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Capital City Bank Group (CCBG-5.27%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The report provides a comprehensive overview of the company's financial performance, including detailed financial statements and disclosures. filing
The filing reveals that Capital City Bank Group reported net income attributable to common shareholders of $52.9 million, or $3.12 per diluted share, for 2024. This compares to $52.3 million, or $3.07 per diluted share, for 2023. The increase in net income was driven by a decrease in provision for credit losses and higher noninterest income, partially offset by increased noninterest expenses.
Net interest income on a taxable equivalent basis was $159.2 million for 2024, a slight decrease from $159.4 million in 2023. The net interest margin improved to 4.08% from 4.05% in the prior year, primarily due to higher yields on earning assets.
The provision for credit losses was $4.0 million in 2024, down from $9.7 million in 2023. This decrease was attributed to lower new loan volume and favorable loan grade migration.
Noninterest income increased by 6.1% to $76.0 million, driven by higher mortgage banking revenues and wealth management fees. Mortgage banking revenues rose due to a higher gain on sale margin, while wealth management fees increased due to higher retail brokerage and trust fees.
Noninterest expenses rose by 5.3% to $165.3 million, primarily due to higher compensation costs reflecting increased incentive compensation and merit raises.
Total assets at year-end were $4.325 billion, up slightly from $4.304 billion at the end of 2023. The loan portfolio decreased to $2.652 billion from $2.734 billion, while deposits decreased to $3.672 billion from $3.702 billion.
Capital City Bank Group maintained strong capital ratios, with a total risk-based capital ratio of 18.64% and a leverage ratio of 11.05%. The tangible common equity ratio improved to 9.51% from 8.26% at the end of 2023.
The report also details the company's strategic initiatives, including market expansion, channel optimization, and a focus on enhancing the client experience. The company continues to invest in technology and expand its presence in key markets.
The filing outlines various risks and uncertainties facing the company, including interest rate risk, credit risk, and regulatory changes. The company continues to monitor these risks and adjust its strategies accordingly.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capital City Bank Group annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.