"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
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