Capital City Bank Group, Inc. (NASDAQ: CCBG) has reported its first quarter results for 2024, with net income attributable to common shareowners amounting to $12.6 million, or $0.74 per diluted share. This is an improvement compared to the fourth quarter of 2023, which saw net income of $11.7 million, or $0.70 per diluted share. However, it represents a decline from the first quarter of 2023, when net income stood at $13.7 million, or $0.80 per diluted share.
The company's tax-equivalent net interest income totaled $38.4 million for the first quarter of 2024, down from $39.3 million in the prior quarter and $40.5 million in the first quarter of 2023. The net interest margin decreased by six basis points to 4.01% compared to the prior quarter and by three basis points from the first quarter of 2023.
Noninterest income for the first quarter of 2024 totaled $18.1 million, marking an increase from $17.2 million in the fourth quarter of 2023 and $17.8 million in the first quarter of 2023. The increase was primarily due to higher mortgage banking revenues and wealth management fees.
On the balance sheet, loan balances grew by $17.4 million, or 0.6% on average, but declined by $2.7 million, or 0.1% at the end of the period. Deposit balances increased by $28.0 million, or 0.8% on average, but decreased by $47.0 million, or 1.3% at the end of the period. The tangible book value per diluted share, a non-GAAP financial measure, increased by $0.52, or 2.5%.
The company repurchased 82,540 shares of common stock during the period, indicating confidence in its financial position and future prospects.
Earning assets totaled $3.850 billion for the first quarter of 2024, representing an increase of $25.6 million, or 0.7%, from the fourth quarter of 2023. Average loans held for investment increased by $17.4 million, or 0.6%, over the fourth quarter of 2023 and $146.2 million, or 5.7%, over the first quarter of 2023.
The allowance for credit losses for held for investment loans totaled $29.3 million at the end of the first quarter of 2024, compared to $29.9 million at the end of the fourth quarter of 2023, and $26.8 million at the end of the first quarter of 2023. The credit quality remained stable, with nonperforming assets as a percent of total assets at 0.16% at the end of the first quarter of 2024.
Capital City Bank Group, Inc. maintained a strong capital position, with a total risk-based capital ratio of 16.84% at the end of the first quarter of 2024, exceeding the thresholds to be designated as "well-capitalized" under the Basel III capital standards.
As a result of these announcements, the company's shares have moved 0.8% on the market, and are now trading at a price of $27.3. For the full picture, make sure to review Capital City Bank's 8-K report.
