EXHIBIT 99.1
Community Capital Bancshares Revises Third Quarter Earnings
Albany, GA, November 16, 2005 / PRNewswire - Community Capital Bancshares, Inc. (Nasdaq: ALBY) reports a revision to its previously reported earnings in its press release dated October 21, 2005. In a letter dated October 24, 2005, the Company was advised by the manager of an equity fund in which the Company has an investment that the fund would not be paying dividends for the foreseeable future. Based upon this notification, the Company determined that this investment had become “other than temporarily impaired” as defined by accounting principles generally accepted in the United States of America. Accordingly, the Company recorded a loss of $763,000 before income taxes, on this investment for the quarter ended September 30, 2005, which resulted in a reduction in net income of $504,000. Therefore, the Company’s net income for the nine months ended September 30, 2005 was $ 286,000, or $0.09 per diluted share, as compared to $789,000, or $0.26 per diluted share, as previously reported on October 21, 2005. The Company is in the process of liquidating its position in this fund to mitigate any potential future losses.
Revised financial data for the third quarter is presented below.
Contact: David J. Baranko, CFO, Community Capital Bancshares, 229-446-2201
Community Capital Bancshares
Financial Highlights
(Unaudited)
(Dollars in thousands, except per share data)
| | | Three months ended | | Nine months ended | |
Earnings Summary: | | 9/30/05 | | 9/30/04 | | 9/30/05 | | 9/30/04 | |
| Net interest income | | $ | 2,278 | | $ | 1,561 | | $ | 6,262 | | $ | 4,664 | |
| Provision for loan losses | | | 370 | | | 20 | | | 800 | | | 35 | |
| Non-interest income | | | 706 | | | 410 | | | 1,526 | | | 1,023 | |
| Non-interest expense | | | 2,961 | | | 1,648 | | | 6,654 | | | 4,752 | |
| Income tax expense (benefit) | | | (142 | ) | | 90 | | | 48 | | | 282 | |
| Net income (loss) | | $ | (205 | ) | $ | 213 | | $ | 286 | | $ | 618 | |
| Primary earnings (loss) per share | | $ | ( 0.07 | ) | $ | 0.10 | | $ | 0.10 | | $ | 0.33 | |
| Fully diluted earnings per share | | $ | (0.07 | ) | $ | 0.09 | | $ | 0.09 | | $ | 0.31 | |
| | | | | | | | | | | | | | |
Summary Balance Sheets | | | 9/30/05 | | | 9/30/04 | | | | | | | |
| Cash and due from banks | | $ | 8,788 | | $ | 6,095 | | | | | | | |
| Federal funds sold | | | 8,222 | | | 10,483 | | | | | | | |
| Investment securities | | | 44,657 | | | 35,897 | | | | | | | |
| Loans | | | 203,696 | | | 116,531 | | | | | | | |
| Less: allowance for loan losses | | | (2,232 | ) | | (1,663 | ) | | | | | | |
| Other assets | | | 21,212 | | | 17,732 | | | | | | | |
Total Assets | | $ | 284,343 | | $ | 185,075 | | | | | | | |
| | | | | | | | | | | | | | |
| Total deposits | | $ | 219,690 | | $ | 133,723 | | | | | | | |
| Other borrowings | | | 37,124 | | | 24,368 | | | | | | | |
| Other liabilities | | | 1,579 | | | 1,216 | | | | | | | |
| Total stockholders’ equity | | | 25,950 | | | 25,768 | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 284,343 | | $ | 185,075 | | | | | | | |
