Business
Capital City Bank Group, Inc. Reports Second Quarter 2023 Results
TALLAHASSEE, Fla., July 25, 2023 (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., July 25, 2023 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $14.6 million, or $0.85 per diluted share, for the second quarter of 2023 compared to $15.0 million, or $0.88 per diluted share, for the first quarter of 2023, and $8.7 million, or $0.51 per diluted share, for the second quarter of 2022. QUARTER HIGHLIGHTS (2nd Quarter 2023 versus 1st Quarter 2023) Tax-equivalent net interest income totaled $40.1 million compared to $40.5 million – net interest margin increased from 4.04% to 4.05% - total deposit cost increased 17 basis points to 43 basis points Loan balances grew $75.3 million, or 2.9% (average), and $30.1 million, or 1.1% (end of period)Deposit balances (including repurchase agreements) declined $89.2 million, or 2.3% (average), and $16.9 million, or 0.4% (end of period) Continued strong credit quality metrics – lower provision expense of $0.9 million reflected lower loan growth and net loan charge-offs (7 basis points of average loans) – the allowance coverage ratio increased from 1.01% to 1.05% Noninterest income increased $0.7 million, or 2.8%, due to higher wealth management fees, deposit fees, and bankcard fees. Total revenues and earnings (break-even) at Capital City Home Loans were comparable to the prior quarter and included a $1.4 million gain from the sale of mortgage servicing rightsNoninterest expense increased $2.1 million, or 5.1%, primarily due to a $1.8 million gain on the sale of a banking office in the first quarter of 2023. A consulting payment of $0.8 million related to the negotiation of our core processing system outsourcing contract and a $0.3 million gain related to our supplemental executive retirement plan also impacted noninterest expense for the second quarter Tangible book value per share increased $0.59, or 3.2%, driven by strong earnings – net unrealized loss on available for sale securities remained stableRepurchased 40,495 shares of common stock for the second quarter of 2023 compared to 25,241 shares for the first quarter of 2023 “Capital City realized another solid quarter of earnings and growth in tangible book value,” said William G. Smith, Jr., Chairman, President, and CEO of Capital City Bank Group. “I feel good about our fundamental performance factors – our margin and credit qu...