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Atlantic Coast Financial Corporation Reports Fourth Quarter And Year-End 2012 Results

Atlantic Coast Financial Corporation (the "Company,") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported financial results for the fourth quarter and year ended December 31, 2012.

This release follows the announcement last week that the Company had entered into a definitive merger agreement with Bond Street Holdings, Inc. ("Bond Street") under which the Company will merge into Bond Street, a community-oriented bank holding company with $3.2 billion in total assets. The transaction is expected to achieve the Company's goal of maximizing stockholder value and fulfill the capital mandate established by the Company's regulators.

For the fourth quarter of 2012, the Company reported net loss of $0.3 million or $0.12 per diluted share compared with a net loss of $4.0 million or $1.61 per diluted share in the year-earlier quarter and a net loss of $1.7 million or $0.66 per diluted share in the third quarter of 2012. For full year 2012, the net loss totaled $6.7 million or $2.67 per diluted share compared with a net loss for 2011 of $10.3 million or $4.13 per diluted share.

Notable highlights of the Company's fourth quarter and year-end report included:
  • 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.

Commenting on the fourth quarter and full year results, G. Thomas Frankland, President and Chief Executive Officer, said, "We are pleased to report that our company continued to make progress in narrowing its net loss in the just completed fourth quarter. While our results indicate that the Company is moving in the right direction, we know that we have a pressing need for capital and continue to face ongoing economic and market challenges. This is one of the reasons why we are enthusiastic about the agreement we entered into last week to merge with Bond Street and become part of its attractive banking platform, Florida Community Bank. We believe this transaction represents the best overall solution for us by providing attractive and immediate value for our stockholders, positioning us to better serve our customers, and making our franchise more competitive in the marketplace."

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