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
Incorporation or organization) |
(IRS
Employer
Identification No.) |
P.O.
Drawer 71269, Albany, Georgia 31708
|
||
(Address
of principal executive
offices)
|
(229)
446-2265
|
||
(Registrant’s
telephone number, including area
code)
|
Not Applicable
|
||
(Former
name, former address and former fiscal
year, if changed since last report)
|
Large
Accelerated Filer o
|
Accelerated
Filer o
|
Non-Accelerated
Filer x
|
PART
I –
FINANCIAL INFORMATION
|
Page
No.
|
||
Financial
Statements
|
|||
3
|
|||
4
|
|||
5
|
|||
|
|||
6
|
|||
7
|
|||
10
|
|||
13
|
|||
13
|
|||
PART
II – OTHER INFORMATION
|
|||
15
|
|||
15
|
|||
15
|
|||
15
|
|||
15
|
|||
15
|
|||
15
|
March
31,
2007
(unaudited)
|
December
31,
2006
|
||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
11,239
|
$
|
7,408
|
|||
Federal
funds sold
|
4,858
|
6,400
|
|||||
Securities
available for sale, at fair value
|
37,128
|
36,524
|
|||||
Restricted
equity securities, at cost
|
2,674
|
2,434
|
|||||
Loans
|
212,187
|
225,630
|
|||||
Less
allowance for loan losses
|
5,624
|
5,507
|
|||||
Loans,
net
|
206,563
|
220,123
|
|||||
Premises
and equipment
|
6,687
|
6,758
|
|||||
Premises
and equipment held for sale
|
3,022
|
3,022
|
|||||
Goodwill
|
2,334
|
2,334
|
|||||
Core
deposit premium
|
230
|
240
|
|||||
Other
assets
|
12,190
|
11,693
|
|||||
Total
Assets
|
$
|
286,925
|
$
|
296,936
|
|||
Liabilities
and Shareholders’ Equity
|
|||||||
Deposits
|
|||||||
Non-interest
bearing
|
$
|
23,132
|
$
|
19,480
|
|||
Interest
bearing
|
203,731
|
218,073
|
|||||
Total
deposits
|
226,863
|
237,553
|
|||||
Other
borrowings
|
27,000
|
27,000
|
|||||
Guaranteed
preferred beneficial interests in junior subordinated
debentures
|
4,124
|
4,124
|
|||||
Other
liabilities
|
1,608
|
1,467
|
|||||
Total
Liabilities
|
259,595
|
270,144
|
|||||
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;
|
|||||||
3,078,612
and 3,074,210 shares issued
|
3,079
|
3,074
|
|||||
Capital
surplus
|
23,105
|
23,032
|
|||||
Retained
earnings
|
2,003
|
1,654
|
|||||
Accumulated
other comprehensive loss
|
(470
|
)
|
(568
|
)
|
|||
Less
cost of treasury stock, 51,838 and 53,475 shares as of March
31, 2007 and
December 31, 2006 respectively
|
(387
|
)
|
(400
|
)
|
|||
Total
Shareholders’ Equity
|
27,330
|
26,792
|
|||||
Total
Liabilities and Shareholders’ Equity
|
$
|
286,925
|
$
|
296,936
|
Three
months ended
|
|||||||
March
31, 2007
|
|
March
31, 2006
|
|||||
Interest
Income
|
|||||||
Loans
|
$
|
4,737
|
$
|
4,830
|
|||
Investment
securities
|
435
|
469
|
|||||
Deposits
in banks
|
2
|
—
|
|||||
Federal
funds sold
|
73
|
184
|
|||||
Total
interest income
|
5,247
|
5,483
|
|||||
Interest
expense
|
|||||||
Deposits
|
2,345
|
2,119
|
|||||
Other
borrowed money
|
376
|
538
|
|||||
Total
interest expense
|
2,721
|
2,657
|
|||||
Net
interest income
|
2,526
|
2,826
|
|||||
Provision
for loan losses
|
241
|
479
|
|||||
Net
interest income after provision for loan losses
|
2,285
|
2,347
|
|||||
Other
income
|
|||||||
Service
charges on deposit accounts
|
233
|
312
|
|||||
Financial
service fees
|
61
|
56
|
|||||
Mortgage
origination fees
|
33
|
198
|
|||||
Gain
on sale of foreclosed properties
|
1
|
—
|
|||||
Increase
in cash surrender value of bank owned life insurance
policies
|
63
|
60
|
|||||
Other
operating income
|
59
|
27
|
|||||
Total
other income
|
450
|
653
|
|||||
Other
expenses
|
|||||||
Salaries
and employee benefits
|
1,111
|
1,427
|
|||||
Equipment
and occupancy expense
|
278
|
317
|
|||||
Marketing
expense
|
37
|
39
|
|||||
Data
processing expense
|
164
|
162
|
|||||
Administrative
expenses
|
201
|
411
|
|||||
Legal
and professional
|
84
|
109
|
|||||
Directors
fees
|
84
|
66
|
|||||
Amortization
of intangible assets
|
9
|
11
|
|||||
Stationery
and supply expense
|
35
|
62
|
|||||
Other
operating expenses
|
129
|
164
|
|||||
Total
other expense
|
2,132
|
2,768
|
|||||
Income
before income taxes
|
603
|
232
|
|||||
Income
tax expense
|
192
|
73
|
|||||
Net
Income
|
$
|
411
|
$
|
159
|
|||
Basic
earnings per share
|
$
|
.14
|
$
|
.05
|
|||
Diluted earnings
per share
|
$
|
.13
|
$
|
.05
|
|||
Weighted
average common shares outstanding
|
3,022,548
|
2,914,972
|
|||||
Weighted
average diluted common shares outstanding
|
3,103,903
|
3,013,704
|
|||||
Dividends
Declared per share
|
.02
|
.02
|
2007
|
2006
|
||||||
Net
Income
|
$
|
411
|
$
|
159
|
|||
Other
comprehensive Income (loss)
|
|||||||
Net
unrealized holding gains (losses) arising during the period, net
of tax
expense (benefit) of $54,000 in 2007 and $(34,000) in
2006.
|
98
|
(67
|
)
|
||||
Comprehensive
income
|
$
|
509
|
$
|
92
|
2007
|
2006
|
||||||
Cash
Flows from operating activities:
|
|||||||
Net
income
|
$
|
411
|
$
|
159
|
|||
Adjustments
to reconcile net income to net cash used in operating
activities:
|
|||||||
Depreciation
|
108
|
118
|
|||||
Amortization
of core deposit premiums
|
9
|
11
|
|||||
Provision
for loan losses
|
241
|
479
|
|||||
Provision
for deferred taxes
|
4
|
(23
|
)
|
||||
(Increase)
decrease in interest receivable
|
292
|
(227
|
)
|
||||
Other
operating activities
|
(678
|
)
|
53
|
||||
Net
cash provided by operating activities
|
387
|
570
|
|||||
Cash
Flows from Investing Activities:
|
|||||||
Purchase
of property and equipment
|
(39
|
)
|
(443
|
)
|
|||
Net
decrease in federal funds sold
|
1,542
|
2,025
|
|||||
Net
(increase) decrease in loans
|
13,320
|
(22,587
|
)
|
||||
Proceeds
from maturities of securities available for sale
|
769
|
782
|
|||||
Purchase
of securities available for sale
|
(1,463
|
)
|
(580
|
)
|
|||
Net
cash provided by (used in) investing activities
|
14,129
|
(20,803
|
)
|
||||
Cash
Flows from Financing Activities:
|
|||||||
Net
increase (decrease) in deposits
|
(10,690
|
)
|
28,080
|
||||
Net
decrease in other borrowings
|
—
|
(8,000
|
)
|
||||
Dividends
paid
|
(61
|
)
|
(60
|
)
|
|||
Proceeds
from exercise of stock warrants and options
|
47
|
14
|
|||||
Net
treasury stock transactions
|
19
|
—
|
|||||
Net
cash provided by (used in) financing activities
|
(10,685
|
)
|
20,034
|
||||
Net
increase (decrease) in cash
|
3,831
|
(199
|
)
|
||||
Cash
and due from banks at beginning of period
|
7,408
|
6,931
|
|||||
Cash
and due from banks at end of period
|
$
|
11,239
|
$
|
6,732
|
|||
Supplemental
Disclosure
|
|||||||
Cash
paid for interest
|
$
|
2,749
|
2,356
|
||||
Income
taxes
|
169
|
200
|
|||||
Non-Cash
Transaction
|
|||||||
Unrealized
losses on securities available for sale
|
$
|
152
|
$
|
101
|
Note 1. |
Organization
and Summary of Significant Accounting
Policies
|
March
31, 2007
|
|
December
31, 2006
|
|||||
Interest
bearing demand and savings
|
$
|
61,363,000
|
$
|
61,242,000
|
|||
Certificates
of deposit in denominations of $100,000 or greater
|
85,464,000
|
96,977,000
|
|||||
Other
Certificates of deposit
|
56,904,000
|
59,854,000
|
|||||
Total
|
$
|
203,731,000
|
$
|
218,073,000
|
Tier
1 Capital to risk weighted assets Ratio, actual
|
14.41%
|
|
Tier
1 Capital minimum requirement
|
4.00%
|
|
Tier
2 Capital to risk weighted assets Ratio, actual
|
15.67%
|
|
Tier
2 Capital minimum requirement
|
8.00%
|
|
Tier
1 Leverage Ratio
|
10.86%
|
|
Tier
1 Leverage Ratio minimum requirement
|
4.00%
|
|
March
- 07
|
|
December-06
|
||||
Commitments
to extend credit
|
$
|
41,945,000
|
$
|
57,958,000
|
|||
Standby
letters of credit
|
$
|
1,020,000
|
$
|
1,020,000
|
ITEM 3. |
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
ITEM 4. |
CONTROLS
AND PROCEDURES
|
ITEM 1A. |
Risk
Factors
|
ITEM 2. |
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
(a) |
None
|
(b) |
None
|
(c) |
None
|
ITEM 3. |
DEFAULTS
UPON SENIOR SECURITIES
|
ITEM 4. |
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
ITEM 5. |
OTHER
INFORMATION
|
Item 6. |
Exhibits
|
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.
|
||
|
|
|
May
11, 2007
|
/s/ John H. Monk, Jr. | |
Date
|
John
H.
Monk, Jr.
|
|
|
Chief Executive
Officer
|
|
|
|
May 11, 2007 | /s/ David J. Baranko | |
Date
|
David
J. Baranko
|
|
|
Chief Financial Officer
(Duly
authorized officer and principal
financial /
accounting officer) |