American Community Bancorp has reported a net loss of $180,872, or $0.09 per diluted share, for the fourth quarter ended December 31, 2008, versus a net loss of $1.01 million, or $0.52 per diluted share, for the fourth quarter ended December 31, 2007.
Total revenues, consisting of net interest income and non interest income, were $2.23 million for the fourth quarter of 2008, reflecting a decrease of $368,187, or 14.2%, compared to the same period in 2007.
The company has reported a consolidated net income for the 2008 fiscal year of $1.3 million, or $0.67 per share, compared to 2007 net income of $503,855, or $0.26 per share.
Total revenues for 2008 were $10.83 million, increasing $1.18 million, or 12.3%, compared to the same period in 2007.
Michael Sutton, president and CEO of American Community Bancorp, said: While disappointed with our fourth quarter loss, given the challenging conditions experienced both nationally and locally, we are pleased with our full year’s operating performance. In evaluating the results for 2008, many positives stand out – net interest income increase of 8%, double digit growth of our balance sheet and loan portfolio as well as deposit growth of over 6 percent for the year.
