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American Community Bancshares, Inc. Announces Results for the
Year ended December 31, 2004 and Declares Cash Dividend
CHARLOTTE, N.C., Jan. 26 /PRNewswire-FirstCall/ -- Randy P. Helton, President
and Chief Executive Officer of American Community Bancshares, Inc. (Nasdaq:
ACBA; ACBAW) the holding company for American Community Bank (ACB) and First
National Bank of the Carolinas (FNB), announced sharply higher unaudited net
income for the year ended December 31, 2004 of $2,897,000, which represents a
108.7% increase over the $1,388,000 earned in the similar period of 2003. The
FNB acquisition accounted for $677,000 of the $1,509,000 increase in earnings.
Earnings per share (diluted) increased to $0.79 compared to $0.48 in 2003. The
return on average assets for the year was 0.83%, with a return on average
equity of 9.09%.
For the fourth quarter of 2004, net income was $830,000 compared to $307,000
earned in the same period in 2003, an increase of 170.4%. The FNB acquisition
accounted for $279,000 of the $523,000 increase. Earnings per share (diluted)
for the fourth quarter were $0.21 compared to $0.10 in the fourth quarter of
2003.
During December, ACB recorded a $350,000 charge to pre-tax earnings in
anticipation of acceptance of a proposed settlement involving ongoing
litigation. The acceptance of the proposed settlement has not been confirmed
and the appeals process regarding this litigation is continuing. Absent this
charge, earnings for the year and three months ended December 31, 2004 would
have been $3,117,000, or $0.85 per share (diluted), and $1,051,000, or $0.26
per share (diluted), respectively.
Total assets at December 31, 2004 were $399,089,000, with loans receivable of
$304,338,000, deposits of $306,516,000 and stockholders' equity of $37,126,000.
Total assets increased $117,836,000 or 41.9% from December 31, 2003, loans
increased $102,334,000 or 50.7%, deposits increased $98,353,000 or 47.3% and
stockholders' equity increased $12,937,000 or 53.5%. The acquisition of FNB
added assets of $82,700,000, total loans of $56,200,000 and deposits of
$61,300,000 at April 15, 2004.
The allowance for loan losses represented 1.13% of total loans at December 31,
2004. Non-performing loans totaled $881,000 or 0.29% of loans, an increase of
$551,000 or 167.0% from the December 31, 2003 balance of $330,000 or 0.16% of
loans. Non-performing loans from the FNB acquisition accounted for $124,000 of
the increase. Non-earning assets (which includes non-performing loans,
foreclosed real estate, and repossessed assets) totaled $1,192,000 at December
31, 2004 and represented 0.30% of total assets compared to $487,000 at December
31, 2003, which represented 0.14% of total assets. This increase of $705,000
represented a 144.8% increase from the balance at December 31, 2003. While
non-earning assets increased over the prior year, management does not
anticipate any significant loss due to our collateral position in these
non-earning assets. Non-earning assets from the FNB acquisition accounted for
$181,000 of the increase. The provision for loan losses for the year ended
December 31, 2004 totaled $573,000, a decrease of 26.8% over the $784,000 in
2003. The 2003 provision was higher primarily due to the charge off of a
commercial line of credit for which a provision for losses of $138,000 was
recorded in 2003.
Net interest income for the year ended December 31, 2004 totaled $11,996,000,
an increase of 52.1% over the $7,886,000 in 2003. The FNB acquisition
accounted for $2,276,000 of this increase. The 2004 results also include a
$692,000 or 26.2% increase in non-interest income from $2,645,000 in 2003 to
$3,337,000 in 2004. The FNB acquisition accounted for $582,000 of the increase.
The increase is primarily due to increases in deposit account charges of
$566,000 combined with gains on the sale of investments of $106,000. Operating
expenses increased $2,598,000 or 34.4% from $7,552,000 in 2003 to $10,150,000
in 2004. This increase is due primarily to increased compensation and
occupancy costs associated with branch expansion, professional fees and the
previously discussed $350,000 litigation charge. The FNB acquisition accounted
for $1,685,000 of the increase.
The Company has also initiated a quarterly cash dividend program and the
dividend for the first quarter 2005 will be $0.05 per share. The dividend will
be payable on March 1, 2005 to shareholders of record on February 15, 2005.
American Community Bancshares, Inc. headquartered in Charlotte, NC is the
holding company for American Community Bank and First National Bank of the
Carolinas. American Community Bank is a full service community bank,
headquartered in Monroe, NC with five offices in Union County (North Carolina's
fastest growing county) and three offices in Mecklenburg County, home of
Charlotte, North Carolina's largest city and the nation's second largest
financial center. A ninth branch is in the renovation phase in the Southend
area of Charlotte and should open during the second quarter of 2005. First
National Bank of the Carolinas is a full service community bank, headquartered
in Gaffney, SC and has three offices in Cherokee County. A fourth branch is
currently under construction in the town of Tega Cay located in York County, SC
and should also open during the second quarter of 2005. The Banks provide a
wide assortment of traditional banking and financial services offered with a
high level of personal attention. American Community Bancshares' website is
http://www.americancommunitybank.com/ . American Community Bancshares stock is
traded on the NASDAQ SmallCap market under the symbol "ACBA" with stock
warrants traded under "ACBAW". For more information contact- Stephanie Helms,
Director of Shareholder Relations or Dan Ellis, Chief Financial Officer at
(704) 225-8444.
American Community Bancshares, Inc.
(Amounts in thousands except per share data)
(Unaudited)
Consolidated Balance Sheet December 31,
2004 2003 (a)
Assets
Cash and due from banks $9,489 $7,330
Interest-earning deposits with banks 6,521 11,012
Investment securities 54,019 52,069
Loans 307,826 204,533
Allowance for loan losses (3,488) (2,529)
Net loans 304,338 202,004
Accrued interest receivable 1,697 1,131
Bank premises and equipment 8,741 5,339
Non-marketable equity securities 2,459 792
Other real estate owned 311 117
Goodwill 9,838 -
Other assets 1,676 1,459
Total assets $399,089 $281,253
Liabilities and stockholders' equity
Deposits
Non-interest bearing $45,352 $29,782
Interest bearing 261,164 178,381
Total deposits 306,516 208,163
Borrowings 54,169 48,319
Accrued expenses and other liabilities 1,278 582
Total liabilities 361,963 257,064
Total stockholders' equity 37,126 24,189
Total liabilities and stockholders' equity $399,089 $281,253
Ending shares outstanding 3,489,249 2,825,709
Book value per share $10.64 $8.56
(a) Derived from audited financial statements
American Community Bancshares, Inc.
(Amounts in thousands except per share data)
(Unaudited)
Three Months ended Year ended
December 31, December 31,
Consolidated Income
Statements 2004 2003 2004 2003 (a)
Total interest income $5,290 $3,458 $18,216 $13,055
Total interest expense 1,780 1,274 6,220 5,169
Net interest income 3,510 2,184 11,996 7,886
Provision for loan losses 158 148 573 784
Net interest income after
provision for loan losses 3,352 2,036 11,423 7,102
Non-interest income
Service charges on
deposit accounts 628 372 2,306 1,740
Mortgage banking operations 119 72 364 517
Realized gains on sale
of securities 7 - 106 -
Other 130 98 561 388
Total non-interest income 884 542 3,337 2,645
Non-interest expense
Salaries and employee benefits 1,255 1,022 4,860 3,854
Occupancy and equipment 472 409 1,755 1,363
Other 1,191 665 3,535 2,335
Total non-interest expense 2,918 2,096 10,150 7,552
Income before income taxes 1,318 482 4,610 2,195
Provision (benefit) for
income taxes 488 175 1,713 807
Net income $830 $307 $2,897 $1,388
Net income per share
Basic 0.24 0.11 0.88 0.49
Diluted 0.21 0.10 0.79 0.48
Weighted average number of
shares outstanding
Basic 3,472,863 2,824,376 3,274,837 2,824,376
Diluted 3,989,045 3,053,723 3,675,574 2,877,301
(a) Derived from audited financial statements
American Community Bancshares, Inc.
(Amounts in thousands except share and per share data)
(Unaudited)
Consolidated Balance Sheet December 31, September 30, June 30,
2004 2004 2004
Assets
Cash and due from banks $9,489 $7,448 $5,960
Interest-earning deposits with banks 6,521 10,608 5,774
Investment securities 54,019 46,769 51,488
Loans 307,826 290,398 283,995
Allowance for loan losses (3,488) (3,478) (3,413)
Net loans 304,338 286,920 280,582
Accrued interest receivable 1,697 1,537 1,407
Bank premises and equipment 8,741 8,263 8,284
Foreclosed real estate 311 214 122
Non-marketable equity securities at cost 2,459 1,392 1,088
Goodwill 9,838 10,149 10,125
Other assets 1,676 2,272 3,285
Total assets $399,089 $375,572 $368,115
Liabilities and stockholders' equity
Deposits
Non-interest bearing $45,352 $40,977 $41,718
Interest bearing 261,164 244,208 238,277
Total deposits 306,516 285,185 279,995
Borrowings 54,169 52,164 51,578
Accrued expenses and other liabilities 1,278 1,946 1,865
Total liabilities 361,963 339,295 333,438
Total stockholders' equity 37,126 36,277 34,677
Total liabilities and stockholders'
equity $399,089 $375,572 $368,115
Ending shares outstanding 3,489,249 3,471,228 3,446,753
Book value per share 10.64 10.45 10.06
(a) Derived from audited consolidated financial statements
American Community Bancshares, Inc.
(Amounts in thousands except share and per share data)
(Unaudited)
Consolidated Balance Sheet March 31, December 31,
2004 2003 (a)
Assets
Cash and due from banks $9,351 $7,330
Interest-earning deposits with banks 7,520 11,012
Investment securities 48,908 52,069
Loans 212,066 204,533
Allowance for loan losses (2,645) (2,529)
Net loans 209,421 202,004
Accrued interest receivable 1,184 1,131
Bank premises and equipment 5,267 5,339
Foreclosed real estate 21 117
Non-marketable equity securities at cost 672 792
Goodwill - -
Other assets 1,774 1,459
Total assets $284,118 $281,253
Liabilities and stockholders' equity
Deposits
Non-interest bearing $35,638 $29,782
Interest bearing 175,195 178,381
Total deposits 210,833 208,163
Borrowings 47,928 48,319
Accrued expenses and other liabilities 851 582
Total liabilities 259,612 257,064
Total stockholders' equity 24,506 24,189
Total liabilities and stockholders' equity $284,118 $281,253
Ending shares outstanding 2,827,709 2,825,709
Book value per share 8.67 8.56
(a) Derived from audited consolidated financial statements
American Community Bancshares, Inc.
Consolidated Income Statements
(Amounts in thousands except share and per share data)
(Unaudited)
December 31, September 30, June 30,
Three months ended 2004 2004 2004
Total interest income $5,290 $4,971 $4,421
Total interest expense 1,780 1,602 1,492
Net interest income 3,510 3,369 2,929
Provision for loan losses 158 157 140
Net interest income after provision for
loan loss 3,352 3,212 2,789
Non-interest income
Service charges on deposit accounts 628 628 585
Mortgage banking operations 119 71 108
Realized gains on sale of securities 7 41 -
Other 130 129 189
Total non-interest income 884 869 882
Non-interest expense
Salaries and employee benefits 1,255 1,278 1,316
Occupancy and equipment 472 474 440
Other 1,191 836 874
Total non-interest expense 2,918 2,588 2,630
Income before income taxes 1,318 1,493 1,041
Provision for income taxes 488 556 386
Net income $830 $937 $655
Net income per share
Basic $0.24 $0.27 $0.20
Diluted $0.21 $0.25 $0.18
Weighted average number of shares
outstanding
Basic 3,472,863 3,453,019 3,344,713
Diluted 3,989,045 3,784,314 3,703,920
Return on average equity 8.99% 10.55% 8.16%
Return on average assets 0.85% 1.00% 0.73%
Net interest margin 3.97% 3.97% 3.46%
Allowance for loan losses to total loans 1.13% 1.20% 1.20%
Net charge-offs to avg loans
(annualized) 0.20% 0.13% 0.09%
Nonperforming loans to total loans 0.29% 0.31% 0.13%
Nonperforming assets to total assets 0.30% 0.30% 0.14%
American Community Bancshares, Inc.
Consolidated Income Statements
(Amounts in thousands except share and per share data)
(Unaudited)
March 31, December 31,
Three months ended 2004 2003
Total interest income $3,534 $3,458
Total interest expense 1,346 1,274
Net interest income 2,188 2,184
Provision for loan losses 118 148
Net interest income after
provision for loan loss 2,070 2,036
Non-interest income
Service charges on deposit accounts 465 372
Mortgage banking operations 66 72
Realized gains on sale of securities 58 -
Other 113 98
Total non-interest income 702 542
Non-interest expense
Salaries and employee benefits 1,011 1,022
Occupancy and equipment 369 409
Other 634 665
Total non-interest expense 2,014 2,096
Income before income taxes 758 482
Provision for income taxes 283 175
Net income $475 $307
Net income per share
Basic $0.17 $0.11
Diluted $0.15 $0.10
Weighted average number of shares
outstanding
Basic 2,826,039 2,824,376
Diluted 3,145,162 3,053,723
Return on average equity 7.84% 5.12%
Return on average assets 0.69% 0.45%
Net interest margin 3.38% 3.42%
Allowance for loan losses to total loans 1.25% 1.24%
Net charge-offs to avg loans (annualized) 0.00% 0.27%
Nonperforming loans to total loans 0.13% 0.16%
Nonperforming assets to total assets 0.12% 0.17%
DATASOURCE: American Community Bancshares, Inc.
CONTACT: Stephanie Helms, Director of Shareholder Relations, or Dan
Ellis, Chief Financial Officer of American Community Bancshares, Inc.,
+1-704-225-8444
Web site: http://www.americancommunitybank.com/