TALLAHASSEE, Fla., July 23, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ:CCBG) today reported net income attributable to common shareowners of $14.2 million, or $0.83 per diluted share, for the second quarter of 2024 compared to $12.6 million, or $0.74 per diluted share, for the first quarter of 2024, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2023. QUARTER HIGHLIGHTS (2nd Quarter 2024 versus 1st Quarter 2024) Income Statement Tax-equivalent net interest income totaled $39.3 million compared to $38.4 million for the prior quarter - total deposit cost increased 10 basis points to 95 basis points – net interest margin increased one basis point to 4.02% Stable credit quality metrics and credit loss provision - net loan charge-offs were 18 basis points (annualized) of average loans – allowance coverage ratio increased 2 basis points to 1.09% at June 30, 2024 Noninterest income increased $1.5 million, or 8.3%, due to higher mortgage banking revenues Noninterest expense was well-controlled with a $0.3 million, or 0.7%, increase for the quarter Reduction in effective tax rate reflected a new investment in a solar tax credit fund    Balance Sheet Loan balances decreased $1.9 million, or 0.1% (average), and declined $40.9 million, or 1.5% (end of period) Deposit balances increased by $64.5 million, or 1.8% (average), and decreased $46.2 million, or 1.3% (end of period) Tangible book value per diluted share (non-GAAP financial measure) increased $0.72, or 3.4% Commenting on the company's results, William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO, said, "I am pleased with the quarter and how the year is progressing. Our disciplined approach resulted in tangible book value growth of 3.4% for the quarter, driven by margin expansion and stable credit quality. We are poised for a successful year and remain focused on initiatives that drive sustained core profitability." Discussion of Operating Results Net Interest Income/Net Interest Margin Tax-equivalent net interest income for the second quarter of 2024 totaled $39.3 million, compared to $38.4 million for the first quarter of 2024, and $40.2 million for the second quarter of 2023. Compared to the first quarter of 2024, the increase was primarily due to higher overnight funds and loan interest income that was partially offset by higher deposit interest expense. The increase in overnight funds interest income reflected higher average deposit balances and the increase in loan interest income reflected existing loans re-pricing at higher rates and new loan volume at higher rates. The increase in deposit interest expense was attributable to higher average money market account ("MMA") balances and to a lesser extent certificates of deposit ("CD") balances and reflected a combination of re-mix from other deposit categories and higher rates for certain products. Compared to the second quarter of 2023, the $0.9 million decrease was generally driven by higher deposit interest expense and lower overnight funds and investment interest income, which outpaced an increase in loan interest income. For the first six months of 2024, tax-equivalent net interest income totaled $77.8 million compared to $80.7 million for the same period of 2023. The decrease was primarily driven by the same aforementioned trends. Our net interest margin for the second quarter of 2024 was 4.02%, an increase of one basis point over the first quarter of 2024 and a decrease of four basis points from the second quarter of 2023. For the month of June 2024, our net interest margin was 4.04%. For the first six months of 2024, our net interest margin was 4.01% compared to 4.05% for the same period of 2023. Compared to the first quarter of 2024, the slight increase was primarily due to the favorable loan repricing that was partially offset by higher deposit cost. The decrease from both prior year periods reflected higher deposit cost related to re-mix within the deposit base and higher rates paid on deposits, partially offset by higher yields from new loan volume and existing loans repricing at higher rates.   For the second quarter of 2024, our cost of funds was 97 basis points, an increase of nine basis points over the first quarter of 2024 and an increase of 46 basis points over the second quarter of 2023. Our cost of deposits (including noninterest bearing accounts) was 95 basis points, 85 basis points, and 43 basis points, respectively, for the same periods.      Provision for Credit Losses We recorded a provision for credit losses of $1.2 million for the second quarter of 2024 compared to $0.9 million for the first quarter of 2024 and $2.2 million for the second quarter of 2023. Compared to the first quarter of 2024, the increase in the provision was primarily due to loan grade migration and slightly higher loss rates partially offset by lower loan balances. For the first six months of 2024, we recorded a provision for credit losses of $2.1 million compared to $5.3 million for the same period of 2023 with the decrease driven primarily by lower new loan volume in 2024.   We discuss the allowance for credit losses further below. Noninterest Income and Noninterest Expense Noninterest income for the second quarter of 2024 totaled $19.6 million compared to $18.1 million for the first quarter of 2024 and $20.0 million for the second quarter of 2023. The $1.5 million increase over the first quarter of 2024 was due to an increase in mortgage banking revenues driven by higher production. Compared to the second quarter of 2023, the $0.4 million decrease was primarily attributable to a $1.7 million decrease in other income, which reflected a $1.4 million gain from the sale of mortgage servicing rights in the second quarter of 2023, partially offset by a $1.0 million increase in mortgage banking revenues driven by a higher gain on sale margin, and a $0.3 million increase in wealth management fees.    For the first six months of 2024, noninterest income totaled $37.7 million, which is comparable to the same period of 2023 and reflected a $2.0 million decrease in other income that was partially offset by a $1.0 increase in wealth management fees and a $1.0 million increase in mortgage banking revenues. The decrease in other income was primarily attributable to the aforementioned $1.4 million gain from the sale of mortgage servicing rights in 2023.   A decrease in vendor bonus income and miscellaneous income also contributed to the decrease. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees. The increase in mortgage banking revenues was due to a higher gain on sale margin. Noninterest expense for the second quarter of 2024 totaled $40.4 million compared to $40.2 million for the first quarter of 2024 and $40.3 million for the second quarter of 2024.   The $0.2 million increase over the first quarter of 2024 reflected a $0.2 million increase in other expense which included the write-off of obsolete assets from the remodeling of an office site and a core system migration in the second quarter of 2024. Compared to the second quarter of 2023, the $0.1 million increase reflected a $1.0 million increase in compensation expense and a $0.1 million increase in occupancy expense that was partially offset by a $1.0 million decrease in other expense.   The increase in compensation expense reflected a $0.7 million increase in salary expense and a $0.3 million increase in associate benefit expense. The increase in salary expense was primarily due to lower realized loan cost (credit offset to salary expense) of $0.5 million (lower new loan volume) and higher base salary expense of $0.3 million. The increase in associate benefit expense was attributable to higher expense for associate insurance. The increase in occupancy expense was due to higher expense for maintenance agreements (security upgrades). The decrease in other expense was due to a one-time payment for $0.8 million in the second quarter of 2023 related to a consulting engagement for the negotiation of a new core processing agreement.           For the first six months of 2024, noninterest expense totaled $80.6 million compared to $78.0 million for the same period of 2023 with the $2.6 million increase attributable to increases in compensation expense of $1.8 million, occupancy expense of $0.4 million, and other expense of $0.4 million. The increase in compensation expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $2.0 million (lower new loan volume) and higher base salary expense of $0.8 million (primarily annual merit raises), partially offset by lower commission expense of $1.1 million. The increase in occupancy was driven by an increase in expense for maintenance agreements (security upgrades and addition of interactive teller machines). The increase in other expense reflected a $1.8 million gain from the sale of a banking office in the first quarter of 2023 that was partially offset by lower pension plan expense of $0.6 million (service cost) and the favorable impact of the aforementioned one-time consulting expense of $0.8 million in 2023.          Income Taxes We realized income tax expense of $3.2 million (effective rate of 18.5%) for the second quarter of 2024 compared to $3.5 million (effective rate of 23.0%) for the first quarter of 2024 and $3.4 million (effective rate of 19.4%) for the second quarter of 2023. For the first six months of 2024, we realized income tax expense of $6.7 million (effective rate of 20.6%) compared to $7.1 million (effective rate of 20.4%) for the same period of 2023. The decrease in our effective tax rate for the second quarter of 2024 was primarily due to a higher level of tax benefit accrued from a new investment in a solar tax credit equity fund. Absent discrete items, we expect our annual effective tax rate to approximate 20-21% for 2024. Discussion of Financial Condition Earning Assets Average earning assets totaled $3.935 billion for the second quarter of 2024, an increase of $85.7 million, or 2.2%, over the first quarter of 2024, and an increase of $111.3 million, or 2.9%, over the fourth quarter of 2023. The variance for both prior period comparisons was driven by an increase in deposit balances (see below – Deposits), resulting in higher levels of overnight funds sold. Compared to the fourth quarter of 2023, the change in the earning asset mix reflected a $162.7 million increase in overnight funds and a $15.5 million increase in loans held for investment ("HFI") that was partially offset by lower investment securities of $43.4 million, and loans held for sale of $23.5 million. Average loans HFI decreased $1.9 million, or 0.1%, from the first quarter of 2024 and increased $15.5 million, or 0.6%, over the fourth quarter of 2023. Compared to the first quarter of 2024, the slight decrease was driven by a decline in the consumer loans (primarily indirect auto) of $19.0 million, partially offset by increases in residential real estate loans of $10.1 million and commercial real estate loans of $8.0 million.   Compared to the fourth quarter of 2023, the increase was primarily attributable to a $51.8 million increase in residential real estate loans that was partially offset by a decrease of $35.0 million in consumer loans (primarily indirect auto).   Period end loans HFI decreased $40.9 million, or 1.5%, from the first quarter of 2024 and decreased $43.7 million, or 1.6%, from the fourth quarter of 2023. Compared to the first quarter of 2024, the decline reflected a $20.0 million decrease in consumer loans (primarily indirect auto) and a $13.3 million decrease in commercial loans (primarily tax-exempt loans). The decrease from the fourth quarter of 2023 was primarily attributable to a $36.8 million decrease in consumer loans (primarily indirect auto) and commercial loans of $20.2 million (primarily tax-exempt loans) that was partially offset by a $11.3 million increase in residential real estate loans.      Allowance for Credit Losses At June 30, 2024, the allowance for credit losses for HFI loans totaled $29.2 million compared to $29.3 million at March 31, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The slight decrease in the allowance from March 31, 2024 reflected a lower level of net charge-offs (18 basis points for the second quarter of 2024 versus 22 basis points for the first quarter of 2024) that was offset by a higher credit loss provision (see above – Provision for Credit Losses). The decrease in the allowance from December 31, 2023 was primarily due to lower loan balances. At June 30, 2024, the allowance represented 1.09% of HFI loans compared to 1.07% at March 30, 2024, and 1.10% at December 31, 2023. Credit Quality Nonperforming assets (nonaccrual loans and other real estate) totaled $6.2 million at June 30, 2024 compared to $6.8 million at March 31, 2024 and $6.2 million at December 31, 2023. At June 30, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.16% at March 31, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $5.5 million at June 30, 2024, a $1.3 million decrease from March 31, 2024 and a $0.7 million decrease from December 31, 2024. Further, classified loans totaled $25.6 million at June 30, 2024, a $3.3 million increase over March 31, 2024 and a $3.4 million increase over December 31, 2023. Deposits Average total deposits were $3.641 billion for the second quarter of 2024, an increase of $64.5 million, or 1.8%, over the first quarter of 2024 and an increase of $92.5 million, or 2.6%, over the fourth quarter of 2023. Compared to both prior periods, growth occurred in both money market and CD balances which reflected a combination of balances migrating from savings, and to a lesser extent noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies. In addition, compared to the fourth quarter of 2023, the increase in NOW balances reflected higher average public funds balances as municipal tax receipts are received/deposited by those clients starting in late November. To a lesser extent, we have realized NOW account inflows from new and existing business accounts which reflected our bankers focus on deposit gathering initiatives.                     At June 30, 2024, total deposits were $3.609 billion, a decrease of $46.2 million, or 1.3%, from March 31, 2024, and a decrease of $93.3 million, or 2.5%, from December 31, 2023. The decreases from both prior periods was primarily due to lower NOW account balances, partially offset by the aforementioned growth in money market and CD balances from both new and existing clients. The decline in NOW accounts primarily reflects seasonal public fund balance activity. Total public funds balances were $575.0 million at June 30, 2024, $615.0 million at March 31, 2024, and $709.8 million at December 31, 2023. Liquidity The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $262.4 million in the second quarter of 2024 compared to $140.5 million in the first quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increase was primarily driven by higher average deposits and investment portfolio cash flow run-off.             At June 30, 2024, we had the ability to generate approximately $1.500 billion (excludes overnight funds position of $273 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.   We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio.  Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities.  At June 30, 2024, the weighted-average maturity and duration of our portfolio were 2.67 years and 2.16, respectively, and the available-for-sale portfolio had a net unrealized tax-effected loss of $24.5 million.     Capital Shareowners' equity was $461.0 million at June 30, 2024 compared to $448.3 million at March 31, 2024 and $440.6 million at December 31, 2023. For the first six months of 2024, shareowners' equity was positively impacted by net income attributable to shareowners of $26.7 million, a $1.2 million decrease in the net unrealized loss on available for sale securities, net adjustments totaling $0.9 million related to transactions under our stock compensation plans, stock compensation accretion of $0.7 million, and a $0.3 million increase in the fair value of the interest rate swap related to subordinated debt.   Shareowners' equity was reduced by a common stock dividend of $7.1 million ($0.42 per share) and the repurchase of common stock of $2.3 million (82,540 shares). At June 30, 2024, our total risk-based capital ratio was 17.50% compared to 16.84% at March 31, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 14.44%, 13.82%, and 13.52%, respectively, on these dates. Our leverage ratio was 10.51%, 10.45%, and 10.30%, respectively, on these dates. At June 30, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as "well-capitalized" under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 8.91% at June 30, 2024 compared to 8.53% and 8.26% at March 31, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $21.7 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 8.38%. 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 $4.2 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, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com. FORWARD-LOOKING STATEMENTS Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "vision," "goal," and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; legislative or regulatory changes; adverse developments in the financial services industry; the effects of changes in the levels of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows; any deficiencies in the processes undertaken to effect these restatements and to identify and correct all errors in our historical financial statements that may require restatement; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, and our other filings with the SEC, which are available at the SEC's internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law. USE OF NON-GAAP FINANCIAL MEASURESUnaudited We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry. The GAAP to non-GAAP reconciliations are provided below. (Dollars in Thousands, except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Shareowners' Equity (GAAP)   $ 460,999   $ 448,314   $ 440,625   $ 419,706   $ 412,422   Less: Goodwill and Other Intangibles (GAAP)     92,853     92,893     92,933     92,973     93,013   Tangible Shareowners' Equity (non-GAAP) A   368,146     355,421     347,692     326,733     319,409   Total Assets (GAAP)     4,225,695     4,259,922     4,304,477     4,138,287     4,391,206   Less: Goodwill and Other Intangibles (GAAP)     92,853     92,893     92,933     92,973     93,013   Tangible Assets (non-GAAP) B $ 4,132,842   $ 4,167,029   $ 4,211,544   $ 4,045,314   $ 4,298,193   Tangible Common Equity Ratio (non-GAAP) A/B   8.91%     8.53%     8.26%     8.08%     7.43%   Actual Diluted Shares Outstanding (GAAP) C   16,970,228     16,947,204     17,000,758     16,997,886     17,025,023   Tangible Book Value per Diluted Share (non-GAAP) A/C $ 21.69   $ 20.97   $ 20.45   $ 19.22   $ 18.76   CAPITAL CITY BANK GROUP, INC.            EARNINGS HIGHLIGHTS            Unaudited                                        Three Months Ended   Six Months Ended   (Dollars in thousands, except per share data)   Jun 30, 2024   Mar 31, 2024   Jun 30, 2023   Jun 30, 2024   Jun 30, 2023   EARNINGS                       Net Income Attributable to Common Shareowners $ 14,150 $ 12,557 $ 14,174 $ 26,707 $ 27,883   Diluted Net Income Per Share $ 0.83 $ 0.74 $ 0.83 $ 1.57 $ 1.64   PERFORMANCE                       Return on Average Assets (annualized)   1.33 % 1.21 % 1.32 % 1.27 % 1.29 % Return on Average Equity (annualized)   12.23   11.07   13.58   11.66   13.67   Net Interest Margin   4.02   4.01   4.06   4.01   4.05   Noninterest Income as % of Operating Revenue   33.30   32.06   33.22   32.69   31.90   Efficiency Ratio   68.61 % 71.06 % 66.93 % 69.81 % 65.82 % CAPITAL ADEQUACY                       Tier 1 Capital   16.31 % 15.67 % 14.56 % 16.31 % 14.56 % Total Capital   17.50   16.84   15.68   17.50   15.68   Leverage   10.51   10.45   9.54   10.51   9.54   Common Equity Tier 1   14.44   13.82   12.73   14.44   12.73   Tangible Common Equity(1)   8.91   8.53   7.43   8.91   7.43   Equity to Assets   10.91 % 10.52 % 9.39 % 10.91 % 9.39 % ASSET QUALITY                       Allowance as % of Non-Performing Loans   529.79 % 431.46 % 426.44 % 529.79 % 426.44 % Allowance as a % of Loans HFI   1.09   1.07   1.05   1.09   1.05   Net Charge-Offs as % of Average Loans HFI   0.18   0.22   0.07   0.20   0.15   Nonperforming Assets as % of Loans HFI and OREO   0.23   0.25   0.25   0.23   0.25   Nonperforming Assets as % of Total Assets   0.15 % 0.16 % 0.15 % 0.15 % 0.15 % STOCK PERFORMANCE                       High $ 28.58 $ 31.34 $ 34.16 $ 31.34 $ 36.86   Low   25.45   26.59   28.03   25.45   28.03   Close $ 28.44 $ 27.70 $ 30.64 $ 28.44 $ 30.64   Average Daily Trading Volume   29,861   31,023   33,412   30,433   37,574                           (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 6.                                 CAPITAL CITY BANK GROUP, INC.           CONSOLIDATED STATEMENT OF FINANCIAL CONDITION Unaudited                                   2024   2023 (Dollars in thousands) Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter ASSETS                     Cash and Due From Banks $ 75,304   $ 73,642   $ 83,118   $ 72,379   $ 83,679   Funds Sold and Interest Bearing Deposits   272,675     231,047     228,949     95,119     285,129   Total Cash and Cash Equivalents   347,979     304,689     312,067     167,498     368,808                         Investment Securities Available for Sale   310,941     327,338     337,902     334,052     386,220   Investment Securities Held to Maturity   582,984     603,386     625,022     632,076     641,398   Other Equity Securities   2,537     3,445     3,450     3,585     1,703   Total Investment Securities   896,462     934,169     966,374     969,713     1,029,321                         Loans Held for Sale   24,022     24,705     28,211     34,013     44,659                         Loans Held for Investment ("HFI"):                     Commercial, Financial, & Agricultural   204,990     218,298     225,190     221,704     227,219   Real Estate - Construction   200,754     202,692     196,091     197,526     226,404   Real Estate - Commercial   823,122     823,690     825,456     828,234     831,285   Real Estate - Residential   1,012,541     1,012,791     1,001,257     966,512     893,384   Real Estate - Home Equity   211,126     214,617     210,920     203,606     203,142   Consumer   234,212     254,168     270,994     285,122     295,646   Other Loans   2,286     3,789     2,962     1,401     5,425   Overdrafts   1,192     1,127     1,048     1,076     1,007   Total Loans Held for Investment   2,690,223     2,731,172     2,733,918     2,705,181     2,683,512   Allowance for Credit Losses   (29,219 )   (29,329 )   (29,941 )   (29,083 )   (28,243 ) Loans Held for Investment, Net   2,661,004     2,701,843     2,703,977     2,676,098     2,655,269                         Premises and Equipment, Net   81,414     81,452     81,266     81,677     82,062   Goodwill and Other Intangibles   92,853     92,893     92,933     92,973     93,013   Other Real Estate Owned   650     1     1     1     1   Other Assets   121,311     120,170     119,648     116,314     118,073   Total Other Assets   296,228     294,516     293,848     290,965     293,149   Total Assets $ 4,225,695   $ 4,259,922   $ 4,304,477   $ 4,138,287   $ 4,391,206   LIABILITIES                     Deposits:                     Noninterest Bearing Deposits $ 1,343,606   $ 1,361,939   $ 1,377,934   $ 1,472,165   $ 1,520,134   NOW Accounts   1,177,180     1,212,452     1,327,420     1,092,996     1,269,839   Money Market Accounts   413,594     398,308     319,319     304,323     321,743   Savings Accounts   514,560     530,782     547,634     571,003     590,245   Certificates of Deposit   159,624     151,320     129,515     99,958     86,905   Total Deposits   3,608,564     3,654,801     3,701,822     3,540,445     3,788,866                         Repurchase Agreements   22,463     23,477     26,957     22,910     22,619   Other Short-Term Borrowings   3,307     8,409     8,384     18,786     28,054   Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887   Other Long-Term Borrowings   1,009     265     315     364     414   Other Liabilities   69,987     65,181     66,080     75,585     77,192   Total Liabilities   3,758,217     3,805,020     3,856,445     3,710,977     3,970,032                         Temporary Equity   6,479     6,588     7,407     7,604     8,752   SHAREOWNERS' EQUITY                     Common Stock   169     169     170     170     170   Additional Paid-In Capital   35,547     34,861     36,326     36,182     36,853   Retained Earnings   445,959     435,364     426,275     418,030     408,771   Accumulated Other Comprehensive Loss, Net of Tax   (20,676 )   (22,080 )   (22,146 )   (34,676 )   (33,372 ) Total Shareowners' Equity   460,999     448,314     440,625     419,706     412,422   Total Liabilities, Temporary Equity and Shareowners' Equity $ 4,225,695   $ 4,259,922   $ 4,304,477