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ELLIJAY, Ga. April 2, 2009 (PRIME NEWSWIRE) Appalachian Bancshares, Inc. (NASDAQ: APAB), holding company for Appalachian Community Bank, Appalachian Community Bank, F.S.B., and Appalachian Real Estate Holdings, Inc. today announces revised financial results for its year ended December 31, 2008. Subsequent to the Companys earnings release on January 29, 2009, as a result of continuing analysis of specific impaired loans and as a result of the preliminary results of a regular examination by the Federal Deposit Insurance Corporation, the Bank determined it prudent to record an additional loan loss provision of $2 million for the fourth quarter of 2008.
This provision is in addition to the $3.8 million originally expensed for the quarter. Revised net loss for the quarter and year ended were ($2,077,000), or ($0.39) per diluted share, and ($2,859,000), or ($0.53) per diluted share ($2,859,000), respectively, down from ($831,000), or ($0.15) per diluted share, and (1,613,000), or ($0.30) per diluted share, respectively, that was previously reported for those periods. The revised earnings are down from the net income of $1,103,000, or $0.21 per diluted share, the Company earned during the same quarter of the prior year and $5,570,000, or $1.06 per diluted share, the Company earned during the year ended December 31, 2007.
This action brings the Companys allowance for loan losses to 1.64% of total loans versus 1.41% of total loans as reflected in the original fourth quarter earnings release. Additionally, non-performing loans increased to $28.2 million from the $24.5 million originally reported in the Companys January release. This increase resulted from the continuing analysis of the Banks loan portfolio through the year-end audit process.
As of December 31, 2008, the capital ratios of Appalachian Community Bank and Appalachian Community Bank, FSB exceeded regulatory levels for well-capitalized banks after the increased loan loss provision.
A complete description of the Companys provision for loan losses, allowance for loan losses and non-performing loans will be included in the Companys Form 10-K expected to be filed with the Securities and Exchange Commission on or about April 3, 2009.
Book value per share stood at $13.48 at December 31, 2008, compared to $13.94 per share at December 31, 2007, a decrease of approximately 3.3%.
About Appalachian Bancshares, Inc.
The Company is based in Ellijay, Georgia, and is the holding company of Appalachian Community Bank, a Georgia state-chartered bank, Appalachian Community Bank, F.S.B., a federally-chartered thrift and Appalachian Real Estate. The Company, through Appalachian Community Bank (which also operates in Gilmer County, Georgia, under the trade name of Gilmer County Bank) and Appalachian Community Bank, F.S.B., provides a full range of community banking services to individuals and to small and medium-sized businesses, through its thirteen banking offices, located in Ellijay, East Ellijay, Blue Ridge, Blairsville, Chatsworth, Dawsonville, McCaysville, Dahlonega and Dalton, Georgia, and in Ducktown, Tennessee, and Murphy, North Carolina. The Companys common stock trades on the NASDAQ Global Market under the symbol APAB. For more information, please visit the Companys website at www.apab.com.
Certain statements in this news release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. These forward-looking statements are subject to risks and
The following information was filed by Appalachian Bancshares Inc on Friday, April 3, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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