Capital City Bank Group pairs old-fashioned relationship banking with modern balance-sheet discipline, creating a profitable, well-capitalized regional franchise trading at a reasonable valuation.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is a financial holding company headquartered in Tallahassee, Florida, that provides community-focused financial services across a regional network in Florida, Georgia, and Alabama.[1, 2, 3] Founded in 1895 during the bank’s centennial era, the principal subsidiary, Capital City Bank, has grown to manage approximately \$4.5 billion in assets.[2, 4] The group operates 62 banking offices and a network of 108 automated teller and interactive teller machines (ATMs/ITMs).[3, 5] Rather than competing purely on price, the group uses a localized relationship-banking model to secure stable, low-beta deposits and build market share in its target regions.[5, 6] The effectiveness of this strategy is demonstrated by the group's market share in Gadsden County (82.3%), Bradford County (37.0%), and Gilchrist County (41.1%).[3]
The group's management team is characterized by long tenures and extensive regional experience. The average executive team tenure is 31.7 years, and the senior management team averages 23.8 years.[7] This provides stability through changing interest rate and credit cycles.[7] Chairman and Chief Executive Officer William G. Smith, Jr. began his career with the bank in 1978, took over as Chief Executive Officer in 1995, and was named Chairman in 2003.[4] He also serves on the board of Southern Company, extending his leadership profile beyond financial services.[8, 9] President Thomas A. Barron joined the organization in 1974, managing multiple divisions before his appointment to the presidency in 1995.[4]
At the subsidiary level, Bethany H. Corum serves as President of Capital City Bank.[4] She joined the group in 2006 as Chief People Officer, was promoted to President of Capital City Services Company, became Chief Operating Officer in 2015, and was subsequently appointed bank President.[4] Executive Vice President and Chief Financial Officer Jeptha E. Larkin directs the group's financial operations, including accounting, treasury, tax planning, and corporate development.[4, 10] A licensed Certified Public Accountant in Florida and Georgia, Larkin joined the bank in 1986 and served in credit roles, led the Internal Audit Division, and worked as Controller before becoming Chief Financial Officer in 2022.[4, 10] Larkin also chairs the Asset/Liability and Market Risk Oversight committees.[4, 10]
This core leadership team is supported by senior specialists, including:
* Executive Vice President of Compliance Marsha S. Crowle [4]
* Executive Vice President and Chief Brand Officer Brooke Hallock [4]
* Senior Vice President and Chief Information Security Officer Matthew Henderson [4]
* Senior Vice President of Internal Audit Erica Hunter [4]
* Senior Vice President and Chief Technology Officer Lynne Jensen [4]
* Senior Vice President and Chief People Officer Ashley Leggett [4]
* Senior Vice President and Chief Retail Officer Alicia Williams-Ronan, who joined in 2005 and was appointed Bank Operations Group manager in 2021 [4]
* Senior Vice President and Chief Lending Officer William Smith [4]
* Executive Vice President of Banking Operations Cheryl Thompson [4]
* Vice President and Chief Inclusion Officer Sharon Bradley [4]
* President of Capital City Investments, Capital City Strategic Wealth, and Capital City Trust Company Bill Moor [4]
* Executive Vice President and Chief Credit Officer Lee Nichols [4]
* Chief Executive Officer of Capital City Home Loans Greg Shumate [4]
* Executive Vice President and Chief Banking Officer Ramsay Sims [4]
The group's performance from 2021 through the first quarter of 2026 shows a net interest margin that has benefited from a rising interest rate environment, supported by a low cost of funds.[11, 12, 13] Net income attributable to common shareowners rose from \$33.396 million in 2021 to \$40.147 million in 2022.[13] Profits expanded to \$52.258 million in 2023, \$52.915 million in 2024, and reached \$61.557 million in 2025.[6, 12] This growth was driven by higher asset yields, while deposit costs were managed at 48 basis points in 2023 and 89 basis points in 2024.[12, 14]
For the first quarter of 2026, the group reported net income of \$15.817 million, or \$0.92 per diluted share, compared to \$13.705 million, or \$0.80 per diluted share, in the fourth quarter of 2025.[11, 15] Sequentially, net income rose 15.4%, driven by core deposit trends and cost controls, although it was slightly below the \$16.858 million, or \$0.99 per diluted share, recorded in the first quarter of 2025.[11, 15] Profitability metrics for the first quarter of 2026 showed a Return on Average Assets (ROA) of 1.45% and a Return on Average Equity (ROE) of 11.30%, compared to 1.25% and 9.78% in the fourth quarter of 2025.[11, 15] These returns are calculated as follows:
$\text{ROA} = \frac{\text{Net Income Attributable to Common Shareowners}}{\text{Average Total Assets}} \times 100$
$\text{ROE} = \frac{\text{Net Income Attributable to Common Shareowners}}{\text{Average Shareowners' Equity}} \times 100$
| Financial Performance Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| Net Income (\$ in Thousands) | \$33,396 | \$40,147 | \$52,258 | \$52,915 | \$61,557 | \$15,817 |
| Diluted EPS (\$) | \$1.98 | \$2.36 | \$3.07 | \$3.12 | \$3.60 | \$0.92 |
| Net Interest Margin (%) | 2.83% | 3.13% | 4.05% | 4.08% | 4.28% | 4.24% |
| Return on Average Assets (%) | 0.84% | 0.93% | 1.22% | 1.25% | 1.42% | 1.45% |
| Return on Average Equity (%) | 9.92% | 10.58% | 12.40% | 11.18% | 11.51% | 11.30% |
| Efficiency Ratio (%) | 77.11% | 73.76% | 67.99% | 70.30% | 65.71% | 65.89% |
| Average Loans (\$ in Thousands) | \$2,078,891 | \$2,237,942 | \$2,711,904 | \$2,733,767 | \$2,647,111 | \$2,472,400 |
| Average Deposits (\$ in Thousands) | \$3,406,886 | \$3,763,336 | \$3,669,612 | \$3,597,438 | \$3,651,351 | \$3,694,800 |
| Tangible Common Equity Ratio (%) | 6.95% | 6.79% | 8.26% | 9.51% | 10.79% | 10.79% |
(Note: Values compiled from historical earnings releases and annual reports.[6, 11, 12, 13, 14, 15])
Tax-equivalent net interest income reached \$171.8 million in 2025, up from \$159.2 million in 2024.[12] This increase was supported by a \$10.3 million rise in investment securities income and a \$3.1 million increase in overnight funds income, which helped offset a \$2.6 million rise in interest expense on deposits.[12] In the first quarter of 2026, tax-equivalent net interest income was \$42.9 million, down slightly from \$43.4 million in the fourth quarter of 2025.[11] This change was primarily due to having two fewer calendar days in the first quarter, which reduced interest-earning opportunities.[11] The Net Interest Margin (NIM) was 4.24% in the first quarter of 2026, a decrease of two basis points from the previous quarter but an increase of two basis points over the first quarter of 2025.[11, 15]
The stability of the NIM is supported by the low cost of the core deposit franchise, which is anchored by a high proportion of noninterest-bearing deposits.[5, 14] These accounts made up 36% of total deposit balances at the end of 2025.[5, 14] This funding base limits the upward repricing pressure on liabilities when interest rates rise, allowing the group to retain a larger portion of the yields generated from its loan and investment portfolios.[5, 7]
| Deposit Mix Component (\$ in Thousands) | December 31, 2025 | December 31, 2024 | Year-over-Year Change (%) |
|---|---|---|---|
| Noninterest-Bearing Deposits | \$1,319,336 | \$1,336,601 | -1.29% |
| NOW Accounts | \$1,322,114 | \$1,285,281 | +2.87% |
| Savings Deposits | \$503,485 | \$506,766 | -0.65% |
| Money Market Accounts | \$390,888 | \$404,396 | -3.34% |
| Interest-Bearing Time Deposits | \$115,528 | \$64,394 | +79.41% |
| Total Deposits | \$3,651,351 | \$3,597,438 | +1.50% |
(Note: Data sourced from the 2025 SEC Form 10-K and financial highlight presentations.[6, 12, 16] Average noninterest-bearing deposit totals are used to reflect structural funding contributions.[6, 12])
To optimize its business lines, the group has focused on consolidating higher-performing subsidiaries and divesting non-core operations.[3] In September 2025, Capital City Strategic Wealth (CCSW) was sold, which reduced corporate goodwill by \$2.8 million and customer relationship intangible assets by \$0.9 million.[17] This transaction allowed the group to reallocate capital to its core retail and commercial banking segments.[3, 17]
Conversely, the group expanded its residential mortgage business by acquiring the remaining 49% non-controlling interest in Capital City Home Loans, LLC (CCHL).[3] This acquisition integrated CCHL into the bank's reporting framework, allowing it to capture all mortgage banking fee income and gain greater control over loan pricing and originations.[3] CCHL operates through 28 residential mortgage loan production offices (LPOs) across the Southeast, which diversify the group's fee income.[5]
Noninterest income was \$19.9 million in the first quarter of 2026, down slightly by \$0.2 million (0.8%) from the fourth quarter of 2025.[11] This decrease was due to a \$0.5 million fall in wealth management fees and a \$0.2 million drop in deposit fees, which were partially offset by a \$0.5 million increase in other operating income.[11] Noninterest expense fell \$1.5 million (3.5%) sequentially to \$41.4 million in the first quarter of 2026, primarily due to lower compensation costs.[11, 18] This resulted in an efficiency ratio of 65.89%, an improvement from 67.50% in the fourth quarter of 2025.[15]
| Fee-Based Revenue Component | Q1 2026 Contribution (%) |
|---|---|
| Mortgage Banking Revenue | 12.5% |
| Deposit Service Charges | 10.2% |
| Wealth Management & Trust Fees | 6.4% |
| Bankcard & Merchant Fees | 2.7% |
| Total Fee Income as % of Operating Revenue | 31.77% |
(Note: Noninterest income allocations represent stabilized operating structures as of Q1 2026.[7, 15])
The group uses derivative financial instruments, such as interest rate swaps, to manage interest rate risk.[19, 20] On October 4, 2025, the group terminated its interest rate swaps related to its subordinated debt.[19] These swaps had a notional value of \$30.0 million and a fair value of \$3.877 million at September 30, 2025, down from \$5.319 million at December 31, 2024.[19] The unrecognized gain from this termination is being amortized over the remaining contractual life of the original swap agreement.[19] The group also reported a collateral liability of \$4.0 million at the end of 2025.[19]
Off-balance sheet commitments are managed to balance credit availability for clients with corporate liquidity constraints.[20] These commitments consist of standby letters of credit and credit extensions.[20]
| Off-Balance Sheet Exposure | June 30, 2025 (Fixed) | June 30, 2025 (Variable) | June 30, 2025 (Total) | Dec 31, 2024 (Fixed) | Dec 31, 2024 (Variable) | Dec 31, 2024 (Total) |
|---|---|---|---|---|---|---|
| Commitments to Extend Credit | \$178,568 | \$493,686 | \$672,254 | \$184,223 | \$479,191 | \$663,414 |
| Standby Letters of Credit | \$7,402 | \$0 | \$7,402 | \$7,287 | \$0 | \$7,287 |
| Total Off-Balance Sheet Exposure | \$185,970 | \$493,686 | \$679,656 | \$191,510 | \$479,191 | \$670,701 |
(Note: Expressed in Thousands of Dollars.[20] Variable-rate commitments are tied to regional benchmarks.[20])
The group is also a strategic investor in a financial technology venture capital fund.[20] This fund focuses on identifying, testing, and implementing technology solutions tailored for community-based financial institutions, allowing the bank to upgrade its digital capabilities without incurring high in-house R&D expenses.[20]
On the tax front, income tax expense rose to \$20.2 million in 2025, representing an effective tax rate of 24.7%, compared to \$13.9 million in 2024.[3] This change was primarily due to a lower tax benefit from a solar tax credit equity fund.[3] Management expects the effective tax rate for the full year of 2026 to stabilize at approximately 24%.[3]
The bank's asset quality metrics are undergoing a gradual normalization, moving from very low charge-off levels during the pandemic toward long-term historical averages.[11, 21] Nonperforming assets (NPAs), which include nonaccrual loans and other real estate owned (OREO), rose from \$4.4 million as of March 31, 2025, to \$10.5 million at year-end 2025, and reached \$13.0 million by March 31, 2026.[11] Expressed as a percentage of total assets, nonperforming assets increased from 0.10% to 0.24% and 0.29% over the same periods.[11]
Credit risk is mitigated by underwriting guidelines that limit exposure to any single commercial borrower.[7] The average commercial loan size is \$116,000, and the group maintains a \$10 million in-house lending limit to prevent concentration risk.[5, 7] Commercial Real Estate (CRE) loans represent 152% of the bank's Tier 1 Capital, which is below the 300% regulatory threshold.[7] The office portfolio is also limited, consisting of \$36 million in non-owner occupied and \$51 million in owner-occupied credits.[7] Net charge-offs were 10 basis points (annualized) of average loans in the first quarter of 2026, an improvement from 18 basis points in the fourth quarter of 2025.[11] The allowance for credit losses coverage ratio was slightly higher at 1.23% of total loans held for investment.[11]
| Credit Quality and Capital Ratio | March 31, 2026 | December 31, 2025 | March 31, 2025 |
|---|---|---|---|
| Tier 1 Capital Ratio | 20.37% | 20.20% | 18.01% |
| Total Capital Ratio | 21.62% | 21.45% | 19.20% |
| Leverage Ratio | 11.65% | 11.77% | 11.17% |
| Common Equity Tier 1 Ratio | 19.08% | 18.56% | 16.08% |
| Allowance % of Nonaccrual Loans | 278.19% | 360.69% | 692.10% |
| Allowance % of Loans HFI | 1.23% | 1.22% | 1.12% |
| Net Charge-Offs % of Average Loans | 0.10% | 0.18% | 0.09% |
| Nonperforming Assets % of Loans & OREO | 0.51% | 0.41% | 0.17% |
| Nonperforming Assets % of Total Assets | 0.29% | 0.24% | 0.10% |
(Note: Ratios demonstrate a capital position that remains above regulatory "well-capitalized" minimums.[15, 22])
During the Annual Meeting of Shareowners on April 21, 2026, voters elected 12 directors to serve one-year terms ending at the 2027 annual meeting.[23] Proxy solicitations were conducted under Regulation 14A, with no opposition campaigns organized against management's slate.[23] Each of the director nominees received a majority of votes cast.[23, 24]
| Director Nominee | Votes For | Votes Against | Abstentions | Broker Non-Votes | Approval Rate (%) |
|---|---|---|---|---|---|
| Robert Antoine | 12,916,967 | 166,782 | 17,146 | 2,089,331 | 98.59% |
| Thomas A. Barron | 13,029,570 | 71,065 | 260 | 2,089,331 | 99.45% |
| William F. Butler | 12,975,528 | 123,054 | 2,313 | 2,089,331 | 99.05% |
| Stanley W. Connally, Jr. | 11,349,473 | 1,750,517 | 905 | 2,089,331 | 86.63% |
| Marshall M. Criser III | 12,977,138 | 122,853 | 904 | 2,089,331 | 99.06% |
| Kimberly A. Crowell | 12,976,299 | 124,140 | 456 | 2,089,331 | 99.05% |
| Bonnie J. Davenport | 12,469,132 | 621,422 | 10,341 | 2,089,331 | 95.18% |
| William Eric Grant | 12,923,418 | 176,402 | 1,075 | 2,089,331 | 98.65% |
| Laura L. Johnson | 11,857,263 | 1,241,768 | 1,864 | 2,089,331 | 90.45% |
| John G. Sample, Jr. | 12,856,148 | 243,842 | 905 | 2,089,331 | 98.13% |
| William G. Smith, Jr. | 13,013,863 | 86,772 | 260 | 2,089,331 | 99.33% |
| Ashbel C. Williams | 12,986,122 | 113,868 | 905 | 2,089,331 | 99.12% |
(Note: Computed as a percentage of total votes cast for or against each nominee.[23])
Additionally, shareowners voted on executive compensation and auditor ratification:
* Say-on-Pay Advisory Vote (Proposal 2): Approved with 12,879,981 votes in favor, 195,515 votes against, and 25,399 abstentions, indicating 98.5% approval of the executive compensation structure.[23]
* Say-on-Pay Voting Frequency (Proposal 3): Shareowners favored an annual advisory vote, cast as 12,051,728 votes for a 1-year frequency, compared to 186,356 votes for 2 years, 851,160 votes for 3 years, and 11,651 abstentions.[23]
* Auditor Ratification (Proposal 4): Ratified Forvis Mazars, LLP as the company’s independent registered public accounting firm for the 2026 fiscal year, with 14,821,583 votes in favor, 1,360 votes against, and 367,283 abstentions.[9, 23]
The Compensation Committee uses compensation guidelines to align executive pay with corporate performance.[25] The committee works with Blanchard Consulting Group to construct peer group profiles for benchmarking.[25] These profiles are updated every two years and adjusted in alternate years using cost-of-living and market trends.[25] Base salaries for senior executives are targeted at the 50th percentile of the peer group, while total direct compensation (comprising base salary, short-term cash incentives, and equity-based awards) is targeted at the 75th percentile to encourage long-term performance.[25]
Under the terms of the 2021 Associate Incentive Plan, stock-based incentives are designed to represent 25% of total incentive compensation.[25] The target payout level is delivered in performance shares.[25] The share awards are priced at \$36.63, a value derived from the average of the high and low trading prices over the 10 business days preceding the February 27, 2025 grant date.[25]
| Named Executive Officer | 100% Target Payout (Shares) | Maximum Payout (Shares) | 2025 Actual Payout (Shares) | Outperformance Ratio (%) |
|---|---|---|---|---|
| William G. Smith, Jr. | 6,143 | 12,286 | 9,868 | 160.64% |
| Thomas A. Barron | 5,460 | 10,920 | 8,770 | 160.62% |
| Bethany H. Corum | 2,559 | 5,118 | 4,111 | 160.65% |
| Jeptha E. Larkin | 1,706 | 3,412 | 2,740 | 160.61% |
(Note: Data sourced from executive compensation disclosures.[25] Outperformance ratios reflect actual payouts relative to targets.)
Long-term incentive compensation is also structured through a rolling three-year Long-Term Incentive Plan (LTIP) established under the 2021 Associate Incentive Plan.[25] This plan aligns management with shareowners by tying payouts to the compound annual growth rate (CAGR) in diluted earnings per share, using the 2024 fiscal year's reported earnings of \$3.12 per share as the performance base.[25] LTIP awards are settled 60% in common stock and 40% in cash following the close of the three-year performance cycle.[25]
The economic value ranges for the LTIP performance period running from January 1, 2025, through December 31, 2027, are structured as follows:
* William G. Smith, Jr.: Awards range from \$0 to \$500,000, with a target of \$250,000 if the company achieves a 10% three-year CAGR in diluted EPS (\$4.15 per share), and a maximum of \$500,000 if the CAGR meets or exceeds 12.5% (\$4.44 per share).[25]
* Thomas A. Barron: Awards range from \$0 to \$200,000, with a target of \$100,000 for a 10% CAGR, and a maximum of \$200,000 for a 12.5% CAGR.[25]
* Bethany H. Corum: Awards are managed through a phased integration structure to align her long-term incentives with executive benchmarks.[25] For Year 1 of the phase-in (covering 2025 performance), the target award is \$33,333, based on a 10% annual growth rate in diluted EPS (using \$3.12 as the base), with a maximum of \$66,666 for a 12.5% growth rate.[25] Year 2 of the phase-in (covering the two-year period 2025–2026) has a target of \$66,666 for a 10% CAGR and a maximum of \$133,333 if the CAGR meets or exceeds 12.5%.[25]
$\text{Diluted EPS CAGR} = \left( \frac{\text{Ending Diluted EPS}}{\$3.12} \right)^{\frac{1}{3}} - 1$
The board uses a combination of cash retainers and restricted stock awards to compensate non-employee directors.[25] The cash compensation framework includes [25]:
* An annual board retainer of \$30,000.
* A meeting fee of \$500 per board meeting and annual strategic meeting attended.
* A committee fee of \$500 per committee meeting attended.
* Special annual retainers for committee chairs and leadership roles, consisting of \$12,000 for the Audit Committee Chair, \$8,000 for the Compensation Committee Chair, \$8,000 for the Corporate Governance and Nominating Committee Chair, and \$15,000 for the Lead Outside Director.
Under the 2021 Associate Incentive Plan, non-employee directors also earn an annual restricted stock grant valued at \$30,000.[25] To align director interests with risk management, these restricted shares are subject to forfeiture if the company records a net loss for the fiscal year in which the grants were made.[25]
Directors are also eligible to purchase stock at a 10% discount from fair market value through the 2021 Director Stock Purchase Plan.[25] Purchases under this plan are restricted and cannot exceed the total annual retainer and meeting fees earned by the director during the year.[25] During 2025, directors purchased 12,147 shares under this plan.[25] As of December 31, 2025, there were 225,455 shares remaining available for future issuance under this program.[25] The aggregate value of perquisites provided to each non-employee director is kept below the \$10,000 threshold.[25]
| Non-Executive Director | Cash Fees Earned | Stock Awards Granted | Total Compensation |
|---|---|---|---|
| Robert Antoine | \$43,500 | \$29,990 | \$73,490 |
| William F. Butler | \$44,000 | \$29,990 | \$73,990 |
| Stanley W. Connally, Jr. | \$55,500 | \$29,990 | \$85,490 |
| Marshall M. Criser III | \$51,500 | \$29,990 | \$81,490 |
| Kimberly A. Crowell | \$43,500 | \$29,990 | \$73,490 |
(Note: Re-compiled from the 2025 director compensation table disclosures.[25])
As of June 2026, the group's common stock trades at approximately \$46.68, resulting in a market capitalization of \$796.93 million.[26, 27] Based on a trailing twelve-month (TTM) diluted earnings per share of \$3.53, the stock trades at a TTM P/E multiple of approximately 13.20x to 13.45x.[27, 28, 29]
This multiple is below the average P/E of the broader equity market, which is 38.92x, and is also at a discount to the wider financial sector average P/E of 20.12x.[30] Based on a diluted book value of \$32.23, the stock’s price-to-book (P/B) ratio is 1.45x.[3, 28] P/B ratios below 3.0x generally indicate reasonable valuations relative to the bank's underlying assets and liabilities.[30]
$\text{P/B Ratio} = \frac{\text{Share Price}}{\text{Book Value Per Share}} = \frac{\$46.68}{\$32.23} \approx 1.45\text{x}$
$\text{TTM P/E Ratio} = \frac{\text{Share Price}}{\text{Diluted TTM EPS}} = \frac{\$46.68}{\$3.53} \approx 13.22\text{x}$
The group's board has regularly authorized cash dividend payments.[31] On February 26, 2026, the board declared a quarterly cash dividend of \$0.27 per share, representing a 3.85% sequential increase over the previous quarter’s dividend of \$0.26.[18] Paid on March 23, 2026, to shareowners of record, this dividend reflects a forward annual dividend rate of \$1.08 and a dividend yield of 2.32%.[18, 27, 28] The dividend payout ratio is 29.18%, which leaves room for future increases.[27] The group has increased its dividend payout for 11 consecutive years, which is a key driver for income-focused investors.[30]
From a technical analysis perspective, the stock has recently shown signs of a trend reversal from its previous downward consolidation.[32] On June 9, 2026, the stock price rose above its 50-day moving average, a level that has historically indicated a transition to an upward trend.[32] Backtesting of similar breakouts shows that the stock continued its upward trend within the subsequent month in 43 of 62 past instances, suggesting a 69% probability of continued appreciation.[32]
The stock’s Relative Strength Index (RSI) has emerged from its oversold zone, while the Momentum Indicator crossed above the 0 level on June 10, 2026.[32] The Moving Average Convergence Divergence (MACD) crossed into positive territory on June 10, 2026, indicating an increase in buying interest.[32] Additionally, on June 17, 2026, the 10-day moving average crossed above the 50-day moving average, which is often interpreted as a bullish crossover signal.[32] The stock is trading above its 200-day moving average of \$43.38, which serves as a long-term support level.[27]
The group’s capital structure consists of 17.153 million outstanding shares, with a floating supply of approximately 13.62 million shares.[26, 27] Institutional ownership is significant at 52.81% of outstanding shares and 65.98% of the float, spread across 205 institutions.[26]
| Institutional Holder | Shares | Reporting Date | Ownership (%) | Value |
|---|---|---|---|---|
| Blackrock Inc. | 1.65M | March 31, 2026 | 9.65% | \$77,063,405 |
| Dimensional Fund Advisors LP | 882.11k | March 31, 2026 | 5.16% | \$41,177,081 |
| Vanguard Capital Management LLC | 623.11k | March 31, 2026 | 3.64% | \$29,086,541 |
| Wellington Management Group, LLP | 527.92k | March 31, 2026 | 3.09% | \$24,643,165 |
| Heartland Advisors Inc. | 500.00k | March 31, 2026 | 2.92% | \$23,340,000 |
| Charles Schwab Investment Management, Inc. | 417.18k | March 31, 2026 | 2.44% | \$19,474,102 |
| American Century Companies Inc. | 414.08k | March 31, 2026 | 2.42% | \$19,329,394 |
| State Street Corporation | 354.83k | March 31, 2026 | 2.07% | \$16,563,697 |
| Geode Capital Management, LLC | 332.60k | March 31, 2026 | 1.94% | \$15,525,861 |
| Truist Financial Corp. | 278.80k | March 31, 2026 | 1.63% | \$13,014,570 |
(Note: Data reflects ownership positions reported in recent regulatory filings.[26])
In addition to institutional holders, corporate insiders own 19.96% of the group's common stock.[26, 27] This level of insider ownership aligns the interests of board members and executive officers with those of public shareowners.[5, 26]
The performance of Capital City Bank Group, Inc. through the first quarter of 2026 shows that the bank's core community-banking model remains resilient through changing economic cycles.[6, 11] Its low cost of funds, supported by a 36% noninterest-bearing core deposit base, has helped insulate the net interest margin against the funding pressures that have impacted many regional and community banks.[5, 7, 11]
The bank's recent capital restructuring, including the sale of Capital City Strategic Wealth and the consolidation of Capital City Home Loans, shows a deliberate effort to focus resources on its primary banking and mortgage operations.[3, 17] This consolidation has improved operating efficiency, as shown by the improvement in the efficiency ratio to 65.89% in the first quarter of 2026.[15] Additionally, credit quality metrics are undergoing a gradual normalization, but are supported by conservative underwriting limits, low CRE concentrations, and a high allowance for credit losses coverage ratio.[7, 11]
At current trading levels, the stock's valuation ratios (P/E of 13.20x to 13.45x and P/B of 1.45x) suggest a discount relative to its historical performance and the wider financial sector.[28, 30] Backed by consistent institutional support, high insider ownership, and a strong track record of dividend growth, the group is well-positioned to navigate future economic cycles while continuing to return capital to its shareowners.[26, 27, 30]
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