Capital City Bank Group Reports Strong Second Quarter Earnings

Strategic Insights -

Tallahassee-based Capital City Bank Group, Inc., has announced its net income attributable to common shareowners of $14.2 million for the second quarter of 2024, marking a significant increase from $12.6 million in the first quarter of 2024 and $14.2 million in the second quarter of 2023. The company's shareowners' equity stood at $461.0 million at June 30, 2024, a notable improvement from $448.3 million at March 31, 2024, and $440.6 million at December 31, 2023. The bank's strong financial performance has been underpinned by a range of positive factors, including a $1.2 million decrease in the net unrealized loss on available for sale securities and a $0.3 million increase in the fair value of the interest rate swap related to subordinated debt.

Key Takeaways:

  • The bank's net income attributable to common shareowners was $14.2 million in the second quarter of 2024, an increase of $1.6 million compared to the first quarter of 2024 and in line with the second quarter of 2023.
  • Shareowners' equity was $461.0 million at June 30, 2024, a $12.7 million increase from March 31, 2024, and a $20.4 million increase from December 31, 2023.
  • The bank's total risk-based capital ratio was 17.50% at June 30, 2024, exceeding the thresholds to be designated as "well-capitalized" under the Basel III capital standards.
  • The bank's common equity tier 1 capital ratio was 14.44% at June 30, 2024, a 0.62% increase from March 31, 2024, and a 1.04% increase from December 31, 2023.
  • The bank's leverage ratio was 10.51% at June 30, 2024, a 0.06% increase from March 31, 2024, and a 0.21% increase from December 31, 2023.
  • The bank's tangible common equity ratio (non-GAAP financial measure) was 8.91% at June 30, 2024, a 0.38% increase from March 31, 2024, and a 0.65% increase from December 31, 2023.

Statistics:

  • $14.2 million: Net income attributable to common shareowners for the second quarter of 2024.
  • $1.6 million: Increase in net income attributable to common shareowners compared to the first quarter of 2024.
  • $461.0 million: Shareowners' equity at June 30, 2024.
  • 17.50%: Total risk-based capital ratio at June 30, 2024.
  • 14.44%: Common equity tier 1 capital ratio at June 30, 2024.
  • 10.51%: Leverage ratio at June 30, 2024.
  • 8.91%: Tangible common equity ratio (non-GAAP financial measure) at June 30, 2024.

Sources:

  • Capital City Bank Group, Inc. (2024) - Quarterly Earnings Report.