Business
Capital City Bank Group, Inc. Reports First Quarter 2023 Results
TALLAHASSEE, Fla., April 24, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., April 24, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the first quarter of 2023 compared to $11.7 million, or $0.68 per diluted share, for the fourth quarter of 2022, and $8.5 million, or $0.50 per diluted share, for the first quarter of 2022. QUARTER HIGHLIGHTS (1st Quarter 2023 versus 4th Quarter 2022) Strong growth in net interest income of 6% - net interest margin percentage grew 28 basis points to 4.04% - deposit interest expense was well controlled at 26 basis points (total deposits) and 46 basis points (interest bearing deposits) Loan growth of $143 million, or 5.9% (average) and $112 million, or 4.4% (end of period)Average quarterly deposit growth of $14 million, or 0.4%, and a decline of $115 million, or 2.9%, in period end balance, which reflected a normal seasonal reduction of $88 million in public fund balances Continued strong credit quality metrics – allowance coverage ratio increased to 1.01% Noninterest income increased $1.3 million, or 6.1%, due to higher mortgage banking revenues at Capital City Home Loans (“CCHL”) Noninterest expense decreased $1.8 million, or 4.3%, and reflected no pension settlement expense for the quarter compared to $1.8 million for the prior quarter – expenses (excluding pension settlement expense) were favorably impacted by a $1.8 million gain from the sale of a banking office that was offset by higher payroll taxes (annual re-set), performance-based compensation, and the addition of two new offices during the first quarterTangible book value per share increased $1.00, or 5.7%, primarily due to strong earnings and a favorable valuation adjustment for available for sale securities “The strength and flexibility of our balance sheet – particularly the diversity and granularity of our core deposit franchise – was evident during a volatile quarter for the industry,” said William G. Smith, Jr., Chairman, President, and CEO of Capital City Bank Group. “Continued margin expansion and loan growth were the primary drivers of our strong performance, which resulted in tangible book value per share growth of 5.7%. While there remains uncertainty around the possibility of a near-term recession or economic slowing, I feel good about our positioning ...