Business
Capital City Bank Group, Inc. Reports Second Quarter 2024 Results
TALLAHASSEE, Fla., July 23, 2024 (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 23, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $14.2 million, or $0.83 per diluted share, for the second quarter of 2024 compared to $12.6 million, or $0.74 per diluted share, for the first quarter of 2024, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2023. QUARTER HIGHLIGHTS (2nd Quarter 2024 versus 1st Quarter 2024) Income Statement Tax-equivalent net interest income totaled $39.3 million compared to $38.4 million for the prior quarter - total deposit cost increased 10 basis points to 95 basis points – net interest margin increased one basis point to 4.02%Stable credit quality metrics and credit loss provision - net loan charge-offs were 18 basis points (annualized) of average loans – allowance coverage ratio increased 2 basis points to 1.09% at June 30, 2024Noninterest income increased $1.5 million, or 8.3%, due to higher mortgage banking revenuesNoninterest expense was well-controlled with a $0.3 million, or 0.7%, increase for the quarterReduction in effective tax rate reflected a new investment in a solar tax credit fund Balance Sheet Loan balances decreased $1.9 million, or 0.1% (average), and declined $40.9 million, or 1.5% (end of period)Deposit balances increased by $64.5 million, or 1.8% (average), and decreased $46.2 million, or 1.3% (end of period)Tangible book value per diluted share (non-GAAP financial measure) increased $0.72, or 3.4% Commenting on the company's results, William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO, said, \"I am pleased with the quarter and how the year is progressing. Our disciplined approach resulted in tangible book value growth of 3.4% for the quarter, driven by margin expansion and stable credit quality. We are poised for a successful year and remain focused on initiatives that drive sustained core profitability.\" Discussion of Operating Results Net Interest Income/Net Interest Margin Tax-equivalent net interest income for the second quarter of 2024 totaled $39.3 million, compared to $38.4 million for the first quarter of 2024, and $40.2 million for the second quarter of 2023. Compared to the first quarter of 2024, the increase was primarily due to higher overnight funds and loan interest income that was partially offset...