ALBANY, Ga., Nov. 7, 2006 (PRIMEZONE) -- Community Capital Bancshares Inc. (Nasdaq:ALBY) today reported quarterly net income of $570,399 for the three months ended September 30, 2006, which compares to a loss of $205,152 in the third quarter of 2005. Diluted earnings per share were $0.18 in the third quarter of 2006, compared to a loss of $0.07 for the same period last year.
Net interest income was $3.0 million in the third quarter of 2006, a 30.7% increase from the third quarter of 2005. Non-interest income totaled $753,766 at September 30, 2006, a 6.7% increase from the previous year. Non-interest expense for the third quarter 2006 totaled $2.8 million, which compares to $3.0 million for the prior-year period.
"As previously reported, in July 2006, we entered into formal agreements with the Office of the Comptroller of the Currency," said John H. Monk, Jr. President and CEO. "One of the requirements of the agreements was to meet, and maintain certain capital requirements as of the end of the third quarter. As a result, we have restrained our rate of growth and reduced our asset size by 6% through the sales of loan participations and investment securities.
Total assets at September 30, 2006, were $325.3 million, compared to $344.3 million at June 30, 2006, and $284.3 million at September 30, 2005. Net loans at the end of the third quarter were $240.7 million, an increase of 19.5% from the same period a year ago. Total deposits at September 30, 2006, were $264.2 million, an increase of 20.3% from Sept. 30, 2005. Total year-to-date average assets were $331.05 million and average earning assets were $304.2 million.
For the nine months ended September 30, 2006, the Company earned $0.44 in fully diluted earnings per share on net income of $1.3 million, compared to $0.09 and $285,652, respectively, in the same period in 2005.
About Community Capital Bancshares
Headquartered in Albany, Ga., Community Capital Bancshares is the $325 million-asset holding company for Albany Bank & Trust and AB&T National Bank. Albany Bank & Trust has three banking locations in Albany and a loan production office in Charleston, S.C. AB&T National Bank has offices in Dothan, Ala., and Auburn, Ala. The Company's common stock is traded on the Nasdaq Capital Market under the symbol "ALBY". For more information, please visit the Company's website at www.comcapbancshares.com.
The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, 2006 and 2005
Assets
------ 2006 2005
------------ ------------
Cash and due from banks $ 12,452,969 $ 8,787,712
Federal funds sold 6,881,000 8,222,000
Securities available for sale, at fair
value 40,782,625 44,657,481
Loans 244,303,849 203,696,022
Less allowance for loan losses 3,612,901 2,232,423
------------ ------------
Loans, net 240,690,948 201,463,599
Premises and equipment 9,415,781 7,828,628
Goodwill and other intangible assets 2,583,683 2,627,354
Other assets 12,470,864 10,756,038
------------ ------------
$325,277,870 $284,342,812
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Deposits
Noninterest-bearing $ 29,813,633 $ 20,719,628
Interest-bearing 234,378,573 198,970,713
------------ ------------
Total deposits 264,192,206 219,690,341
Other borrowings 31,124,000 37,124,000
Other liabilities 2,425,154 1,578,586
------------ ------------
Total liabilities 297,741,360 258,392,927
------------ ------------
Total stockholders' equity 27,536,510 25,949,885
------------ ------------
$325,277,870 $284,342,812
============ ============
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Interest income
Loans $ 5,556,428 $ 3,539,876 $15,809,774 $ 8,754,488
Investments 500,224 468,601 1,631,853 1,431,393
----------- ----------- ----------- -----------
Total interest
income 6,056,652 4,008,477 17,441,627 10,185,881
----------- ----------- ----------- -----------
Interest expense
Deposits 2,681,322 1,339,949 7,401,782 2,986,471
Other borrowed
money 399,092 390,533 1,260,228 937,080
----------- ----------- ----------- -----------
Total interest
expense 3,080,414 1,730,482 8,662,010 3,923,551
----------- ----------- ----------- -----------
Net interest
income 2,976,238 2,277,995 8,779,617 6,262,330
Provision for
loan losses 124,500 370,000 937,000 800,000
----------- ----------- ----------- -----------
Net interest
income after
provision for
loan losses 2,851,738 1,907,995 7,842,617 5,462,330
----------- ----------- ----------- -----------
Other income
Service charges
on deposit
accounts 302,769 277,251 957,924 747,534
Other operating
income 450,997 429,298 1,201,814 777,951
----------- ----------- ----------- -----------
Total other
income 753,766 706,549 2,159,738 1,525,485
----------- ----------- ----------- -----------
Other expenses
Salaries and
employee
benefits 1,456,605 11,110,135 4,174,538 2,859,776
Equipment and
occupancy
expenses 354,144 309,071 988,860 871,713
Loss on other
than temporarily
impaired
securities -- 763,000 -- 763,000
Other operating
expenses 939,579 (9,220,990) 2,854,140 2,159,178
----------- ----------- ----------- -----------
Total other
expenses 2,750,328 2,961,216 8,017,538 6,653,667
----------- ----------- ----------- -----------
Income before
income taxes 855,176 (346,672) 1,984,817 334,148
Income tax
expense 284,777 (141,520) 643,129 48,496
----------- ----------- ----------- -----------
Net income $ 570,399 $ (205,152) $ 1,341,688 $ 285,652
=========== =========== =========== ===========
Basic earnings
per share $ 0.19 $ (0.07) $ 0.46 $ 0.10
=========== =========== =========== ===========
Diluted earnings
per share $ 0.18 $ (0.07) $ 0.44 $ 0.09
=========== =========== =========== ===========