Community Capital Corporation Reports 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 (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 : CPBK) reports operating results for the three months ending March 31, 2006. Net income for the three months ended March 31, 2006 decreased four percent to $1,473,000, 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 $1,533,000, or $0.39 per diluted share for the same period in 2005. Return on average assets for the first quarter was 0.97 percent for 2006 compared to 1.12 percent for 2005. Return on average equity was 10.75 percent compared to 11.32 percent in 2005. Total assets increased 12 percent to $631,051,000 at March 31, 2006 from $561,633,000 as of March 31, 2005. Total loans increased $64,698,000 or 15 percent to $492,890,000 at March 31, 2006, compared to $428,192,000 at March 31, 2005. Total deposits increased $20,601,000 or five percent to $460,693,000 at March 31, 2006 from $440,092,000 at March 31, 2005. 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, stated "This marks the second consecutive quarter that we have exceeded 24 percent in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. loan growth. Earnings per share was the same as first quarter 2005, primarily due to a decline in deposit service charges and increased marketing expenses related to the kick-off kick-off noun (Informal) start, opening, beginning, commencement, outset, starting point, inception kick-off kick n (Sport) → coup m of a demand deposit campaign. While we have little control over the level of deposit fees, we expect that the marketing campaign will provide benefits for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." 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. 2, 2006 to shareholders of record as of May 19, 2006. 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 is the parent company of CapitalBank, which operates 17 community oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. 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, including a diverse wealth management group. Additional information on CapitalBank's locations and the products and services offered are available at www.capitalbanksc.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 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, 2005.
INCOME STATEMENT DATA Three Months Ended
(Dollars in thousands, except per share data) March 31
2006 2005
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(Unaudited)
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Interest income 8,888 7,088
Interest expense 3,857 2,350
Net interest income 5,031 4,738
Provision for loan losses - 100
Net int. income after provision 5,031 4,638
Non-interest income:
Service charges on deposit accounts 622 730
Residential mortgage origination fees 165 178
Commissions from sales of mutual funds 21 39
Income from fiduciary activities 273 206
Gain on sales of securities available-for-
sale - 21
Gain on sales of fixed assets 2 -
Other operating income 277 322
Non-interest expense:
Salaries and employee benefits 2,571 2,327
Net occupancy expense 280 246
Amortization of intangible assets 125 131
Furniture and equipment expense 197 231
Other operating expenses 1,235 1,130
Income before taxes 1,983 2,069
Income tax expense 510 536
Net income 1,473 1,533
Primary earnings per share 0.40 0.40
Diluted earnings per share 0.39 0.39
Average shares outstanding (fully diluted) 3,802,429 3,959,801
Return on average assets 0.97% 1.12%
Return on average equity 10.75% 11.32%
Net interest income (fully tax equivalent at 38%) 5,163 4,738
Net interest margin (fully tax equivalent at 38%) 3.78% 3.90%
Efficiency ratio 67.58% 64.03%
BALANCE SHEET DATA
(Dollars in thousands, except per share
data) March 31 Dec. 31 March 31
2006 2005 2005
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(Unaudited)
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Total assets 631,051 598,790 561,633
Investment securities 77,016 75,887 77,780
Loans 492,890 465,892 428,192
Allowance for loan losses 6,062 6,324 5,875
Total intangible assets 10,794 10,918 11,291
Total deposits 460,693 433,646 440,092
Other borrowings 108,787 106,324 62,349
Shareholders' equity 55,460 54,505 55,613
Book value per share 14.76 14.63 14.35
Equity to assets 8.79% 9.10% 9.90%
Loan to deposit ratio 106.99% 107.44% 97.30%
Allowance for loan losses/loans 1.23% 1.36% 1.37%
Average Balances March 31 Dec. 31 March 31
2006 2005 2005
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(Unaudited)
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Average total assets 614,240 571,157 556,111
Average loans 477,081 437,890 428,967
Average earning assets 554,340 519,720 506,634
Average deposits 446,100 431,713 415,965
Average interest bearing deposits 385,372 375,652 366,332
Average non-interest bearing deposits 60,728 56,061 49,633
Average other borrowings 107,984 79,799 82,203
Average shareholders' equity 55,575 55,796 54,923
Asset quality
Non-performing loans 3,164 2,351 2,348
Other real estate 5 93 43
Loans past due 90+ days 732 222 128
Net charge-offs 262 309 33
Net charge-offs to average loans 0.05% 0.07% 0.01%
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