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CLOSED · 03:15 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

CCBG

CAPITAL CITY BANK GROUP INC
NASDAQ · FINANCIALS · STATE COMMERCIAL BANKS
50.53
+0.04 +0.08%
USD · close Oct 23
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Work order
60
WATCH · shorts 60
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $864.1MP/E 14.3DIV YIELD 2.04%FCF YIELD 8.70%REV TTM —NET INCOME $60.5M +5.8%NET CASH $488.7M52W 38.90 – 52.84SEC XBRL · TTM TO Invalid Date

How CCBG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
47%
of sentences unchanged
Added
500
new sentences
Dropped
498
sentences removed
Length
−243
words, now 46,440

New in FY2025

  • We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services.
  • The Bank has 62 banking offices and 108 ATMs/ITMs in Florida, Georgia and Alabama.
  • Through Capital City Home Loans, LLC (“CCHL”), we have 28 additional offices in the Southeast for our mortgage banking business.
  • Please see the section captioned “About Us” beginning on page 5 for more detailed information about our business.
  • Our strategic plan guides us in the areas of client experience, channel optimization, market expansion, and culture.
  • Furthermore, in the counties in which we operate, we maintain an 8.0% deposit market share in the Florida counties and 5.0% in the Georgia counties (excluding Northern Arc of Atlanta).
  • These markets also benefit from favorable demographic trends, including population growth, state government stability, and expanding healthcare and education sectors, which support our long- term relationship banking strategy and contribute to the resilience of our deposit base.
  • On November 15, 2024, CCB entered into an agreement with BMG to transfer the 49% Interest to CCB, which closed on January 1, 2025.
  • EXECUTIVE OVERVIEW For 2025, net income attributable to common shareowners totaled $61.6 million, or $3.60 per diluted share, compared to net income of $52.9 million, or $3.12 per diluted share, for 2024, and $52.3 million, or $3.07 per diluted share, for 2023.
  • For 2025, the increase in net income attributable to common shareowners reflected a $12.7 million increase in net interest income and a $6.4 million increase in noninterest income, that were partially offset by a $6.2 million increase in income taxes, a $1.7 million increase in noninterest expense, and a $1.2 million increase in provision for credit losses.
  • Net income attributable to common shareowners included a $1.3 million decrease in the deduction to record the non-controlling interest in the earnings of CCHL.
  • Below are Summary Highlights of our 2025 financial performance: Income Statement ● Tax-equivalent net interest income totaled $171.8 million compared to $159.2 million for 2024 - Net interest margin increased by 20 basis points to 4.28% (increase in earning asset yield of 10 basis points and decrease in cost of funds of 10 basis points) ● Credit quality metrics remained strong throughout the year – allowance coverage ratio increased to 1.22% in 2025 compared to 1.10% in 2024 - net loan charge-offs were 14 basis points of average loans for 2025 compared to 21 basis points for 2024 ● Noninterest income increased by $6.4 million, or 8.4%, due to higher mortgage banking revenues of $2.6 million, wealth management fees of $1.6 million, other income of $1.5 million, and deposit fees of $0.7 million ● Noninterest expense increased $1.7 million, or 1.0%, primarily due to higher compensation expense (primarily performance- based pay and health care cost) partially offset by lower pension expense and higher gains from the sale of banking facilities Balance Sheet ● Loan balances decreased by $83.6 million, or 3.1% (average), and decreased by $105.4 million, or 4.0% (end of period) ● Average deposit balances increased by $53.9 million, or 1.5% driven by strong core deposit growth ● Tangible book value per diluted share (non-GAAP financial measure) increased by $3.38, or 14.3% For more detailed information, refer to the following additional sections of the MD&A “Results of Operations” and “Financial Condition”.
  • RESULTS OF OPERATIONS A condensed earnings summary for the last three fiscal years is presented in Table 1 below: Table 1 CONDENSED SUMMARY OF EARNINGS (Dollars in Thousands, Except Per Share Data) 2025 2024 2023 Interest Income $ 204,387 $ 194,657 $ 181,068 Taxable Equivalent Adjustments Total Interest Income (FTE) 204,564 194,898 181,435 Interest Expense 32,739 35,719 22,080 Net Interest Income (FTE) 171,825 159,179 159,355 Provision for Credit Losses 5,264 4,031 9,714 Taxable Equivalent Adjustments Net Interest Income After Provision for Credit Losses 166,384 154,907 149,274 Noninterest Income 82,355 75,976 71,610 Noninterest Expense 167,022 165,315 157,023 Income Before Income Taxes 81,717 65,568 63,861 Income Tax Expense 20,160 13,924 13,040 Pre-Tax Loss Attributable to Noncontrolling Interests - 1,271 1,437 Net Income Attributable to Common Shareowners $ 61,557 $ 52,915 $ 52,258 Basic Net Income Per Share $ 3.61 $ 3.12 $ 3.08 Diluted Net Income Per Share $ 3.60 $ 3.12 $ 3.07 Net Interest Income and Margin Net interest income represents our single largest source of earnings and is equal to interest income and fees generated by earning assets, less interest expense paid on interest bearing liabilities.
  • For 2025, our taxable equivalent net interest income totaled $171.8 million compared to $159.2 million for 2024 and $159.4 million for 2023.
  • The $12.6 million, or 7.9%, increase in 2025 was primarily attributable to an increase in investment securities income and to a lesser extent an increase in overnight funds income and lower deposit interest expense, partially offset by lower loan income.
  • The $0.2 million, or 0.1%, decrease in 2024 was driven by higher deposit interest expense that was substantially offset by higher loan income and to a lesser extent higher overnight funds income.
  • For 2025, our taxable equivalent interest income totaled $204.6 million compared to $194.9 million in 2024 and $181.4 million in 2023.
  • The $9.7 million, or 5.0%, increase in 2025 was primarily attributable to a $10.3 million increase in investment securities income due to growth in the portfolio and favorable repricing.
  • A $3.7 million decrease in loan income was partially offset by a $3.1 million increase in overnight funds income.
  • The $13.5 million, or 7.4%, increase in 2024 was primarily attributable to a $13.0 million increase in loan income driven by loan growth and favorable loan repricing.
  • For 2025, interest expense totaled $32.7 million compared to $35.7 million for 2024 and $22.1 million for 2023.
  • The $3.0 million decrease in 2025 was primarily due to decreased deposit interest expense, including a $1.4 million decrease in NOW account expense and a $1.4 million decrease in money market account expense , partially offset by a $0.2 million increase in certificates of deposit expense.
  • The decreases for NOW and money market accounts reflected adjustments to our board and managed rates for these products, as interest rates declined over the year.
  • The $13.6 million increase in 2024 compared to 2023 was primarily attributable to increased deposit interest expense, including a $6.3 million increase attributable to money market accounts, a $4.5 million increase attributable to NOW accounts, and a $3.7 million increase attributable to certificates of deposit, all reflective of a shift in balances from noninterest bearing to interest bearing products driven by the higher interest rate environment and clients seeking higher yield deposit products.
  • Our cost of interest bearing deposits was 127 basis points for 2025, 142 basis points for 2024, and 81 basis points for 2023.
  • Our total cost of deposits (including noninterest bearing accounts) was 81 basis points for 2025, 89 basis points for 2024, and 48 basis points for 2023.
  • Our total cost of funds (interest expense/average earning assets) was 82 basis points for 2025, 92 basis points for 2024, and 56 basis points for 2023.
  • Our net interest margin (defined as taxable-equivalent interest income less interest expense divided by average earning assets) was 4.28% for 2025, 4.08% for 2024, and 4.05% for 2023.
  • The increase in the net interest margin for 2025 was primarily due to a higher yield for investment securities driven by new purchases at higher yields, favorable loan repricing, and lower deposit costs.
  • The increase in the net interest margin for 2024 reflected a combination of earning assets repricing at higher interest rates and an improved earning asset mix driven by loan growth, partially offset by a higher, but well controlled cost of deposits.
  • The Federal Open Market Committee decreased the Federal Funds Rate during 2025.
  • The Federal Funds Rate is currently in a target range of 3.50% to 3.75%, with the Effective Federal Funds Rate at 3.64% at December 31, 2025, and 4.33% at December 31, 2024.
  • Table 2 AVERAGE BALANCES AND INTEREST RATES 2025 2024 2023 (Taxable Equivalent Basis - Dollars in Thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate Average Balance Interest Average Rate ASSETS Loans Held for Sale $ 24,234 $ 1,764 7.28 % $ 27,306 $ 2,776 6.72 % $ 55,510 $ 3,232 5.82 % Loans Held for Investment (1)(2) 2,622,877 159,589 6.08 2,706,461 162,385 6.03 2,656,394 149,366 5.62 Investment Securities Taxable Investment Securities 996,222 27,399 2.75 923,253 17,073 1.85 1,016,550 18,652 1.83 Tax-Exempt Investment Securities (2) 1,391 4.39 4.34 2,199 2.68 Total Investment Securities 997,613 27,460 2.75 924,101 17,110 1.85 1,018,749 18,711 1.83 Fed Funds Sold & Int Bearing Dep 366,151 15,751 4.30 239,712 12,627 5.27 203,147 10,126 4.98 Total Earning Assets 4,010,875 204,564 5.10 % 3,897,580 194,898 5.00 % 3,933,800 181,435 4.61 % Cash & Due From Banks 67,876 73,881 75,786 Allowance for Credit Losses (30,443) (29,902) (28,190) Other Assets 299,269 293,044 297,290 TOTAL ASSETS $ 4,347,577 $ 4,234,603 $ 4,278,686 LIABILITIES Noninterest Bearing Deposits $ 1,319,336 $ 1,336,601 $ 1,507,657 NOW Accounts 1,227,316 15,441 1.26 % 1,183,962 16,835 1.42 % 1,172,861 12,375 1.06 % Money Market Accounts 420,992 8,594 2.04 400,664 9,957 2.49 299,581 3,670 1.22 Savings Accounts 504,951 0.13 518,869 0.14 592,033 0.10 Time Deposits 178,756 4,896 2.74 157,342 4,647 2.95 97,480 0.96 Total Interest Bearing Deposits 2,332,015 29,597 1.27 % 2,260,837 32,162 1.42 % 2,161,955 17,582 0.81 % Total Deposits 3,651,351 29,597 0.81 3,597,438 32,162 0.89 3,669,612 17,582 0.48 Repurchase Agreements 23,728 2.58 26,970 3.11 19,917 2.57 Short-Term Borrowings 12,949 4.40 4,882 4.94 24,146 1,538 6.37 Subordinated Notes Payable 47,466 1,924 4.00 52,887 2,449 4.56 52,887 2,427 4.53 Other Long-Term Borrowings 4.74 5.31 4.77 Total Interest Bearing Liabilities 2,416,894 32,739 1.35 % 2,346,110 35,719 1.52 % 2,259,313 22,080 0.98 % Other Liabilities 76,385 71,964 81,842 TOTAL LIABILITIES 3,812,615 3,754,675 3,848,812 Temporary Equity - 6,712 8,392 TOTAL SHAREOWNERS’ EQUITY 534,962 473,216 421,482 TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREOWNERS’ EQUITY $ 4,347,577 $ 4,234,603 $ 4,278,686 Interest Rate Spread 3.74 % 3.47 % 3.63 % Net Interest Income $ 171,825 $ 159,179 $ 159,355 Net Interest Margin (3) 4.28 % 4.08 % 4.05 % (1) Average balances include net loan fees, discounts and premiums, and nonaccrual loans.
  • Interest income includes net loan cost of $1.4 million for 2025 and $0.7 million for 2024 and net loan fees of $0.05 million for 2023.
  • Table 3 RATE/VOLUME ANALYSIS (1) 2025 vs. 2024 2024 vs. 2023 (Taxable Equivalent Basis - Dollars in Thousands) Increase (Decrease) Due to Change In Increase (Decrease) Due to Change In Total Calendar (3) Volume Rate Total Calendar (3) Volume Rate Earnings Assets: Loans Held for Sale (2) $ (1,012) (8) $ (304) $ (700) $ (456) $ $ (1,651) $ 1,186 Loans Held for Investment (2) (2,796) (444) (4,571) 2,219 13,019 2,406 10,204 Taxable Investment Securities 10,326 (47) 1,396 8,977 (1,579) (1,763) Tax-Exempt Investment Securities (2) - - (22) - (36) Funds Sold 3,124 (35) 6,695 (3,536) 2,501 1,795 Total $ 9,666 (534) $ 3,240 $ 6,960 13,463 $ $ $ 12,215 Interest Bearing Liabilities: NOW Accounts $ (1,394) (46) $ $ (2,010) 4,460 $ $ $ 4,343 Money Market Accounts (1,363) (27) (1,868) 6,287 1,228 5,049 Savings Accounts (57) (2.00) (17) (38) (76) Time Deposits (13) (383) 3,708 3,131 Short-Term Borrowings (3) (61) (971) (574) (403) Subordinated Notes Payable (525) (7) (244) (274) (7.00) Other Long-Term Borrowings - (4) - Total $ (2,980) (98) $ 1,756 $ (4,638) 13,639 $ $ 1,234 $ 12,343 Changes in Net Interest Income $ 12,646 (436) $ 1,484 $ 11,598 $ (176) $ $ (483) $ (128) (1) This table shows the change in taxable equivalent net interest income for comparative periods based on either changes in average volume or changes in average rates for interest earning assets and interest bearing liabilities.
  • (2) Interest income includes the effects of taxable equivalent adjustments using a 21% tax rate to adjust on tax-exempt loans and and securities to a taxable equivalent basis.
  • Provision for Credit Losses For 2025, we recorded a provision for credit loss expense of $5.3 million ($5.3 million expense for loans held for investment (“HFI”)) compared to provision expense of $4.0 million for 2024 ($5.0 million expense for loans HFI and $1.0 million benefit for unfunded loan commitments) and provision expense of $9.7 million for 2023 ($9.5 million expense for loans HFI and $0.2 million expense for unfunded loan commitments).
  • We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.
  • Noninterest Income For 2025, noninterest income totaled $82.4 million, a $6.4 million, or 8.4%, increase over 2024, attributable to increases in mortgage banking revenues of $2.6 million, wealth management fees of $1.6 million, other income of $1.5 million, and deposit fees of $0.7 million.
  • Higher secondary market production volume and gain on sale margin drove the improvement in mortgage banking revenues.

and 460 more.

Gone since FY2024

  • We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management, and asset protection services.
  • The Bank has 62 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama.
  • Through Capital City Home Loans, LLC (“CCHL”), we have 27 additional offices in the Southeast for our mortgage banking business.
  • Please see the section captioned “About Us” beginning on page 6 for more detailed information about our business.
  • Our five-year strategic plan “2025 In Focus” guides us in the areas of client experience, channel optimization, market expansion, and culture.
  • Furthermore, in the counties in which we operate, we maintain an 8.3% deposit market share in the Florida counties and 5.2% in the Georgia counties (excluding Northern Arc of Atlanta).
  • As part of the transaction, CCHL’s operating agreement included put and call options for CCB to purchase from BMG the remaining 49% of CCHL’s membership interests (the “49% Interest”).
  • On November 15, 2024, CCB entered into an agreement with BMG to transfer the 49% Interest to CCB, effective January 1, 2025.
  • BMG initiated the buyout by exercising its put option in CCHL’s operating agreement.
  • EXECUTIVE OVERVIEW For 2024, net income attributable to common shareowners totaled $52. million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for 2023, and $33.4 million, or $1.97 per diluted share, for 2022.
  • For 2023, the increase in net income attributable to common shareowners reflected a $34 million increase in net interest income that was partially offset by a $5.4 million increase in noninterest expense , a $5.2 million increase in income taxes, a $3.6 million decrease in noninterest income of $3.6 million, and a $2.2 million increase in the provision for credit losses.
  • Net income attributable to common shareowners included a $1.3 million increase in the deduction to record the 49% non-controlling interest in the earnings of CCHL.
  • Below are Summary Highlights of our 2024 financial performance: Income Statement ◾ Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023 ◾ Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% - net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023 ◾ Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees ◾ Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs Balance Sheet ◾ Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period) ◾ Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period) ◾ Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments For more detailed information, refer to the following additional sections of the MD&A “Results of Operations” and “Financial Condition”.
  • RESULTS OF OPERATIONS A condensed earnings summary for the last three fiscal years is presented in Table 1 below: Table 1 CONDENSED SUMMARY OF EARNINGS (Dollars in Thousands, Except Per Share Data) 2024 2023 2022 Interest Income $ 194,657 $ 181,068 $ 131,910 Taxable Equivalent Adjustments Total Interest Income (FTE) 194,898 181,435 132,235 Interest Expense 35,719 22,080 6,888 Net Interest Income (FTE) 159,179 159,355 125,347 Provision for Credit Losses 4,031 9,714 7,494 Taxable Equivalent Adjustments Net Interest Income After Provision for Credit Losses 154,907 149,274 117,528 Noninterest Income 75,976 71,610 75,181 Noninterest Expense 165,315 157,023 151,634 Income Before Income Taxes 65,568 63,861 41,075 Income Tax Expense 13,924 13,040 7,798 Pre-Tax Loss Attributable to Noncontrolling Interests 1,271 1,437 Net Income Attributable to Common Shareowners $ 52,915 $ 52,258 $ 33,412 Basic Net Income Per Share $ 3.12 $ 3.08 $ 1.97 Diluted Net Income Per Share $ 3.12 $ 3.07 $ 1.97 Net Interest Income and Margin Net interest income represents our single largest source of earnings and is equal to interest income and fees generated by earning assets, less interest expense paid on interest bearing liabilities.
  • For 2024, our taxable equivalent net interest income totaled $159. million compared to $159.4 million for 2023 and $125.3 million for 2022.
  • The $0.2 million, or 0.1%, decrease in 2024 was primarily attributable to higher deposit interest expense, which was substantially offset by higher loan interest income and to a lesser extent higher overnight funds interest income.
  • The $34.1 million, or 27.2%, increase in 2023 reflected loan growth and higher interest rates across a majority of our earning assets, partially offset by higher deposit interest expense.
  • For 2024, our taxable equivalent interest income totaled $194.9 million compared to $181.4 million in 2023 and $132.2 million in 2022.
  • The $13.5 million, or 7.4%, increase in 2024 was primarily attributable to loan growth and favorable loan repricing.
  • The $49.2 million, or 37.2%, increase in 2023 reflected an overall improved earning asset mix driven by loan growth, and higher interest rates on earning assets.
  • For 2024, interest expense totaled $35.7 million compared to $22.1 million for 2023 and $6.9 million for 2022.
  • The $13.6 million, or 61.5% increase in 2024 was primarily attributable to increased deposit interest expense, including a $6.3 million increase attributable to money market accounts, a $4.5 million increase attributable to NOW accounts, and a $3.7 million increase attributable to certificates of deposit, all reflective of a shift in balances from noninterest bearing to interest bearing products driven by the higher interest rate environment and clients seeking higher yield deposit products.
  • The $15.2 million, or 220.3%, increase in 2023 was also driven by increased deposit interest expense, primarily a $9.6 million increase attributable to NOW accounts and a $3.5 million increase attributable to money market accounts.
  • The increase in NOW account expense reflected higher interest rates for our commercial accounts that have a managed rate that were increased during the year.
  • A shift in balances from the noninterest bearing to NOW product also contributed to the increase.
  • The increase in the expense for money market accounts reflected adjustments to our board and managed rates for this product also reflective of higher interest rates.
  • Our cost of interest bearing deposits was 142 basis points for 2024, 81 basis points for 2023, and 17 basis points for 2022.
  • Our total cost of deposits (including noninterest bearing accounts) was 89 basis points for 2024, 48 basis points for 2023, and 9 basis points for 2022.
  • Our total cost of funds (interest expense/average earning assets) was 92 basis points for 2024, 56 basis points for 2023, and 17 basis points for 2022.
  • Our net interest margin (defined as taxable-equivalent interest income less interest expense divided by average earning assets) was 4.08% for 2024, 4.05% for 2023, and 3.14% for 2022.
  • The increase in the net interest margin for 2024 and 2023 reflected a combination of earning assets repricing at higher interest rates and an improved earning asset mix driven by loan growth, partially offset by a higher, but well controlled cost of deposits.
  • The Federal Open Market Committee decreased the Federal Funds Rate during 2024.
  • The Federal Funds Rate is currently in a target range of 4.25% to 4.50%, with the Effective Federal Funds Rate at 4.33% at December 31, 2024, and 5.33% at December 31, 2023.
  • Table 2 AVERAGE BALANCES AND INTEREST RATES 2024 2023 2022 (Taxable Equivalent Basis - Dollars in Thousands) Average Balance Interest Average Rate Average Balance Interest Average Rate Average Balance Interest Average Rate ASSETS Loans Held for Sale $ 27,306 $ 2,776 6.72 % $ 55,510 $ 3,232 5.82 % $ 48,502 $ 2,175 4.49 % Loans Held for Investment (1)(2) 2,706,461 162,385 6.03 2,656,394 149,366 5.62 2,189,440 104,578 4.78 Investment Securities Taxable Investment Securities 923,253 17,073 1.85 1,016,550 18,652 1.83 1,098,876 15,917 1.45 Tax-Exempt Investment Securities (2) 4.34 2,199 2.68 2,668 2.03 Total Investment Securities 924,101 17,110 1.85 1,018,749 18,711 1.83 1,101,544 15,971 1.45 Fed Funds Sold & Int Bearing Dep 239,712 12,627 5.27 203,147 10,126 4.98 649,762 9,511 1.46 Total Earning Assets 3,897,580 194,898 5.00 % 3,933,800 181,435 4.61 % 3,989,248 132,235 3.32 % Cash & Due From Banks 73,881 75,786 76,929 Allowance for Credit Losses (29,902) (28,190) (21,688) Other Assets 293,044 297,290 287,813 TOTAL ASSETS $ 4,234,603 $ 4,278,686 $ 4,332,302 LIABILITIES Noninterest Bearing Deposits $ 1,336,601 $ 1,507,657 $ 1,691,132 NOW Accounts 1,183,962 16,835 1.42 % 1,172,861 12,375 1.06 % 1,065,838 2,799 0.26 % Money Market Accounts 400,664 9,957 2.49 299,581 3,670 1.22 283,407 0.07 Savings Accounts 518,869 0.14 592,033 0.10 628,313 0.05 Time Deposits 157,342 4,647 2.95 97,480 0.96 94,646 0.14 Total Interest Bearing Deposits 2,260,837 32,162 1.42 % 2,161,955 17,582 0.81 % 2,072,204 3,444 0.17 % Total Deposits 3,597,438 32,162 0.89 3,669,612 17,582 0.48 3,763,336 3,444 0.09 Repurchase Agreements 26,970 3.11 19,917 2.57 8,095 0.17 Short-Term Borrowings 4,882 4.94 24,146 1,538 6.37 32,388 1,747 5.40 Subordinated Notes Payable 52,887 2,449 4.56 52,887 2,427 4.53 52,887 1,652 3.08 Other Long-Term Borrowings 5.31 4.77 4.62 Total Interest Bearing Liabilities 2,346,110 35,719 1.52 % 2,259,313 22,080 0.98 % 2,166,239 6,888 0.32 % Other Liabilities 71,964 81,842 85,684 TOTAL LIABILITIES 3,754,675 3,848,812 3,943,055 Temporary Equity 6,712 8,392 9,957 TOTAL SHAREOWNERS’ EQUITY 473,216 421,482 379,290 TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREOWNERS’ EQUITY $ 4,234,603 $ 4,278,686 $ 4,332,302 Interest Rate Spread 3.47 % 3.63 % 3.00 % Net Interest Income $ 159,179 $ 159,355 $ 125,347 Net Interest Margin (3) 4.08 % 4.05 % 3.14 % (1) Average balances include net loan fees, discounts and premiums, and nonaccrual loans.
  • Interest income includes net loan cost of $0.7 million for 2024, and net loan fees of $0.05 million for 2023 and $0.5 million for 2022.
  • Table 3 RATE/VOLUME ANALYSIS (1) 2024 vs. 2023 2023 vs. 2022 (Taxable Equivalent Basis - Dollars in Thousands) Increase (Decrease) Due to Change In Increase (Decrease) Due to Change In Total Calendar (3) Volume Rate Total Volume Rate Earnings Assets: Loans Held for Sale (2) $ (456) $ (1,651) $ 1,186 $ 1,057 $ $ $ Loans Held for Investment (2) 13,019 2,406 10,204 44,788 22,304 22,484 Taxable Investment Securities (1,579) (1,763) 2,735 (1,192) 3,927 Tax-Exempt Investment Securities (2) (22) - (36) (10) Funds Sold 2,501 1,795 (6,537) 7,152 Total $ 13,463 $ $ 12,215 49,200 $ $ 14,880 $ 34,320 Interest Bearing Liabilities: NOW Accounts $ 4,460 $ $ 4,343 9,576 $ $ $ 9,295 Money Market Accounts 6,287 1,228 5,049 3,467 3,455 Savings Accounts 2.00 (76) (18) Time Deposits 3,708 3,131 Short-Term Borrowings (971) (574) (403) Subordinated Notes Payable (7) - Other Long-Term Borrowings - (11) (12) Total $ 13,639 $ 1,234 $ 12,343 15,192 $ $ $ 14,769 Changes in Net Interest Income $ (176) $ (483) $ (128) $ 34,008 $ $ 14,457 $ 19,551 (1) This table shows the change in taxable equivalent net interest income for comparative periods based on either changes in average volume or changes in average rates for interest earning assets and interest bearing liabilities.
  • (2) Interest income includes the effects of taxable equivalent adjustments using a 21% tax rate to adjust on tax-exempt loans and securities and securities to a taxable equivalent basis.
  • Provision for Credit Losses For 2024, we recorded a provision for credit loss expense of $4.0 million ($5.0 million expense for loans held for investment (“HFI”) and $1.0 million benefit for unfunded loan commitments) compared to a provision expense of $9.7 million for 2023 ($9.5 million expense for loans HFI and $0.2 million expense for unfunded loan commitments), and a provision expense of $7.5 million for 2022 ($7.4 million expense for loans HFI and $0.1 million expense for unfunded loan commitments).
  • The decrease in the provision for loans HFI in 2024 was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration.
  • The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments.

and 458 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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