Community Capital Corporation Earnings Increase 48%

Apr 18, 2001, 01:00 ET from Community Capital Corporation

    GREENWOOD, S.C., April 18 /PRNewswire/ --
     Community Capital Corporation (Nasdaq-Amex:   CYL) reported operating
 results for the three months ending March 31, 2001.
     Net income for the three months ended March 31, 2001 was $550,000, which
 was a 48% increase over the same period ended March 31, 2000.  Year-to-date
 diluted earnings per share were $0.17 compared to $0.12 in 2000, which is a
 42% increase.
     Return on average assets was 0.53% for the first quarter of 2001 compared
 to 0.41% for the same period in 2000.  Return on average equity was 6.33%
 compared to 4.94% in 2000.  Total assets increased 12% from $375,266,000 at
 March 31, 2000 to $421,616,000 at March 31, 2001.  Total loans were
 $288,387,000 compared to $234,902,000, up 23%, and total deposits increased
 26% to $335,094,000 versus $265,872,000.  Shareholders' equity at March 31,
 2001 was $36,492,000, up 17% over the same period in 2000.
     William G. Stevens, President and Chief Executive Officer, commented on
 the company's latest performance, stating, "We are pleased with the positive
 results that are being generated by our consolidation of banks on January 1,
 2001.  This new structure is far less complicated than the multi-bank
 structure and allows us to continue to improve on our operating efficiencies.
 With the recent announcements of mergers of large financial companies in our
 markets, we are even more convinced that there will be stronger demand for
 community banking in each of our regions."
     Community Capital Corporation is the parent company for South Carolina
 based CapitalBank.  Community Capital Corporation is listed on the American
 Stock Exchange under the symbol "CYL".
 
     http://www.comcapcorp.com
 
     Certain matters set forth in this news release may contain forward-looking
 statements that are provided to assist in the understanding of anticipated
 future financial performance.  However, such performance involves risks and
 uncertainties that may cause actual results to differ materially from those in
 such statements.  For a discussion of certain factors that may cause such
 forward-looking statements to differ materially from the Company's actual
 results, see the Company's Quarterly Report on Form 10-K for the year ended
 December 31, 2000.
 
 
     INCOME STATEMENT DATA
     (In thousands, except per share)
 
                                                        Three Months Ended
                                                              March 31,
                                                         2001           2000
 
     Interest Income                                    7,806          6,606
     Interest Expense                                   4,465          3,572
     Net Interest Income                                3,341          3,034
     Provision for Loan Losses                            100            177
     Net Int. Income After Provision                    3,241          2,857
     Non-Interest Income                                  967            875
     Non-Interest Expense                               3,508          3,325
     Income Before Taxes                                  700            407
     Income Tax Expense                                   150             35
     Net Income                                           550            372
 
     Primary Earnings Per Share                         $0.17          $0.12
     Diluted Earnings Per Share                         $0.17          $0.12
 
     Average Shares Outstanding ( Fully Diluted)    3,295,810      3,086,223
     Return on Average Assets                            0.53%          0.41%
     Return on Average Equity                            6.33%          4.94%
     Net Interest Margin                                 3.68%          3.86%
     Efficiency Ratio                                   81.49%         82.01%
 
 
     BALANCE SHEET DATA
     (In thousands, except per share data)                   March 31,
                                                        2001           2000
 
     Total Assets                                     421,616        375,266
     Investment Securities                             95,694        106,945
     Loans                                            288,387        234,902
     Allowance for Loan Losses                          3,138          2,628
     Total Deposits                                   335,094        265,872
     Other Borrowings                                  46,210         75,285
     Shareholders' Equity                              36,492         31,132
 
     Book Value Per Share                              $11.21         $10.04
     Equity to Assets                                    8.65%          8.29%
     Loan to Deposit Ratio                              86.06%         88.35%
     Allowance for Loan Losses/Loans                     1.08%          1.12%
 
 
     Average Balances:
                                                       Three Months Ended
                                                             March 31,
                                                        2001           2000
 
     Average Total Assets                             422,518        365,853
     Average Loans                                    284,504        227,132
     Average Earning Assets                           387,007        334,992
     Average Deposits                                 329,535        258,992
     Average Other Borrowings                          53,379         73,914
     Average Shareholders' Equity                      35,248         30,255
 
     Asset Quality:
 
     Non-performing loans                                 784            679
     Net charge-offs                                       22            106
     Net charge-offs to average loans                    0.01%          0.05%
 
 

SOURCE Community Capital Corporation
    GREENWOOD, S.C., April 18 /PRNewswire/ --
     Community Capital Corporation (Nasdaq-Amex:   CYL) reported operating
 results for the three months ending March 31, 2001.
     Net income for the three months ended March 31, 2001 was $550,000, which
 was a 48% increase over the same period ended March 31, 2000.  Year-to-date
 diluted earnings per share were $0.17 compared to $0.12 in 2000, which is a
 42% increase.
     Return on average assets was 0.53% for the first quarter of 2001 compared
 to 0.41% for the same period in 2000.  Return on average equity was 6.33%
 compared to 4.94% in 2000.  Total assets increased 12% from $375,266,000 at
 March 31, 2000 to $421,616,000 at March 31, 2001.  Total loans were
 $288,387,000 compared to $234,902,000, up 23%, and total deposits increased
 26% to $335,094,000 versus $265,872,000.  Shareholders' equity at March 31,
 2001 was $36,492,000, up 17% over the same period in 2000.
     William G. Stevens, President and Chief Executive Officer, commented on
 the company's latest performance, stating, "We are pleased with the positive
 results that are being generated by our consolidation of banks on January 1,
 2001.  This new structure is far less complicated than the multi-bank
 structure and allows us to continue to improve on our operating efficiencies.
 With the recent announcements of mergers of large financial companies in our
 markets, we are even more convinced that there will be stronger demand for
 community banking in each of our regions."
     Community Capital Corporation is the parent company for South Carolina
 based CapitalBank.  Community Capital Corporation is listed on the American
 Stock Exchange under the symbol "CYL".
 
     http://www.comcapcorp.com
 
     Certain matters set forth in this news release may contain forward-looking
 statements that are provided to assist in the understanding of anticipated
 future financial performance.  However, such performance involves risks and
 uncertainties that may cause actual results to differ materially from those in
 such statements.  For a discussion of certain factors that may cause such
 forward-looking statements to differ materially from the Company's actual
 results, see the Company's Quarterly Report on Form 10-K for the year ended
 December 31, 2000.
 
 
     INCOME STATEMENT DATA
     (In thousands, except per share)
 
                                                        Three Months Ended
                                                              March 31,
                                                         2001           2000
 
     Interest Income                                    7,806          6,606
     Interest Expense                                   4,465          3,572
     Net Interest Income                                3,341          3,034
     Provision for Loan Losses                            100            177
     Net Int. Income After Provision                    3,241          2,857
     Non-Interest Income                                  967            875
     Non-Interest Expense                               3,508          3,325
     Income Before Taxes                                  700            407
     Income Tax Expense                                   150             35
     Net Income                                           550            372
 
     Primary Earnings Per Share                         $0.17          $0.12
     Diluted Earnings Per Share                         $0.17          $0.12
 
     Average Shares Outstanding ( Fully Diluted)    3,295,810      3,086,223
     Return on Average Assets                            0.53%          0.41%
     Return on Average Equity                            6.33%          4.94%
     Net Interest Margin                                 3.68%          3.86%
     Efficiency Ratio                                   81.49%         82.01%
 
 
     BALANCE SHEET DATA
     (In thousands, except per share data)                   March 31,
                                                        2001           2000
 
     Total Assets                                     421,616        375,266
     Investment Securities                             95,694        106,945
     Loans                                            288,387        234,902
     Allowance for Loan Losses                          3,138          2,628
     Total Deposits                                   335,094        265,872
     Other Borrowings                                  46,210         75,285
     Shareholders' Equity                              36,492         31,132
 
     Book Value Per Share                              $11.21         $10.04
     Equity to Assets                                    8.65%          8.29%
     Loan to Deposit Ratio                              86.06%         88.35%
     Allowance for Loan Losses/Loans                     1.08%          1.12%
 
 
     Average Balances:
                                                       Three Months Ended
                                                             March 31,
                                                        2001           2000
 
     Average Total Assets                             422,518        365,853
     Average Loans                                    284,504        227,132
     Average Earning Assets                           387,007        334,992
     Average Deposits                                 329,535        258,992
     Average Other Borrowings                          53,379         73,914
     Average Shareholders' Equity                      35,248         30,255
 
     Asset Quality:
 
     Non-performing loans                                 784            679
     Net charge-offs                                       22            106
     Net charge-offs to average loans                    0.01%          0.05%
 
 SOURCE  Community Capital Corporation