Community Capital Bancsh... (QX) (USOTC:ALBY)
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ALBANY, Ga., March 14 /PRNewswire-FirstCall/ -- Community Capital Bancshares Inc. (OTC:ALBY) (BULLETIN BOARD: ALBY) today announced a loss from operations for the twelve months ended December 31, 2007 of $559,906 or $0.18 per basic and diluted share. This compares with net income of $424,346 or $0.14 per basic and diluted share for the twelve months ended December 31, 2006.
Total assets as of December 31, 2007 were $223,495,000 as compared to $296,936,000 as of December 31, 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 Office of the Comptroller of the Currency.
John H. Monk Jr., President and CEO stated, "Throughout 2007 we worked to identify and correct the remaining problem loans in our portfolio. We feel that we had identified and reserved for these loans and as we go forward in 2008, it is our desire to generate solid profitable growth in our present markets. By generating this growth we can begin to create a positive return to our stockholders."
About Community Capital Bancshares
Headquartered in Albany, Georgia, Community Capital Bancshares is the $223 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. For more information, please visit the Company's website at http://www.comcapbancshares.com/ or contact David J. Baranko, CFO at 229-446-2201.
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31, 2007 and 2006
Assets 2007 2006
Cash and due from banks $ 7,107,596 $ 7,407,953
Federal funds sold 7,365,000 6,400,000
Securities available for sale,
at fair value 57,025,749 38,957,623
Loans 130,983,794 225,630,416
Less allowance for loan losses 2,996,334 5,506,743
Loans, net 127,987,460 220,123,673
Premises and equipment 6,622,103 6,757,642
Premises and equipment held for sale 3,021,531
Goodwill and other intangible assets 2,537,135 2,573,135
Other assets 14,849,815 11,694,000
$ 223,494,858 $ 296,935,557
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing $ 17,054,351 $ 19,479,966
Interest-bearing 159,421,408 218,072,656
Total deposits 176,475,759 237,552,622
Other borrowings 19,124,000 31,124,000
Other liabilities 951,803 1,466,928
Total liabilities 196,551,562 270,143,550
Total stockholders' equity 26,943,296 26,792,007
$ 223,494,858 $ 296,935,557
COMMUNITY CAPITAL BANCSHARES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the year ended
December 31,
2007 2006
Interest income
Loans $ 14,919,798 $ 20,870,788
Investments 2,715,060 2,163,630
Total interest income 17,634,858 23,034,418
Interest expense
Deposits 8,330,329 9,934,176
Other borrowed money 1,371,876 1,655,605
Total interest expense 9,702,205 11,589,781
Net interest income 7,932,653 11,444,637
Provision for loan losses 2,134,000 2,851,500
Net interest income after
provision for loan losses 5,798,653 8,593,137
Other income
Service charges on deposit
accounts 924,923 1,243,417
Other operating income 935,064 1,538,577
Total other income 1,859,987 2,781,994
Other expenses
Salaries and employee
benefits 4,459,577 5,492,562
Equipment and occupancy
expenses 1,243,870 1,317,231
Other operating expenses 3,031,242 3,854,828
Total other expenses 8,734,689 10,664,621
Income (loss)before
income taxes (1,076,049) 710,510
Income tax expense (benefit) (516,143) 286,164
Net income (loss) $ (559,906) $ 424,346
Basic earnings per share $ (0.18) $ 0.14
Diluted earnings per share $ (0.18) $ 0.14
DATASOURCE: Community Capital Bancshares Inc.
CONTACT: David J. Baranko, CFO of Community Capital Bancshares Inc.,
+1-229-446-2201
Web site: http://www.comcapbancshares.com/