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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
April 26
Community Capital Corp. in Greenwood, S.C., said its earnings jumped sharply in the first quarter as credit quality showed significant improvement.
The $750 million-asset company reported late Monday that its earnings rose 85% year over year, to $1.6 million. It recorded a loss of $1.4 million for the fourth quarter.
Nonperforming assets totaled $42.8 million at the end of the first quarter, down 14% from the end of the fourth quarter, and made up 5.73% of total assets.
A year earlier, nonperforming assets totaled $36.6 million.
Despite the decline in problem assets from the fourth quarter, Community Capital's provision for loan losses increased 60% from the fourth quarter. It was down 20% from a year earlier.
William G. Stevens, Community Capital's president and chief executive officer, said in a press release that it has marked the problem assets down to a level where it can begin selling them at little or no additional loss. The company said it is set to close on $5 million of problem asset sales this quarter.
Community Capital also said its results benefited from a reduction of approximately 20% of its staff in the past year.
Salaries and employee benefits totaled $2.4 million at the end of the first quarter, down 6% from a year earlier.
The company said that it has significantly reduced its reliance on expensive wholesale financing. Its interest expense totaled $2.8 million, down 20% from a year earlier.
