Business
Capital City Bank Group, Inc. Reports Third Quarter 2019 Results
TALLAHASSEE, Fla., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $8.5 million, or $0.50 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $8.5 million, or $0.50 per diluted share for the third quarter of 2019 compared to net income of $7.3 million, or $0.44 per diluted share for the second quarter of 2019, and $6.0 million, or $0.35 per diluted share for the third quarter of 2018. For the first nine months of 2019, net income totaled $22.2 million, or $1.32 per diluted share, compared to net income of $17.8 million, or $1.04 per diluted share for the same period of 2018. \n Net income for the first nine months of 2018 included tax benefits totaling $3.3 million, or $0.19 per diluted share (1Q - $1.5 million, or $0.09 per diluted share, 2Q - $1.4 million, or $0.08 per diluted share, and 3Q - $0.4 million, or $0.02 per diluted share) related to 2017 plan year pension contributions made in 2018. HIGHLIGHTS Strong operating leverage Net interest income up 0.8% sequentially and 13.1% year-over-yearNoninterest income up 8.9% sequentially and 2.3% year-over-yearNoninterest expense down 1.8% sequentially and 0.6% year-over-year Net interest margin of 3.92%, up seven basis points over prior quarterAverage loans up $14 million, or 0.8% sequentially and $118 million, or 7.0% year-over-year Classified loans declined $5.1 million, or 19% sequentiallyTangible common equity ratio, a non-GAAP financial measure, up 48 basis points sequentially to 8.31% “Capital City reported a strong third quarter, and year-to-date net income is up 25%,” said William G. Smith, Jr., Capital City Bank Group Chairman, President and CEO. “Given the reduction in rates during the quarter, I was pleased with the improvement in our net interest margin, which was driven by a seven basis point decline in our cost of funds. Noninterest income is well diversified, and we posted solid growth for the quarter while our efficiency ratio declined to 69%. Although average loan growth slowed this quarter, year-to-date we have enjoyed strong growth in our C&I, construction and residential portfolios, and credit quality continues to improve. Florida and Georgia are strong and growing, and I remain optimistic. Your management team will continue to focus on implementing strategies that produce long-term value for our shareowners, and I appreciate your continued support.” Compared to the second q...