Capital City Bank Group, Inc. Reports First Quarter Earnings

Apr 24, 2001, 01:00 ET from Capital City Bank Group, Inc.

    TALLAHASSEE, Fla., April 24 /PRNewswire/ --
 Capital City Bank Group, Inc. (Nasdaq:   CCBG) reported earnings for the first
 quarter of $4.3 million, or $0.42 per diluted share, compared to $4.6 million,
 or $0.45 per diluted share in 2000, a decline of 6.0% and 6.7%, respectively.
 Noninterest expense increased 10.4%, attributable to the Company's continued
 geographic expansion and anticipated increases in ongoing operating costs.
 CCBG's 2001 Return on Average Assets for the quarter was 1.12% and the 2001
 Return on Average Equity was 11.35%.  The recent Georgia acquisitions did not
 have a material impact on earnings during the first quarter.
     William G. Smith, Jr., President and CEO said, "While earnings were
 slightly below the first quarter of 2000, I was extremely pleased with the
 progress of the Company over the last quarter.  Capital City successfully
 completed both the West Point and Macon/Waynesboro acquisitions, and the
 results of these markets are ahead of schedule after an initial 30 days."  In
 spite of a slowing economy, Capital City's loans grew $29 million, driven by
 solid commercial real estate and residential growth.  Though off 6 basis
 points on a linked quarter comparison, the net interest margin was a healthy
 4.67%.  Credit quality remained strong at historically low levels with
 nonperforming assets at .42% of loans and net charge offs of .30%.
     The Company's "cash" earnings for the first quarter, which excludes the
 effects of intangible assets and the related amortization expenses, totaled
 $4.9 million, or $0.48 per diluted share, compared to $5.1 million, or $0.50
 per diluted share in 2000, representing a decline of 3.5% and 4.0%,
 respectively.  Intangible amortization, net of taxes, for the three-month
 period, was $0.06 per diluted share compared to $0.05 for the same period in
 2000.  "Cash" earnings for the quarter generated a Return on Average Tangible
 Assets of 1.29% and a Return of Average Tangible Equity of 15.25%, compared to
 1.46% and 18.79%, respectively, for the first quarter in 2000.
     Capital City Bank Group, Inc., is a $1.8 billion financial services
 company headquartered in Tallahassee, Florida, providing traditional deposit
 and credit services, asset management, trust, mortgage banking, credit cards,
 data processing, and securities brokerage services.  Founded in 1895, the
 Company has 56 banking offices, 65 ATMs and 9 Bank 'N Shop locations in
 22 counties in Florida, Georgia, and Alabama.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The matters discussed in this news release, which are not historical
 facts, contain forward-looking information with respect to strategic
 initiatives.  Such forward-looking statements are based on current plans and
 expectations, which are subject to a certain number of uncertainties and
 risks, which could cause future results to differ materially from those
 anticipated by such statements.
 
                           CAPITAL CITY BANK GROUP, INC.
                              SUMMARY FINANCIAL DATA
                    (Dollars in thousand, except per share data)
 
 
                                    Qtr Ended (1)              % Change Over
                           3/31/01     12/31/00    3/31/00   12/31/00  3/31/00
     REPORTED EARNINGS
      Interest Income         29,136      28,717      25,710    1.46%   13.33%
      Interest Expense        13,143      12,949      10,176    1.50%   29.16%
       Net Interest
        Income                15,993      15,768      15,534    1.43%    2.95%
      Provision For Loan
       Losses                    822         825         610   -0.36%   34.75%
       Net Int Income
        After Provision
        for Loan Losses       15,171      14,943      14,924    1.53%    1.66%
      Noninterest Income       7,329       7,046       6,402    4.02%   14.48%
      Noninterest Expense     15,840      14,859      14,352    6.60%   10.37%
       Operating Profits       6,660       7,130       6,974   -6.59%   -4.50%
      Provision For
       Income Taxes            2,311       2,478       2,361   -6.74%   -2.12%
       Net Income              4,349       4,652       4,613   -6.51%   -5.72%
      Taxable-Equivalent
       Adjustment                346         366         428   -5.46%  -19.16%
      Net Charge-offs            811         914         313  -11.27%  159.11%
 
     PER SHARE DATA
      Net Income - Basic        0.42        0.46        0.45   -8.70%   -6.67%
      Net Income -
       Diluted                  0.42        0.46        0.45   -8.70%   -6.67%
      Dividends               0.1475      0.1475      0.1325    0.00%   11.32%
 
      Book Value               15.62       14.46       13.20
      Tangible Book Value      11.98       12.27       10.81
 
      Weighted Average
       Shares
       Basic              10,296,732  10,162,090  10,195,261    1.32%    1.00%
       Diluted            10,304,756  10,190,733  10,210,774    1.12%    0.92%
 
     PERFORMANCE
      Return on Average
       Assets                  1.12%       1.23%       1.30%
      Return on Average
       Equity                 11.35%      12.66%      13.86%
      Net Interest Margin
       (T/E)                   4.67%       4.73%       5.02%
      Efficiency Ratio
       (2)                    63.43%      61.03%      60.91%
      Net Charge-offs /
       Average Loans           0.30%       0.35%       0.13%
 
     REPORTED EARNINGS
      AND PERFORMANCE,
       BEFORE SPECIAL
        CHARGES
      Net Income               4,349       4,659       4,628   -6.65%   -6.03%
      E.P.S. -- Basic           0.42        0.46        0.45   -8.70%   -6.67%
      E.P.S. -- Diluted         0.42        0.46        0.45   -8.70%   -6.67%
 
      Return on Average
       Assets                  1.12%       1.23%       1.30%
      Return on Average
       Equity                 11.35%      12.68%      13.91%
 
     REPORTED EARNINGS
      AND PERFORMANCE,
       BEFORE INTANGIBLE
        ASSETS &
       AMORTIZATION (3)
      Net Income               4,915       5,127       5,092   -4.13%   -3.48%
      E.P.S. -- Basic           0.48        0.50        0.50   -4.00%   -4.00%
      E.P.S. -- Diluted         0.48        0.50        0.50   -4.00%   -4.00%
 
      Return on Average
       Assets                  1.29%       1.38%       1.46%
      Return on Average
       Equity                 15.25%      16.52%      18.79%
 
     AVERAGE BALANCES
      Loans                1,082,960   1,053,675     938,351    2.78%   15.41%
      Investment
       Securities            273,231     277,919     312,136   -1.69%  -12.46%
      Short-Term
       Investments            60,777      27,751      27,407  119.01%  121.76%
       Earning Assets      1,416,968   1,359,345   1,277,894    4.24%   10.88%
      Cash & Due From
       Banks                  64,724      60,644      65,326    6.73%   -0.92%
      Intangible Assets       24,697      22,697      24,839    8.81%   -0.57%
      Other Nonearning
       Assets                 64,284      61,125      62,561    5.17%    2.75%
       Total Assets        1,570,673   1,503,811   1,430,620    4.45%    9.79%
 
      Noninterest Bearing
       Deposits              273,479     264,219     267,504    3.50%    2.23%
      Interest Bearing
       Deposits            1,027,715     959,423     931,104    7.12%   10.38%
       Total Deposits      1,301,194   1,223,642   1,198,608    6.34%    8.56%
      Short-Term
       Borrowings             78,981     103,584      67,502  -23.75%   17.01%
      Long-Term Debt          17,013      11,456      14,169   48.51%   20.07%
       Interest Bearing
        Liabilities        1,123,709   1,074,463   1,012,775    4.58%   10.95%
      Other Liabilities       18,092      18,968      16,505   -4.62%    9.62%
       Total Liabilities   1,415,280   1,357,650   1,296,784    4.24%    9.14%
      Shareowners' Equity    155,393     146,161     133,836    6.32%   16.11%
       Total Liability &
        Shareowners'
        Equity             1,570,673   1,503,811   1,430,620    4.45%    9.79%
 
     SELECTED "AS OF"
      BALANCES
      Loans                1,164,298   1,051,832     964,072   10.69%   20.77%
      Allowance for Loan
       Losses                 11,780      10,564      10,226   11.51%   15.20%
      Investment
       Securities            265,741     276,839     300,714   -4.01%  -11.63%
      Earning Assets       1,583,949   1,369,294   1,333,197   15.68%   18.81%
      Intangible Assets       39,146      22,293      24,425   75.60%   60.27%
      Total Assets         1,764,802   1,527,460   1,495,436   15.54%   18.01%
      Total Deposits       1,516,626   1,268,367   1,251,471   19.57%   21.19%
      Short-Term
       Borrowings             48,538      83,472      78,632  -41.85%  -38.27%
      Long-Term Debt          14,018      11,707      14,056   19.74%   -0.27%
      Interest Bearing
       Liabilities         1,240,109   1,070,890   1,034,475   15.80%   19.88%
      Shareowners' Equity    167,984     147,607     134,821   13.80%   24.60%
      Nonperforming
       Assets                  4,880       3,909       2,898   24.84%   68.39%
 
     STOCK PERFORMANCE
      High                     26.13       26.75       23.00   -2.32%   13.61%
      Low                      23.13       18.88       15.00   22.51%   54.20%
      Close                    25.19       24.81       19.63    1.53%   28.32%
 
      Average Daily
       Trading Volume          6,011       9,467       4,064  -36.51%   47.91%
 
     (1)  Information is unaudited.
     (2)  Calculated net of special charges (primarily merger related) and
 intangible amortization.
     (3)  "Cash" earnings exclude amortization expense (net of taxes)
 applicable to intangible assets.  Cash Earnings performance ratios
 exclude intangible amortization from earnings and the unamortized balances of
 intangibles from assets and equity.
 
     The following table reconciles reported earnings to adjusted earnings for
 the year ended March 31, 2001, identifying the after-tax effect of special
 charges and intangible amortization.  These calculations are specifically
 formulated by the Company and may not be comparable to similarly titled
 measures reported by other companies.
 
 
                           Reported    Special    Intangible   Adjusted
                           Earnings    Charges   Amortization  Earnings(a)
 
        Operating Profits      6,660           0         828      7,488
        Provision for
         Taxes                 2,311           0         262      2,573
        Net Income             4,349           0         566      4,915
 
        Basic Earnings
         Per Share              0.42        0.00        0.06       0.48
        Diluted Earnings
         per Share              0.42        0.00        0.06       0.48
 
        Return on Average
         Assets                1.12%       1.12%       1.29%      1.29%
        Return on Average
         Equity               11.35%      11.35%      15.25%     15.25%
        Efficiency Ratio      66.93%      66.93%      63.43%     63.43%
 
        (a)  Reported earnings and performance before the effect of special
 charges and intangible assets and the related amortization.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X19447382
 
 

SOURCE Capital City Bank Group, Inc.
    TALLAHASSEE, Fla., April 24 /PRNewswire/ --
 Capital City Bank Group, Inc. (Nasdaq:   CCBG) reported earnings for the first
 quarter of $4.3 million, or $0.42 per diluted share, compared to $4.6 million,
 or $0.45 per diluted share in 2000, a decline of 6.0% and 6.7%, respectively.
 Noninterest expense increased 10.4%, attributable to the Company's continued
 geographic expansion and anticipated increases in ongoing operating costs.
 CCBG's 2001 Return on Average Assets for the quarter was 1.12% and the 2001
 Return on Average Equity was 11.35%.  The recent Georgia acquisitions did not
 have a material impact on earnings during the first quarter.
     William G. Smith, Jr., President and CEO said, "While earnings were
 slightly below the first quarter of 2000, I was extremely pleased with the
 progress of the Company over the last quarter.  Capital City successfully
 completed both the West Point and Macon/Waynesboro acquisitions, and the
 results of these markets are ahead of schedule after an initial 30 days."  In
 spite of a slowing economy, Capital City's loans grew $29 million, driven by
 solid commercial real estate and residential growth.  Though off 6 basis
 points on a linked quarter comparison, the net interest margin was a healthy
 4.67%.  Credit quality remained strong at historically low levels with
 nonperforming assets at .42% of loans and net charge offs of .30%.
     The Company's "cash" earnings for the first quarter, which excludes the
 effects of intangible assets and the related amortization expenses, totaled
 $4.9 million, or $0.48 per diluted share, compared to $5.1 million, or $0.50
 per diluted share in 2000, representing a decline of 3.5% and 4.0%,
 respectively.  Intangible amortization, net of taxes, for the three-month
 period, was $0.06 per diluted share compared to $0.05 for the same period in
 2000.  "Cash" earnings for the quarter generated a Return on Average Tangible
 Assets of 1.29% and a Return of Average Tangible Equity of 15.25%, compared to
 1.46% and 18.79%, respectively, for the first quarter in 2000.
     Capital City Bank Group, Inc., is a $1.8 billion financial services
 company headquartered in Tallahassee, Florida, providing traditional deposit
 and credit services, asset management, trust, mortgage banking, credit cards,
 data processing, and securities brokerage services.  Founded in 1895, the
 Company has 56 banking offices, 65 ATMs and 9 Bank 'N Shop locations in
 22 counties in Florida, Georgia, and Alabama.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The matters discussed in this news release, which are not historical
 facts, contain forward-looking information with respect to strategic
 initiatives.  Such forward-looking statements are based on current plans and
 expectations, which are subject to a certain number of uncertainties and
 risks, which could cause future results to differ materially from those
 anticipated by such statements.
 
                           CAPITAL CITY BANK GROUP, INC.
                              SUMMARY FINANCIAL DATA
                    (Dollars in thousand, except per share data)
 
 
                                    Qtr Ended (1)              % Change Over
                           3/31/01     12/31/00    3/31/00   12/31/00  3/31/00
     REPORTED EARNINGS
      Interest Income         29,136      28,717      25,710    1.46%   13.33%
      Interest Expense        13,143      12,949      10,176    1.50%   29.16%
       Net Interest
        Income                15,993      15,768      15,534    1.43%    2.95%
      Provision For Loan
       Losses                    822         825         610   -0.36%   34.75%
       Net Int Income
        After Provision
        for Loan Losses       15,171      14,943      14,924    1.53%    1.66%
      Noninterest Income       7,329       7,046       6,402    4.02%   14.48%
      Noninterest Expense     15,840      14,859      14,352    6.60%   10.37%
       Operating Profits       6,660       7,130       6,974   -6.59%   -4.50%
      Provision For
       Income Taxes            2,311       2,478       2,361   -6.74%   -2.12%
       Net Income              4,349       4,652       4,613   -6.51%   -5.72%
      Taxable-Equivalent
       Adjustment                346         366         428   -5.46%  -19.16%
      Net Charge-offs            811         914         313  -11.27%  159.11%
 
     PER SHARE DATA
      Net Income - Basic        0.42        0.46        0.45   -8.70%   -6.67%
      Net Income -
       Diluted                  0.42        0.46        0.45   -8.70%   -6.67%
      Dividends               0.1475      0.1475      0.1325    0.00%   11.32%
 
      Book Value               15.62       14.46       13.20
      Tangible Book Value      11.98       12.27       10.81
 
      Weighted Average
       Shares
       Basic              10,296,732  10,162,090  10,195,261    1.32%    1.00%
       Diluted            10,304,756  10,190,733  10,210,774    1.12%    0.92%
 
     PERFORMANCE
      Return on Average
       Assets                  1.12%       1.23%       1.30%
      Return on Average
       Equity                 11.35%      12.66%      13.86%
      Net Interest Margin
       (T/E)                   4.67%       4.73%       5.02%
      Efficiency Ratio
       (2)                    63.43%      61.03%      60.91%
      Net Charge-offs /
       Average Loans           0.30%       0.35%       0.13%
 
     REPORTED EARNINGS
      AND PERFORMANCE,
       BEFORE SPECIAL
        CHARGES
      Net Income               4,349       4,659       4,628   -6.65%   -6.03%
      E.P.S. -- Basic           0.42        0.46        0.45   -8.70%   -6.67%
      E.P.S. -- Diluted         0.42        0.46        0.45   -8.70%   -6.67%
 
      Return on Average
       Assets                  1.12%       1.23%       1.30%
      Return on Average
       Equity                 11.35%      12.68%      13.91%
 
     REPORTED EARNINGS
      AND PERFORMANCE,
       BEFORE INTANGIBLE
        ASSETS &
       AMORTIZATION (3)
      Net Income               4,915       5,127       5,092   -4.13%   -3.48%
      E.P.S. -- Basic           0.48        0.50        0.50   -4.00%   -4.00%
      E.P.S. -- Diluted         0.48        0.50        0.50   -4.00%   -4.00%
 
      Return on Average
       Assets                  1.29%       1.38%       1.46%
      Return on Average
       Equity                 15.25%      16.52%      18.79%
 
     AVERAGE BALANCES
      Loans                1,082,960   1,053,675     938,351    2.78%   15.41%
      Investment
       Securities            273,231     277,919     312,136   -1.69%  -12.46%
      Short-Term
       Investments            60,777      27,751      27,407  119.01%  121.76%
       Earning Assets      1,416,968   1,359,345   1,277,894    4.24%   10.88%
      Cash & Due From
       Banks                  64,724      60,644      65,326    6.73%   -0.92%
      Intangible Assets       24,697      22,697      24,839    8.81%   -0.57%
      Other Nonearning
       Assets                 64,284      61,125      62,561    5.17%    2.75%
       Total Assets        1,570,673   1,503,811   1,430,620    4.45%    9.79%
 
      Noninterest Bearing
       Deposits              273,479     264,219     267,504    3.50%    2.23%
      Interest Bearing
       Deposits            1,027,715     959,423     931,104    7.12%   10.38%
       Total Deposits      1,301,194   1,223,642   1,198,608    6.34%    8.56%
      Short-Term
       Borrowings             78,981     103,584      67,502  -23.75%   17.01%
      Long-Term Debt          17,013      11,456      14,169   48.51%   20.07%
       Interest Bearing
        Liabilities        1,123,709   1,074,463   1,012,775    4.58%   10.95%
      Other Liabilities       18,092      18,968      16,505   -4.62%    9.62%
       Total Liabilities   1,415,280   1,357,650   1,296,784    4.24%    9.14%
      Shareowners' Equity    155,393     146,161     133,836    6.32%   16.11%
       Total Liability &
        Shareowners'
        Equity             1,570,673   1,503,811   1,430,620    4.45%    9.79%
 
     SELECTED "AS OF"
      BALANCES
      Loans                1,164,298   1,051,832     964,072   10.69%   20.77%
      Allowance for Loan
       Losses                 11,780      10,564      10,226   11.51%   15.20%
      Investment
       Securities            265,741     276,839     300,714   -4.01%  -11.63%
      Earning Assets       1,583,949   1,369,294   1,333,197   15.68%   18.81%
      Intangible Assets       39,146      22,293      24,425   75.60%   60.27%
      Total Assets         1,764,802   1,527,460   1,495,436   15.54%   18.01%
      Total Deposits       1,516,626   1,268,367   1,251,471   19.57%   21.19%
      Short-Term
       Borrowings             48,538      83,472      78,632  -41.85%  -38.27%
      Long-Term Debt          14,018      11,707      14,056   19.74%   -0.27%
      Interest Bearing
       Liabilities         1,240,109   1,070,890   1,034,475   15.80%   19.88%
      Shareowners' Equity    167,984     147,607     134,821   13.80%   24.60%
      Nonperforming
       Assets                  4,880       3,909       2,898   24.84%   68.39%
 
     STOCK PERFORMANCE
      High                     26.13       26.75       23.00   -2.32%   13.61%
      Low                      23.13       18.88       15.00   22.51%   54.20%
      Close                    25.19       24.81       19.63    1.53%   28.32%
 
      Average Daily
       Trading Volume          6,011       9,467       4,064  -36.51%   47.91%
 
     (1)  Information is unaudited.
     (2)  Calculated net of special charges (primarily merger related) and
 intangible amortization.
     (3)  "Cash" earnings exclude amortization expense (net of taxes)
 applicable to intangible assets.  Cash Earnings performance ratios
 exclude intangible amortization from earnings and the unamortized balances of
 intangibles from assets and equity.
 
     The following table reconciles reported earnings to adjusted earnings for
 the year ended March 31, 2001, identifying the after-tax effect of special
 charges and intangible amortization.  These calculations are specifically
 formulated by the Company and may not be comparable to similarly titled
 measures reported by other companies.
 
 
                           Reported    Special    Intangible   Adjusted
                           Earnings    Charges   Amortization  Earnings(a)
 
        Operating Profits      6,660           0         828      7,488
        Provision for
         Taxes                 2,311           0         262      2,573
        Net Income             4,349           0         566      4,915
 
        Basic Earnings
         Per Share              0.42        0.00        0.06       0.48
        Diluted Earnings
         per Share              0.42        0.00        0.06       0.48
 
        Return on Average
         Assets                1.12%       1.12%       1.29%      1.29%
        Return on Average
         Equity               11.35%      11.35%      15.25%     15.25%
        Efficiency Ratio      66.93%      66.93%      63.43%     63.43%
 
        (a)  Reported earnings and performance before the effect of special
 charges and intangible assets and the related amortization.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X19447382
 
 SOURCE  Capital City Bank Group, Inc.