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Atlantic Coast Financial Corporation Reports Improved First Quarter 2012 Results

 
 
 

ATLANTIC COAST FINANCIAL CORPORATION

Unaudited Financial Highlights

(In thousands, except per share amounts)

 
 

 

 

March 31,

2012

 

Dec. 31,

2011

 

Sept. 30,

2011

 

June 30,

2011

  March 31,

2011

Total assets $ 776,831 $ 788,967 $ 792,402 $ 801,774 $ 810,101
Cash and cash equivalents 47,117 41,017 15,323 27,824 11,818
Securities available for sale 131,910 126,821 130,052 125,293 156,995
 
Loans held for sale 59,399 61,619 64,280 52,617 35,011
Loans receivable, gross 498,921 521,233 532,174 543,276 551,297
Allowance for loan losses   13,516     15,526     15,188     13,684     13,563  
Loans receivable, net   485,405     505,707     516,986     529,592     537,734  
 
Total deposits 498,010 508,411 507,938 497,526 507,706
Federal Home Loan Bank advances 135,000 135,000 135,000 151,000 145,000
Securities sold under agreements to purchase 92,800 92,800 92,800 92,800 92,800
Stockholders' equity 45,315 46,294 50,697 54,081 54,867
 
 
 
March 31,

2012

Dec. 31,

2011

Sept. 30,

2011

June 30,

2011

March 31,

2011

Interest income $ 8,749 $ 9,246 $ 9,610 $ 9,631 $ 9,794
Interest expense   3,766     3,963     4,098     4,206     4,489  
Net interest income 4,983 5,283 5,512 5,425 5,305
Provision for loan losses   3,475     5,201     4,419     2,967     2,797  
Net interest income after provision for loan losses 1,508 82 1,093 2,458 2,508
Non-interest income 2,155 2,134 4,654 2,555 1,889
Non-interest expense   5,372     6,629     7,106     6,530     7,820  
Loss before income taxes (1,709 ) (4,413 ) (1,359 ) (1,517 ) (3,423 )
Income tax benefit   --     424     --     --     --  
Net loss $ (1,709 ) $ (3,989 ) $ (1,359 ) $ (1,517 ) $ (3,423 )
 

Net loss per basic and diluted share

$ (0.69 ) $ (1.61 ) $ (0.55 ) $ (0.61 ) $ (1.36 )
 
Basic and diluted weighted average shares outstanding   2,494     2,483     2,484     2,484     2,512  

 
 
 

ATLANTIC COAST FINANCIAL CORPORATION

Selected Consolidated Financial Ratios and Other Data (Unaudited)

(Dollars in thousands)

 
 
 

March 31,

2012

 

Dec. 31,

2011

 

March 31,

2011

Interest rate
Net interest spread 2.48 % 2.64 % 2.64 %
Net interest margin 2.65 % 2.80 % 2.77 %
 
Average balances
Loans receivable $ 561,156 $ 582,913 $ 588,985
Total interest-earning assets 752,561 755,140 765,771
Total assets 785,151 797,412 815,873
Deposits 504,387 513,464 516,249
Total interest-bearing liabilities 694,640 703,378 719,644
Total liabilities 738,107 747,035 762,490
Stockholders' equity 47,044 50,377 53,383
 
Performance ratios (annualized)
Return on average total assets -0.87 % -2.00 % -1.68 %
Return on average stockholders' equity -14.53 % -31.67 % -25.65 %
Ratio of operating expenses to average total assets 2.74 % 3.33 % 3.83 %
Efficiency ratio 75.26 % 89.38 % 108.70 %

Ratio of average interest-earning assets to average interest-bearing liabilities

108.34 % 107.36 % 106.41 %
 
Asset quality ratios
Non-performing loans $ 41,814 $ 46,615 $ 30,530
Foreclosed assets 4,336 5,839 9,213
Impaired loans 42,131 51,325 49,371
Non-performing assets to total assets 5.94 % 6.65 % 4.91 %
Non-performing loans to total assets 5.38 % 5.91 % 3.77 %
Non-performing loans to total loans 8.38 % 8.94 % 5.54 %
Allowance for loan losses to non-performing loans 32.32 % 33.31 % 44.43 %
Allowance for loan losses to total loans 2.71 % 2.98 % 2.46 %
Net charge-offs to average outstanding loans (annualized) 3.91 % 3.34 % 1.75 %
 
Capital ratios
Stockholders' equity to total assets 5.83 % 5.87 % 6.77 %
Average stockholders' equity to average total assets 5.99 % 6.32 % 6.54 %
 
 




Stock quotes in this article: ACFC 

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