CAPITAL CITY BANK GROUP INCCCBG
CAPITAL CITY BANK GROUP INC Debt Disclosure
Note 12
LONG-TERM BORROWINGS
Federal Home Loan Bank Advances.
The Company had one FHLB long-term advance for $
0.3
This outstanding balance was reclassified to Short-Term Borrowings in 2024,
matures in 2025, and has a rate of 4.80%.
advances are collateralized by a floating lien on certain 1-4 family residential mortgage loans, commercial real estate mortgage
loans, and home equity mortgage loans. Interest on the FHLB advances is paid on a monthly basis.
Long-term Notes Payable
. During 2024, the Company entered into
two
0.8
vendor for its retail brokerage platform. The notes mature in 2031 and accrue interest at the minimum federal rate per annum
published by the Internal Revenue Service. The notes are forgivable in annual installments commencing
one year
issuance date.
Junior Subordinated Deferrable Interest Notes.
The Company has issued
two
wholly owned Delaware statutory trusts. The first note for $
30.9
for $
32.0
two
Company is not the primary beneficiary. Accordingly, the accounts of the trusts are not included in the Company’s consolidated
financial statements. See Note 1 - Significant Accounting Policies for additional information about the Company’s consolidation
policy. Details of the Company’s transaction with the two trusts are provided below.
In November 2004, CCBG Capital Trust I issued $
30.0
of the trust. The interest payments are due quarterly and adjust quarterly to a variable rate of
3-month CME Term SOFR
margin of
1.90
%. The trust preferred securities will mature on
December 31, 2034
, and are redeemable upon approval of the
Federal Reserve in whole or in part at the option of the Company at any time after December 31, 2009 and in whole at any time
upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities
are payable quarterly on March 31, June 30, September 30, and December 31 of each year. CCBG Capital Trust I also issued
$
0.9
securities were used to purchase a $
30.9
terms similar to the trust preferred securities. On April 12, 2016, the Company retired $
10
securities that were auctioned as part of a liquidation of a pooled collateralized debt obligation fund. The trust preferred securities
were originally issued through CCBG Capital Trust I.
In May 2005, CCBG Capital Trust II issued $
31.0
trust. The interest payments are due quarterly and adjust quarterly to a variable rate of
3-month CME Term SOFR
of
1.80
%. The trust preferred securities will mature on
June 15, 2035
, and are redeemable upon approval of the Federal
Reserve in whole or in part at the option of the Company and in whole at any time upon occurrence of certain events affecting
their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 15, June
15, September 15, and December 15 of each year. CCBG Capital Trust II also issued $
0.9
CCBG. The proceeds of the offering of trust preferred securities and common equity securities were used to purchase a $
32.0
million junior subordinated deferrable interest note issued by the Company, which has terms substantially similar to the trust
preferred securities.
The Company has the right to defer payments of interest on the two notes at any time or from time to time for a period of up to
twenty consecutive quarterly interest payment periods. Under the terms of each note, in the event that under certain
circumstances there is an event of default under the note or the Company has elected to defer interest on the note, the Company
may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of
its capital stock. At December 31, 2024, the Company has paid all interest payments in full.
The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and
payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated
basis, to pay expenses and liabilities of the two trusts other than those arising under the trust preferred securities. The obligations
of the Company under the two junior subordinated notes, the trust agreements establishing the two trusts, the guarantee and
agreement as to expenses and liabilities, in aggregate, constitute a full and unconditional guarantee by the Company of the two
trusts’ obligations under the two trust preferred security issuances.
Despite the fact that the accounts of CCBG Capital Trust I and CCBG Capital Trust II are not included in the Company’s
consolidated financial statements, the $
20.0
31.0
subsidiary trusts are included in the Tier 1 Capital of Capital City Bank Group, Inc. as allowed by Federal Reserve guidelines.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 11, 2025 | Showing above |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 5, 2020 | |
| 2018 | Mar 5, 2019 | |
| 2016 | Mar 2, 2017 | |
| 2015 | Mar 8, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.