CCBG - Capital City Bank GAAP EPS of $0.51 misses by $0.02 revenue of $53.24M beats by $1.34M

• Capital City Bank press release ( NASDAQ: CCBG ): Q2 GAAP EPS of $0.51 misses by $0.02 .
• Revenue of $53.24M (+1.5% Y/Y) beats by $1.34M .
• Net interest income grew 14.7% driven by strong loan growth and higher interest rates.
• Period end loan balances grew $228.1 million, or 11.5%, with residential loan purchases from Capital City Home Loans (CCHL) contributing $132 million and solid growth from residential construction and commercial mortgage.
• Provision for credit losses increased $1.5 million driven by strong loan growth – overall credit quality remained strong.
• Average deposit balances grew $51.3 million, or 1.4%, driven by higher noninterest bearing and savings balances.
• Noninterest income decreased $0.9 million, or 3.5%, due to lower insurance commission revenues at Capital City Strategic Wealth (CCSW), which had a very strong first quarter – deposit, bank card, and retail brokerage fees all realized solid improvement.
• Noninterest expense increased $1.3 million, or 3.2%, primarily due to higher performance-based compensation and to a lesser extent annual merit raises and staffing additions in new markets.
• Tangible book value per share declined $0.04, or 0.2%, buoyed by strong earnings that significantly mitigated the impact of rapidly increasing interest rates and the related impact on our unrealized loss on investment securities.

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