This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Atlantic Coast Financial Corporation Reports Improved First Quarter 2012 Results

Atlantic Coast Financial Corporation (the "Company" NASDAQ symbol: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported improved financial results for the first quarter ended March 31, 2012.

For the first quarter of 2012, the Company reported a net loss of $1.7 million or $0.69 per diluted share, down from a net loss of $3.4 million or $1.36 per diluted share in the year-earlier quarter and down on a linked-quarter basis from a net loss of $4.0 million or $1.61 for the three months ended December 31, 2011.

Notable highlights of the first quarter report included:

  • 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.

Commenting on the first quarter results, G. Thomas Frankland, President and Chief Executive Officer, said, "We are encouraged by the Company's first quarter results, which reflected an improvement in credit quality and the impact of our initiatives to reduce non-interest expenses. This resulted in an ongoing reduction in net loss concurrent with a reduction in non-performing assets.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.77 +20.54 0.12%
S&P 500 2,057.46 +1.31 0.06%
NASDAQ 4,874.8370 +11.4750 0.24%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs