ALBANY, Ga., May 22 /PRNewswire-FirstCall/ -- Community Capital
Bancshares Inc. (Other OTC: ALBY) today announced a loss from
operations for the three months ended March 31, 2008 of $1,333,000
or $0.44 per basic and diluted share. This compares with net income
of $411,000 or $0.14 per basic and $0.13 per diluted share for the
three months ended March 31, 2007. Earnings were negatively
impacted in the first quarter by a provision for loan losses of
$1,247,000 for the three months ended March 31, 2008 as compared to
$214,000 for the same period in 2007. This provision was necessary
due to declining collateral values of out of market real estate
dependent loans which the Company is trying to resolve. Total
assets as of March 31, 2008 were $208,739,000 as compared to
$286,925,000 as of March 31, 2007. The decreased level of assets is
primarily the result of loan payoffs from the former loan
production office in Charleston, South Carolina and the efforts by
the subsidiary Banks to remain compliant with the capital
provisions of the Formal Agreements with the Office of the
Comptroller of the Currency. John H. Monk Jr., President and CEO
stated, "During the first quarter of 2008 we aggressively down
graded, wrote down and reserved for loans which we have identified
with potential weaknesses. This early identification should help
speed the process of resolving these few large out of market loans.
The fact that these are real estate loans means that the process
will be longer as we have to foreclose on properties and then
liquidate them, which often takes over a year." About Community
Capital Bancshares Headquartered in Albany, Georgia, Community
Capital Bancshares is the $209 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. For more information, please visit the Company's website at
http://www.comcapbancshares.com/. COMMUNITY CAPITAL BANCSHARES,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) March
31, 2008 Assets 2008 2007 Cash and due from banks $4,930,000
$11,239,000 Federal funds sold 3,113,000 4,858,000 Securities
available for sale, at fair value 60,172,000 39,802,000 Loans
119,656,000 212,187,000 Less allowance for loan losses (3,485,000)
5,624,000 Loans, net 116,171,000 206,563,000 Premises and equipment
6,546,000 6,687,000 Premises and equipment held for sale - -
3,022,000 Goodwill and other intangible assets 2,528,000 2,564,000
Other assets 14,279,000 12,190,000 $207,739,000 $286,925,000
Liabilities and Stockholders' Equity Deposits Noninterest-bearing
$14,993,000 $23,132,000 Interest-bearing 151,356,000 203,731,000
Total deposits 166,349,000 226,863,000 Other borrowings 14,124,000
31,124,000 Other liabilities 1,152,000 1,608,000 Total liabilities
181,625,000 259,595,000 Total stockholders' equity 26,114,000
27,330,000 $207,739,000 $286,925,000 COMMUNITY CAPITAL BANCSHARES,
INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the three months ended March 31, 2008 2007 Interest income
Loans $2,153,000 $4,737,000 Investments 813,000 510,000 Total
interest income 2,966,000 5,247,000 Interest expense Deposits
1,585,000 2,345,000 Other borrowed money 207,000 376,000 Total
interest expense 1,792,000 2,721,000 Net interest income 1,174,000
2,526,000 Provision for loan losses 1,297,000 241,000 Net interest
income after provision for loan losses (123,000) 2,285,000 Other
income Service charges on deposit accounts 195,000 233,000 Other
operating income 36,000 217,000 Total other income 231,000 450,000
Other expenses Salaries and employee benefits 1,119,000 1,111,000
Equipment and occupancy expenses 314,000 278,000 Other operating
expenses 730,000 743,000 Total other expenses 2,163,000 2,132,000
Income (loss) before income taxes (2,055,000) 603,000 Income tax
expense (benefit) (722,000) 192,000 Net income (loss) $(1,333,000)
$411,000 Basic earnings (loss) per share $(0.44) $0.14 Diluted
earnings (loss) per share $(0.44) $0.13 DATASOURCE: Community
Capital Bancshares Inc. CONTACT: David J. Baranko, CFO of Community
Capital Bancshares Inc., +1-229-446-2201
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