SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2004
--------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT 1934
For the transition period from _______ to _______
Commission File Number: 000-25345
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COMMUNITY CAPITAL BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Georgia 58-2413468
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(State or other jurisdiction of (IRS Employer
Incorporation or organization) Identification No.)
P.O. Drawer 71269, Albany, Georgia 31708
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(Address of principal executive offices)
(229) 446-2265
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of March 31, 2004:
1,701,115 SHARES
Transitional Small Business Disclosure Format (check one):
Yes No X
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PART I - FINANCIAL INFORMATION Page No.
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ITEM 1. Financial Statements
Consolidated balance sheets (unaudited) as of
December 31, 2003 and March 31, 2004 3
Consolidated statement of operations (unaudited)
for the three months ended March 31, 2003 and 2004 4
Consolidated statement of comprehensive income (unaudited)
for the three months ended March 31, 2003 and 2004 5
Statement of cash flows (unaudited) for the
three months ended March 31, 2003 and 2004 6
Item 2. Management's Discussion and Analysis of
Financial Condition and results of operations 10
Item 3. Controls and procedures 13
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings 14
ITEM 2. Changes in Securities and Purchases of Securities 14
ITEM 3. Defaults on Senior Securities 14
ITEM 5. Other Information 14
ITEM 6. Exhibits and reports on Form 8-K 14
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
March 31,2004 December 31, 2003
--------------- -------------------
ASSETS
------
Cash and due from banks $ 7,095 $ 4,285
Federal funds sold 13,790 2,684
Securities available for sale 28,986 31,792
Restricted equity securities 1,114 1,114
Loans 110,948 109,589
Less allowance for loan losses 1,957 2,118
--------------- -------------------
Loans, net 108,991 107,471
Premises and equipment 4,942 4,739
Goodwill 2,118 2,117
Core deposit premium 442 473
Other assets 4,186 4,054
--------------- -------------------
TOTAL ASSETS $ 171,664 $ 158,729
=============== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Deposits
Non-interest bearing $ 13,194 $ 14,035
Interest bearing 122,347 109,188
--------------- -------------------
Total deposits 135,541 123,223
Other borrowings 17,177 16,018
Guaranteed preferred beneficial interests in junior subordinated
debentures 4,124 4,000
Other liabilities 860 2,191
--------------- -------------------
TOTAL LIABILITIES 157,702 145,432
--------------- -------------------
Shareholders' equity
Preferred stock, par value not stated; 2,000,000 shares authorized;
no shares issued $ - - $ - -
Common stock, $1.00 par value, 10,000,000 shares authorized;
1,765,264 and 1,741,191 shares issued 1,765 1,741
Capital surplus 11,198 11,075
Retained earnings 1,103 916
Accumulated other comprehensive income 348 17
Less cost of treasury stock, 64,149 shares (452) (452)
--------------- -------------------
TOTAL SHAREHOLDERS' EQUITY 13,962 13,297
--------------- -------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 171,664 $ 158,729
=============== ===================
3
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three months ended March 31, 2004 and 2003
(Dollars in thousands, except earnings per share)
2004 2003
---------- ---------
INTEREST INCOME
Loans $ 2,006 $ 1,473
Investment securities 331 174
Deposits in banks 1 6
Federal funds sold 10 5
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TOTAL INTEREST INCOME 2,348 1,658
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INTEREST EXPENSE
Deposits 517 532
Other borrowed money 170 103
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TOTAL INTEREST EXPENSE 687 635
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NET INTEREST INCOME 1,661 1,023
Provision for loan losses 15 130
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,646 893
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OTHER INCOME
Service charges on deposit accounts 186 120
Financial service fees 21 13
Mortgage origination fees 35 82
Loss on sale of foreclosed properties (51) - -
Other service charges, commissions and fees 34 35
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225 250
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OTHER EXPENSES
Salaries and employee benefits 752 504
Equipment and occupancy expenses 218 145
Marketing expenses 55 27
Data processing expenses 120 81
Stationary and supply expense 42 23
Administrative expenses 161 125
Other expenses 198 120
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TOTAL EXPENSES 1,546 1,025
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INCOME BEFORE INCOME TAXES 325 118
Income tax expense 103 48
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NET INCOME $ 222 $ 70
========== =========
BASIC EARNINGS PER SHARE (weighted average shares used in
calculation: 1,714,196 in 2004 and 1,431,370 in 2003) $ .13 $ .05
========== =========
DILUTED EARNINGS PER SHARE (weighted average shares used in
calculation: 1,924,240 in 2004 and 1,610,849 in 2003) $ .12 $ .04
========== =========
4
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three months ended March 31, 2004 and 2003
(Dollars in thousands)
2004 2003
--------- ----------
NET INCOME $ 222 $ 70
Other comprehensive loss
Net unrealized holding gains (losses) arising during the
period, net of tax expense (benefit) of $68,000 in 2004 and
(9,000) in 2003. 331 (16)
--------- ----------
COMPREHENSIVE INCOME $ 553 $ 54
========= ==========
5
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months ended March 31, 2004 and 2003
(Dollars in thousands)
2004 2003
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 222 $ 70
Adjustments to reconcile net loss to net cash used in operating
activities:
Depreciation 98 64
Amortization of core deposit premiums 31 - -
Provision for loan losses 15 131
Net gain on sale of investments available for sale (2)
Provision for deferred taxes 46
Decrease (increase) in interest receivable 71 (37)
Other operating activities (1,522) (379)
--------------------
Net cash used in operating activities (1,041) (151)
--------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (302) (26)
Net decrease in federal funds sold (11,106) (5,254)
Net increase in loans (1,535) (8,372)
Proceeds from sales of securities available for sale 3.753 - -
Proceeds from maturities of securities available for sale 1,466 899
Purchase of securities available for sale (2,012) (975)
Adjustment to acquisition (49) - -
--------------------
Net cash used in Investing activities (9,785) (13,728)
--------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 12,318 8,912
Proceeds from Trust Preferred issuance - - 4,000
Decrease in federal funds purchased - - (1,705)
Net increase in other borrowings 1,158 (61)
Dividends paid (35)
Proceeds from exercise of stock warrants 195 - -
Sale (purchase) of treasury stock - - 6
--------------------
Net cash provided by financing activities 13,636 11,152
--------------------
Net increase (decrease) in cash 2,810 (2,727)
Cash and due from banks at beginning of period 4,285 6,920
--------------------
Cash and due from banks at end of period $ 7,095 $ 4,193
====================
SUPPLEMENTAL DISCLOSURE
Cash paid for interest $ 701 $ 534
Income taxes $ 30 $ 200
NON-CASH TRANSACTION
Unrealized losses on securities available for sale $ 399 $ 25
====================
6
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARY
NOTES TO FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF BUSINESS
Community Capital Bancshares, Inc. (the "Company") is a multi-bank holding
company whose principal activity is the ownership and management of its
wholly-owned bank subsidiaries, Albany Bank and Trust, N.A ("Albany Bank") and
First Bank of Dothan, Inc. ("Dothan Bank"), collectively referred to as "the
Banks." Albany Bank's main office is located in Albany, Dougherty County,
Georgia, with one loan production office in Albany and one full service branch
in Lee County, Georgia. Dothan Bank is located in Dothan, Houston County,
Alabama. The Banks provide a full range of banking services to individual and
corporate customers in their primary market areas of Dougherty and Lee Counties,
Georgia and Houston County, Alabama.
BASIS OF PRESENTATION
The consolidated financial statements include the accounts of the Company and
its subsidiaries. Significant intercompany transactions and accounts are
eliminated in consolidation.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities as of the balance sheet date and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. Material estimates that are particularly
susceptible to significant change in the near term relate to the determination
of the allowance for loan losses, the valuation of foreclosed real estate and
deferred taxes.
The interim financial statements included herein are unaudited but reflect all
adjustments which, in the opinion of management, are necessary for a fair
presentation of the financial position and results of operations for the interim
period presented. All such adjustments are of a normal recurring nature. The
results of operations for the period ended March 31, 2004 are not necessarily
indicative of the results of a full year's operations, and should be read in
conjunction with the Company's annual report as filed on Form 10-KSB.
The accounting principles followed by the Company and the methods of applying
these principles conform with accounting principles generally accepted in the
United States of America (GAAP) and with general practices within the banking
industry.
INCOME TAXES
Deferred income tax assets and liabilities are determined using the balance
sheet method. Under this method, the net deferred tax asset or liability is
determined based on the tax effects of the temporary differences between the
book and tax basis of the various balance sheet assets and liabilities and gives
current recognition to changes in the tax rates and laws.
The Company and its subsidiaries file a consolidated income tax return. Each
entity provides for income taxes
7
based on its contribution to the income taxes (benefits) of the consolidated
group.
STOCK COMPENSATION PLANS
At March 31, 2004, the Company had two stock-based employee compensation plans,
which are described in more detail in the 2003 annual report. The Company
accounts for those plans under the recognition and measurement principles of
Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to
Employees, and related Interpretations. No stock-based employee compensation
cost is reflected in net income, as all options granted under those plans had an
exercise price equal to the market value of the underlying stock on the date of
grant. In addition, the FASB issued SFAS No. 148, Accounting for Stock-Based
Compensation - Transition and Disclosure in December 2002. SFAS No. 148 amends
SFAS No. 123, Accounting for Stock-Based Compensation, to provide alternative
methods of transition for an entity that voluntarily changes to the fair value
based method of accounting for stock-based employee compensation. It also
amends the disclosure provisions of SFAS No. 123 to require prominent disclosure
about the effects on reported net income of an entity's accounting policy
decisions with respect to stock-based employee compensation. The Company has
not elected to adopt the recognition provisions of this Statement for
stock-based employee compensation and has elected to continue with accounting
methodology in Opinion No. 25 as permitted by SFAS No. 123.
QUARTER ENDED MARCH 31,
-----------------------
2004 2003
----------- ----------
Net income, as reported $ 223,000 $ 70,000
Deduct: Total stock-based employee compensation
expense determined under fair value based
method for all awards, net of related tax effects (23,000) (23,000)
----------- ----------
Pro forma net income $ 200,000 $ 47,000
=========== ==========
Earnings per share:
Basic - as reported $ .13 $ .05
=========== ==========
Basic - pro forma $ .11 $ .03
=========== ==========
Diluted - as reported $ .12 $ .04
=========== ==========
Diluted - pro forma $ .10 $ .03
=========== ==========
ACCOUNTING STANDARDS
In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities, an interpretation of ARB No. 51" and, on December
24, 2003, the FASB issued FASB Interpretation No. 46 (Revised December 2003),
"Consolidation of Variable Interest Entities" which replaced FIN 46. The
interpretation addresses consolidation by business enterprises of variable
interest entities. A variable interest entity is defined as an entity subject to
consolidation according to the provisions of the interpretation. The revised
interpretation provided for special effective dates for entities that had fully
or partially applied the original interpretation as of December 24, 2003.
Otherwise, application of the interpretation is required in financial statements
of public entities that have interests in special-purpose entities, or SPEs, for
periods ending after December 15, 2003. Application by public entities, other
than small business issuers, for all other types of variable interest entities
(i.e., non-SPEs) is required in financial statements for periods ending after
March 15, 2004. Application by small business issuers to
8
variable interest entities other than SPEs and by nonpublic entities to all
types of variable interest entities is required at various dates in 2004 and
2005. The Company adopted the provisions of FIN 46 as of January 1, 2004. As
required by the provisions of the Interpretation, the Company deconsolidated its
investment in its subsidiary trust which issued subordinated trust preferred
securities. The adoption of FIN 46 and related provisions had the effect of
increasing assets by $124,000 and liabilities by the same amount. The adoption
of the provisions had no effect on net income.
9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
This discussion is intended to assist in an understanding of the Company's
financial condition and results of operations. This analysis should be read in
conjunction with the financial statements and related notes appearing in Item 1
of the March 31, 2004 Form 10-QSB and Management's Discussion and Analysis of
Financial Condition and Results of Operations appearing in the Company's Form
10-KSB for the year ended December 31, 2003.
FINANCIAL CONDITION
As of March 31, 2004 the Company's total assets were $171,664,000 representing
an increase of $12,931,000 or 8.15% from December 31, 2003. Earning assets
consist of Federal funds sold, investment securities and loans. These assets
provide the majority of the Company's earnings. The mix of earning assets is a
reflection of management's philosophy regarding earnings versus risk.
Federal funds sold represent an overnight investment of funds and can be
converted immediately to cash. At March 31, 2004, federal funds sold were
$13,790,000. At December 31, 2003, the Company had federal funds sold of
$2,684,000.
Investment securities consist of U.S. Government and Agency securities and
municipal bonds. These investments are used to provide fixed maturities and as
collateral for advances from the Federal Home Loan Bank and large public fund
deposits. During the first quarter, investment securities decreased $2,806,000
due to maturities and sales of securities. All securities are classified as
available for sale, and are carried at current market values.
The loan portfolio is the largest earning asset and is the primary source of
earnings for the Company. At March 31, 2004 net loans were $108,991,000. The
loan portfolio increased $1,359,000 or 1.24% during the first quarter. At March
31, 2004, the allowance for loan losses was $1,957,000 or 1.76% of total loans.
Management believes this is an adequate but not excessive amount based upon the
composition of the current loan portfolio and current economic conditions. The
relationship of the allowance to total loans will vary over time based upon
Management's evaluation of the loan portfolio. Management evaluates the adequacy
of the allowance on a monthly basis and adjusts it accordingly by a monthly
charge to earnings using the provision for loan losses. During the first quarter
of 2004, the provision for potential loan losses was $15,000 as compared to the
2003 amount of $130,000. The lower provision for the current year is the result
of a higher quality loan portfolio which does not require as much addition to
the allowance as new loans are added to the portfolio.
In March, 2003, the Company formed a wholly owned Connecticut statutory
trust, Community Capital Statutory Trust I (the "Trust"), which issued $4
million aggregate principal amount of trust preferred securities. The trust
preferred securities represent guaranteed preferred beneficial interests in the
Company's junior subordinated deferrable interest debentures that qualify as
Tier I capital subject to the limitations under Federal Reserve Board
guidelines. The Company owns the entire $124,000 aggregate principal amount of
the common securities of the Trust. The proceeds from the issuance of the common
securities and the trust preferred securities were used by the Trust to purchase
$4.1 million of junior subordinated debentures of the Company, which pay
interest at a floating rate equal to the three-month LIBOR plus 315 basis
points. The proceeds received by the Company from the sale of the junior
subordinated debentures were used to provide additional paid in capital to the
Bank, to support future growth of the Bank.
10
Non-earning assets consist of premises and equipment, and other assets. Premises
and equipment increased during the quarter as a result of the construction costs
for the downtown Albany branch. Other assets consist primarily of accrued
interest receivable and increased $132,000 as a result of the larger loan
portfolio upon which to accrue interest.
The Company funds its assets primarily through deposits from customers.
Additionally, it will borrow funds from other sources to provide longer term
fixed rate funding for its assets. The Company must pay interest on the majority
of these funds and attempts to price these funds competitively in the market
place but at a level that it can safely re-invest the funds profitably. At March
31, 2004, total deposits were $135,541,000 as compared to the year-end amount of
$123,223,000. This is an increase of $12,318,000 or 10.00%. During the first
quarter of 2004, the Company increased its overall deposits to fund future
growth using the current low rate environment.
Interest bearing deposits are comprised of the following categories:
March 31, 2004 December 31, 2003
--------------- ------------------
Interest bearing demand and savings $ 39,834,000 $ 36,159,000
Certificates of deposit in
denominations of $100,000 or greater 29,208,000 23,396,000
Other Certificates of deposit 53,305,000 49,633,000
--------------- ------------------
Total $ 122,347,000 $ 109,187,000
=============== ==================
Other borrowings consist of Federal Home Loan Bank advances and are secured by
investment securities and loans of Albany Bank & Trust. No new advances were
obtained during the current quarter.
CAPITAL ADEQUACY
The following table presents the Company's regulatory capital position as of
March 31, 2004.
Tier 1 Capital Ratio, actual 12.14%
Tier 1 Capital minimum requirement 4.00%
Tier 2 Capital Ratio, actual 14.45%
Tier 2 Capital minimum requirement 8.00%
Leverage Ratio 8.65%
Leverage Ratio minimum requirement 4.00%
The Company's ratios are well above the required regulatory minimums and provide
a sufficient basis to support future growth of the Company.
RESULTS OF OPERATIONS
Net income for the three months ended March 31, 2004 is $222,000 as compared to
$70,000 for the three months ended March 31, 2003. The increased net income was
a result of an overall increase in the Company's net interest income and was
offset by increased non-interest expense. Also, this report is the first full
year that Dothan Bank data will be included in the amounts reported.
11
Total interest income increased $690,000 or 41.62% for the three months ended
March 31, 2004 as compared to the same period in the previous year. This was the
result of increased interest income on loans, which increased $533,000. The
increase in income was the direct result of the larger loan portfolio in the
current year and the inclusion of Dothan Bank, which was not a part of the
amounts of the previous year. This increase was in spite of the major reductions
in interest rate levels during the past 12 months.
Interest expense for the three months ended March 31, 2004 was $687,000, which
is an increase of $52,000 over the same period in the previous year. Although
interest-bearing liabilities increased approximately 35% over the prior year due
to the acquisition of Dothan Bank and additional Federal Home Loan Bank
borrowings, interest expense incurred on total deposits and obligations
increased only 8.19%. Due to the current economic climate, the cost of funds
decreased 56 basis points from the same period in 2003.
Net interest income after the provision for loan losses was $1,646,000 for the
three months ended March 31, 2004 as compared to the 2003 amount of $893,000.
This is an increase of $753,000 or 84.32%. This increase is the combined result
of the increased level of earning assets, and the lower cost of funds during the
current year. Management is currently emphasizing a better interest margin as
opposed to the higher growth rate emphasis in previous years.
Other income decreased $25,000 to $225,000 for the three months ended March 31,
2004. Service charges on deposit accounts increased $66,000 or 55% due to the
larger number of deposit accounts and the addition of Dothan Bank. Mortgage
origination fees decreased $47,000 compared to the March 31, 2003 amount. These
fees are generated by facilitating mortgage loans for customers, which are sold
in the secondary market. The higher interest rate levels led to decreases in
this area of activity in the Bank.
Non-interest expense increased $521,000 to $1,546,000 in for the quarter ended
March 31, 2004. This is an increase of 50.83%. The largest area of increase was
in the salary and employee benefits category. This expense item is $752,000 in
the current year as compared to the 2003 amount of $504,000. This is an increase
of $248,000 or 49.21%. The growth in this expense item is due to the increased
staffing required to properly serve the Company's customers as well as the
addition of Dothan Bank and slightly higher levels of pay during the current
year.
Equipment & Occupancy expenses increased $73,000 or 50.34% for the three months
ended March 31, 2004 from the same period in 2003. The increase is due to
expansion of Albany Bank and the addition of Dothan Bank. Other expenses
increased $78,000 to $198,000 in the current year. The majority of this increase
is the result of the addition of Dothan Bank.
Diluted earnings per share for the three months ended March 31, 2004 was $0.12
compared to $.04 in 2003, representing an increase of $.08 per share or 66.67%
from the same period on 2003.
FORWARD-LOOKING STATEMENTS
This document contains statements that constitute "forward-looking statements"
within the meaning of Sections 27A of the Securities Act of 1933, as amended,
12
and Sections 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 that 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. Users are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that the actual results may
differ materially from those indicated in the forward-looking statements as a
result of various factors. Users are therefore cautioned not to place undue
reliance on these forward-looking statements.
ITEM 3. CONTROLS AND PROCEDURES
As of March 31,2004 the Company carried out an evaluation, under the supervision
and with the participation of the Company's management, including the Company's
Chief Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures
pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, the
Company's Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures are effective in timely alerting
them to material information relating to the Company (including its consolidated
subsidiaries) that is required to be included in the Company's periodic filings
with the Securities and Exchange Commission. There have been no changes in the
Company's internal control over financial reporting during the quarter ended
March 31, 2004 that have materially affected, or are reasonably likely to
materially affect, the Company's internal control over financial reporting.
13
PART II
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES AND PURCHASES OF SECURITIES
(a) None
(b) None
ITEM 3. DEFAULTS ON SENIOR SECURITIES
None
ITEM 4. OTHER INFORMATION
None
ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K
(a) REPORTS ON FORM 8-K
(1) Form 8-K filed on February 10, 2004 regarding 2003 annual
earnings.
(b) EXHIBITS
31.1 Certification of the Chief Executive officer pursuant to
Rule 13a-14(a) under the Securities exchange act of 1934, as
amended.
31.2 Certification of the Chief Financial Officer pursuant to
Rule 13a-14(a) under the Securities exchange act of 1934, as
amended.
31.3 Certification of the Chief Executive Officer and Chief
Financial Officer pursuant to Rule 13a-14(b) under the
Securities exchange act of 1934, as amended.
14
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMUNITY CAPITAL BANCSHARES, INC.
May 14, 2004 /s/ Robert E. Lee
------------------ --------------------------
Date Robert E. Lee,
President
May 14, 2004 /s/ David J. Baranko
------------------ --------------------------
Date David J. Baranko
Chief Financial Officer
(Duly authorized officer and
principal financial / accounting
officer)
15