- A 72% decline in a loss before income taxes to $2.2 million for the third quarter of 2010 from $7.7 million in the year-earlier quarter, continuing an improving trend seen over the past year;
- A 56% decline in a loss before income taxes, excluding a goodwill impairment charge of $2.8 million in the third quarter of 2009;
- An ongoing year-over-year improvement in net interest margin, contributing to a 5% increase in net interest income for the third quarter of 2010 compared with the same quarter last year;
- Relative stability in non-performing loans and assets, which peaked in mid-2009; and
- Lower levels of net charge-offs, which contributed to a 54% decrease in the Company's provision for loan losses for the third quarter of 2010 compared with the year-earlier quarter and a decrease of 59% versus the provision for the second quarter of 2010.
Atlantic Coast Federal Corporation Reports Third Quarter 2010 Results
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