Capital City Bank Group, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance for the first quarter of 2024. The company, headquartered in Tallahassee, Florida, operates as the financial holding company for Capital City Bank, offering a wide range of banking services including financing, treasury management, residential and commercial real estate lending, personal and automobile loans, and asset management.
In the first quarter of 2024, Capital City Bank reported net income attributable to common shareowners of $12.6 million, or $0.74 per diluted share, compared to $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023, and $13.7 million, or $0.80 per diluted share, for the first quarter of 2023. Net interest income for the first quarter of 2024 totaled $38.4 million, a decrease from the previous quarters, primarily due to an increase in deposit interest expense, partially offset by higher loan interest income. The provision for credit losses decreased to $0.9 million from $2.0 million in the fourth quarter of 2023 and $3.1 million in the first quarter of 2023.
Noninterest income for the first quarter of 2024 totaled $18.1 million, showing an increase over the previous quarters, primarily due to higher mortgage banking revenues and wealth management fees. Noninterest expense for the first quarter of 2024 totaled $40.2 million, slightly higher than the fourth quarter of 2023, reflecting an increase in compensation expense partially offset by decreases in occupancy expense and other expenses.
In terms of financial condition, average earning assets increased by 0.7% over the fourth quarter of 2023, driven by changes in deposit balances. Average loans held for investment increased by 0.6% over the fourth quarter of 2023 and 5.7% over the first quarter of 2023, primarily due to an increase in residential loans. Nonperforming assets and nonaccrual loans remained stable, with nonperforming assets totaling $6.8 million at March 31, 2024.
Average total deposits increased by 0.8% over the fourth quarter of 2023, primarily due to a higher average balance for public funds and growth in money market and certificates of deposit balances. Capital City Bank reported a total risk-based capital ratio of 16.84% and a tangible common equity ratio of 8.53% at March 31, 2024, indicating a "well-capitalized" status.
The company's financial results reflect its ongoing efforts to navigate through changing economic conditions and market dynamics, demonstrating stability and resilience in its financial performance.
These figures and details provide a comprehensive overview of Capital City Bank's financial performance in the first quarter of 2024, highlighting its earnings, net interest income, provision for credit losses, noninterest income, noninterest expense, and its financial condition. The market has reacted to these announcements by moving the company's shares 0.7% to a price of $29.75. For more information, read the company's full 10-Q submission here.
