Capital City Bank Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 29, 2013 at 07:00 am EST
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Capital City Bank Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $1.9 million or $0.11 per diluted share compared to net loss of $0.5 million or $0.03 per diluted share for the fourth quarter of 2011. Compared to the fourth quarter of 2011, the increase in earnings was due to a lower loan loss provision of $4.8 million and a decline in noninterest expense of $1.6 million, partially offset by a reduction in operating revenues of $1.6 million and higher income taxes of $2.4 million. Return on average assets was 0.29% and return on average equity was 2.95% for the fourth quarter of 2012. These metrics were -0.08% and -0.80% for the fourth quarter of 2011, respectively. Tax equivalent net interest income was $20.7 million compared to $22.6 million for the fourth quarter of 2011. The company reported operating profit of $2.44 million and net interest income of $20.55 million on total interest income of $21.78 million compared to operating loss of $2.43 million and net interest income of $22.4 million on total interest income of $23.91 million reported a year ago.
For the full year 2012, the company reported net income of $0.1 million or $0.01 per diluted share compared to net income of $4.9 million or $0.29 per diluted share in 2011. The decline in earnings was attributable to lower operating revenues of $11.3 million partially offset by a lower loan loss provision of $2.8 million, a decrease in noninterest expense of $1.7 million and a reduction in income taxes of $2.0 million. Return on average assets was 0.00% and return on average equity was 0.04% compared to 0.19% and 1.86%, respectively, for the full year of 2011. Tax equivalent net interest income totaled $84.9 million compared to $92.8 million in 2011. Book value per diluted share was $14.31 compared to $14.68 as at December 31, 2011. Tangible book value per diluted share was $9.38 compared to $9.70 as at December 31, 2011. The company reported operating loss of $1.23 million and net interest income of $84.31 million on total interest income of $89.68 million compared to operating profit of $5.52 million and net interest income of $91.92 million on total interest income of $99.46 million reported a year ago.
Capital City Bank Group, Inc. is a financial holding company. The Company provides a full range of banking and banking-related services to individual and corporate clients through its wholly owned subsidiary, Capital City Bank (the Bank). The Company provides two principal services include Banking Services and Wealth Management Services. It provides a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. The Company offers its customers access to retail investment products through LPL Financial under, which retail investment products would be offered through LPL. The Bank has approximately 63 banking offices and 103 automated teller machines ATMs/ interactive teller machines (ITMs) in Florida, Georgia, and Alabama.