Business
Capital City Bank Group, Inc. Reports Third Quarter 2021 Results
TALLAHASSEE, Fla., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $10.1 million, or $0.60 per
About this update from Capital City Bank Group
[{"type":"text","content":"TALLAHASSEE, Fla., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $10.1 million, or $0.60 per diluted share, for the third quarter of 2021 compared to net income of $7.4 million, or $0.44 per diluted share, for the second quarter of 2021, and $10.4 million, or $0.62 per diluted share, for the third quarter of 2020. For the first nine months of 2021, net income totaled $27.0 million, or $1.60 per diluted share, compared to net income of $23.8 million, or $1.42 per diluted share, for the same period of 2020. Net income for 2021 included partial pre-tax pension settlement charges totaling $2.5 million (3Q - $0.5 million and 2Q - $2.0 million), or $0.12 per diluted share (after tax). Our return on average assets (“ROA”) was 0.99% and our return on average equity (“ROE”) was 11.72% for the third quarter of 2021. These metrics were 0.75% and 9.05% for the second quarter of 2021, respectively, and 1.17% and 12.16% for the third quarter of 2020, respectively. For the first nine months of 2021, our ROA was 0.92% and our ROE was 10.87% compared to 0.96% and 9.50%, respectively, for the same period of 2020. QUARTER HIGHLIGHTS Net interest income grew $1.7 million, or 6.5% sequentially, driven by higher loan fees of $1.3 million (primarily SBA PPP fees of $1.0 million) and a better earning asset mixAverage loans, excluding PPP loans, grew $35 million and average investment securities increased $218 millionStrong credit quality metrics resulted in no loan loss provision for the quarterNoninterest expense decreased $2.4 million due to lower pension settlement charges of $1.5 million and a $1.0 million gain from the sale of a banking officeCapital City Home Loans (“CCHL”) contributed $0.06 per share “Capital City posted strong third quarter results and, year over year, earnings have increased 13.4%,” said William G. Smith, Jr., Chairman, President and CEO of Capital City Bank Group. “Historically favorable credit quality continued to improve resulting in no provision for loan losses in the third quarter and a net provision credit year-to-date. Operating revenues improved as we experienced growth in both net interest income and noninterest income, while noninterest expense declined reflecting lower pension settlement charges and a gain on the sale of ORE (office building). Our recent ...