Capital City Bank Group, Inc.(CCBC) has released its consolidated fina ncial statements for the first quarter of 2023, revealing a notable performance in both net income and revenue. The financial report, which remains unaudited, showcases the company's solid position in the market despite prevailing economic challenges. Let's dive into the key financial data and highlights from the report.
As of March 31, 2023, Capital City Bank Group's total assets amounted to $4.41 billion, slightly lower compared to $4.53 billion as of December 31, 2022. The decline can primarily be attributed to decreases in cash and cash equivalents, investment securities, and loans held for investment.
Total liabilities as of March 31, 2023, stood at $3.99 billion, showing a decrease from $4.12 billion as of December 31, 2022. The decline was mainly driven by lower deposits and short-term borrowings.
SHAREOWNERS' EQUITY
The shareowners' equity for Capital City Bank Group amounted to $411.24 million as of March 31, 2023, showing an increase from $394.02 million reported at the end of 2022.
For the three months ended March 31, 2023, Capital City Bank Group reported a net income of $14.9 million. This marks a significant improvement compared to the same period in 2022, where the net income was $9.0 million.
The comprehensive income for the first quarter of 2023 amounted to $20.1 million, showcasing a substantial recovery from a comprehensive loss of $9.1 million in the same period of 2022.
The consolidated statements of changes in shareowners' equity reveal an increase in the company's retained earnings and additional paid-in capital for the first quarter of 2023 compared to the end of 2022.
The cash flow statement indicates a net decrease in cash and cash equivalents of $212.7 million for the three months ended March 31, 2023, primarily driven by investments in securities, loans, and financing activities.
Capital City Bank Group's financial report for Q1 2023 reflects positive growth in net income and an overall steady performance in revenue despite the ongoing economic challenges. The company remains committed to its strategic initiatives to achieve long-term sustainable growth.