Business
Capital City Bank Group, Inc. Reports First Quarter 2025 Results
TALLAHASSEE, Fla., April 21, 2025 (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 21, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024. QUARTER HIGHLIGHTS (1st Quarter 2025 versus 4th Quarter 2024) Income Statement Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points) Improved credit quality metrics - net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management feesNoninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter Balance Sheet Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0% \"I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.\" Discussion of Operating Results Net...