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Capital City Bank Group, Inc. reports recurring developments for a regional banking company that provides banking and wealth management services. Its updates center on quarterly and annual earnings, net interest income, net interest margin, loan and deposit balances, credit quality, mortgage revenue, wealth management fees, noninterest expense and tangible book value.
The company’s news also includes common-stock dividend actions and retail banking leadership or operational updates. Its banking offices serve Florida, Georgia and Alabama, and its service mix includes traditional deposit and credit services, trust and asset management, mortgage banking, merchant services, bank cards, data processing and securities brokerage services.
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Capital City Bank Group reported a net income of $15.0 million or $0.88 per diluted share for Q1 2023, up from $11.7 million in Q4 2022 and $8.5 million in Q1 2022. Highlights include a 6% increase in net interest income and a 5.9% rise in average loans, with a net interest margin increase of 28 basis points to 4.04%. Noninterest income increased $1.3 million primarily due to higher mortgage banking revenues. Noninterest expenses decreased by 4.3% to $40.5 million, benefiting from the absence of pension settlement charges. The tangible book value per share grew by 5.7% to $18.50. However, average deposits declined by 2.9% compared to the previous quarter.
The Board of Directors of Capital City Bank Group has declared a quarterly cash dividend of $0.18 per share on its common stock, translating to an annualized yield of 2.12%. This dividend is payable on March 20, 2023 to shareholders of record as of March 6, 2023. The declaration reflects the bank's commitment to returning value to its investors. Capital City Bank Group, headquartered in Florida, manages approximately $4.5 billion in assets and offers comprehensive financial services across the southeastern U.S.