Community Capital Corporation Announces Earnings.Business Editors GREENWOOD Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. , S.C.--(BUSINESS WIRE)--Jan. 23, 2004 Community Capital Corporation (AMEX AMEX See: American Stock Exchange : CYL CYL Cylinder CYL See You Later CYL Catch You Later CYL Complex Stutter Dial Report CYL See Y'all Later CYL Call Your Lawyer ) today reported operating results for the fourth quarter and year ending December December: see month. 31, 2003. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income for the twelve months increased nine percent to $5,002,000 at December 31, 2003 from $4,602,000 at December 31, 2002. Year-to-date diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.43, an increase of six percent over year-to-date earnings per share of $1.34 in 2002. After excluding nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items during the year, core earnings for 2003 were $4,796,000, or $1.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share (1). Net income for the fourth quarter was $1,026,000, a decrease of 19 percent when compared to $1,273,000 in the fourth quarter of 2002. Fourth quarter diluted earnings per share were $0.29, down 17 percent when compared to fourth quarter 2002 diluted earnings per share of $0.35. Adjusted for one time items, net income was $1,118,000, or $0.32 per diluted share (1). Return on average assets was 1.28 percent for 2003, which matched return on average assets for 2002. Return on average equity was 11.32 percent compared to 11.12 percent in 2002. Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003 shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $45,533,000, three percent over the same period in 2002. Total assets increased eight percent to $412,759,000 at December 31, 2003 from $380,771,000 at year-end 2002. Total loans were $326,452,000 compared to $291,526,000 up 12 percent, and total deposits increased 14 percent to $314,273,000 from $276,562,000. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack G. Stevens Stevens, family of U.S. inventors. John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the company stated, "Fourth quarter earnings were somewhat impaired See assistive technology. by the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in home mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. and interest margin compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. . We were able to partially offset these reductions in revenue with solid loan growth and increased noninterest income from our Wealth Management strategy, which realized a 69 percent growth in assets during 2003. Furthermore, during the third and fourth quarters of 2003 we executed several significant repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing strategies that will provide us with lower funding costs going forward." Community Capital Corporation (AMEX: CYL) is the corporate parent of CapitalBank, which was formed January January: see month. 2001 during a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). that consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: the company's operations to a single subsidiary. CapitalBank operates 13 branches throughout South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . The bank offers a full range of banking services, including a wealth management group featuring a wide array of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , with personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. attention, local decision making and strong emphasis on the needs of individuals and small to medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized businesses. Certain matters set forth in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's latest Quarterly Report on Form 10-Q Form 10-Q See 10-Q. .
INCOME STATEMENT DATA
(In thousands, except per share)
(Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2003 2002 2003 2002
----------------------------------------------------------------------
Interest Income 5,067 5,477 21,031 22,205
----------------------------------------------------------------------
Interest Expense 1,428 1,909 6,455 7,793
----------------------------------------------------------------------
Net Interest Income 3,639 3,568 14,576 14,412
----------------------------------------------------------------------
Provision for Loan Losses 236 110 479 773
----------------------------------------------------------------------
Net Int. Income After Provision 3,403 3,458 14,097 13,639
----------------------------------------------------------------------
Non-Interest Income 1,291 1,335 5,385 4,433
----------------------------------------------------------------------
Non-Interest Expense 3,822 3,087 14,533 11,893
----------------------------------------------------------------------
Gain on Sale of Securities 342 0 1,716 106
----------------------------------------------------------------------
Income Before Taxes 1,214 1,706 6,665 6,285
----------------------------------------------------------------------
Income Tax Expense 188 433 1,663 1,683
----------------------------------------------------------------------
Net Income 1,026 1,273 5,002 4,602
----------------------------------------------------------------------
----------------------------------------------------------------------
Primary Earnings Per Share $0.30 $0.36 $1.43 $1.34
----------------------------------------------------------------------
Diluted Earnings Per Share $0.29 $0.35 $1.36 $1.26
----------------------------------------------------------------------
----------------------------------------------------------------------
Average Shares Outstanding
(Fully Diluted) 3,603,784 3,682,284 3,672,507 3,651,400
----------------------------------------------------------------------
Return on Average Assets 1.02% 1.34% 1.28% 1.28%
----------------------------------------------------------------------
Return on Average Equity 9.23% 11.69% 11.32% 11.12%
----------------------------------------------------------------------
Net Interest Margin
(Fully Tax Equivalent) 4.12% 4.25% 4.17% 4.48%
----------------------------------------------------------------------
Efficiency Ratio 66.22% 61.45% 64.28% 61.50%
----------------------------------------------------------------------
BALANCE SHEET DATA
(In thousands, except per share data)
(Unaudited)
December 31
2003 2002
----------------------------------------------------------------------
Total Assets 412,759 380,771
----------------------------------------------------------------------
Investment Securities 45,898 55,812
----------------------------------------------------------------------
Loans 326,452 291,526
----------------------------------------------------------------------
Allowance for Loan Losses 4,584 4,282
----------------------------------------------------------------------
Total Deposits 314,273 276,562
----------------------------------------------------------------------
Other Borrowings 50,603 56,990
----------------------------------------------------------------------
Shareholders' Equity 45,533 44,408
----------------------------------------------------------------------
----------------------------------------------------------------------
Book Value Per Share $13.11 $12.71
----------------------------------------------------------------------
Equity to Assets 11.03% 11.66%
----------------------------------------------------------------------
Loan to Deposit Ratio 103.88% 105.41%
----------------------------------------------------------------------
Allowance for Loan Losses/Loans 1.40% 1.47%
----------------------------------------------------------------------
Average Balances: (Unaudited) (Unaudited)
Three Months Twelve Months
Ended Ended
December 31 December 31
2003 2002 2003 2002
----------------------------------------------------------------------
Average Total Assets 398,857 376,440 390,984 359,888
----------------------------------------------------------------------
Average Loans 315,882 290,118 310,517 274,365
----------------------------------------------------------------------
Average Earning Assets 362,490 344,865 360,989 332,911
----------------------------------------------------------------------
Average Deposits 309,396 275,359 295,861 264,154
----------------------------------------------------------------------
Average Other Borrowings 43,219 53,845 50,711 50,415
----------------------------------------------------------------------
Average Shareholders' Equity 44,137 43,221 44,178 41,406
----------------------------------------------------------------------
Asset Quality:
----------------------------------------------------------------------
----------------------------------------------------------------------
Non-performing loans 1,973 2,021 1,973 2,021
----------------------------------------------------------------------
Net charge-offs 23 110 176 594
----------------------------------------------------------------------
Net charge-offs to average loans 0.01% 0.04% 0.06% 0.22%
----------------------------------------------------------------------
(1)Core Earnings Reconciliation
----------------------------------------------------------------------
4th Quarter 2003
2003 YTD
----------------------------------------------------------------------
Net Income Before One Time Items 1,026 5,002
----------------------------------------------------------------------
Gain(s) on the sale(s) of Nonmarketable Equity
Securities and Securities Available For Sale (339) (1,716)
----------------------------------------------------------------------
Pro rata Distribution From MetLife's Acquisition of
General American Life Insurance Company - (109)
----------------------------------------------------------------------
Prepayment Penalties from Extinguishment of Federal
Home Loan Bank Debt 307 1,093
----------------------------------------------------------------------
Expenses Associated with Pending Merger with
Abbeville Capital Corporation 63 63
----------------------------------------------------------------------
Expenses Related to a Core Processing Software
Conversion 116 340
----------------------------------------------------------------------
Total Non-recurring Items Before Tax 147 (329)
----------------------------------------------------------------------
Tax Adjustment on One Time items (55) 123
----------------------------------------------------------------------
----------------------------------------------------------------------
Core Net Income 1,118 4,796
----------------------------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion