Capital City Bank Group, Inc. (CCBG)

[56Chevy]

Book Value Per Diluted Share $14.36

Capital City Bank Group, Inc. Reports First Quarter 2014 Results

Date : 04/28/2014 @ 7:00AM
Source : GlobeNewswire Inc.
Stock : Capital City Bank Grp. (MM) (CCBG)
Quote : $13.5 0.0 (0.00%) @ 1:34PM

Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $3.8 million, or $0.22 per diluted share, for the first quarter of 2014 compared to net income of $2.8 million, or $0.16 per diluted share, for the fourth quarter of 2013, and net income of $0.8 million, or $0.05 per diluted share, for the first quarter of 2013.

Compared to the fourth quarter of 2013, performance reflects lower operating expenses of $1.3 million and income taxes of $1.4 million, partially offset by lower net interest income of $0.7 million and noninterest income of $1.0 million.

Compared to the first quarter of 2013, the increase in earnings was due to lower operating expenses of $2.8 million, a lower loan loss provision of $0.7 million, and a reduction in income taxes of $1.8 million, partially offset by lower net interest income of $1.6 million and noninterest income of $0.7 million.

"Capital City posted a solid performance in the first quarter," said William G. Smith, Chairman, President, and CEO of Capital City Bank Group. The board reinstituted the quarterly dividend and authorized the repurchase of up to 1.5 million shares of common stock over the next five years – two important events taking place during the quarter. Nonperforming assets fell 7.6% and, while it is too early to suggest the loan portfolio has stabilized, it was encouraging to report quarter-over-quarter growth for the first time since 2009. Improving our credit quality and stabilizing our loan portfolio remain primary areas of focus in our 2014 strategy, as will continued efforts to right-size our expense base and identify new revenue opportunities. The economic outlook continues to brighten, though the pace of improvement is slow. There is still work to be done, but I am proud of our accomplishments and like our momentum coming out of the first quarter of 2014."

The Return on Average Assets was 0.59% and the Return on Average Equity was 5.44% for the first quarter of 2014, compared to 0.43% and 4.33%, respectively, for the fourth quarter of 2013, and 0.13% and 1.36%, respectively, for the first quarter in 2013.

Discussion of Financial Condition

Average earning assets were $2.268 billion for the first quarter of 2014, an increase of $62.0 million, or 2.8%, over the fourth quarter of 2013, and an increase of $27.4 million, or 1.2%, over the first quarter of 2013. The increase compared to the fourth quarter of 2013 and first quarter of 2013 primarily reflects a higher level of deposits resulting from the influx of public funds and noninterest bearing deposits.

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Book Value Per Diluted Share $ 16.02

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http://ih.advfn.com/p.php?pid=nmona&article=61982475

BV is $16.02
MV is: $13.50
The average P/B for all Florida banks is: 149.95%

Mr. Market has Capital City Bank Grp. on sale at a 16% discount to BV.

EPS was .22
.22 X 4 = .88
.88 X a standard PE ratio of 10 = $8.80
.88 X average PE ratio southeast region 17.13 = $15.07
.88 X average PE ratio for Florida of 29.34 = $25.82

Marker:
Capital City Bank Gr (CCBG)
$13.50 0.0 (0.00%)
Volume: 7,340