Community Capital Corporation (Nasdaq:CPBK) reports operating
results for the nine months and quarter ended September 30, 2010.
- Tier 1 leverage ratio increased to 8.65% compared to 8.41% as
of June 30, 2010, however based on period end total assets this
ratio increased to 9.22%
- Tangible equity to tangible assets of 7.83% versus prior
quarter ratio of 7.19%
- Total risk based capital increased to 13.84%, which remains
above the regulatory definition to be considered "well capitalized"
of 10%
- Balance sheet contracted $69.3 million from $757.0 million at
June 30, 2010 to $687.7 million at September 30, 2010
- Eliminated $60.1 million in CDs during the quarter that yielded
approximately 2.75% utilizing cash on hand to fund the runoff
- NIM for the third quarter of 2010 was 2.84%; NIM month to date
through October 26, 2010 was 3.68% with the increase being a direct
result of the deleveraging activities noted
- Bonds were sold during the quarter to shorten the duration of
the portfolio resulting in gains of $728,000
- Nonperforming loans increased $3.8 million during the quarter
primarily due to the transfer from troubled debt
restructurings
- Troubled debt restructurings declined $7.8 million, or 54%, to
$6.1 million at September 30, 2010
- Loans past due 30 to 89 days to gross loans was 0.28% at
September 30, 2010, compared to 0.66% at June 30, 2010
- Construction and development real estate loans have declined
$71.8 million or 40.42% since September 30, 2009
- Market value of accounts in our wealth management division
surpassed $600 million as of September 30, 2010, an 8.11% increase
since June 30, 2010.
Community Capital Corporation today reported a net loss for the
three months ended September 30, 2010 of $478,000, or $(0.05) per
diluted share, compared to a net loss of $21,785,000, or $(4.35)
per diluted share, for the same period in 2009. The company
recorded provision for loan losses of $2.75 million during the
third quarter of 2010 compared to $24.00 million during the third
quarter of 2009. Return on average assets for the quarter was
(0.26)% for 2010 compared to (11.08)% for the same period in 2009.
Return on average equity was (3.39)% for the quarter ended
September 30, 2010 compared to (135.74)% for the same period in
2009.
Year to date income for the nine months ended September 30, 2010
was $1,475,000, or $0.15 per diluted share, compared to a net loss
of $23,863,000, or ($5.14) per diluted share, for the nine months
ended September 30, 2009. Return on average assets was 0.26% for
the nine months ended September 30, 2010 compared to (4.08)% for
the same period in 2009. Return on average equity was 3.57% for the
nine months ended September 30, 2010 compared to (49.63)% for the
same period in 2009.
Total assets decreased 8.24% to $687,704,000 at September 30,
2010 from $749,442,000 as of December 31, 2009, and 9.16% from
$757,045,000 at June 30, 2010. Total loans decreased
$62,670,000, or 11.05%, to $504,508,000 at September 30, 2010 from
$567,178,000 at December 31, 2009, and decreased $16,978,000 from
$521,486,000 at June 30, 2010. Total deposits decreased
$63,845,000, or 10.94%, to $519,638,000 at September 30, 2010 from
$583,483,000 at December 31, 2009, and decreased $69,138,000, or
11.74%, from $588,776,000 at June 30, 2010.
William G. Stevens, President/CEO of Community Capital
Corporation, stated, "We decided to materially alter the balance
sheet during the quarter by allowing approximately $60 million in
high cost CDs to run off. We funded the deposits outflow with
very low yielding cash. As a result, we significantly
bolstered period end capital ratios and expect to have a much
improved margin going forward due to the elimination of negative
leverage. While we are disappointed that nonaccrual loans did
not decline this quarter, our core profitability remains sound and
will only be improved by our increasing margin and strong
noninterest income levels. We continue to believe our core
earnings and strengthening capital levels will allow us to be very
aggressive in our efforts to eliminate bad loans and other real
estate from our company's balance sheet."
Community Capital Corporation is the parent company of
CapitalBank, which operates 18 community oriented branches
throughout upstate South Carolina and offers a full array of
banking services, including a diverse wealth management
group. Additional information on CapitalBank's locations and
the products and services offered are available at
www.capitalbanksc.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements relating to future plans and
expectations, and are thus prospective. Such
forward-looking statements include but are not limited to (1)
statements regarding potential future economic recovery,
(2) statements with respect to our plans, objectives,
expectations and intentions and other statements that are not
historical facts, and (3) other statements identified by words such
as "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "targets," and "projects," as well as similar
expressions. Such statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from future results expressed or implied by
such forward-looking statements. Although we believe
that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove to be
inaccurate. Therefore, we can give no assurance that the
results contemplated in the forward-looking statements will be
realized. The inclusion of this forward-looking
information should not be construed as a representation by our
company or any person that the future events, plans, or
expectations contemplated by our company will be achieved. The
following factors, among others, could cause actual results to
differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
potential that loan charge-offs may exceed the allowance for loan
losses or that such allowance will be increased as a result of
factors beyond our control; (2) our ability and success in
resolving troubled loans; (3) adverse conditions in the stock
market, the public debt market, and other capital markets
(including changes in interest rate conditions); (4) changes in
deposit rates, the net interest margin, and funding sources; (5)
the strength of the U.S. economy in general and the strength of the
local economies in which we conduct operations may be different
than expected resulting in, among other things, a deterioration in
credit quality or a reduced demand for credit, including the
resultant effect on our loan portfolio and allowance for loan
losses; (6) the challenges, costs and complications associated with
the continued development of our branches; (7) changes in the U.S.
legal and regulatory framework, including the effect of recent
financial reform legislation on the banking industry; (8) our
dependence on senior management; (9) competition from existing
financial institutions operating in our market areas as well as the
entry into such areas of new competitors with greater resources,
broader branch networks and more comprehensive services;
(10) risks inherent in making loans including repayment risks
and value of collateral; (11) fluctuations in consumer spending and
saving habits; (12) the demand for our products and
services; (13) the challenges and uncertainties in the
implementation of our expansion and development
strategies; (14) the adequacy of expense projections and
estimates of impairment loss; (15) unanticipated regulatory or
judicial proceedings; and (16) the timely development and
acceptance of products and services, including products and
services offered through alternative delivery channels such as the
Internet.
Additional factors that could cause our results to differ
materially from those described in the forward-looking statements
can be found in Community Capital Corporation's reports (such as
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K) filed with the SEC and available at
the SEC's Internet site (http://www.sec.gov). All
references to financial information as of December 31, 2009 are
derived from our Annual Report on Form 10-K for the year ended
December 31, 2009. All subsequent written and oral
forward-looking statements concerning the company or any person
acting on its behalf is expressly qualified in its entirety by the
cautionary statements above. We do not undertake any obligation to
update any forward-looking statement to reflect circumstances or
events that occur after the date the forward-looking statements are
made.
Financial Highlights
(Dollars in thousands, except per share
data)
|
Three Months Ended September
30, 2010 |
Three Months Ended September
30, 2009 |
Nine Months Ended September 30,
2010 |
Nine Months Ended September
30, 2009 |
Earnings Summary |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Interest income |
$7,483 |
$9,026 |
$23,792 |
$27,731 |
Interest expense |
2,696 |
3,645 |
8,422 |
10,641 |
Net interest income |
4,787 |
5,381 |
15,370 |
17,090 |
Provision for loan losses |
2,750 |
24,000 |
6,350 |
31,800 |
Non-interest income |
2,742 |
1,868 |
8,546 |
5,965 |
Non-interest expense |
5,651 |
13,300 |
15,777 |
25,074 |
Income (loss) before taxes |
(872) |
(30,051) |
1,789 |
(33,819) |
Income tax expense (benefit) |
(394) |
(8,266) |
314 |
(9,956) |
Net income (loss) |
$(478) |
$(21,785) |
$1,475 |
$(23,863) |
|
|
|
|
|
Per Shares Ratios: |
|
|
|
|
Basic earnings (loss) per share |
$(0.05) |
$(4.35) |
$0.15 |
$(5.14) |
Diluted earnings (loss) per share |
$(0.05) |
$(4.35) |
$0.15 |
$(5.14) |
Dividends declared per share |
-- |
-- |
-- |
$0.15 |
Book value per share |
$5.52 |
$6.27 |
$5.52 |
$6.27 |
|
|
|
|
|
Common Share Data: |
|
|
|
|
Outstanding at period end |
9,978,761 |
8,023,179 |
9,978,761 |
8,023,179 |
Weighted average outstanding |
9,931,940 |
5,013,726 |
9,894,766 |
4,638,143 |
Diluted weighted average
outstanding |
9,931,940 |
5,013,726 |
9,931,323 |
4,638,143 |
|
|
|
|
|
Capital Ratios: |
|
|
|
|
Tier 1 leverage ratio |
8.65% |
7.39% |
8.65% |
7.39% |
Tier 1 risk-based capital ratio |
12.57% |
9.97% |
12.57% |
9.97% |
Total risk-based capital ratio |
13.84% |
11.28% |
13.84% |
11.28% |
Tangible equity to tangible assets (period
end) |
7.83% |
7.93% |
7.83% |
7.93% |
|
|
|
|
|
|
Balance Sheet Highlights
(Dollars in thousands)
|
Three Months Ended September
30, 2010 |
Three Months Ended June 30,
2010 |
Three Months Ended September
30, 2009 |
Nine Months Ended September
30, 2010 |
Nine Months Ended September
30, 2009 |
Average Balances: |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Total assets |
$734,956 |
$752,051 |
$780,420 |
$745,537 |
$782,328 |
Earning assets |
673,392 |
694,439 |
723,501 |
684,237 |
718,993 |
Loans |
517,941 |
538,676 |
609,033 |
538,800 |
624,327 |
Deposits |
566,325 |
584,305 |
579,280 |
577,522 |
542,508 |
Interest bearing deposits |
460,761 |
480,988 |
474,718 |
470,941 |
445,396 |
Noninterest bearing deposits |
105,564 |
103,317 |
104,562 |
106,581 |
97,112 |
Other borrowings |
95,400 |
95,400 |
119,455 |
95,400 |
158,206 |
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
Shareholders' equity |
55,976 |
55,463 |
63,676 |
55,285 |
64,289 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets |
(0.26)% |
0.19% |
(11.08)% |
0.26% |
(4.08)% |
Return on average shareholders' equity |
(3.39)% |
2.55% |
(135.74)% |
3.57% |
(49.63)% |
Net interest margin |
2.84% |
3.02% |
3.00% |
3.04% |
3.24% |
(fully tax equivalent at 38%) |
|
|
|
|
|
Efficiency ratio |
82.70% |
74.28% |
180.87% |
71.61% |
108.83% |
|
|
|
|
|
|
|
Three Months Ended September 30,
2010 |
Three Months Ended June 30,
2010 |
Three Months Ended September
30, 2009 |
Nine Months Ended September
30, 2010 |
Nine Months Ended September 30,
2009 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Asset Quality: |
|
|
|
|
|
Nonperforming loans |
$27,896 |
$24,139 |
$55,439 |
$27,896 |
$55,439 |
Other real estate |
14,452 |
13,840 |
6,181 |
14,452 |
6,181 |
Total nonperforming assets |
42,348 |
37,979 |
61,620 |
42,348 |
61,620 |
Total impaired loans |
78,104 |
85,343 |
102,002 |
78,104 |
102,002 |
Total performing troubled debt
restructurings |
6,147 |
13,931 |
4,202 |
6,417 |
4,202 |
Net charge-offs/write-downs |
2,614 |
2,841 |
908 |
7,197 |
7,474 |
Net charge-offs/write-downs to average
loans |
0.50% |
0.53% |
0.15% |
1.34% |
1.20% |
Allowance for loan losses
to nonperforming loans |
47.72% |
54.59% |
68.44% |
47.72% |
68.44% |
Nonperforming loans to total loans |
5.53% |
4.63% |
9.21% |
5.53% |
9.21% |
Nonperforming assets to total assets |
6.16% |
5.02% |
8.24% |
6.16% |
8.24% |
Allowance for loan losses to period end
loans |
2.64% |
2.53% |
6.30% |
2.64% |
6.30% |
|
|
|
|
|
|
Other Selected Ratios: |
|
|
|
|
|
Average equity to average assets |
7.61% |
7.37% |
8.16% |
7.42% |
8.22% |
Average loans to average deposits |
91.46% |
92.19% |
105.14% |
93.30% |
115.08% |
Average loans to average earning assets |
76.92% |
77.57% |
84.18% |
78.74% |
86.83% |
Balance Sheet Data
(Dollars in thousands) |
September
30, 2010 |
June
30, 2010 |
December
31, 2009 |
September
30, 2009 |
|
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
Assets: |
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
Cash and due from banks |
$ 11,332 |
$ 15,351 |
$ 10,141 |
$ 10,183 |
Interest bearing deposit
accounts |
49,237 |
97,527 |
38,990 |
27,210 |
Total cash and cash
equivalents |
60,569 |
112,878 |
49,131 |
37,393 |
Investment securities: |
|
|
|
|
Securities held-for-sale |
55,422 |
56,143 |
68,826 |
73,410 |
Securities held-to-maturity |
-- |
160 |
160 |
215 |
Nonmarketable equity
securities |
9,930 |
10,402 |
10,186 |
10,186 |
Total investment securities |
65,352 |
66,705 |
79,172 |
83,811 |
Loans held for sale |
5,419 |
4,582 |
1,103 |
815 |
Loans receivable |
504,508 |
521,486 |
567,178 |
601,846 |
Allowance for loan losses |
(13,313) |
(13,177) |
(14,160) |
(37,943) |
Other real estate owned |
14,452 |
13,840 |
7,165 |
6,181 |
Premises and equipment, net |
15,521 |
15,737 |
16,150 |
16,373 |
Prepaid expenses |
3,662 |
4,117 |
4,873 |
3,662 |
Intangible assets |
1,360 |
1,460 |
1,663 |
1,769 |
Cash surrender value of life insurance |
17,211 |
17,035 |
16,689 |
16,507 |
Deferred tax asset |
6,093 |
5,925 |
6,622 |
3,394 |
Income tax receivable |
-- |
-- |
9,634 |
-- |
Other assets |
6,870 |
6,457 |
4,222 |
14,416 |
Total
assets |
$ 687,704 |
$ 757,045 |
$ 749,442 |
$ 748,224 |
|
|
|
|
|
Liabilities and shareholders'
equity: |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest bearing |
$ 100,965 |
$ 108,332 |
$ 112,333 |
$ 102,906 |
Interest bearing |
418,673 |
480,444 |
471,150 |
471,964 |
Total deposits |
519,638 |
588,776 |
583,483 |
574,870 |
FHLB advances |
95,400 |
95,400 |
95,400 |
105,400 |
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
Other liabilities |
7,227 |
6,768 |
6,492 |
7,301 |
Total liabilities |
$ 632,575 |
$ 701,254 |
$ 695,685 |
$ 697,881 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Common stock: $1 par value; 20 million shares
authorized |
$10,721 |
$10,721 |
$10,721 |
$8,903 |
Nonvested restricted stock |
(175) |
(234) |
(364) |
(460) |
Capital surplus |
65,244 |
65,539 |
66,473 |
67,721 |
Accumulated other comprehensive income |
352 |
678 |
909 |
1,000 |
Retained earnings (deficit) |
(10,230) |
(9,752) |
(11,705) |
(10,323) |
Treasury stock, at cost |
(10,783) |
(11,161) |
(12,277) |
(16,498) |
Total shareholders'
equity |
55,129 |
55,791 |
53,757 |
50,343 |
Total liabilities and shareholders'
equity |
$ 687,704 |
$ 757,045 |
$ 749,442 |
$ 748,224 |
|
|
|
|
|
Income Statement Data
(Dollars in thousands) |
Three Months Ended
September 30, 2010 |
Three Months Ended
June 30, 2010 |
Three Months Ended
September 30, 2009 |
Nine Months
Ended September 30, 2010 |
Nine Months
Ended September 30, 2009 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Interest income: |
|
|
|
|
|
Interest and fees on loans |
$ 6,995 |
$ 7,343 |
$ 8,186 |
$ 21,838 |
$ 25,077 |
Interest on investment securities |
422 |
669 |
816 |
1,828 |
2,622 |
Interest on federal funds sold and
interest-bearing
deposits |
66 |
40 |
24 |
126 |
32 |
Total interest income |
7,483 |
8,052 |
9,026 |
23,792 |
27,731 |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Interest on deposits |
1,758 |
1,974 |
2,199 |
5,662 |
5,863 |
Interest on borrowings |
938 |
915 |
1,446 |
2,760 |
4,778 |
Total interest expense |
2,696 |
2,889 |
3,645 |
8,422 |
10,641 |
|
|
|
|
|
|
Net interest income |
4,787 |
5,163 |
5,381 |
15,370 |
17,090 |
Provision for loan loss |
2,750 |
2,000 |
24,000 |
6,350 |
31,800 |
Net interest income (loss) after
provision |
2,037 |
3,163 |
(18,619) |
9,020 |
(14,710) |
Non-interest income: |
|
|
|
|
|
Service charges on deposit accounts |
441 |
492 |
594 |
1,414 |
1,730 |
Gain on sale of loans held for sale |
519 |
410 |
359 |
1,227 |
1,174 |
Fees from brokerage services |
69 |
80 |
74 |
213 |
185 |
Income from fiduciary activities |
507 |
449 |
418 |
1,428 |
1,172 |
Gain on sale of securities held-for-sale |
728 |
582 |
3 |
1,993 |
396 |
Other operating income |
478 |
439 |
420 |
2,271 |
1,308 |
Total non-interest income |
2,742 |
2,452 |
1,868 |
8,546 |
5,965 |
Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
2,521 |
2,480 |
2,601 |
7,440 |
7,811 |
Net occupancy expense |
334 |
321 |
316 |
988 |
956 |
Amortization of intangible assets |
101 |
100 |
106 |
303 |
320 |
Goodwill impairment |
-- |
-- |
7,418 |
-- |
7,418 |
Furniture and equipment expense |
179 |
188 |
212 |
559 |
667 |
FDIC banking assessments |
516 |
379 |
242 |
1,241 |
854 |
FHLB prepayment penalties |
-- |
-- |
359 |
-- |
359 |
Net cost of operation of other real estate
owned |
543 |
583 |
1,273 |
1,444 |
2,765 |
Loss on sale of fixed assets |
-- |
-- |
20 |
-- |
39 |
Other operating expenses |
1,457 |
1,190 |
753 |
3,802 |
3,885 |
Total non-interest expense |
5,651 |
5,241 |
13,300 |
15,777 |
25,074 |
Income (loss) before taxes |
(872) |
374 |
(30,051) |
1,789 |
(33,819) |
Income tax expense (benefit) |
(394) |
21 |
(8,266) |
314 |
(9,956) |
Net income (loss) |
$ (478) |
$ 353 |
$ (21,785) |
$ 1,475 |
$ (23,863) |
|
|
|
|
|
Loan Composition: |
September 30,
2010 |
June 30,
2010 |
December 31,
2009 |
September 30,
2009 |
(Dollars in thousands) |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
|
|
|
|
|
|
|
|
|
Commercial and agricultural |
$ 42,177 |
8.36% |
$ 39,787 |
7.63% |
$ 35,082 |
6.18% |
$ 36,956 |
6.14% |
Real estate – construction |
105,812 |
20.97% |
110,522 |
21.19% |
145,130 |
25.59% |
177,584 |
29.51% |
Real estate – mortgage and commercial |
294,036 |
58.28% |
306,061 |
58.69% |
316,571 |
55.82% |
319,026 |
53.01% |
Home equity |
43,158 |
8.56% |
44,721 |
8.58% |
47,409 |
8.36% |
47,315 |
7.86% |
Consumer – Installment |
18,009 |
3.57% |
19,109 |
3.66% |
21,564 |
3.80% |
19,538 |
3.24% |
Other |
1,316 |
0.26% |
1,286 |
0.25% |
1,422 |
0.25% |
1,427 |
0.24% |
Total |
$ 504,508 |
100.00% |
$ 521,486 |
100.00% |
$ 567,178 |
100.00% |
$ 601,846 |
100.00% |
|
|
|
|
|
|
|
|
|
Deposits: |
September 30,
2010 |
June 30,
2010 |
December 31,
2009 |
September 30,
2009 |
(Dollars in thousands) |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
|
|
|
|
|
|
|
|
|
Noninterest bearing demand |
$ 100,965 |
19.43% |
$ 108,332 |
18.40% |
$ 112,333 |
19.25% |
$ 102,906 |
17.90% |
Interest bearing demand |
70,800 |
13.62% |
75,156 |
12.77% |
66,807 |
11.45% |
61,098 |
10.63% |
Money market and savings |
180,553 |
34.75% |
177,823 |
30.20% |
166,086 |
28.47% |
167,967 |
29.22% |
Brokered deposits |
11,849 |
2.28% |
11,849 |
2.01% |
27,200 |
4.66% |
29,417 |
5.12% |
Certificates of deposit |
155,471 |
29.92% |
215,616 |
36.62% |
211,057 |
36.17% |
213,482 |
37.13% |
Total |
$ 519,638 |
100.00% |
$ 588,776 |
100.00% |
$ 583,483 |
100.00% |
$ 574,870 |
100.00% |
Wealth Management Group
Fiduciary and Related
Services: (Dollars in thousands,
except number of accounts) |
September 30, 2010 |
June 30, 2010 |
December 31, 2009 |
September 30, 2009 |
Market value of accounts |
$ 607,433 |
$ 561,868 |
$ 505,031 |
$ 477,414 |
Market value of discretionary accounts |
$ 207,498 |
$ 197,215 |
$ 188,663 |
$ 180,703 |
Market value of non-discretionary
accounts |
$ 399,935 |
$ 364,653 |
$ 316,368 |
$ 296,711 |
Total number of accounts |
1,441 |
1,384 |
1,440 |
1,397 |
|
|
|
Yield/Rate
Analysis QTD |
Three Months
Ended September 30, 2010 |
Three Months
Ended September 30, 2009 |
(Dollars in thousands) |
Average
Balance |
Interest |
Yield/ Rate |
Average Balance |
Interest |
Yield/ Rate |
ASSETS |
|
|
|
|
|
|
Loans(1)(3) |
$ 517,941 |
$ 7,001 |
5.36% |
$ 609,033 |
$ 8,194 |
5.34% |
Securities, taxable(2) |
42,711 |
296 |
2.75% |
47,186 |
536 |
4.51% |
Securities, nontaxable(2)(3) |
12,475 |
117 |
3.72% |
21,842 |
320 |
5.81% |
Nonmarketable Equity Securities |
10,103 |
41 |
1.61% |
10,186 |
48 |
1.87% |
Fed funds sold and other (incl. FHLB) |
90,162 |
66 |
0.29% |
35,254 |
24 |
0.24% |
Total earning assets |
$ 673,392 |
$ 7,521 |
4.43% |
$ 723,501 |
$ 9,122 |
5.00% |
Non-earning assets |
61,564 |
|
|
56,919 |
|
|
Total assets |
$ 734,956 |
|
|
$ 780,420 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Transaction accounts |
$ 203,434 |
$ 532 |
1.04% |
$ 186,265 |
$ 473 |
1.01% |
Regular savings accounts |
45,784 |
137 |
1.19% |
41,999 |
174 |
1.64% |
Certificates of deposit |
211,543 |
1,089 |
2.04% |
246,454 |
1,551 |
2.50% |
Other short term borrowings |
0 |
-- |
-- |
359 |
-- |
0.00% |
FHLB Advances |
95,400 |
749 |
3.11% |
119,096 |
1,262 |
4.20% |
Junior subordinate debentures |
10,310 |
189 |
7.27% |
10,310 |
185 |
7.12% |
Total interest-bearing
liabilities |
$ 566,471 |
$ 2,696 |
1.89% |
$ 604,483 |
$ 3,645 |
2.39% |
Non-interest bearing liabilities |
112,509 |
|
|
112,261 |
|
|
Stockholders' equity |
55,976 |
|
|
63,676 |
|
|
Total liabilities & equity |
$ 734,956 |
|
|
$ 780,420 |
|
|
|
|
|
|
|
|
|
Net interest income/ interest rate
spread |
|
$ 4,825 |
2.54% |
|
$ 5,477 |
2.61% |
|
|
|
|
|
|
|
Net yield on earning assets |
|
|
2.84% |
|
|
3.00% |
|
|
|
Yield/Rate Analysis YTD |
Nine Months Ended
September 30, 2010 |
Nine Months Ended
September 30, 2009 |
(Dollars in thousands) |
Average Balance |
Interest |
Yield/ Rate |
Average Balance |
Interest |
Yield/ Rate |
ASSETS |
|
|
|
|
|
|
Loans(1)(3) |
$ 538,800 |
$ 21,859 |
5.42% |
$ 624,327 |
$ 25,101 |
5.38% |
Securities, taxable(2) |
49,850 |
1,313 |
3.52% |
45,531 |
1,669 |
4.90% |
Securities, nontaxable(2)(3) |
14,175 |
563 |
5.31% |
25,025 |
1,165 |
6.22% |
Nonmarketable Equity Securities |
10,252 |
107 |
1.40% |
4,753 |
109 |
3.07% |
Fed funds sold and other (incl. FHLB) |
71,160 |
126 |
0.24% |
19,357 |
32 |
0.22% |
Total earning assets |
$ 684,237 |
$ 23,968 |
4.68% |
$ 718,993 |
$ 28,076 |
5.22% |
Non-earning assets |
61,300 |
|
|
63,335 |
|
|
Total assets |
$ 745,537 |
|
|
$ 782,328 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Transaction accounts |
$ 198,960 |
$ 1,663 |
1.12% |
$ 194,066 |
$ 1,092 |
0.75% |
Regular savings accounts |
44,790 |
419 |
1.25% |
39,452 |
504 |
1.71% |
Certificates of deposit |
227,191 |
3,580 |
2.11% |
211,878 |
4,266 |
2.69% |
Other short term borrowings |
-- |
-- |
-- |
23,935 |
57 |
0.32% |
FHLB Advances |
95,400 |
2,206 |
3.09% |
134,271 |
4,177 |
4.16% |
Junior subordinate debentures |
10,310 |
554 |
7.18% |
10,310 |
545 |
7.07% |
Total interest-bearing
liabilities |
$ 576,651 |
$ 8,422 |
1.95% |
$ 613,912 |
$ 10,641 |
2.32% |
Non-interest bearing liabilities |
113,601 |
|
|
104,127 |
|
|
Stockholders' equity |
55,285 |
|
|
64,289 |
|
|
Total liabilities & equity |
$ 745,537 |
|
|
$ 782,328 |
|
|
|
|
|
|
|
|
|
Net interest income/ interest rate
spread |
|
$ 15,546 |
2.73% |
|
$ 17,435 |
2.90% |
|
|
|
|
|
|
|
Net yield on earning assets |
|
|
3.04% |
|
|
3.24% |
|
|
|
|
|
|
|
(1) The effect of loans in
nonaccrual status and fees collected is not significant to the
computations.
(2) Average investment securities
exclude the valuation allowance on securities
available-for-sale.
(3) Fully tax-equivalent basis at
38% tax rate for nontaxable securities and loans.
CONTACT: Community Capital Corporation
R. Wesley Brewer, Executive Vice President/CFO
864-941-8290
wbrewer@capitalbanksc.com
Lee Lee M. Lee, Controller/VP of Investor Relations
864-941-8242
llee@capitalbanksc.com
www.comcapcorp.com
Community Capital (NASDAQ:CPBK)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Community Capital (NASDAQ:CPBK)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024