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Capital City Bank Group, Inc. Reports First Quarter 2013 Results

Stocks in this article: CCBG

TALLAHASSEE, Fla., April 22, 2013 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $0.8 million, or $0.05 per diluted share for the first quarter of 2013 compared to net income of $1.9 million, or $0.11 per diluted share for the fourth quarter of 2012 and a net loss of $1.2 million, or $0.07 per diluted share for the first quarter of 2012.

Compared to the fourth quarter of 2012, performance reflects lower operating revenues of $1.1 million and a $1.7 million increase in noninterest expense, partially offset by a $1.7 million reduction in the loan loss provision.

Compared to the first quarter of 2012, the increase in earnings was due to a lower loan loss provision of $3.7 million and lower noninterest expense of $1.4 million, which was partially offset by lower operating revenues of $1.7 million and higher income tax expense of $1.4 million.

"In the first quarter of 2013 we saw more of the positive trends we experienced coming out of the latter half of 2012 with the dramatic improvement in nonperforming assets," said William G. Smith, Jr., Chairman, President and CEO. "After declining 14.5% in 2012, nonperforming assets fell another 11.7% to $104 million in the first quarter alone. We have made clear progress in the disposition of other real estate owned and continue to believe our retail strategy – though it takes longer to execute – serves the best interests of our shareowners. While the operating environment remains choppy, economic indicators such as unemployment, population growth, housing and the overall level of real estate activity continue to improve, which we believe points toward greater stability to come. I am encouraged by the progress we've made despite a very challenging period and optimistic about the outlook ahead as we move forward through 2013."

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