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Capital City Bank Group, Inc. Reports First Quarter 2024 Results
TALLAHASSEE, Fla., April 22, 2024 (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 22, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $12.6 million, or $0.74 per diluted share, for the first quarter of 2024 compared to $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023, and $13.7 million, or $0.80 per diluted share, for the first quarter of 2023. QUARTER HIGHLIGHTS (1st Quarter 2024 versus 4th Quarter 2023) Income Statement Tax-equivalent net interest income totaled $38.4 million compared to $39.3 million for the prior quarter reflective of one less calendar day and higher deposit cost – total deposit cost increased 19 basis points to 85 basis points – net interest margin decreased six basis points to 4.01%Stable credit quality metrics and lower loan growth drove a $1.1 million reduction in credit loss provision – net loan charge-offs were 22 basis points (annualized) of average loans – allowance coverage ratio of 1.07%Noninterest income increased $0.9 million, or 5.5%, due to higher mortgage banking revenues and wealth management feesNoninterest expense was well controlled with a $0.2 million, or 0.5%, increase for the quarter Balance Sheet Loan balances grew $17.4 million, or 0.6% (average), and declined $2.7 million, or 0.1% (end of period)Deposit balances increased by $28.0 million, or 0.8% (average), and decreased $47.0 million, or 1.3% (end of period)Tangible book value per diluted share (non-GAAP financial measure) increased $0.52, or 2.5% – accumulated other comprehensive loss remained stableRepurchased 82,540 shares of common stock “Overall, we are pleased with the first quarter as we realized solid earnings and capital growth,” said William G. Smith, Jr., Chairman, President, CEO of Capital City Bank Group. “Credit quality remained stable, average deposits grew, and the dividend increased 5 percent. While the operating environment remains challenging, we believe we are well positioned and have strategies in place to achieve a solid year of performance.” Discussion of Operating Results Net Interest Income/Net Interest Margin Tax-equivalent net interest income for the first quarter of 2024 totaled $38.4 million, compared to $39.3 million for the fourth quarter of 2023, and $40.5 million for the first quarter of 2023. Compared to both prior periods, the decline was prima...