Exhibit 99.2
COMMUNITY CAPITAL BANCSHARES INC. ANNOUNCES FIRST QUARTER 2006 EARNINGS
ALBANY, Ga., May 12 /PRNewswire-FirstCall/ -- Community Capital Bancshares Inc.
(Nasdaq: ALBY) today reported $158,850 in net income for the three months ended
March 31, 2006, or $0.05 per fully diluted share. This compares to net income of
$213,527 and $0.07 in diluted earnings per share for the comparable period in
2005, and a loss of $172,000 or $(0.06) per fully diluted share for the previous
quarter.
Net interest income was $2.8 million in the first quarter of 2006, a 46.8%
increase compared to the same quarter in the prior year. This increase is the
result of the growth in earning assets from the previous year, combined with the
overall higher rate environment.
Non-interest income totaled $652,312 in the first quarter of 2006, a 72.0%
increase from the previous year. Non-interest expense in first quarter 2006
totaled $2.8 million, which compares to $1.7 million for the prior-year period.
The increase reflects expenses associated with the Company's loan production
office in South Carolina, its efforts to streamline operational processes to
enhance future profitability and the severance payment to the company's former
president, who resigned during the first quarter.
"Community Capital Bancshares performed solidly in the first quarter of 2006,"
said Charles M. Jones III, chairman and chief executive officer. "The Company
rebounded nicely after a difficult end to 2005. We were able to focus on our
core banking operations during the first quarter, which is reflected in our
continued increases in deposits and loans. Moving forward, we plan to continue
to concentrate on core deposit generation and loan production."
Total assets at March 31, 2006, were $330.0 million, compared to $215.6 million
at March 31, 2005, an increase of 53.0%. Net loans at the end of the first
quarter were $250.0 million, an increase of 69.0% from March 31, 2005. Total
deposits were $273.6 million, an increase of 81.2% from March 31, 2005. Total
average assets at the end of the first quarter were $321.5 million and average
earning assets were $298.1 million. For the three months ended March 31, 2006,
total loans increased $22.4 million and deposits increased $28.1 million.
The Company's loan growth year over year was spread across its banking
franchise. Its AB&T National Bank branches in Alabama posted solid growth, with
Dothan contributing $23.8 million in loans and Auburn adding $17.4 million in
loans. Albany Bank & Trust generated $62.4 million during the past year,
including $48.2 million from its loan production office in Charleston, S.C.
About Community Capital Bancshares
Headquartered in Albany, Ga., Community Capital Bancshares is the $330
million-asset holding company for Albany Bank & Trust and AB&T National Bank.
Albany Bank & Trust has three banking locations in Albany and a loan production
office in Charleston, S.C. AB&T National Bank has offices in Dothan, Ala., and
Auburn, Ala. The holding 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.
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.
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31, 2006 and 2005
Assets 2006 2005
Cash and due from banks $ 6,732,159 $ 5,003,599
Federal funds sold 6,645,636 --
Securities available for sale, at
fair value 43,812,587 44,773,864
Loans 253,317,298 149,566,330
Less allowance for loan losses 3,300,692 1,629,232
Loans, net 250,016,606 147,937,098
Premises and equipment 8,217,362 6,103,674
Goodwill and other intangible assets 2,604,779 2,651,408
Other assets 11,941,630 10,079,543
$329,970,759 $216,549,186
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing $ 21,704,879 $ 18,996,510
Interest-bearing 251,943,796 132,007,732
Total deposits 273,648,675 151,004,242
Other borrowings 29,124,000 38,200,018
Other liabilities 1,729,971 756,932
Total liabilities 304,502,646 189,961,192
Total stockholders' equity: 25,468,113 25,587,994
$329,970,759 $215,549,186
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended
March 31,
2006 2005
Interest income
Loans $4,829,757 $2,366,957
Investments 653,029 492,002
Total interest income 5,482,786 2,858,959
Interest expense
Deposits 2,118,829 700,630
Other borrowed money 538,232 233,078
Total interest expense 2,657,061 933,708
Net interest income 2,825,725 1,925,251
Provision for loan losses 479,000 180,000
Net interest income after
provision for loan losses 2,346,725 1,745,251
Other income
Service charges on deposit accounts 311,953 216,256
Other operating income 340,359 162,967
Total other income 652,312 379,223
Other expenses
Salaries and employee benefits 1,426,552 861,338
Equipment and occupancy expenses 316,775 277,098
Other operating expenses 1,023,903 678,768
Total other expenses 2,767,230 1,817,204
Income before income taxes 231,807 307,270
Income tax expense 72,957 93,743
Net income $ 158,850 $ 213,527
Basic earnings per share $ 0.05 $ 0.07
Diluted earnings per share $ 0.05 $ 0.07
SOURCE Community Capital Bancshares Inc.
-0- 05/12/2006
/CONTACT: David J. Baranko, Chief Financial Officer of Community Capital
Bancshares, 229-446-2201; or Andy Mus, Vice President of Marsh
Communications LLC, 404-327-7662/
/Web site: http://www.comcapbancshares.com /
(ALBY)