Capital City Bank Group, Inc. Reports Fourth Quarter And Full Year 2010 Results
TALLAHASSEE, Fla., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income for the fourth quarter of 2010 totaling $1.9 million, or $0.12 per diluted share, compared to net income of $0.4 million, or $0.02 per diluted share, for the third quarter of 2010 and a net loss of $3.4 million, or $0.20 per diluted share, in the fourth quarter of 2009. For the full year 2010, a net loss of $0.4 million, or $0.02 per diluted share was realized compared to a net loss of $3.5 million, or $0.20 per diluted share, in 2009.
Compared to the third quarter of 2010, net income reflects a lower loan loss provision of $1.9 million and higher noninterest income of $1.3 million, partially offset by a $0.4 million decline in net interest income, higher noninterest expense of $1.2 million, and a lower income tax benefit of $0.1 million. Earnings for the fourth quarter of 2010 include the reversal of our Visa related litigation reserve of $0.8 million. Compared to the fourth quarter of 2009, net income improved due to a lower loan loss provision of $7.0 million, higher noninterest income of $0.3 million, and lower noninterest expense of $1.8 million, which was partially offset by lower net interest income of $0.9 million and a lower income tax benefit of $2.9 million.
For the full year 2010, the improvement in earnings was due to a lower loan loss provision of $16.2 million, partially offset by an $8.4 million reduction in net interest income, lower noninterest income of $0.6 million, higher noninterest expense of $1.8 million, as well as a lower income tax benefit of $2.3 million."In the fourth quarter, Capital City reported its third consecutive quarter of positive earnings and improving credit quality," said William G. Smith, Jr., Chairman, President and CEO. Perhaps, more important is the Company's momentum as we enter 2011. While we acknowledge the difficulties inherent in the current operating environment and expect our return to historical performance levels to be gradual, I remain excited about what I see for 2011. The inflow of non-performing loans has slowed and our ability to sell other real estate remains steady. Despite the current economic conditions, which we expect to be choppy as the country emerges from this difficult period, I am confident in Capital City's ability to resolve our problem assets and improve our overall performance. Absent another economic event, I believe the worst is behind us. A strong margin, lower credit costs, an incredible core deposit book and strong capital were the drivers in the fourth quarter and I believe will continue to produce good results in 2011."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV