Community Capital Corporation Reports 8 Percent Increase in Third 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 third quarter and nine months ended September September: see month. 30, 2005. Net income for the three months ended September 30, 2005 was $1,640,000, an increase of 8 percent from $1,514,000 reported in the same period last year. 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 for the quarter were $0.42, up 11 percent from $0.38 reported in 2004. Return on average assets was 1.13 percent for the third quarter of 2005 compared to 1.11 percent for the same period in 2004. Return on average equity for the third quarter was 11.60 percent compared to 10.97 percent in 2004. Net income for the nine months ended September 30, 2005 was $4,802,000 versus $4,204,000, an increase of 14 percent. Diluted earnings per share for the period were $1.22, up 14 percent from $1.07 reported in 2004. Year to date return on average assets was 1.14 percent compared to 1.12 percent for the same period in 2004. Return on equity was 11.52 percent compared to 10.61 percent in 2004. Total assets increased seven percent to $579,540,000 at September 30, 2005 from $542,863,000 at September 30, 2004. Total loans increased $23,255,000 or six percent to $438,448,000 at September 30, 2005, compared to $415,193,000 at September 30, 2004. Total deposits increased $51,602,000 or 13 percent to $440,475,000 at September 30, 2005 from $388,873,000 at September 30, 2004. 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, 2005 was $55,750,000 compared to $54,477,000 at September 30, 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 December December: see month. 2, 2005 to shareholders of record as of November November: see month. 18, 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 Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June June: see month. 30, 2005.
INCOME STATEMENT DATA
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2005 2004 2005 2004
(Unaudited) (Unaudited)
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Interest income 7,942 6,589 22,531 18,481
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Interest expense 2,841 1,711 7,786 4,603
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Net interest income 5,101 4,878 14,745 13,878
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Provision for loan losses 225 350 425 900
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Net int. income after
provision 4,876 4,528 14,320 12,978
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Non-interest income:
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Service charges on
deposit accounts 786 726 2,309 1,993
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Residential mortgage
origination fees 277 137 676 635
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Commissions from sales
of mutual funds 50 48 143 196
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Income from fiduciary
activities 248 156 658 428
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Gain on sales of
securities available-
for-sale 20 - - 5
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Gain on sales of fixed
assets - - 102 -
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Other operating income 262 291 909 769
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Non-interest expense:
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Salaries and employee
benefits 2,478 2,178 7,289 6,532
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Net occupancy expense 249 282 729 863
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Amortization of
intangible assets 129 135 387 371
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Furniture and equipment
expense 230 165 701 465
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Loss on sales of
securities available-
for-sale - - 66 -
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Loss on sales of fixed
assets 22 - - 9
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Other operating
expenses 1,156 1,126 3,584 3,494
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Gain on sale of
nonmarketable equity
securities
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Income before taxes 2,255 2,000 6,361 5,270
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Income tax expense 615 486 1,559 1,066
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Net income 1,640 1,514 4,802 4,204
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Primary earnings per share $0.43 $0.39 $1.25 $1.10
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Diluted earnings per share $0.42 $0.38 $1.22 $1.07
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Average shares outstanding
(fully diluted) 3,912,949 4,016,609 3,945,601 3,938,410
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Return on average assets 1.13% 1.11% 1.14% 1.12%
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Return on average equity 11.60% 10.97% 11.52% 10.61%
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Net interest income (fully
tax equivalent) 5,233 5,020 15,158 14,286
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Net interest margin (fully
tax equivalent) 3.96% 4.08% 3.94% 4.22%
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Efficiency ratio 61.86% 60.93% 63.91% 64.05%
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BALANCE SHEET DATA
(Dollars in thousands, except per share data)
September 30
2005 2004
(Unaudited)
----------------------------------------------------------------------
Total assets 579,540 542,863
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Investment securities 79,732 78,256
--------------------------------------------------- -------- ------
Loans 438,448 415,193
--------------------------------------------------- -------- -------
Allowance for loan losses 6,018 5,720
--------------------------------------------------- -------- -------
Total intangible assets 11,047 11,236
--------------------------------------------------- -------- -------
Total deposits 440,475 388,873
--------------------------------------------------- -------- -------
Other borrowings 79,112 96,113
--------------------------------------------------- -------- ------
Shareholders' equity 55,750 54,477
--------------------------------------------------- -------- ------
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Book value per share $ 14.82 $ 14.17
--------------------------------------------------- -------- ------
Equity to assets 9.62% 10.04%
--------------------------------------------------- -------- ------
Loan to deposit ratio 99.54% 106.77%
--------------------------------------------------- -------- ------
Allowance for loan losses/loans 1.37% 1.38%
--------------------------------------------------- -------- ------
Average Balances: Three Months Ended Nine Months Ended
September 30 September 30
2005 2004 2005 2004
Average total assets 575,878 542,505 564,894 500,570
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Average loans 441,258 410,672 434,715 380,100
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Average earning assets 523,777 489,305 514,439 452,344
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Average deposits 435,949 389,943 427,273 368,132
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Average interest bearing deposits 377,332 338,415 372,972 323,209
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Average non-interest bearing
deposits 58,617 51,528 54,301 44,923
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Average other borrowings 79,561 93,776 78,439 77,699
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Average shareholders' equity 56,088 54,917 55,736 52,916
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Asset quality:
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Non-performing loans 2,111 2,273 2,111 2,273
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Other real estate 127 77 127 77
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Loans past due 90+ days 50 239 50 239
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Net charge-offs 174 60 214 196
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Net charge-offs to average loans 0.04% 0.01% 0.05% 0.05%
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