Community Capital Corporation Reports 49 Percent Third Quarter Earnings Increase.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)--Oct. 16, 2003 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 nine months ending September September: see month. 30, 2003. Net income for the three months ended September 30, 2003 was $1,525,000, up 49 percent from $1,026,000 reported in the same period last year. Earnings per share for the quarter were $0.42, a 50 percent increase over $0.28 reported in 2002. Adjusted for one time items, net income was $1,268,000, or $0.35 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. Nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items during the third quarter included a loss of $786,200 for the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of Federal Home Loan Bank debt, a gain of $1,311,000 from the sale of nonmarketable non·mar·ket·a·ble adj. 1. Of or relating to a security that may not be sold by one investor to another but is generally redeemable by the issuer within limitations; nonnegotiable. 2. equity securities, and a loss of $224,000 from the early termination of a computer mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, lease due to a software conversion. Year to date income for the nine months ended September 30, 2003 was $3,976,000 versus $3,329,000 an increase of 19 percent. 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 $1.08, up 19 percent compared to $0.91 in 2002. Excluding one time items listed above, year to date net income was $3,719,000, or $1.01 per share. Return on average assets was 1.52 percent for the third quarter of 2003 compared to 1.11 percent for the same period in 2002. Return on average equity was 13.50 percent compared to 9.55 percent in 2002. Total assets increased four percent from $378,777,000 at September 30, 2002 to $394,756,000 at September 30, 2003. Total loans were $308,885,000 compared to $285,722,000, up seven percent. Total deposits increased ten percent from $274,063,000 to $301,700,000. 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. at September 30, 2003 was $44,617,000, up one percent over the same period in 2002. 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 Chief Executive Officer, commented on the company's latest performance, stating, "Core earnings continue to show a steady increase quarter to quarter as well as for the nine month period of 2003 when compared to the same periods in 2002. During the third quarter we made some strategic moves that will reduce our cost of borrowed funds going forward that also had a positive effect on our overall earnings for the latest quarter. We believe that this repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. in our funding model is a prudent approach during this extended low interest rate environment." 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 14 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. www.comcapcorp.com 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 Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the year ended June June: see month. 30, 2003.
INCOME STATEMENT DATA
(In thousands, except per share)
Three Months Ended Nine Months Ended
September 30 September 30
(Unaudited) (Unaudited)
2003 2002 2003 2002
----------------------------------------------------------------------
Interest Income 5,264 5,269 15,965 16,728
----------------------------------------------------------------------
Interest Expense 1,588 1,985 5,027 5,884
----------------------------------------------------------------------
Net Interest Income 3,676 3,644 10,938 10,844
----------------------------------------------------------------------
Provision for Loan
Losses 100 340 243 663
----------------------------------------------------------------------
Net Int. Income After
Provision 3,576 3,304 10,695 10,181
----------------------------------------------------------------------
Non-Interest Income 1,599 1,102 4,064 3,098
----------------------------------------------------------------------
Non-Interest Expense 4,386 3,000 10,709 8,806
----------------------------------------------------------------------
Gain on Sale of
Securities 1,324 - 1,374 106
----------------------------------------------------------------------
Gain on Sale of Fixed
Assets 29 - 29 -
----------------------------------------------------------------------
Income Before Taxes 2,142 1,406 5,453 4,579
----------------------------------------------------------------------
Income Tax Expense 615 380 1,475 1,250
----------------------------------------------------------------------
Net Income 1,527 1,026 3,976 3,329
----------------------------------------------------------------------
Primary Earnings Per
Share $0.44 $0.29 $1.08 $0.97
----------------------------------------------------------------------
Diluted Earnings Per
Share $0.42 $0.28 $1.14 $0.91
----------------------------------------------------------------------
----------------------------------------------------------------------
Average Shares Outstanding
(Fully Diluted) 3,657,957 3,726,368 3,691,963 3,640,675
----------------------------------------------------------------------
Return on Average Assets 1.52% 1.11% 1.35% 1.26%
----------------------------------------------------------------------
Return on Average Equity 13.50% 9.55% 11.99% 10.91%
----------------------------------------------------------------------
Net Interest Margin 4.16% 4.40% 4.22% 4.56%
----------------------------------------------------------------------
Efficiency Ratio 63.96% 61.58% 63.64% 61.52%
----------------------------------------------------------------------
BALANCE SHEET DATA
(In thousands, except per share data)
September 30
2003 2002
(Unaudited)
--------------------------------------------------------------------
Total Assets 394,756 378,777
--------------------------------------------------------------------
Investment Securities 46,756 56,157
--------------------------------------------------------------------
Loans 308,885 285,722
--------------------------------------------------------------------
Allowance for Loan Losses 4,372 4,282
--------------------------------------------------------------------
Total Deposits 301,700 274,063
--------------------------------------------------------------------
Other Borrowings 45,943 58,118
--------------------------------------------------------------------
Shareholders' Equity 44,617 44,137
--------------------------------------------------------------------
Book Value Per Share $12.97 $12.53
--------------------------------------------------------------------
Equity to Assets 11.30% 11.65%
--------------------------------------------------------------------
Loan to Deposit Ratio 102.38 104.25%
--------------------------------------------------------------------
Allowance for Loan
Losses/Loans 1.42% 1.50%
--------------------------------------------------------------------
Average Balances:
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
(Unaudited) (Unaudited)
----------------------------------------------------------------------
Average Total Assets 399,063 366,159 392,409 354,310
----------------------------------------------------------------------
Average Loans 309,657 281,122 303,925 269,056
----------------------------------------------------------------------
Average Earning Assets 361,825 339,612 357,303 328,882
----------------------------------------------------------------------
Average Deposits 305,414 268,596 291,303 260,378
----------------------------------------------------------------------
Average Other Borrowings 45,556 51,582 53,236 49,259
----------------------------------------------------------------------
Average Shareholders'
Equity 45,890 43,647 45,485 41,361
----------------------------------------------------------------------
Asset Quality:
----------------------------------------------------------------------
Non-performing loans 1,681 2,308 1,681 2,308
----------------------------------------------------------------------
Net charge-offs 53 405 153 484
----------------------------------------------------------------------
Net charge-offs to
average loans 0.02% 0.14% 0.05% 0.18%
----------------------------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion