ALBANY, Ga., Nov. 20 /PRNewswire-FirstCall/ -- Community Capital
Bancshares Inc. (Other OTC: ALBY) today announced a loss for the
nine months ended September 30, 2008 of $5,325,000 or $1.74 per
basic share. This compares with income of $35,000 or $0.01 per
basic share for the nine months ended September 30, 2007. For the
three months ended September 30, 2008, the Company incurred a loss
of $3,059,000 or $0.99 per basic share, in comparison to the loss
of $447,000 or $ 0.15 per basic share made during the same period
of 2007. Net income for the year has been negatively impacted by
loan loss provisions of $4,380,000 necessary to provide for
potential losses in the loan portfolio. For the nine months ended
there have been $1,102,000 of losses and write downs of foreclosed
property as compared to $90,000 in 2007. During the third quarter
of 2008, the company recognized a loss of $936,000 due to other
than temporary impairment on FNMA stock held in its investment
portfolio. Total assets as of September 30, 2008 were $198,933,000
as compared to $248,840,000 as of September 30, 2007. The decreased
level of assets is the result of loan reductions and the efforts by
the subsidiary Banks to remain compliant with the capital
provisions of the Formal Agreements with the OCC. John H. Monk Jr.,
President and CEO commented, "We continue to aggressively pursue
the collection of our troubled loans. The current market conditions
pose additional problems for the valuation and marketing of our
troubled assets. We will continue to identify and dispose of these
assets. We feel that we have sufficient capital levels to weather
this storm. Our Tier 1 risk based capital ratio is over 17.5% at
September 30, 2008. During the fourth quarter we will engage an
independent valuation firm to test our Goodwill for possible
impairment." John Monk continued, "We appreciate the continued
support of our customers and look forward to continuing to serve
them in the coming years." About Community Capital Bancshares
Headquartered in Albany, Georgia, Community Capital Bancshares is
the $199 million-asset holding company for Albany Bank & Trust
and AB&T National Bank. Albany Bank & Trust has three
banking locations in Albany, Georgia, while AB&T National Bank
has offices in Dothan, Ala., and Auburn, Ala. The Company's common
stock is traded on the OTC market under the symbol "ALBY". For more
information, please visit the Company's website at
http://www.comcapbancshares.com/ . COMMUNITY CAPITAL BANCSHARES,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, 2008 and 2007 Assets 2008 2007 Cash and due from
banks $ 4,076,000 $ 7,489,000 Federal funds sold 862,000 19,364,000
Securities available for sale, at fair value 57,123,000 53,542,000
Loans 112,555,000 151,809,000 Less allowance for loan losses
2,277,000 5,381,000 Loans, net 110,278,000 146,428,000 Premises and
equipment 6,351,000 6,657,000 Other real estate acquired through
foreclosure 4,113,000 1,933,000 Goodwill and other intangible
assets 2,508,000 2,546,000 Other assets 13,622,000 10,881,000 $
198,933,000 $ 248,840,000 Liabilities and Stockholders' Equity
Deposits Noninterest-bearing $ 14,453,000 $ 20,521,000
Interest-bearing 144,279,000 170,040,000 Total deposits 158,732,000
190,561,000 Other borrowings 18,140,000 29,124,000 Other
liabilities 920,000 1,960,000 Total liabilities 177,792,000
221,645,000 Total stockholders' equity 21,141,000 27,195,000 $
198,933,000 $ 248,840,000 COMMUNITY CAPITAL BANCSHARES, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three months ended Nine months ended September 30, September 30,
2008 2007 2008 2007 Interest income Loans $ 1,648,000 $ 3,360,000 $
5,616,000 $ 12,260,000 Investments 778,000 812,000 2,371,000
1,882,000 Total interest income 2,426,000 4,172,000 7,987,000
14,142,000 Interest expense Deposits 1,226,000 2,051,000 4,163,000
6,522,000 Other borrowed money 165,000 318,000 538,000 1,079,000
Total interest expense 1,391,000 2,369,000 4,701,000 7,601,000 Net
interest income 1,035,000 1,803,000 3,286,000 6,541,000 Provision
for loan losses 2,291,000 660,000 4,380,000 1,344,000 Net interest
income (loss) after provision for loan losses (1,256,000) 1,143,000
(1,094,000) 5,197,000 Other income Service charges on deposit
accounts 202,000 229,000 599,000 695,000 Other operating income
197,000 203,000 649,000 854,000 Total other income 399,000 432,000
1,248,000 1,549,000 Other expenses Salaries and employee benefits
964,000 1,199,000 3,107,000 3,573,000 Equipment and occupancy
expenses 304,000 311,000 926,000 894,000 Loss on sale of foreclosed
properties 802,000 26,000 1,102,000 90,000 Loss on other than
temporarily impaired security 936,000 - - 936,000 - - Other
operating expenses 809,000 750,000 2,268,000 2,227,000 Total other
expenses 3,815,000 2,286,000 8,339,000 6,784,000 (Loss) before
income taxes (4,672,000) (711,000) (8,185,000) (38,000) Income tax
benefit 1,613,000 264,000 2,860,000 73,000 Net income (loss) $
(3,059,000) $ (447,000) $ (5,325,000) $ 35,000 Basic earnings
(loss) per share $ (0.99) $ (0.15) $ (1.74) $ 0.01 Diluted earnings
(loss) per share $ (0.99) $ (0.15) $ (1.74) $ 0.01 DATASOURCE:
Community Capital Bancshares Inc. CONTACT: David J. Baranko, CFO,
Community Capital Bancshares Inc., +1-229-446-2201 Web site:
http://www.comcapbancshares.com/
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