Community Capital Corporation Reports 20 Percent Increase in First Quarter Earnings and Announces Quarterly Cash Dividend.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. -- 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 ) reports operating results for the three months ending March 31, 2005. Net income for the three months ended March 31, 2005 increased 20 percent to $1,533,000, or $0.39 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 from $1,274,000, or $0.34 per diluted share for the same period in 2004. Return on average assets for the first quarter was 1.12 percent for 2005 compared to 1.15 percent for 2004. Return on average equity was 11.32 percent compared to 10.78 percent in 2004. Total assets increased 13 percent to $561,633,000 at March 31, 2005 from $499,157,000 as of March 31, 2004. Total loans increased $54,637,000 or 15 percent to $428,192,000 at March 31, 2005, compared to $373,555,000 at March 31, 2004. Total deposits increased $59,131,000 or 16 percent to $440,092,000 at March 31, 2005 from $380,961,000 at March 31, 2004. The company also declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $0.15 per share, which is payable by June June: see month. 3, 2005 to shareholders of record as of May 20, 2005. Community Capital Corporation has a dividend reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. and additional stock purchase plan. Information on the plan may be obtained from Registrar See domain name registrar. and Transfer Company, the plan administrator, at 800-368-5948. 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 into a single subsidiary. CapitalBank operates 16 community-oriented branches throughout upstate 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. that offer a full array of banking services. 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 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2004.
INCOME STATEMENT DATA
(Dollars in thousands, except per share data)
Three Months Ended
March 31
2005 2004
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(Unaudited)
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Interest income 7,088 5,612
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Interest expense 2,350 1,404
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Net interest income 4,738 4,208
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Provision for loan losses 100 100
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Net int. income after provision 4,638 4,108
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Non-interest income:
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Service charges on deposit accounts 730 567
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Residential mortgage origination fees 178 230
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Commissions from sales of mutual funds 39 53
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Income from fiduciary activities 206 125
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Gain on sales of securities available-for-
sale 21 -
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Other operating income 322 221
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Non-interest expense:
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Salaries and employee benefits 2,327 2,081
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Net occupancy expense 246 292
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Amortization of intangible assets 131 103
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Furniture and equipment expense 231 144
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Other operating expenses 1,130 1,085
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Gain on sale of nonmarketable equity securities
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Income before taxes 2,069 1,599
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Income tax expense 536 325
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Net income 1,533 1,274
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Primary earnings per share $0.40 $0.35
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Diluted earnings per share $0.39 $0.34
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Average shares outstanding (fully diluted) 3,959,801 3,751,615
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Return on average assets 1.12% 1.15%
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Return on average equity 11.32% 10.78%
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Net interest income (fully tax equivalent) 4,738 5,747
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Net interest margin (fully tax equivalent) 3.90% 4.31%
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Efficiency ratio 64.03% 67.25%
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BALANCE SHEET DATA
(Dollars in thousands, except per share data)
March 31
2005 2004
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(Unaudited)
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Total assets 561,633 499,157
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Investment securities 77,780 76,054
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Loans 428,192 373,555
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Allowance for loan losses 5,875 5,005
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Total intangible assets 11,291 11,407
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Total deposits 440,092 380,961
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Other borrowings 62,349 59,901
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Shareholders' equity 55,612 55,296
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Book value per share $14.35 $14.20
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Equity to assets 9.90% 11.08%
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Loan to deposit ratio 97.70% 98.06%
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Allowance for loan losses/loans 1.37% 1.34%
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Average Balances: Three Months Ended
March 31
2005 2004
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Average total assets 556,111 443,694
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Average loans 428,967 340,819
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Average earning assets 506,634 402,232
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Average deposits 415,965 335,689
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Average interest bearing deposits 366,332 297,882
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Average non-interest bearing deposits 49,633 37,807
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Average other borrowings 82,203 58,893
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Average shareholders' equity 54,923 47,514
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Asset quality:
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Non-performing loans 2,348 1,767
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Other real estate 43 93
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Loans past due 90+ days 128 12
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Net charge-offs 33 111
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Net charge-offs to average loans 0.01% 0.03%
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