- As previously reported, the Company completed its second-step conversion and offering in February, raising $14.4 million in new capital, net of expenses.
- The Bank remained well capitalized in the first quarter of 2011, with a Tier 1 (core) capital ratio of 6.3% and a total risk-based capital ratio of 11.4% at March 31, 2011.
- Non-performing assets at March 31, 2011, increased to $39.7 million on a linked-quarter basis from $38.1 million at December 31, 2010, but was largely unchanged from $39.4 million at March 31, 2010.
- Annualized net charge-offs to average loans declined to 1.75% for the first quarter of 2011 from 2.84% for the fourth quarter of 2010 and 2.69% for the year-earlier first quarter.
- As part of its capital management strategy, the Company continued to shrink its balance sheet in the first quarter, as total assets declined to $810.1 million at March 31, 2011, from $827.4 million at December 31, 2010, and $914.0 million at March 31, 2010.
Atlantic Coast Financial Corporation Reports First Quarter 2011 Results
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