Business
Capital City Bank Group, Inc. Reports Second Quarter 2020 Results
TALLAHASSEE, Fla., July 21, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $9.1 million, or $0.55 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., July 21, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $9.1 million, or $0.55 per diluted share for the second quarter of 2020 compared to net income of $4.3 million, or $0.25 per diluted share for the first quarter of 2020, and $7.3 million, or $0.44 per diluted share for the second quarter of 2019. For the first six months of 2020, net income totaled $13.4 million, or $0.80 per diluted share, compared to net income of $13.8 million, or $0.82 per diluted share, for the same period of 2019.\n QUARTER HIGHLIGHTS Return on assets improved to 1.10% and efficiency ratio to 67% Diversified revenue and strong balance sheet continue to buffer impact of pandemic and lower interest ratesStrong performance by Capital City Home Loans (“CCHL”) contributed significantly ($0.20/share)Pandemic related stimulus programs contributed $190 million in loan growth and deposit balances totaling $243 million “Though the second quarter presented a challenging environment, I am pleased with our financial performance and how we responded to the COVID-19 pandemic,” said William G. Smith, Jr., Chairman, President and CEO. “We issued $190 million in Paycheck Protection Program (PPP) loans to assist our small business clients and took critical precautions to protect the health and welfare of our associates and clients as we reopened our offices for routine lobby service. Despite a challenged economy, the mortgage market has been robust, and our recent alliance with CCHL contributed $0.20 per share during the second quarter. Earnings from CCHL and SBA/PPP fees helped mitigate the adverse impacts of a lower interest rate environment and reserve build attributable to the adoption of CECL and COVID-19. I anticipate the second half of 2020 will remain challenging but am hopeful it will bring improvement. We have taken a prudent and measured approach to managing through this ongoing crisis and continue to focus on our commitments to our associates, clients, communities, and shareowners. I remain optimistic about the long-term outlook for Capital City and appreciate your continued support.” COVID-19 Update Lobby access has been re-opened for 56 of our 57 banking offices and operations are subject to national guidelines and local safety ordinances to protect both clients and associates – we will...