Georgia
|
58-2413468
|
|||
(State
or other jurisdiction of
Incorporation
or organization)
|
(IRS
Employer
Identification
No.)
|
Page
No.
|
||
3
|
||
4
|
||
5
|
||
|
6
|
|
11
|
||
15
|
||
15
|
||
15
|
||
16
|
||
16
|
||
16
|
||
16
|
||
16
|
||
16
|
Community
Capital Bancshares, Inc.
and
Subsidiaries
|
|||||||
Consolidated
Balance
Sheets
|
|||||||
(Dollars
in thousands)
|
|||||||
June
30, 2006
(unaudited)
|
December
31,
2005
|
||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
7,829
|
$
|
6,931
|
|||
Federal
funds sold
|
2,978
|
8,671
|
|||||
Securities
available for sale
|
42,131
|
41,690
|
|||||
Restricted
equity securities
|
2,204
|
2,426
|
|||||
Loans
|
268,714
|
230,908
|
|||||
Less
allowance for loan losses
|
3,455
|
3,000
|
|||||
Loans,
net
|
265,259
|
227,908
|
|||||
Premises
and equipment
|
9,076
|
7,892
|
|||||
Goodwill
|
2,334
|
2,334
|
|||||
Core
deposit premium
|
261
|
282
|
|||||
Other
assets
|
12,263
|
11,323
|
|||||
Total
Assets
|
$
|
344,335
|
$
|
309,457
|
|||
|
|||||||
Liabilities
and Shareholders' Equity
|
|||||||
Deposits
|
|||||||
Non-interest
bearing
|
$
|
22,300
|
$
|
22,745
|
|||
Interest
bearing
|
263,560
|
222,824
|
|||||
Total
deposits
|
285,860
|
245,569
|
|||||
Other
borrowings
|
25,000
|
33,000
|
|||||
Guaranteed
preferred beneficial interests in junior subordinated
debentures
|
4,124
|
4,124
|
|||||
Other
liabilities
|
3,120
|
1,369
|
|||||
Total
Liabilities
|
318,104
|
284,062
|
|||||
|
|||||||
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;
|
|||||||
3,050,356
and 2,973,356 shares issued
|
3,050
|
2,973
|
|||||
Capital
surplus
|
22,764
|
22,246
|
|||||
Retained
earnings
|
2,119
|
1,468
|
|||||
Accumulated
other comprehensive (loss)
|
(1,255
|
)
|
(845
|
)
|
|||
Less
cost of treasury stock, 59,851 shares
|
(447
|
)
|
(447
|
)
|
|||
Total
shareholders' equity
|
26,231
|
25,395
|
|||||
Total
Liabilities and Shareholders' Equity
|
$
|
344,335
|
$
|
309,457
|
|||
|
|||||||
|
Community
Capital Bancshares, Inc.
and
Subsidiaries
Consolidated
Statements
of Income
(unaudited)
For
the three and six months ended June 30, 2006 and
2005
(Dollars
in thousands, except earnings per share)
|
|||||||||||||
Three
months ended
|
Six
months ended
|
||||||||||||
June
30, 2006
|
June
30, 2005
|
June
30, 2006
|
June
30, 2005
|
||||||||||
Interest
Income
|
|||||||||||||
Loans
|
5,423
|
2,848
|
10,253
|
5,215
|
|||||||||
Investment
securities
|
469
|
432
|
938
|
894
|
|||||||||
Deposits
in banks
|
10
|
2
|
11
|
8
|
|||||||||
Federal
funds sold
|
-
-
|
36
|
183
|
60
|
|||||||||
Total
interest income
|
5,902
|
3,318
|
11,385
|
6,177
|
|||||||||
Interest
expense
|
|||||||||||||
Deposits
|
2,511
|
946
|
4,721
|
1,646
|
|||||||||
Other
borrowed money
|
413
|
313
|
861
|
547
|
|||||||||
Total
interest expense
|
2,924
|
1,259
|
5,582
|
2,193
|
|||||||||
Net
interest income
|
2,978
|
2,059
|
5,803
|
3,984
|
|||||||||
Provision
for loan losses
|
334
|
250
|
812
|
430
|
|||||||||
Net
interest income after provision for loan losses
|
2,644
|
1,809
|
4,991
|
3,554
|
|||||||||
Other
income
|
|||||||||||||
Service
charges on deposit accounts
|
343
|
254
|
655
|
470
|
|||||||||
Financial
service fees
|
50
|
40
|
106
|
69
|
|||||||||
Mortgage
origination fees
|
233
|
49
|
430
|
84
|
|||||||||
Loss
on sale of foreclosed properties
|
(30
|
)
|
(1
|
)
|
(29
|
)
|
(10
|
)
|
|||||
Increase
in cash surrender value of bank owned life insurance
policies
|
62
|
59
|
122
|
121
|
|||||||||
Other
operating income
|
96
|
39
|
122
|
85
|
|||||||||
Total
other income
|
754
|
440
|
1,406
|
819
|
|||||||||
Other
expenses
|
|||||||||||||
Salaries
and employee benefits
|
1,291
|
888
|
2,718
|
1,750
|
|||||||||
Equipment
and occupancy expense
|
318
|
286
|
635
|
563
|
|||||||||
Marketing
expense
|
53
|
43
|
91
|
98
|
|||||||||
Data
processing expense
|
179
|
160
|
341
|
306
|
|||||||||
Administrative
expenses
|
192
|
150
|
603
|
313
|
|||||||||
Legal
and professional
|
149
|
86
|
258
|
188
|
|||||||||
Directors
fees
|
62
|
61
|
128
|
124
|
|||||||||
Amortization
of intangible assets
|
11
|
12
|
21
|
24
|
|||||||||
Stationery
and supply expense
|
52
|
47
|
114
|
91
|
|||||||||
Other
operating expenses
|
193
|
143
|
358
|
235
|
|||||||||
Total
other expense
|
2,500
|
1,876
|
5,267
|
3,692
|
|||||||||
Income
before income taxes
|
898
|
373
|
1,130
|
681
|
|||||||||
Income
tax expense
|
286
|
96
|
359
|
190
|
|||||||||
Net
Income
|
612
|
277
|
771
|
491
|
|||||||||
|
|||||||||||||
Basic
earnings per share
|
$
|
0.21
|
$
|
0.10
|
$
|
0.26
|
$
|
0.17
|
|||||
Diluted earnings
per share
|
$
|
0.20
|
$
|
0.09
|
$
|
0.25
|
$
|
0.16
|
|||||
Weighted
average common shares outstanding
|
2,929,516
|
2,911,318
|
2,922,284
|
2,904,428
|
|||||||||
Weighted
average diluted common shares outstanding
|
3,006,290
|
3,060,125
|
3,010,042
|
3,068,801
|
|||||||||
Dividends
Declared per share
|
$
|
.02
|
$
|
.02
|
$
|
.04
|
$
|
.04
|
Community
Capital Bancshares, Inc.
and
Subsidiaries
Consolidated
Statements of Comprehensive
Income
(unaudited)
|
|||||||||||||
Three
and six months ended June 30, 2006 and 2005
(Dollars
in thousands)
|
|||||||||||||
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
June
30, 2006
|
June
30, 2005
|
June
30, 2006
|
June
30, 2005
|
||||||||||
Net
Income
|
$
|
612
|
$
|
277
|
$
|
771
|
$
|
491
|
|||||
Other
comprehensive income (loss)
|
|||||||||||||
Net
unrealized holding gains (losses) arising during the
period.
|
(518
|
)
|
597
|
(620
|
)
|
(232
|
)
|
||||||
Tax
benefit (expense) on unrealized holding gains
|
176
|
(203
|
)
|
211
|
79
|
||||||||
Comprehensive
income (loss)
|
$
|
270
|
$
|
671
|
$
|
362
|
$
|
338
|
|||||
Community
Capital Bancshares, Inc.
and
Subsidiaries
Consolidated
Statements
of Cash Flows
(unaudited)
Six
Months ended June 30, 2006 and 2005
(Dollars
in thousands)
|
2006
|
2005
|
||||||
Cash
Flows from operating activities:
|
|||||||
Net
income
|
$
|
771
|
$
|
491
|
|||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
Depreciation
|
236
|
217
|
|||||
Amortization
of Core Deposit Premium
|
21
|
24
|
|||||
Provision
for loan losses
|
812
|
430
|
|||||
Provision
for deferred taxes
|
(73
|
)
|
37
|
||||
Increase
in interest receivable
|
(237
|
)
|
(154
|
)
|
|||
Other
operating activities
|
1,389
|
(726
|
)
|
||||
Net
cash provided by operating activities
|
2,919
|
319
|
|||||
|
|||||||
Cash
Flows from Investing Activities:
|
|||||||
Purchase
of property and equipment
|
(1,420
|
)
|
(1,811
|
)
|
|||
Net
decrease in federal funds sold
|
5,693
|
1,344
|
|||||
Net
increase in loans
|
(38,163
|
)
|
(43,325
|
)
|
|||
Proceeds
from maturities of securities available for sale
|
1,273
|
906
|
|||||
Proceeds
from sale of securities
|
-
-
|
1,980
|
|||||
Purchase
of securities available for sale
|
(2,113
|
)
|
(554
|
)
|
|||
Net
cash used in investing activities
|
(34,730
|
)
|
(41,460
|
)
|
|||
|
|||||||
Cash
flows from Financing Activities:
|
|||||||
Net
increase in deposits
|
40,291
|
39,819
|
|||||
Dividends
paid to shareholders
|
(121
|
)
|
(119
|
)
|
|||
Increase
in federal funds purchased
|
-
-
|
480
|
|||||
Proceeds
from exercise of stock options
|
539
|
162
|
|||||
Net
increase (decrease) in other borrowings
|
(8,000
|
)
|
5,848
|
||||
Treasury
stock transactions, net
|
-
-
|
20
|
|||||
Net
cash provided by financing activities
|
32,709
|
46,209
|
|||||
Net
increase in cash
|
898
|
5,068
|
|||||
Cash
and due from banks at beginning of period
|
6,931
|
5,515
|
|||||
Cash
and due from banks at end of period
|
7,829
|
10,583
|
|||||
|
|||||||
Supplemental
Disclosure
|
|||||||
Cash
paid for interest
|
$
|
5,254
|
$
|
2,120
|
|||
Income
taxes
|
$
|
200
|
$
|
-
-
|
|||
Non-Cash
Transaction
|
|||||||
Unrealized
losses on securities available for sale
|
$
|
620
|
$
|
232
|
For
The Three
|
For
The Three
|
For
The Six
|
For
The Six
|
||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
||||||||||
June
30, 2006
|
June
30, 2005
|
June
30, 2006
|
June
30, 2005
|
||||||||||
($000)
|
($000)
|
($000)
|
($000)
|
||||||||||
Net
income, as reported
|
$
|
612
|
$
|
277
|
$
|
771
|
$
|
491
|
|||||
Add:
|
|||||||||||||
Stock-based
employee compensation
|
|||||||||||||
included
in reported net income,
|
|||||||||||||
net
of related tax effects
|
23 |
-
|
47
|
-
|
|||||||||
Deduct:
|
|||||||||||||
Total
stock-based employee
|
|||||||||||||
compensation
expense
|
|||||||||||||
determined
under fair value
|
|||||||||||||
method,
net of related tax effects
|
(23 | ) |
(22
|
)
|
(47
|
)
|
(44
|
)
|
|||||
Pro
forma net earnings
|
$
|
612
|
$
|
255
|
$
|
771
|
$
|
447
|
|||||
Earnings
per share:
|
|||||||||||||
Basic
- as reported
|
$
|
0.21
|
$
|
0.10
|
$
|
0.26
|
$
|
0.17
|
|||||
Basic
- pro forma
|
$
|
0.21
|
$
|
0.09
|
$
|
0.26
|
$
|
0.15
|
|||||
Diluted
- as reported
|
$
|
0.20
|
$
|
0.09
|
$
|
0.25
|
$
|
0.16
|
|||||
Diluted
- pro forma
|
$
|
0.20
|
$
|
.08
|
$
|
0.25
|
$
|
0.15
|
Period
Ended
|
Year
Ended
|
||||||||||||||||||||||||
June
30, 2006
|
December
31, 2005
|
||||||||||||||||||||||||
Weighted-
|
Weighted-
|
||||||||||||||||||||||||
Weighted-
|
Average
|
Aggregate
|
Weighted-
|
Average
|
Aggregate
|
||||||||||||||||||||
Average
|
Remaining
|
Intrinsic
|
Average
|
Remaining
|
Intrinsic
|
||||||||||||||||||||
Exercise
|
Contractual
|
Value
|
Exercise
|
Contractual
|
Value
|
||||||||||||||||||||
Number
|
Price
|
Term
|
($000)
|
Number
|
Price
|
Term
|
($000)
|
||||||||||||||||||
Under
option, beginning
|
374,621
|
9.81 | 6.37 |
$
|
408
|
305,435
|
9.33
|
||||||||||||||||||
of
the period:
|
|||||||||||||||||||||||||
Granted
|
1,989
|
11.00 |
86,185
|
11.20
|
|||||||||||||||||||||
Exercised
|
(77,000
|
)
|
7.00 |
(5,596
|
)
|
10.06
|
|||||||||||||||||||
Forfeited
|
(85,356
|
)
|
12.03 |
(11,400
|
)
|
10.94
|
|||||||||||||||||||
Under
option, end of
|
|||||||||||||||||||||||||
the
period
|
214,254
|
9.78
|
5.96
|
219
|
374,621
|
9.81
|
6.37
|
$
|
408
|
||||||||||||||||
Unvested
at the end of the period
|
84,793
|
11.14
|
7.66
|
-
-
|
168,190
|
11.43
|
8.50
|
$
|
-
-
|
||||||||||||||||
Vested
and exercisable at the
|
|||||||||||||||||||||||||
end
of the period
|
129,463
|
11.60
|
4.84
|
-
-
|
206,431
|
8.32
|
4.64
|
$
|
532
|
||||||||||||||||
Weighted-average
fair
|
|||||||||||||||||||||||||
value
per option of options
|
|||||||||||||||||||||||||
granted
during the year
|
$
|
4.36
|
$
|
3.76
|
Period
Ended
|
Year
Ended
|
||
June
30, 2006
|
December
31, 2005
|
||
Risk-free
interest rate
|
5.06%
|
4.40%
|
|
Expected
life of the options
|
10
years
|
10
years
|
|
Expected
dividend yield
|
0.78%
|
.78%
|
|
Expected
volatility
|
20.85%
|
14.83%
- 15.96%
|
Shares
|
Weighted-Average
Grant-Date
Fair
Value
|
|||
Nonvested
at January 1, 2006
|
168,193
|
$
4.17
|
||
Granted
|
-
-
|
|||
Vested
|
(22,400)
|
|||
Forfeited
|
(61,000)
|
|||
Nonvested
at June 30, 2006
|
84,793
|
$
4.36
|
June
30, 2006
|
December
31, 2005
|
||||||
Interest
bearing demand and savings
|
$
|
70,243,000
|
$
|
56,538,000
|
|||
Certificates
of deposit in denominations of $100,000 or greater
|
130,259,000
|
113,197,000
|
|||||
Other
Certificates of deposit
|
63,058,000
|
53,089,000
|
|||||
Total
|
$
|
263,560,000
|
$
|
222,824,000
|
Tier
1 Capital to risk weighted assets
|
|
Ratio,
actual
|
11.36%
|
Tier
1 Capital minimum requirement
|
4.00%
|
Tier
2 Capital to risk weighted assets
|
|
Ratio,
actual
|
12.61%
|
Tier
2 Capital minimum requirement
|
8.00%
|
Tier
1 Leverage Ratio
|
8.57%
|
Tier
1 Leverage Ratio minimum requirement
|
4.00%
|
|
June-06
|
Dec-05
|
|||||
Commitments
to extend credit
|
$
|
76,222,000
|
$
|
71,362,000
|
|||
Standby
letters of credit
|
$
|
1,045,000
|
$
|
1,293,000
|
ITEM 1. |
LEGAL
PROCEEDINGS
|
ITEM 1.A. |
RISK
FACTORS
|
ITEM 2. |
UNREGISTERED
SALES
OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
ITEM 3. |
DEFAULTS
UPON
SENIOR
SECURITIES
|
ITEM 4. |
SUBMISSION
OF
MATTERS TO A VOTE OF SECURITY HOLDERS
|
Directors
|
Votes
For
|
Votes
Withheld
|
Keith
G. Beckham
|
2,781,480
|
52,241
|
Hal
E. Cobb
|
2,768,101
|
65,520
|
Charles
M. Jones, III
|
2,542,086
|
291,635
|
Van
Cise Knowles
|
2,732,577
|
49,787
|
William
F. McAfee
|
2,732,577
|
49,787
|
ITEM 5. |
OTHER
INFORMATION
|
ITEM 6. |
10.21
|
Agreement
by and between Albany Bank and Trust, N.A., Albany, Georgia and The
Comptroller of the Currency dated July 27, 2006.
|
10.22
|
Agreement
by and between AB&T National Bank, Dothan, Alabama and The Comptroller
of the Currency dated July 27, 2006.
|
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.
|
32.1
|
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.
|
Community Capital Bancshares, Inc. | |
August
14, 2006
|
/s/ Charles M. Jones, III
|
Date
|
Charles
M. Jones,
|
Chief
Executive Officer
|
|
August
14, 2006
|
/s/
David J.
Baranko
|
Date
|
David
J. Baranko
|
|
Chief
Financial Officer
(Duly
authorized officer and principal
financial
/ accounting officer)
|