-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
Jy1Cg3oAOG87SO1YgK8JwWdNuGjICTKlvkc3uRVnqyRx4t/DAdD/rZqt6K5vx//N
sH4H5h5FURbkS5Yhkj8r7w==
0000927089-03-000202.txt : 20030801
0000927089-03-000202.hdr.sgml : 20030801
20030801153510
ACCESSION NUMBER: 0000927089-03-000202
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20030731
ITEM INFORMATION:
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20030801
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: COMMUNITY CENTRAL BANK CORP
CENTRAL INDEX KEY: 0001014133
STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022]
IRS NUMBER: 383291744
STATE OF INCORPORATION: MI
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-33373
FILM NUMBER: 03818011
BUSINESS ADDRESS:
STREET 1: P O BOX 7
CITY: MOUNT CLEMENS
STATE: MI
ZIP: 48046-0007
BUSINESS PHONE: 8107834500
MAIL ADDRESS:
STREET 1: P O BOX 7
CITY: MOUNT CLEMENS
STATE: MI
ZIP: 48046-0007
8-K
1
c-8k0731.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 31, 2003
COMMUNITY CENTRAL BANK CORP (Exact name of Registrant as specified in its Charter) |
Michigan State or other jurisdiction of incorporation) |
000-33373 (Commission File No.) |
38-3291744 (IRS Employer Identification Number) |
P.O. Box 7 Mount Clemens, Michigan 48046-0007 (Address of principal executive offices, including zip code) |
Registrant's telephone number, including area code: (586) 783-4500
N/A (Former name or former address, if changed since last Report) |
NEXT PAGE
ITEM 7. Financial Statements and Exhibits
(c) Exhibits:
99.1 Press Release dated July 31, 2003.
Item 12. Results of Operations and Financial Condition
On July 31, 2003, the Registrant issued its earnings release for the quarterly period ended June 30, 2003. The earnings release, attached to this report as Exhibit 99.1, is incorporated herein by reference.
NEXT PAGE
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly
authorized.
|
COMMUNITY CENTRAL BANK CORP |
Date: August 1, 2003 |
By: /s/ Ray T. Colonius
|
|
Ray T. Colonius |
|
Chief Financial Officer |
NEXT PAGE
EXHIBIT INDEX
Exhibit No. |
Description |
|
|
99.1 |
Press Release dated July 31, 2003 |
EX-99.1
2
ex99.htm
Contacts:
Community Central Bank Corp. - Ray Colonius - P:586 783-4500
Marcotte Financial Relations - Mike Marcotte - P:248 656-3873
COMMUNITY CENTRAL BANK CORPORATION
POSTS STRONG Q2 EARNINGS |
For Immediate Release |
Second Quarter 2003 Highlights
- Q2 2003 earnings up 25.8% over Q2 2002
- Total assets top $323 million
- Acquisition announcement of North Oakland Community Bank
- Solid deposit and loan growth
- Strong residential mortgage originations
- Five cents per share dividend paid
MOUNT CLEMENS, Mich., July 31, 2003 -- Community Central Bank Corporation
(NNM:CCBD), the holding company for Community Central Bank, posted increased earnings for the
second quarter ended June 30, 2003, David A. Widlak, Chairman and Chief Executive Officer, reported
today.
Net income for the second quarter of 2003 rose 25.8% to $527,000, or $0.20 per diluted share,
from $419,000, or $0.16 per diluted share for the second quarter 2002. Year to date net income increased
18.6% to $1,001,000, or $0.37 per diluted share, from $844,000, or $0.32 per diluted share, for the first
six months of 2002.
At June 30, 2003, the Corporation's total assets were $323.3 million, an increase of $35.7 million
from December 31, 2002 and an increase of $63.3, or 24.3% from a year earlier. The largest segment of
asset growth occurred in the loan portfolio and residential mortgages held for sale, which had a combined
increase of $25.6 million from December 31, 2002. Other changes in assets during the same time period
included the repositioning of the investment portfolio to reduce its overall duration, and the purchase of
$7 million in Bank Owned Life Insurance. Total deposits increased $27.3 million from December 31,
2002, comprised of corporate checking, NOW and money market accounts increasing in total $14.2
million and time and savings accounts increasing in total $13.1 million. Additional funding growth was
supplemented by Federal Home Loan Bank advances of $8.9 million.
The net interest margin, as measured on a taxable equivalent basis, was 3.03% for the second
quarter. While this was down from the second quarter of 2002, it represents an increase of four basis
points from the first quarter of 2003, despite the pressure from the low interest rate environment.
more
NEXT PAGE
Community Central Bank Corp.
Q2 2003 results
Page 2
Growth in non-interest income when compared to the second quarter last year was primarily
comprised of gains on the sale of loans resulting from strong mortgage originations and net security gains
from our repositioning of the investment portfolio, as discussed above. These two areas of noninterest
income in the second quarter 2003 represented $2.3 million and $253,000, respectively. Growth in non-interest expense, when compared to the second quarter last year, was primarily comprised of costs associated
with mortgage originations, including commission expense, which was more than offset by growth in
corresponding non-interest income.
Mr. Widlak said, "We are pleased with the record earnings results in the second quarter. We continue
to focus on initiatives to grow our earnings base and the ultimate return to shareholders. We recently
announced the signing of a definitive agreement to purchase substantially all of the assets and assume
substantially all of the liabilities of North Oakland Community Bank. This transaction is expected to provide
us with expanded opportunities in all facets of our operations. We believe our growing commercial and
mortgage banking team is succeeding in delivering a superior level of service to an expanded customer base.
Mortgage originations are strong as we continue to focus on the purchase housing market, instead of the more
rate sensitive refinancing mortgage banking sector. These strategies, coupled with sound credit quality and
overall balance sheet growth, should enable us to compete and grow in our expanded marketplace. We will
continue to target selected market areas for future growth as one of our strategies."
Community Central Bank Corporation is the holding company for Community Central Bank in
Mount Clemens, Michigan. The Corporation opened for business in October 1996 and serves businesses and
consumers across Macomb and St. Clair counties with a full range of lending, deposit and Internet banking
services. The Bank operates a Loan Center in Port Huron, Michigan, serving small to medium-sized
businesses in the St. Clair County area, and owns a mortgage subsidiary, Community Central Mortgage
Company, LLC with locations in Mount Clemens, Warren, Dearborn, Livonia and Anchorville. The
Corporation's common shares trade on the Nasdaq National Market under the symbol "CCBD".
more
NEXT PAGE
Community Central Bank Corp.
Q2 2003 results
Page 3
Forward-Looking Statements. This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995),
which involve significant risks and uncertainties. Actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a difference include changes in
interest rate and interest rate relationships; demand for products and services; the degree of competition by
traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in
prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy
changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans;
changes in the national and local economy; our ability to successfully integrate acquisitions into our existing
operations, and the availability of new acquisitions that build shareholder value; and other factors included
in Community Central Bank Corporation's filings with the Securities and Exchange Commission. The
Corporation assumes no responsibility to update forward-looking statements.
more
(financial schedules follow)
NEXT PAGE
Community Central Bank Corp.
Q2 2003 results
Page 4
Community Central Bank Corporation (NNM:CCBD)
Summary of Selected Financial Data - Unaudited
|
Three months ended |
Six months ended |
|
June 30,
|
June 30,
|
|
2003
|
2002
|
2003
|
2002
|
|
(In thousands) |
(In thousands) |
|
|
|
|
|
OPERATIONS |
|
|
|
|
Interest income |
$4,033 |
$3,613 |
$7,886 |
$7,149 |
Interest expense |
1,791
|
1,511
|
3,556
|
3,077
|
|
|
|
|
|
Net Interest Income |
2,242 |
2,102 |
4,330 |
4,072 |
Provision for credit losses |
25
|
165
|
75
|
315
|
|
|
|
|
|
Net Interest Income after Provision |
2,217 |
1,937 |
4,255 |
3,757 |
|
Noninterest income |
2,722 |
1,082 |
4,238 |
1,703 |
Noninterest expense |
4,174
|
2,404
|
7,061
|
4,226
|
|
|
|
|
|
Income before Taxes |
765 |
615 |
1,432 |
1,234 |
|
Provision for income taxes |
238
|
196
|
431
|
390
|
|
|
|
|
|
Net Income |
$527
|
$419
|
$1,001
|
$844
|
Condensed Balance Sheet
|
Unaudited |
Audited |
Unaudited |
|
June 30, |
December 31, |
June 30, |
|
2003
|
2002
|
2002
|
|
(In thousands) |
Assets |
|
|
|
Cash and equivalents |
$19,618 |
$9,405 |
$30,829 |
Investments |
52,384 |
60,709 |
48,638 |
Residential mortgage loans held for sale |
16,688 |
11,245 |
7,536 |
Loans |
224,230 |
204,049 |
170,604 |
Allowance for loan losses |
(3,421) |
(3,377) |
(2,982) |
Other Assets |
13,815
|
5,605
|
5,403
|
Total Assets |
$323,314
|
$287,636
|
$260,028
|
|
Liabilities and stockholders' equity |
Deposits |
$228,036 |
$200,719 |
$202,002 |
Repurchase Agreements |
7,425 |
8,006 |
7,087 |
Federal Home Loan Bank Advances |
53,288 |
44,388 |
17,400 |
Other Liabilities |
1,376 |
2,376 |
2,163 |
Guaranteed pref. beneficial interest in |
Corps subordinated debentures |
10,000 |
10,000 |
10,000 |
Stockholders' equity |
23,189
|
22,147
|
21,376
|
Total Liabilities and stockholders' equity |
$323,314
|
$287,636
|
$260,028
|
more
NEXT PAGE
Community Central Bank Corp.
Q2-2003 results
Page 5
|
Three months ended |
Six months ended |
|
June 30,
|
June 30,
|
|
2003
|
2002
|
2003
|
2002
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
Basic earnings per share |
$0.20 |
$0.16 |
$0.38 |
$0.32 |
Diluted earnings per share |
$0.20 |
$0.16 |
$0.37 |
$0.32 |
Book value per share at end of period |
$8.56 |
$8.00 |
$8.56 |
$8.00 |
Diluted average shares outstanding (000's) |
2,698 |
2,648 |
2,688 |
2,641 |
Actual shares outstanding at end |
|
|
|
of period (000's) |
2,708 |
2,671 |
2,708 |
2,671 |
|
OTHER DATA |
Net interest margin (fully tax-equivalent) |
3.03% |
3.65% |
3.01% |
3.54% |
Allowance for loan losses to total loans |
1.53% |
1.75% |
1.53% |
1.75% |
Nonaccruing loans to total loans |
0.26% |
0.25% |
0.26% |
0.25% |
Nonperforming assets to total assets |
0.32% |
0.47% |
0.32% |
0.47% |
Stockholders' equity to total assets |
7.17% |
8.22% |
7.17% |
8.22% |
Tier 1 Leverage Ratio |
9.65% |
11.66% |
9.65% |
11.66% |
###
END
-----END PRIVACY-ENHANCED MESSAGE-----