<PAGE> 1
CONFORMED
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1997
Commission File No. 333-04113
COMMUNITY CENTRAL BANK CORPORATION
----------------------------------
(Exact name of small business issuer as specified in its charter)
Michigan 38-3291744
- --------------------------------------------- ---------------------------------
(State or other jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
100 North Main Street, PO Box 7, Mount Clemens, MI 48046-0007
--------------------------------------------------------------
(Address of principal executive offices)
(810) 783-4500
---------------------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Class Outstanding at July 28, 1997
----- ----------------------------
Common Stock, $5 stated value 1,265,000 Shares
Transitional Small Business Disclosure Format:
Yes No X
---- ----
<PAGE> 2
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
PART I
ITEM 1. FINANCIAL STATEMENTS
The financial statements of Community Central Bank Corporation (the
Corporation) include the consolidation of its subsidiary; Community Central
Bank (the Bank).
Following are the Corporation's Consolidated Balance Sheet as of June 30, 1997,
and December 31, 1996, Consolidated Statements of Operations for the three and
six month periods ended June 30, 1997, and Consolidated Statement of Cash Flow
for the six month period ended June 30, 1997. These unaudited financial
statements are for interim periods, and do not include all disclosures normally
provided with annual financial statements. The interim statements should be
read in conjunction with the financial statements and footnotes contained in
the Corporation's Annual Report on Form 10-KSB for the fiscal year ended
December 31, 1996.
In the opinion of management, the interim statements referred to above contain
all adjustments (consisting of normal, recurring items) necessary for a fair
presentation of the financial statements. The results of operations for the
interim periods ended June 30, 1997, are not necessarily indicative of the
results to be expected for the full year.
2
<PAGE> 3
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
Assets 1997 1996
---------------------------------- --------- ------------
(in thousands)
<S> <C> <C>
Cash and due from banks $3,000 $1,358
Federal funds sold 8,250 14,300
---------------------------------- ------- -------
Cash and Cash Equivalents 11,250 15,658
---------------------------------- ------- -------
Securities available for sale, at fair value (1) 987 ----
Investment securities, at amortized cost (2) 10,332 ----
Loans
Residential mortgage loans 13,402 3,950
Commercial loans 14,300 1,336
Installment loans 1,794 292
---------------------------------- ------- -------
Total Loans 29,496 5,578
Allowance for loan losses (450) (90)
---------------------------------- ------- -------
Net Loans 29,046 5,488
---------------------------------- ------- -------
Net property and equipment 2,046 1,696
Accrued interest receivable 327 17
Other assets 179 226
---------------------------------- ------- -------
Total Assets $54,167 $23,085
================================== ======= =======
</TABLE>
(1) The amortized cost of securities available for sale was $1.0 million at
June 30, 1997.
(2) The fair value of investment securities (to be held to maturity) was $10.3
million at June 30, 1997. Investment securities of $0.8 million were
pledged at June 30, 1997, to secure short term borrowings.
(continued)
3
<PAGE> 4
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED BALANCE SHEET, CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
Liabilities and Stockholders' Equity 1997 1996
- ------------------------------------ ----------------------------
<S> <C> <C>
(in thousands, except share data)
Deposits
Noninterest bearing demand deposits $ 6,032 $ 1,619
NOW and money market accounts 6,463 2,724
Savings deposits 746 276
Time deposits 30,337 7,562
- ------------------------------------------ --------- ----------
Total deposits 43,578 12,181
- ------------------------------------------ --------- ----------
Short term borrowings 788 ----
Accrued interest payable 107 32
Other liabilities 101 112
Capitalized lease obligation 1,029 1,020
- ------------------------------------------ --------- ----------
Total Liabilities 45,603 13,345
- ------------------------------------------ --------- ----------
Stockholders' Equity
Common stock -- $5 stated value; 9,000,000
shares authorized; 1,265,000 shares issued
and outstanding at 6/30/97; 1,150,000 shares
outstanding at 12/31/96 6,325 5,750
Additional paid-in capital 4,195 4,770
Accumulated deficit (1,956) (780)
- ------------------------------------------ --------- ----------
Total Stockholders' Equity 8,564 9,740
- ------------------------------------------ --------- ----------
Total Liabilities and Stockholders' Equity $ 54,167 $ 23,085
========================================== ========= ==========
</TABLE>
4
<PAGE> 5
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1997
- ------------------------------------ ------------------ ----------------
(in thousands, except per share data)
<S> <C> <C>
Interest Income
Loans (including fees) $ 570 $ 799
Securities 128 161
Federal funds sold 135 363
- ------------------------------------ -------- -------
Total Interest Income 833 1,323
- ------------------------------------ -------- -------
Interest Expense
Deposits 437 685
Short term borrowings 3 3
Capitalized lease obligation 34 68
- ------------------------------------ -------- -------
Total Interest Expense 474 756
- ------------------------------------ -------- -------
Net Interest Income 359 567
Provision for loan losses 190 360
- ------------------------------------ -------- -------
Net Interest Income after Provision 169 207
- ------------------------------------ -------- -------
Noninterest Income
Deposit service charges 15 26
Mortgage banking income 20 20
Other income 12 17
- ------------------------------------ -------- -------
Total Noninterest Income 47 63
- ------------------------------------ -------- -------
Noninterest Expense
Salaries, benefits, and payroll taxes 341 661
Premises and fixed asset expense 165 289
Other operating expense 279 496
- ------------------------------------ -------- -------
Total Noninterest Expense 785 1,446
- ------------------------------------ -------- -------
Loss Before Taxes (569) (1,176)
Provision for income taxes ---- ----
- ------------------------------------ -------- -------
Net Loss ($569) ($1,176)
==================================== ======== =======
Per share data
Net Loss ($0.45) ($0.93)
==================================== ======== =======
Cash Dividends $---- $----
==================================== ======== =======
</TABLE>
5
<PAGE> 6
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF CASH FLOW Six Months Ended
(Unaudited) June 30,
1997
--------------------------------------------------- ----------------
(in thousands)
<S> <C>
Operating Activities
Net loss ($1,176)
Adjustments to reconcile net loss to net cash flow
from operating activities:
Net accretion of security discount (8)
Provision for loan losses 360
Depreciation expense 220
Increase in accrued interest receivable (310)
Decrease in other assets 47
Increase in accrued interest payable 75
Increase in other liabilities 58
----------------------------------------------- -------
Net Cash Used in Operating Activities (734)
Investing Activities
Purchases of securities available for sale (986)
Purchases of investment securities (10,325)
Net increase in loans (23,918)
Purchases of property and equipment (570)
----------------------------------------------- -------
Net Cash Used in Investing Activities (35,799)
Financing Activities
Net increase in demand and savings deposits 8,622
Net increase in time deposits 22,775
Net increase in short term borrowings 788
Repayments of capitalized lease obligation (60)
----------------------------------------------- -------
Net Cash Provided by Financing Activities 32,125
----------------------------------------------- -------
Decrease in Cash and Cash Equivalents (4,408)
Cash and Cash Equivalents at the Beginning
of the Year 15,658
----------------------------------------------- -------
Cash and Cash Equivalents at the End
of the Period $11,250
=============================================== =======
</TABLE>
6
<PAGE> 7
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PLAN OF OPERATION
The Corporation's plan of operation for the next twelve months is to raise
funds by attracting deposits. Management does not contemplate the need to
raise additional funds by other means. Based on current growth projections,
management believes that the Corporation is likely to have adequate funds to
meet its cash requirements for at least the next several years. The
Corporation is in the process of launching telephone and computer banking
services to be provided by its data processing vendor, but has no other plans
for product research and development which would be performed within the next
12 months. During the next twelve months, the Corporation does not anticipate
the need for any significant equipment expenditures. Also, no significant
changes are expected in staffing levels over that same period.
ANALYSIS OF FINANCIAL CONDITION
The Corporation's total assets have increased by 135%, or $31.1 million, to
$54.2 million at June 30, 1997, compared with $23.1 million at December 31,
1996. During the second quarter, assets increased by $11.4 million over
March 31.
During the six months ended June 30, total deposits rose by $31.4 million,
while total loans increased by $23.9 million. The Corporation reduced its cash
holdings and used excess deposit proceeds to invest $11.3 million in securities
during the six month period.
The following table shows the amortized cost and fair value of the
Corporation's security portfolio as of the date indicated. On the balance
sheet, investment securities (i.e., those which the Corporation has the ability
and intent to hold to maturity) are stated at cost, adjusted for amortization
of premium and accretion of discount. Securities available for sale are
reported at fair value.
<TABLE>
<CAPTION>
June 30, 1997
--------- ------------- -------
Amortized Fair
Cost Variance Value
--------- ------------- -------
(in thousands)
<S> <C> <C> <C>
Securities Available for Sale
United States Government agencies $ 987 $ ---- $ 987
------- ------- -------
Total Securities Available for Sale 987 ---- 987
------- ------- -------
Investment Securities
United States Treasury 4,977 4 4,981
United States Government agencies 5,355 (5) 5,350
------- ------- -------
Total Investment Securities 10,332 (1) 10,331
------- ------- -------
Total Securities $11,319 ($1) $11,318
======= ======= =======
</TABLE>
7
<PAGE> 8
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
Total loans increased by $23.9 million during the six months ended June 30,
1997, as the Corporation began to build its loan base. Commercial loans grew
by $13.0 million, while residential mortgage loans increased by $9.5 million.
Total loan growth was $12.2 million during the second quarter.
Loans are placed in nonaccrual status when, in the opinion of management,
uncertainty exists as to the ultimate collection of principal and interest. No
loans were placed in nonaccrual status during the six month period.
In each accounting period management evaluates the problems and potential
losses in the loan portfolio. The results of this evaluation are reflected in
the allowance and periodic provision for loan losses.
At June 30, 1997, there were no significant loans where known information about
possible credit problems of borrowers causes management to have serious doubts
as to the ability of the borrower to comply with present loan repayment terms
and which, in management's judgment, may result in disclosure of such loans.
Furthermore, management is not aware of any potential problem loans which could
have a material effect on the Corporation's operating results, liquidity, or
capital resources.
The Bank grants loans to customers who live primarily in Macomb County and
metropolitan Detroit. Although the Bank has a diversified loan portfolio,
nearly all of the Bank's residential real estate portfolio consists of loans
secured by one to four family homes located in Macomb County.
During the six months ended June 30, 1997, total deposits increased by 258%, or
$31.4 million, to $43.6 million. Second quarter deposit growth totaled $11.0
million.
Short term borrowings at June 30, 1997, represent securities sold with an
agreement to repurchase them the following day. The maximum amount outstanding
at any month end during 1997 was $0.8 million. The average rate on the ending
balance of short term borrowings at June 30, 1997, was 5.20%.
The Corporation declared a 10% stock dividend on April 1, 1997. The dividend
was paid on April 30, 1997, to stockholders of record on April 15, 1997. As a
result, approximately $575,000 was transferred from additional paid-in capital
to common stock.
Following are selected capital ratios for the Corporation as of the dates
indicated, along with the minimum regulatory requirement for each item:
<TABLE>
<CAPTION>
June 30, December 31, Minimum
1997 1996 Requirement
-------- ------------ -----------
<S> <C> <C> <C>
Tier I capital to risk-weighted assets 27.11% 110.88% 4.00%
Total capital to risk-weighted assets 28.37% 111.91% 8.00%
Tier I capital to average assets (leverage) 18.05% 66.70% 4.00%
</TABLE>
8
<PAGE> 9
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ANALYSIS OF RESULTS OF OPERATIONS
The following table shows the dollar amount of changes in net interest income
for each major category of interest earning asset and interest bearing
liability, and the amount of change attributable to changes in average balances
(volume) or average rates. Variances that are jointly attributable to BOTH
volume and rate changes have been allocated to the volume component.
<TABLE>
<CAPTION>
Three Months Ended June 30, 1997,
vs.
Three Months Ended March 31,1997
---------------------------------
Increase (Decrease)
Due to Changes In
--------------------
Total Volume Rate
----- ------ ----
(in thousands)
<S> <C> <C> <C>
Earning Assets - Interest Income
Federal funds sold ($93) ($111) $18
Securities 95 98 (3)
Loans 341 343 (2)
----- ----- ----
Total 343 330 13
----- ----- ----
Deposits and Borrowed Funds - Interest Expense
NOW and money market accounts 18 17 1
Savings deposits 1 1 ---
Time deposits 170 160 10
Short term borrowings 3 3 ---
Capitalized lease obligation --- --- ---
----- ----- ----
Total 192 181 11
----- ----- ----
Net Interest Margin $151 $149 $2
===== ===== ====
</TABLE>
For the quarter ended June 30, 1997, net interest income increased by 73%, or
$151,000, over the first quarter of 1997. This was due to a significant rise
in the volume of interest earning assets, especially in loans. On the
liability side, interest bearing liability volumes increased sharply as the
Corporation continued to build its deposit base. The net interest margin rose
during the quarter, to 3.34%, compared with 2.81% for the first quarter of
1997.
9
<PAGE> 10
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
AVERAGE BALANCE SHEET
The following table shows the Corporation's consolidated average balances of
assets, liabilities, and stockholders' equity; the amount of interest income or
interest expense and the average yield or rate for each major category of
interest earning asset and interest bearing liability, and the net interest
margin, for the three and six month periods ended June 30, 1997. Average
balances for all securities are calculated using amortized cost. Average loans
are presented net of unearned income, gross of the allowance for loan losses.
Interest on loans includes loan fees.
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- -------------------------
1997 1997
------- -------- ------- ------- -------- -------
Average Average
Interest Rate Interest Rate
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
------- -------- ------- ------- -------- -------
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Assets
Federal funds sold $9,785 $135 5.53% $13,752 $363 5.28%
Securities 8,793 128 5.82 5,450 161 5.92
Loans 24,454 570 9.33 17,145 799 9.32
------- ----- ------ ------- ----- ----
Total Earning Assets/Total Interest
Income 43,032 833 7.75 36,347 1,323 7.28
----- ------ ----- ----
Cash and due from banks 2,308 1,734
All other assets 2,117 2,014
------- -------
Total Assets $47,457 $40,095
======= =======
Liabilities and Stockholders' Equity
NOW and money market accounts $5,592 53 3.81 $4,671 88 3.76
Savings deposits 693 4 2.42 607 8 2.48
Time deposits 26,025 380 5.84 20,587 589 5.73
Short term borrowings 198 3 5.19 99 3 5.19
Capitalized lease obligation 1,016 34 13.50 1,014 68 13.49
------- ----- ------ ------- ---- -----
Total Interest Bearing Liabilities/Total
Interest Expense 33,524 474 5.66 26,978 756 5.60
----- ------ ---- -----
Noninterest bearing demand deposits 4,911 3,818
All other liabilities 122 108
Stockholders' equity 8,900 9,191
----- -----
Total Liabilities and Stockholders'
Equity $47,457 $40,095
======== ========
Net Interest Income $359 $567
==== ====
Net Interest Margin (Net Interest
Income/Total Earning Assets) 3.34% 3.12%
==== ====
</TABLE>
10
<PAGE> 11
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
LIQUIDITY AND ASSET/LIABILITY MANAGEMENT
The liquidity of a bank allows it to provide funds to meet loan requests, to
accommodate possible outflows in deposits, and to take advantage of other
investment opportunities. Funding of loan requests, providing for liability
outflows, and managing interest rate margins require continuous analysis to
match the maturities of specific categories of loans and investments with
specific types of deposits and borrowings. Bank liquidity is thus normally
defined by the mix of the banking institution's potential sources and uses of
funds. For the Corporation, the major sources of liquidity have been federal
funds sold, securities available for sale, and loans (including demand loans)
which mature within one year. At June 30, 1997, federal funds sold amounted to
$8.3 million, while the fair value of securities available for sale was $1.0
million. Loans (including demand loans) maturing within a year amounted to
$7.5 million at June 30, 1997. The Corporation's large deposits which might
experience balance fluctuations in response to interest rate changes are
closely monitored. These deposits consist mainly of jumbo time certificates of
deposit, of which the balance was $14.4 million at June 30, 1997.
Managing rates on earning assets and interest bearing liabilities focuses on
maintaining stability in the net interest spread, an important factor in
earnings growth and stability. Emphasis is placed on maintaining a controlled
rate sensitivity position, to avoid wide swings in spreads and to manage risk
due to changes in interest rates.
11
<PAGE> 12
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
The following table shows the rate sensitivity of the Corporation's interest
earning assets and interest bearing liabilities as of June 30, 1997. This
table displays the interest rate sensitivity gap (i.e., interest rate sensitive
assets less interest rate sensitive liabilities), cumulative interest rate
sensitivity gap, the interest rate sensitivity gap ratio (i.e., interest rate
sensitive assets divided by interest rate sensitive liabilities), and
cumulative interest rate sensitivity gap ratio. For the purposes of this
table, an asset or liability is considered rate sensitive within a specified
period when it matures or could be repriced within such period, generally
according to its contractual terms.
<TABLE>
<CAPTION>
June 30, 1997
After Three After One
Within Months But Year But After
Three Within One Within Five
Months Year Five Years Years Total
------ ----------- ---------- ----- -----
<S> <C> <C> <C> <C> <C>
(in thousands)
Interest Earning Assets
Federal funds sold $8,250 $ --- $ --- $ --- $8,250
Securities (1) --- 5,484 5,835 --- 11,319
Loans 11,778 895 10,123 6,700 29,496
------ ----- ------ ----- -------
Total 20,028 6,379 15,958 6,700 $49,065
------ ----- ------ ----- =======
Interest Bearing Liabilities
NOW and money market
accounts 6,463 --- --- --- $6,463
Savings deposits 746 --- --- --- 746
Jumbo time deposits 8,246 6,058 100 --- 14,404
Time deposits < $100,000 497 14,884 552 --- 15,933
Short term borrowings 788 --- --- --- 788
Capitalized lease obligation --- --- 59 970 1,029
------ ------ ------ ---- -------
Total 16,740 20,942 711 970 $39,363
------ ------ ------ ---- =======
</TABLE>
(1) Securities in the "available for sale" category are reported in this table
at amortized cost.
Interest rate sensitivity gap $3,288 ($14,563) $15,247 $5,730
Cumulative interest rate
sensitivity gap (11,275) 3,972 9,702
Interest rate sensitivity gap
ratio 1.20 0.30 22.44 6.91
Cumulative interest rate
sensitivity gap ratio 0.70 1.10 1.25
The preceding table indicates the time periods in which interest earning assets
and interest bearing liabilities will mature or may be repriced, generally
according to their contractual terms. However, this table does not necessarily
indicate the impact that general interest rate movements would have on the
Corporation's net interest yield, because the repricing of various categories
of assets and liabilities is discretionary and is subject to competitive and
other pressures. As a result, various assets and liabilities indicated as
repricing within the same period may, in fact, reprice at different times and
by different increments. At June 30, 1997, the Corporation is considered
"liability sensitive" according to the preceding table. In a rising rate
environment, the Corporation might not be able to increase rates on earning
assets faster than the increase in rates on interest bearing liabilities.
12
<PAGE> 13
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
The Corporation is also implementing a personal computer-based model to
simulate the effects of possible interest rate changes. As a guideline, the
Corporation intends to limit estimated negative exposure to changing rates
within the ensuing year to 15% of net interest income. The exposure estimate
will be based on a variety of assumptions built into the model, and assumed
interest rate changes of plus or minus 200 basis points. The results of this
analysis will be reported to the Board of Directors, to assist in the interest
rate risk management process.
13
<PAGE> 14
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ALLOWANCE FOR LOAN LOSSES
The following table shows changes in the allowance for loan losses arising from
additions to the allowance that were charged to expense, and a selected ratio:
Six Months Ended
June 30,
1997
------------------
(in thousands)
Allowance for loan losses at
beginning of period $ 90
Provision charged to expense 360
-----
Allowance for loan losses at end of period $ 450
=====
Allowance for loan losses as a percentage
of loans at period end 1.53%
In each accounting period, the allowance for loan losses is adjusted by
management taking a variety of factors into account. Through its credit
department, management will attempt to allocate specific portions of the
allowance for loan losses based on specifically identifiable problem loans.
Management's evaluation of the allowance is further based on consideration of
actual loss experience, the present and prospective financial condition of
borrowers, adequacy of collateral, industry concentrations within the
portfolio, and general economic conditions. Management believes that the
present allowance is adequate, based on the broad range of considerations
listed above.
The primary risk element considered by management regarding each installment
and residential real estate loan is lack of timely payment. Management has a
reporting system that monitors past due loans and has adopted policies to
pursue its creditor's rights in order to preserve the Bank's position. The
primary risk elements concerning commercial loans are the financial condition
of the borrower, the sufficiency of collateral, and lack of timely payment.
Management has a policy of requesting and reviewing annual financial statements
from its commercial loan customers, and periodically reviews existence of
collateral and its value.
Although management believes that the allowance for loan losses is adequate to
absorb losses as they arise, there can be no assurance that the Bank will not
sustain losses in any given period that could be substantial in relation to the
size of the allowance for loan losses.
Management is not aware of any factors that would cause future net loan
charge-offs, in total or by loan category, to significantly differ from those
experienced by institutions of similar size.
14
<PAGE> 15
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
PART II
ITEM 1. LEGAL PROCEEDINGS
As a depository of funds, the Bank could occasionally be named as a defendant
in lawsuits (such as garnishment proceedings) involving claims to the ownership
of funds in particular accounts. Such litigation is incidental to the Bank's
business.
The Corporation's management is not aware of any threatened or pending
litigation.
ITEM 2. CHANGES IN SECURITIES.
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Corporation held an annual meeting of stockholders on April 15, 1997. At
this meeting an election was held to re-elect three directors. The proposed
terms of these directors expire in 2000. The voting results for each nominee
were as follows:
Total For
Joseph Catenacci 1,056,853
Raymond M. Contesti 1,056,853
Celestina Giles 1,057,353
Total Withheld For
All nominees None
Abstentions
Joseph Catenacci 1,200
Raymond M. Contesti 1,200
Celestina Giles 700
Broker Non-Votes 3,900
As a result, Mr. Catenacci, Dr. Contesti, and Ms. Giles were re-elected. In
addition, directors Harold W. Allmacher, Gebran S. Anton, Salvatore Cottone,
Bobby L. Hill, Joseph F. Jeannette, Richard J. Miller, Dean S. Petitpren, and
Carole L. Schwartz, whose terms in office did not expire at the meeting,
continued in office.
ITEM 5. OTHER INFORMATION.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
A list of exhibits included as part of this Form 10-QSB is shown in the
Exhibit Index, which immediately precedes such exhibits, and is
incorporated by reference herein.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which this
report is filed.
15
<PAGE> 16
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized, on July 28, 1997.
COMMUNITY CENTRAL BANK CORPORATION
By: S/ HAROLD W. ALLMACHER
--------------------------------
Harold W. Allmacher;
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
By: S/ RICHARD J. MILLER
--------------------------------
Richard J. Miller;
President and Chief Operating Officer
By: S/ PETER J. PRZYBOCKI
--------------------------------
Peter J. Przybocki, CPA;
Corporate Treasurer
(Principal Financial and Accounting Officer)
16
<PAGE> 17
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
- ------- -------------------
3.1 Articles of Incorporation are incorporated by reference to exhibit 3.1
of the Corporation's Registration Statement on Form SB-2 (Commission
File Number 333-04113) which became effective September 23, 1996
3.2 Bylaws of the Corporation are incorporated by reference to exhibit 3.2
of the Corporation's Registration Statement on Form SB-2 (Commission
File Number 333-04113) which became effective September 23, 1996
11 Computation of Per Share Earnings
27 Financial Data Schedule
17
<PAGE> 1
COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1997
------------------ ----------------
(in thousands, except per share data)
<S> <C> <C>
NET LOSS ($569) ($1,176)
/ WEIGHTED AVERAGE SHARES 1,265 1,265
- ----------------------------------------- ------ -------
NET LOSS PER SHARE ($0.45) ($0.93)
========================================= ====== =======
</TABLE>
Notes:
- - Weighted average shares outstanding have been adjusted to reflect the 10%
stock dividend paid April 30, 1997.
18
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM COMMUNITY CENTRAL BANK
CORPORATION'S CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1997, AND THE
CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1997, AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
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0
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