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FOR IMMEDIATE RELEASE
January 25, 2006
American Community Bancshares, Inc. announces results for the year ended December 31, 2005
Charlotte, North Carolina, Randy P. Helton, President and Chief Executive Officer of American Community Bancshares, Inc. (stock NASDAQ SmallCap: ACBA) the holding company for American Community Bank (ACB), announced higher unaudited earnings for the year ended December 31, 2005 of $4,508,000 or a 64% increase over the $2,743,000 earned in 2004. Earnings per share (diluted) increased to $1.00 compared to $0.75 in 2004. The return on average assets for the year was 1.08% compared to 0.74% for 2004 and the return on average equity was 9.81% compared to 8.50% in 2004.
For the fourth quarter of 2005, net income was $1,209,000 compared to $676,000 earned in the same period in 2004, an increase of 78.9%. Earnings per share (diluted) for the fourth quarter were $0.25 compared to $0.17 in the fourth quarter of 2004. The fourth quarter 2004 net income reflected a one-time after-tax charge of $375,000 related to the settlement of a lawsuit. Absent the 2004 charge net income for the fourth quarter of 2005 would have increased by 15.0% over the 2004 net income and earnings per share (diluted) for the fourth quarter of 2004 would have been $0.26.
Total assets at December 31, 2005 were $436.9 million, with loan and lease receivables of $328.4 million, deposits of $345.4 million, borrowings of $38.2 million, and stockholders equity of $50.9 million. Total assets increased $37.5 million or 9.4% from December 31, 2004, loans increased $23.9 million or 7.8%, deposits increased $38.7 million or 12.6% and stockholders equity increased $13.9 million or 37.6%. The conversion of outstanding warrants issued in April 2002 accounted for $10.4 million of the increase in stockholders equity.
The allowance for loan losses represented 1.30% of total loans at December 31, 2005 compared to 1.13% at December 31, 2004. Non-performing loans totaled $951,000 or 0.29% of loans at December 31, 2005 compared to $881,000 or 0.29% of loans at December 31, 2004, a $70,000 or an 8.0% increase. Non-performing assets (which includes non-performing loans, foreclosed real estate and repossessed assets) totaled $1,429,000 at December 31, 2005 and represented 0.33% of total assets compared to $1,129,000 or 0.30% of total assets at December 31, 2004, a $237,000 or a 19.9% increase.
The following information was filed by American Community Bancshares Inc on Friday, January 27, 2006 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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