- The Company's net loss narrowed on both a year-earlier and linked-quarter basis, primarily due to reduced operating expenses along with a higher amount of non-interest income for both comparisons, and a reduced provision for loan losses on a linked-quarter basis.
- Non-performing assets decreased 12.0% to $46.1 million at March 31, 2012, from $52.4 million on December 31, 2011, with improvements in both non-performing loans and other real estate owned. Subsequent to the end of the first quarter, the Company agreed to a short sale of a non-performing commercial real estate loan that, with an anticipated closing in the second quarter, will result in an additional reduction of non-performing assets of $1.3 million.
- Annualized net charge-offs to average loans increased to 3.91% for the first quarter of 2012 from 3.34% for the fourth quarter of 2011. Net charge-offs included $1.7 million related to the short sale discussed above, of which $1.1 million had been reserved for in 2011.
- Total assets were $776.8 million at March 31, 2012, compared with $810.1 million at March 31, 2011, as the Company has continued to manage asset size consistent with its overall capital management strategy.
Atlantic Coast Financial Corporation Reports Improved First Quarter 2012 Results
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