Business
Capital City Bank Group, Inc. Reports Fourth Quarter and Full Year 2019 Results
TALLAHASSEE, Fla., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $8.6 million, or $0.51 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $8.6 million, or $0.51 per diluted share for the fourth quarter of 2019 compared to net income of $8.5 million, or $0.50 per diluted share for the third quarter of 2019, and $8.5 million, or $0.50 per diluted share for the fourth quarter of 2018. \n For the full year 2019, net income totaled $30.8 million, or $1.83 per diluted share, compared to net income of $26.2 million, or $1.54 per diluted share for 2018. Net income for 2018 included tax benefits totaling $3.3 million, or $0.19 per diluted share related to 2017 plan year pension contributions made in 2018. Fourth Quarter 2019 HIGHLIGHTS Operating revenues held firm despite third and fourth quarter Fed rate reductions - Highlights the value of our revenue diversification and core deposit franchiseAverage loans increased $9 million, or 0.5% sequentiallyLoan loss provision decreased $1.0 million sequentiallyEntered into a definitive agreement to acquire 51% ownership in Brand Mortgage, LLC Full Year 2019 HIGHLIGHTS Strong revenue growth- Net interest income increased 12%- Noninterest income increased 3%Net interest margin of 3.85%, increased 21 basis pointsAverage loans increased $104 million, or 6%Average deposit balances increased $115 million, or 5%Continued strong credit quality- Loan loss provision decreased $0.9 million, or 31%- Nonperforming assets decreased $3.7 million, or 40%Tangible common equity ratio, a non-GAAP financial measure, increased 48 basis points to 8.06%Tangible book value per share, a non-GAAP financial measure, increased 10.9% to $14.37 “Capital City wrapped up 2019 with a strong fourth quarter and solid performance for the year as annual earnings per share increased 19%,” said William G. Smith, Jr., Chairman, President and CEO. “While rates declined throughout the year, our net interest income and net interest margin increased $10.7 million and 21 basis points, respectively. Wealth management, mortgage banking and bankcard fees drove $1.5 million growth in noninterest income, while our efficiency ratio continues to show significant improvement. Loan growth in 2019 was lower than projected, but we know our markets, operate within our risk profile and will not unnecessarily compromise on rate or quality. For the year, net charg...