CAPITOL CITY BANCSHARES INC

CIK:0001070295|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest income:
Loans, including fees	$ 2,528,684	$ 2,830,522
Deposits in banks	41	411
Securities	177,996	195,798
Federal funds sold	3,949	1,385
Total interest income	2,710,670	3,028,116
Interest expense:
Deposits	741,905	824,949
Other borrowings	43,582	43,788
Total interest expense	785,487	868,737
Net interest income	1,925,183	2,159,379
Provision for loan losses	150,000	100,000
Net interest income after provision for loan losses	1,775,183	2,059,379
Other income:
Service charges on deposit accounts	363,814	360,135
Other fees and commissions	11,600	23,690
Gain (loss) on sales of available for sale securities	(625)	70,988
Rental income	135,116	115,399
Other operating income	133,535	128,165
Total other income	643,440	698,377
Other expenses:
Salaries and employee benefits	987,707	935,969
Occupancy and equipment expenses, net	301,091	296,520
Loss on disposal of premises and equipment
Loss on sales of foreclosed real estate	25,835	82,924
Foreclosed real estate expenses and writedowns	339,951	170,806
Other operating expenses	1,201,584	2,090,834
Total other expenses	2,856,168	3,577,053
Loss before income tax benefits	(437,545)	(819,297)
Income tax benefits
Net Loss	(437,545)	(819,297)
Preferred stock dividends	(29,756)	(50,000)
Net loss available available to common shareholders	(467,301)	(869,297)
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale arising during period, net of tax	518,604	(105,773)
Reclassification adjustment for realized losses (gains) on securities available for sale arising during the period, net of tax	625	(70,988)
Comprehensive income (loss)	$ 51,928	$ (1,046,058)
Basic losses per common share	$ (0.05)	$ (0.08)
Diluted losses per common share	$ (0.05)	$ (0.08)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES
Net loss	$ (437,545)	$ (819,297)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, amortization and accretion	213,694	232,240
Provision for loan losses	150,000	100,000
Net (gain) loss on sale of securities available for sale	625	(70,988)
Loss on sale of foreclosed assets	25,835	82,924
Writedowns of foreclosed real estate	134,347
Increase in dividends payable on preferred stock	(29,756)	(50,000)
Net other operating activities	(744,821)	2,262,967
Net cash (used in) provided by operating activities	(687,621)	1,737,846
INVESTING ACTIVITIES
Purchases of securities available for sale		(14,671,953)
Proceeds from sales of securities available for sale		14,539,044
Proceeds from maturities, calls and paydowns of securities available for sale	1,172,024	1,354,232
Proceeds from sales of restricted equity securities	102,100	83,200
Net increase in interest-bearing deposits at other financial institutions	(103,482)	(82,482)
Net decrease in federal funds sold	3,000	6,045,000
Net (increase) decrease in loans	884,999	(1,311,300)
Capitalized costs on foreclosed real estate		(184,431)
Proceeds from sale of foreclosed real estate	327,466	234,076
Purchase of premises and equipment	(18,725)	(66,867)
Net cash provided by investing activities	2,367,382	5,938,519
FINANCING ACTIVITIES
Net decrease in deposits	(3,278,324)	(2,546,011)
Net cash used in financing activities	(3,278,324)	(2,546,011)
Net (decrease) increase in cash and due from banks	(1,598,563)	5,130,354
Cash and due from banks at beginning of year	12,743,850	7,807,478
Cash and due from banks, end of period	11,145,287	12,937,832
Cash paid for:
Interest	760,572	870,731
NONCASH TRANSACTIONS
Principal balances of loans transferred to foreclosed real estate	1,434,986	15,650
Financed sales of foreclosed real estate	$ 54,946

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and due from banks	$ 11,145,287	$ 12,743,850
Interest-bearing deposits at other financial institutions	610,768	507,286
Federal funds sold	291,000	294,000
Securities available for sale	38,065,945	38,805,780
Restricted equity securities, at cost	506,600	608,700
Loans, net of unearned income	207,129,506	209,469,729
Less allowance for loan losses	5,773,023	6,231,422
Loans, net	201,356,483	203,238,307
Premises and equipment, net	8,481,807	8,590,361
Foreclosed real estate	21,356,371	20,463,980
Other assets	1,986,759	1,721,562
Total assets	283,801,020	286,973,826
Deposits:
Noninterest-bearing	29,092,221	29,581,206
Interest-bearing	243,018,321	245,807,660
Total deposits	272,110,542	275,388,866
Note payable	275,250	275,250
Federal Home Loan Bank advances	5,500,000	5,500,000
Company guaranteed trust preferred securities	3,403,000	3,403,000
Other liabilities	1,755,895	1,702,305
Total liabilities	283,044,687	286,269,421
Stockholders' equity
Preferred stock cumulative, non voting
Common stock, par value $1.00; 80,000,000 shares authorized; 10,376,069 shares issued and outstanding, respectively	10,376,069	10,376,069
Surplus	927,398	927,398
Retained deficit	(11,235,582)	(10,768,281)
Accumulated other comprehensive loss	(1,919,352)	(2,438,581)
Total stockholders' equity	756,333	704,405
Total liabilities and stockholders' equity	283,801,020	286,973,826
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock cumulative, non voting	1,000,000	1,000,000
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock cumulative, non voting	607,800	607,800
Series C Preferred Stock [Member]
Stockholders' equity
Preferred stock cumulative, non voting	$ 1,000,000	$ 1,000,000