Thu, Aug 1, 9:20 PM (226 days ago)
Capital City Bank Group, Inc.'s Form 10-Q for the quarter ended June 30, 2024, reports a net income attributable to common shareholders of $14.2 million, or $0.83 per diluted share, which is consistent with the same quarter in 2023. The net interest income, on a tax-equivalent basis, was $39.3 million, showing a slight increase from the previous quarter but a decrease from the same quarter last year due to higher deposit interest expenses. The provision for credit losses was $1.2 million, reflecting loan grade migration and higher loss rates. Noninterest income was $19.6 million, driven by increased mortgage banking revenues, while noninterest expenses were stable at $40.4 million. The allowance for credit losses stood at $29.2 million, representing 1.09% of loans held for investment. Average earning assets rose to $3.935 billion, with deposits averaging $3.641 billion. The bank's capital ratios remain strong, with a total risk-based capital ratio of 17.50% and a tangible common equity ratio of 8.91%. The report also notes a material weakness in internal controls over financial reporting, which is being addressed through enhanced review procedures.