CCF Holding Company, the Holding Company for Heritage Bank, Announces Earnings for the Quarter and Year Ending December 31, 2004.JONESBORO Jonesboro, city (1990 pop. 46,535), a seat of Craighead co., NE Ark., on Crowley's Ridge; founded 1859, inc. 1883. The city services a rich agricultural area with many processing plants. , Ga. -- CCF CCF abbr. Cooperative Commonwealth Federation of Canada Holding Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCFH CCFH Codex Committee on Food Hygiene )
Three-months Three-months Three-months
ended ended ended
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December 31, September 30, December 31,
2004 2004 2003
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(unaudited (unaudited (audited
in in in
thousands thousands thousands
except for except for except for
percentages percentages percentages
and and and
earnings earnings earnings
per share per share per share
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figures) figures) figures)
Total Assets $ 339,882 $ 338,848 $ 295,660
CCF Net Income for the Period $ 561 $ 610 $ 618
Net Interest Income for the
Period $ 3,196 $ 3,163 $ 2,999
Basic Earnings per Share for
the Period $ 0.25 $ 0.27 $ 0.28
Net Interest Margin 4.03% 4.01% 4.33%
Efficiency Ratio 65.01% 64.99% 67.83%
Total Loans (end of period) $ 260,337 $ 258,523 $ 231,602
Non-Performing Loans (end of
period) $ 852 $ 756 $ 1,549
Non-Performing Assets (end of
period) $ 3,811 $ 2,785 $ 341
Loan Loss Provision $ 135 $ 135 $ 135
Loan Loss Reserve (end of
period) $ 3,161 $ 3,219 $ 2,692
Total Deposit Accounts (end
of period) $ 289,278 $ 293,529 $ 249,637
Consolidated Equity (end of
period) $ 21,938 $ 21,650 $ 19,666
Year Ended Year Ended
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December 31, December 31,
2004 2003
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(unaudited in (audited in
thousands thousands
except for except for
percentages percentages
and and
earnings earnings
per share per share
figures) figures)
------------- ------------
Total Assets $ 339,882 $ 295,660
CCF Net Income for the Period $ 2,747 $ 2,363
Net Interest Income for the Period $ 12,724 $ 11,077
Basic Earnings per Share for the Period $ 1.23 $ 1.07
Net Interest Margin 4.12% 4.24%
Efficiency Ratio 65.21% 66.72%
Total Loans (end of period) $ 260,337 $ 231,602
Non-Performing Loans (end of period) $ 852 $ 1,549
Non-Performing Assets (end of period) $ 3,811 $ 341
Loan Loss Provision $ 905 $ 540
Loan Loss Reserve (end of period) $ 3,191 $ 3,219
Total Deposit Accounts (end of period) $ 289,278 $ 293,529
Consolidated Equity (end of period) $ 21,938 $ 19,666
Earnings for the year ending December December: see month. 31, 2004 were $2,747,000 or $1.23 per basic share. This represents an increase of $384,000 or 16.25% over earnings for the prior year. Assets for the consolidated entity reached $340 million at year end, an increase of $44 million representing asset growth of 14.95%. Throughout 2004 the net interest margin was compressed as rates increased and the floors that had been implemented during the declining rate environment held steady while deposit rates moved upwards. The fourth quarter's margin of 4.03% was an improvement of two basis points over the prior quarter which is a positive sign that the Bank has positioned itself to benefit in an increasing rate environment. The efficiency ratio continues to improve as a majority of the new branches that have been added in the last three years have become profitable. Loan growth for the year of $29 million has been primarily in the commercial real estate and residential construction categories. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. of $852,000 consist primarily of one relationship of $740,000, of this $120,000 is guaranteed by the USDA USDA, n.pr See United States Department of Agriculture. with the remaining portion, $620,000 retained by the Bank and not guaranteed by USDA. The balance of non-performing loans totaling $112,000 is secured by first mortgages on residential rental property. The Bank's non performing assets Non Performing Asset Any asset that is not effectively producing income. Notes: For example, an overdue loan would be considered non-performing. See also: Asset, Charge Off, Non-Performing Loan , consisting primarily of real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most , have increased during the year. There are two relationships included in this category, one of $2.8 million which was foreclosed during the second quarter of 2004 and a second of $1.0 million which was foreclosed during the fourth quarter of 2004. The second property has a contract pending with closing expected during the first quarter of 2005 with no anticipated loss. The loan loss reserve balance at December 31, 2004, was $3.2 million, or 1.20% of loans outstanding. Based on the Bank's internal calculation, the allowance for loan losses is adequate. Management will continue to monitor and adjust the allowance as necessary during the year based on growth in the loan portfolio, loss experience, workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. of non-performing loans and non-performing assets, condition of borrowers, and continued monitoring of local economic conditions, as well as any other external factors. Consolidated equity increased for the Company $2.3 million or 11.5% during the year. This increase is attributed to earnings, net of dividends and changes in the market value of the Bank's securities portfolio and represents a 10.11% increase in book value per share. Cash dividends per share Dividends per share Dividend paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. of $0.22, when combined with the 3 for 2 stock split paid in July July: see month. 2004, represented a 50% increase in payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. to shareholders. The Bank is a state chartered commercial bank serving in the southern market of greater Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . The Bank has seven full service offices. The Company's stock is traded on The Nasdaq SmallCap Market under the symbol "CCFH." The information contained in this press release should be reviewed in conjunction with the Company's 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. filing when available on the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. system. |
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