Reports First Quarter 2023
Results
TALLAHASSEE, Fla.
(April 24, 2023) – Capital City Bank Group, Inc. (NASDAQ: CCBG) today
reported net income attributable
to common shareowners
of $15.0 million, or $0.88 per diluted share, for the first quarter of 2023
compared to $11.7
million, or $0.68
per diluted share, for the fourth quarter of 2022, and $8.5 million, or
$0.50 per diluted share, for the first quarter of 2022.
QUARTER HIGHLIGHTS (1
st
●
Strong growth
in net interest income of 6% - net interest
margin percentage
grew 28 basis points to 4.04% - deposit interest
expense was well controlled at 26 basis points (total
deposits) and 46 basis points (interest bearing deposits)
●
Loan growth of $143 million, or 5.9% (average)
and $112 million, or 4.4%
(end of period)
●
Average quarterly deposit growth
of $14 million, or 0.4%,
and a decline of $115
million, or 2.9%,
in period end balance, which
reflected a normal seasonal reduction
of $88 million in public fund balances
●
Continued strong credit
quality metrics – allowance coverage ratio increased
to 1.01%
●
Noninterest income increased
$1.3
million, or 6.1%, due to higher mortgage banking revenues at Capital
City Home Loans
●
Noninterest expense decreased
$1.8 million, or 4.3%, and reflected no pension settlement expense
for the quarter compared to
$1.8 million for the prior quarter – expenses
(excluding pension settlement expense) were favorably
impacted by a $1.8 million
gain from the sale of a banking office that
was offset by higher payroll taxes (annual re
-set), performance-based compensation,
と、第1四半期に2つの新オフィスを追加しました。
●
Tangible
book value per share increased
$1.00, or 5.7%, primarily due to strong
earnings and a favorable valuation adjustment
“The strength and flexibility of our balance sheet – particularly the diversity
and granularity of our core deposit franchise – was
evident during a volatile quarter for the industry,”
said William G. Smith, Jr.,
Chairman, President, and CEO of Capital City Bank
Group. “Continued margin expansion and loan growth
were the primary drivers of our strong performance, which resulted in
tangible book value per share growth of 5.7%. While there remains uncertainty
around the possibility of a near-term recession or
economic slowing, I feel good about our positioning and optimistic about our
full-year performance.”
Discussion of Operating Results
Net Interest Income/Net Interest
Margin
Tax-equivalent net
interest income for the first quarter of 2023 totaled $40.5 million, compared to $38.2
million for the fourth
quarter of 2022, and $24.8 million for the first quarter of 2022.
Compared to both prior periods, the increase reflected strong loan
growth and higher interest rates across a majority of our earning assets, partially
offset by higher deposit costs.
Our net interest margin for the first quarter of 2023 was 4.04%, an
increase of 28 basis points over the fourth quarter of 2022 and
149 basis points over the first quarter of 2022, both driven by higher interest
rates and an overall improved earning asset mix.
For
the first quarter of 2023, our cost of funds was 35 basis points, an increase of
four basis points over the fourth quarter of 2022 and 27
basis points over the first quarter of 2022.
Our cost of interest-bearing deposits was 46 basis points, 35 basis points, and 4 basis
points,
respectively, for the same periods.
Our total cost of deposits (including noninterest bearing accounts) was
26 basis points, 20
basis points, and 2 basis points, respectively,
for the same periods.
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