EXHIBIT 99.1
Community Capital Bancshares Announces
Third Quarter Results of Operations
ALBANY, Ga., November 1, 2007 – Community Capital Bancshares Inc. (Nasdaq: ALBY) today announced earnings for the nine months ended September 30, 2007 of $35,000 or $0.01 per basic share. This compares with $1,341,000 or $0.46 per basic share for the nine months ended September 30, 2006. For the three months ended September 30, 2007, the Company incurred a loss of $447,000 or $0.15 per basic share, in comparison to the $ 570,000 or $ 0.19 per basic share made during the same period of 2006.
Net income for the three months ended was negatively impacted by an additional loan loss provision of $ 600,000 necessary to provide for a potential loss on a single large construction loan. For the nine months ended September 30, 2007 the provision for loan losses was $1,344,000 as compared to the 2006 amount of $937,000.
Total assets as of September 30, 2007 were $248,840,000 as compared to $325,278,000 as of September 30, 2006. The decreased level of assets is the result of loan payoffs from the former loan production office in Charleston, South Carolina and the efforts by the subsidiary Banks to remain compliant with the capital provisions of the Formal Agreements with the OCC.
John H. Monk Jr., President and CEO commented “While the Company was not directly impacted by the effects of sub-prime lending, our markets are not immune from the conditions experienced by the majority of real estate markets in the country. We continue to monitor our exposures in real estate loans and provide the necessary loan loss reserves when weak loans are identified. As these loans are identified, we take all necessary steps to protect the Company’s position. Our exposure in this area is a small number of larger out of market loans for residential acquisition and development. ”
About Community Capital Bancshares
Headquartered in Albany, Georgia, Community Capital Bancshares is the $249 million-asset holding company for Albany Bank & Trust and AB&T National Bank. Albany Bank & Trust has three banking locations in Albany, Georgia, while AB&T National Bank has offices in Dothan, Ala., and Auburn, Ala. The Company’s common stock is traded on the Nasdaq Capital Market under the symbol “ALBY”. For more information, please visit the Company’s website at www.comcapbancshares.com or contact David J. Baranko, CFO at 229-446-2201.
The preceding release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
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EXHIBIT 99.1
COMMUNITY CAPITAL BANCSHARES, INC. | |
AND SUBSIDIARIES | |
CONSOLIDATED BALANCE SHEETS (Unaudited) | |
September 30, 2007 and 2006 | |
| | | | | | | |
| | | | | | | |
Assets | | 2007 | | | 2006 | |
| | | | | | | |
| | | | | | | |
| Cash and due from banks | | $ | 7,488,835 | | | $ | 12,452,969 | |
| Federal funds sold | | | 19,364,000 | | | | 6,881,000 | |
| Securities available for sale, at fair value | | | 53,542,310 | | | | 40,782,625 | |
| | | | | | | | | |
| Loans | | | 151,808,767 | | | | 244,303,849 | |
| Less allowance for loan losses | | | 5,381,178 | | | | 3,612,901 | |
| Loans, net | | | 146,427,589 | | | | 240,690,948 | |
| | | | | | | | | |
| Premises and equipment | | | 6,657,426 | | | | 9,415,781 | |
| Goodwill and other intangible assets | | | 2,546,135 | | | | 2,583,683 | |
| Other assets | | | 12,814,037 | | | | 12,470,864 | |
| | | | | | | | | |
| | | $ | 248,840,332 | | | $ | 325,277,870 | |
| | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | |
| | | | | | | | | |
| Deposits | | | | | | | | |
| Noninterest-bearing | | $ | 20,520,867 | | | $ | 29,813,633 | |
| Interest-bearing | | | 170,039,814 | | | | 234,378,573 | |
| Total deposits | | | 190,560,681 | | | | 264,192,206 | |
| Other borrowings | | | 29,124,000 | | | | 31,124,000 | |
| Other liabilities | | | 1,961,090 | | | | 2,425,154 | |
| Total liabilities | | | 221,645,771 | | | | 297,741,360 | |
| | | | | | | | | |
| Total stockholders' equity | | | 27,194,561 | | | | 27,536,510 | |
| | | $ | 248,840,332 | | | $ | 325,277,870 | |
EXHIBIT 99.1
COMMUNITY CAPITAL BANCSHARES, INC. | |
AND SUBSIDIARIES | |
CONSOLIDATED STATEMENTS OF INCOME | |
(Unaudited) | |
| | | | | | | | |
| | | Three months ended | | | Nine months ended | |
| | | September 30, | | | September 30, | |
| | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| Interest income | | | | | | | | | | | | |
| Loans | | $ | 3,360,340 | | | $ | 5,556,428 | | | $ | 12,259,924 | | | $ | 15,809,774 | |
| Investments | | | 811,196 | | | | 500,224 | | | | 1,882,166 | | | | 1,631,853 | |
| Total interest income | | | 4,171,536 | | | | 6,056,652 | | | | 14,142,090 | | | | 17,441,627 | |
| | | | | | | | | | | | | | | | | |
| Interest expense | | | | | | | | | | | | | | | | |
| Deposits | | | 2,050,854 | | | | 2,681,322 | | | | 6,521,700 | | | | 7,401,782 | |
| Other borrowed money | | | 317,857 | | | | 399,092 | | | | 1,079,343 | | | | 1,260,228 | |
| Total interest expense | | | 2,368,711 | | | | 3,080,414 | | | | 7,601,043 | | | | 8,662,010 | |
| | | | | | | | | | | | | | | | | |
| Net interest income | | | 1,802,825 | | | | 2,976,238 | | | | 6,541,047 | | | | 8,779,617 | |
| Provision for loan losses | | | 660,000 | | | | 124,500 | | | | 1,344,000 | | | | 937,000 | |
| Net interest income after provision for loan losses | | | 1,142,825 | | | | 2,851,738 | | | | 5,197,047 | | | | 7,842,617 | |
| | | | | | | | | | | | | | | | | |
| Other income | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 229,335 | | | | 302,769 | | | | 695,162 | | | | 957,924 | |
| Other operating income | | | 176,539 | | | | 450,997 | | | | 763,823 | | | | 1,201,814 | |
| Total other income | | | 405,874 | | | | 753,766 | | | | 1,458,985 | | | | 2,159,738 | |
| | | | | | | | | | | | | | | | | |
| Other expenses | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 1,198,885 | | | | 1,456,605 | | | | 3,572,606 | | | | 4,174,538 | |
| Equipment and occupancy expenses | | | 310,887 | | | | 354,144 | | | | 894,339 | | | | 988,860 | |
| Other operating expenses | | | 749,682 | | | | 939,579 | | | | 2,226,929 | | | | 2,854,140 | |
| Total other expenses | | | 2,259,454 | | | | 2,750,328 | | | | 6,693,874 | | | | 8,017,538 | |
| Income (loss) before income taxes | | | (710,755 | ) | | | 855,176 | | | | (37,842 | ) | | | 1,984,817 | |
| Income tax expense (benefit) | | | (263,770 | ) | | | 284,777 | | | | (73,001 | ) | | | 643,129 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | (446,985 | ) | | $ | 570,399 | | | $ | 35,159 | | | $ | 1,341,688 | |
| | | | | | | | | | | | | | | | | |
| Basic earnings per share | | $ | (0.15 | ) | | $ | 0.19 | | | $ | 0.01 | | | $ | 0.46 | |
| | | | | | | | | | | | | | | | | |
| Diluted earnings per share | | $ | (0.15 | ) | | $ | 0.18 | | | $ | 0.01 | | | $ | 0.44 | |
