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.
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