Page 1

October 26 , 2021 Capital City Bank Group Capital City Bank Group , Inc. Reports Third Quarter 2021 Results TALLAHASSEE , Fla . , Oct. 26 , 2021 ( GLOBE NEWSWIRE ) -- Capital City Bank Group , Inc. ( NASDAQ : CCBG ) today reported net income of $ 10.1 million , or $ 0.60 per diluted share , for the third quarter of 2021 compared to net income of $ 7.4 million , or $ 0.44 per diluted share , for the second quarter of 2021 , and $ 10.4 million , or $ 0.62 per diluted share , for the third quarter of 2020 . For the first nine months of 2021 , net income totaled $ 27.0 million , or $ 1.60 per diluted share , compared to net income of $ 23.8 million , or $ 1.42 per diluted share , for the same period of 2020. Net income for 2021 included partial pre - tax pension settlement charges totaling $ 2.5 million ( 3Q - $ 0.5 million and 2Q - $ 2.0 million ) , or $ 0.12 per diluted share ( after tax ) . Our return on average assets ( " ROA ” ) was 0.99 % and our return on average equity ( " ROE " ) was 11.72 % for the third quarter of 2021. These metrics were 0.75 % and 9.05 % for the second quarter of 2021 , respectively , and 1.17 % and 12.16 % for the third quarter of 2020 , respectively . For the first nine months of 2021 , our ROA was 0.92 % and our ROE was 10.87 % compared to 0.96 % and 9.50 % , respectively , for the same period of 2020 . QUARTER HIGHLIGHTS • Net interest income grew $ 1.7 million , or 6.5 % sequentially , driven by higher loan fees of $ 1.3 million ( primarily SBA PPP fees of $ 1.0 million ) and a better earning asset mix • Average loans , excluding PPP loans , grew $ 35 million and average investment securities increased $ 218 million • Strong credit quality metrics resulted in no loan loss provision for the quarter • Noninterest expense decreased $ 2.4 million due to lower pension settlement charges of $ 1.5 million and a $ 1.0 million gain from the sale of a banking office Capital City Home Loans ( " CCHL " ) contributed $ 0.06 per share • " Capital City posted strong third quarter results and , year over year , earnings have increased 13.4 % , " said William G. Smith , Jr. , Chairman , President and CEO of Capital City Bank Group . " Historically favorable credit quality continued to improve resulting in no provision for loan losses in the third quarter and a net provision credit year - to - date . Operating revenues improved as we experienced growth in both net interest income and noninterest income , while noninterest expense declined reflecting lower pension settlement charges and a gain on the sale of ORE ( office building ) . Our recent addition of Capital City Strategic Wealth ( a financial planning / advisory service ) is gaining traction and expands our portfolio of wealth management businesses . We continue to focus our expansion efforts on markets in west Florida and the northern arc of Atlanta . While challenges remain , we are identifying opportunities and executing on strategies we believe are sustainable and add long - term value for our shareowners . I am optimistic about the future and appreciate your