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American Community Bancshares, Inc. Announces Earnings for the
Quarter Ended September 30, 2004
CHARLOTTE, N.C., Oct. 18 /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 higher unaudited earnings for
the three months ended September 30, 2004 of $937,000 or a 127.4% increase over
unaudited earnings for the three months ended September 30, 2003 of $412,000.
The FNB acquisition accounted for $205,000 of the $525,000 increase in
earnings. Earnings per share (diluted) for the three months ended September
30, 2004 increased to $0.25 compared to $0.14 for the three months ended
September 30, 2003. The annualized return on average assets for the quarter
was 1.00% with a return on average equity of 10.55%.
Net income for the nine months ended September 30, 2004 was $2,067,000 or a
91.2% increase over net income for the nine months ended September 30, 2003 of
$1,081,000. The FNB acquisition accounted for $398,000 of the $986,000
increase in earnings. Earnings per share (diluted) for the nine months ended
September 30, 2004 increased to $0.59 compared to $0.38 for the nine months
ended September 30, 2003. The annualized return on average assets for the nine
months was 0.82% with a return on average equity of 8.92%
Total assets at September 30, 2004 were $375.6 million, with loan and lease
receivables of $286.9 million, deposits of $285.2 million, borrowings of $52.2
million, and stockholders' equity of $36.3 million. Total assets increased
38.9% or $105.1 million, from September 30, 2003, loan and lease receivables
increased 45.2% or $89.2 million, deposits increased 37.2% or $77.4 million and
borrowings increased 36.7% or $14.0 million. The acquisition of FNB of
Gaffney, South Carolina added assets of $82.7 million, total loans of $56.2
million and deposits and $61.3 million at April 15, 2004.
The allowance for loan losses represented 1.20% of total loans at September 30,
2004. Non-performing loans totaled $905,000 or 0.31% of loans at September 30,
2004 compared to $402,000 or 0.16% of loans at September 30, 2003, a $503,000
or a 125% increase. The FNB acquisition accounted for $231,000 of the increase
in non-performing loans. Non-performing assets (which includes foreclosed real
estate and repossessed assets) totaled $1,128,000 at September 30, 2004 and
represented 0.30% of total assets compared to $495,000 or 0.14% of total assets
at September 30, 2003, a $633,000 or 127.9% increase.
Net interest income for the quarter ended September 30, 2004 totaled $3.4
million, an increase of 67.0% over the $2.0 million for the quarter ended
September 30, 2003. Quarter-end results also include a $191,000 or 28.2%
increase in non-interest income from $678,000 for the three months ended
September 30, 2003 to $869,000 for the three months ended September 30, 2004.
In addition, operating expenses increased $696,000 or 36.8% from $1.9 million
for the three months ended September 30, 2003 to $2.6 million for the three
months ended September 30, 2004.
American Community Bancshares, 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. The Bank also has three offices in Mecklenburg County, home of
Charlotte, North Carolina's largest city and the nation's second largest
financial center. First National Bank of the Carolinas is a full service
community bank, headquartered in Gaffney, SC with two offices in Gaffney and
one in Blacksburg, SC. A proposed fourth branch was recently announced to be
built in the township of Tega Cay located in York County, SC. 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,
Shareholder Relations or Dan Ellis, CFO at (704) 225-8444.
American Community Bancshares, Inc.
(Amounts in thousands except share and per share data)
(Unaudited)
Consolidated Balance Sheet September 30, June 30, March 31,
2004 2004 2004
Assets
Cash and due from banks $7,448 $5,960 $9,351
Interest-earning deposits with banks 10,608 5,774 7,520
Investment securities 46,769 51,488 48,908
Loans 290,398 283,995 212,066
Allowance for loan losses (3,478) (3,413) (2,645)
Net loans 286,920 280,582 209,421
Accrued interest receivable 1,537 1,407 1,184
Bank premises and equipment 8,263 8,284 5,267
Foreclosed real estate 214 122 21
Non-marketable equity securities at cost 1,392 1,088 672
Goodwill 10,149 10,125 -
Other assets 2,272 3,285 1,774
Total assets $375,572 $368,115 $284,118
Liabilities and stockholders' equity
Deposits
Non-interest bearing $40,977 $41,718 $35,638
Interest bearing 244,208 238,277 175,195
Total deposits 285,185 279,995 210,833
Borrowings 52,164 51,578 47,928
Accrued expenses and other liabilities 1,946 1,865 851
Total liabilities 339,295 333,438 259,612
Total stockholders' equity 36,277 34,677 24,506
Total liabilities and stockholders'
equity $375,572 $368,115 $284,118
Ending shares outstanding 3,471,228 3,446,753 2,827,709
Book value per share 10.45 10.06 8.67
(a) Derived from audited consolidated financial statements
American Community Bancshares, Inc.
(Amounts in thousands except share and per share data)
(Unaudited)
Consolidated Balance Sheet December 31, September 30,
2003 (a) 2003
Assets
Cash and due from banks $7,330 $6,274
Interest-earning deposits with banks 11,012 3,205
Investment securities 52,069 54,425
Loans 204,533 200,102
Allowance for loan losses (2,529) (2,426)
Net loans 202,004 197,676
Accrued interest receivable 1,131 1,084
Bank premises and equipment 5,339 5,271
Foreclosed real estate 117 -
Non-marketable equity securities at cost 792 792
Goodwill - -
Other assets 1,459 1,780
Total assets $281,253 $270,507
Liabilities and stockholders' equity
Deposits
Non-interest bearing $29,782 $31,721
Interest bearing 178,381 176,069
Total deposits 208,163 207,790
Borrowings 48,319 38,156
Accrued expenses and other liabilities 582 768
Total liabilities 257,064 246,714
Total stockholders' equity 24,189 23,793
Total liabilities and stockholders' equity $281,253 $270,507
Ending shares outstanding 2,825,709 2,824,376
Book value per share 8.56 8.42
(a) Derived from audited consolidated financial statements
American Community Bancshares, Inc.
Consolidated Income Statements
(Amounts in thousands except share and per share data)
(Unaudited)
September 30, June 30, March 31,
Three months ended 2004 2004 2004
Total interest income $4,971 $4,421 $3,534
Total interest expense 1,602 1,492 1,346
Net interest income 3,369 2,929 2,188
Provision for loan losses 157 140 118
Net interest income after provision for
loan loss 3,212 2,789 2,070
Non-interest income
Service charges on deposit accounts 628 585 465
Mortgage banking operations 71 108 66
Realized gains on sale of securities 41 - 58
Other 129 189 113
Total non-interest income 869 882 702
Non-interest expense
Salaries and employee benefits 1,278 1,316 1,011
Occupancy and equipment 474 440 369
Other 836 874 634
Total non-interest expense 2,588 2,630 2,014
Income before income taxes 1,493 1,041 758
Provision for income taxes 556 386 283
Net income $937 $655 $475
Net income per share
Basic $0.27 $0.20 $0.17
Diluted $0.25 $0.18 $0.15
Weighted average number of shares
outstanding
Basic 3,453,019 3,344,713 2,826,039
Diluted 3,784,314 3,703,920 3,145,162
Return on average equity 10.55% 8.16% 7.84%
Return on average assets 1.00% 0.73% 0.69%
Net interest margin 3.97% 3.46% 3.38%
Allowance for loan losses to total loans 1.20% 1.20% 1.25%
Net charge-offs to avg. loans
(annualized) 0.13% 0.09% 0.00%
Nonperforming loans to total loans 0.31% 0.13% 0.13%
Nonperforming assets to total assets 0.30% 0.14% 0.12%
American Community Bancshares, Inc.
Consolidated Income Statements
(Amounts in thousands except share and per share data)
(Unaudited)
December 31, September 30,
Three months ended 2003 2003
Total interest income $3,458 $3,304
Total interest expense 1,274 1,287
Net interest income 2,184 2,017
Provision for loan losses 148 144
Net interest income after provision for
loan loss 2,036 1,873
Non-interest income
Service charges on deposit accounts 372 420
Mortgage banking operations 72 142
Realized gains on sale of securities - -
Other 98 116
Total non-interest income 542 678
Non-interest expense
Salaries and employee benefits 1,022 975
Occupancy and equipment 409 355
Other 665 562
Total non-interest expense 2,096 1,892
Income before income taxes 482 659
Provision for income taxes 175 247
Net income $307 $412
Net income per share
Basic $0.11 $0.15
Diluted $0.10 $0.14
Weighted average number of shares
outstanding
Basic 2,824,376 2,824,376
Diluted 3,053,723 2,900,162
Return on average equity 5.12% 7.00%
Return on average assets 0.45% 0.66%
Net interest margin 3.42% 3.43%
Allowance for loan losses to total loans 1.24% 1.21%
Net charge-offs to avg. loans (annualized) 0.27% 0.00%
Nonperforming loans to total loans 0.16% 0.13%
Nonperforming assets to total assets 0.17% 0.12%
DATASOURCE: American Community Bancshares, Inc.
CONTACT: Stephanie Helms, Shareholder Relations, or Dan Ellis, CFO, of
American Community Bancshares, Inc., +1-704-225-8444
Web site: http://www.americancommunitybank.com/