x
|
QUARTERLY
REPORT UNDER SECTION 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
1934
|
Georgia
|
58-2413468
|
(State
or other jurisdiction of
|
(IRS
Employer
|
Incorporation
or organization)
|
Identification
No.)
|
Yes
|
x
|
No
|
o
|
Yes
|
o
|
No
|
x
|
Page
No.
|
|
3 | |
4 | |
5 | |
|
|
6 | |
10
|
|
13
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
and
Subsidiaries
|
|||||||
Consolidated
Balance Sheets
|
|||||||
(Dollars
in thousands)
|
|||||||
June
30, 2005
(unaudited)
|
December
31, 2004
|
||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
10,583
|
$
|
5,515
|
|||
Federal
funds sold
|
19
|
1,363
|
|||||
Securities
available for sale
|
39,866
|
42,518
|
|||||
Restricted
equity securities
|
2,339
|
2,019
|
|||||
Loans
|
170,435
|
127,185
|
|||||
Less
allowance for loan losses
|
1,883
|
1,528
|
|||||
Loans,
net
|
168,552
|
125,657
|
|||||
Premises
and equipment
|
7,744
|
6,150
|
|||||
Goodwill
|
2,334
|
2,334
|
|||||
Core
deposit premium
|
306
|
330
|
|||||
Other
assets
|
10,103
|
9,404
|
|||||
Total
Assets
|
$
|
241,846
|
$
|
195,290
|
|||
Liabilities
and Shareholders' Equity
|
|||||||
Deposits
|
|||||||
Non-interest
bearing
|
$
|
19,806
|
$
|
16,316
|
|||
Interest
bearing
|
159,052
|
122,723
|
|||||
Total
deposits
|
178,858
|
139,039
|
|||||
Other
borrowings
|
31,480
|
25,153
|
|||||
Guaranteed
preferred beneficial interests in junior subordinated
debentures
|
4,124
|
4,124
|
|||||
Other
liabilities
|
1,151
|
1,142
|
|||||
Total
Liabilities
|
215,613
|
169,458
|
|||||
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;
|
|||||||
2,968,471
and 2,946,476 shares issued
|
2,968
|
2,946
|
|||||
Capital
surplus
|
22,190
|
22,046
|
|||||
Retained
earnings
|
1,961
|
1,589
|
|||||
Accumulated
other comprehensive (loss)
|
(482
|
)
|
(329
|
)
|
|||
Less
cost of treasury stock, 57,047 and 58,921 shares as of June 30, 2005
and
December 31, 2004, respectively
|
(404
|
)
|
(420
|
)
|
|||
Total
shareholders' equity
|
26,233
|
25,832
|
|||||
Total
Liabilities and Shareholders' Equity
|
$
|
241,846
|
$
|
195,290
|
Community
Capital Bancshares, Inc.
and
Subsidiaries
Consolidated
Statements of Income (unaudited)
For
the three and six months ended June 30, 2005 and
2004
(Dollars
in thousands, except earnings per share)
|
|||||||||||||
Three
months ended
|
Six
months ended
|
||||||||||||
June
30, 2005
|
June
30, 2004
|
June
30, 2005
|
June
30, 2004
|
||||||||||
Interest
Income
|
|||||||||||||
Loans
|
2,848
|
$
|
1,878
|
5,215
|
3,884
|
||||||||
Taxable
securities
|
423
|
277
|
876
|
593
|
|||||||||
Tax
exempt securities
|
9
|
15
|
18
|
30
|
|||||||||
Deposits
in banks
|
2
|
1
|
8
|
2
|
|||||||||
Federal
funds sold
|
36
|
15
|
60
|
25
|
|||||||||
Total
interest income
|
3,318
|
2,186
|
6,177
|
4,534
|
|||||||||
Interest
expense
|
|||||||||||||
Deposits
|
946
|
540
|
1,646
|
1,072
|
|||||||||
Other
borrowed money
|
313
|
204
|
547
|
360
|
|||||||||
Total
interest expense
|
1,259
|
744
|
2,193
|
1,432
|
|||||||||
Net
interest income
|
2,059
|
1,442
|
3,984
|
3,102
|
|||||||||
Provision
for loan losses
|
250
|
-
-
|
430
|
15
|
|||||||||
Net
interest income after provision for loan losses
|
1,809
|
1,442
|
3,554
|
3,087
|
|||||||||
Other
income
|
|||||||||||||
Service
charges on deposit accounts
|
254
|
234
|
470
|
420
|
|||||||||
Financial
service fees
|
40
|
31
|
69
|
52
|
|||||||||
Mortgage
origination fees
|
49
|
58
|
84
|
93
|
|||||||||
Gain
on sale of investment securities
|
-
|
13
|
-
|
15
|
|||||||||
Loss
on sale of foreclosed properties
|
(1
|
)
|
(18
|
)
|
(10
|
)
|
(29
|
)
|
|||||
Bank
owned life insurance
|
59
|
29
|
121
|
29
|
|||||||||
Other
income
|
39
|
41
|
85
|
34
|
|||||||||
Total
other income
|
440
|
388
|
819
|
614
|
|||||||||
Other
expenses
|
|||||||||||||
Salaries
and employee benefits
|
888
|
777
|
1,750
|
1,529
|
|||||||||
Equipment
and occupancy expense
|
286
|
235
|
563
|
453
|
|||||||||
Marketing
expense
|
43
|
51
|
98
|
106
|
|||||||||
Data
processing expense
|
160
|
132
|
306
|
252
|
|||||||||
Stationary
and supply expense
|
47
|
36
|
91
|
79
|
|||||||||
Administrative
expenses
|
235
|
181
|
502
|
347
|
|||||||||
Other
operating expenses
|
217
|
145
|
382
|
338
|
|||||||||
Total
other expenses
|
1,876
|
1,558
|
3,692
|
3,104
|
|||||||||
Income
before income taxes
|
373
|
272
|
681
|
597
|
|||||||||
Income
tax expense
|
96
|
89
|
190
|
192
|
|||||||||
Net
Income
|
277
|
183
|
491
|
405
|
|||||||||
Net
income per common share
|
$
|
0.10
|
$
|
0.10
|
$
|
0.17
|
$
|
0.23
|
|||||
Diluted
net income per common share
|
$
|
.0.09
|
$
|
0.09
|
$
|
0.16
|
$
|
0.21
|
|||||
Weighted
average shares outstanding
|
2,911,318
|
1,720,196
|
2,904,428
|
1,690,613
|
|||||||||
Diluted
average shares outstanding
|
3,060,125
|
1,895,605
|
3,068,801
|
1,872,824
|
and
Subsidiaries
Consolidated
Statements of Comprehensive Income
(unaudited)
|
|||||||||||||
Three
and six months ended June 30, 2004 and 2005
(Dollars
in thousands)
|
|||||||||||||
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
June
30, 2005
|
June
30, 2004
|
June
30, 2005
|
June
30, 2004
|
||||||||||
Net
Income
|
$
|
277
|
$
|
183
|
$
|
491
|
$
|
405
|
|||||
Other
comprehensive income (loss)
|
|||||||||||||
Net
unrealized holding gains (losses) arising during period
|
597
|
(1,174
|
)
|
(232
|
)
|
(674
|
)
|
||||||
Tax
benefit (expense) on unrealized holding gains
|
(203
|
)
|
399
|
79
|
229
|
||||||||
Reclassification
adjustment for gains included in net income, net of income taxes
of $3.
|
-
-
|
(10
|
)
|
-
-
|
(10
|
)
|
|||||||
Comprehensive
income (loss)
|
$
|
671
|
$
|
(602
|
)
|
$
|
338
|
$
|
(79
|
)
|
and
Subsidiaries
Consolidated
Statements of Cash Flows
(unaudited)
Six
Months ended June 30, 2005 and 2004
(Dollars
in thousands)
|
2005
|
2004
|
||||||
Cash
Flows from operating activities:
|
|||||||
Net
income
|
$
|
491
|
$
|
405
|
|||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
|||||||
Depreciation
|
217
|
196
|
|||||
Amortization
of Core Deposit Premium
|
24
|
22
|
|||||
Provision
for loan losses
|
430
|
15
|
|||||
Provision
for deferred taxes
|
37
|
(195
|
)
|
||||
(Increase)
decrease in interest receivable
|
(154
|
)
|
69
|
||||
Net
gain on sale of investments available for sale
|
--
|
(15
|
)
|
||||
Other
operating activities
|
(726
|
)
|
(5,922
|
)
|
|||
Net
cash provided by (used in) operating activities
|
319
|
(5,425
|
)
|
||||
Cash
Flows from Investing Activities:
|
|||||||
Purchase
of property and equipment
|
(1,811
|
)
|
(199
|
)
|
|||
Net
decrease in federal funds sold
|
1,344
|
1,358
|
|||||
Net
increase in loans
|
(43,325
|
)
|
(4,688
|
)
|
|||
Proceeds
from maturities of securities available for sale
|
906
|
2,913
|
|||||
Proceeds
from sale of securities
|
1,980
|
5,475
|
|||||
Purchase
of securities available for sale
|
(554
|
)
|
(7,736
|
)
|
|||
Net
cash used in investing activities
|
(41,460
|
)
|
(2,877
|
)
|
|||
Cash
Flows from Financing Activities:
|
|||||||
Net
increase in deposits
|
39,819
|
5,050
|
|||||
Dividends
paid to shareholders
|
(119
|
)
|
(67
|
)
|
|||
Increase
in federal funds purchased
|
480
|
2,271
|
|||||
Proceeds
from exercise of stock warrants
|
162
|
195
|
|||||
Net
increase in other borrowings
|
5,848
|
1,067
|
|||||
Treasury
stock transactions, net
|
20
|
27
|
|||||
Net
cash provided by financing activities
|
46,209
|
8,543
|
|||||
Net
increase in cash
|
5,068
|
241
|
|||||
Cash
and due from banks at beginning of period
|
5,515
|
4,285
|
|||||
Cash
and due from banks at end of period
|
10,583
|
$
|
4,526
|
||||
Supplemental
Disclosure
|
|||||||
Cash
paid for interest
|
$
|
2,120
|
$
|
1,455
|
|||
Cash
paid for income taxes
|
$
|
-
-
|
$
|
30
|
|||
Non-Cash
Transaction
|
|||||||
Unrealized
losses on securities available for sale
|
$
|
232
|
$
|
674
|
Three
months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
income, as reported
|
$
|
277,000
|
$
|
183,000
|
$
|
491,000
|
$
|
405,000
|
|||||
Deduct:
Total stock-based employee compensation
|
|||||||||||||
expense
determined under fair value based
|
|||||||||||||
method
for all awards, net of related tax effects
|
(22,000
|
)
|
(63,000
|
)
|
(44,000
|
)
|
(86,000
|
)
|
|||||
Pro
forma net income
|
$
|
255,000
|
$
|
120,000
|
$
|
447,000
|
$
|
319,000
|
|||||
Earnings
per share:
|
|||||||||||||
Basic
- as reported
|
$
|
.10
|
$
|
.10
|
$
|
.17
|
$
|
.23
|
|||||
Basic
- pro forma
|
$
|
.09
|
$
|
.07
|
$
|
.15
|
$
|
.18
|
|||||
Diluted
- as reported
|
$
|
.09
|
$
|
.09
|
$
|
.16
|
$
|
.21
|
|||||
Diluted
- pro forma
|
$
|
.08
|
$
|
.06
|
$
|
.15
|
$
|
.17
|
June
30, 2005
|
December
31, 2004
|
||||||
Interest
bearing demand and savings
|
$
|
51,696,000
|
$
|
47,865,000
|
|||
Certificates
of deposit in denominations of $100,000 or greater
|
54,741,000
|
27,335,000
|
|||||
Other
Certificates of deposit
|
52,615,000
|
47,523,000
|
|||||
Total
|
$
|
159,052,000
|
$
|
122,723,000
|
Tier
1 Capital to risk weighted assets
|
||||
Ratio,
actual
|
15.71
|
%
|
||
Tier
1 Capital minimum requirement
|
4.00
|
%
|
||
Tier
2 Capital to risk weighted assets
|
||||
Ratio,
actual
|
16.77
|
%
|
||
Tier
2 Capital minimum requirement
|
8.00
|
%
|
||
Tier
1 Leverage Ratio
|
12.23
|
%
|
||
Tier
1 Leverage Ratio minimum requirement
|
4.00
|
%
|
Commitments
to extend credit
|
$
|
17,828,000
|
||
Unused
lines of credit
|
14,262,000
|
|||
Standby
letters of credit
|
2,162,000
|
|||
$
|
34,252,000
|
Directors
|
Votes
For
|
Votes
Withheld
|
||
Robert
M. Beauchamp
|
2,743,235
|
2,263
|
||
Glenn
A. Dowling
|
2,743,235
|
2,263
|
||
Mary
Helen Dykes
|
2,743,235
|
2,263
|
||
Mark
M. Shoemaker
|
2,743,235
|
2,263
|
||
Lawrence
B. Willson
|
2,743,235
|
2,263
|
(a) |
Reports
on Form 8-K
|
(1) |
Form
8-K filed on May 2, 2005 regarding first quarter earnings (Item
12). The
information provided in this report is not deemed “filed” for purposes of
liability under Section 18 of the Securities Exchange Act of 1934,
as
amended.
|
(2) |
Form
8-K filed on June 1, 2005 regarding the opening of a loan production
office in Charleston, South Carolina (Item 7.01). The information
provided
in this report is not deemed “filed” for purposes of liability under
Section 18 of the Securities Exchange Act of 1934, as
amended.
|
(b) |
Exhibits
|
August
9, 2005
|
|
/s/
Robert E. Lee
|
|
Date
|
|
Robert
E. Lee,
|
|
|
|
President
|
|
August
9, 2005
|
|
/s/
David J. Baranko
|
|
Date
|
|
David
J. Baranko
|
|
|
|
Chief
Financial Officer
|
|
|
|
(Duly
authorized officer and
|
|
|
|
principal
financial / accounting
|
|
|
|
officer)
|
|