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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
Results for the Quarter Ended MARCH 31, 2008 AND DECLARES SECOND QUARTER
DIVIDEND OF $0.05 PER SHARE
April 23, 2008. Charlotte, North Carolina: American Community Bancshares, Inc. (Nasdaq: ACBA), the holding company for American Community Bank, announced unaudited earnings decreased for the three months ended March 31, 2008 as compared to unaudited earnings for the same period of 2007. Unaudited earnings as of March 31, 2008 were $991,000, a decrease of $296,000 or 23.0% from unaudited earnings at March 31, 2007. Unaudited net interest income for the quarter decreased to $4.3 million from $4.8 million for the same period in 2007, a decrease of $483,000 or 10.1%.
Net interest margin is interest income earned on loans, securities and other earning assets, less interest expense paid on deposits and borrowings, expressed as a percentage of total average earning assets. The net interest margin for the quarter ended March 31, 2008 was 3.76% compared to 4.38% for the same quarter in 2007. The decrease in net interest margin is primarily a result of deposit and borrowings costs decreasing more slowly than the yield on earning assets. The Federal Open Market Committee (FOMC) decreased short-term rates seven times for a total of 300 basis points beginning September 18, 2007 and ending March 18, 2008. Since the majority of our loans float with the prime lending rate, the yield on our loans decreased immediately as the FOMC lowered rates. Due to the longer term maturity structure of our deposits and borrowings, the costs of those liabilities were slower to decrease.
The Company reported unaudited non-interest income of $1.0 million for the quarter ended March 31, 2008, an increase of approximately 26.3% over the comparable period in 2007. In addition, operating expenses decreased $30,000 or less than 1.0% to $3.4 million for the quarter ended March 31, 2008.
The following information was filed by American Community Bancshares Inc on Tuesday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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