- Non-performing assets increased to $52.4 million at December 31, 2011, from $51.3 million on a linked-quarter basis at September 30, 2011, both above the $38.1 million level reported at December 31, 2010.
- Annualized net charge-offs to average loans increased to 3.34% for the fourth quarter of 2011 from 1.99% for the third quarter of 2011; annualized net charge-offs were 2.84% in the year-earlier fourth quarter.
- Total assets were $789.0 million at December 31, 2011, compared with $827.4 million at December 31, 2010, as the Company has continued to manage asset size consistent with its overall capital management strategy.
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, 2011. For the fourth quarter of 2011, the Company reported a net loss of $4.0 million or $1.61 per diluted share, compared with a net loss of $5.2 million or $2.02 per diluted share in the year-earlier quarter (as adjusted for the completion of the Company's second-step conversion in February 2011). For the year ended December 31, 2011, the Company's net loss narrowed to $10.3 million or $4.13 per diluted share from a net loss of $14.2 million or $5.51 per diluted share (on an adjusted basis) for 2010. Notable highlights of the fourth quarter report included: