Community Capital Corporation Reports Strong Asset Growth 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 six months and quarter ending June June: see month. 30, 2006. Total assets increased 17 percent to $674,562,000 at June 30, 2006 from $576,259,000 at June 30, 2005. Total loans increased $87,193,000, or 20 percent to $528,566,000 at June 30, 2006, compared to $441,373,000 at June 30, 2005. Total deposits increased $48,784,000, or 11 percent to $481,478,000 at June 30, 2006 from $432,694,000 at June 30, 2005. 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, 2006 was $56,467,000 compared to $56,931,000 at June 30, 2005. Year to date return on average assets was 0.97 percent compared to 1.14 percent for the same period in 2005. Return on equity was 10.84 percent compared to 11.48 percent in 2005. Net income for the three months ended June 30, 2006 was $1,548,000, a decrease of five percent from $1,629,000 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, compared to $0.41 reported in 2005. Return on average assets was 0.97 percent for the second quarter of 2006 compared to 1.16 percent for the same period in 2005. Return on average equity for the second quarter was 11.05 percent compared to 11.63 percent in 2005. Net income for the six months ended June 30, 2006 was $3,021,000 versus $3,162,000, a decrease of four percent. Diluted earnings per share for the period were $0.79, down from $0.80 reported in 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 "We continue to achieve our strategy of growing earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin at an accelerated pace while maintaining high standards for loan portfolio quality. This quarter marks the third consecutive quarter that we have increased loans outstanding in excess of 20 percent 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. . Although this growth strategy has created pressure on our margin, we are pleased with the corresponding increase in net interest income." 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 September September: see month. 1, 2006 to shareholders of record as of August 18, 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 and wealth management services. 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 Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2006.
INCOME STATEMENT DATA
(Dollars in thousands, Three Months Ended Six Months Ended
except per share data) June 30 June 30
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2006 2005 2006 2005
-------------------------- ---------- ---------- ---------- ----------
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Interest income 9,847 7,501 18,735 14,589
-------------------------- ---------- ---------- ---------- ----------
Interest expense 4,684 2,595 8,541 4,945
-------------------------- ---------- ---------- ---------- ----------
Net interest income 5,163 4,906 10,194 9,644
-------------------------- ---------- ---------- ---------- ----------
Provision for loan losses 150 100 150 200
-------------------------- ---------- ---------- ---------- ----------
Net int. income after
provision 5,013 4,806 10,044 9,444
-------------------------- ---------- ---------- ---------- ----------
Non-interest income:
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Service charges on
deposit accounts 665 793 1,287 1,523
-------------------------- ---------- ---------- ---------- ----------
Residential mortgage
origination fees 172 221 337 399
-------------------------- ---------- ---------- ---------- ----------
Commissions from
sales of mutual
funds 87 54 108 93
-------------------------- ---------- ---------- ---------- ----------
Income from fiduciary
activities 272 204 545 410
-------------------------- ---------- ---------- ---------- ----------
Gain on sales of
securities
available-for-sale 6 - 6 -
-------------------------- ---------- ---------- ---------- ----------
Gain on sales of
fixed assets - 124 2 124
-------------------------- ---------- ---------- ---------- ----------
Other operating
income 255 325 532 647
-------------------------- ---------- ---------- ---------- ----------
Non-interest expense:
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Salaries and employee
benefits 2,616 2,484 5,187 4,811
-------------------------- ---------- ---------- ---------- ----------
Net occupancy expense 272 234 552 480
-------------------------- ---------- ---------- ---------- ----------
Amortization of
intangible assets 121 127 246 258
-------------------------- ---------- ---------- ---------- ----------
Furniture and
equipment expense 215 240 412 471
-------------------------- ---------- ---------- ---------- ----------
Loss on sales of
securities
available-for-sale - 107 - 86
-------------------------- ---------- ---------- ---------- ----------
Other operating
expenses 1,208 1,298 2,443 2,428
-------------------------- ---------- ---------- ---------- ----------
Income before taxes 2,038 2,037 4,021 4,106
-------------------------- ---------- ---------- ---------- ----------
Income tax expense 490 408 1,000 944
-------------------------- ---------- ---------- ---------- ----------
Net income 1,548 1,629 3,021 3,162
-------------------------- ---------- ---------- ---------- ----------
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Primary earnings per share $ 0.41 $ 0.42 $ 0.81 $ 0.82
-------------------------- ---------- ---------- ---------- ----------
Diluted earnings per share $ 0.41 $ 0.41 $ 0.79 $ 0.80
-------------------------- ---------- ---------- ---------- ----------
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Average shares outstanding
(fully diluted) 3,815,199 3,964,609 3,808,814 3,962,189
-------------------------- ---------- ---------- ---------- ----------
Return on average assets 0.97% 1.16% 0.97% 1.14%
-------------------------- ---------- ---------- ---------- ----------
Return on average equity 11.05% 11.63% 10.84% 11.48%
-------------------------- ---------- ---------- ---------- ----------
Net interest income (fully
tax equivalent at 38%) 5,291 5,045 10,454 9,925
-------------------------- ---------- ---------- ---------- ----------
Net interest margin (fully
tax equivalent at 38%) 3.68% 3.95% 3.70% 3.93%
-------------------------- ---------- ---------- ---------- ----------
Efficiency ratio 65.73% 65.98% 66.65% 65.00%
-------------------------- ---------- ---------- ---------- ----------
BALANCE SHEET DATA
(Dollars in thousands, except per share
data) June 30 Dec. 31 June 30
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2006 2005 2005
----------------------------------------- -------- -------- --------
(Unaudited)
--------------------------------------------------------------------
Total assets 674,562 598,790 576,259
----------------------------------------- -------- -------- --------
Investment securities 74,602 75,887 81,377
----------------------------------------- -------- -------- --------
Loans 528,566 465,892 441,373
----------------------------------------- -------- -------- --------
Allowance for loan losses 6,146 6,324 5,968
----------------------------------------- -------- -------- --------
Total intangible assets 10,672 10,918 11,175
----------------------------------------- -------- -------- --------
Total deposits 481,478 433,646 432,694
----------------------------------------- -------- -------- --------
Other borrowings 121,275 106,324 82,544
----------------------------------------- -------- -------- --------
Junior subordinated debentures 10,310 - -
----------------------------------------- -------- -------- --------
Shareholders' equity 56,467 54,505 56,931
----------------------------------------- -------- -------- --------
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Book value per share $ 14.93 $ 14.63 $ 14.62
----------------------------------------- -------- -------- --------
Equity to assets 8.37% 9.10% 9.88%
----------------------------------------- -------- -------- --------
Loan to deposit ratio 109.78% 107.44% 102.01%
----------------------------------------- -------- -------- --------
Allowance for loan losses/loans 1.16% 1.36% 1.35%
----------------------------------------- -------- -------- --------
Average Balances Three Months Six Months
Ended Ended
June 30 June 30
----------------------------------------------------------------------
2006 2005 2006 2005
----------------------------------------------------------------------
----------------------------------------------------------------------
Average total assets 646,656 562,772 630,477 559,311
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Average loans 508,549 433,784 492,902 431,389
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Average earning assets 583,356 512,717 570,173 509,693
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Average deposits 469,452 429,686 457,841 422,864
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Average interest bearing deposits 405,019 375,132 395,250 370,757
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Average non-interest bearing deposits 64,433 54,554 62,591 52,107
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Average other borrowings 113,281 73,581 110,647 77,868
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Average shareholders' equity 56,823 56,183 56,202 55,557
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Asset quality
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Non-performing loans 2,428 2,615 2,428 2,615
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Other real estate 4 98 4 98
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Loans past due 90+ days 148 244 148 244
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Net charge-offs 66 7 328 40
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Net charge-offs to average loans 0.01% 0.00% 0.07% 0.01%
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