- The Bank remained well capitalized in the third quarter of 2011, with a Tier 1 (core) capital ratio of 6.22% and a Total risk-based capital ratio of 11.08% at September 30, 2011.
- Non-performing assets at September 30, 2011, increased to $51.3 million from $47.0 million on a linked-quarter basis at June 30, 2011, and compared with $30.2 million at September 30, 2010.
- Annualized net charge-offs to average loans increased slightly to 1.99% for the third quarter of 2011 from 1.95% for the second quarter of 2011; annualized net charge-offs were 1.54% in the year-earlier third quarter.
- The Company sold $85.0 million of mortgage-backed securities to lock-in net gains of approximately $2.5 million on securities susceptible to a high risk of prepayment following a steep decline in mortgage rates.
- Total assets were $792.4 million at September 30, 2011, compared with $892.6 million at September 30, 2010, as the Company has continued to manage its asset size within its overall capital management strategy.
Atlantic Coast Financial Corporation Reports Third Quarter 2011 Results
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