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

Core Viewpoint - Capital City Bank Group, Inc. reported stable financial performance with record earnings in 2024, demonstrating a commitment to shareholder value through increased tangible book value, dividends, and share repurchases [3][26]. Financial Performance - For Q4 2024, net income attributable to common shareholders was $13.1 million, maintaining the same level as Q3 2024 and increasing from $11.7 million in Q4 2023 [1]. - For the full year 2024, net income totaled $52.9 million, up from $52.3 million in 2023, with diluted earnings per share increasing to $3.12 from $3.07 [2]. Income Statement Highlights - Tax-equivalent net interest income for Q4 2024 was $41.2 million, up from $40.3 million in Q3 2024 and $39.3 million in Q4 2023 [4]. - The net interest margin for Q4 2024 was 4.17%, a slight increase from 4.12% in Q3 2024 and 4.07% in Q4 2023 [5]. Credit Loss Provision - The provision for credit losses in Q4 2024 was $0.7 million, down from $1.2 million in Q3 2024 and $2.0 million in Q4 2023 [6]. - For the full year 2024, the provision for credit losses was $4.0 million, significantly lower than $9.7 million in 2023 [7]. Noninterest Income and Expense - Noninterest income for Q4 2024 was $18.8 million, a decrease from $19.5 million in Q3 2024 but an increase from $17.2 million in Q4 2023 [8]. - Noninterest expense for Q4 2024 totaled $41.8 million, down from $42.9 million in Q3 2024 and slightly up from $40.0 million in Q4 2023 [11]. Asset Quality and Credit Metrics - Nonperforming assets totaled $6.7 million at December 31, 2024, a decrease from $7.2 million at September 30, 2024 [18]. - The allowance for credit losses for loans held for investment was $29.3 million at December 31, 2024, compared to $29.8 million at September 30, 2024 [17]. Deposits and Liquidity - Average total deposits for Q4 2024 were $3.600 billion, an increase of $28.4 million from Q3 2024 [19]. - At December 31, 2024, total deposits were $3.672 billion, reflecting a seasonal increase in public fund balances [20]. Capital Adequacy - Shareowners' equity was $495.3 million at December 31, 2024, up from $476.5 million at September 30, 2024 [25]. - The total risk-based capital ratio was 18.77% at December 31, 2024, compared to 17.97% at September 30, 2024 [27].