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Capital City Bank Group 2020 Annual Report Annual Shareowners’ Virtual Meeting

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Capital City Bank Group 2020 Annual Report Annual Shareowners’ Virtual Meeting CAPITAL CITY BANK GROUP 2020 ANNUAL REPORT ANNUAL SHAREOWNERS’ VIRTUAL MEETING APRIL 27, 2021 | 10 A.M. E.T. About Capital City Bank Group, Inc. Capital City Bank Group, Inc. (Nasdaq:CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $3.8 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards and securities brokerage services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 57 banking offices and 86 ATMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group,Inc., visit www.ccbg.com. DEAR SHAREOWNERS AS I WRITE TO YOU TODAY – with another year under our belt and much progress made in the global pandemic crisis – I am feeling optimistic and encouraged about where we’ve been and where we’re headed. We celebrated our 125th anniversary on April 1 amid Whether working from their homes or their offices, lockdowns and stay-at-home orders. Although our associates have shown true heroism. Because of circumstances made it necessary to forgo a number of their commitment, we did not falter in our obligation the special celebrations we had planned, we were to our clients and communities. purposeful about taking moments throughout the year to acknowledge this rare and momentous milestone. CLIENTS IN CRISIS: SUPPORTING OUR BORROWERS AND BUSINESS COMMUNITIES The celebration did not look the way we envisioned, As prolonged pandemic conditions made it difficult and that’s okay. At the end of the day, we spent our for many to work and do business, we were able to 125th year in business doing what we’ve done for support these clients by providing short-term loan generations – protecting what is precious to our extensions for loans totaling $333 million and clients: their livelihoods, their finances, their participating in all rounds of the Paycheck Protection businesses, their dreams and their futures. Program (PPP). DISTANCED BUT NOT DISCONNECTED: To date, our PPP effort, which was fueled by PROVIDING CONSISTENCY AMID UNCERTAINTY countless hours of support from our corporate As the reality of the pandemic intensified, lockdown banking team, business bankers and lenders, orders sent communities home and storefronts fell has provided 3,059 loans, approximately silent, but our clients still needed their bankers. The $250 million in assistance and helped safeguard way we do business changed virtually overnight, but 33,588 jobs. the distance did nothing to dampen our resolve to continue serving our clients consistently, reliably and 2020 & BEYOND: BUSINESS AND FINANCIAL exceptionally well. HIGHLIGHTS In spite of the enormous pressure from the economic Photography by Colin Hackley Photography Separation from our clients and each other was a effects of the pandemic, Capital City made good tough transition – especially considering our roots as progress overall. a community bank built on relationships and personal connections, where hugs are as common as Earnings of $31.6 million, or $1.88 per share, finished handshakes. But our deeply rooted belief in valuing the year slightly ahead of 2019. Total assets increased people and relationships prepared us for the task. $709 million, or 23%, the largest single-year growth in the history of the Company. Despite the stressed I am proud of and grateful to our associates, who environment for our borrowers and businesses, credit bridged the transition as our lobbies closed and quality metrics remained stable throughout the year ensured our clients did not feel an absence. with minimal defaults and credit losses. Noninterest income was very strong in 2020, driven how Capital City Bank leveraged technology to by higher mortgage banking revenues attributable to better serve our clients in a contactless world. the strategic alliance with Capital City Home Loans. Other fee revenues held firm, and revenues from KEY TAKEAWAYS: FINAL THOUGHTS ON 2020 Wealth Management and bank card fees grew 5.3% AND THE WAY FORWARD and 8.8%, respectively. All things considered, 2020 was a landmark year in Capital City history. Certainly the challenges were The integration of Capital City Home Loans and numerous and profound, but 2020 afforded us a management of our core bank expenses, which singular opportunity to reflect on our history and declined by $3.6 million, drove a lower efficiency what has enabled our longevity. ratio. As expense reduction is never a one-and-done effort, dedicated resources were allocated in 2020 to The pandemic allowed us to step up and be the continuously assess and identify opportunities to bankers our clients needed during what proved to be reduce costs associated with our banking office an extraordinarily difficult time. It also gave us an network and occupancy. opportunity to show our own associates that just as they were taking care of their clients, Capital City Our physical footprint underwent several major Bank would take care of them. changes in 2020, as expansion into markets with different demographics remains a key strategy. We Viewed through that lens, 2020 provided us opened a full-service retail banking office in Panama something beyond measure. It allowed us to City Beach, Fla., where we have operated a loan demonstrate the values on which we were founded production office since 2018. We welcomed clients and are still driven by today: putting people first and to our new home in Port St. Joe, Fla. – a move that has doing the right thing. been in the making since Hurricane Michael caused extensive damage to our previous building in late In 125 years, Capital City Bank has been tested. We 2018. Additionally, we established a presence in have endured two World Wars, the Great Walton County, Fla. by opening a loan production Depression, the Great Recession, radical social, office. Plans are already in motion to deepen our economic and industry changes, and now a global relationship in Walton County and the Northern Arc pandemic. With each test, we have emerged better of Atlanta, Ga., where our partnership with Capital than before, thanks to the strength of our brand – City Home Loans provides a solid foothold, through More than your bank. Your banker. – and the the addition of full-service banking offices later this commitment of our people to live by a philosophy year. Finally, late 2021/early 2022 will bring a third that champions the simplest and most basic of values. full-service banking office in Gainesville, Fla. It is a way of doing business born 125 years ago that is as relevant today as ever. As long as those values On the digital front, we have long been committed to remain at the heart of what we do, I will not fear for investing in the right technology to support our the future. clients’ banking needs and preferences, and we were well positioned to provide uninterrupted banking As always, I welcome your comments and questions. services via multiple business channels when the pandemic hit. In 2019, we began an enterprise-wide Your banker, project to upgrade our ATM fleet and have gradually added Virtual Tellers in many of our markets, which offer a person-to-person experience at the ATM through video-chat technology. Combined with our mobile and online banking tools, these technologies William G. Smith, Jr. were central to our pandemic response. We also Chairman, President and launched a new website in April – another example of Chief Exectutive Officer FINANCIAL HIGHLIGHTS ($ in Thousands, Except Per Share Data) FOR THE YEAR 2020 2019 2018 Net Income $ 31,576 $ 30,807 $ 26,224(1) PER COMMON SHARE DATA Net Income - Basic $ 1.88 $ 1.84 $ 1.54 Net Income - Diluted 1.88 1.83 1.54 Book Value 19.05 19.40 18.00 KEY RATIOS Return on Average Assets 0.93% 1.03% 0.92% Return on Average Equity 9.36% 9.72% 8.89% Net Interest Margin 3.30% 3.85% 3.64% Total Capital 17.30% 17.90% 17.13% Tier 1 Leverage 9.33% 11.25% 10.89% Tangible Capital 6.25% 8.06% 7.58% BALANCE SHEET DATA Average Loans(2) $2,038,701 $1,822,087 $1,718,348 Average Earning Assets 3,083,675 2,697,098 2,561,884 Average Total Assets 3,391,071 2,987,056 2,857,148 Average Non-Interest Bearing Deposits 1,254,214 1,012,581 907,571 Average Deposits 2,844,347 2,537,489 2,422,973 Average Shareowners' Equity 337,313 317,072 294,864 (1) Includes $3.3 million, or $0.19 per diluted share in income tax benefits attributable to pension contributions made in 2018 for the 2017 plan year. (2) Includes loans held for investment and loans held for sale. BOARD OF DIRECTORS William G. Smith, Jr. Allan G. Bense Cader B. Cox, III Eric Grant Chairman, President and CEO Chairman and Secretary President Chief Executive Officer Bense Enterprises, Inc. Riverview Plantation, Inc. Municipal Code Corporation Capital City Bank Group, Inc. Serving Since 2013 Serving Since 1994 Serving Since 2017 Serving Since 1982 Frederick Carroll, III Marshall M. Criser, III Laura Johnson Robert Antoine Tax Professional Chancellor Chief Executive Officer Certified Internal Auditor and Carroll and Company, CPAs State University Coton Colors Certified Public Accountant Serving Since 2003 System of Florida Serving Since 2017 Serving Since 2019 Serving Since 2018 Stanley W. Connally, Jr. John G. Sample, Jr. Thomas A. Barron Executive Vice President, J. Everitt Drew Certified Public Accountant President Operations President Serving Since 2016 Capital City Bank Southern Company Services, Inc. SouthGroup Equities, Inc. Serving Since 1982 Serving Since 2017 Serving Since 2003 SENIOR MANAGEMENT William G. Smith, Jr.
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