Community Capital Corporation (Nasdaq:CPBK) reports operating
results for the six months and quarter ended June 30, 2011.
- Capital levels remained above regulatory requirements to be
considered "well capitalized" as the total risk based capital ratio
increased to 13.15% at June 30, 2011 from 12.17% at December 31,
2010, and the Tier 1 leverage capital ratio grew to 8.32% at June
30, 2011 from 7.77% at December 31, 2010
- Net interest margin for the quarter ended June 30, 2011 remains
above 3% even after reversing $307,000 in interest on loans placed
in nonaccrual status during the quarter and maintaining a
significant amount of cash on the balance sheet
- Noninterest bearing deposits comprised 22.57% of total deposits
at June 30, 2011 versus 18.40% at June 30, 2010
- Expenses related to the proposed merger with Park Sterling
Corporation totaled $314,000 through June 30, 2011, $179,000 of
which were paid during the second quarter of 2011
- Wealth Management Group assets increased 27% to $714 million at
June 30, 2011 versus $562 million at June 30, 2010
- Regulatory approval has been received from the Federal Reserve
Bank of Richmond and the South Carolina State Board of Financial
Institutions for our merger with Park Sterling Corporation
Community Capital Corporation today reported a net loss for the
three months ended June 30, 2011 of $215,000, or ($0.02) per
diluted share, compared to net income of $353,000, or $0.04 per
diluted share, for the same period in 2010. The company recorded
provision for loan losses of $1.8 million during the second quarter
of 2011 compared to $2.0 million during the second quarter of
2010.
Total assets decreased $12,083,000, or 1.86%, to $637,052,000 at
June 30, 2011 from $649,135,000 as of March 31, 2011, and decreased
$18,882,000, or 2.88%, from $655,934,000 at December 31, 2010.
Total loans decreased $17,341,000, or 3.73%, to $447,637,000 at
June 30, 2011 from $464,978,000 at March 31, 2011, and decreased
$31,756,000, or 6.62%, from $479,393,000 at December 31, 2010.
Total deposits decreased $12,399,000, or 2.55%, to $474,616,000 at
June 30, 2011 from $487,015,000 at March 31, 2011, and decreased
$20,566,000, or 4.15%, from $495,182,000 at December 31,
2010.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO
FIND IT
In connection with the proposed merger referenced above, Park
Sterling Corporation ("Park Sterling") has filed with the
Securities and Exchange Commission (the "SEC") a Registration
Statement on Form S-4 that includes a preliminary Proxy Statement
of Community Capital Corporation (the "Company") and a Prospectus
of Park Sterling, as well as other relevant documents concerning
the proposed transaction. SHAREHOLDERS ARE STRONGLY
URGED TO READ THE REGISTRATION STATEMENT AND THE PRELIMINARY PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS AS THEY BECOME AVAILABLE, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED
MERGER. A free copy of the final Proxy
Statement/Prospectus, as well as other filings containing
information about the Company and Park Sterling, may be obtained
after their filing at the SEC's Internet site (http://www.sec.gov).
In addition, free copies of documents filed with the SEC may be
obtained on the respective websites of the Company and Park
Sterling at www.capitalbanksc.com and www.parksterlingbank.com.
Participants in Solicitation
The Company and Park Sterling and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the Company's shareholders in
connection with this transaction. Information about the directors
and executive officers of the Company and Park Sterling and
information about other persons who may be deemed participants in
this solicitation will be included in the Proxy
Statement/Prospectus. Information about the Company's
executive officers and directors can be found in the Company's Form
10-K/A for the year ended December 31, 2010 filed with the SEC on
April 26, 2011. Information about Park Sterling's executive
officers and directors can be found in Park Sterling's definitive
proxy statement in connection with its 2011 Annual Meeting of
Shareholders filed with the SEC on April 12, 2011.
About Community Capital Corporation
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. The
Company's shares are traded on NASDAQ under the symbol CPBK.
About Park Sterling Corporation
Park Sterling Corporation is the holding company for Park
Sterling Bank, headquartered in Charlotte, North
Carolina. Park Sterling Bank's primary focus is to provide
banking services to small and mid-sized businesses, owner occupied
and income producing real estate owners, professionals, and other
customers doing business or residing within its target
areas. Park Sterling Bank is committed to building a banking
franchise across the Carolinas and Virginia that is noted for sound
risk management, superior client service and exceptional client
relationships. For further information, visit
www.parksterlingbank.com. Park Sterling's shares are traded on
NASDAQ under the symbol PSTB.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements about the
Company which we believe are within the meaning of the Private
Securities Litigation Reform Act of 1995. This release
contains certain forward-looking statements with respect to the
financial condition, results of operations, plans, objectives,
future performance and business of the Company and statements about
the proposed merger with Park Sterling. Forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
"believe," "expect," "anticipate," "intend," "plan," "estimate" or
words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could" or "may" or words of similar
meaning. These forward-looking statements, by their nature, are
subject to risks and uncertainties. There are a number of important
factors that could cause future results to differ materially from
historical performance and these forward-looking statements.
Factors that might cause such a difference include, but are not
limited to: (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) changes in the U.S. legal and regulatory framework,
including the effect of recent financial reform legislation on the
banking industry; (7) or dependence on senior management; (8)
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; (9) risks inherent in making loans
including repayment risks and value of collateral; (10)
fluctuations in consumer spending and saving habits; (11) the
demand for our products and services; (12) the challenges and
uncertainties in the implementation of our expansion and
development strategies; (13) the adequacy of expense projections
and estimates of impairment loss; (14) unanticipated regulatory or
judicial proceedings; (13) the timely development and acceptance of
products and services, including products and services offered
through alternative delivery channels such as the Internet; and
(15) the potential failure to obtain shareholder approval for the
merger with Park Sterling or to satisfy other conditions to the
merger on the terms set forth in the merger agreement or within the
proposed timeframes.
Additional factors that could cause our results to differ
materially from those described in the forward-looking statements
can be found in the Company'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, 2010 are derived from our Annual
Report on Form 10-K for the year ended December 31, 2010. 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.
SUMMARY CONSOLIDATED
FINANCIAL DATA
Financial
Highlights (Dollars in thousands, except per share
data) |
Three Months
Ended June 30 |
Three Months
Ended June 30 |
Six Months
Ended June 30 |
Six Months
Ended June 30 |
|
2011 |
2010 |
2011 |
2010 |
Earnings
Summary |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Interest income |
$ 6,368 |
$ 8,052 |
$ 13,309 |
$ 16,309 |
Interest expense |
1,830 |
2,985 |
3,843 |
5,917 |
Net interest income |
4,538 |
5,067 |
9,466 |
10,392 |
Provision for loan losses |
1,750 |
2,000 |
2,350 |
3,600 |
Noninterest income |
1,980 |
2,452 |
4,095 |
5,804 |
Noninterest expense |
5,267 |
5,145 |
10,265 |
9,936 |
Income (loss) before taxes |
(499) |
374 |
946 |
2,660 |
Income tax expense (benefit) |
(284) |
21 |
140 |
707 |
Net income (loss) |
$ (215) |
$ 353 |
$ 806 |
$ 1,953 |
|
|
|
|
|
Per Shares
Ratios: |
|
|
|
|
Basic earnings (loss) per
share |
$(0.02) |
$0.04 |
$0.08 |
$0.20 |
Diluted earnings (loss) per
share |
$(0.02) |
$0.04 |
$0.08 |
$0.20 |
Book value per share |
$4.90 |
$5.61 |
$4.90 |
$5.61 |
|
|
|
|
|
Common Share
Data: |
|
|
|
|
Outstanding at period end |
10,060,777 |
9,952,693 |
10,060,777 |
9,952,693 |
Weighted average outstanding |
10,046,412 |
9,899,454 |
10,032,089 |
9,875,871 |
Diluted weighted average
outstanding |
10,046,412 |
9,936,036 |
10,048,529 |
9,915,576 |
|
|
Capital
Ratios: |
|
|
|
|
Tier 1 leverage ratio |
8.32% |
8.49% |
8.32% |
8.49% |
Tier 1 risk-based capital
ratio |
11.87% |
12.26% |
11.87% |
12.26% |
Total risk-based capital
ratio |
13.15% |
13.52% |
13.15% |
13.52% |
Tangible equity to tangible
assets (period end) |
7.51% |
7.10% |
7.51% |
7.10% |
|
|
|
|
|
|
|
Balance Sheet Highlights
(Dollars in thousands) |
Three Months
Ended June 30 |
Three Months
Ended March 31 |
Three Months
Ended December 31 |
Three Months
Ended June 30 |
Six Months
Ended June 30 |
Six Months
Ended June 30 |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
Average Balances: |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Total assets |
$ 645,725 |
$ 650,381 |
$ 677,334 |
$ 752,051 |
$ 648,040 |
$ 750,916 |
Earning assets |
588,917 |
590,229 |
615,280 |
694,439 |
589,569 |
689,749 |
Loans |
459,243 |
475,989 |
497,550 |
538,676 |
467,570 |
549,403 |
Deposits |
483,214 |
488,673 |
509,186 |
584,305 |
485,929 |
583,213 |
Interest bearing deposits |
372,633 |
381,610 |
408,113 |
480,988 |
377,098 |
476,110 |
Noninterest bearing deposits |
110,581 |
107,063 |
101,073 |
103,317 |
108,831 |
107,103 |
Other borrowings |
95,400 |
95,400 |
95,400 |
95,400 |
95,400 |
95,400 |
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
10,310 |
Shareholders' equity |
49,434 |
48,549 |
55,316 |
55,463 |
49,242 |
54,933 |
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
Return on average assets |
(0.13)% |
0.64% |
(4.08)% |
0.19% |
0.25% |
0.52% |
Return on average shareholders' equity |
(1.75)% |
8.53% |
(49.92)% |
2.55% |
3.32% |
7.17% |
Net interest margin (fully tax equivalent at
38%) |
3.12% |
3.42% |
3.26% |
2.96% |
3.27% |
3.08% |
Efficiency ratio |
82.25% |
72.77% |
81.89% |
74.28% |
77.35% |
66.66% |
|
|
|
|
|
|
|
|
Three Months
Ended June 30 |
Three Months
Ended March 31 |
Three Months
Ended December 31 |
Three Months
Ended June 30 |
Six Months
Ended June 30 |
Six Months
Ended June 30 |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Asset Quality: |
|
|
|
|
|
|
Nonperforming loans |
$ 33,067 |
$ 26,964 |
$ 27,531 |
$ 24,139 |
$ 33,067 |
$ 24,139 |
Other real estate |
13,146 |
13,691 |
13,496 |
13,840 |
13,146 |
13,840 |
Total nonperforming assets |
46,213 |
40,655 |
41,027 |
37,979 |
46,213 |
37,979 |
Total impaired loans |
33,568 |
34,420 |
39,385 |
85,343 |
33,568 |
85,343 |
Total performing troubled debt
restructurings |
1,335 |
948 |
3,436 |
13,931 |
1,335 |
13,931 |
Net charge-offs/write-downs |
2,264 |
2,654 |
8,148 |
2,841 |
4,917 |
4,583 |
Net charge-offs/write-downs to average
loans |
0.49% |
0.56% |
1.64% |
0.53% |
1.05% |
0.83% |
Allowance for loan losses
to nonperforming loans |
44.15% |
56.05% |
62.35% |
54.59% |
44.15% |
54.59% |
Nonperforming loans to total loans |
7.39% |
5.80% |
5.74% |
4.63% |
7.39% |
4.63% |
Nonperforming assets to total assets |
7.25% |
6.26% |
6.25% |
5.02% |
7.25% |
5.02% |
Allowance for loan losses to period end
loans |
3.26% |
3.25% |
3.58% |
2.53% |
3.26% |
2.53% |
|
|
|
|
|
|
|
Other Selected Ratios: |
|
|
|
|
|
|
Average equity to average assets |
7.66% |
7.46% |
8.17% |
7.37% |
7.60% |
7.32% |
Average loans to average deposits |
95.04% |
97.40% |
97.71% |
92.19% |
96.22% |
94.20% |
Average loans to average earning assets |
77.98% |
80.64% |
80.87% |
77.57% |
79.30% |
79.65% |
|
|
|
|
|
Balance Sheet Data
(Dollars in thousands) |
As
Of June 30 |
As
Of March 31 |
As
Of December 31 |
As
Of June 30 |
|
2011 |
2011 |
2010 |
2010 |
|
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
Assets: |
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
Cash and due from banks |
$ 10,389 |
$ 11,079 |
$ 9,315 |
$ 15,351 |
Interest bearing deposit accounts |
65,840 |
43,580 |
27,860 |
97,527 |
Total cash and cash equivalents |
76,229 |
54,659 |
37,175 |
112,878 |
Investment securities: |
|
|
|
|
Securities held-for-sale |
55,257 |
67,197 |
74,025 |
56,143 |
Securities held-to-maturity |
-- |
-- |
-- |
160 |
Nonmarketable equity securities |
8,773 |
9,416 |
9,626 |
10,402 |
Total investment securities |
64,030 |
76,613 |
83,651 |
66,705 |
Loans held for sale |
2,163 |
1,781 |
5,516 |
4,582 |
Loans receivable |
447,637 |
464,978 |
479,393 |
521,486 |
Allowance for loan losses |
(14,598) |
(15,112) |
(17,165) |
(13,177) |
Other real estate owned |
13,146 |
13,691 |
13,496 |
13,840 |
Premises and equipment, net |
14,980 |
15,153 |
15,342 |
15,737 |
Prepaid expenses |
2,390 |
2,857 |
3,349 |
4,117 |
Intangible assets |
1,076 |
1,162 |
1,259 |
1,460 |
Cash surrender value of life insurance |
17,742 |
17,569 |
17,397 |
17,035 |
Deferred tax asset |
8,139 |
8,469 |
8,992 |
5,925 |
Income tax receivable |
374 |
3,104 |
3,158 |
-- |
Other assets |
3,744 |
4,211 |
4,371 |
6,457 |
Total assets |
$ 637,052 |
$ 649,135 |
$ 655,934 |
$ 757,045 |
|
|
|
|
|
Liabilities and shareholders'
equity: |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest bearing |
$ 107,130 |
$ 108,844 |
$ 103,080 |
$ 108,332 |
Interest bearing |
367,486 |
378,171 |
392,102 |
480,444 |
Total deposits |
474,616 |
487,015 |
495,182 |
588,776 |
FHLB advances |
95,400 |
95,400 |
95,400 |
95,400 |
Junior subordinated debentures |
10,310 |
10,310 |
10,310 |
10,310 |
Other liabilities |
7,400 |
7,535 |
7,638 |
6,768 |
Total liabilities |
$ 587,726 |
$ 600,260 |
$ 608,530 |
$ 701,254 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Common stock: $1 par value; 20 million shares
authorized |
$10,721 |
$ 10,721 |
$ 10,721 |
10,721 |
Nonvested restricted stock |
(58) |
(84) |
(116) |
(234) |
Capital surplus |
64,160 |
64,160 |
64,679 |
65,539 |
Accumulated other comprehensive income
(loss) |
476 |
(165) |
(460) |
678 |
Retained earnings (deficit) |
(16,383) |
(16,167) |
(17,189) |
(9,752) |
Treasury stock, at cost |
9,590 |
(9,590) |
(10,231) |
(11,161) |
Total shareholders'
equity |
49,326 |
48,875 |
47,404 |
55,791 |
Total liabilities and shareholders'
equity |
$ 637,052 |
$ 649,135 |
$ 655,934 |
$ 757,045 |
|
|
|
|
|
Income Statement Data
(Dollars in thousands) |
Three Months Ended
June 30 |
Three Months Ended
March 31 |
Three Months Ended
December 31 |
Three Months Ended
June 30 |
Six Months
Ended June 30 |
Six Months
Ended June 30 |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Interest income: |
|
|
|
|
|
|
Interest and fees on loans |
$ 5,868 |
$ 6,405 |
$ 6,722 |
$ 7,343 |
$ 12,273 |
$ 14,843 |
Interest on investment securities |
463 |
520 |
458 |
669 |
983 |
1,406 |
Interest on federal funds sold
and interest-bearing deposits |
37 |
16 |
38 |
40 |
53 |
60 |
Total interest income |
6,368 |
6,941 |
7,218 |
8,052 |
13,309 |
16,309 |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
Interest on deposits |
834 |
1,002 |
1,171 |
1,974 |
1,837 |
3,904 |
Interest on borrowings |
996 |
1,012 |
1,027 |
1,011 |
2,006 |
2,013 |
Total interest expense |
1,830 |
2,014 |
2,198 |
2,985 |
3,843 |
5,917 |
|
|
|
|
|
|
|
Net interest income |
4,538 |
4,927 |
5,020 |
5,067 |
9,466 |
10,392 |
Provision for loan loss |
1,750 |
600 |
12,000 |
2,000 |
2,350 |
3,600 |
Net interest income (loss) after
provision |
2,788 |
4,327 |
(6,980) |
3,067 |
7,116 |
6,792 |
Non-interest income: |
|
|
|
|
|
|
Service charges on deposit accounts |
378 |
375 |
408 |
492 |
753 |
973 |
Gain on sale of loans held for sale |
353 |
427 |
648 |
410 |
779 |
708 |
Fees from brokerage services |
64 |
76 |
116 |
80 |
140 |
144 |
Income from fiduciary activities |
548 |
530 |
508 |
449 |
1,078 |
921 |
Gain on sale of securities held-for-sale |
152 |
224 |
6 |
582 |
375 |
1,265 |
Other operating income |
485 |
484 |
474 |
439 |
970 |
1,793 |
Total non-interest income |
1,980 |
2,116 |
2,160 |
2,452 |
4,095 |
5,804 |
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
2,438 |
2,572 |
2,650 |
2,480 |
5,009 |
4,919 |
Net occupancy expense |
318 |
335 |
302 |
321 |
671 |
654 |
Amortization of intangible assets |
86 |
97 |
101 |
100 |
183 |
202 |
Furniture and equipment expense |
140 |
168 |
174 |
188 |
290 |
380 |
FDIC banking assessments |
404 |
479 |
454 |
379 |
883 |
725 |
Net cost of operation of other real estate
owned |
593 |
159 |
884 |
568 |
752 |
863 |
Other operating expenses |
1,288 |
1,187 |
1,343 |
1,109 |
2,477 |
2,193 |
Total non-interest expense |
5,267 |
4,997 |
5,908 |
5,145 |
10,265 |
9,936 |
Income (loss) before taxes |
(499) |
1,446 |
(10,728) |
374 |
946 |
2,660 |
Income tax expense (benefit) |
(284) |
424 |
(3,768) |
21 |
140 |
707 |
Net income (loss) |
$ (215) |
$1,022 |
$ (6,960) |
$ 353 |
$ 806 |
$ 1,953 |
|
|
|
|
|
|
|
|
|
|
Loan Composition: |
June 30,
2011 |
March 31,
2011 |
December 31,
2010 |
June 30,
2010 |
(Dollars in thousands) |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
|
|
|
|
|
|
|
|
|
Commercial and agricultural |
$ 31,247 |
6.98% |
$ 37,428 |
8.05% |
$ 39,720 |
8.28% |
$ 39,787 |
7.63% |
Real estate – construction |
87,739 |
19.60% |
90,245 |
19.41% |
99,076 |
20.67% |
110,522 |
21.19% |
Real estate – mortgage and commercial |
270,632 |
60.46% |
277,512 |
59.68% |
279,560 |
58.32% |
306,061 |
58.69% |
Home equity |
39,427 |
8.81% |
40,764 |
8.77% |
42,167 |
8.79% |
44,721 |
8.58% |
Consumer – Installment |
17,425 |
3.89% |
17,855 |
3.84% |
17,636 |
3.68% |
19,109 |
3.66% |
Other |
1,167 |
0.26% |
1,174 |
0.25% |
1,234 |
0.26% |
1,286 |
0.25% |
Total |
$ 447,637 |
100.00% |
$ 464,978 |
100.00% |
$ 479,393 |
100.00% |
$ 521,486 |
100.00% |
|
|
|
|
|
|
|
|
|
Deposits: |
June 30,
2011 |
March 31,
2011 |
December 31,
2010 |
June 30,
2010 |
(Dollars in thousands) |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
Balance |
Percent |
|
|
|
|
|
|
|
|
|
Noninterest bearing demand |
$ 107,130 |
22.57% |
$ 108,844 |
22.35% |
$ 103,080 |
20.82% |
$ 108,332 |
18.40% |
Interest bearing demand |
65,706 |
13.85% |
64,319 |
13.21% |
63,024 |
12.73% |
75,156 |
12.77% |
Money market and savings |
174,706 |
36.81% |
173,464 |
35.62% |
175,890 |
35.52% |
177,823 |
30.20% |
Brokered deposits |
7,849 |
1.65% |
7,849 |
1.61% |
7,849 |
1.58% |
11,849 |
2.01% |
Certificates of deposit |
119,225 |
25.12% |
132,539 |
27.21% |
145,339 |
29.35% |
215,616 |
36.62% |
Total |
$ 474,616 |
100.00% |
$ 487,015 |
100.00% |
$ 495,182 |
100.00% |
$ 588,776 |
100.00% |
|
|
|
|
|
|
|
|
|
|
Wealth Management Group
Fiduciary and Related Services: (Dollars
in thousands, except number of accounts)
|
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
June 30, 2010 |
Market value of accounts |
$ 713,586 |
$ 692,969 |
$ 658,502 |
$ 561,868 |
Market value of discretionary accounts |
$ 232,211 |
$ 228,271 |
$ 219,628 |
$ 197,215 |
Market value of non-discretionary
accounts |
$ 481,375 |
$ 464,698 |
$ 438,874 |
$ 364,653 |
Total number of accounts |
1,612 |
1,538 |
1,473 |
1,384 |
|
|
|
|
|
|
Yield/Rate Analysis YTD |
Three Months
Ended |
Three Months
Ended |
|
June 30,
2011 |
June 30,
2010 |
|
Average |
|
Yield/ |
Average |
|
Yield/ |
(Dollars in thousands) |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
ASSETS |
|
|
|
|
|
|
Loans(1)(3) |
$ 459,243 |
$ 5,874 |
5.13% |
$ 538,676 |
$ 7,350 |
5.47% |
Securities, taxable(2) |
52,088 |
331 |
2.55% |
52,272 |
481 |
3.69% |
Securities, nontaxable(2)(3) |
8,528 |
124 |
5.83% |
14,260 |
211 |
5.93% |
Nonmarketable Equity Securities |
9,047 |
40 |
1.77% |
10,387 |
35 |
1.35% |
Fed funds sold and other (incl. FHLB) |
60,011 |
37 |
0.25% |
78,844 |
39 |
0.20% |
Total earning assets |
$ 588,917 |
$ 6,406 |
4.36% |
$ 694,439 |
$ 8,116 |
4.69% |
Non-earning assets |
56,808 |
|
|
57,612 |
|
|
Total assets |
$ 645,725 |
|
|
$ 752,051 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Transaction accounts |
$ 197,047 |
$ 391 |
0.80% |
$ 202,858 |
$ 579 |
1.14% |
Regular savings accounts |
43,692 |
70 |
0.64% |
45,383 |
144 |
1.27% |
Certificates of deposit |
131,894 |
373 |
1.13% |
232,747 |
1,250 |
2.15% |
Other short term borrowings |
0 |
-- |
|
0 |
-- |
|
FHLB Advances |
95,400 |
825 |
3.47% |
95,400 |
826 |
3.47% |
Junior subordinate debentures |
10,310 |
171 |
6.65% |
10,310 |
186 |
7.24% |
Total interest-bearing liabilities |
$ 478,343 |
$ 1,830 |
1.53% |
$ 586,698 |
$ 2,985 |
2.04% |
Non-interest bearing liabilities |
117,948 |
|
|
109,890 |
|
|
Stockholders' equity |
49,434 |
|
|
55,463 |
|
|
Total liabilities & equity |
$ 645,725 |
|
|
$ 752,051 |
|
|
|
|
|
|
|
|
|
Net interest income/ |
|
|
|
|
|
|
interest rate spread |
|
$ 4,576 |
2.83% |
|
$ 5,131 |
2.65% |
|
|
|
|
|
|
|
Net yield on earning assets |
|
|
3.12% |
|
|
2.96% |
|
|
|
|
|
|
Yield/Rate Analysis YTD |
Six Months
Ended |
Six Months
Ended |
|
June 30,
2011 |
June 30,
2010 |
|
Average |
|
Yield/ |
Average |
|
Yield/ |
(Dollars in thousands) |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
ASSETS |
|
|
|
|
|
|
Loans(1)(3) |
$ 467,570 |
$ 12,284 |
5.30% |
$ 549,403 |
$ 14,857 |
5.45% |
Securities, taxable(2) |
57,329 |
696 |
2.45% |
53,477 |
1,017 |
3.84% |
Securities, nontaxable(2)(3) |
9,462 |
275 |
5.86% |
15,039 |
446 |
5.98% |
Nonmarketable Equity Securities |
9,270 |
82 |
1.78% |
10,328 |
66 |
1.29% |
Fed funds sold and other (incl. FHLB) |
45,938 |
53 |
0.23% |
61,502 |
60 |
0.20% |
Total earning assets |
$ 589,569 |
$ 13,390 |
4.58% |
$ 689,749 |
$ 16,446 |
4.81% |
Non-earning assets |
58,471 |
|
|
61,167 |
|
|
Total assets |
$ 648,040 |
|
|
$ 750,916 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Transaction accounts |
$ 194,789 |
$ 786 |
0.81% |
$ 196,679 |
$ 1,131 |
1.16% |
Regular savings accounts |
43,256 |
152 |
0.71% |
44,286 |
282 |
1.28% |
Certificates of deposit |
139,053 |
899 |
1.30% |
235,145 |
2,491 |
2.14% |
Other short term borrowings |
-- |
-- |
|
-- |
-- |
|
FHLB Advances |
95,400 |
1,641 |
3.47% |
95,400 |
1,648 |
3.48% |
Junior subordinate debentures |
10,310 |
365 |
7.14% |
10,310 |
365 |
7.14% |
Total interest-bearing liabilities |
$ 482,808 |
$ 3,843 |
1.61% |
$ 581,820 |
$ 5,917 |
2.05% |
Non-interest bearing liabilities |
115,990 |
|
|
114,163 |
|
|
Stockholders' equity |
49,242 |
|
|
54,933 |
|
|
Total liabilities & equity |
$ 648,040 |
|
|
$ 750,916 |
|
|
|
|
|
|
|
|
|
Net interest income/ |
|
|
|
|
|
|
interest rate spread |
|
$ 9,547 |
2.97% |
|
$ 10,529 |
2.76% |
|
|
|
|
|
|
|
Net yield on earning assets |
|
|
3.27% |
|
|
3.08% |
|
(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: R. Wesley Brewer, Executive Vice President/CFO
864-941-8290 or email: wbrewer@capitalbanksc.com
Lee Lee M. Lee, Controller/VP of Investor Relations
864-941-8242 or email: llee@capitalbanksc.com
www.comcapcorp.com
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