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Article: American Community Bancshares, Inc. Announces Record Results For the Year Ended December 31, 2002.
- Article from:
- PR Newswire
- Article date:
- January 28, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Randy P. Helton, President and Chief Executive Officer of American Community Bancshares, Inc. (Nasdaq SmallCap: ACBA ACBAW) the holding company for American Community Bank, announced sharply higher unaudited earnings for the year ended December 31, 2002 of $1,300,000, which represents a 74.3% increase over the $746,000 earned in 2001. Earnings per share (diluted) increased to $0.51 compared to $0.42 in 2001. The growth in earnings was principally attributable to higher net interest income during the year and an increase in non-interest income. The return on average assets for the year was 0.65%, with a return on average equity of 6.55%. For the fourth quarter of 2002, ...
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