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HomeBank CapitalCapital City Bank Group, Inc. Reports First Quarter 2021 Results

Capital City Bank Group, Inc. Reports First Quarter 2021 Results

TALLAHASSEE, Fla., April 27, 2021 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income of $9.5 million, or $0.56 per diluted share, for the first quarter of 2021 compared to net income of $7.7 million, or $0.46 per diluted share, for the fourth quarter of 2020, and $4.3 million, or $0.25 per diluted share, for the first quarter of 2020.

QUARTER HIGHLIGHTS

  • Return on assets of 1.01% and return on equity of 11.81%

  • Credit quality metrics remained stable and reduced COVID-19 exposure drove a negative credit loss provision of $1.0 million

  • Period-end loan balances grew by $51 million, or 2.6% sequentially

    • SBA PPP Round 2 originations totaled $65 million through March 31st

    • SBA PPP Round 1 forgiveness pay-offs totaled $36 million – $143 million in balances remain at period-end

    • SBA PPP deferred fees remaining at March 31st totaled $5 million ($2 million for Round 1 and $3 million for Round 2)

  • Average deposit balances grew $173 million, or 5.7% sequentially and reflected stimulus inflows as well as strong core deposit growth

  • Noninterest expense declined $0.9 million driven by lower expense for other real estate and compensation

  • Capital City Home Loans (“CCHL”) contributed $0.09 per share

“I am pleased with our first quarter results,” said William G. Smith, Jr., Chairman, President and CEO of Capital City Bank Group. “Rising consumer spending, lower unemployment, improving credit quality and a noticeable increase in loan activity in and around our markets, are contributing to a stronger economy. Our core business is performing well. In addition to round two of the SBA PPP loans, we experienced solid growth in commercial real estate and residential loans, culminating in net loan growth of $51 million, or 2.6% for the quarter. Wealth management, mortgage and debit/credit cards performed well. Expenses declined $0.9 million, or 2% quarter over quarter. After evaluating our credit risk, we lowered our allowance for credit losses by $1.8 million, or 8%. This was based on our current level of problem assets and pandemic-related extensions, a $0.5 million net recovery for the quarter and our positive outlook on the economy. The past year has been challenging. Our team has responded to every challenge and we have tweaked our business model, where appropriate. While our tactics may change, our strategy remains the same — to produce long-term value for our shareowners. I am optimistic about our future.”

COVID-19 Update

  • We continue to closely monitor conditions in our communities. With case counts trending downward in most of our markets, we established a phased plan for safely returning to work beginning February 1st.

  • On March 1st, all of our banking offices returned to normal banking hours and lobby services.

  • For the near term, we will continue to maintain flexible in-office and remote working arrangements for non-retail associates to limit building capacity.

  • We are adhering to national guidelines and local…

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