American Community Bancshares Inc (1106980) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2007

American Community Bancshares Inc

CIK: 1106980

Exhibit 99.1



For Further Information Contact

American Community Bancshares, Inc.

Mr. Randy P. Helton, President and CEO

Phone: 704-225-8444




July 20, 2007. Charlotte, North Carolina: American Community Bancshares, Inc. (NASDAQ Stock Market: ACBA), the holding company for American Community Bank, announced unaudited earnings for the three months ended June 30, 2007 of $1,222,000, a 31.1% increase from unaudited earnings for the same period in 2006. Earnings for the second quarter 2007 were positively impacted by a $41.3 million increase in average earning assets. The Bank also reached a milestone by surpassing $500 million in assets. The Company continued to show a strong net interest margin at 4.28% for the quarter ended June 30, 2007 although it decreased from 4.59% in 2006. Diluted earnings per share increased to $0.17 per share for the three months ended June 30, 2007 from $0.13 per share for the same period in 2006. The annualized return on average assets for the three months ending June 30, 2007 was 1.00% with a return on average equity of 8.81% as compared to 0.82% and 7.17%, respectively for the same period in 2006.

Earnings in the second quarter were also positively impacted as the Company recorded a $437,000 decrease in its provision for loan losses during the quarter ended June 30, 2007. The provision for loan losses for the second quarter of 2006 was primarily related to losses discovered in the Bank’s leasing portfolio. Since that time, the leasing portfolio has paid down to a balance of approximately $5.9 million at June 30, 2007 from $12.0 million in 2006. In addition, nonperforming loans and leases (defined as non-accrual loans and leases plus loans and leases 90 days delinquent and still accruing) decreased 68.1% to a balance of $1.5 million at June 30, 2007 from a balance of $4.7 million at June 30, 2006. Nonperforming loans and leases as a percentage of total loans decreased to 0.40% at June 30, 2007 from 1.32% at June 30, 2006. Earnings for the quarter ended June 30, 2006 were also negatively impacted by a one-time non-cash compensation charge of $218,000 after tax related to stock options granted.

The following information was filed by American Community Bancshares Inc on Monday, July 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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American Community Bancshares Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1106980
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-07-175526
Submitted to the SEC: Wed Aug 08 2007 3:56:59 PM EST
Accepted by the SEC: Wed Aug 08 2007
Period: Saturday, June 30, 2007
Industry: State Commercial Banks

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