Business
Capital City Bank Group, Inc. Reports Fourth Quarter 2023 Results
TALLAHASSEE, Fla., Jan. 23, 2024 (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. 23, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023 compared to $12.7 million, or $0.74 per diluted share, for the third quarter of 2023, and $9.6 million, or $0.56 per diluted share, for the fourth quarter of 2022. For the full year of 2023, net income attributable to common shareowners totaled $52.3 million, or $3.07 per diluted share, compared to net income of $33.4 million, or $1.97 per diluted share, for the same period of 2022. QUARTER HIGHLIGHTS (4th Quarter 2023 versus 3rd Quarter 2023) Income Statement Tax-equivalent net interest income totaled $39.3 million compared to $39.4 million for the prior quarter – total deposit cost increased 8 basis points to 66 basis points – net interest margin increased four basis points to 4.07%Continued strong credit quality metrics – allowance coverage ratio increased from 1.08% to 1.10% - net loan charge-offs were 23 basis points (annualized) of average loans compared to 17 basis points for the prior quarterNoninterest income increased $0.4 million, or 2.6%, driven by higher mortgage banking revenuesNoninterest expense increased $0.9 million, or 2.2%, primarily due to lower realized loan cost (credit offset to salary expense) reflective of lower level of residential loan originations and higher professional/legal fees of $0.6 million Balance Sheet Loan balances grew $38.6 million, or 1.4% (average), and $28.7 million, or 1.1% (end of period)Deposit balances (including repurchase agreements) declined by $46.8 million, or 1.3% (average), and increased $165.4 million, or 4.6% (end of period) reflective of the seasonal increase in public fund balancesTangible book value per share increased $1.23, or 6.4%, and reflected a $12.5 million ($0.74/share) decrease in the accumulated other comprehensive loss reflective of lower investment security losses of $9.3 million and a favorable year-end re-measurement adjustment for the pension plan of $4.3 million FULL YEAR 2023 HIGHLIGHTS Income Statement Tax-equivalent net interest income totaled $159.4 million for 2023 compared to $125.3 million for 2022 driven by strong loan growth and higher interest rates, partially offset by higher deposit cost which was well controll...