Community Capital Corporation Reports Significant Earnings Improvement and Increases Quarterly Dividend 15 Percent.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 fourth quarter and twelve months ending December December: see month. 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, an increase of $0.02 over prior quarter's dividend of $0.13. The dividend is payable by March 4, 2005 to shareholders of record as of February February: see month. 18, 2005. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the three months ended December 31, 2004 increased 43 percent from $1,118,000, or $0.31 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 in 2003 to $1,596,000 or $0.41 per diluted share.(1) Net income for the three months ended December 31, 2004 was $1,596,000, up from $1,026,000 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 $0.41, up from $0.29 reported in 2003. Return on average assets was 1.16 percent for the fourth quarter of 2004 compared to 1.02 percent for the same period in 2003. Return on average equity was 11.76 percent compared to 9.23 percent in 2003. During the fourth quarter of 2003 the company recorded a gain of $339,000 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, which was utilized to offset a loss of $307,000 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, expenses associated with the pending merger with Abbeville Abbeville, town, France Abbeville (äbvēl`), town (1990 pop. 24,588), Somme dept., N France, in Picardy, on the Somme River. Sugar refining, brewing, iron working, and carpet manufacturing are the chief industries. Capital Corporation of $63,000, and a charge of $116,000 from the early termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. 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.(1) Pro forma net income for the twelve months ended December 31, 2004 increased 21 percent from $4,796,000, or $1.31 per diluted share in 2003 to $5,800,000 or $1.47 per diluted share in 2004.(1) Net income for the twelve months ended December 31, 2004 was $5,800,000 versus $5,002,000, an increase of 16 percent. Diluted earnings per share were $1.47 for the year ended December 31, 2004, up eight percent compared to $1.36 in 2003. Return on average assets was 1.13 percent for 2004 compared to 1.35 percent for 2003. Return on equity was 10.90 percent for 2004 compared to 11.32 percent in 2003. Total assets increased 33 percent from $412,759,000 at December 31, 2003 to $549,086,000 at December 31, 2004. Of the $136,327,000 increase in assets, $82,132,000 was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to our merger with Abbeville Capital Corporation in the first quarter of 2004. Total loans were $426,628,000 compared to $326,178,000, up 31 percent, $35,335,000 of which was due to the merger with Abbeville. Total deposits increased 21 percent from $314,273,000 to $380,357,000, $52,674,000 of which was a result of the Abbeville merger. 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 December 31, 2004 was $55,103,000, up 21 percent over the same period in 2003. 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 15 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 September September: see month. 30, 2004.
INCOME STATEMENT DATA
(In thousands, except per share)
Three Months Ended Twelve Months Ended
December 31 December 31
2004 2003 2004 2003
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(Unaudited) (Unaudited)
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Interest Income 6,927 5,067 25,408 21,031
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Interest Expense 1,959 1,428 6,562 6,455
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Net Interest Income 4,968 3,639 18,846 14,576
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Provision for Loan Losses 300 236 1,200 479
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Net Int. Income After
Provision 4,668 3,403 17,646 14,097
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Non-Interest Income 1,582 1,291 5,603 5,356
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Non-Interest Expense 4,121 3,822 15,846 14,533
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Gain on Sale of Securities - 342 5 1,716
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Gain (Loss) on Sale of Fixed
Assets - - (9) 29
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Income Before Taxes 2,129 1,214 7,399 6,665
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Income Tax Expense 533 188 1,599 1,663
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Net Income 1,596 1,026 5,800 5,002
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Primary Earnings Per Share $0.42 $0.30 $1.52 $1.43
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Diluted Earnings Per Share $0.41 $0.29 $1.47 $1.36
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Average Shares Outstanding
(Fully Diluted) 3,938,590 3,603,784 3,936,358 3,672,507
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Return on Average Assets 1.16% 1.02% 1.13% 1.35%
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Return on Average Equity 11.76% 9.23% 10.90% 11.32%
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Net Interest Margin 4.06% 4.12% 4.18% 4.17%
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Tax Equivalency Factor
(Annualized) 568 450 551 464
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Efficiency Ratio 61.55% 66.12% 63.38% 64.28%
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BALANCE SHEET DATA
(In thousands, except per share data)
December 31
2004
(Unaudited) 2003
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Total Assets 549,086 412,759
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Investment Securities 77,596 45,898
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Loans 426,628 326,178
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Allowance for Loan Losses 5,808 4,584
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Total Deposits 380,357 314,273
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Other Borrowings 110,484 50,964
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Shareholders' Equity 55,103 45,533
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Book Value Per Share $14.39 $13.11
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Equity to Assets 10.04% 11.03%
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Loan to Deposit Ratio 112.17% 103.79%
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Allowance for Loan Losses/Loans 1.36% 1.40%
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Average Balances:
Three Months Ended Twelve Months Ended
December 31 December 31
2004 2004
(Unaudited) 2003 (Unaudited) 2003
---------------------------------------- -------- ----------- --------
Average Total Assets 548,563 398,857 512,634 395,382
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Average Loans 423,687 315,882 391,056 310,517
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Average Earning Assets 500,512 362,490 464,452 359,760
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Average Deposits 389,594 309,396 373,527 295,862
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Average Other Borrowings 101,250 43,735 83,787 51,326
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Average Interest Bearing
Liabilities 490,844 353,131 457,314 347,188
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Average Shareholders' Equity 54,009 44,137 53,190 44,145
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Asset Quality:
---------------------------------------- -------- ----------- --------
---------------------------------------- -------- ----------- --------
Non-performing loans 2,334 1,973 2,334 1,973
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Net charge-offs 213 23 409 176
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Net charge-offs to average
loans 0.05% 0.01% 0.10% 0.05%
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Summary of Abbeville Capital Corporation Merger Transaction:
(In thousands)
Cash and cash equivalents 4,164
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Federal funds sold 14,291
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Investment securities 17,163
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Loans, net of allowance 35,335
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Premises and equipment 979
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Core deposit intangible asset 927
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Goodwill 6,937
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Other assets 2,336
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Total assets acquired 82,132
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Deposits 52,674
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Advances from the Federal Home Loan Bank 3,091
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Other Liabilities 10,956
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Total liabilities assumed 66,721
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Net assets acquired 15,411
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(1)Pro Forma Earnings Reconciliation
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4th 4th
Quarter Quarter YTD YTD
2004 2003 2004 2003
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Net Income Before One Time Items 1,596 1,026 5,800 5,002
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Gain(s) on the sale(s) of Nonmarketable
Equity Securities and Securities
Available For Sale - (339) - (1,716)
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Pro rata Distribution From MetLife's
Acquisition of General American Life
Insurance Company - - - (109)
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Prepayment Penalties from Extinguishment
of Federal Home Loan Bank Debt - 307 - 1,093
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Expenses associated with Pending Merger
with Abbeville Capital Corporation - 63 - 63
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Expenses Related to a Core Processing
Software Conversion - 116 - 340
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Total Non-recurring Items Before Tax - 147 - (329)
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Tax Adjustment on One Time items - (55) - 123
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Pro Forma Net Income 1,596 1,118 5,800 4,796
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