American Community Bancorp Announces Second Quarter Results.Second Quarter Pre PRE Preformatted Text (HTML)PRE Physical Review E (American Physical Society journal of statistical, linear, & soft-matter physics) PRE Pura Raza Española (Spanish: pure Spanish breed) Tax Income Increases 25 Percent Loans Increase 17 Percent Over Prior Year 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. ., July July: see month. 25 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (the "Company") (BULLETIN BOARD: ACBP ACBP Acyl-CoA Binding Protein ACBP 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 second quarter of 2006 of $363,871, an increase of 10.5 percent over the same quarter in 2005. Income tax expense for the first quarter of 2005 was reduced due to carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) of tax losses from the Company's start up operations while income tax expense for the second quarter of 2006 was recorded at the full statutory rate. Pre tax income for the second quarter of 2006 was $613,971, an increase of $121,336 or 24.6 percent over the same period in 2005. 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 , adjusted for the 5 percent stock dividend declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. in April 2006, were $0.20 and $0.19 for the second quarter of 2006 and 2005, respectively. For the first six months of 2006, consolidated net income was $808,037 compared to $844,661 for the first six months of 2005. Income tax expense for the six months ended June 30, 2006 was $555,800 compared to $163,300 in the same period of the prior year. Income tax expense for the first six months of 2005 was reduced by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $240,000 due to the carryover of tax losses from start up operations which were fully utilized in 2005 due to the Company's profitable growth. Pre tax income for the first six months of 2006 increased $355,876 or 35.3 percent compared to the first six months of 2005. Diluted earnings per share, adjusted for the 5 percent stock dividend declared in April 2006, for the first six months of 2006 were $0.44 compared to $0.48 for the same period in 2005. Income tax expense for the first six months of 2006 was $0.30 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to $0.09 for the first six months of 2005. Total assets at June 30, 2006 were $227,913,978 compared to $192,774,594 at the same date a year ago, an increase of $35,139,384 or 18.2 percent. Loans grew $28,798,096 or 17.4 percent and reached $194,425,797 at June 30, 2006 compared to $165,627,701 reported at June 30, 2005. Total deposits at June 30, 2006 were $194,461,569, reflecting an increase of $22,866,334 or 13.3 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 10.6 percent at June 30, 2006. 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 pleased with the strong loan growth and increases in revenues and net income we experienced in the second quarter. We believe our success is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the high caliber of service provided to our clients by committed banking professionals. While income taxes had a negative impact on our year to date results, we are pleased with the 35.3 percent increase in our year to date pre tax income over the prior year." Total revenues, consisting of net interest income and 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. , were $2,159,160 for the second quarter of 2006, $248,873 or 13.0 percent higher than the same period last year. Net interest income was $1,799,801 for the second quarter of 2006, increasing $188,615 or 11.7 percent over the same quarter of 2005 primarily due to strong loan growth. Non interest income of $359,359 for the second quarter of 2006 grew $60,258 or 20.1 percent compared to the same period in 2005. Non interest expense for the second quarter of 2006 was $1,449,743, compared to $1,157,752 for the second quarter of 2005. Total revenues for the first six months of 2006 were $4,284,407, increasing $551,224 or 14.8 percent compared to the same period in the prior year. Net interest income for the first six months of 2006, was $3,613,418, $486,157 or 15.5 percent higher than the $3,127,261 reported for the first six months of 2005. The growth of net interest income is 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 six months of 2006 increased $65,067 or 10.7 percent. Non interest expense for the first six months of 2006 was $2,688,152 compared to $2,340,122 for the same period in 2005. Mr. Sutton said, "Asset quality continues to be our highest priority. We are committed to maintain our credit administration infrastructure at a level commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with the size of our loan portfolio and rate of portfolio growth. At June 30, 2006 there were no loans on non accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. and no loans 30 days past due." Mr. Sutton concluded, "We continue to focus on quality loan growth, generation of core deposits, and improving profitability while maintaining the level of responsiveness responsiveness Medtalk The ability to respond to a stimulus. See Airway responsiveness. which distinguishes us from our competition. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for the prospects of continued successes in the second half of 2006." 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
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
Stephen C. Byelick, Jr.
Phone: (812) 962-2265
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (Unaudited)
June 30, December 31, June 30,
2006 2005 2005
ASSETS
Cash and due from banks $5,490,683 $6,811,769 $4,594,294
Interest bearing balances with
banks 17,204 8,637 1,887
Federal funds sold 11,801,000 19,119,000 4,591,000
Total cash and cash
equivalents 17,308,887 25,939,406 9,187,181
Securities available for sale,
at fair value 9,860,195 10,779,027 12,263,604
Nonmarketable equity securities 1,060,450 1,007,350 760,250
Loans, net of deferred fees 194,425,797 178,468,545 165,627,701
Allowance for loan losses (2,901,600) (2,721,000) (2,501,100)
Net loans 191,524,197 175,747,545 163,126,601
Premises and equipment 5,460,520 5,519,786 5,590,457
Other assets 2,699,729 3,081,779 1,846,501
Total assets $227,913,978 $222,074,893 $192,774,594
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
Non interest bearing $17,023,108 $25,390,342 $16,628,582
NOW, MMDA and Savings 92,408,027 94,500,911 65,552,582
Time deposits 85,030,434 75,635,573 89,414,071
Total deposits 194,461,569 195,526,826 171,595,235
Federal Home Loan Bank advances 7,000,000 - -
Long term debt 8,248,000 8,248,000 5,000,000
Accrued expenses and other
liabilities 732,308 1,633,499 284,837
Total liabilities 210,441,877 205,408,325 176,880,072
SHAREHOLDERS' EQUITY
Common stock, no par value,
3,000,000 shares authorized;
issued and outstanding 1,681,791,
1,678,600 and 1,673,350 17,319,634 15,707,938 15,657,937
Undivided profits 451,348 1,145,044 300,781
Accumulated other comprehensive
income (loss) (298,881) (186,414) (64,196)
Total shareholders' equity 17,472,101 16,666,568 15,894,522
Total liabilities and
shareholders' equity $227,913,978 $222,074,893 $192,774,594
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
Interest income: 2006 2005 2006 2005
Interest and fees on
loans $3,670,630 $2,518,491 $7,033,133 $4,667,154
Securities 115,664 131,549 233,622 270,501
Federal funds sold and
other 94,511 37,157 217,123 64,292
Total interest
income 3,880,805 2,687,197 7,483,878 5,001,947
Interest expense:
Deposits 1,936,507 1,034,207 3,594,461 1,829,043
Borrowings 143,449 41,804 274,951 42,659
FHLB advances 1,048 - 1,048 2,984
Total interest
expense 2,081,004 1,076,011 3,870,460 1,874,686
Net interest income 1,799,801 1,611,186 3,613,418 3,127,261
Provision for loan losses 95,446 259,900 232,418 385,100
Net interest income after
provision for loan losses 1,704,355 1,351,286 3,381,000 2,742,161
Non interest income:
Service charges on
deposit accounts 52,937 46,671 96,893 82,844
Gain on sale of loans 113,419 125,035 202,571 267,830
Merchant credit card
processing fees 155,620 97,407 302,486 193,372
Other 37,383 29,988 69,039 61,876
Total non interest
income 359,359 299,101 670,989 605,922
Non interest expense:
Salaries and benefits 750,630 639,253 1,435,849 1,287,732
Occupancy and equipment 146,901 138,446 276,585 268,411
Marketing 39,063 18,748 47,759 39,009
Data processing 82,682 70,407 158,579 140,815
Supplies, printing and
delivery expense 20,939 17,080 38,173 41,820
Legal and professional 53,798 45,422 104,563 103,159
Merchant credit card
processing expense 147,243 88,278 282,673 178,382
Other 208,487 140,118 343,971 280,794
Total non interest
expense 1,449,743 1,157,752 2,688,152 2,340,122
Income before income taxes 613,971 492,635 1,363,837 1,007,961
Income taxes 250,100 163,300 555,800 163,300
Net income $363,871 $329,335 $808,037 $844,661
Basic earnings per common
share* $0.22 $0.20 $0.48 $0.51
Diluted earnings per common
share* $0.20 $0.19 $0.44 $0.48
Average common shares
outstanding* 1,681,791 1,666,618 1,681,259 1,664,077
Average diluted shares
outstanding* 1,835,907 1,762,169 1,825,915 1,749,397
* Adjusted for 5 percent stock dividend paid on June 9, 2006
AMERICAN COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(dollars in thousands except per 2006 2006 2005
share data) 2nd Qtr 1st Qtr 4th Qtr
EARNINGS
Net interest income $1,800 $1,814 $1,780
Provision for loan losses $95 $137 $168
Non interest income $359 $311 $315
Non interest expense $1,450 $1,238 $1,298
Income taxes $250 $306 $261
Net income $364 $444 $368
Basic earnings per share* $0.22 $0.26 $0.22
Diluted earnings per share* $0.20 $0.24 $0.20
Average shares outstanding* 1,681,791 1,680,727 1,678,600
Average diluted shares outstanding* 1,835,907 1,815,923 1,796,285
PERFORMANCE RATIOS
Return on average assets 0.65% 0.82% 0.70%
Return on average common equity 8.36% 10.58% 8.83%
Net interest margin (fully tax
equivalent) 3.39% 3.54% 3.57%
Efficiency ratio 67.14% 58.27% 64.90%
Full time equivalent employees 40 42 40
CAPITAL
Average equity to average assets 7.78% 7.79% 7.93%
Tier 1 leverage capital ratio 10.55% 10.59% 10.79%
Tier 1 risk based capital ratio 12.07% 12.13% 12.35%
Total risk based capital ratio 14.39% 14.54% 14.91%
Book value per share* $10.39 $10.18 $9.93
Cash dividend per share - - -
ASSET QUALITY
Gross loan charge offs $14 $38 $-
Net loan charge offs $14 $38 $-
Net loan charge offs to average
loans 0.01% 0.02% -
Allowance for loan losses $2,902 $2,820 $2,721
Allowance for losses to total loans 1.49% 1.50% 1.52%
Nonperforming loans $- $- $182
Other real estate and repossessed
assets $- $- $-
Nonperforming loans to total assets - - 0.08%
END OF PERIOD BALANCES
Loans $194,426 $187,861 $178,469
Total earning assets $217,642 $213,911 $209,683
Total assets $227,914 $225,753 $222,075
Deposits $194,462 $199,198 $195,527
Shareholders' equity $17,472 $17,122 $16,667
AVERAGE BALANCES
Loans $193,384 $184,589 $174,165
Total earning assets $212,837 $207,850 $197,882
Total assets $224,236 $218,650 $208,417
Deposits $197,852 $192,302 $182,786
Shareholders' equity $17,455 $17,029 $16,523
(dollars in thousands except per 2005 2005
share data) 3rd Qtr 2nd Qtr
EARNINGS
Net interest income $1,692 $1,611
Provision for loan losses $52 $260
Non interest income $339 $299
Non interest expense $1,183 $1,158
Income taxes $320 $163
Net income $476 $329
Basic earnings per share* $0.28 $0.20
Diluted earnings per share* $0.27 $0.19
Average shares outstanding* 1,677,020 1,666,618
Average diluted shares outstanding* 1,782,170 1,762,169
PERFORMANCE RATIOS
Return on average assets 0.94% 0.71%
Return on average common equity 11.75% 8.47%
Net interest margin (fully tax
equivalent) 3.52% 3.68%
Efficiency ratio 58.26% 60.61%
Full time equivalent employees 38 37
CAPITAL
Average equity to average assets 8.04% 8.43%
Tier 1 leverage capital ratio 10.99% 11.34%
Tier 1 risk based capital ratio 12.85% 12.66%
Total risk based capital ratio 15.57% 13.91%
Book value per share* $9.73 $9.50
Cash dividend per share - -
ASSET QUALITY
Gross loan charge offs $- $-
Net loan charge offs $- $-
Net loan charge offs to average
loans - -
Allowance for loan losses $2,553 $2,501
Allowance for losses to total loans 1.53% 1.51%
Nonperforming loans $182 $182
Other real estate and repossessed
assets $- $-
Nonperforming loans to total assets 0.09% 0.09%
END OF PERIOD BALANCES
Loans $167,036 $165,628
Total earning assets $197,001 $183,349
Total assets $206,969 $192,775
Deposits $181,166 $171,595
Shareholders' equity $16,335 $15,895
AVERAGE BALANCES
Loans $166,464 $156,924
Total earning assets $190,786 $175,740
Total assets $200,197 $185,103
Deposits $176,189 $166,052
Shareholders' equity $16,095 $15,598
(dollars in thousands except per Years ended December 31
share data) 2005 2004
EARNINGS
Net interest income $6,600 $4,698
Provision for loan losses $605 $631
Non interest income $1,260 $843
Non interest expense $4,822 $4,092
Income taxes $744 $-
Net income $1,689 $818
Basic earnings per share* $1.01 $0.51
Diluted earnings per share* $0.95 $0.50
Average shares outstanding* 1,670,943 1,603,410
Average diluted shares outstanding* 1,769,313 1,661,840
PERFORMANCE RATIOS
Return on average assets 0.88% 0.55%
Return on average common equity 10.66% 5.92%
Net interest margin (fully tax
equivalent) 3.64% 3.38%
Efficiency ratio 61.34% 73.85%
Full time equivalent employees 40 34
CAPITAL
Average equity to average assets 8.30% 9.36%
Tier 1 leverage capital ratio 10.79% 9.16%
Tier 1 risk based capital ratio 12.35% 10.85%
Total risk based capital ratio 14.91% 12.10%
Book value per share* $9.93 $9.00
Cash dividend per share - -
ASSET QUALITY
Gross loan charge offs $- $13
Net loan charge offs $- $13
Net loan charge offs to average
loans - 0.01%
Allowance for loan losses $2,721 $2,116
Allowance for losses to total loans 1.52% 1.54%
Nonperforming loans $182 $70
Other real estate and repossessed
assets $- $-
Nonperforming loans to total assets 0.08% 0.04%
END OF PERIOD BALANCES
Loans $178,469 $137,587
Total earning assets $209,683 $156,757
Total assets $222,075 $165,634
Deposits $195,527 $149,747
Shareholders' equity $16,667 $14,946
AVERAGE BALANCES
Loans $160,230 $119,091
Total earning assets $181,559 $139,032
Total assets $191,064 $147,797
Deposits $169,836 $132,276
Shareholders' equity $15,850 $13,827
* Adjusted for 5 percent stock dividend paid June 9, 2006
CONTACT: Michael S. Sutton, or Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and C. Byelick, Jr., both of American Community Bancorp, Inc., +1-812-962-2265 Web site: http://www.bankevansville.com/ |
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