Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

Rhea-AI Summary

Capital City Bank Group (NASDAQ: CCBG) reported Q4 2024 net income of $13.1 million ($0.77 per diluted share), matching Q3 2024 and up from $11.7 million ($0.70 per diluted share) in Q4 2023. Full-year 2024 net income reached $52.9 million ($3.12 per diluted share), compared to $52.3 million ($3.07 per diluted share) in 2023.

Q4 2024 highlights include a net interest margin increase to 4.17%, deposit growth of $92.9 million (2.6%), and a 4.6% increase in tangible book value per share. The bank maintained strong credit quality with an allowance coverage ratio of 1.10%. Full-year performance showed stable net interest income at $159.2 million, increased noninterest income of 6.1%, and higher noninterest expense of 5.3%.

The bank's balance sheet reflected a $31.5 million (1.2%) quarterly decrease in loans and increased liquidity with average net overnight funds of $298.3 million.

Positive

• Net income increased year-over-year from $11.7M to $13.1M in Q4
• Net interest margin improved by 5 basis points to 4.17%
• Deposit balances grew by $92.9M (2.6%) quarter-over-quarter
• Tangible book value per share increased 15.6% for the full year
• Strong liquidity position with $1.535B in additional available liquidity

Negative

• Loan balances decreased by $31.5M (1.2%) quarter-over-quarter
• Noninterest expense increased 5.3% year-over-year
• Net loan charge-offs increased to 25 basis points from 19 basis points in Q3
• Deposit costs increased 15 basis points year-over-year

News Market Reaction

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On the day this news was published, CCBG declined 0.84%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

TALLAHASSEE, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023.

For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023.

QUARTER HIGHLIGHTS (4^th Quarter 2024 versus 3^rd Quarter 2024)

Income Statement

• Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter
  • Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield).
• Stable credit quality metrics and credit loss provision – net loan charge-offs were 25 basis points (annualized) of average loans – allowance coverage ratio was 1.10% at December 31, 2024
• Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenues
• Noninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office
  

Balance Sheet

• Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)
• Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balances
• Tangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share)
  

FULL YEAR 2024 HIGHLIGHTS

Income Statement

• Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023
• Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% - net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023
• Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees
• Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs

Balance Sheet

• Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period)
• Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period)
• Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments
  

“In 2024, we delivered record earnings and advanced our commitment to creating shareholder value, which is demonstrated by a 15.6% increase in tangible book value per share, a 15.8% increase in the dividend, and the repurchase of 83,000 shares,” said William G. Smith, Jr., President, Chairman and CEO of Capital City Bank Group. “Our associates also earned us recognition for the 12^th consecutive year as one of the best banks to work for—an achievement that underscores the strength of our organization and the core values we embrace. We remain focused on soundness, profitability, growth, and making strategic investments that add long-term value. Our fortress balance sheet, diversified revenues, and growth markets together position us well for 2025 and beyond.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the fourth quarter of 2024 totaled $41.2 million, compared to $40.3 million for the third quarter of 2024, and $39.3 million for the fourth quarter of 2023. For 2024, tax-equivalent net interest income totaled $159.2 million compared to $159.4 million for 2023. Compared to the third quarter of 2024, the increase reflected 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 balances. Compared to 2023, the slight decrease reflected an increase in deposit interest expense and a decrease in investment securities interest that was offset by increases in loan interest and overnight funds interest.

Our net interest margin for the fourth quarter of 2024 was 4.17%, an increase of five basis points over the third quarter of 2024 and an increase of 10 basis points over the fourth quarter of 2023. For the month of December 2024, our net interest margin was 4.18%. For 2024, our net interest margin was 4.08%, an increase of three basis points over 2023. Compared to the third quarter of 2024, the increase reflected higher yield in the investment portfolio driven by new purchases during the quarter, in addition to lower deposit interest expense. The increase over 2023 reflected a combination of earning assets re-pricing at higher interest rates and higher average loan balances, partially offset by a higher cost of deposits. For the fourth quarter of 2024, our cost of funds was 88 basis points, a decrease of five basis points from the third quarter of 2024 and an increase of 15 basis points over the fourth quarter of 2023. Our total cost of deposits (including noninterest bearing accounts) was 86 basis points, 92 basis points, and 66 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.7 million for the fourth quarter of 2024 compared to $1.2 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the provision expense reflected a $0.8 million decrease in the provision for loans held for investment (“HFI”) and a $0.3 million decrease in the provision benefit for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower loan balances and slightly lower loss rates.

For 2024, we recorded a provision expense for credit losses of $4.0 million compared to $9.7 million for 2023. The decrease reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million decrease in the provision for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration. The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments. We discuss the allowance for credit losses further below.

Noninterest Income and Noninterest Expense

Noninterest income for the fourth quarter of 2024 totaled $18.8 million compared to $19.5 million for the third quarter of 2024 and $17.2 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter of 2024 reflected a $0.8 million decrease in mortgage banking revenues attributable to lower production volume and a $0.3 million decrease in deposit fees that was partially offset by a $0.4 million increase in wealth management fees, primarily from retail brokerage. The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage banking revenues of $0.8 million driven by a higher gain on sale margin and wealth management fees of $0.9 million, primarily from retail brokerage and to a lesser extent trust.

For 2024, noninterest income totaled $76.0 million compared to $71.6 million for 2023, primarily attributable to a $3.9 million increase in mortgage banking revenues and a $2.8 million increase in wealth management fees, partially offset by a $2.2 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

Noninterest expense for the fourth quarter of 2024 totaled $41.8 million compared to $42.9 million for the third quarter of 2024 and $40.0 million for the fourth quarter of 2023. The $1.1 million decrease from the third quarter of 2024 was primarily attributable to lower other expense of $1.2 million and occupancy expense of $0.2 million that was partially offset by a $0.3 million increase in compensation expense. The decrease in other expense was primarily attributable to a $1.0 million decrease in other real estate expense driven by the sale of a banking office and lower miscellaneous expense of $0.5 million which reflected a non-routine VISA Class B swap payment in the third quarter of 2024. The decrease in occupancy expense reflected lower property tax and software license expense. The increase in compensation was driven by higher incentive plan compensation. Compared to the fourth quarter of 2023, the $1.8 million increase was driven by a $2.3 million increase in compensation expense that was partially offset by a $0.2 million decrease in occupancy expense and a $0.3 million decrease in other expense. The unfavorable variance in compensation expense reflected a $1.4 million increase in salary expense and a $0.9 million increase in other benefit expense with the salary expense driven by higher incentive compensation and merit adjustments and the associate benefit expense reflective of higher health insurance cost.

For 2024, noninterest expense totaled $165.3 million compared to $157.0 million for 2023, primarily attributable to increases in compensation expense of $6.9 million, occupancy expense of $0.3 million, and other expense of $1.1 million. The increase in compensation reflected a $5.4 million increase in salary expense and a $1.6 million increase in other associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $3.1 million (lower new loan volume), higher base salary expense of $2.2 million (primarily annual merit raises), and a $1.2 million increase in cash incentive compensation that was partially offset by lower commission expense of $1.4 million (lower residential mortgage volume). The unfavorable variance in other associate benefit expense was due to a $0.9 million increase in associate insurance cost and a $0.6 million increase in stock compensation expense. The increase in occupancy expense was attributable to increases in software license and maintenance agreement expenses. The increase in other expense was driven by a $1.1 million increase in other real estate expense and a $1.4 million increase in processing expense that was partially offset by a $1.4 million decrease in miscellaneous expense. The increase in other real estate expense reflected a lower level of gains from the sale of banking offices in 2024. The increase in processing expense reflected both inflationary increases on contract renewals and the outsourcing of our core processing system. The decrease in miscellaneous expense was attributable to lower pension plan expense for the non-service related component of the plan.

Income Taxes

We realized income tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 compared to $3.0 million (effective rate of 19.1%) for the third quarter of 2024 and $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023. Compared to the third quarter of 2024, the increase in our effective tax rate was attributable to a lower than projected level of pre-tax income from Capital City Home Loans (“CCHL”) in relation to our consolidated income as the non-controlling interest adjustment for CCHL is accounted for as a permanent tax adjustment. Further, we realized a higher than projected Internal Revenue Code (“IRC”) Section 162(m) limitation related to current and future compensation. For 2024, we realized income tax expense of $13.9 million (effective rate of 21.2%) compared to $13.0 million (effective rate of 20.4%) for 2023 with the increase in the effective tax rate primarily attributable to a higher IRC Section 162(m) limitation and lower tax-exempt interest income. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or 1.0 %, over the third quarter of 2024, and an increase of $97.9 million, or 2.6%, over the fourth quarter of 2023. The increase over both prior periods was primarily driven by higher deposit balances (see below – Deposits). Compared to the third quarter of 2024, the change in earning asset mix was primarily attributable to a $41.4 million increase in short term investments (overnight funds sold), a $6.7 million increase in investment securities, and $6.5 million increase in loans held for sale, partially offset by a $16.1 million decrease in loans HFI. Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.4 million increase in short term investments (overnight funds sold) that was partially offset by a $48.0 million decrease in investment securities, a $33.8 million decrease in loans HFI, and a $18.7 million decrease in loans held for sale.

Average loans HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter of 2024 and decreased $33.8 million, or 1.3%, from the fourth quarter of 2023. Compared to the third quarter of 2024, the decline was primarily attributable to decreases in consumer loans (primarily indirect auto) of $18.3 million and commercial mortgage real estate loans of $24.1 million, partially offset by increases in construction real estate loans of $13.1 million, and residential real estate loans of $11.6 million. Compared to the fourth quarter of 2023, the decrease was driven by decreases in consumer loans (primarily indirect auto) of $72.8 million, commercial loans of $30.2 million, and commercial mortgage real estate loans of $25.3 million, partially offset by increases in residential real estate loans of $70.8 million, construction real estate loans of $16.6 million, and home equity loans of $10.2 million.

Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from September 30, 2024 and decreased $82.4 million, or 3.0%, from December 31, 2023. Compared to September 30, 2024, the decrease was driven by decreases in commercial mortgage real estate loans of $40.9 million, consumer loans (primarily indirect auto) of $13.8 million, and commercial loans of $5.4 million, partially offset by increases in home equity loans of $9.1 million, other loans of $13.5 million, and residential real estate loans of $5.0 million. Compared to December 31, 2023, the decrease was primarily attributable to decreases in consumer loans (primarily indirect auto) of $71.5 million, commercial mortgage real estate loans of $46.4 million, and commercial loans of $36.0 million, partially offset by increases in residential real estate loans of $27.2 million, construction real estate loans of $23.9 million, and home equity loans of $9.1 million.

Allowance for Credit Losses

At December 31, 2024, the allowance for credit losses for loans HFI totaled $29.3 million compared to $29.8 million at September 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The decreases in the allowance from September 30, 2024 and December 31, 2023 were primarily attributable to lower loan balances and favorable loan migration. Net loan charge-offs were 25 basis points of average loans for the fourth quarter of 2024 versus 19 basis points for the third quarter of 2024. For 2024, net loan charge-offs were 21 basis points of average loans compared to 18 basis points in 2023. At December 31, 2024, the allowance represented 1.10% of loans HFI compared to 1.11% at September 30, 2024, and 1.10% at December 31, 2023.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.7 million at December 31, 2024 compared to $7.2 million at September 30, 2024 and $6.2 million at December 31, 2023. At December 31, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.17% at September 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.3 million at December 31, 2024, a $0.3 million decrease from September 30, 2024 and a $0.1 million increase over December 31, 2023. Further, classified loans totaled $19.9 million at December 31, 2024, a $5.6 million decrease from September 30, 2024 and a $2.3 million decrease from December 31, 2023.

Deposits

Average total deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%, over the third quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter of 2023. Compared to the third quarter of 2024, the increase was primarily attributable to higher NOW account balances which reflected the seasonal inflow of public funds from municipal clients as they receive their tax receipts beginning in late November. The increase over the fourth quarter of 2023 reflected higher NOW, MMA, and certificates of deposit (“CD”) balances that were partially offset by decreases in noninterest bearing and savings balances. During 2024, we realized a re-mix in deposits as rate sensitive clients sought higher yield deposit products. Average core deposit balances (total deposits less public funds) increased $20.3 million over the third quarter of 2024 and $28.4 million over the fourth quarter of 2023.

At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9 million, or 2.6%, over September 30, 2024 and a decrease of $29.8 million, or 0.8%, from December 31, 2023. Compared to the third quarter of 2024, the increase was primarily due to a $110.7 million increase in NOW account balances which reflected the aforementioned seasonal inflow of public funds balances. The decrease from the fourth quarter of 2023 was driven by lower noninterest bearing, NOW, and savings account balances that were partially offset by higher MMA and CD balances which reflected the aforementioned re-mix in balances during 2024. Core deposit balances (total deposits less public funds) decreased $50.3 million from the third quarter of 2024 and increased $21.9 million over the fourth quarter of 2023.

Liquidity

The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $298.3 million in the fourth quarter of 2024 compared to $256.9 million in the third quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increases reflected growth in average core and public fund deposit balances.

At December 31, 2024, we had the ability to generate approximately $1.535 billion (excludes overnight funds position of $321 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 and have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At December 31, 2024, the weighted-average maturity and duration of our portfolio were 2.54 years and 2.19 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $19.2 million.

Capital

Shareowners’ equity was $495.3 million at December 31, 2024 compared to $476.5 million at September 30, 2024 and $440.6 million at December 31, 2023. For the fourth quarter of 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $13.1 million, a net $7.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $0.9 million, stock compensation accretion of $0.7 million, and a $0.4 million reclassification from temporary equity (concurrent with the agreement to assign the minority membership interest (49%) in Capital City Home Loans, LLC, temporary equity was reclassified to other liabilities and included a $0.4 million net credit to retained earnings to account for the difference between the fair value and the book value of the minority interest). The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $0.7 million increase in the fair value of the interest rate swap related to subordinated debt, that was partially offset by a $3.2 million increase in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $3.9 million ($0.23 per share).

For the full year 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $52.9 million, a net $15.7 million decrease in the accumulated other comprehensive loss, the issuance of stock of $3.1 million, and stock compensation accretion of $1.9 million. The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $5.6 million decrease in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $14.9 million ($0.88 per share), the repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling $1.4 million related to transactions under our stock compensation plans, and a $0.3 million reclassification from temporary equity.

At December 31, 2024, our total risk-based capital ratio was 18.77% compared to 17.97% at September 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively, on these dates. Our leverage ratio was 11.05%, 10.89%, and 10.30%, respectively, on these dates. At December 31, 2024, 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 was 9.55% at December 31, 2024 compared to 9.28% and 8.26% at September 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $16.0 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.17%.

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 $4.3 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 63 banking offices and 104 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: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry generally; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows and any deficiencies in the processes undertaken to effect such restatements; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, 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.

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)		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Shareowners' Equity (GAAP)		$	495,317		$	476,499		$	460,999		$	448,314		$	440,625
Less: Goodwill and Other Intangibles (GAAP)			92,773			92,813			92,853			92,893			92,933
Tangible Shareowners' Equity (non-GAAP)	A		402,544			383,686			368,146			355,421			347,692
Total Assets (GAAP)			4,307,142			4,225,316			4,225,695			4,259,922			4,304,477
Less: Goodwill and Other Intangibles (GAAP)			92,773			92,813			92,853			92,893			92,933
Tangible Assets (non-GAAP)	B	$	4,214,369		$	4,132,503		$	4,132,842		$	4,167,029		$	4,211,544
Tangible Common Equity Ratio (non-GAAP)	A/B		9.55	%		9.28	%		8.91	%		8.53	%		8.26	%
Actual Diluted Shares Outstanding (GAAP)	C		17,018,122			16,980,686			16,970,228			16,947,204			17,000,758
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	23.65		$	22.60		$	21.69		$	20.97		$	20.45

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
Unaudited
		Three Months Ended						Twelve Months Ended
(Dollars in thousands, except per share data)		Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
EARNINGS
Net Income Attributable to Common Shareowners	$	13,090	$	13,118	$	11,720		52,915	$	52,258
Diluted Net Income Per Share	$	0.77	$	0.77	$	0.70		3.12	$	3.07
PERFORMANCE
Return on Average Assets (annualized)		1.22	%	1.24	%	1.12	%	1.25	%	1.22	%
Return on Average Equity (annualized)		10.60		10.87		10.69		11.18		12.40
Net Interest Margin		4.17		4.12		4.07		4.08		4.05
Noninterest Income as % of Operating Revenue		31.34		32.67		30.46		32.34		31.05
Efficiency Ratio		69.74	%	71.81	%	70.82	%	70.30	%	67.99	%
CAPITAL ADEQUACY
Tier 1 Capital		17.58	%	16.77	%	15.37	%	17.58	%	15.37	%
Total Capital		18.77		17.97		16.57		18.77		16.57
Leverage		11.05		10.89		10.30		11.05		10.30
Common Equity Tier 1		15.64		14.88		13.52		15.64		13.52
Tangible Common Equity (1)		9.55		9.28		8.26		9.55		8.26
Equity to Assets		11.50	%	11.28	%	10.24	%	11.50	%	10.24	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		464.14	%	452.64	%	479.70	%	464.14	%	479.70	%
Allowance as a % of Loans HFI		1.10		1.11		1.10		1.10		1.10
Net Charge-Offs as % of Average Loans HFI		0.25		0.19		0.23		0.21		0.18
Nonperforming Assets as % of Loans HFI and OREO		0.25		0.27		0.23		0.25		0.23
Nonperforming Assets as % of Total Assets		0.15	%	0.17	%	0.15	%	0.15	%	0.15	%
STOCK PERFORMANCE
High	$	40.86	$	36.67	$	32.56		40.86	$	36.86
Low		33.00		26.72		26.12		25.45		26.12
Close	$	36.65	$	35.29	$	29.43		36.65	$	29.43
Average Daily Trading Volume		27,484		37,151		33,297		31,390		33,775
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
	2024												2023
(Dollars in thousands)	Fourth Quarter				Third Quarter			Second Quarter			First Quarter			Fourth Quarter
ASSETS
Cash and Due From Banks	$	70,543		$	83,431		$	75,304		$	73,642		$	83,118
Funds Sold and Interest Bearing Deposits		321,311			261,779			272,675			231,047			228,949
Total Cash and Cash Equivalents		391,854			345,210			347,979			304,689			312,067
Investment Securities Available for Sale		403,345			336,187			310,941			327,338			337,902
Investment Securities Held to Maturity		567,155			561,480			582,984			603,386			625,022
Other Equity Securities		2,399			6,976			2,537			3,445			3,450
Total Investment Securities		972,899			904,643			896,462			934,169			966,374
Loans Held for Sale		28,672			31,251			24,022			24,705			28,211
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural		189,208			194,625			204,990			218,298			225,190
Real Estate - Construction		219,994			218,899			200,754			202,692			196,091
Real Estate - Commercial		779,095			819,955			823,122			823,690			825,456
Real Estate - Residential		1,028,498			1,023,485			1,012,541			1,012,791			1,001,257
Real Estate - Home Equity		220,064			210,988			211,126			214,617			210,920
Consumer		199,479			213,305			234,212			254,168			270,994
Other Loans		14,006			461			2,286			3,789			2,962
Overdrafts		1,206			1,378			1,192			1,127			1,048
Total Loans Held for Investment		2,651,550			2,683,096			2,690,223			2,731,172			2,733,918
Allowance for Credit Losses		(29,251	)		(29,836	)		(29,219	)		(29,329	)		(29,941	)
Loans Held for Investment, Net		2,622,299			2,653,260			2,661,004			2,701,843			2,703,977
Premises and Equipment, Net		81,952			81,876			81,414			81,452			81,266
Goodwill and Other Intangibles		92,773			92,813			92,853			92,893			92,933
Other Real Estate Owned		367			650			650			1			1
Other Assets		116,326			115,613			121,311			120,170			119,648
Total Other Assets		291,418			290,952			296,228			294,516			293,848
Total Assets	$	4,307,142		$	4,225,316		$	4,225,695		$	4,259,922		$	4,304,477
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,306,254		$	1,330,715		$	1,343,606		$	1,361,939		$	1,377,934
NOW Accounts		1,285,281			1,174,585			1,177,180			1,212,452			1,327,420
Money Market Accounts		404,396			401,272			413,594			398,308			319,319
Savings Accounts		506,766			507,604			514,560			530,782			547,634
Certificates of Deposit		169,280			164,901			159,624			151,320			129,515
Total Deposits		3,671,977			3,579,077			3,608,564			3,654,801			3,701,822
Repurchase Agreements		26,240			29,339			22,463			23,477			26,957
Other Short-Term Borrowings		2,064			7,929			3,307			8,409			8,384
Subordinated Notes Payable		52,887			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		794			794			1,009			265			315
Other Liabilities		57,863			71,974			69,987			65,181			66,080
Total Liabilities		3,811,825			3,742,000			3,758,217			3,805,020			3,856,445
Temporary Equity		-			6,817			6,479			6,588			7,407
SHAREOWNERS' EQUITY
Common Stock		170			169			169			169			170
Additional Paid-In Capital		37,684			36,070			35,547			34,861			36,326
Retained Earnings		463,949			454,342			445,959			435,364			426,275
Accumulated Other Comprehensive Loss, Net of Tax		(6,486	)		(14,082	)		(20,676	)		(22,080	)		(22,146	)
Total Shareowners' Equity		495,317			476,499			460,999			448,314			440,625
Total Liabilities, Temporary Equity and Shareowners' Equity	$	4,307,142		$	4,225,316		$	4,225,695		$	4,259,922		$	4,304,477
OTHER BALANCE SHEET DATA
Earning Assets	$	3,974,431		$	3,880,769		$	3,883,382		$	3,921,093		$	3,957,452
Interest Bearing Liabilities		2,447,708			2,339,311			2,344,624			2,377,900			2,412,431
Book Value Per Diluted Share	$	29.11		$	28.06		$	27.17		$	26.45		$	25.92
Tangible Book Value Per Diluted Share(1)		23.65			22.60			21.69			20.97			20.45
Actual Basic Shares Outstanding		16,975			16,944			16,942			16,929			16,950
Actual Diluted Shares Outstanding		17,018			16,981			16,970			16,947			17,001
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
		2024									2023		Twelve Months Ended December 31,
(Dollars in thousands, except per share data)		Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter		2024		2023
INTEREST INCOME
Loans, including Fees	$	41,453		$	41,659	$	41,138	$	40,683	$	40,407	$	164,933	$	152,250
Investment Securities		4,694			4,155		4,004		4,244		4,392		17,097		18,692
Federal Funds Sold and Interest Bearing Deposits		3,596			3,514		3,624		1,893		1,385		12,627		10,126
Total Interest Income		49,743			49,328		48,766		46,820		46,184		194,657		181,068
INTEREST EXPENSE
Deposits		7,766			8,223		8,579		7,594		5,872		32,162		17,582
Repurchase Agreements		199			221		217		201		199		838		513
Other Short-Term Borrowings		83			52		68		39		310		242		1,538
Subordinated Notes Payable		581			610		630		628		627		2,449		2,427
Other Long-Term Borrowings		11			11		3		3		5		28		20
Total Interest Expense		8,640			9,117		9,497		8,465		7,013		35,719		22,080
Net Interest Income		41,103			40,211		39,269		38,355		39,171		158,938		158,988
Provision for Credit Losses		701			1,206		1,204		920		2,025		4,031		9,714
Net Interest Income after Provision for Credit Losses		40,402			39,005		38,065		37,435		37,146		154,907		149,274
NONINTEREST INCOME
Deposit Fees		5,207			5,512		5,377		5,250		5,304		21,346		21,325
Bank Card Fees		3,697			3,624		3,766		3,620		3,713		14,707		14,918
Wealth Management Fees		5,222			4,770		4,439		4,682		4,276		19,113		16,337
Mortgage Banking Revenues		3,118			3,966		4,381		2,878		2,327		14,343		10,400
Other		1,516			1,641		1,643		1,667		1,537		6,467		8,630
Total Noninterest Income		18,760			19,513		19,606		18,097		17,157		75,976		71,610
NONINTEREST EXPENSE
Compensation		26,108			25,800		24,406		24,407		23,822		100,721		93,787
Occupancy, Net		6,893			7,098		6,997		6,994		7,098		27,982		27,660
Other		8,781			10,023		9,038		8,770		9,038		36,612		35,576
Total Noninterest Expense		41,782			42,921		40,441		40,171		39,958		165,315		157,023
OPERATING PROFIT		17,380			15,597		17,230		15,361		14,345		65,568		63,861
Income Tax Expense		4,219			2,980		3,189		3,536		2,909		13,924		13,040
Net Income		13,161			12,617		14,041		11,825		11,436		51,644		50,821
Pre-Tax Loss (Income) Attributable to Noncontrolling Interest		(71	)		501		109		732		284		1,271		1,437
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	13,090		$	13,118	$	14,150	$	12,557	$	11,720	$	52,915	$	52,258
PER COMMON SHARE
Basic Net Income	$	0.77		$	0.77	$	0.84	$	0.74	$	0.69	$	3.12	$	3.08
Diluted Net Income		0.77			0.77		0.83		0.74		0.70		3.12		3.07
Cash Dividend	$	0.23		$	0.23	$	0.21	$	0.21	$	0.20	$	0.88	$	0.76
AVERAGE SHARES
Basic		16,946			16,943		16,931		16,951		16,947		16,943		16,987
Diluted		16,990			16,979		16,960		16,969		16,997		16,969		17,023

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
		2024												2023			Twelve Months Ended December 31,
(Dollars in thousands, except per share data)		Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			2024			2023
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,836		$	29,219		$	29,329		$	29,941		$	29,083		$	29,941		$	25,068
Transfer from Other Liabilities		-			-			-			(50	)		66			(50	)		66
Provision for Credit Losses		1,085			1,879			1,129			932			2,354			5,025			9,529
Net Charge-Offs (Recoveries)		1,670			1,262			1,239			1,494			1,562			5,665			4,722
Balance at End of Period	$	29,251		$	29,836		$	29,219		$	29,329		$	29,941		$	29,251		$	29,941
As a % of Loans HFI		1.10	%		1.11	%		1.09	%		1.07	%		1.10	%		1.10	%		1.10	%
As a % of Nonperforming Loans		464.14	%		452.64	%		529.79	%		431.46	%		479.70	%		464.14	%		479.70	%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period		2,522		$	3,139		$	3,121		$	3,191		$	3,502		$	3,191		$	2,989
Provision for Credit Losses		(367	)		(617	)		18			(70	)		(311	)		(1,036	)		202
Balance at End of Period(1)		2,155			2,522			3,139			3,121			3,191			2,155			3,191
ACL - DEBT SECURITIES
Provision for Credit Losses	$	(17	)	$	(56	)	$	57		$	58		$	(18	)	$	42		$	(17	)
CHARGE-OFFS
Commercial, Financial and Agricultural	$	499		$	331		$	400		$	282		$	217		$	1,512		$	511
Real Estate - Construction		47			-			-			-			-			47			-
Real Estate - Commercial		-			3			-			-			-			3			120
Real Estate - Residential		44			-			-			17			79			61			79
Real Estate - Home Equity		33			23			-			76			-			132			39
Consumer		1,307			1,315			1,061			1,550			1,689			5,233			5,754
Overdrafts		574			611			571			638			602			2,394			2,789
Total Charge-Offs	$	2,504		$	2,283		$	2,032		$	2,563		$	2,587		$	9,382		$	9,292
RECOVERIES
Commercial, Financial and Agricultural	$	103		$	176		$	59		$	41		$	83		$	379		$	277
Real Estate - Construction		3			-			-			-			-			3			2
Real Estate - Commercial		33			5			19			204			16			261			52
Real Estate - Residential		28			88			23			37			34			176			253
Real Estate - Home Equity		17			59			37			24			17			137			226
Consumer		352			405			313			410			433			1,480			1,936
Overdrafts		298			288			342			353			442			1,281			1,824
Total Recoveries	$	834		$	1,021		$	793		$	1,069		$	1,025		$	3,717		$	4,570
NET CHARGE-OFFS (RECOVERIES)	$	1,670		$	1,262		$	1,239		$	1,494		$	1,562		$	5,665		$	4,722
Net Charge-Offs as a % of Average Loans HFI(2)		0.25	%		0.19	%		0.18	%		0.22	%		0.23	%		0.21	%		0.18	%
CREDIT QUALITY
Nonaccruing Loans	$	6,302		$	6,592		$	5,515		$	6,798		$	6,242
Other Real Estate Owned		367			650			650			1			1
Total Nonperforming Assets ("NPAs")	$	6,669		$	7,242		$	6,165		$	6,799		$	6,243
Past Due Loans 30-89 Days	$	4,311		$	9,388		$	5,672		$	5,392		$	6,855
Classified Loans		19,896			25,501			25,566			22,305			22,203
Nonperforming Loans as a % of Loans HFI		0.24	%		0.25	%		0.21	%		0.25	%		0.23	%
NPAs as a % of Loans HFI and Other Real Estate		0.25	%		0.27	%		0.23	%		0.25	%		0.23	%
NPAs as a % of Total Assets		0.15	%		0.17	%		0.15	%		0.16	%		0.15	%
(1) Recorded in other liabilities
(2) Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
		Fourth Quarter 2024								Third Quarter 2024								Second Quarter 2024								First Quarter 2024								Fourth Quarter 2023									Full Year 2024								Full Year 2023
(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				Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
ASSETS:
Loans Held for Sale	$	31,047		$	976		7.89	%	$	24,570		$	720		7.49	%	$	26,281		$	517		5.26	%	$	27,314			563		5.99	%	$	49,790		$	817		6.50	%		$	27,306		$	2,776		6.72	%	$	55,510		$	3,232		5.82	%
Loans Held for Investment(1)		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			2,711,243			39,679		5.81				2,706,461			162,385		6.03			2,656,394			149,366		5.62
Investment Securities
Taxable Investment Securities		914,353			4,688		2.04			907,610			4,148		1.82			918,989			3,998		1.74			952,328			4,239		1.78			962,322			4,389		1.81				923,253			17,073		1.85			1,016,550			18,652		1.83
Tax-Exempt Investment Securities(1)		849			9		4.31			846			10		4.33			843			9		4.36			856			9		4.34			862			7		4.32				848			37		4.34			2,199			59		2.68
Total Investment Securities		915,202			4,697		2.04			908,456			4,158		1.82			919,832			4,007		1.74			953,184			4,248		1.78			963,184			4,396		1.82				924,101			17,110		1.85			1,018,749			18,711		1.83
Federal Funds Sold and Interest Bearing Deposits		298,255			3,596		4.80			256,855			3,514		5.44			262,419			3,624		5.56			140,488			1,893		5.42			99,763			1,385		5.51				239,712			12,627		5.27			203,147			10,126		4.98
Total Earning Assets		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	%		3,823,980		$	46,277		4.80	%			3,897,580		$	194,898		5.00	%		3,933,800		$	181,435		4.61	%
Cash and Due From Banks		73,992								70,994								74,803								75,763								76,681									73,881								75,786
Allowance for Credit Losses		(30,107	)							(29,905	)							(29,564	)							(30,030	)							(29,998	)								(29,902	)							(28,190	)
Other Assets		293,884								291,359								291,669								295,275								296,114									293,044								297,290
Total Assets	$	4,259,669							$	4,215,862							$	4,272,188							$	4,190,623							$	4,166,777								$	4,234,603							$	4,278,686
LIABILITIES:
Noninterest Bearing Deposits	$	1,323,556							$	1,332,305							$	1,346,546							$	1,344,188							$	1,416,825								$	1,336,601							$	1,507,657
NOW Accounts		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	%		1,138,461		$	3,696		1.29	%			1,183,962		$	16,835		1.42	%		1,172,861		$	12,375		1.06	%
Money Market Accounts		422,615			2,526		2.38			418,625			2,694		2.56			407,387			2,752		2.72			353,591			1,985		2.26			318,844			1,421		1.77				400,664			9,957		2.49			299,581			3,670		1.22
Savings Accounts		504,859			179		0.14			512,098			180		0.14			519,374			176		0.14			539,374			188		0.14			557,579			202		0.14				518,869			723		0.14			592,033			598		0.10
Time Deposits		167,321			1,235		2.94			163,462			1,262		3.07			160,078			1,226		3.08			138,328			924		2.69			116,797			553		1.88				157,342			4,647		2.95			97,480			939		0.96
Total Interest Bearing Deposits		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			2,131,681			5,872		1.09				2,260,837			32,162		1.42			2,161,955			17,582		0.81
Total Deposits		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			3,548,506			5,872		0.66				3,597,438			32,162		0.89			3,669,612			17,582		0.48
Repurchase Agreements		28,018			199		2.82			27,126			221		3.24			26,999			217		3.24			25,725			201		3.14			26,831			199		2.94				26,970			838		3.11			19,917			513		2.57
Other Short-Term Borrowings		6,510			83		5.06			2,673			52		7.63			6,592			68		4.16			3,758			39		4.16			16,906			310		7.29				4,882			242		4.94			24,146			1,538		6.37
Subordinated Notes Payable		52,887			581		4.30			52,887			610		4.52			52,887			630		4.71			52,887			628		4.70			52,887			627		4.64				52,887			2,449		4.56			52,887			2,427		4.53
Other Long-Term Borrowings		794			11		5.57			795			11		5.55			258			3		4.31			281			3		4.80			336			5		4.72				534			28		5.31			408			20		4.77
Total Interest Bearing Liabilities		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	%		2,228,641		$	7,013		1.25	%			2,346,110		$	35,719		1.52	%		2,259,313		$	22,080		0.98	%
Other Liabilities		73,130								73,767								72,634								68,295								78,772									71,964								81,842
Total Liabilities		3,761,763								3,729,282								3,800,398								3,727,459								3,724,238									3,754,675								3,848,812
Temporary Equity		6,763								6,443								6,493								7,150								7,423									6,712								8,392
SHAREOWNERS' EQUITY:		491,143								480,137								465,297								456,014								435,116									473,216								421,482
Total Liabilities, Temporary Equity and Shareowners' Equity	$	4,259,669							$	4,215,862							$	4,272,188							$	4,190,623							$	4,166,777								$	4,234,603							$	4,278,686
Interest Rate Spread				$	41,150		3.59	%				$	40,260		3.49	%				$	39,334		3.38	%				$	38,435		3.43	%				$	39,264		3.55	%					$	159,179		3.47	%				$	159,355		3.63	%
Interest Income and Rate Earned(1)					49,790		5.05						49,377		5.06						48,831		4.99						46,900		4.90						46,277		4.80							194,898		5.00						181,435		4.61
Interest Expense and Rate Paid(2)					8,640		0.88						9,117		0.93						9,497		0.97						8,465		0.88						7,013		0.73							35,719		0.92						22,080		0.56
Net Interest Margin				$	41,150		4.17	%				$	40,260		4.12	%				$	39,334		4.02	%				$	38,435		4.01	%				$	39,264		4.07	%					$	159,179		4.08	%				$	159,355		4.05	%
(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.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

FAQ

What was Capital City Bank Group's (CCBG) Q4 2024 earnings per share?

CCBG reported earnings of $0.77 per diluted share in Q4 2024, unchanged from Q3 2024 and up from $0.70 in Q4 2023.

How did CCBG's net interest margin perform in Q4 2024?

CCBG's net interest margin increased to 4.17% in Q4 2024, up 5 basis points from Q3 2024 and 10 basis points from Q4 2023.

What was CCBG's loan performance in Q4 2024?

CCBG's loan balances decreased by $31.5 million (1.2%) from Q3 2024 and decreased by $82.4 million (3.0%) from Q4 2023.

How did CCBG's deposits change in Q4 2024?

Total deposits increased by $92.9 million (2.6%) in Q4 2024 compared to Q3 2024, but decreased by $29.8 million (0.8%) year-over-year.

What was CCBG's full-year 2024 net income?

CCBG reported full-year 2024 net income of $52.9 million ($3.12 per diluted share), compared to $52.3 million ($3.07 per diluted share) in 2023.