Business
Capital City Bank Group, Inc. Reports Second Quarter 2021 Results
TALLAHASSEE, Fla., July 27, 2021 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $7.4 million, or $0.44 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., July 27, 2021 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $7.4 million, or $0.44 per diluted share, for the second quarter of 2021 compared to net income of $9.5 million, or $0.56 per diluted share, for the first quarter of 2021, and $9.1 million, or $0.55 per diluted share, for the second quarter of 2020. Net income for the second quarter of 2021 included a partial pension settlement charge of $2.0 million (pre-tax), or $0.10 per diluted share (after tax). For the first six months of 2021, net income totaled $16.9 million, or $1.00 per diluted share, compared to net income of $13.4 million, or $0.80 per diluted share, for the same period of 2020. Our return on average assets (“ROA”) was 0.75% and our return on average equity (“ROE”) was 9.05% for the second quarter of 2021. These metrics were 1.01% and 11.81% for the first quarter of 2021, respectively, and 1.10% and 11.03% for the second quarter of 2020, respectively. For the first six months of 2021, our ROA was 0.88% and our ROE was 10.42% compared to 0.85% and 8.12%, respectively, for the same period of 2020. QUARTER HIGHLIGHTS Net interest income grew 6% sequentially driven by strong loan growth and higher SBA PPP fees Period-end loan balances (net of SBA PPP balances) grew by $74 million, or 4.0% sequentially Remaining SBA PPP balances and deferred fees totaled $80 million and $3.5 million, respectively, at period-end Strong credit quality metrics and a net loan loss recovery drove a negative credit loss provision of $0.6 million Average deposit balances grew $148 million, or 4.6% sequentially and reflected additional stimulus inflows as well as strong core deposit growthNoninterest expense increased $1.6 million and included a partial pension settlement charge of $2.0 million – controllable expenses at CCB continued to be well managedCapital City Home Loans (“CCHL”) contributed $0.05 per share “Challenges remain, but Capital City produced solid results for both the second quarter and first half of 2021,” said William G. Smith, Jr., Chairman, President and CEO of Capital City Bank Group. “Excluding PPP loans, our loan portfolio grew $74.3 million, or 3.8%, for the quarter with commercial mortgages and auto finance contributing a majority of the net growth. Continued improvement in the economy and favorab...