ALBANY, Ga., Nov. 8 /PRNewswire-FirstCall/ -- Community Capital Bancshares, Inc. reports net income for the nine months ended September 30, 2004 of $618,000 as compared to $392,000 for the same period last year. This is an increase of $226,000 or 58%. Earnings per share for the nine months ended September 30, 2004 were $0.33 compared to $0.27 from the same period of the prior year. Fully diluted earnings per share for the nine months ended September 30, 2004 were $0.31 compared to the 2003 amount of $0.24. Net income for the three months ended September 30, 2004 was $213,000 or $0.10 per share. This compares to $192,000 or $0.13 per share for the same period in 2003.
Total assets at September 30, 2004 were $185,071,000 as compared to $131,473,000 at September 30, 2003. This is an increase of $53,598,000 or 41%. Net loans at September 30, 2004 were $114,868,000 and have increased $21,379,000 or 23% over the past twelve months. Deposits increased $32,505,000 or 32% during the past twelve months to $133,723,000 as of September 30, 2004. Since December 31, 2003, total assets increased $26,342,000 or 17%. During this same period, net loans increased $7,397,000 or 7% and deposits increased $10,501,000 or 9%.
Bob Lee, president, stated, "We are pleased with our third quarter performance. The completion of our stock offering added 1,150,000 shares to our capital base and provides the capital for our future growth. The overall quality of our loans remains excellent. We anticipate the opening of a branch in Auburn, Alabama during October, which will enhance our market presence and provide even more opportunities for growth."
Community Capital is headquartered in Albany, Georgia, and is the holding company for Albany Bank & Trust which has four banking locations, and AB&T National Bank which has an office in Dothan, Alabama. The stock is traded on the Nasdaq Small-Cap Market under the symbol "ALBY".
Community Capital Bancshares Financial Highlights (Unaudited) (Dollars in thousands, except per share data) Three months ended Nine months ended Earnings Summary: 9/30/04 9/30/03 9/30/04 9/30/03 Net Interest Income $1,561 $1,141 $4,664 $3,232 Provision for Loan Losses 20 164 35 378 Non-interest income 410 314 1,023 793 Non-interest expense 1,648 1,006 4,752 3,060 Income tax expense 90 93 282 195 Net Income 213 192 618 392 Primary Earnings per share $0.10 $0.13 $0.33 $0.27 Fully diluted earnings per share $0.09 $0.12 $0.31 $0.24 Summary Balance Sheets 9/30/04 9/30/03 12/31/03 Cash and due from banks $6,094 $3,678 $4,285 Federal funds sold 10,483 533 2,684 Investment securities 35,897 28,212 32,906 Loans 116,531 94,549 109,589 Less: allowance for loan losses (1,663) (1,060) (2,118) Other assets 17,729 5,561 11,383 Total Assets $185,071 $131,473 $158,729 Total deposits $133,723 $101,218 $123,222 Other borrowings 24,244 19,610 20,019 Other liabilities 1,336 897 2,190 Total stockholders' equity 25,768 9,748 13,298 Total liabilities and stockholders' equity $185,071 $131,473 $158,729
Community Capital Bancshares, Inc.
Total assets at September 30, 2004 were $185,071,000 as compared to $131,473,000 at September 30, 2003. This is an increase of $53,598,000 or 41%. Net loans at September 30, 2004 were $114,868,000 and have increased $21,379,000 or 23% over the past twelve months. Deposits increased $32,505,000 or 32% during the past twelve months to $133,723,000 as of September 30, 2004. Since December 31, 2003, total assets increased $26,342,000 or 17%. During this same period, net loans increased $7,397,000 or 7% and deposits increased $10,501,000 or 9%.
Bob Lee, president, stated, "We are pleased with our third quarter performance. The completion of our stock offering added 1,150,000 shares to our capital base and provides the capital for our future growth. The overall quality of our loans remains excellent. We anticipate the opening of a branch in Auburn, Alabama during October, which will enhance our market presence and provide even more opportunities for growth."
Community Capital is headquartered in Albany, Georgia, and is the holding company for Albany Bank & Trust which has four banking locations, and AB&T National Bank which has an office in Dothan, Alabama. The stock is traded on the Nasdaq Small-Cap Market under the symbol "ALBY".
Community Capital Bancshares Financial Highlights (Unaudited) (Dollars in thousands, except per share data) Three months ended Nine months ended Earnings Summary: 9/30/04 9/30/03 9/30/04 9/30/03 Net Interest Income $1,561 $1,141 $4,664 $3,232 Provision for Loan Losses 20 164 35 378 Non-interest income 410 314 1,023 793 Non-interest expense 1,648 1,006 4,752 3,060 Income tax expense 90 93 282 195 Net Income 213 192 618 392 Primary Earnings per share $0.10 $0.13 $0.33 $0.27 Fully diluted earnings per share $0.09 $0.12 $0.31 $0.24 Summary Balance Sheets 9/30/04 9/30/03 12/31/03 Cash and due from banks $6,094 $3,678 $4,285 Federal funds sold 10,483 533 2,684 Investment securities 35,897 28,212 32,906 Loans 116,531 94,549 109,589 Less: allowance for loan losses (1,663) (1,060) (2,118) Other assets 17,729 5,561 11,383 Total Assets $185,071 $131,473 $158,729 Total deposits $133,723 $101,218 $123,222 Other borrowings 24,244 19,610 20,019 Other liabilities 1,336 897 2,190 Total stockholders' equity 25,768 9,748 13,298 Total liabilities and stockholders' equity $185,071 $131,473 $158,729
Community Capital Bancshares, Inc.
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