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Capital City Bank Group, Inc. Reports First Quarter 2025 Results

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Capital City Bank Group (NASDAQ: CCBG) reported strong Q1 2025 results with net income of $16.9 million, or $0.99 per diluted share, up from $13.1 million ($0.77/share) in Q4 2024 and $12.6 million ($0.74/share) in Q1 2024.

Key highlights include: tax-equivalent net interest income of $41.6 million, net interest margin increase to 4.22%, improved credit quality with net loan charge-offs at nine basis points, and noninterest income growth of $1.1 million (6.1%). Deposit balances increased by $111.9 million (3.0%) while loan balances showed a modest increase of $9.2 million (0.4%).

The quarter benefited from a $0.17 per share gain from the sale of operations center building. The bank maintained strong capital ratios with total risk-based capital at 19.20% and common equity tier 1 capital at 16.08% as of March 31, 2025.

Capital City Bank Group (NASDAQ: CCBG) ha riportato risultati solidi nel primo trimestre 2025 con un utile netto di 16,9 milioni di dollari, pari a 0,99 dollari per azione diluita, in aumento rispetto ai 13,1 milioni di dollari (0,77 dollari/azione) del quarto trimestre 2024 e ai 12,6 milioni di dollari (0,74 dollari/azione) del primo trimestre 2024.

I punti chiave includono: un reddito netto da interessi al netto delle imposte di 41,6 milioni di dollari, un aumento del margine di interesse netto al 4,22%, un miglioramento della qualità del credito con perdite nette su prestiti pari a nove punti base e una crescita del reddito non da interessi di 1,1 milioni di dollari (6,1%). I depositi sono aumentati di 111,9 milioni di dollari (3,0%), mentre i prestiti hanno registrato un modesto incremento di 9,2 milioni di dollari (0,4%).

Il trimestre ha beneficiato di un guadagno di 0,17 dollari per azione derivante dalla vendita dell’edificio del centro operativo. La banca ha mantenuto solidi coefficienti patrimoniali con un capitale totale ponderato per il rischio al 19,20% e un capitale di classe 1 comune al 16,08% al 31 marzo 2025.

Capital City Bank Group (NASDAQ: CCBG) reportó sólidos resultados en el primer trimestre de 2025 con un ingreso neto de 16,9 millones de dólares, o 0,99 dólares por acción diluida, aumentando desde 13,1 millones de dólares (0,77 dólares/acción) en el cuarto trimestre de 2024 y 12,6 millones de dólares (0,74 dólares/acción) en el primer trimestre de 2024.

Los aspectos destacados incluyen: ingresos netos por intereses equivalentes a impuestos de 41,6 millones de dólares, un aumento del margen neto de intereses al 4,22%, mejora en la calidad crediticia con pérdidas netas por préstamos de nueve puntos básicos y un crecimiento de ingresos no relacionados con intereses de 1,1 millones de dólares (6,1%). Los saldos de depósitos aumentaron 111,9 millones de dólares (3,0%), mientras que los saldos de préstamos mostraron un modesto incremento de 9,2 millones de dólares (0,4%).

El trimestre se benefició de una ganancia de 0,17 dólares por acción por la venta del edificio del centro de operaciones. El banco mantuvo sólidos índices de capital con un capital total basado en riesgos del 19,20% y un capital común de nivel 1 del 16,08% al 31 de marzo de 2025.

Capital City Bank Group (NASDAQ: CCBG)는 2025년 1분기에 순이익 1,690만 달러를 기록하며 강력한 실적을 발표했습니다. 희석 주당 순이익은 0.99달러로, 2024년 4분기 1,310만 달러(주당 0.77달러)와 2024년 1분기 1,260만 달러(주당 0.74달러)에서 증가한 수치입니다.

주요 내용으로는 세후 순이자수익 4,160만 달러, 순이자마진 4.22%로 상승, 순대출 손실률 9bp로 신용 품질 개선, 비이자 수익 110만 달러(6.1%) 증가가 포함됩니다. 예금 잔액은 1억 1,190만 달러(3.0%) 증가했으며, 대출 잔액은 920만 달러(0.4%) 소폭 증가했습니다.

이번 분기는 운영 센터 건물 매각으로 주당 0.17달러의 이익을 얻었습니다. 은행은 2025년 3월 31일 기준 총 위험기반 자본 비율 19.20%, 보통주 자기자본비율 16.08%로 견고한 자본 비율을 유지했습니다.

Capital City Bank Group (NASDAQ : CCBG) a annoncé de solides résultats pour le premier trimestre 2025 avec un bénéfice net de 16,9 millions de dollars, soit 0,99 dollar par action diluée, en hausse par rapport à 13,1 millions de dollars (0,77 dollar/action) au quatrième trimestre 2024 et 12,6 millions de dollars (0,74 dollar/action) au premier trimestre 2024.

Les points clés comprennent : un produit net d’intérêts équivalent fiscal de 41,6 millions de dollars, une augmentation de la marge nette d’intérêts à 4,22 %, une amélioration de la qualité du crédit avec des pertes nettes sur prêts à neuf points de base, et une croissance des revenus hors intérêts de 1,1 million de dollars (6,1 %). Les soldes des dépôts ont augmenté de 111,9 millions de dollars (3,0 %) tandis que les soldes des prêts ont montré une légère hausse de 9,2 millions de dollars (0,4 %).

Le trimestre a bénéficié d’un gain de 0,17 dollar par action provenant de la vente du bâtiment du centre d’opérations. La banque a maintenu de solides ratios de capital avec un capital total pondéré en fonction des risques à 19,20 % et un capital de catégorie 1 ordinaire à 16,08 % au 31 mars 2025.

Capital City Bank Group (NASDAQ: CCBG) meldete starke Ergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 16,9 Millionen US-Dollar bzw. 0,99 US-Dollar je verwässerter Aktie, im Vergleich zu 13,1 Millionen US-Dollar (0,77 US-Dollar/Aktie) im vierten Quartal 2024 und 12,6 Millionen US-Dollar (0,74 US-Dollar/Aktie) im ersten Quartal 2024.

Wichtige Highlights sind: steueräquivalente Nettozinserträge von 41,6 Millionen US-Dollar, eine Steigerung der Nettozinsmarge auf 4,22 %, verbesserte Kreditqualität mit Netto-Kreditausfällen von neun Basispunkten sowie ein Wachstum der Nichtzins-Erträge um 1,1 Millionen US-Dollar (6,1 %). Die Einlagen stiegen um 111,9 Millionen US-Dollar (3,0 %), während die Kreditsalden moderat um 9,2 Millionen US-Dollar (0,4 %) zunahmen.

Das Quartal profitierte von einem Gewinn von 0,17 US-Dollar je Aktie aus dem Verkauf des Betriebszentrums. Die Bank hielt zum 31. März 2025 starke Kapitalquoten mit einer risikogewichteten Gesamtkapitalquote von 19,20 % und einer Kernkapitalquote von 16,08 %.

Positive
  • Net income increased to $16.9 million, up 29% from Q4 2024
  • Net interest margin improved to 4.22%, up 5 basis points
  • Deposit growth of $111.9 million (3.0%)
  • Credit quality improved with lower nonperforming assets ratio of 0.10%
  • Strong capital ratios with total risk-based capital at 19.20%
Negative
  • Average loans decreased by $62.7 million (-2.3%) year-over-year
  • Consumer loans declined by $48.0 million year-over-year
  • Commercial loans decreased by $33.9 million year-over-year

Insights

CCBG delivered strong Q1 results with 34% YoY EPS growth, improved credit metrics, and expanding net interest margin despite one-time gain contributions.

Capital City Bank Group's Q1 2025 results demonstrate exceptional financial performance with net income reaching $16.9 million ($0.99 per diluted share), representing a 28.6% increase from Q4 2024 and 33.8% year-over-year growth. While these figures include a $0.17 per share one-time gain from selling their operations center, even the core earnings show significant improvement.

The bank's net interest margin expanded to 4.22% (up 5 basis points), a notable achievement in the current banking environment. This improvement was driven by higher yields on new investment securities and decreasing deposit costs (down 4 basis points to 0.82%). The bank has effectively managed its funding costs while maintaining strong liquidity.

Asset quality metrics improved substantially, with net loan charge-offs declining to just 9 basis points of average loans compared to 25 basis points in Q4 2024. Nonperforming assets decreased to 0.10% of total assets from 0.15% last quarter, while the allowance coverage ratio increased to 1.12%, providing enhanced protection against potential credit deterioration.

Revenue diversification contributed significantly, with noninterest income increasing 6.1% quarter-over-quarter, driven by mortgage banking (+$0.7 million) and wealth management fees (+$0.5 million). Meanwhile, expenses decreased 7.4%, partly due to the aforementioned facility sale.

Despite a slight 0.4% decrease in average loan balances, end-of-period loans showed 0.4% growth, suggesting positive late-quarter momentum. Deposit growth was robust at 3.0% (end-of-period), providing ample funding.

Capital ratios strengthened further with the total risk-based capital ratio improving to 19.20% (from 18.64%) and tangible book value per share increasing 4.0%. The bank maintains significant liquidity with $446 million in overnight funds plus capacity to generate approximately $1.54 billion in additional liquidity if needed.

TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

QUARTER HIGHLIGHTS (1st Quarter 2025 versus 4th Quarter 2024)

Income Statement

  • Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
    • Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
  • Improved credit quality metrics - net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
  • Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
  • Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

Balance Sheet

  • Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
  • Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
  • Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

"I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions."

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods.   For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.  

Noninterest Income and Noninterest Expense

Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees.   The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue.   Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees.   The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.     

Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024.   The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

Income Taxes

We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation.   Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits).   Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”).   Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

Allowance for Credit Losses

At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs.   The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

Deposits

Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024.   Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances.   The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024.   The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

Liquidity

The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.
    
At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio.  Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities.  At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.    

Capital

Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:

Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Shareowners' Equity (GAAP) $512,575 $495,317 $476,499 $460,999 $448,314 
Less: Goodwill and Other Intangibles (GAAP)  92,733  92,773  92,813  92,853  92,893 
Tangible Shareowners' Equity (non-GAAP)A 419,842  402,544  383,686  368,146  355,421 
Total Assets (GAAP)  4,461,233  4,324,932  4,225,316  4,225,695  4,259,922 
Less: Goodwill and Other Intangibles (GAAP)  92,733  92,773  92,813  92,853  92,893 
Tangible Assets (non-GAAP)B$4,368,500 $4,232,159 $4,132,503 $4,132,842 $4,167,029 
Tangible Common Equity Ratio (non-GAAP)A/B 9.61%  9.51%  9.28%  8.91%  8.53% 
Actual Diluted Shares Outstanding (GAAP)C 17,072,330  17,018,122  16,980,686  16,970,228  16,947,204 
Tangible Book Value per Diluted Share (non-GAAP)A/C$24.59 $23.65 $22.60 $21.69 $20.97 
 


CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
        
  Three Months Ended 
(Dollars in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 
EARNINGS       
Net Income Attributable to Common Shareowners$16,858$13,090$12,557$
Diluted Net Income Per Share$0.99$0.77$0.74$
PERFORMANCE       
Return on Average Assets (annualized) 1.58%1.22%1.21%
Return on Average Equity (annualized) 13.32 10.60 11.07 
Net Interest Margin 4.22 4.17 4.01 
Noninterest Income as % of Operating Revenue 32.39 31.34 32.06 
Efficiency Ratio 62.93%69.74%71.06%
CAPITAL ADEQUACY       
Tier 1 Capital 18.01%17.46%15.67%
Total Capital 19.20 18.64 16.84 
Leverage 11.17 11.05 10.45 
Common Equity Tier 1 16.08 15.54 13.82 
Tangible Common Equity (1) 9.61 9.51 8.53 
Equity to Assets 11.49%11.45%10.52%
ASSET QUALITY       
Allowance as % of Non-Performing Loans 692.10%464.14%431.46%
Allowance as a % of Loans HFI 1.12 1.10 1.07 
Net Charge-Offs as % of Average Loans HFI 0.09 0.25 0.22 
Nonperforming Assets as % of Loans HFI and OREO 0.17 0.25 0.25 
Nonperforming Assets as % of Total Assets 0.10%0.15%0.16%
STOCK PERFORMANCE       
High$38.27$40.86$31.34$
Low 33.00 33.00 26.59 
Close$35.96$36.65$27.70$
Average Daily Trading Volume 24,486 27,484 31,023 
        
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
        


CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
           
 2025  2024 
(Dollars in thousands)First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
ASSETS          
Cash and Due From Banks$78,521 $70,543 $83,431 $75,304 $73,642 
Funds Sold and Interest Bearing Deposits 446,042  321,311  261,779  272,675  231,047 
Total Cash and Cash Equivalents 524,563  391,854  345,210  347,979  304,689 
           
Investment Securities Available for Sale 461,224  403,345  336,187  310,941  327,338 
Investment Securities Held to Maturity 517,176  567,155  561,480  582,984  603,386 
Other Equity Securities 2,315  2,399  6,976  2,537  3,445 
Total Investment Securities 980,715  972,899  904,643  896,462  934,169 
           
Loans Held for Sale ("HFS"): 21,441  28,672  31,251  24,022  24,705 
           
Loans Held for Investment ("HFI"):          
Commercial, Financial, & Agricultural 184,393  189,208  194,625  204,990  218,298 
Real Estate - Construction 192,282  219,994  218,899  200,754  202,692 
Real Estate - Commercial 806,942  779,095  819,955  823,122  823,690 
Real Estate - Residential 1,040,594  1,028,498  1,023,485  1,012,541  1,012,791 
Real Estate - Home Equity 225,987  220,064  210,988  211,126  214,617 
Consumer 206,191  199,479  213,305  234,212  254,168 
Other Loans 3,227  14,006  461  2,286  3,789 
Overdrafts 1,154  1,206  1,378  1,192  1,127 
Total Loans Held for Investment 2,660,770  2,651,550  2,683,096  2,690,223  2,731,172 
Allowance for Credit Losses (29,734) (29,251) (29,836) (29,219) (29,329)
Loans Held for Investment, Net 2,631,036  2,622,299  2,653,260  2,661,004  2,701,843 
           
Premises and Equipment, Net 80,043  81,952  81,876  81,414  81,452 
Goodwill and Other Intangibles 92,733  92,773  92,813  92,853  92,893 
Other Real Estate Owned 132  367  650  650  1 
Other Assets 130,570  134,116  115,613  121,311  120,170 
Total Other Assets 303,478  309,208  290,952  296,228  294,516 
Total Assets$4,461,233 $4,324,932 $4,225,316 $4,225,695 $4,259,922 
LIABILITIES          
Deposits:          
Noninterest Bearing Deposits$1,363,739 $1,306,254 $1,330,715 $1,343,606 $1,361,939 
NOW Accounts 1,292,654  1,285,281  1,174,585  1,177,180  1,212,452 
Money Market Accounts 445,999  404,396  401,272  413,594  398,308 
Savings Accounts 511,265  506,766  507,604  514,560  530,782 
Certificates of Deposit 170,233  169,280  164,901  159,624  151,320 
Total Deposits 3,783,890  3,671,977  3,579,077  3,608,564  3,654,801 
           
Repurchase Agreements 22,799  26,240  29,339  22,463  23,477 
Other Short-Term Borrowings 14,401  2,064  7,929  3,307  8,409 
Subordinated Notes Payable 52,887  52,887  52,887  52,887  52,887 
Other Long-Term Borrowings 794  794  794  1,009  265 
Other Liabilities 73,887  75,653  71,974  69,987  65,181 
Total Liabilities 3,948,658  3,829,615  3,742,000  3,758,217  3,805,020 
           
Temporary Equity -  -  6,817  6,479  6,588 
SHAREOWNERS' EQUITY          
Common Stock 171  170  169  169  169 
Additional Paid-In Capital 38,576  37,684  36,070  35,547  34,861 
Retained Earnings 476,715  463,949  454,342  445,959  435,364 
Accumulated Other Comprehensive Loss, Net of Tax (2,887) (6,486) (14,082) (20,676) (22,080)
Total Shareowners' Equity 512,575  495,317  476,499  460,999  448,314 
Total Liabilities, Temporary Equity and Shareowners' Equity$4,461,233 $4,324,932 $4,225,316 $4,225,695 $4,259,922 
OTHER BALANCE SHEET DATA          
Earning Assets$4,108,969 $3,974,431 $3,880,769 $3,883,382 $3,921,093 
Interest Bearing Liabilities 2,511,032  2,447,708  2,339,311  2,344,624  2,377,900 
Book Value Per Diluted Share$30.02 $29.11 $28.06 $27.17 $26.45 
Tangible Book Value Per Diluted Share(1) 24.59  23.65  22.60  21.69  20.97 
Actual Basic Shares Outstanding 17,055  16,975  16,944  16,942  16,929 
Actual Diluted Shares Outstanding 17,072  17,018  16,981  16,970  16,947 
 
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
 


CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited          
           
  2025 2024
(Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
INTEREST INCOME          
Loans, including Fees$40,478$41,453 $41,659$41,138$40,683
Investment Securities 5,808 4,694  4,155 4,004 4,244
Federal Funds Sold and Interest Bearing Deposits 3,496 3,596  3,514 3,624 1,893
Total Interest Income 49,782 49,743  49,328 48,766 46,820
INTEREST EXPENSE          
Deposits 7,383 7,766  8,223 8,579 7,594
Repurchase Agreements 164 199  221 217 201
Other Short-Term Borrowings 117 83  52 68 39
Subordinated Notes Payable 560 581  610 630 628
Other Long-Term Borrowings 11 11  11 3 3
Total Interest Expense 8,235 8,640  9,117 9,497 8,465
Net Interest Income 41,547 41,103  40,211 39,269 38,355
Provision for Credit Losses 768 701  1,206 1,204 920
Net Interest Income after Provision for Credit Losses 40,779 40,402  39,005 38,065 37,435
NONINTEREST INCOME          
Deposit Fees 5,061 5,207  5,512 5,377 5,250
Bank Card Fees 3,514 3,697  3,624 3,766 3,620
Wealth Management Fees 5,763 5,222  4,770 4,439 4,682
Mortgage Banking Revenues 3,820 3,118  3,966 4,381 2,878
Other 1,749 1,516  1,641 1,643 1,667
Total Noninterest Income 19,907 18,760  19,513 19,606 18,097
NONINTEREST EXPENSE          
Compensation 26,248 26,108  25,800 24,406 24,407
Occupancy, Net 6,793 6,893  7,098 6,997 6,994
Other 5,660 8,781  10,023 9,038 8,770
Total Noninterest Expense 38,701 41,782  42,921 40,441 40,171
OPERATING PROFIT 21,985 17,380  15,597 17,230 15,361
Income Tax Expense 5,127 4,219  2,980 3,189 3,536
Net Income 16,858 13,161  12,617 14,041 11,825
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest - (71) 501 109 732
NET INCOME ATTRIBUTABLE TO
COMMON SHAREOWNERS		$16,858$13,090 $13,118$14,150$12,557
PER COMMON SHARE          
Basic Net Income$0.99$0.77 $0.77$0.84$0.74
Diluted Net Income 0.99 0.77  0.77 0.83 0.74
Cash Dividend$0.24$0.23 $0.23$0.21$0.21
AVERAGE SHARES          
Basic 17,027 16,946  16,943 16,931 16,951
Diluted 17,044 16,990  16,979 16,960 16,969
 


CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited          
           
  2025  2024 
(Dollars in thousands, except per share data) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter
ACL - HELD FOR INVESTMENT LOANS          
Balance at Beginning of Period$29,251 $29,836 $29,219 $29,329 $29,941 
Transfer from Other (Assets) Liabilities -  -  -  -  (50)
Provision for Credit Losses 1,083  1,085  1,879  1,129  932 
Net Charge-Offs (Recoveries) 600  1,670  1,262  1,239  1,494 
Balance at End of Period$29,734 $29,251 $29,836 $29,219 $29,329 
As a % of Loans HFI 1.12% 1.10% 1.11% 1.09% 1.07%
As a % of Nonperforming Loans 692.10% 464.14% 452.64% 529.79% 431.46%
ACL - UNFUNDED COMMITMENTS          
Balance at Beginning of Period 2,155 $2,522 $3,139 $3,121 $3,191 
Provision for Credit Losses (323) (367) (617) 18  (70)
Balance at End of Period(1) 1,832  2,155  2,522  3,139  3,121 
ACL - DEBT SECURITIES          
Provision for Credit Losses$8 $(17)$(56)$57 $58 
CHARGE-OFFS          
Commercial, Financial and Agricultural$168 $499 $331 $400 $282 
Real Estate - Construction -  47  -  -  - 
Real Estate - Commercial -  -  3  -  - 
Real Estate - Residential 8  44  -  -  17 
Real Estate - Home Equity -  33  23  -  76 
Consumer 865  1,307  1,315  1,061  1,550 
Overdrafts 570  574  611  571  638 
Total Charge-Offs$1,611 $2,504 $2,283 $2,032 $2,563 
RECOVERIES          
Commercial, Financial and Agricultural$75 $103 $176 $59 $41 
Real Estate - Construction -  3  -  -  - 
Real Estate - Commercial 3  33  5  19  204 
Real Estate - Residential 119  28  88  23  37 
Real Estate - Home Equity 9  17  59  37  24 
Consumer 481  352  405  313  410 
Overdrafts 324  298  288  342  353 
Total Recoveries$1,011 $834 $1,021 $793 $1,069 
NET CHARGE-OFFS (RECOVERIES)$600 $1,670 $1,262 $1,239 $1,494 
Net Charge-Offs as a % of Average Loans HFI(2) 0.09% 0.25% 0.19% 0.18% 0.22%
CREDIT QUALITY          
Nonaccruing Loans$4,296 $6,302 $6,592 $5,515 $6,798 
Other Real Estate Owned 132  367  650  650  1 
Total Nonperforming Assets ("NPAs")$4,428 $6,669 $7,242 $6,165 $6,799 
           
Past Due Loans 30-89 Days$3,735 $4,311 $9,388 $5,672 $5,392 
Classified Loans 19,194  19,896  25,501  25,566  22,305 
           
Nonperforming Loans as a % of Loans HFI 0.16% 0.24% 0.25% 0.21% 0.25%
NPAs as a % of Loans HFI and Other Real Estate 0.17% 0.25% 0.27% 0.23% 0.25%
NPAs as a % of Total Assets 0.10% 0.15% 0.17% 0.15% 0.16%
           
(1) Recorded in other liabilities
(2) Annualized
           


CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
                                    
  First Quarter 2025  Fourth Quarter 2024  Third Quarter 2024  Second Quarter 2024  First Quarter 2024 
(Dollars in thousands) Average
Balance		 Interest Average
Rate		  Average
Balance		 Interest Average
Rate		  Average
Balance		 Interest Average
Rate		  Average
Balance		 Interest Average
Rate		  Average
Balance		 Interest Average
Rate		 
ASSETS:                                   
Loans Held for Sale$24,726 $490 8.04%$31,047 $976 7.89%$24,570 $720 7.49%$26,281  517 5.26%$27,314 $563 5.99%
Loans Held for Investment(1) 2,665,910  40,029 6.09  2,677,396  40,521 6.07  2,693,533  40,985 6.09  2,726,748  40,683 6.03  2,728,629  40,196 5.95 
                                    
Investment Securities                                   
Taxable Investment Securities 981,485  5,802 2.38  914,353  4,688 2.04  907,610  4,148 1.82  918,989  3,998 1.74  952,328  4,238 1.78 
Tax-Exempt Investment Securities(1) 845  9 4.32  849  9 4.31  846  10 4.33  843  9 4.36  856  10 4.34 
                                    
Total Investment Securities 982,330  5,811 2.38  915,202  4,697 2.04  908,456  4,158 1.82  919,832  4,007 1.74  953,184  4,248 1.78 
                                    
Federal Funds Sold and Interest Bearing Deposits 320,948  3,496 4.42  298,255  3,596 4.80  256,855  3,514 5.44  262,419  3,624 5.56  140,488  1,893 5.42 
                                    
Total Earning Assets 3,993,914 $49,826 5.06% 3,921,900 $49,790 5.05% 3,883,414 $49,377 5.06% 3,935,280 $48,831 4.99% 3,849,615 $46,900 4.90%
                                    
Cash and Due From Banks 73,467       73,992       70,994       74,803       75,763      
Allowance for Credit Losses (30,008)      (30,107)      (29,905)      (29,564)      (30,030)     
Other Assets 297,660       293,884       291,359       291,669       295,275      
                                    
Total Assets$4,335,033      $4,259,669      $4,215,862      $4,272,188      $4,190,623      
                                    
LIABILITIES:                                   
Noninterest Bearing Deposits$1,317,425      $1,323,556      $1,332,305      $1,346,546      $1,344,188      
NOW Accounts 1,249,955 $3,854 1.25% 1,182,073 $3,826 1.29% 1,145,544 $4,087 1.42% 1,207,643 $4,425 1.47% 1,201,032 $4,497 1.51%
Money Market Accounts 420,059  2,187 2.11  422,615  2,526 2.38  418,625  2,694 2.56  407,387  2,752 2.72  353,591  1,985 2.26 
Savings Accounts 507,676  176 0.14  504,859  179 0.14  512,098  180 0.14  519,374  176 0.14  539,374  188 0.14 
Time Deposits 170,367  1,166 2.78  167,321  1,235 2.94  163,462  1,262 3.07  160,078  1,226 3.08  138,328  924 2.69 
Total Interest Bearing Deposits 2,348,057  7,383 1.28  2,276,868  7,766 1.36  2,239,729  8,223 1.46  2,294,482  8,579 1.50  2,232,325  7,594 1.37 
Total Deposits 3,665,482  7,383 0.82  3,600,424  7,766 0.86  3,572,034  8,223 0.92  3,641,028  8,579 0.95  3,576,513  7,594 0.85 
Repurchase Agreements 29,821  164 2.23  28,018  199 2.82  27,126  221 3.24  26,999  217 3.24  25,725  201 3.14 
Other Short-Term Borrowings 7,437  117 6.39  6,510  83 5.06  2,673  52 7.63  6,592  68 4.16  3,758  39 4.16 
Subordinated Notes Payable 52,887  560 4.23  52,887  581 4.30  52,887  610 4.52  52,887  630 4.71  52,887  628 4.70 
Other Long-Term Borrowings 794  11 5.68  794  11 5.57  795  11 5.55  258  3 4.31  281  3 4.80 
Total Interest Bearing Liabilities 2,438,996 $8,235 1.37% 2,365,077 $8,640 1.45% 2,323,210 $9,117 1.56% 2,381,218 $9,497 1.60% 2,314,976 $8,465 1.47%
                                    
Other Liabilities 65,211       73,130       73,767       72,634       68,295      
                                    
Total Liabilities 3,821,632       3,761,763       3,729,282       3,800,398       3,727,459      
Temporary Equity -       6,763       6,443       6,493       7,150      
                                    
SHAREOWNERS' EQUITY: 513,401       491,143       480,137       465,297       456,014      
                                    
Total Liabilities, Temporary Equity and Shareowners' Equity$4,335,033      $4,259,669      $4,215,862      $4,272,188      $4,190,623      
                                    
Interest Rate Spread  $41,591 3.69%  $41,150 3.59%  $40,260 3.49%  $39,334 3.38%  $38,435 3.43%
                                    
Interest Income and Rate Earned(1)   49,826 5.06    49,790 5.05    49,377 5.06    48,831 4.99    46,900 4.90 
Interest Expense and Rate Paid(2)   8,235 0.84    8,640 0.88    9,117 0.93    9,497 0.97    8,465 0.88 
                                    
Net Interest Margin  $41,591 4.22%  $41,150 4.17%  $40,260 4.12%  $39,334 4.02%  $38,435 4.01%
                                    
(1) Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
(2) Rate calculated based on average earning assets.

FAQ

What was Capital City Bank Group's (CCBG) earnings per share in Q1 2025?

CCBG reported earnings of $0.99 per diluted share in Q1 2025, up from $0.77 in Q4 2024.

How much did CCBG's deposits grow in Q1 2025?

Deposits increased by $111.9 million or 3.0% to $3.784 billion at the end of Q1 2025.

What was CCBG's net interest margin in Q1 2025?

The net interest margin was 4.22%, increasing 5 basis points from Q4 2024.

How did CCBG's credit quality perform in Q1 2025?

Credit quality improved with net loan charge-offs at nine basis points and nonperforming assets decreasing to 0.10% of total assets.

What was the impact of CCBG's operations center building sale in Q1 2025?

The sale of the operations center building contributed a gain of $0.17 per diluted share to Q1 2025 earnings.
Stock CCBG logo
Capital City Bk

NASDAQ:CCBG

CCBG Rankings

#1871 Ranked by Market Cap
#1294 Ranked by Dividends

CCBG Latest News

Apr 8, 2025
Capital City Bank Group, Inc. to Announce Quarterly Earnings Results on Monday April 21, 2025
Mar 12, 2025
Capital City Bank Celebrates New Office Opening In Panama City Beach
Feb 27, 2025
Capital City Bank Group, Inc. Increases Cash Dividend
Feb 24, 2025
Capital City Bank Establishes Chief Banking Officer; Names New Chief Lending Officer
Jan 28, 2025
Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

CCBG Stock Data

580.70M
13.70M
19.65%
48.28%
0.26%
Banks - Regional
State Commercial Banks
Link
United States
TALLAHASSEE