Capital City Bank Group(CCBG) - 2025 Q1 - Quarterly Results

Financial Performance - Net income attributable to common shareowners for Q1 2025 was $16.9 million, or$ 0.99 per diluted share, up from $13.1 million, or$ 0.77 per diluted share in Q4 2024[1] - Net income attributable to common shareholders for the three months ended March 31, 2025, was $16.86 million, compared to$ 13.09 million for the previous quarter and $12.56 million for the same period last year[31] - The diluted net income per share rose to$ 0.99, up from $0.77 in the previous quarter and$ 0.74 a year ago[31] - Basic net income per share increased to $0.99 in Q1 2025, compared to$ 0.77 in Q4 2024, a rise of 28.57%[35] - The return on average assets (annualized) improved to 1.58% from 1.22% in the previous quarter and 1.21% a year ago[31] Income and Expenses - Tax-equivalent net interest income for Q1 2025 totaled $41.6 million, an increase of$ 0.4 million from Q4 2024, driven by higher investment securities interest and lower deposit interest expense[3] - Noninterest income increased by $1.1 million, or 6.1%, in Q1 2025, primarily due to a rise in mortgage banking revenues and wealth management fees[7] - Noninterest expense decreased by$ 3.1 million, or 7.4%, in Q1 2025, mainly due to a reduction in other expenses related to the sale of banking facilities[8] - Total noninterest expense decreased to $38,701 thousand in Q1 2025 from$ 41,782 thousand in Q4 2024, a reduction of 7.4%[35] Assets and Deposits - Average total deposits for Q1 2025 were $3.665 billion, an increase of$ 65.1 million, or 1.8%, from Q4 2024[16] - Total deposits at March 31, 2025, were $3.784 billion, an increase of$ 111.9 million, or 3.0%, from December 31, 2024[17] - Total assets increased to approximately $4.46 billion as of March 31, 2025, from$ 4.32 billion at December 31, 2024[29] - Total assets increased to $4,461,233 thousand in Q1 2025, up from$ 4,324,932 thousand in Q4 2024, representing a growth of 3.15%[33] - Total deposits rose to $3,783,890 thousand in Q1 2025, compared to$ 3,671,977 thousand in Q4 2024, marking an increase of 3.04%[33] Credit Quality - The allowance for credit losses for loans held for investment totaled $29.7 million at March 31, 2025, reflecting higher loan balances and loss rates[14] - Nonperforming assets totaled$ 4.4 million at March 31, 2025, a decrease from $6.7 million at December 31, 2024[15] - The allowance as a percentage of non-performing loans was 692.10%, significantly higher than 464.14% in the previous quarter and 431.46% a year ago[31] - Nonperforming loans as a percentage of loans held for investment decreased to 0.16% in Q1 2025 from 0.24% in Q4 2024[36] - Net charge-offs for Q1 2025 were$ 600,000, a significant decrease of 64.10% compared to $1,670,000 in Q4 2024[36] Capital Ratios - Shareowners' equity increased to$ 512.6 million at March 31, 2025, up from $495.3 million at December 31, 2024, driven by net income and other factors[21] - As of March 31, 2025, the total risk-based capital ratio was 19.20%, up from 18.64% at December 31, 2024, and 16.84% at March 31, 2024[23] - The common equity tier 1 capital ratio increased to 16.08% from 15.54% at December 31, 2024, and 13.82% at March 31, 2024[31] - The tangible common equity ratio (non-GAAP) was 9.61% as of March 31, 2025, compared to 9.51% at December 31, 2024, and 8.53% at March 31, 2024[29] Efficiency Metrics - The efficiency ratio improved to 62.93% from 69.74% in the previous quarter and 71.06% a year ago[31] - Net interest income after provision for credit losses reached$ 40,779 thousand in Q1 2025, compared to $40,402 thousand in Q4 2024, an increase of 0.93%[35]