Capital City Bank Group (CCBG) has reported 70.71 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2.87 million, or $0.17 a share in the quarter, compared with $1.68 million, or $0.09 a share for the same period last year.
Revenue during the quarter went up marginally by 1.41 percent to $32.33 million from $31.88 million in the previous year period. Net interest income for the quarter rose 1.33 percent over the prior year period to $19.32 million. Non-interest income for the quarter fell 1.64 percent over the last year period to $13.01 million.
Net interest margin contracted 8 basis points to 3.23 percent in the quarter from 3.31 percent in the last year period. Efficiency ratio for the quarter improved to 85.92 percent from 89.79 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
I continue to be pleased with our progress; measured and prudent strategies are producing meaningful year-over-year improvement, albeit at a slower than desired pace," said William G. Smith, Jr., chairman, president and chief executive officer. "Despite a challenging environment, loan growth, improving credit quality and expense management are all driving better performance. We remain dedicated to reducing our structural expenses and enhancing existing revenues, while identifying new business opportunities. Properly executing these strategies takes time, but can generate outcomes that produce long term value. We continue to value long-term profitability over short-term gains."
Liabilities outpace assets growthTotal assets stood at $2,753.15 million as on Sep. 30, 2016, up 5.28 percent compared with $2,615.09 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,476.53 million as on Sep. 30, 2016, up 5.77 percent from $2,341.44 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $1,543.77 million as on Sep. 30, 2016, up 5.71 percent compared with $1,460.45 million on Sep. 30, 2015. Deposits stood at $2,315.11 million as on Sep. 30, 2016, up 9.46 percent compared with $2,114.98 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $801.67 million or 34.63 percent of total deposits on Sep. 30, 2016, compared with $720.82 million or 34.08 percent of total deposits on Sep. 30, 2015.
Investments stood at $690.07 million as on Sep. 30, 2016, up 8.16 percent or $52.03 million from year-ago. Shareholders equity stood at $276.62 million as on Sep. 30, 2016, up 1.08 percent or $2.97 million from year-ago.
Return on average assets moved up 17 basis points to 0.42 percent in the quarter from 0.25 percent in the last year period. At the same time, return on average equity increased 169 basis points to 4.12 percent in the quarter from 2.43 percent in the last year period.
Credit quality improvesCapital City Bank Group recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 44.33 percent or $17 million to $21.35 million on Sep. 30, 2016 from $38.36 million on Sep. 30, 2015. Nonperforming assets to total loans was 1.35 percent in the quarter, down from 2.54 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, down from 1.47 percent in the last year period.
Capital ratios deteriorateCapital City Bank Group witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 10.12 percent for the quarter, down from 10.71 percent for the previous year quarter. Equity to assets ratio was 10.05 percent for the quarter, down from 10.46 percent for the previous year quarter. Book value per share was $16.39 for the quarter, up 3.02 percent or $0.48 compared to $15.91 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
