892

Substandard

528

1,450

1,446

1,295

2,918

168

7,805

Total

165,050

317,314

360,301

73,973

32,932

80,373

12,561

1,042,504

Current-Period Gross

Writeoffs

Real Estate - Home Equity:

Performing

801

521

119

821

215,981

218,282

Nonperforming

1,782

Total

801

521

119

821

217,763

220,064

Current-Period Gross

Writeoffs

132

Consumer:

Performing

32,293

44,995

55,942

42,002

10,899

4,116

9,648

199,895

Nonperforming

174

321

156

790

Total

32,303

45,169

56,263

42,158

10,957

4,187

9,648

200,685

Current-Period Gross

Writeoffs

2,562

1,605

2,088

897

237

162

7,627

NOTE 4 – MORTGAGE BANKING ACTIVITIES

The Company’s mortgage

banking activities include mandatory delivery loan sales, forward sales contracts used

to manage residential

loan pipeline price risk, utilization of warehouse lines to fund secondary

market residential loan closings, and residential mortgage

servicing.

Residential Mortgage Loan Production

The Company originates, markets, and services conventional and

government-sponsored residential mortgage loans.

Generally,

conforming fixed rate residential mortgage loans are held for sale in the

secondary market and non-conforming and adjustable-rate

residential mortgage loans may be held for investment.

The volume of residential mortgage loans originated for sale and secondary

market prices are the primary drivers of origination revenue.

Residential mortgage loan commitments are generally outstanding for 30

to 90 days, which represents the typical period from

commitment to originate a residential mortgage loan to when the

closed loan is sold to an investor.

Residential mortgage loan

commitments are subject to both credit and price risk.

Credit risk is managed through underwriting policies and procedures, including

collateral requirements, which are generally accepted by the secondary

loan markets.

Price risk is primarily related to interest rate

fluctuations and is partially managed through forward sales of residential

mortgage-backed securities (primarily to-be announced

securities, or TBAs) or mandatory delivery commitments with investors.

The unpaid principal balance of residential mortgage loans held

for sale, notional amounts of derivative contracts related to residential

mortgage loan commitments,

such as interest rate lock commitments (“IRLC’s”)

and forward contract sales and their related fair

values are set forth below.

September 30, 2025

December 31, 2024

Unpaid Principal

(Dollars in Thousands)

Balance/Notional

Fair Value

Balance/Notional

Fair Value

Residential Mortgage Loans Held for Sale

23,481

24,204

28,117

28,672

Residential Mortgage Loan Commitments ("IRLCs")

(1)

29,911

607

15,000

248

Forward Sales Contracts

(1)

27,000

16,000

(1)

Recorded in other assets at fair value.

At September 30, 2025, the Company had

residential mortgage loans held for sale 30-89 days past due or on nonaccrual

status. At

December 31, 2024, the Company had

residential mortgage loans held for sale 30-89 days past due or on nonaccrual

status.

Mortgage banking revenue was as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in Thousands)

2025

2024

2025

2024

Net realized gains on sales of mortgage loans

3,871

3,664

10,356

8,499

Net change in unrealized gain on mortgage loans held for sale

130

143

302

312

Net change in the fair value of IRLC's

(45)

(135)

359

Net change in the fair value of forward sales contracts

199

(52)

(85)

212

Pair-Offs on net settlement of forward

sales contracts

(234)

(383)

(404)

(173)

Mortgage servicing rights additions

292

Net origination fees

833

679

2,192

2,051

Total mortgage banking

revenues

4,794

3,966

12,804

11,225

Residential Mortgage Servicing

The Company may retain the right to service residential mortgage

loans sold.

The unpaid principal balance of loans serviced for

others is the primary driver of servicing revenue.

The following represents a summary of mortgage servicing rights.

(Dollars in Thousands)

September 30, 2025

December 31, 2024

Number of residential mortgage loans serviced for others

464

504

Outstanding principal balance of residential mortgage loans serviced

for others

121,767

135,416

Weighted average

interest rate

5.74%

5.86%

Remaining contractual term (in months)

353

348

Conforming conventional loans serviced by the Company are sold to Federal

National Mortgage Association (“FNMA”) on a non-

recourse basis, whereby foreclosure losses are generally the responsibility

of FNMA and not the Company.

The government loans

serviced by the Company are secured through the Government National

Mortgage Association (“GNMA”), whereby the Company is

insured against loss by the Federal Housing Administration or partially

guaranteed against loss by the Veterans

Administration.

September 30, 2025, the servicing portfolio balance consisted of

the following loan types: FNMA (

61.4

%), GNMA (

4.3

%), and

private investor (

34.3

%).

FNMA and private investor loans are structured as actual/actual payment remittance.

At September 30, 2025 and December 31, 2024, the Company did

t have delinquent residential mortgage loans in GNMA pools

serviced by the Company.

The right to repurchase these loans and the corresponding liability has been recorded in other assets and

other liabilities, respectively,

in the Consolidated Statements of Financial Condition.

The Company had

repurchases for the three

months ended September 30, 2025 and 2024, and $

0.3

million and

repurchases in the nine months ended September 30, 2025 and

2024, respectively, of

GNMA delinquent or defaulted mortgage loans with the intention to modify

their terms and include the loans in

new GNMA pools.

Activity in the capitalized mortgage servicing rights was as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in Thousands)

2025

2024

2025

2024

Beginning balance

889

965

933

831

Additions due to loans sold with servicing retained

292

Deletions and amortization

(44)

(46)

(132)

(154)

Ending balance

885

969

885

969

The Company did

t record any permanent impairment losses on mortgage servicing rights for the

three or nine months ended

September 30, 2025 or 2024.

The key unobservable inputs used in determining the fair value of

the Company’s mortgage servicing rights were

as follows:

September 30, 2025

December 31, 2024

Minimum

Maximum

Minimum

Maximum

Discount rates

9.50%

12.00%

9.50%

12.00%

Annual prepayment speeds

9.83%

18.89%

9.14%

18.88%

Cost of servicing (per loan)

Changes in residential mortgage interest rates directly affect

the prepayment speeds used in valuing the Company’s

mortgage

servicing rights.

A separate third party model is used to estimate prepayment speeds based on interest rates, housing

turnover rates,

estimated loan curtailment, anticipated defaults, and other relevant factors.

The weighted average annual prepayment speed was

13.09

% at September 30, 2025 and

13.44

% at December 31, 2024.

Warehouse

Line Borrowings

The Company has the following warehouse lines of credit and master

repurchase agreements with various financial institutions at

September 30, 2025.

Amounts

(Dollars in Thousands)

Outstanding

million master repurchase agreement without defined expiration.

Interest is at the SOFR rate plus

2.25%

3.25%

, with a floor rate of

3.25%

4.25%

A cash pledge deposit of $

0.1

million is required by the lender.

326

million warehouse line of credit agreement expiring in

June 2026

Interest is at the SOFR plus

2.50%

3.00%

14,289

Total Warehouse

Borrowings

14,615

Warehouse

line borrowings are classified as short-term borrowings.

At December 31, 2024, warehouse line borrowings totaled $

1.9

million. At September 30, 2025, the Company had residential mortgage

loans held for sale pledged as collateral under the above

warehouse lines of credit and master repurchase agreements.

The above agreements also contain covenants which include certain

financial requirements, including maintenance of minimum tangible

net worth, minimum liquid assets, and maximum debt to net

worth ratio, as defined in the agreements. The Company was in compliance with all

significant debt covenants at September 30, 2025.

NOTE 5 – DERIVATIVES

The Company enters into derivative financial instruments to manage exposures

that arise from business activities that result in the

receipt or payment of future known and uncertain cash amounts, the value of

which are determined by interest rates.

The Company’s

derivative financial instruments are used to manage differences in

the amount, timing, and duration of the Company’s

known or

expected cash receipts and its known or expected cash payments principally

related to the Company’s subordinated

debt.

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps with notional amounts totaling $

million at September 30, 2025 were designed as a cash flow hedge for

subordinated debt.

Under the swap arrangement, the Company will pay a fixed interest rate of

2.50

% and receive a variable interest

rate based on three-month CME Term

SOFR (secured overnight financing rate).

For derivatives designated and that qualify as cash flow hedges of interest rate

risk, the gain or loss on the derivative is recorded in

accumulated other comprehensive income (“AOCI”) and subsequently

reclassified into interest expense in the same period(s) during

which the hedged transaction affects earnings. Amounts reported

in accumulated other comprehensive income related to derivatives

will be reclassified to interest expense as interest payments are made on the

Company’s variable-rate subordinated

debt.

The following table reflects the cash flow hedges included in the consolidated

statements of financial condition

Statement of Financial

Notional

Fair

Weighted Average

(Dollars in Thousands)

Condition Location

Amount

Value

Maturity (Years)

September 30, 2025

Interest rate swaps related to subordinated debt

Other Assets

30,000

3,877

4.8

December 31, 2024

Interest rate swaps related to subordinated debt

Other Assets

30,000

5,319

5.5

The following table presents the change in net gains (losses) recorded in AOCI and

the consolidated statements of income related to

the cash flow derivative instruments (interest rate swaps related to subordinated

debt).

Change in Gain

Amount of Gain

(Loss) Recognized

(Loss) Reclassified

(Dollars in Thousands)

FAQ

How did CCBG perform in Q3 2025?

Net income was $15,950,000 and diluted EPS was $0.93, up from $12,617,000 and $0.77 in Q3 2024.

What were CCBG’s key revenue drivers in Q3 2025?

Net interest income was $43,557,000; noninterest income rose to $22,331,000, led by mortgage banking, wealth management, and deposit fees.

What is CCBG’s balance sheet size and deposit base?

Total assets were $4,323,774,000 and deposits were $3,614,912,000 at September 30, 2025.

How did loans and credit reserves trend?

Loans held for investment were $2,582,007,000; the allowance for credit losses increased to $30,202,000.

What changed in shareholders’ equity and AOCI?

Shareowners’ equity rose to $540,635,000, with accumulated other comprehensive income improving to $1,221,000.

How many CCBG shares are outstanding?

Shares outstanding were 17,068,650 at September 30, 2025, and 17,068,825 at October 31, 2025.

Did CCBG pay dividends in Q3 2025?

Yes. Cash dividends were $0.2600 per share during the quarter, per the equity statement.

[10-Q] CAPITAL CITY BANK GROUP INC Quarterly Earnings Report

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FAQ

How did CCBG perform in Q3 2025?

What were CCBG’s key revenue drivers in Q3 2025?

What is CCBG’s balance sheet size and deposit base?

How did loans and credit reserves trend?

What changed in shareholders’ equity and AOCI?

How many CCBG shares are outstanding?

Did CCBG pay dividends in Q3 2025?

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[10-Q] CAPITAL CITY BANK GROUP INC Quarterly Earnings Report

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Bank earnings analyst neutral

FAQ

How did CCBG perform in Q3 2025?

What were CCBG’s key revenue drivers in Q3 2025?

What is CCBG’s balance sheet size and deposit base?

How did loans and credit reserves trend?

What changed in shareholders’ equity and AOCI?

How many CCBG shares are outstanding?

Did CCBG pay dividends in Q3 2025?

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