Business
Capital City Bank Group, Inc. Reports Third Quarter 2020 Results
TALLAHASSEE, Fla., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $10.4 million, or $0.62 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $10.4 million, or $0.62 per diluted share for the third quarter of 2020 compared to net income of $9.1 million, or $0.55 per diluted share for the second quarter of 2020, and $8.5 million, or $0.50 per diluted share for the third quarter of 2019. For the first nine months of 2020, net income totaled $23.8 million, or $1.42 per diluted share, compared to net income of $22.2 million, or $1.32 per diluted share, for the same period of 2019.\n QUARTER HIGHLIGHTS Return on assets improved to 1.17% and return on equity to 12.16% 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 ($0.23 per share)11% increase in other fee revenues (deposit, bankcard, and wealth management)Credit quality remains strong with no significant problem loan migration 88% of loan balances extended in the first and second quarter have resumed payments “Although the environment remains challenging, Capital City reported a strong third quarter, up 12.7% over the second quarter,” said William G. Smith, Jr., Chairman, President and CEO. “I am proud of both our financial performance and how our team has responded to the COVID-19 pandemic. We continue to put the safety and well-being of our associates and clients first, as we reach out to assist our communities through the origination of SBA PPP loans, grants and volunteer hours, and endeavor to meet the needs of our clients through both in-person and virtual delivery channels. The mortgage market has been robust and we have benefitted from our alliance with CCHL, which contributed $0.23 per share in the third quarter – up from $0.20 per share in the second quarter. Earnings from CCHL and SBA PPP loan fees have helped to mitigate the adverse impacts of a lower interest rate environment and reserve build attributable to the adoption of CECL and COVID-19. Hopefully, we will continue to experience economic improvement during the fourth quarter and into 2021. I am proud of what our team has accomplished in a very difficult year, and I remain optimistic about the long-term outlook for Capital City. Thank you for your continued support.” COVID-19 Update Lobby acce...