TALLAHASSEE, Fla., July 23, 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 second quarter of 2013 compared to net income of $0.8 million, or $0.05 per diluted share for the first quarter of 2013, and a net loss of $1.7 million, or $0.10 per diluted share, for the second quarter of 2012. For the first six months of 2013, the Company reported net income of $1.7 million, or $0.10 per diluted share, compared to a net loss of $2.9 million, or $0.17 per diluted share for the same period in 2012.
Compared to the first quarter of 2013, performance reflects lower noninterest expense of $0.6 million that was partially offset by a higher loan loss provision of $0.4 million, a $0.1 million decline in operating revenues, and a $0.1 million increase in income taxes.
Compared to the second quarter of 2012, the increase in earnings was due to a lower loan loss provision of $4.3 million and a $1.7 million decrease in noninterest expense, partially offset by lower operating revenues of $1.6 million and higher income taxes of $1.9 million.The increase in earnings for the first half of 2013 versus the comparable period in 2012 is attributable to a lower loan loss provision of $8.0 million and a decrease in noninterest expense of $3.1 million, partially offset by lower operating revenues of $3.2 million and higher income taxes of $3.3 million. "The business environment is still challenging, but there have been some notable improvements," stated William G. Smith, Jr., chairman, president and CEO of Capital City Bank Group. "Property values are stabilizing and disposition of our other real estate owned ("OREO") continues at a brisk pace. Recent financials suggests our clients had a better 2012 than 2011, and leading indicators such as past due loans and gross additions to our non-accrual loan portfolio are at or near their lowest levels so far in this cycle. Unemployment in our larger markets is improving, and state workers in Florida received raises for the first time in six years. In the first half of 2013, nonperforming assets ("NPAs") are down 18% in addition to the 14% decrease we achieved in 2012, reflecting the slowdown in problem loan inflow and brisk ORE sales. We remain committed to our retail strategy for the disposition of OREO and believe it provides the best economic outcome for our shareowners. Economic uncertainty and deleveraging by consumers and businesses have adversely impacted loan growth, which continues to place pressure on our net interest margin. However, as the economy improves this trend should reverse. Although choppy, we are making steady progress, and I am encouraged about the future," said Smith.
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