Recent Insider Transactions • May 29
President recently sold US$278k worth of stock On the 26th of May, Thomas Barron sold around 6k shares on-market at roughly US$46.38 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Thomas has been a net seller over the last 12 months, reducing personal holdings by US$607k. Declared Dividend • May 24
First quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Capital City Bank Group, Inc. announces Quarterly dividend, payable on June 15, 2026 Capital City Bank Group, Inc. announced Quarterly dividend of USD 0.2700 per share payable on June 15, 2026, ex-date on June 01, 2026 and record date on June 01, 2026. Price Target Changed • Apr 22
Price target increased by 7.7% to US$49.00 Up from US$45.50, the current price target is an average from 3 analysts. New target price is 7.8% above last closing price of US$45.47. Stock is up 24% over the past year. The company is forecast to post earnings per share of US$3.63 for next year compared to US$3.61 last year. Announcement • Apr 22
Capital City Bank Group, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2026 Capital City Bank Group, Inc. reported net charge-offs for the first quarter ended March 31, 2026. For the quarter, the company reported net charge-offs of $637,000 against $600,000 a year ago. Reported Earnings • Apr 21
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$0.92 (down from US$0.99 in 1Q 2025). Revenue: US$62.0m (up 2.2% from 1Q 2025). Net income: US$15.8m (down 6.2% from 1Q 2025). Profit margin: 26% (down from 28% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Announcement • Apr 08
Capital City Bank Group, Inc. to Report Q1, 2026 Results on Apr 20, 2026 Capital City Bank Group, Inc. announced that they will report Q1, 2026 results Pre-Market on Apr 20, 2026 Announcement • Mar 12
Capital City Bank Group, Inc., Annual General Meeting, Apr 21, 2026 Capital City Bank Group, Inc., Annual General Meeting, Apr 21, 2026. Location: florida state conference center, 555 west pensacola street, florida 32306, tallahassee United States Declared Dividend • Mar 04
Fourth quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 9th March 2026 Payment date: 23rd March 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.9% over the next 2 years. However, it would need to fall by 69% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 27
Capital City Bank Group, Inc. Increases Quarterly Cash Dividend, Payable on March 23, 2026 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.27 per share. It represents a 3.85% increase over the prior quarter dividend of $0.26 per share. The dividend produces an annualized rate of $1.08 per common share and is payable on March 23, 2026, to shareowners of record as of March 9, 2026. New Risk • Jan 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$3.61 (up from US$3.12 in FY 2024). Revenue: US$248.7m (up 7.7% from FY 2024). Net income: US$61.6m (up 16% from FY 2024). Profit margin: 25% (up from 23% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Capital City Bank Group, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Capital City Bank Group, Inc. reported net charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported Net Charge offs of $1,185,000 against $1670,000 a year ago. Announcement • Jan 09
Capital City Bank Group, Inc. to Report Q4, 2025 Results on Jan 27, 2026 Capital City Bank Group, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 27, 2026 Declared Dividend • Nov 24
Third quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 1st December 2025 Payment date: 15th December 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.6% over the next 2 years. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 21
Capital City Bank Group, Inc. Announces Quarterly Cash Dividend, Payable on December 15, 2025 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.26 per share. The dividend produces an annualized rate of $1.04 per common share and is payable on December 15, 2025, to shareowners of record as of December 1, 2025. The annualized dividend yield is 2.63% based on a closing stock price of $39.53 on November 19, 2025. Announcement • Nov 04
Capital City Bank Group, Inc. Announces Management Changes Capital City Bank announced that Alicia Williams-Ronan has assumed the role of chief retail officer. She succeeds Randy Lashua, who will retire on December 31 after 20 years of service. In this role, Williams-Ronan will oversee strategy and direct management for all retail sales, service and operations, leading 350 associates at 63 banking offices in Florida, Georgia and Alabama. Williams-Ronan joined Capital City Bank in 2005 and has advanced through roles in client service, technology and senior operations leadership, gaining broad expertise in both bank operations and retail banking. In April, she was identified as Lashua’s successor and named senior vice president of the Retail Banking Division. Since then, she has worked closely with him to ensure a smooth transition of leadership. Previously, Williams-Ronan served more than five years as Bank Operations Group manager, overseeing core departments including Deposit Services, Loan Servicing and Transactional Risk & Fraud Prevention. Her leadership in this role was instrumental in optimizing workflows, enhancing client satisfaction and mitigating risk to ensure the Bank remained resilient in a dynamic environment. Before joining the Capital City Bank team, Williams-Ronan spent more than 12 years at Publix Super Markets, where she gained extensive experience in various client service roles. She is a graduate of Flagler College, where she earned her bachelor’s degree in accounting. Beyond her professional responsibilities, Williams-Ronan is dedicated to her community, and is a long-time supporter of the United Way of the Big Bend. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$328k sold). Reported Earnings • Oct 21
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.93 (up from US$0.77 in 3Q 2024). Revenue: US$64.0m (up 9.4% from 3Q 2024). Net income: US$16.0m (up 22% from 3Q 2024). Profit margin: 25% (up from 22% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.3%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Oct 21
Capital City Bank Group, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025 Capital City Bank Group, Inc. reported net charge-Offs for the third quarter ended September 30, 2025. For the quarter, the company reported net charge-Offs of $1,210,000 against $1,262,000 a year ago. Announcement • Oct 15
Capital City Bank Group, Inc. to Report Q3, 2025 Results on Oct 21, 2025 Capital City Bank Group, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 21, 2025 Declared Dividend • Sep 01
Second quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 8th September 2025 Payment date: 22nd September 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 23% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Aug 29
Capital City Bank Group, Inc. Declares Quarterly Cash Dividend, Payable on September 22, 2025 Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.26 per share. It represents an 8.33% increase over the prior quarter dividend of $0.24 per share. The dividend produces an annualized rate of $1.04 per common share and is payable on September 22, 2025, to shareowners of record as of September 8, 2025. Recent Insider Transactions • Aug 19
President & Director recently sold US$328k worth of stock On the 14th of August, Thomas Barron sold around 8k shares on-market at roughly US$41.06 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Thomas has been a net seller over the last 12 months, reducing personal holdings by US$430k. New Risk • Jul 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.88 (up from US$0.84 in 2Q 2024). Revenue: US$62.6m (up 8.5% from 2Q 2024). Net income: US$15.0m (up 6.3% from 2Q 2024). Profit margin: 24% (in line with 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jul 11
Capital City Bank Group, Inc. to Report Q2, 2025 Results on Jul 22, 2025 Capital City Bank Group, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 22, 2025 Announcement • Jul 10
Capital City Bank Announces Appointment of William G. Smith to Board of Directors Capital City Bank announced William G. Smith III has joined its board of directors, continuing a family legacy spanning four generations. Smith, who is now in his 18 year of service with Capital City Bank, is chief lending officer responsible for driving the lending strategies of the Bank. With this appointment, Smith continues a proud family legacy, becoming the fourth generation of Smiths to serve on the Capital City Bank Board of Directors. The tradition began in 1919 with the appointment of William Henry Smith. In 1937, his widow, Fanny Smith, was elected to the board alongside her son, Godfrey Smith, who dedicated 62 years to Capital City Bank. The current Capital City Bank Group Chairman and CEO, William G. Smith Jr., began his career with Capital City Bank in 1978 and was elected to the board in 1995. Smith joined Capital City Bank in 2007 and has since developed expertise in a range of specialties, including small business, commercial banking, special assets and private banking. He has held several key leadership roles over his tenure, gradually expanding his sphere of responsibility. As a market president from 2020 until 2023, Smith led the revenue and lending functions for Leon County. In 2023, he was promoted to North Florida Region executive, overseeing an operational area that included Leon, Gadsden, Jefferson, Madison, Taylor and Wakulla counties in Florida and Grady County in Georgia. In January of 2025, he was appointed to chief lending officer, where he now leads the Bank’s lending strategies and operations. Announcement • Jun 04
Capital City Bank Group, Inc. Appoints Tom Barron as President, Effective as of July 1, 2025 Capital City Bank Group, Inc. announced that Tom Barron, who has dedicated 51 years to Capital City Bank, including the last 30 as president, has been appointed president of Capital City Bank Group, effective as of July 1, 2025. In this new capacity, he will continue to be engaged in the management of the Bank and guide the Company’s growth. Additionally, William G. Smith Jr. will continue as Capital City Bank Group chairman and CEO, overseeing corporate strategy and governance while guiding the long-term financial performance of the Company. Barron has played an integral role in helping guide the Company through industry shifts and an evolving banking landscape. Barron was among the original architects of Capital City Bank Group, which was formed as a multi-bank holding company in 1984, and a principal player in subsequently consolidating the seven-member family of brands under the single name of Capital City Bank in 1995. Barron holds an MBA from Florida State University and served as president of the Community Bankers of Florida in 1989. He currently serves on the boards of Capital Health Plan and Tall Timbers. A former chair of the Southeastern Community Blood Center, Greater Tallahassee Chamber of Commerce, United Way of the Big Bend, Seminole Boosters and Hollins University, Barron has demonstrated community leadership and advocacy throughout his career. Declared Dividend • Jun 02
First quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 9th June 2025 Payment date: 23rd June 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 2.4% over the next year. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • May 30
Capital City Bank Group, Inc. Declares Quarterly Cash Dividend, Payable on June 23, 2025 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.24 per share. The dividend produces an annualized rate of $0.96 per common share and is payable on June 23, 2025 to shareowners of record as of June 9, 2025. The annualized dividend yield is 2.52% based on a closing stock price of $38.06 on May 28, 2025. Reported Earnings • Apr 21
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.99 (up from US$0.74 in 1Q 2024). Revenue: US$60.7m (up 9.3% from 1Q 2024). Net income: US$16.9m (up 34% from 1Q 2024). Profit margin: 28% (up from 23% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Capital City Bank Group, Inc. Reports Unaudited Net Charge-Offs for the First Quarter Ended March 31, 2025 Capital City Bank Group, Inc. reported unaudited net charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported net charge-offs of $600,000 against $1,494,000 a year ago. Announcement • Apr 09
Capital City Bank Group, Inc. to Report Q1, 2025 Results on Apr 21, 2025 Capital City Bank Group, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 21, 2025 Announcement • Mar 15
Capital City Bank Group, Inc., Annual General Meeting, Apr 22, 2025 Capital City Bank Group, Inc., Annual General Meeting, Apr 22, 2025. Location: florida state university, turnbull conference center, 555 west pensacola street, tallahassee, florida 32306, United States Reported Earnings • Mar 12
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.12 (up from US$3.08 in FY 2023). Revenue: US$230.9m (up 4.5% from FY 2023). Net income: US$52.9m (up 1.3% from FY 2023). Profit margin: 23% (in line with FY 2023). Net interest margin (NIM): 4.08% (up from 4.05% in FY 2023). Cost-to-income ratio: 70.3% (up from 68.0% in FY 2023). Non-performing loans: 0.24% (up from 0.23% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 03
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 10th March 2025 Payment date: 24th March 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
Capital City Bank Group, Inc. Declares Quarterly Cash Dividend, Payable on March 24, 2025 Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.24 per share. It represents a 4.35% increase over the prior quarter dividend of $0.23 per share. The dividend produces an annualized rate of $0.96 per common share and is payable on March 24, 2025 to shareowners of record as of March 10, 2025. Reported Earnings • Jan 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.12 (up from US$3.08 in FY 2023). Revenue: US$230.9m (up 4.5% from FY 2023). Net income: US$52.9m (up 1.3% from FY 2023). Profit margin: 23% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. Independent Director Ash Williams was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Nov 25
Third quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 9th December 2024 Payment date: 23rd December 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Nov 22
Capital City Bank Group, Inc. declares Quarterly Cash Dividend, Payable on December 23, 2024 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.23 per share. The dividend produces an annualized rate of $0.92 per common share and is payable on December 23, 2024 to shareowners of record as of December 9, 2024. Price Target Changed • Nov 20
Price target increased by 8.4% to US$41.00 Up from US$37.83, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of US$38.35. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$3.08 for next year compared to US$3.08 last year. Reported Earnings • Oct 22
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.77 (up from US$0.74 in 3Q 2023). Revenue: US$58.5m (up 9.1% from 3Q 2023). Net income: US$13.1m (up 3.7% from 3Q 2023). Profit margin: 22% (down from 24% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Oct 10
Capital City Bank Announces Chief Information Security Officer Changes Capital City Bank has reported the promotion of Matthew Henderson to chief information security officer, as of October 1, 2024. The company said Henderson succeeds LeAnne Staalenburg McCorvey, who will retire on December 31, 2024. In this role, Henderson leads the Corporate Security & Risk Department, overseeing both the information and physical security teams. His responsibilities include developing, overseeing, monitoring, managing and reporting on the security program in accordance with policy. Henderson began his career with Capital City Bank in September 2022 as an information security officer. In this role, he focused on information security, physical security, vendor management, business continuity and incident response initiatives. with over 15 years of experience in information technology, cybersecurity, information security and physical security across various industries, Henderson brings a wealth of knowledge to his new position. He also serves on several advisory boards and committees within the financial sector, including the American Bankers Association's Cybersecurity and Operational Resilience Advisory Committee, the Risk and Compliance Conference Board and the Cyber Risk Institute's Joint Standards Committee. Beyond his professional roles, the company said, Henderson is actively engaged in the community. He is a member of Celebration Baptist Church, Shriners International and the Tallahassee Tennis Association. Additionally, he volunteers with Big Brothers Big Sisters of the Big Bend. Recent Insider Transactions • Sep 13
Treasurer & Director recently sold US$101k worth of stock On the 10th of September, Thomas Barron sold around 3k shares on-market at roughly US$33.81 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$282k. Insiders have been net sellers, collectively disposing of US$293k more than they bought in the last 12 months. Declared Dividend • Sep 02
Second quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 9th September 2024 Payment date: 23rd September 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.9% over the next year. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • Aug 30
Capital City Bank Group, Inc. Increases Quarterly Cash Dividend, Payable on September 23, 2024 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.23 per share. It represents a 9.5% increase over the prior quarter dividend of $0.21 per share. The dividend produces an annualized rate of $0.92 per common share and is payable on September 23, 2024 to shareowners of record as of September 9, 2024. Announcement • Aug 14
Capital City Bank Promotes Lynne Jensen to Chief Technology Officer Capital City Bank announced Lynne Jensen has been promoted to Chief Technology Officer. As Chief Technology Officer, Jensen will spearhead the development and execution of comprehensive technology strategy, ensuring alignment with organizational mission and strategic goals. She will provide strategic and technical direction across product development, cybersecurity, application architecture, artificial intelligence platforms, infrastructure management, budgeting, operational efficiency, associate growth, and future processes and system alterations. With nearly three decades of experience in the technology sector, Jensen began her career with Capital City Bank in October 2004 and has held instrumental positions throughout her tenure. In her most recent role as IT network manager, Jensen oversaw critical technological initiatives and operational functions that led to continuous growth and innovation within the Bank. Before joining Capital City Bank, Jensen honed her skills as a network engineer at the Florida House of Representatives and held key roles such as director of Information Technology/Information Security officer at PresGar Companies, vice president of Information Technology at iLIANT Corporation and director of Information Technology at Medical Manager Health Systems/WebMD. Jensen’s educational background includes a Bachelor of Science in Information Technology from Colorado Technical University. In addition to her professional accomplishments, Lynne remains actively engaged in volunteer work, dedicating her time and expertise to animal welfare causes through organizations like Born Free USA where she has volunteered the past eight years. Price Target Changed • Aug 13
Price target increased by 11% to US$37.50 Up from US$33.67, the current price target is an average from 3 analysts. New target price is 19% above last closing price of US$31.54. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of US$3.09 for next year compared to US$3.08 last year. Announcement • Aug 08
Capital City Bank Announces Ashley Leggett as Chief People Officer Capital City Bank Group, Inc. Capital City Bank announces Ashley Leggett has been named Chief People Officer with the responsibility of overseeing a newly formed talent division comprised of the Human Resources, Culture, and Learning and Development departments. In this role, she will drive collaboration across these critical areas, unifying them around a shared goal of delivering extraordinary associate experiences throughout their lifecycles with the Bank. A Tallahassee native and second-generation banker, Leggett began her banking career in 2008 and held positions as a relationship banker in Commercial Real Estate, Institutional Banking and Business Banking before transitioning into Human Resources. Most recently, Leggett has served the last 18 months in the role of Human Resources senior operations manager, leveraging her 16-year record of service and wealth of experience across multiple disciplines of the Company to drive initiatives that have positively impacted the company's workforce. She earned her bachelor’s degree from the University of Florida and is a graduate of the Florida Bankers Association Florida School of Banking. Leggett exemplifies Capital City Culture and ideals through her professional integrity and devotion to community. She was the 2024 recipient of the Julian V. Smith Community Involvement Award, which Capital City Bank confers annually to recognize one associate who best embodies the spirit of volunteerism and selflessly gives of themselves for the benefit of others. Her profound community-mindedness is revealed through extensive community commitments, which include service on the board of the Urban Land Institute, chair of the Blueprint Intergovernmental Agency Citizens Advisory Committee, treasurer at Chaires Methodist Church and secretary of 211 Big Bend. Additionally, Leggett is a former chair of the American Heart Association and Ronald McDonald House Charities of Tallahassee. Leggett’s outstanding leadership and community engagement were recognized in 2023 when she was named Leadership Pacesetter—one of four prestigious Distinguished Leadership Awards conferred annually by Leadership Tallahassee. Announcement • Jul 03
Capital City Bank Group, Inc.(NasdaqGS:CCBG) dropped from Russell Small Cap Comp Growth Index Capital City Bank Group, Inc.(NasdaqGS:CCBG) dropped from Russell Small Cap Comp Growth Index Announcement • May 31
Capital City Bank Group, Inc. Declares Cash Dividend, Payable on June 24, 2024 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.21 per share. The dividend produces an annualized rate of $0.84 per common share and is payable on June 24, 2024 to shareowners of record as of June 10, 2024. The annualized dividend yield is 3.14% based on a closing stock price of $26.74 on May 29, 2024. Announcement • May 15
Capital City Bank Group, Inc. announced delayed 10-Q filing On 05/13/2024, Capital City Bank Group, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Apr 23
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.74 (down from US$0.88 in 1Q 2023). Revenue: US$55.5m (down 6.7% from 1Q 2023). Net income: US$12.6m (down 16% from 1Q 2023). Profit margin: 23% (down from 25% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.5%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 23
Capital City Bank Group, Inc. Reports Unaudited Net Charge-Offs for the First Quarter Ended March 31, 2024 Capital City Bank Group, Inc. reported unaudited net charge-offs for the first quarter ended March 31, 2024. For the quarter, the company reported net charge-offs of $1,494,000 against $1,520,000 a year ago. Announcement • Mar 15
Capital City Bank Group, Inc., Annual General Meeting, Apr 23, 2024 Capital City Bank Group, Inc., Annual General Meeting, Apr 23, 2024, at 10:00 US Eastern Standard Time. Location: Florida State University Turnbull Conference Center, 555 West Pensacola Street, 32301 Tallahasee Florida United States Agenda: To vote on 12 nominees for election to the Board of Directors; to vote on ratification of the appointment of FORVIS, LLP as independent registered public accounting firm for the current fiscal year; and to transact other business properly coming before the meeting or any postponement or adjournment of the meeting. Reported Earnings • Mar 15
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$3.08 (up from US$1.97 in FY 2022). Revenue: US$220.9m (up 15% from FY 2022). Net income: US$52.3m (up 56% from FY 2022). Profit margin: 24% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.05% (up from 3.14% in FY 2022). Cost-to-income ratio: 68.0% (down from 75.6% in FY 2022). Non-performing loans: 0.23% (up from 0.09% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Mar 04
Fourth quarter dividend of US$0.21 announced Shareholders will receive a dividend of US$0.21. Ex-date: 8th March 2024 Payment date: 25th March 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (25% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 7.4% over the next 2 years. However, it would need to fall by 73% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 01
Capital City Bank Group, Inc. Increases Quarterly Cash Dividend, Payable on March 25, 2024 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.21 per share. It represents a 5% increase over the prior quarter of $0.20. The dividend produces an annualized rate of $0.84 per common share and is payable on March 25, 2024 to shareowners of record as of March 11, 2024. Announcement • Jan 23
Capital City Bank Group, Inc. Reports Net Charges Offs for the Fourth Quarter Ended December 31, 2023 Capital City Bank Group, Inc. reported net charges offs for the fourth quarter ended December 31, 2023. for the quarter, the company reported Net Charge-Offs of $1,562,000 against $1,317,000 a year ago. Announcement • Nov 23
Capital City Bank Group Receives Notice from Nasdaq Capital City Bank Group, Inc. announced that it has received a notice stating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”), the Company is no longer in compliance with the continued listing requirements of Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The notice from Nasdaq has no immediate effect on the listing or trading of common stock on the Nasdaq Global Select Market. Under Nasdaq’s listing rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 10-Q’s due date to regain compliance. The Company expects to submit a plan to regain compliance or file its Form 10-Q with the Securities and Exchange Commission within the timeline prescribed by Nasdaq. The Company intends to file its Form 10-Q as promptly as practicable. Announcement • Nov 17
Capital City Bank Group, Inc. Announces Quarterly Cash Dividend, Payable on December 18, 2023 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.20 per share. The dividend produces an annualized rate of $0.80 per common share and is payable on December 18, 2023 to shareowners of record as of December 4, 2023. The annualized dividend yield is 2.76% based on a closing stock price of $29.02 on November 15, 2023. Announcement • Nov 15
Capital City Bank Group, Inc. announced delayed 10-Q filing On 11/13/2023, Capital City Bank Group, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.78 (up from US$0.67 in 3Q 2022). Revenue: US$56.9m (up 5.0% from 3Q 2022). Net income: US$13.2m (up 17% from 3Q 2022). Profit margin: 23% (up from 21% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 01
Upcoming dividend of US$0.20 per share at 2.6% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 25 September 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.7%). Announcement • Aug 25
Capital City Bank Group, Inc. Increases Quarterly Cash Dividend on its Common Stock, Payable on September 25, 2023 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.20 per share. It represents an 11.1% increase over the prior quarter of $0.18. The dividend produces an annualized rate of $0.80 per common share and is payable on September 25, 2023 to shareowners of record as of September 11, 2023. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: EPS: US$0.86 (up from US$0.51 in 2Q 2022). Revenue: US$60.7m (up 17% from 2Q 2022). Net income: US$14.6m (up 67% from 2Q 2022). Profit margin: 24% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
Capital City Bank Group, Inc. Declares Quarterly Cash Dividend, Payable on June 20, 2023 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.18 per share. The dividend produces an annualized rate of $0.72 per common share and is payable on June 20, 2023, to shareowners of record as of June 5, 2023. The annualized dividend yield is 2.41% based on a closing stock price of $29.82 on May 24, 2023. Reported Earnings • Apr 25
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$0.88 (up from US$0.50 in 1Q 2022). Revenue: US$59.5m (up 18% from 1Q 2022). Net income: US$15.0m (up 77% from 1Q 2022). Profit margin: 25% (up from 17% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$29.61, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 74% over the past three years. Reported Earnings • Jan 26
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$2.37 (up from US$1.98 in FY 2021). Revenue: US$211.9m (flat on FY 2021). Net income: US$40.1m (up 20% from FY 2021). Profit margin: 19% (up from 16% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Nov 25
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 02 December 2022. Payment date: 19 December 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.9%). Recent Insider Transactions • Nov 23
Treasurer & Director recently sold US$105k worth of stock On the 18th of November, Thomas Barron sold around 3k shares on-market at roughly US$35.05 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$107k more than they bought in the last 12 months. Announcement • Nov 18
Capital City Bank Group, Inc. Announces Cash Dividend, Payable on December 19, 2022 The Board of Directors of Capital City Bank Group, Inc. declared a quarterly cash dividend on its common stock of $0.17 per share. The dividend produces an annualized rate of $0.68 per common share and is payable on December 19, 2022 to shareowners of record as of December 5, 2022. The annualized dividend yield is 1.94% based on a closing stock price of $34.97 on November 16, 2022. Buying Opportunity • Nov 03
Now 20% undervalued Over the last 90 days, the stock is up 6.0%. The fair value is estimated to be US$43.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 68% in the next 2 years. Reported Earnings • Oct 26
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.67 (up from US$0.60 in 3Q 2021). Revenue: US$54.2m (flat on 3Q 2021). Net income: US$11.3m (up 12% from 3Q 2021). Profit margin: 21% (up from 19% in 3Q 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Sep 02
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (3.2%). Seeking Alpha • Aug 23
Capital City Bank Group: A Well-Run Bank But A Bit Too Expensive For Me Capital City has a strong history of keeping its loan losses limited. This protects the net income.
Despite the seemingly lower-than-average risk, I'm not going long.
Trading at 2x TBV and at in excess of 15 times earnings, the bank's valuation is a bit too high for me.
The upside potential could come from acting as a consolidator in the area, gobbling up smaller banks.
Introduction
Capital City Bank Group (CCBG) is a Florida based bank holding company doing business as the Capital City Bank. As this is a relatively small player in the Florida market, there appear to be plenty of potential bolt-on acquisitions for Capital City to pursue.
CCBG Investor Relations
As shown in its presentation, the bank is targeting the smaller local banks with 200-600M USD in total assets on the balance sheet. Considering Capital City had a total balance sheet size of $4.35B, smaller acquisitions should be easy to digest and allow for Capital City to create economies of scale while targeting banks with a specific loan book profile.
CCBG data by YCharts
Keeping the damage to the book value limited in the first semester
The gradual increase of the interest rates is also slowly hitting Capital City's bottom line. During the second quarter, the bank saw its total interest income increase from $26.8M a year ago to $29.3M in the second quarter of the current financial year while the total interest expenses increased by just $0.13M. The combination of both resulted in a net interest income of $28.3M, up from the just under $26M in Q2 last year and substantially higher than the sub-$25M result in the first quarter of this year.
CCBG Investor Relations
The bank also kept the net non-interest expenses relatively stable compared to the second quarter of last year: the net non-interest expense came in at just over $15.5M in Q2 of this year, which is pretty much unchanged compared to last year's result. That's encouraging as the mortgage banking revenue fell by in excess of 30% due to lower volumes, but fortunately, the deposit fees and wealth management fees mitigate the impact.
This resulted in a pre-tax income of $11.2M after taking the $1.5M in loan loss provisions into account and that's about $0.3M higher than in Q2 last year, despite recording a reversal of loan loss provisions of almost $0.6M last year. A good result indeed, and after deducting the net income attributable to minority shareholders, the net income attributable to Capital City's common shareholders was $8.7M which works out to be $0.51. The total EPS in the first half of the year was $1.01. While that's only one cent higher than the EPS in H1 2021, keep in mind Capital City recorded a loan loss provision of $1.5M this year while it was able to unwind in excess of $1.55M in provisions in the first half of last year.
One of the most interesting features of Capital City's balance sheet is the very high exposure to cash and securities. Of the $4.35B in assets, almost $700M is held in cash, with an additional $1.13B invested in securities. This means that in excess of 40% of the balance sheet has been invested in liquid assets. And that includes the unrealized loss on securities available for sale in the first six months of the year as higher interest rates are reducing the market value of securities.
CCBG Investor Relations
Looking at the $2.2B loan book, the break-down is interesting as well, as this Florida-based lender isn't overweight in any of the categories. Sure, the commercial mortgage exposure is higher than the other asset classes on the balance sheet, but it's clear CCBG is focusing on having exposure to diverse asset classes. It is too bad the LTV ratio of the real estate loans wasn't disclosed, but looking at the low amount of loans past due and non-accrual loans, it looks like Capital City has a good grip on its loan book.
CCBG Investor Relations
As of the end of June, the total amount of non-accrual loans was $3.14M while an additional $3.55M of the loans were classified as 'past due' of which about 80% was less than two months past due. Interestingly, it's mainly the residential loans and home equity loans in the non-accrual category as they account for almost 80% of the total non-accrual loans. As these are backed by real estate assets, the potential loss for the bank should be pretty low. And with in excess of $21M in loan loss provisions set aside for sour loans, the bank already has a cushion in place for a soft landing in case the loan book worsens. Price Target Changed • Jul 29
Price target increased to US$33.90 Up from US$31.50, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$32.39. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$2.41 for next year compared to US$1.98 last year. Reported Earnings • Jul 27
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.51 (up from US$0.44 in 2Q 2021). Revenue: US$51.7m (down 2.5% from 2Q 2021). Net income: US$8.71m (up 17% from 2Q 2021). Profit margin: 17% (up from 14% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 3.8%. Over the next year, revenue is forecast to grow 12%, compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. 
