This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Atlantic Coast Federal Corporation Reports First Quarter 2010 Results

Atlantic Coast Federal Corporation (NASDAQ:ACFC), the holding company for Atlantic Coast Bank, today reported financial results for the first quarter of 2010. Highlights of the Company's report included:

  • A continued trend of declining non-performing loans on a sequential-quarter basis;
  • A lower provision for loan losses in the first quarter of 2010 versus the same quarter last year;
  • A steadily improving net interest margin; and
  • A 42% decrease in net loss before income taxes to $2.8 million in the first quarter of 2010 from $4.7 million in the first quarter of 2009.

On an after-tax basis, the Company recorded a net loss of $2.8 million or $0.21 per diluted share for the first quarter of 2010 compared with a net loss of $3.1 million or $0.23 per diluted share for the year-earlier quarter, which included an income tax benefit of $1.7 million. The Company no longer records the income tax benefit of its net losses following the establishment of a deferred valuation allowance in the second half of 2009.

"We are pleased to see ongoing indications of improvement, though still modest, in asset quality," said Robert J. Larison, Jr., President and Chief Executive, "as the level of non-performing loans continues to decline and our loan portfolio demonstrates increasing stability. Importantly, this represents the third consecutive quarter of progress in this key area. We are further encouraged by ongoing signs of operational strength, indicated by positive trends with respect to net interest margin, higher year-over-year loan originations, and deposit growth since the end of 2009. While we know the Company's overall performance continues to be influenced by broader economic fundamentals and an eventual recovery in the real estate market – areas that to date show mixed results at best – we remain cautiously optimistic about the positive trends seen over the past few quarters. As these trends continue, and as our past efforts to reduce expenses gain traction and become more evident in our operating results, we believe the Company is positioned to improve future performance and to take advantage of growth opportunities in our markets when the economy begins to rebound."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs