Capital City Bank Group (CCBG) Q1 2025 earnings summary

Executive summary

• Net income attributable to common shareowners was $16.9 million ($0.99 per diluted share) for Q1 2025, up from $13.1 million in Q4 2024 and $12.6 million in Q1 2024.

• Celebrated 130 years of operation, maintaining a stable, resilient, and profitable franchise with a strong community focus and experienced leadership.

• Operates as the 3rd largest publicly traded financial holding company headquartered in Florida, with $4.5 billion in total assets and $3.8 billion in deposits as of 3/31/25.

• Strategic presence in high-growth and stable rural markets in Florida and Georgia, with a premier deposit-centric franchise.

• Q1 2025 earnings included a $0.17 per diluted share gain from the sale of the operations center building.

Financial highlights

• Record year earnings in 2024, with a 5-year average annual earnings growth of ~13%.

• Tax-equivalent net interest income was $41.6 million, up from $41.2 million in Q4 2024 and $38.4 million in Q1 2024.

• Net interest margin rose to 4.22%, up 5 bps sequentially and 21 bps year-over-year.

• Noninterest income grew 6.1% sequentially and 10.0% year-over-year, driven by mortgage banking and wealth management fees.

• Noninterest expense fell 7.4% sequentially, mainly due to gains from the sale of banking facilities.

Outlook and guidance

• Positioned for growth in high-population and business migration markets in Florida and Georgia.

• Management expects the annual effective tax rate to approximate 24% for 2025, absent discrete items.

• Strategic technology investments to enhance client experience, operational efficiency, and scalability.

• Capital expenditures are projected at $10 million over the next 12 months, funded with existing resources.

• Focus on expanding wealth management and mortgage banking operations.