Please wait while we load the requested 10-K report or click the link below:
FOR IMMEDIATE RELEASE
For Further Information Contact
American Community Bancshares, Inc.
Mr. Randy P. Helton, President and CEO
AMERICAN COMMUNITY BANCSHARES, INC. ANNOUNCES
A 17% INCREASE IN 2007 NET INCOME
January 25, 2008. Charlotte, North Carolina: American Community Bancshares, Inc. (NASDAQ Stock Market: ACBA), the holding company for American Community Bank, announced unaudited earnings for the year ended December 31, 2007 of $5,020,000, an increase of $744,000 or 17.4% from unaudited earnings for the year ended December 31, 2006. Diluted earnings per common share increased to $0.72 for the year ended December 31, 2007 compared to $0.60 for the year ended December 31, 2006. Return on average equity was 9.15% and 8.08% and return on average assets was 1.01% and .91% for the years ended December 31, 2007 and 2006, respectively.
Earnings were higher for the year due to an increase in net interest income of $420,000 as a result of an $18.0 million increase in earning assets which was partially offset by a 20 basis point decrease in average net interest margin. In addition the provision for loan losses decreased $1.6 million to $1.0 million in 2007 as compared to $2.6 million in 2006. The large provision in 2006 was primarily due to problems that arose in the leasing portfolio. That line of business was discontinued in 2006 and the remaining balances of $3.9 million continue to roll off. Compensation expense increased as a result of normal salary increases combined with an increase in employee headcount during 2007. Other expense increased $428,000 and was primarily a result of an increase in professional fees of $233,000 combined with an increase in FDIC federal deposit insurance premiums of $256,000.
Unaudited earnings for the quarter ended December 31, 2007 were $1,112,000, a $313,000 or 22.0% decrease over unaudited earnings for the quarter ended December 31, 2006 of $1,425,000. Diluted earnings per share for the quarter ended December 31, 2007 decreased to $.17 compared to $.20 for the quarter ended December 31, 2006. Earnings were down primarily due to a decrease in net interest margin from 4.28% for the quarter ended December 31, 2006 to 4.01% for the quarter ended December 31, 2007 which resulted in a $187,000 decrease in net interest income. In addition the provision for loan losses was $328,000 higher for the quarter ended
The following information was filed by American Community Bancshares Inc on Wednesday, January 30, 2008 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.
View differences made from one year to another to evaluate American Community Bancshares Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by American Community Bancshares Inc.