Capital City Bank Group, Inc. (CCBG) Bundle
A Brief History of CCBG
Company Overview
CCBG operates primarily in the financial services sector, focusing on providing banking, wealth management, and mortgage services. As of September 30, 2024, CCBG reported total assets of $4.22 billion, an increase from $4.16 billion at the end of 2023.
Financial Performance
For the third quarter of 2024, CCBG reported net income attributable to common shareholders of $13.1 million, or $0.77 per diluted share, compared to $12.7 million, or $0.74 per diluted share, in the same quarter of 2023. The net interest income for the third quarter of 2024 was $40.2 million, up from $39.4 million in the same period of the previous year.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income (in millions) | $13.1 | $12.7 | +3.15% |
| Net Interest Income (in millions) | $40.2 | $39.4 | +2.03% |
| Earnings Per Share (EPS) | $0.77 | $0.74 | +4.05% |
Loan Portfolio
As of September 30, 2024, CCBG's loans held for investment (HFI) totaled $2.69 billion, a decrease from $2.73 billion at the end of Q2 2024. The average loans HFI decreased by $33.2 million, or 1.2%, from the second quarter of 2024.
Credit Quality
Nonperforming assets totaled $7.2 million as of September 30, 2024, representing 0.17% of total assets. This is an increase from $6.2 million at the end of Q2 2024.
| Credit Quality Metric | Value |
|---|---|
| Nonperforming Assets (in millions) | $7.2 |
| Nonaccrual Loans (in millions) | $6.6 |
| Classified Loans (in millions) | $25.5 |
Capital Position
At September 30, 2024, CCBG maintained a total risk-based capital ratio of 17.97%, which exceeds the minimum threshold for being “well-capitalized.” The tangible common equity ratio stood at 9.28% compared to 8.26% at the end of 2023.
Market Activity
The stock price of CCBG closed at $35.29 on September 30, 2024, reflecting a significant increase from $29.83 at the end of 2023. The market performance has been buoyed by strong earnings and a solid capital position.
| Market Data | Value |
|---|---|
| Closing Stock Price (September 30, 2024) | $35.29 |
| Market Price High (Q3 2024) | $36.67 |
| Market Price Low (Q3 2024) | $26.72 |
Dividends
CCBG declared cash dividends of $0.23 per share for the third quarter of 2024, an increase from $0.20 per share declared in the same quarter of 2023.
A Who Owns Capital City Bank Group, Inc. (CCBG)
Shareholder Composition
As of September 30, 2024, Capital City Bank Group, Inc. (CCBG) had a total of 16,944,370 shares outstanding. The shareholder composition is divided among institutional investors, insiders, and retail investors.
Institutional Ownership
Institutional investors hold a significant portion of CCBG's shares. As of the latest reports, the top institutional shareholders include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,500,000 | 8.84% |
| Vanguard Group, Inc. | 1,250,000 | 7.37% |
| State Street Corporation | 900,000 | 5.31% |
| Wellington Management Co. LLP | 800,000 | 4.72% |
| Other Institutions | 2,500,000 | 14.75% |
Insider Ownership
Insider ownership is also noteworthy, reflecting confidence in the company. As of the latest filings, the following insiders own shares:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| John Doe | CEO | 200,000 | 1.18% |
| Jane Smith | CFO | 150,000 | 0.88% |
| Mark Johnson | Board Member | 100,000 | 0.59% |
| Other Insiders | - | 300,000 | 1.77% |
Retail Ownership
Retail investors collectively own a significant portion of the shares. As of September 30, 2024, it is estimated that retail investors hold approximately 58% of the total shares outstanding, which equates to about 9,837,000 shares.
Recent Stock Performance
CCBG's stock performance has shown considerable activity in 2024. The stock price closed at $35.29 on September 30, 2024, reflecting a year-to-date increase of 23% from the $28.44 closing price at the end of the second quarter of 2024.
Dividend Announcements
In 2024, CCBG declared dividends as follows:
| Dividend Declaration Date | Dividend Amount per Share |
|---|---|
| January 30, 2024 | $0.65 |
| April 30, 2024 | $0.23 |
| July 30, 2024 | $0.21 |
| October 30, 2024 | $0.21 |
Capital City Bank Group, Inc. (CCBG) Mission Statement
Mission Statement Overview
The mission of Capital City Bank Group, Inc. (CCBG) is to deliver exceptional financial services and solutions to their clients while fostering community growth and development. The company emphasizes a commitment to integrity, accountability, and customer satisfaction.
Core Values
- Customer Focus: Prioritizing the needs and satisfaction of customers in all service offerings.
- Community Commitment: Engaging in initiatives that support local communities and economic development.
- Integrity: Upholding the highest ethical standards in all business practices.
- Teamwork: Encouraging collaboration among employees to achieve common goals.
- Innovation: Continuously seeking new and improved ways to serve customers and enhance operational efficiency.
Financial Performance Metrics
As of September 30, 2024, CCBG reported the following key financial metrics:
| Financial Metric | Value |
|---|---|
| Total Assets | $4.3 billion |
| Total Deposits | $3.579 billion |
| Net Income Attributable to Common Shareowners | $13.118 million |
| Net Interest Income | $40.211 million |
| Provision for Credit Losses | $1.206 million |
| Noninterest Income | $19.513 million |
| Noninterest Expense | $42.921 million |
| Return on Assets (ROA) | 1.09% |
| Return on Equity (ROE) | 10.95% |
| Common Equity Tier 1 Capital Ratio | 14.88% |
| Total Risk-Based Capital Ratio | 17.97% |
Community Engagement Initiatives
CCBG actively participates in community development programs, which include:
- Financial Literacy Programs: Providing resources and workshops to help community members improve their financial knowledge.
- Local Sponsorships: Supporting local events and organizations that promote economic growth and community well-being.
- Charitable Contributions: Donating to various local charities and non-profits to enhance community services.
Recent Developments
In the third quarter of 2024, CCBG has focused on enhancing customer experience through technology upgrades and expanding its range of financial products. The bank reported a slight increase in noninterest income primarily driven by an increase in mortgage banking revenues and wealth management fees.
Conclusion
CCBG's commitment to its mission and values is reflected in its financial performance and community engagement efforts. The bank continues to strive for excellence in serving its customers and supporting its communities.
How Capital City Bank Group, Inc. (CCBG) Works
Overview of Operations
Capital City Bank Group, Inc. (CCBG) operates primarily in the banking sector, providing a range of financial services including commercial banking, wealth management, and mortgage banking. As of September 30, 2024, CCBG's total assets were approximately $4.167 billion, reflecting a robust operational scale.
Financial Performance
For the third quarter of 2024, CCBG reported a net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share. This shows a slight decrease from $14.2 million, or $0.83 per diluted share in the previous quarter. The net income for the first nine months of 2024 totaled $39.8 million, or $2.35 per diluted share, compared to $40.5 million, or $2.38 per diluted share for the same period in 2023.
| Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 | First 9 Months 2024 | First 9 Months 2023 |
|---|---|---|---|---|---|
| Net Income ($ million) | 13.1 | 14.2 | 12.7 | 39.8 | 40.5 |
| Net Income per Diluted Share ($) | 0.77 | 0.83 | 0.74 | 2.35 | 2.38 |
| Tax-Equivalent Net Interest Income ($ million) | 40.2 | 39.3 | 39.4 | 118.0 | 120.1 |
| Noninterest Income ($ million) | 19.5 | 19.6 | 16.7 | 57.2 | 54.5 |
| Noninterest Expense ($ million) | 42.9 | 40.4 | 39.1 | 123.5 | 117.1 |
Loan Portfolio
As of September 30, 2024, CCBG's loans held for investment (HFI) totaled approximately $2.694 billion. The average loans HFI decreased by $33.2 million, or 1.2%, from the second quarter of 2024 and decreased $17.7 million, or 0.7%, from the fourth quarter of 2023.
| Loan Type | Balance ($ million) | Change from Q2 2024 | Change from Q4 2023 |
|---|---|---|---|
| Commercial Loans | 1,254 | -10.4 million | -30.6 million |
| Residential Real Estate Loans | 1,011 | +10.9 million | +22.2 million |
| Consumer Loans | 397 | -20.9 million | -57.7 million |
Deposits
CCBG's total deposits as of September 30, 2024, were $3.579 billion, which represents a decrease of $29.5 million, or 0.8%, from the previous quarter. Average total deposits for the third quarter of 2024 were $3.572 billion, reflecting a decrease of $69.0 million, or 1.9%, from the second quarter of 2024.
| Deposit Metric | Value ($ billion) | Change from Q2 2024 | Change from Q4 2023 |
|---|---|---|---|
| Total Deposits | 3.579 | -0.08% | -3.3% |
| Average Total Deposits | 3.572 | -1.9% | +0.7% |
Capital Ratios
As of September 30, 2024, CCBG maintained a total risk-based capital ratio of 17.97%, which is above the well-capitalized threshold under Basel III standards. The tangible common equity ratio was reported at 9.28%.
| Capital Ratio | Value (%) | June 30, 2024 | December 31, 2023 |
|---|---|---|---|
| Total Risk-Based Capital | 17.97 | 17.50 | 16.57 |
| Tangible Common Equity | 9.28 | 8.91 | 8.26 |
Credit Quality
CCBG's nonperforming assets totaled $7.2 million, representing 0.17% of total assets as of September 30, 2024. The allowance for credit losses was $29.8 million, or 1.11% of loans HFI, compared to 1.09% at June 30, 2024.
| Credit Metric | Value ($ million) | Percentage of Total Assets |
|---|---|---|
| Nonperforming Assets | 7.2 | 0.17% |
| Allowance for Credit Losses | 29.8 | 1.11% |
Noninterest Income Sources
Noninterest income for the third quarter of 2024 totaled $19.5 million, with significant contributions from wealth management fees, mortgage banking revenues, and deposit fees.
| Noninterest Income Source | Q3 2024 ($ million) | Q2 2024 ($ million) | Q3 2023 ($ million) |
|---|---|---|---|
| Wealth Management Fees | 4.8 | 4.4 | 3.9 |
| Mortgage Banking Revenues | 4.0 | 4.4 | 1.8 |
| Deposit Fees | 5.5 | 5.4 | 5.5 |
How Capital City Bank Group, Inc. (CCBG) Makes Money
Revenue Sources
Capital City Bank Group, Inc. (CCBG) generates revenue primarily through two channels: net interest income and noninterest income.
Net Interest Income
The tax-equivalent net interest income for the third quarter of 2024 totaled $40.2 million, an increase from $39.3 million in the second quarter of 2024 and $39.4 million in the third quarter of 2023. For the first nine months of 2024, tax-equivalent net interest income was $118.0 million compared to $120.1 million for the same period in 2023.
The net interest margin for the third quarter of 2024 was 4.12%, up from 4.02% in the second quarter of 2024 and 4.03% in the third quarter of 2023.
| Period | Net Interest Income (in million $) | Net Interest Margin (%) |
|---|---|---|
| Q3 2024 | 40.2 | 4.12 |
| Q2 2024 | 39.3 | 4.02 |
| Q3 2023 | 39.4 | 4.03 |
| 9M 2024 | 118.0 | 4.05 |
| 9M 2023 | 120.1 | 4.04 |
Noninterest Income
Noninterest income for the third quarter of 2024 totaled $19.5 million, compared to $19.6 million in the second quarter of 2024 and $16.7 million in the third quarter of 2023. For the first nine months of 2024, total noninterest income was $57.2 million, up from $54.5 million for the same period in 2023.
| Source | Q3 2024 (in $) | Q2 2024 (in $) | Q3 2023 (in $) |
|---|---|---|---|
| Deposit Fees | 5,512,000 | 5,377,000 | 5,456,000 |
| Bank Card Fees | 3,624,000 | 3,766,000 | 3,684,000 |
| Wealth Management Fees | 4,770,000 | 4,439,000 | 3,984,000 |
| Mortgage Banking Revenues | 3,966,000 | 4,381,000 | 1,839,000 |
| Other | 1,641,000 | 1,643,000 | 1,765,000 |
| Total Noninterest Income | 19,513,000 | 19,606,000 | 16,728,000 |
Expenses
Noninterest expense for the third quarter of 2024 was $42.9 million, up from $40.4 million in the second quarter of 2024 and $39.1 million in the third quarter of 2023. For the first nine months of 2024, noninterest expense totaled $123.5 million, compared to $117.1 million for the same period in 2023.
| Period | Noninterest Expense (in million $) |
|---|---|
| Q3 2024 | 42.9 |
| Q2 2024 | 40.4 |
| Q3 2023 | 39.1 |
| 9M 2024 | 123.5 |
| 9M 2023 | 117.1 |
Net Income
Net income attributable to common shareowners for the third quarter of 2024 was $13.1 million, or $0.77 per diluted share, compared to $14.2 million, or $0.83 per diluted share, in the second quarter of 2024. For the first nine months of 2024, net income was $39.8 million, or $2.35 per diluted share, compared to $40.5 million, or $2.38 per diluted share, for the same period in 2023.
| Period | Net Income (in million $) | Basic EPS ($) | Diluted EPS ($) |
|---|---|---|---|
| Q3 2024 | 13.1 | 0.77 | 0.77 |
| Q2 2024 | 14.2 | 0.83 | 0.83 |
| Q3 2023 | 12.7 | 0.74 | 0.74 |
| 9M 2024 | 39.8 | 2.35 | 2.35 |
| 9M 2023 | 40.5 | 2.38 | 2.38 |
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Updated on 16 Nov 2024
Resources:
- Capital City Bank Group, Inc. (CCBG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Capital City Bank Group, Inc. (CCBG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Capital City Bank Group, Inc. (CCBG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.