Business
Capital City Bank Group, Inc. Reports Fourth Quarter 2022 Results
TALLAHASSEE, Fla., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $11.7 million, or $0.68 per diluted share, for the fourth quarter of 2022 compared to net income of $11.3 million, or $0.67 per diluted share, for the third quarter of 2022, and $6.4 million, or $0.38 per diluted share, for the fourth quarter of 2021. For the full year of 2022, net income attributable to common shareowners totaled $40.1 million, or $2.36 per diluted share, compared to net income of $33.4 million, or $1.98 per diluted share, for the same period of 2021. QUARTER HIGHLIGHTS (4th Quarter 2022 versus 3rd Quarter 2022) Continued strong growth in net interest income of 14% - net interest margin percentage grew 45 basis points to 3.76% - deposit cost well controlled at 20 basis points (total deposits) and 35 basis points (interest bearing deposits) Loan growth of $179 million, or 7.6% (end of period) and $175 million, or 7.7% (average)Continued strong credit quality metrics – higher credit loss provision primarily driven by loan growth Noninterest income decreased $1.9 million, or 8.5%, primarily due to lower mortgage banking revenues at CCHL – strong adjustable rate portfolio production by CCHL contributed to loan growth for the quarter Noninterest expense included a pension settlement charge of $1.8 million, or $0.08 per shareTangible book value per share increased $1.19, or 7.2%, primarily due to strong earnings and a favorable re-measurement adjustment for pension plan Full Year 2022 HIGHLIGHTS Strong growth in net interest income of 21% reflected improved earning asset mix and strength of deposit franchise Loan growth of $594 million, or 30.7% (end of period) and $189 million, or 9.4% (year-to-date average)Average Deposits grew $356 million, or 10.5% CCHL contribution decreased $0.24 per share due to slower secondary market loan sales, but was more than offset by strong adjustable rate production for our loan portfolio, and higher wealth and deposit fees Noninterest expense included pension settlement charges totaling $2.3 million or $0.11 per shareTangible book value per share increased $0.54, or 3.2%, primarily due to strong earnings and a favorable re-measurement adjustment for pension plan, partially offset by higher unrealized investment security loss...