Capital City Bank profit rallies to $16.3m

• Capital City Bank Group reported Q2 net income of $16.3 million, up 8.2% year over year, with diluted EPS of $0.95.
• The company’s shares were down about 0.8% at $49.93 in premarket trading following the results.
• Management said lower funding costs and higher-yielding investments supported margin growth while it remained focused on risk management and client service.

Capital City Bank Group (NASDAQ:CCBG) reported Q2 net income of $16.3 million, with diluted earnings rising to $0.95 per share.

Profit increased from $15 million a year earlier and $15.8 million in Q1, while return on assets reached 1.48%.

The bank recorded a $0.9 million credit-loss provision, while nonperforming assets rose to $13.4 million and deposits fell 0.8% sequentially.

Following the announcement, Capital City Bank Group's share price was down 0.8% at $49.93 in premarket trading.

Tax-equivalent net interest income reached $44.2 million as the net interest margin increased 11 basis points sequentially to 4.35%.

Capital City Bank Group operates 62 banking offices and 107 ATMs or ITMs across Florida, Georgia and Alabama, with approximately $4.5 billion in assets.