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FOR IMMEDIATE RELEASE
For Further Information Contact
American Community Bancshares, Inc.
Mr. Randy P. Helton, President and CEO
AMERICAN COMMUNITY BANCSHARES, INC. ANNOUNCES
RECORD RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2006
January 24, 2007. Charlotte, North Carolina: American Community Bancshares, Inc. (NASDAQ Stock Market: ACBA), the holding company for American Community Bank, announced record unaudited earnings for the three months ended December 31, 2006 of $1,425,000, an increase of $216,000 or 17.9% from unaudited earnings for the same period in 2005. Unaudited net interest income for the quarter increased to $4.9 million from $4.5 million for the same period in 2005, an increase of 8.0%. The Company reported unaudited non-interest income of $795,000 for the quarter ended December 31, 2006, a decrease of approximately 5.1% over the comparable period in 2005.
Unaudited earnings for the year ended December 31, 2006 were $4,276,000, a $232,000 or 5.2% decrease over unaudited earnings for the year ended December 31, 2005 of $4,508,000. Earnings per share (diluted) for the year ended December 31, 2006 decreased to $.60 compared to $.66 for the year ended December 31, 2005. Both decreases are primarily due to previously disclosed loan loss provisions in 2006 related to the Companys discontinued leasing operations. The Companys annualized return on average assets for the year ended December 31, 2006 was 0.91% with a return on average equity of 8.08%.
Total assets as of December 31, 2006 were $495.1 million, compared to $436.7 million at December 31, 2005, an increase of $58.4 million or 13.4%. The Company also experienced similar gains in loans and deposits. Total loans were $364.8 million, an increase of $36.4 million or 11.1%, over the $328.4 million reported at December 31, 2005. Total deposits were $401.1 million, an increase of $55.7 million or 16.1% over fourth quarter 2005 deposits of $345.4 million. Asset quality improved on a linked quarter basis, as nonperforming assets decreased to
The following information was filed by American Community Bancshares Inc on Thursday, January 25, 2007 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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