EVANSVILLE, Ind., Aug. 13 /PRNewswire-FirstCall/ --
- Net loss of $171,125 for the second quarter 2010; year-to-date 2010 earnings equal $282,967, or $0.13 per diluted share.
- Year-to-date revenue increase of $366,023, or 7.6 percent over the same period in 2009.
- Core deposit growth of 14.2 percent over the same date a year ago.
- Non performing assets continue to decline, representing 1.78 percent of total assets at June 30, 2010.
- The Company remains "Well Capitalized" by all regulatory measures.
American Community Bancorp, Inc. (the "Company") (OTC Bulletin Board: ACBP), the holding company for Bank of Evansville, today reported a consolidated net loss for the second quarter of 2010 of $171,125, compared to net income of $8,636 for the same quarter in 2009. Diluted earnings per share, adjusted for the 5 percent stock dividend declared in April 2010, were $(0.08) and $0.00 for the second quarter of 2010 and 2009, respectively.
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For the first six months of 2010, consolidated net income was $282,967, compared to $312,598 for the first six months of 2009, a decrease of 9.5 percent. Diluted earnings per share, adjusted for the 5 percent stock dividend declared in April 2010, for the first six months of 2010 were $0.13, compared to $0.15 for the same period in 2009.
Michael S. Sutton, President and Chief Executive Officer, commented, "We determined that portions of certain collateral dependent loans should be charged off due to the sustained decline in real estate values. This prudent action increased our provision expense for the quarter, significantly impacting our earnings. While disappointed with our second quarter loss, given the challenging conditions experienced both nationally and locally, we are pleased with our year-to-date operating performance. In evaluating our mid-year results, many positives stand out – revenue increase of 7.6 percent, double-digit core deposit growth, and a 14.2 percent reduction in non performing assets over the same date a year ago."
Mr. Sutton continued, "Loan demand remained soft during the second quarter, and we believe this trend will continue for the balance of the year. Growing core deposits by over 14 percent and increasing our margin by 5 basis points over the same quarter last year reflect our ability to continue to expand the core earnings capacity of our Company even in this difficult environment."
Operating Performance
Total revenues, consisting of net interest income and non interest income, were $2,602,007 for the second quarter of 2010, which was $106,240 or 4.3 percent higher than the same period last year. Net interest income was $2,389,738 for the second quarter of 2010, increasing $207,666 or 9.5 percent over the same quarter of 2009.
Non interest income was $212,269 for the second quarter of 2010, which was $101,426 lower than the same period last year. Non interest expense for the second quarter of 2010 was $1,957,932, compared to $1,937,031 for the second quarter of 2009, an increase of 1.1 percent.
Total revenues for the first six months of 2010 were $5,157,850, increasing $366,023 or 7.6 percent compared to the same period in the prior year. Net interest income for the first six months of 2010 was $4,795,044, which was $597,026 or 14.2 percent higher than the $4,198,018 reported for the first six months of 2009. Non interest income for the first six months of 2010 decreased $231,003 or 38.9 percent primarily due to lower gains on the sale of residential mortgage loans and losses attributable to the sale of other real estate owned during 2010. Non interest expense for the first six months of 2010 was $3,629,183 compared to $3,505,729 for the same period in 2009.
Asset Quality
The provision for loan losses for the second quarter was $925,000 in 2010 and $530,000 in 2009. Net charge-offs were $1,682,061 for the current quarter. The ratio of the allowance for loan losses to total loans was 1.53 percent at June 30, 2010, and 1.76 percent at June 30, 2009. As a percentage of non performing loans, the allowance for loan loss was 94.78 percent as of June 30, 2010. Non performing assets at June 30, 2010, were $5,539,993 or 1.78 percent of total assets, compared to 2.18 percent of total assets at the same date a year ago.
Balance Sheet
Total assets at June 30, 2010, were $311,732,711, compared to $295,892,299 at the same date a year ago, an increase of $15,840,412 or 5.4 percent. Loans declined $9,402,606 or 3.7 percent and totaled $246,292,433 at June 30, 2010, compared to $255,695,039 reported at June 30, 2009. Total deposits at June 30, 2010, were $269,311,020, reflecting an increase of $15,123,328 or 6.0 percent over the corresponding total a year ago. Core deposits, consisting of non-wholesale deposit balances, were $252,992,093 at June 30, 2010, reflecting a $31,508,581, or 14.2 percent increase over the same date a year ago. Core deposits equaled 93.9 percent to total deposits at the end of the second quarter 2010.
Capital
The Company remains "well capitalized" with a Tier I capital to risk weighted assets ratio of 12.1 percent at June 30, 2010. In terms of dollars, the Company's Tier I capital of $30,875,231 at June 30, 2010, is $15,551,845 above the minimum to be "well capitalized" under regulatory guidelines.
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) |
||||||
June 30, |
December 31, |
June 30, |
|||||
2010 |
2009 |
2009 |
|||||
ASSETS |
|||||||
Cash and due from banks |
$ 3,557,315 |
$ 3,070,354 |
$ 22,157,486 |
||||
Interest bearing balances with banks |
16,788,886 |
11,827,957 |
2,133,581 |
||||
Federal funds sold |
15,310,000 |
3,256,000 |
- |
||||
Total cash and cash equivalents |
35,656,201 |
18,154,311 |
24,291,067 |
||||
Securities available for sale, at fair value |
15,401,599 |
13,448,255 |
7,662,136 |
||||
Nonmarketable equity securities |
1,364,850 |
1,364,850 |
1,364,850 |
||||
Loans, net of deferred fees |
246,292,433 |
259,142,061 |
255,695,039 |
||||
Allowance for loan losses |
(3,773,860) |
(4,515,926) |
(4,511,356) |
||||
Net loans |
242,518,573 |
254,626,135 |
251,183,683 |
||||
Premises and equipment |
7,135,753 |
7,176,779 |
7,318,487 |
||||
Other real estate owned |
1,558,165 |
982,550 |
80,000 |
||||
Other assets |
8,097,570 |
6,078,017 |
3,992,076 |
||||
Total assets |
$ 311,732,711 |
$ 301,830,897 |
$ 295,892,299 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Deposits |
|||||||
Non interest bearing |
$ 27,764,701 |
$ 32,157,834 |
$ 28,120,706 |
||||
NOW, MMDA and Savings |
183,099,233 |
150,555,986 |
129,771,520 |
||||
Time deposits |
58,447,086 |
77,349,304 |
96,295,466 |
||||
Total deposits |
269,311,020 |
260,063,124 |
254,187,692 |
||||
Long term debt |
18,248,000 |
18,248,000 |
18,248,000 |
||||
Accrued expenses and other liabilities |
950,345 |
779,007 |
1,649,049 |
||||
Total liabilities |
288,509,365 |
279,090,131 |
274,084,741 |
||||
SHAREHOLDERS' EQUITY |
|||||||
Common stock, no par value, 3,000,000 shares |
|||||||
authorized; issued and outstanding 2,141,859 |
|||||||
2,122,244, and 2,122,244 |
23,024,242 |
21,813,998 |
21,766,400 |
||||
Undivided profits |
132,181 |
896,962 |
5,980 |
||||
Accumulated other comprehensive income (loss) |
66,923 |
29,806 |
35,178 |
||||
Total shareholders' equity |
23,223,346 |
22,740,766 |
21,807,558 |
||||
Total liabilities and shareholders' equity |
$ 311,732,711 |
$ 301,830,897 |
$ 295,892,299 |
||||
AMERICAN COMMUNITY BANCORP, INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
Interest income: |
2010 |
2009 |
2010 |
2009 |
||||||||||||
Interest and fees on loans |
$ 3,346,471 |
$ 3,323,317 |
$ 6,703,422 |
$ 6,643,593 |
||||||||||||
Securities: |
||||||||||||||||
U. S. government agencies and corp. |
86,818 |
78,352 |
155,391 |
180,775 |
||||||||||||
State, County, Municipal bonds |
13,832 |
9,833 |
27,010 |
11,465 |
||||||||||||
Other securities |
20,332 |
14,543 |
40,776 |
29,618 |
||||||||||||
Federal funds sold |
2,064 |
- |
2,252 |
- |
||||||||||||
Deposits with other banks |
43,858 |
4,086 |
73,121 |
7,894 |
||||||||||||
Total interest income |
3,513,375 |
3,430,131 |
7,001,972 |
6,873,345 |
||||||||||||
Interest expense: |
||||||||||||||||
Deposits |
1,013,818 |
1,118,755 |
1,989,725 |
2,412,211 |
||||||||||||
Fed funds purchased |
340 |
3,123 |
631 |
3,369 |
||||||||||||
Borrowings |
109,479 |
126,181 |
216,572 |
259,747 |
||||||||||||
Total interest expense |
1,123,637 |
1,248,059 |
2,206,928 |
2,675,327 |
||||||||||||
Net interest income |
2,389,738 |
2,182,072 |
4,795,044 |
4,198,018 |
||||||||||||
Provision for loan losses |
925,000 |
530,000 |
1,100,000 |
740,000 |
||||||||||||
Net interest income after provision |
1,464,738 |
1,652,072 |
3,695,044 |
3,458,018 |
||||||||||||
for loan losses |
||||||||||||||||
Non interest income: |
||||||||||||||||
Service charges on deposit accounts |
71,883 |
94,259 |
141,603 |
158,993 |
||||||||||||
Gain on sale of loans |
121,544 |
165,437 |
202,260 |
334,158 |
||||||||||||
Gain (loss) on sale of OREO |
(57,426) |
- |
(120,081) |
354 |
||||||||||||
Other |
76,268 |
53,999 |
139,024 |
100,304 |
||||||||||||
Total non interest income |
212,269 |
313,695 |
362,806 |
593,809 |
||||||||||||
Non interest expense: |
||||||||||||||||
Salaries and benefits |
925,521 |
933,514 |
1,834,235 |
1,805,977 |
||||||||||||
Occupancy and equipment, net |
154,827 |
163,755 |
317,294 |
338,063 |
||||||||||||
Marketing |
20,203 |
23,326 |
30,684 |
29,167 |
||||||||||||
Data processing |
124,507 |
114,094 |
240,128 |
224,501 |
||||||||||||
Supplies, postage and printing |
23,902 |
18,635 |
40,401 |
31,021 |
||||||||||||
Legal and professional |
169,118 |
130,190 |
312,186 |
268,749 |
||||||||||||
Other |
539,854 |
553,517 |
854,255 |
808,251 |
||||||||||||
Total non interest expense |
1,957,932 |
1,937,031 |
3,629,183 |
3,505,729 |
||||||||||||
Income before income taxes |
(280,925) |
28,736 |
428,667 |
546,098 |
||||||||||||
Income taxes |
(109,800) |
20,100 |
145,700 |
233,500 |
||||||||||||
Net income |
$ (171,125) |
$ 8,636 |
$ 282,967 |
$ 312,598 |
||||||||||||
Basic earnings per common share* |
$ (0.08) |
$ - |
$ 0.13 |
$ 0.15 |
||||||||||||
Diluted earnings per common share* |
$ (0.08) |
$ - |
$ 0.13 |
$ 0.15 |
||||||||||||
Average common shares outstanding* |
2,121,633 |
2,103,694 |
2,118,300 |
2,103,374 |
||||||||||||
Average diluted shares outstanding* |
2,164,919 |
2,166,346 |
2,154,285 |
2,149,339 |
||||||||||||
* 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 |
2009 |
2009 |
2009 |
Years ended December 31 |
||||||||||
(dollars in thousands except per share data) |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
2009 |
2008 |
||||||||
EARNINGS |
|||||||||||||||
Net interest income |
$ 2,390 |
$ 2,405 |
$ 2,417 |
$ 2,250 |
$ 2,182 |
$ 8,865 |
$ 8,810 |
||||||||
Provision for loan losses |
$ 925 |
$ 175 |
$ 225 |
$ 250 |
$ 530 |
$ 1,215 |
$ 1,712 |
||||||||
Non interest income |
$ 212 |
$ 151 |
$ 370 |
$ 250 |
$ 314 |
$ 1,214 |
$ 2,022 |
||||||||
Non interest expense |
$ 1,958 |
$ 1,671 |
$ 1,686 |
$ 1,680 |
$ 1,937 |
$ 6,872 |
$ 6,900 |
||||||||
Income taxes |
$ (110) |
$ 256 |
$ 321 |
$ 234 |
$ 20 |
$ 788 |
$ 923 |
||||||||
Net income |
$ (171) |
$ 454 |
$ 555 |
$ 336 |
$ 9 |
$ 1,204 |
$ 1,297 |
||||||||
Basic earnings per share* |
$ (0.08) |
$ 0.21 |
$ 0.26 |
$ 0.16 |
$ - |
$ 0.57 |
$ 0.62 |
||||||||
Diluted earnings per share* |
$ (0.08) |
$ 0.21 |
$ 0.26 |
$ 0.16 |
$ - |
$ 0.56 |
$ 0.61 |
||||||||
Average shares outstanding* |
2,121,633 |
2,114,926 |
2,104,730 |
2,103,508 |
2,103,693 |
2,103,752 |
2,078,935 |
||||||||
Average diluted shares outstanding* |
2,164,919 |
2,143,610 |
2,125,215 |
2,147,947 |
2,166,346 |
2,141,407 |
2,122,652 |
||||||||
PERFORMANCE RATIOS |
|||||||||||||||
Return on average assets |
-0.22% |
0.61% |
0.75% |
0.46% |
0.01% |
0.41% |
0.45% |
||||||||
Return on average common equity |
-2.90% |
7.94% |
9.71% |
6.00% |
0.16% |
5.42% |
6.23% |
||||||||
Net interest margin (fully tax equivalent) |
3.29% |
3.40% |
3.37% |
3.20% |
3.24% |
3.21% |
3.20% |
||||||||
Efficiency ratio |
75.25% |
65.39% |
60.49% |
67.21% |
77.61% |
68.18% |
63.70% |
||||||||
Full time equivalent employees |
49 |
48 |
48 |
49 |
50 |
49 |
48 |
||||||||
CAPITAL |
|||||||||||||||
Average equity to average assets |
7.71% |
7.73% |
7.69% |
7.67% |
7.71% |
7.63% |
7.24% |
||||||||
Tier 1 leverage capital ratio |
10.07% |
10.35% |
10.27% |
10.19% |
10.09% |
10.27% |
9.70% |
||||||||
Tier 1 risk based capital ratio |
12.09% |
12.08% |
11.81% |
11.66% |
11.45% |
11.81% |
11.26% |
||||||||
Total risk based capital ratio |
13.45% |
13.42% |
13.23% |
13.16% |
13.00% |
13.23% |
12.87% |
||||||||
Book value per share* |
$ 10.84 |
$ 10.89 |
$ 10.71 |
$ 10.49 |
$ 10.27 |
$ 10.71 |
$ 10.18 |
||||||||
Cash dividend per share |
- |
- |
- |
- |
- |
- |
- |
||||||||
ASSET QUALITY |
|||||||||||||||
Gross loan charge offs |
$ 1,708 |
$ 173 |
$ 563 |
$ 32 |
$ 450 |
$ 1,208 |
$ 509 |
||||||||
Net loan charge offs |
$ 1,682 |
$ 160 |
$ 561 |
$ (91) |
$ 438 |
$ 1,050 |
$ 478 |
||||||||
Net loan charge offs to average loans |
0.67% |
0.06% |
0.22% |
-0.04% |
0.17% |
0.41% |
0.19% |
||||||||
Allowance for loan losses |
$ 3,774 |
$ 4,531 |
$ 4,516 |
$ 4,852 |
$ 4,511 |
$ 4,516 |
$ 4,351 |
||||||||
Allowance for losses to total loans |
1.53% |
1.78% |
1.74% |
1.88% |
1.76% |
1.74% |
1.65% |
||||||||
Nonperforming loans |
$ 3,982 |
$ 4,478 |
$ 6,104 |
$ 6,595 |
$ 6,376 |
$ 6,104 |
$ 5,328 |
||||||||
Other real estate and repossessed assets |
$ 1,558 |
$ 1,435 |
$ 983 |
$ - |
$ 80 |
$ 983 |
$ 269 |
||||||||
Nonperforming assets to total assets |
1.78% |
1.92% |
2.35% |
2.18% |
2.18% |
2.35% |
1.90% |
||||||||
END OF PERIOD BALANCES |
|||||||||||||||
Loans |
$ 246,292 |
$ 254,237 |
$ 259,142 |
$ 257,478 |
$ 255,695 |
$ 259,142 |
$ 263,454 |
||||||||
Total earning assets |
$ 295,047 |
$ 294,355 |
$ 288,990 |
$ 290,427 |
$ 266,797 |
$ 288,990 |
$ 277,175 |
||||||||
Total assets |
$ 311,733 |
$ 307,873 |
$ 301,831 |
$ 301,847 |
$ 295,892 |
$ 301,831 |
$ 295,004 |
||||||||
Deposits |
$ 269,311 |
$ 265,397 |
$ 260,063 |
$ 260,195 |
$ 254,188 |
$ 260,063 |
$ 254,282 |
||||||||
Shareholders' equity |
$ 23,223 |
$ 23,323 |
$ 22,741 |
$ 22,268 |
$ 21,808 |
$ 22,741 |
$ 21,402 |
||||||||
AVERAGE BALANCES |
|||||||||||||||
Loans |
$ 251,607 |
$ 254,095 |
$ 256,100 |
$ 252,797 |
$ 257,429 |
$ 256,303 |
$ 255,114 |
||||||||
Total earning assets |
$ 291,759 |
$ 286,562 |
$ 284,815 |
$ 278,858 |
$ 269,875 |
$ 276,267 |
$ 275,325 |
||||||||
Total assets |
$ 306,586 |
$ 300,183 |
$ 294,918 |
$ 289,537 |
$ 287,793 |
$ 291,074 |
$ 287,266 |
||||||||
Deposits |
$ 263,832 |
$ 257,921 |
$ 252,905 |
$ 247,764 |
$ 245,551 |
$ 249,359 |
$ 248,185 |
||||||||
Shareholders' equity |
$ 23,643 |
$ 23,203 |
$ 22,691 |
$ 22,208 |
$ 22,182 |
$ 22,221 |
$ 20,812 |
||||||||
* Adjusted for 5 percent stock dividends paid June 11, 2009 and June 14, 2010 |
|||||||||||||||
Contact: |
Michael S. Sutton |
|
John M. Schenk |
||
Phone: |
(812) 962-2265 |
|
SOURCE American Community Bancorp, Inc.
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