Capital City Bank Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reports Net Charge-Offs
January 27, 2012 at 09:02 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, 2011. For the quarter, the company reported total interest income of $23,912,000 against $26,831,000 a year ago. Net interest income was $22,397,000 against $24,358,000 a year ago. Net interest income after provision for loan losses was $14,797,000 against $20,575,000 a year ago. Operating loss was $2,433,000 against operating income of $1,770,000 a year ago. Net loss was $535,000 or $0.03 per basic and diluted share against $1,918,000 or $0.12 per basic and diluted share a year ago. Negative return on average equity was 0.80% against return on average equity of 2.90% a year ago. Negative return on average assets was 0.08% against return on average assets of 0.30% a year ago. Book value per diluted share was $14.68 against $15.15 a year ago. Tangible book value per diluted share was $9.70 against $10.11 a year ago.
For the year, the company reported total interest income of $99,459,000 against $110,495,000 a year ago. Net interest income was $91,922,000 against $97,533,000 a year ago. Net interest income after provision for loan losses was $72,926,000 against $73,709,000 a year ago. Operating profit was $5,526,000 against operating loss of $3,382,000 a year ago. Net income was $4,897,000 or $0.29 per basic and diluted share against net loss of $413,000 or $0.02 per basic and diluted share a year ago. Return on average equity was 1.86% against return on average equity negative of 0.16% a year ago. Return on average assets was 0.19% against negative return on average assets of 0.02% a year ago.
Net charge-offs for the fourth quarter of 2011 totaled was $6.2 million, or 1.50% of average loans, compared to $5.1 million, or 1.22%, in the third quarter of 2011, and $6.1 million, or 1.35%, in the fourth quarter of 2010.
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.
Capital City Bank Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reports Net Charge-Offs