- The Company's net loss for the fourth quarter of 2012 compared with the net loss in the year-earlier quarter reflected primarily a lower provision for loan losses, while reduced non-interest expense and higher gains on investment security sales helped offset a decrease in net interest income. The Company's net loss for the fourth quarter compared with the linked-quarter net loss reflected primarily a lower provision for loan losses and higher gains on sales of investment securities and loans, which helped offset a decline in net interest income and higher non-interest expense.
- The net loss for the full year 2012 declined compared with the full year 2011 primarily due to lower provision for loan losses and non-interest expense, which helped offset a decrease in net interest income.
- Non-performing assets decreased 37% to $33.0 million or 4.26% of total assets at December 31, 2012, from $52.5 million or 6.65% of total assets at December 31, 2011, and decreased 4% from $34.2 million or 4.35% of total assets at September 30, 2012.
- Annualized net charge-offs to average loans decreased to 2.83% for the fourth quarter of 2012 from 3.34% for the year-earlier fourth quarter, but increased from 2.43% in the third quarter of 2012.
- Total assets were $772.6 million at December 31, 2012, compared with $789.0 million at December 31, 2011, as the Company has continued to manage asset size consistent with its overall capital management strategy.
Atlantic Coast Financial Corporation Reports Fourth Quarter And Year-End 2012 Results
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