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TALLAHASSEE, Fla., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $1.9 million, or $0.11 per diluted share, for the fourth quarter of 2012, compared to net income of $1.1 million, or $0.07 per diluted share, for the third quarter of 2012 and a net loss of $0.5 million, or $0.03 per diluted share, for the fourth quarter of 2011. For the full year 2012, CCBG 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.
Compared to the third quarter of 2012, the improvement in earnings reflects lower noninterest expense of $0.7 million, a reduction in the loan loss provision of $0.1 million, and an increase in operating revenues of $0.1 million, partially offset by higher income taxes of $0.1 million. 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.
For the full year 2012, 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. 2011 performance reflects the sale of our Visa Class B shares which resulted in a $2.6 million net gain ($3.2 million pre-tax included in noninterest income and a swap liability of $0.6 million included in noninterest expense).
"I am pleased with the fourth quarter results, which enabled Capital City Bank Group to be profitable for the year," said William G. Smith, Jr., chairman, president and CEO. "Though the market is still choppy, I am encouraged by fourth quarter improvements, which included lower credit costs and modest, yet noteworthy, growth in operating revenue. Nonperforming assets declined $10 million or 8 percent, and credit costs were down $0.8 million or 14 percent for the quarter. Credit metrics continue to improve and credit quality remains a top priority. With OREO sales exceeding $8 million in the fourth quarter and topping $28 million for the year, we believe a retail strategy focused on the disposition of other real estate owned continues to be in the best interest of our shareowners. Despite weak demand, loans declined at a slower pace in the fourth quarter, reinforcing my belief that our markets continue to exhibit signs of recovery as shown by decreasing unemployment and a firming of home prices. As we head into 2013, I am encouraged by these conditions, pleased with our progress and remain optimistic about our future."