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Atlantic Coast Financial Corporation Reports Fourth Quarter And 2011 Results

The net loss per basic and diluted share for the year ended December 31, 2010, as originally reported, was $1.08, and the number of basic and diluted weighted average shares outstanding for the year ended December 31, 2010, as reported, was 13,155,000.

   

ATLANTIC COAST FINANCIAL CORPORATION Selected Consolidated Financial Ratios and Other Data (Unaudited)(Dollars in thousands)

 
At and for the

Three Months Ended

Dec. 31,

At and for the

Year Ended

Dec. 31,

2011   2010 2011   2010
Interest rate information
Net interest spread 2.64 % 2.71 % 2.67 % 2.66 %
Net interest margin 2.80 % 2.84 % 2.83 % 2.79 %
 
Average balances
Loans receivable $ 582,913 $ 638,541 $ 585,918 $ 625,947
Total interest-earning assets 755,140 828,597 760,790 846,693
Total assets 797,412 880,219 807,785 898,106
Deposits 513,464 551,001 508,520 569,353
Total interest-bearing liabilities 703,378 786,109 710,543 801,926
Total liabilities 747,035 828,704 754,322 843,188
Stockholders' equity 50,377 51,515 53,463 54,918
 
Performance ratios (annualized)
Return on average total assets -2.00 % -2.37 % -1.27 % -1.58 %
Return on average stockholders' equity -31.67 % -40.42 % -19.24 % -25.85 %
Ratio of operating expenses to

average total assets

3.33 % 3.11 % 3.48 % 2.77 %
Efficiency ratio 89.38 % 79.93 % 85.74 % 77.97 %
Ratio of average interest-earning assets to average interest-bearing liabilities 107.36 % 105.40 % 107.07 % 105.58 %
 
Asset quality ratios
Non-performing loans $ 46,615 $ 28,125 $ 46,615 $ 28,125
Foreclosed assets 5,839 9,940 5,839 9,940
Impaired loans 51,325 47,296 51,325 47,296
Non-performing assets to total assets 6.65 % 4.60 % 6.65 % 4.60 %
Non-performing loans to total assets 5.91 % 3.40 % 5.91 % 3.40 %
Non-performing loans to total loans 8.94 % 4.99 % 8.94 % 4.99 %
Allowance for loan losses to

non-performing loans

33.31 % 47.45 % 33.31 % 47.45 %
Allowance for loan losses to total loans 2.98 % 2.37 % 2.98 % 2.37 %

Net charge-offs to average outstanding loans (annualized)

3.34 % 2.84 % 2.25 % 3.47 %
 
Capital ratios
Stockholders' equity to total assets 5.87 % 5.41 % 5.87 % 5.41 %
Average stockholders' equity to

average total assets

6.32 % 5.85 % 6.62 % 6.11 %




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