EVANSVILLE, Ind., Oct. 25 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (the "Company") (OTC Bulletin Board: ACBP), the holding company for Bank of Evansville, today reported consolidated net income for the third quarter of 2010 of $591,574, an increase of 76.2 percent over the same quarter in 2009. Diluted earnings per share were $0.27 and $0.16 for the third quarter of 2010 and 2009, respectively.
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For the first nine months of 2010, consolidated net income was $874,542 compared to net income of $648,377 for the first nine months of 2009. Diluted earnings per share for the first nine months of 2010 and 2009 were $0.41 and $0.30, respectively.
Michael S. Sutton, President and Chief Executive Officer, commented, "We are pleased to report our third quarter results given the continued softness in both the local and national economy. Although loan demand remains soft, profits were positively impacted by a 9.7 percent increase in average earning assets year over year. The favorable interest rate environment also contributed to a 111.0 percent increase in our mortgage banking fee income for the quarter ending September 30, 2010, compared to the same period a year ago. Given the improvement in both our non performing and classified assets, we did not record any provision for loan losses during the quarter."
Operating Performance
Total revenues, consisting of net interest income and non interest income, were $2,672,872 for the third quarter of 2010, which was $173,772 or 7.0 percent higher than the same period last year. Net interest income was $2,290,689 for the third quarter of 2010, increasing $41,215 or 1.8 percent over the same quarter of 2009. Non interest income of $382,183 for the third quarter of 2010 was $132,557 or 53.1 percent higher compared to the same period in 2009. The increase is primarily from higher gains on the sale of loans resulting from residential mortgage refinancing activity.
Total revenues for the first nine months of 2010 were $7,830,722, increasing $539,795 or 7.4 percent, compared to the same period in the prior year. Net interest income for the first nine months of 2010 was $7,085,732, which was $638,240 or 9.9 percent higher than the $6,447,492 reported for the first nine months of 2009. Non interest income for the first nine months of 2010 decreased $98,445 or 11.7 percent primarily due to losses on the sale of other real estate totaling $126,680 in 2010 compared to a loss of only $4,797 through the first nine months in 2009.
Non interest expense for the third quarter of 2010 was $1,752,228 compared to $1,679,721 for the third quarter of 2009. For the first nine months of 2010, non interest expense was $195,960, or 3.8 percent higher than the same period last year.
Balance Sheet
Total assets at September 30, 2010, were $325,957,731, compared to $301,846,993 at the same date a year ago, an increase of $24,110,738 or 8.0 percent. Loans declined $14,625,946 or 5.7 percent and were $242,851,965 at September 30, 2010, compared to $257,477,911 reported at September 30, 2009. Total deposits at September 30, 2010, were $282,432,590, reflecting an increase of $22,237,223, or 8.6 percent over the corresponding total a year ago.
Asset Quality
During the third quarter of 2010, the Company had net loan charge-offs of $168,210 due to gross loan charge offs of $234,707 and recoveries of $66,497. Year to date, provision expense equals $1,100,000 compared to $990,000 for the same period in 2009. The ratio of the allowance for loan losses to total loans was 1.48 percent at September 30, 2010, and 1.88 percent at September 30, 2009. Non performing assets totaled approximately $5,221,478 at September 30, 2010, compared to $6,595,276 as of the same date a year ago, reflecting a decrease of 20.8 percent.
American Community Bancorp, Inc., through its wholly owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana, area.
This news release contains certain forward-looking statements. These forward-looking statements may be identified by the use of such forward-looking terminology as "expect," "believe," "plan," "anticipate," "may," "will," or similar statements or variations of such terms or otherwise express views concerning trends and the future. Forward-looking statements involve risks and uncertainties which could cause our results to differ materially from such forward-looking statements. We assume no obligation for updating any such forward-looking statement at any time.
AMERICAN COMMUNITY BANCORP, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited) |
(Unaudited) |
||||||
September 30, |
December 31, |
September 30, |
|||||
2010 |
2009 |
2009 |
|||||
ASSETS |
|||||||
Cash and due from banks |
$ 4,259,319 |
$ 3,070,354 |
$ 4,871,730 |
||||
Interest bearing balances with banks |
20,177,663 |
11,827,957 |
15,050,703 |
||||
Federal funds sold |
14,923,000 |
3,256,000 |
4,946,000 |
||||
Total cash and cash equivalents |
39,359,982 |
18,154,311 |
24,868,433 |
||||
Securities available for sale, at fair value |
29,786,329 |
13,448,255 |
11,907,634 |
||||
Nonmarketable equity securities |
1,364,850 |
1,364,850 |
1,269,450 |
||||
Loans, net of deferred fees |
242,851,965 |
259,142,061 |
257,477,911 |
||||
Allowance for loan losses |
(3,605,650) |
(4,515,926) |
(4,851,856) |
||||
Net loans |
239,246,315 |
254,626,135 |
252,626,055 |
||||
Premises and equipment |
7,086,482 |
7,176,779 |
7,253,295 |
||||
Other real estate owned |
1,401,765 |
982,550 |
- |
||||
Other assets |
7,712,008 |
6,078,017 |
3,922,126 |
||||
Total assets |
$ 325,957,731 |
$ 301,830,897 |
$ 301,846,993 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Deposits |
|||||||
Non interest bearing |
$ 28,209,453 |
$ 32,157,834 |
$ 32,947,981 |
||||
NOW, MMDA and Savings |
200,078,571 |
150,555,986 |
145,215,201 |
||||
Time deposits |
54,144,566 |
77,349,304 |
82,032,185 |
||||
Total deposits |
282,432,590 |
260,063,124 |
260,195,367 |
||||
Long term debt |
18,248,000 |
18,248,000 |
18,248,000 |
||||
Accrued expenses and other liabilities |
1,076,515 |
779,007 |
1,136,125 |
||||
Total liabilities |
301,757,105 |
279,090,131 |
279,579,492 |
||||
SHAREHOLDERS' EQUITY |
|||||||
Common stock, no par value, 3,000,000 shares |
|||||||
authorized; issued and outstanding 2,177,850 |
|||||||
2,122,244, and 2,122,244 |
23,346,298 |
21,813,998 |
21,790,199 |
||||
Undivided profits |
723,755 |
896,962 |
341,759 |
||||
Accumulated other comprehensive income (loss) |
130,573 |
29,806 |
135,543 |
||||
Total shareholders' equity |
24,200,626 |
22,740,766 |
22,267,501 |
||||
Total liabilities and shareholders' equity |
$ 325,957,731 |
$ 301,830,897 |
$ 301,846,993 |
||||
AMERICAN COMMUNITY BANCORP, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||
(Unaudited) |
|||||||||
Three months ended |
Nine months ended |
||||||||
September 30, |
September 30, |
||||||||
Interest income: |
2010 |
2009 |
2010 |
2009 |
|||||
Interest and fees on loans |
$ 3,280,471 |
$ 3,328,715 |
$ 9,983,893 |
$ 9,972,308 |
|||||
Securities: |
|||||||||
U. S. government agencies and corp. |
87,792 |
63,969 |
243,183 |
244,744 |
|||||
State, County, Municipal bonds |
13,832 |
8,282 |
40,841 |
19,747 |
|||||
Other securities |
19,532 |
22,378 |
60,308 |
51,996 |
|||||
Federal funds sold |
18,211 |
681 |
20,463 |
681 |
|||||
Deposits with other banks |
56,858 |
17,443 |
129,978 |
25,337 |
|||||
Total interest income |
3,476,696 |
3,441,468 |
10,478,666 |
10,314,813 |
|||||
Interest expense: |
|||||||||
Deposits |
1,071,601 |
1,075,872 |
3,061,325 |
3,488,083 |
|||||
Fed funds purchased |
118 |
- |
750 |
3,369 |
|||||
Borrowings |
114,288 |
116,122 |
330,859 |
375,869 |
|||||
Total interest expense |
1,186,007 |
1,191,994 |
3,392,934 |
3,867,321 |
|||||
Net interest income |
2,290,689 |
2,249,474 |
7,085,732 |
6,447,492 |
|||||
Provision for loan losses |
- |
250,000 |
1,100,000 |
990,000 |
|||||
Net interest income after provision |
2,290,689 |
1,999,474 |
5,985,732 |
5,457,492 |
|||||
for loan losses |
|||||||||
Non interest income: |
|||||||||
Service charges on deposit accounts |
81,398 |
93,065 |
223,002 |
252,058 |
|||||
Gain on sale of loans |
214,149 |
101,502 |
416,409 |
435,660 |
|||||
Gain on sale of other assets |
- |
- |
- |
- |
|||||
Gain (loss) on sale of OREO |
(6,599) |
(5,151) |
(126,680) |
(4,797) |
|||||
Other |
93,235 |
60,210 |
232,259 |
160,514 |
|||||
Total non interest income |
382,183 |
249,626 |
744,990 |
843,435 |
|||||
Non interest expense: |
|||||||||
Salaries and benefits |
1,008,891 |
873,361 |
2,843,127 |
2,679,338 |
|||||
Occupancy and equipment, net |
159,364 |
173,296 |
476,658 |
511,359 |
|||||
Marketing |
14,193 |
31,955 |
44,877 |
61,122 |
|||||
Data processing |
115,864 |
111,362 |
355,992 |
335,863 |
|||||
Supplies, postage and printing |
11,760 |
18,506 |
52,161 |
49,527 |
|||||
Other |
442,156 |
471,241 |
1,608,595 |
1,548,241 |
|||||
Total non interest expense |
1,752,228 |
1,679,721 |
5,381,410 |
5,185,450 |
|||||
Income before income taxes |
920,644 |
569,379 |
1,349,312 |
1,115,477 |
|||||
Income taxes |
329,070 |
233,600 |
474,770 |
467,100 |
|||||
Net income |
$ 591,574 |
$ 335,779 |
$ 874,542 |
$ 648,377 |
|||||
Basic earnings per common share* |
$ 0.28 |
$ 0.16 |
$ 0.41 |
$ 0.31 |
|||||
Diluted earnings per common share* |
$ 0.27 |
$ 0.16 |
$ 0.41 |
$ 0.30 |
|||||
Average common shares outstanding* |
2,134,226 |
2,103,508 |
2,123,575 |
2,103,419 |
|||||
Average diluted shares outstanding* |
2,167,259 |
2,147,947 |
2,158,576 |
2,148,876 |
|||||
* Adjusted for 5 percent stock dividends paid on June 11, 2009 and June 14, 2010 |
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AMERICAN COMMUNITY BANCORP, INC. |
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CONSOLIDATED FINANCIAL HIGHLIGHTS |
||||||||
(Unaudited) |
||||||||
2010 |
2010 |
2010 |
2009 |
2009 |
Years ended December 31 |
|||
(dollars in thousands except per share data) |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2009 |
2008 |
|
EARNINGS |
||||||||
Net interest income |
$ 2,291 |
$ 2,390 |
$ 2,405 |
$ 2,417 |
$ 2,250 |
$ 8,865 |
$ 8,810 |
|
Provision for loan losses |
$ - |
$ 925 |
$ 175 |
$ 225 |
$ 250 |
$ 1,215 |
$ 1,712 |
|
Non interest income |
$ 382 |
$ 212 |
$ 151 |
$ 370 |
$ 250 |
$ 1,214 |
$ 2,022 |
|
Non interest expense |
$ 1,752 |
$ 1,958 |
$ 1,671 |
$ 1,686 |
$ 1,680 |
$ 6,872 |
$ 6,900 |
|
Income taxes |
$ 329 |
$ (110) |
$ 256 |
$ 321 |
$ 234 |
$ 788 |
$ 923 |
|
Net income |
$ 592 |
$ (171) |
$ 454 |
$ 555 |
$ 336 |
$ 1,204 |
$ 1,297 |
|
Basic earnings per share* |
$ 0.28 |
$ (0.08) |
$ 0.21 |
$ 0.26 |
$ 0.16 |
$ 0.57 |
$ 0.62 |
|
Diluted earnings per share* |
$ 0.27 |
$ (0.08) |
$ 0.21 |
$ 0.26 |
$ 0.16 |
$ 0.56 |
$ 0.61 |
|
Average shares outstanding* |
2,134,226 |
2,121,633 |
2,114,926 |
2,104,730 |
2,103,508 |
2,103,752 |
2,078,935 |
|
Average diluted shares outstanding* |
2,167,259 |
2,164,919 |
2,143,610 |
2,125,215 |
2,147,947 |
2,141,407 |
2,122,652 |
|
PERFORMANCE RATIOS |
||||||||
Return on average assets |
0.72% |
-0.22% |
0.61% |
0.75% |
0.46% |
0.41% |
0.45% |
|
Return on average common equity |
9.87% |
-2.90% |
7.94% |
9.71% |
6.00% |
5.42% |
6.23% |
|
Net interest margin (fully tax equivalent) |
3.10% |
3.29% |
3.40% |
3.37% |
3.20% |
3.21% |
3.20% |
|
Efficiency ratio |
65.56% |
75.25% |
65.39% |
60.49% |
67.21% |
68.18% |
63.70% |
|
CAPITAL |
||||||||
Average equity to average assets |
7.34% |
7.71% |
7.73% |
7.69% |
7.67% |
7.63% |
7.24% |
|
Book value per share* |
$ 11.11 |
$ 10.84 |
$ 10.89 |
$ 10.71 |
$ 10.49 |
$ 10.71 |
$ 10.18 |
|
Cash dividend per share |
- |
- |
- |
- |
- |
- |
- |
|
ASSET QUALITY |
||||||||
Gross loan charge offs |
$ 235 |
$ 1,708 |
$ 173 |
$ 563 |
$ 32 |
$ 1,208 |
$ 509 |
|
Net loan charge offs |
$ 168 |
$ 1,682 |
$ 160 |
$ 561 |
$ (91) |
$ 1,050 |
$ 478 |
|
Net loan charge offs to average loans |
0.07% |
0.67% |
0.06% |
0.22% |
-0.04% |
0.41% |
0.19% |
|
Allowance for loan losses |
$ 3,606 |
$ 3,774 |
$ 4,531 |
$ 4,516 |
$ 4,852 |
$ 4,516 |
$ 4,351 |
|
Allowance for losses to total loans |
1.48% |
1.53% |
1.78% |
1.74% |
1.88% |
1.74% |
1.65% |
|
Nonperforming loans |
$ 3,819 |
$ 3,982 |
$ 4,478 |
$ 6,104 |
$ 6,595 |
$ 6,104 |
$ 5,328 |
|
Other real estate and repossessed assets |
$ 1,402 |
$ 1,558 |
$ 1,435 |
$ 983 |
$ - |
$ 983 |
$ 269 |
|
Nonperforming assets to total assets |
1.60% |
1.78% |
1.92% |
2.35% |
2.18% |
2.35% |
1.90% |
|
END OF PERIOD BALANCES |
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Loans |
$ 242,852 |
$ 246,292 |
$ 254,237 |
$ 259,142 |
$ 257,478 |
$ 259,142 |
$ 263,454 |
|
Total earning assets |
$ 308,900 |
$ 295,047 |
$ 294,355 |
$ 288,990 |
$ 290,427 |
$ 288,990 |
$ 277,175 |
|
Total assets |
$ 325,958 |
$ 311,733 |
$ 307,873 |
$ 301,831 |
$ 301,847 |
$ 301,831 |
$ 295,004 |
|
Deposits |
$ 282,433 |
$ 269,311 |
$ 265,397 |
$ 260,063 |
$ 260,195 |
$ 260,063 |
$ 254,282 |
|
Shareholders' equity |
$ 24,201 |
$ 23,223 |
$ 23,323 |
$ 22,741 |
$ 22,268 |
$ 22,741 |
$ 21,402 |
|
AVERAGE BALANCES |
||||||||
Loans |
$ 240,291 |
$ 251,607 |
$ 254,095 |
$ 256,100 |
$ 252,797 |
$ 256,303 |
$ 255,114 |
|
Total earning assets |
$ 305,938 |
$ 291,759 |
$ 286,562 |
$ 284,815 |
$ 278,858 |
$ 276,267 |
$ 275,325 |
|
Total assets |
$ 323,812 |
$ 306,586 |
$ 300,183 |
$ 294,918 |
$ 289,537 |
$ 291,074 |
$ 287,266 |
|
Deposits |
$ 281,019 |
$ 263,832 |
$ 257,921 |
$ 252,905 |
$ 247,764 |
$ 249,359 |
$ 248,185 |
|
Shareholders' equity |
$ 23,782 |
$ 23,643 |
$ 23,203 |
$ 22,691 |
$ 22,208 |
$ 22,221 |
$ 20,812 |
|
* Adjusted for 5 percent stock dividends paid June 11, 2009 and June 14, 2010 |
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Contact: |
Michael S. Sutton, CEO |
|
John M. Schenk, CFO |
||
Phone: |
(812) 962-2265 |
|
SOURCE American Community Bancorp, Inc.
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