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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 JUNE 30, 2008 AND DECLARES THIRD
QUARTER DIVIDEND OF $0.05 PER SHARE
July 22, 2008. Charlotte, North Carolina: American Community Bancshares, Inc. (NASDAQ Capital Market: ACBA), the holding company for American Community Bank, announced unaudited earnings for the three months ended June 30, 2008 of $484,000 as compared to unaudited earnings of $1.2 million for the same period of 2007. The change in earnings for the quarter was primarily related to compression in the Banks net interest margin. The net interest margin for the quarter ended June 30, 2008 was 3.23% as compared to 4.28% for the same quarter in 2007. The compression 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 325 basis points beginning September 18, 2007 and ending April 30, 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. Earnings per share (diluted) for the three months ended June 30, 2008 were $0.07 as compared to $0.17 for the three months ended June 30, 2007.
Unaudited earnings for the six months ended June 30, 2008 were $1,475,000 as compared to unaudited earnings for the six months ended June 30, 2007 of $2,508,000. Earnings per share (diluted) for the six months ended June 30, 2008 were $0.22 as compared to $0.35 for the six months ended June 30, 2007. The annualized return on average assets for the six months ended June 30, 2008 was 0.57% with a return on average equity of 5.35% as compared to 1.03% and 9.04%, respectively for the same period in 2007.
The following information was filed by American Community Bancshares Inc on Tuesday, July 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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