Fri, Jul 12, 8:27 PM (57 days ago)
Capital City Bank Group, Inc.'s Form 10-Q for the period ending March 31, 2024, highlights several key financial metrics and changes. The report indicates a net income attributable to common shareholders of $12.6 million, or $0.74 per diluted share, a slight increase from the fourth quarter of 2023 but a decrease from the first quarter of 2023. The net interest income on a fully tax-equivalent basis was $38.4 million, down from both the preceding quarter and the same quarter last year, primarily due to increased deposit interest expenses despite higher loan interest income. Provision for credit losses decreased to $0.9 million, reflecting favorable loan grade migration and lower loss rates. Noninterest income rose to $18.1 million, driven by higher mortgage banking revenues and wealth management fees. Noninterest expenses increased to $40.2 million, with compensation expenses rising due to higher payroll taxes and lower realized loan costs. Total deposits averaged $3.577 billion, with a notable shift towards money market and CD balances. The allowance for credit losses was $29.3 million, representing 1.07% of loans held for investment. Capital ratios remain strong, with a total risk-based capital ratio of 16.84% and a tangible common equity ratio of 8.53%. The report also outlines ongoing remediation efforts for previously identified material weaknesses in internal controls over financial reporting, focusing on enhancing the review and accuracy of inter-company transactions and financial information.