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Here are 1-3 brief analogies for Capital City Bank (CCBG):

• Like a smaller, more localized version of U.S. Bank.
• A traditional bank for Florida, Georgia, and Alabama, similar to how Truist operates in the broader Southeast, but on a more concentrated scale.

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• Deposit Accounts: The bank offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: Capital City Bank provides commercial, real estate (residential and commercial), and consumer loans to meet diverse financing needs.
• Treasury Management: Specialized services for businesses include cash flow management, remote deposit, ACH origination, and wire transfers.
• Wealth Management and Trust Services: These services include financial planning, investment management, and trust administration for personal and institutional clients.

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Company: Capital City Bank (CCBG)

Capital City Bank (CCBG) sells primarily to a diverse base of individuals, businesses, and governmental/non-profit entities rather than a few major corporate customers in a traditional B2B sense. As a regional bank, its customer base is segmented by the type of client entity rather than specific named companies.

The company serves the following categories of customers:

• Individuals: This category encompasses retail customers seeking a comprehensive suite of personal banking services. These include checking and savings accounts, money market accounts, certificates of deposit, consumer loans (such as mortgages, home equity loans, and auto loans), and credit cards. Additionally, wealth management services are offered to high-net-worth individuals and families.
• Businesses: Capital City Bank serves small to medium-sized businesses across various sectors. For these commercial clients, the bank provides a range of services including commercial loans (e.g., real estate, equipment, working capital loans), lines of credit, business checking and savings accounts, treasury management services, and merchant services.
• Governmental and Non-profit Entities: The bank also caters to local government agencies, municipalities, and non-profit organizations. Services for this category often include specialized deposit accounts, treasury management solutions, and financing for public projects and organizational needs.

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• Fidelity National Information Services, Inc. (Symbol: FIS)
• FORVIS, LLP

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William G. Smith Jr., Chairman, President & Chief Executive Officer

William G. Smith Jr. began his career at Capital City Bank in 1978 and has served in numerous capacities, becoming Chief Executive Officer in 1995 and Chairman in 2003. He has been recognized by Florida Trend Magazine as one of the 500 most influential business executives in the state. Smith has served on the Board of Directors for Southern Company, and previously for the Darlington School and First National Bankers Bank. He was inducted into the Florida State University College of Business Hall of Fame in 2009. No information was found regarding him founding or managing other companies, selling companies, or a pattern of managing companies backed by private equity firms.

Jeptha E. Larkin, Executive Vice President, Chief Financial Officer

Jeptha E. Larkin joined Capital City Bank in 1986. Throughout his career, he has held various credit roles and led the company's Internal Audit Division from 1992 to 2002. He later served as Controller until 2021 before being appointed Executive Vice President and Chief Financial Officer, effective January 1, 2023. Mr. Larkin is a Certified Public Accountant licensed in Florida and Georgia. No information was found regarding him founding or managing other companies, selling companies, or a pattern of managing companies backed by private equity firms.

Bethany H. Corum, President, Capital City Bank

Bethany H. Corum was appointed President of Capital City Bank, effective July 1, 2025, making her the first female president in the bank's 130-year history. She joined Capital City Bank in 2006 as Chief People Officer, served as President of Capital City Services Company, and was promoted to Chief Operating Officer in 2015. Prior to joining Capital City Bank, she established her financial industry roots as an executive with the Florida Bankers Association.

Ramsay Sims, Executive Vice President, Chief Banking Officer

Ramsay Sims began his service with Capital City Bank in 2010. In February 2025, he was appointed to the newly created role of Chief Banking Officer. Before joining Capital City Bank, Sims accumulated decades of experience in the financial sector, including five years in public finance with Merrill Lynch, three years in corporate tax-exempt finance with Banc of America Securities, and six years with GE Capital.

William G. Smith III, Chief Lending Officer, Board of Directors

William G. Smith III joined Capital City Bank in 2007. He has held several leadership roles, including market president from 2020 to 2023, North Florida Region executive in 2023, and was appointed Chief Lending Officer in January 2025. In July 2025, he was appointed to the board of directors, continuing a four-generation family legacy within Capital City Bank.

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Key Risks to Capital City Bank (CCBG)

1. Credit Risk and Asset Quality Deterioration: Capital City Bank faces the risk that borrowers may default on their loans, leading to potential losses. This is evidenced by an increase in "classified loans," which are loans deemed to be higher risk, growing from 0.75% of its loan portfolio to 1.09% in the past year. This increase was primarily due to the downgrade of residential and commercial real estate loans. The bank also saw an increase in nonaccrual loans, with a $2.2 million rise in the second quarter of 2025, largely attributed to home equity loans. The bank has significant exposure to residential real estate, accounting for approximately 39.8% of its total loan portfolio, and commercial mortgage assets, which represent another substantial portion.
2. Weaknesses in Internal Controls and Financial Reporting: In late 2023, Capital City Bank identified issues with inter-company transactions that were not properly recorded, leading to the late filing of its Third Quarter 2023 10-Q and the determination that previously issued financial statements for several periods should no longer be relied upon and would need to be restated. Management subsequently reassessed its internal control over financial reporting and disclosure controls, expecting to report a material weakness in its internal controls. Such weaknesses can undermine investor confidence and expose the company to regulatory scrutiny.
3. Declining Deposits, Loans, and Intense Competition: The banking sector is highly competitive, and CCBG has experienced ongoing declines in both deposits and loans. Deposits in the second quarter of the 2025 fiscal year decreased from the prior quarter, and the value of loans has also dropped over the past few years. Factors contributing to this include the bank's "unimpressive interest rates, high monthly fees and small ATM network" outside its local branches, which can make it less competitive in attracting and retaining customers compared to other institutions.

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The clear emerging threat for Capital City Bank (CCBG) stems from the rapid growth and increasing sophistication of **Fintech companies and digital-first challenger banks**.

These competitors leverage technology to offer banking, lending, and payment services with significantly lower overheads, leading to:

• **Superior digital user experiences:** Mobile-first platforms that are often more intuitive, faster, and more personalized than traditional bank offerings.
• **Reduced fees and higher interest rates:** Without the burden of extensive physical branch networks, these entities can often offer more attractive financial terms for deposits and loans.
• **Niche and specialized services:** Targeting specific customer segments with tailored products that can draw away profitable business lines from traditional banks.

This trend directly challenges CCBG's traditional branch-based model and its ability to compete on convenience, cost, and digital innovation, similar to how Netflix disrupted Blockbuster by offering a more convenient and digital alternative to physical rentals.

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Capital City Bank (CCBG) primarily offers commercial banking, retail banking, and wealth management services across its footprint in Florida, Georgia, and Alabama.

• Commercial Banking: The addressable market size for the Commercial Banking industry in Florida is estimated at $65.5 billion in 2025. This market has demonstrated an average annual growth rate of 7.1% from 2020 to 2025. The broader U.S. commercial banking market was valued at $1.5 trillion in 2024 and is projected to reach $1.6 trillion in 2025.
• Retail Banking: The U.S. retail banking market is valued at approximately $0.87 trillion in 2025 and is forecasted to reach $1.08 trillion by 2030, reflecting a compound annual growth rate (CAGR) of 4.22% during this period.
• Wealth Management: Globally, assets under management (AUM) are projected to reach $162 trillion in 2025. The United States accounts for 54.2% of this global AUM in 2025. The mass affluent segment in the U.S., which is a significant target for wealth management services, includes 33 million individuals and represents approximately 43% of the country's total investable assets.

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Capital City Bank (CCBG) is expected to drive future revenue growth over the next two to three years through several key strategies:

• Expansion into High-Growth Markets and Demographic Tailwinds: Capital City Bank is strategically positioned to leverage population growth, as well as business and wealth migration, particularly within Florida and Georgia. This demographic trend in its core markets is expected to fuel an increase in its customer base and banking activity.
• Strategic Technology Investments and Digital Transformation: The company is investing in and implementing digital, scalable platforms designed to enhance client service and propel growth. These technological advancements aim to improve the customer experience and optimize operational efficiency, which can lead to increased customer acquisition and deeper client relationships.
• Growth in Non-Interest Income, particularly Wealth Management and Mortgage Banking: Capital City Bank has demonstrated consistent increases in non-interest income, with notable contributions from wealth management fees and mortgage banking revenues. For instance, the first six months of 2025 saw an increase in wealth management fees and mortgage banking revenues compared to the same period in 2024. This trend is expected to continue, driven by increased production volume in mortgage banking and growth in retail brokerage, trust fees, and insurance commission revenue within wealth management.
• Effective Net Interest Margin (NIM) Management and Investment Portfolio Optimization: The bank has shown an ability to improve its net interest margin through successful asset yield management and decreasing funding costs. Additionally, the bank has strategically increased its investment securities, which has contributed to higher investment securities income and helped to offset decreases in loan and deposit bases. This focus on optimizing its investment portfolio and managing interest rate sensitivity is anticipated to be a continued driver of net interest income.

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Share Repurchases

• Capital City Bank Group's Board of Directors approved a new stock repurchase program on January 25, 2024, authorizing the repurchase of up to 750,000 shares of common stock over five years. This program replaced an existing one.
• In 2024, the company repurchased 82,540 shares.
• For the first nine months of 2025, Capital City Bank purchased 73,349 shares under its share repurchase program.

Share Issuance

• For the first nine months of 2025, Capital City Bank Group reported the issuance of common stock amounting to $2.9 million, which positively impacted shareowners' equity.
• Additional Paid-In Capital increased from $37.684 million at December 31, 2024, to $39.527 million at June 30, 2025, indicating further share issuances, likely related to stock compensation.
• In 2020, shareowners' equity was influenced by net adjustments totaling $1.4 million related to stock compensation plans and $0.9 million from stock compensation accretion.

Outbound Investments

• On March 1, 2020, Capital City Bank acquired a 51% membership interest in Brand Mortgage Group, LLC, which now operates as Capital City Home Loans (CCHL). CCHL became a wholly-owned subsidiary effective January 1, 2025.
• A newly formed subsidiary, Capital City Strategic Wealth, LLC, acquired substantially all the assets of Strategic Wealth Group, LLC, and related businesses on April 30, 2021, to expand wealth management services.
• Capital City Bank Group made commitments for solar tax equity investments totaling $7 million in SOLCAP 2022-1, LLC, $7 million in SOLCAP 2023-1, LLC, and $9.1 million in SOLCAP 2024-1, LLC, focusing on renewable solar energy projects.