Business
Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results
TALLAHASSEE, Fla., Jan. 28, 2025 (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. 28, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023. For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023. QUARTER HIGHLIGHTS (4th Quarter 2024 versus 3rd Quarter 2024) Income Statement Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield). Stable credit quality metrics and credit loss provision – net loan charge-offs were 25 basis points (annualized) of average loans – allowance coverage ratio was 1.10% at December 31, 2024Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenuesNoninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office Balance Sheet Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balancesTangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share) FULL YEAR 2024 HIGHLIGHTS Income Statement Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% - net loan charge-offs were 21 basis points of...