Community Capital Corporation Reports Significant Loan Growth in Second Quarter and Declares 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 second quarter and six months ending June June: see month. 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 $0.13 per share payable by September September: see month. 3, 2004 to shareholders of record as of August 13, 2004. Net income for the three months ended June 30, 2004 was $1,416,000, up 13 percent from $1,251,000 reported in the same period last year. Earnings per share for the quarter were $0.35, a three percent increase over $0.34 reported in 2003. Year to date income for the six months ended June 30, 2004 was $2,690,000 versus $2,451,000 an increase of ten 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 $0.69, up three percent compared to $0.67 in 2003. Return on average assets was 1.11 percent for the second quarter of 2004 compared to 1.27 percent for the same period in 2003. Return on average equity was 10.46 percent compared to 11.30 percent in 2003. Total assets increased 32 percent from $403,407,000 at June 30, 2003 to $532,614,000 at June 30, 2004. Of the $129,207,000 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 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 in the first quarter of 2004. Total loans were $399,756,000 compared to $311,147,000, up 28 percent, $35,335,000 of which was due to the merger with Abbeville. Total deposits increased 25 percent from $302,611,000 to $378,736,000, $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 June 30, 2004 was $54,683,000, up 16 percent over the same period in 2003. Reporting on the second quarter, 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Community Capital Corporation and CapitalBank stated, "We are pleased with our first full quarter's results after our merger with Abbeville Capital Corporation. The acquisition helped fuel our growth of almost $130 million in assets over the last 12 months without diluting our earnings or eroding our margin. We were particularly successful during the second quarter in growing our loan portfolio at an 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. rate of 28 percent without sacrificing quality or spread." 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. 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 March 31, 2004.
INCOME STATEMENT DATA
(In thousands, except per share)
Three Months Ended Six Months Ended
June 30 June 30
(Unaudited) (Unaudited)
2004 2003 2004 2003
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Interest Income 6,280 5,373 11,892 10,701
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Interest Expense 1,488 1,672 2,892 3,439
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Net Interest Income 4,792 3,701 9,000 7,262
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Provision for Loan Losses 450 37 550 143
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Net Int. Income After
Provision 4,342 3,664 8,450 7,119
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Non-Interest Income 1,467 1,305 2,663 2,465
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Non-Interest Expense 4,134 3,249 7,839 6,323
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Gain on Sale of Securities 5 11 5 50
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Loss on Sale of Fixed Assets (9) - (9) -
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Income Before Taxes 1,671 1,731 3,270 3,311
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Income Tax Expense 255 480 580 860
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Net Income 1,416 1,251 2,690 2,451
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Primary Earnings Per Share $0.36 $0.36 $0.71 $0.70
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Diluted Earnings Per Share $0.35 $0.34 $0.69 $0.67
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Average Shares Outstanding
(Fully Diluted) 4,027,365 3,667,143 3,889,451 3,679,351
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Return on Average Assets 1.11% 1.27% 1.13% 1.27%
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Return on Average Equity 10.46% 11.30% 10.42% 11.21%
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Net Interest Margin 4.27% 4.23% 4.30% 4.25%
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Efficiency Ratio 64.59% 63.42% 65.72% 63.46%
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BALANCE SHEET DATA
(In thousands, except per share data) June 30
2004
(Unaudited) 2003
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Total Assets 532,614 403,407
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Investment Securities 77,298 51,431
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Loans 399,756 311,147
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Allowance for Loan Losses 5,431 4,324
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Total Deposits 378,736 302,612
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Other Borrowings 95,772 51,604
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Shareholders' Equity 54,683 46,944
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Book Value Per Share $13.88 $13.22
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Equity to Assets 10.27% 11.64%
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Loan to Deposit Ratio 105.55% 102.82%
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Allowance for Loan Losses/Loans 1.36% 1.39%
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Average Balances:
Three Months Ended Six Months Ended
June 30 June 30
2004 2004
(Unaudited) 2003 (Unaudited) 2003
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Average Total Assets 515,101 394,971 479,575 389,027
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Average Loans 386,673 306,771 363,077 301,011
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Average Earning Assets 465,090 361,769 433,661 356,796
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Average Deposits 378,589 293,761 357,139 284,130
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Average Other Borrowings 80,324 53,392 69,572 57,140
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Average Shareholders' Equity 54,433 45,730 51,904 45,279
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Asset Quality:
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Non-performing loans 1,466 1,678 1,466 1,678
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Net charge-offs 25 44 136 100
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Net charge-offs to average loans .01% 0.01% .04% 0.03%
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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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