This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Capital City Bank's 1Q Profit Tumbles 91 Percent

TALLAHASSEE, Fla. (AP) ¿ Capital City Bank Group Inc. said Monday its first-quarter profit plummeted 91 percent due to a sharp rise in loan-loss provisions and a decline in interest income.

Net income for the quarter ended March 31 fell to $650,000, or 4 cents per share, from $7.3 million, or 42 cents per share, during the same quarter last year.

Analysts polled by Thomson Reuters, on average, forecast a loss of 3 cents per share for the quarter.

Tallahassee, Fla.-based Capital City Bank more than doubled its provision for loan losses in the first quarter to $8.4 million from $4.1 million during the first quarter last year. Capital City Bank's increase in loss reserves was tied primarily to three real estate loans.

Nearly all banks across the country are facing mounting loan losses as more customers fall behind on payments amid rising unemployment and an ongoing recession.

Capital City Bank's charge-off rate, which measure the amount of loans written off as not being repaid compared with the total loan portfolio, grew to 1.08 percent in the first quarter from 0.41 percent during the same period last year. The charge-off rate, however, declined from the fourth quarter, when it totaled 1.24 percent.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CTBK $0.01 0.00%
CCBG $14.76 -0.40%
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs