American Community Bancorp Announces Record Profits for Third Quarter.EVANSVILLE Evansville, city (1990 pop. 126,272), seat of Vanderburgh co., extreme SW Ind., a port on the Ohio River; inc. 1819. It is a rail and river shipping and commercial center for a coal, oil, and farm region. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. ., Oct. 23 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (the "Company") (BULLETIN BOARD: ACBP ACBP Acyl-CoA Binding ProteinACBP Atlantic City Beach Patrol (New Jersey) ACBP Advanced Concepts Base Program ) , the holding company for Bank of Evansville, today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income for the third quarter of 2007 of $569,690, an increase of 8.1 percent over the same quarter in 2006. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.31 and $0.28 for the third quarter of 2007 and 2006, respectively. (Logo: http://www.newscom.com/cgi-bin/prnh/20070424/CLTU114LOGO ) For the first nine months of 2007, consolidated net income was $1,510,613, an increase of 13.1 percent over net income of $1,335,233 for the first nine months of 2006. Diluted earnings per share for the first nine months of 2007 were $0.81 compared to $0.72 for the same period in 2006. Total assets at September September: see month. 30, 2007, were $260,244,955, compared to $233,700,733 at the same date a year ago, an increase of $26,544,222 or 11.4 percent. Loans grew $27,338,978 or 13.6 percent and reached $228,761,585 at September 30, 2007, compared to $201,422,607 reported at September 30, 2006. Total deposits at September 30, 2007 were $230,663,925, reflecting an increase of $24,384,703, or 11.8 percent over the corresponding total a year ago. The Company remains "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " with a Tier I capital ratio of 10.9 percent at September 30, 2007. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. S. Sutton Sutton, outer borough (1991 pop. 164,300) of Greater London, SE England. It is mainly residential, but plastics, chemicals, radio components, and paper goods are produced. The areas of Sutton were mentioned in the Domesday Book. , President and Chief Executive Officer, commented, "We are once again gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to report record quarterly earnings, a reflection of the dedication and commitment by our team of local professionals to core banking fundamentals. A slight improvement in the net interest margin, as well as double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" increases in both loans and deposits, were key contributors to not only our quarterly earnings increase but our year-over- year increase. While we saw a reduction in total non interest income Non-interest income is derived from the execution/processing business, the advisory business and any principal business that does not appear on the balance sheet. Financial institutions that wish to maximize execution/processing income depend on volume and efficiency for profits. , largely the result of reduced fee income from the sale of mortgage loans, we enjoyed an increase in service charge income of 16.3 percent driven by an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,450 core deposit accounts over the period ended September 30, 2006. We continue to maintain a disciplined approach to controlling operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , which has helped to offset the reduction in total non interest income." Total revenues, consisting of net interest income and non interest income, were $2,465,086 for the third quarter of 2007, which was $215,806 or 9.6 percent higher than the same period last year. Net interest income was $2,107,421 for the third quarter of 2007, increasing $256,835 or 13.9 percent over the same quarter of 2006. Non interest income of $357,665 for the third quarter of 2007 was $41,029 or 10.3 percent lower compared to the same period in 2006, primarily due to lower gains on the sale of residential real estate loans. Non interest expense for the third quarter of 2007 was $1,429,375 compared to $1,323,782 for the third quarter of 2006. Total revenues for the first nine months of 2007 were $7,052,825, increasing $519,136 or 7.9 percent, compared to the same period in the prior year. Net interest income for the first nine months of 2007 was $5,953,441, which was $489,435 or 9.0 percent higher than the $5,464,006 reported for the first nine months of 2006. The growth of net interest income is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the growth of the loan portfolio. Non interest income for the first nine months of 2007 increased $29,701 or 2.8 percent. Non interest expense for the first nine months of 2007 was $4,341,791, compared to $4,011,938 for the same period in 2006. Mr. Sutton continued, "Our consistently strong operating results continue to provide an endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. of our business model. Average loans totaled $223,727,291 for the third quarter of 2007, reflecting an increase of 14.4 percent compared to the third quarter of 2006. Average deposits for the third quarter of 2007 increased $22,579,265 or 11.4 percent over the same period in 2006. Earlier this year, we introduced our Green and Gold deposit products which have been widely accepted and contributed to the growth of our core deposit base." Mr. Sutton concluded, "Our banking office in the Grant Hills commercial subdivision at the corner of Highway 41 North and Boonville-New Harmony harmony, in music, simultaneous sounding of two or more tones and, especially, the study of chords and their relations. Harmony was the last in the development of what may be considered the basic elements of modern music—harmony, melody, rhythm, and tone Road will open mid November November: see month. . This will provide added convenience to our existing clients as well as expand our footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. in the Evansville market and provide additional growth opportunities in the North Side area." American Community Bancorp, Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. , area. This news release contains forward looking statements within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Act of 1995. Such statements are based on management's current expectations and are subject to a number of risk factors and uncertainties which could cause actual results to differ materially from those described in the forward looking statements.
Contact: Michael S. Sutton, CEO
John M. Schenk, CFO
Phone: (812) 962-2265
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (Unaudited)
September 30, December 31, September 30,
2007 2006 2006
ASSETS
Cash and due from banks $4,593,283 $4,351,163 $3,256,493
Interest bearing balances with
banks 30,780 23,967 21,396
Federal funds sold 9,179,000 8,465,000 11,955,000
Total cash and cash
equivalents 13,803,063 12,840,130 15,232,889
Securities available for sale,
at fair value 9,693,283 9,886,563 9,948,904
Nonmarketable equity securities 1,168,150 1,060,450 1,060,450
Loans, net of deferred fees 228,761,585 212,711,590 201,422,607
Allowance for loan losses (3,202,543) (3,063,600) (2,941,600)
Net loans 225,559,042 209,647,990 198,481,007
Premises and equipment 6,711,136 5,962,624 5,460,390
Other assets 3,310,281 3,361,548 3,517,093
Total assets $260,244,955 $242,759,305 $233,700,733
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
Non interest bearing $19,229,518 $19,765,202 $20,562,929
NOW, MMDA and Savings 120,448,274 110,148,954 103,853,089
Time deposits 90,986,133 84,899,275 81,863,204
Total deposits 230,663,925 214,813,431 206,279,222
Borrowings 8,248,000 8,248,000 8,248,000
Accrued expenses and other
liabilities 878,301 941,250 1,015,831
Total liabilities 239,790,226 224,002,681 215,543,053
SHAREHOLDERS' EQUITY
Common stock, no par value,
3,000,000 shares authorized;
issued and outstanding
1,781,039 1,772,404, and
1,765,881 19,129,474 17,532,198 17,359,428
Undivided profits 1,426,668 1,379,322 978,546
Accumulated other comprehensive
income (loss) (101,413) (154,896) (180,294)
Total shareholders' equity 20,454,729 18,756,624 18,157,680
Total liabilities and
shareholders' equity $260,244,955 $242,759,305 $233,700,733
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
Interest income: 2007 2006 2007 2006
Interest and fees on
loans $4,331,049 $3,859,648 $12,659,140 $10,892,780
Securities:
U. S. government
agencies and corp. 95,822 99,096 290,095 303,018
Other securities 16,597 13,966 46,430 43,668
Federal funds sold 71,747 110,087 344,815 326,970
Deposits with other
banks 278 207 835 447
Total interest
income 4,515,493 4,083,004 13,341,315 11,566,883
Interest expense:
Deposits 2,255,477 2,077,980 6,936,582 5,672,441
Borrowings 152,595 154,438 451,292 430,436
Total interest
expense 2,408,072 2,232,418 7,387,874 6,102,877
Net interest income 2,107,421 1,850,586 5,953,441 5,464,006
Provision for loan
losses 75,000 40,000 158,000 272,418
Net interest income
after provision 2,032,421 1,810,586 5,795,441 5,191,588
for loan losses
Non interest income:
Service charges on
deposit accounts 63,453 54,564 184,175 151,458
Gain on sale of loans 73,367 131,535 266,520 334,106
Merchant processing fees 170,801 174,044 504,388 476,530
Other 50,044 38,551 144,301 107,589
Total non interest
income 357,665 398,694 1,099,384 1,069,683
Non interest expense:
Salaries and benefits 776,175 724,747 2,333,442 2,160,596
Occupancy and
equipment, net 133,685 134,943 417,929 411,528
Marketing 18,347 10,063 56,011 57,822
Data processing 91,972 83,980 273,499 242,560
Supplies, postage and
printing 18,861 14,868 57,830 53,040
Legal and professional 58,442 36,371 186,409 140,934
Merchant processing
expense 163,718 157,478 489,945 440,151
Other 168,175 161,332 526,726 505,307
Total non
interest expense 1,429,375 1,323,782 4,341,791 4,011,938
Income before income
taxes 960,711 885,498 2,553,034 2,249,333
Income taxes 391,021 358,300 1,042,421 914,100
Net income $569,690 $527,198 $1,510,613 $1,335,233
Basic earnings per
common share* $0.32 $0.30 $0.85 $0.76
Diluted earnings per
common share* $0.31 $0.28 $0.81 $0.72
Average common shares
outstanding* 1,776,845 1,765,880 1,775,953 1,765,512
Average diluted shares
outstanding* 1,865,609 1,864,995 1,864,826 1,858,533
* Adjusted for 5 percent stock dividends paid on June 9, 2006 and June 8,
2007
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
2007 2007
(dollars in thousands except per share data) 3rd Qtr 2nd Qtr
EARNINGS
Net interest income $2,107 $1,952
Provision for loan losses $75 $37
Non interest income $358 $402
Non interest expense $1,429 $1,568
Income taxes $391 $310
Net income $570 $439
Basic earnings per share* $0.32 $0.25
Diluted earnings per share* $0.31 $0.24
Average shares outstanding* 1,776,845 1,776,907
Average diluted shares outstanding* 1,865,609 1,867,285
PERFORMANCE RATIOS
Return on average assets 0.90% 0.71%
Return on average common equity 11.17% 8.97%
Net interest margin (fully tax equivalent) 3.45% 3.27%
Efficiency ratio 57.98% 66.60%
Full time equivalent employees 46 43
CAPITAL
Average equity to average assets 8.08% 7.88%
Tier 1 leverage capital ratio 10.94% 10.69%
Tier 1 risk based capital ratio 12.09% 12.25%
Total risk based capital ratio 13.84% 14.12%
Book value per share* $11.51 $11.14
Cash dividend per share - -
ASSET QUALITY
Gross loan charge offs $19 $-
Net loan charge offs $19 $-
Net loan charge offs to average loans 0.01% -
Allowance for loan losses $3,203 $3,147
Allowance for losses to total loans 1.40% 1.44%
Nonperforming loans $347 $136
Other real estate and repossessed assets $- $-
Nonperforming loans to total assets 0.13% 0.05%
END OF PERIOD BALANCES
Loans $228,762 $218,554
Total earning assets $249,001 $245,746
Total assets $260,245 $255,619
Deposits $230,664 $222,854
Shareholders' equity $20,455 $19,789
AVERAGE BALANCES
Loans $223,727 $217,776
Total earning assets $240,434 $239,208
Total assets $250,576 $249,139
Deposits $221,106 $220,231
Shareholders' equity $20,242 $19,644
* Adjusted for 5 percent stock dividends paid June 9, 2006 and June 8,
2007
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
2007 2006 2006
(dollars in thousands except per
share data) 1st Qtr 4th Qtr 3rd Qtr
EARNINGS
Net interest income $1,894 $1,884 $1,851
Provision for loan losses $46 $125 $40
Non interest income $340 $390 $398
Non interest expense $1,345 $1,460 $1,324
Income taxes $341 $288 $358
Net income $502 $401 $527
Basic earnings per share* $0.28 $0.23 $0.30
Diluted earnings per share* $0.26 $0.22 $0.28
Average shares outstanding* 1,774,075 1,768,007 1,765,881
Average diluted shares outstanding* 1,861,553 1,859,010 1,864,995
PERFORMANCE RATIOS
Return on average assets 0.84% 0.68% 0.93%
Return on average common equity 10.61% 8.47% 11.58%
Net interest margin (fully tax
equivalent) 3.29% 3.34% 3.41%
Efficiency ratio 60.20% 64.20% 58.85%
Full time equivalent employees 42 42 42
CAPITAL
Average equity to average assets 7.89% 8.06% 8.01%
Tier 1 leverage capital ratio 10.71% 10.81% 10.83%
Tier 1 risk based capital ratio 11.99% 11.96% 12.07%
Total risk based capital ratio 13.93% 14.01% 14.25%
Book value per share* $10.91 $10.58 $10.28
Cash dividend per share - - -
ASSET QUALITY
Gross loan charge offs $- $3 $-
Net loan charge offs $- $3 $-
Net loan charge offs to average loans - - -
Allowance for loan losses $3,110 $3,064 $2,942
Allowance for losses to total loans 1.44% 1.44% 1.46%
Nonperforming loans $136 $21 $-
Other real estate and repossessed assets $- $- $-
Nonperforming loans to total assets 0.05% 0.01% -
END OF PERIOD BALANCES
Loans $216,438 $212,712 $201,423
Total earning assets $242,988 $232,380 $224,686
Total assets $252,095 $242,759 $233,701
Deposits $223,381 $214,813 $206,279
Shareholders' equity $19,388 $18,757 $18,158
AVERAGE BALANCES
Loans $211,193 $205,103 $195,498
Total earning assets $233,207 $223,704 $215,279
Total assets $243,024 $233,011 $225,558
Deposits $214,595 $205,222 $198,527
Shareholders' equity $19,175 $18,769 $18,063
* Adjusted for 5 percent stock dividends paid June 9, 2006 and June 8,
2007
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
Years ended December 31
(dollars in thousands except per share data) 2006 2005
EARNINGS
Net interest income $7,348 $6,600
Provision for loan losses $397 $605
Non interest income $1,459 $1,260
Non interest expense $5,472 $4,822
Income taxes $1,202 $744
Net income $1,736 $1,689
Basic earnings per share* $0.98 $0.96
Diluted earnings per share* $0.94 $0.91
Average shares outstanding* 1,766,133 1,754,490
Average diluted shares outstanding* 1,856,138 1,857,779
PERFORMANCE RATIOS
Return on average assets 0.77% 0.88%
Return on average common equity 9.74% 10.66%
Net interest margin (fully tax equivalent) 3.42% 3.64%
Efficiency ratio 62.13% 61.34%
Full time equivalent employees 42 40
CAPITAL
Average equity to average assets 7.91% 8.30%
Tier 1 leverage capital ratio 10.81% 10.79%
Tier 1 risk based capital ratio 11.96% 12.35%
Total risk based capital ratio 14.01% 14.91%
Book value per share* $10.58 $9.46
Cash dividend per share - -
ASSET QUALITY
Gross loan charge offs $55 $-
Net loan charge offs $55 $-
Net loan charge offs to average loans 0.03% -
Allowance for loan losses $3,064 $2,721
Allowance for losses to total loans 1.44% 1.52%
Nonperforming loans $21 $182
Other real estate and repossessed assets $- $-
Nonperforming loans to total assets 0.01% 0.08%
END OF PERIOD BALANCES
Loans $212,712 $178,469
Total earning assets $232,380 $209,683
Total assets $242,759 $222,075
Deposits $214,813 $195,527
Shareholders' equity $18,757 $16,667
AVERAGE BALANCES
Loans $194,640 $160,230
Total earning assets $214,938 $181,559
Total assets $225,379 $191,064
Deposits $198,491 $169,836
Shareholders' equity $17,830 $15,850
* Adjusted for 5 percent stock dividends paid June 9, 2006 and June 8,
2007
CONTACT: Michael S. Sutton, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , or John M. Schenk, CFO See Chief Financial Officer. , both of American Community Bancorp, Inc., +1-812-962-2265 Web site: http://www.bankevansville.com/ |
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