"Small business lending continues to be a bright spot for our growth," Frankland added. "During the quarter, we originated approximately $2.0 million in new small business and SBA loans and our pipeline includes almost $20.0 million in loans in process at March 31, 2011. Our Small Business Lending Fund application, which is still pending, adds to our enthusiasm for this product line."With respect to our mortgage initiatives, we have been disappointed with our sales production and operational execution thus far," Frankland continued. "However, we have quickly identified the issues that have restrained our progress and have dealt with them decisively. Our actions have included changes in leadership, the modification of compensation programs and improved operational efficiency. Accordingly, we expect to see continued improvement in production over the remainder of the year. In spite of a recent softening in the market for residential lending, we continue to believe mortgage banking represents an attractive fee income opportunity for the Bank."
Atlantic Coast Financial Corporation Reports First Quarter 2011 Results
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.