CCB Bankshares, Inc. is pleased to announce net income to common shareholders of $204,013 for the third quarter of 2016

At September 30, 2016, total assets were $207.1 million, up $26.9 million or 14.9% from December 31, 2015. Gross loans were $171.1 million, an increase of $20.0 million or 13.3% from December 31, 2015, and $26.5 million or 18.3% from September 30, 2015.  Deposits totaled $179.3 million, an increase of $25.7 million or 16.8% from December 31, 2015.  The company has experienced growth across its entire footprint, but particularly in the emerging markets in North Carolina. 

Asset Quality

At September 30, 2016, the allowance for loan losses was $2.2 million or 1.30% of loans.  Nonperforming loans at September 30, 2016 were $669 thousand, compared to $516 thousand at December 31, 2015 and $983 thousand at September 30, 2015.  Provision expense at September 30, 2016 was $340 thousand compared to $210 thousand at September 30, 2015. 

At September 30, 2016, other real estate owned totaled $154 thousand compared with $217 thousand at year end 2015 and $387 thousand at September 30, 2015.  In aggregate, nonperforming assets equaled $823 thousand or 0.4% of total assets at September 30, 2016, compared to $1.4 million or 0.8% of total assets at September 30, 2015.     

Capital

As of September 30, 2016, the Bank's total risk-based capital was 13.5% and Tier 1 leverage was 9.9%.  In February 2016, the Company repaid the remaining $1 million of the preferred stock issued in connection with the Treasury's Small Business Lending Fund which resulted in a reduction in the capital ratios.  In addition, in February 2016 the company issued $3.5 million in subordinated debt, fixed at 7.0% for 10 years. 

CCB Bankshares, Inc. is a holding company organized under the laws of the Commonwealth of Virginia with Citizens Community Bank, a Virginia state chartered bank headquartered in South Hill, Virginia, its primary asset. The Bank opened in December 1999, it operates six branches, three in south central Virginia and three in northern North Carolina.  For more information and additional financial data, please visit www.myccb.bank. 

This press release contains "forward-looking statements" that concern future events which are subject to risks and uncertainties.  Any such statements are based on certain assumptions and analyses by the Company and other factors it believes are appropriate in the circumstances and at the time at which such statements are made.  The Company's actual results, events and developments may differ materially from those contemplated by any forward-looking statement.  The Company has no responsibility to update such forward-looking statements.

CCB Bankshares, Inc. - September 30, 2016 - Consolidated Statements of Income
(Unaudited)
(Actual dollars, except per share data)				Three Months Ended September 30			Nine Months Ended September 30
Selected Operating Data:				2016		2015	2016		2015
Net interest income				$   1,725,823		$    1,561,707	$   5,016,606		$    4,481,838
Provision for loan losses				150,000		110,000	340,000		210,000
Noninterest income				204,673		202,075	603,383		597,323
Noninterest expense				1,523,825		1,396,113	4,468,391		4,046,576
Income (loss) before income tax				256,672		257,669	811,598		822,585
Income tax expense (benefit)				52,659		76,114	228,824		240,928
Net income (loss)				$      204,013		$       181,554	$      582,774		$       581,658
Less: Preferred dividends				$                  -		$           2,500	$          9,000		$         21,833
Net income (loss) available to common
shareholders				$      204,013		$       179,054	$      573,774		$       559,824
Income (loss) per share available to
common shareholders:(1)
Basic				$0.13		$0.12	$0.38		$0.37
Diluted				$0.13		$0.12	$0.38		$0.37
Average shares outstanding, basic				1,511,968		1,509,945	1,511,652		1,509,625
Average shares outstanding, diluted				1,511,968		1,509,945	1,511,652		1,509,625
(1) results for 2016 are reflective of formation of holding company.
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