Atlantic Coast Financial Corporation Reports Second Quarter 2017 Earnings of $0.08 Per Diluted Share

JACKSONVILLE, Fla.--()--Atlantic Coast Financial Corporation (NASDAQ: ACFC):

  • Portfolio loans increased nearly $57 million since June 2016.
  • Deposits increased over $117 million during the last 12 months.
  • Other real estate owned (OREO) declined to less than $0.3 million due to the sale of a $2.4 million foreclosed property.

Atlantic Coast Financial Corporation (Atlantic Coast or the Company, NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the Bank), today reported earnings per diluted share of $0.08 and $0.17 for the three and six months ended June 30, 2017, respectively, compared with earnings of $0.09 and $0.19 for the three and six months ended June 30, 2016, respectively.

Commenting on the Company's results, John K. Stephens, Jr., President and Chief Executive Officer, said, "Atlantic Coast again delivered a solid financial and operational performance in the second quarter of 2017, driven by continued momentum in portfolio lending and deposit growth. These increases underscore the success of our strategy to shift to a commercial business banking franchise and to expand our platform to attractive new markets in central Florida, while we continue to capitalize on our increasing standing in all of our markets. At the same time, we are pleased to note overall credit quality remained stable, while the sale of our last significant foreclosed property resulted in the lowest level of OREO in more than 10 years. Looking forward, our pipelines and new business development efforts are robust and we remain excited about the growth opportunities within our footprint, especially considering our growing focus on commercial lending. I believe our strengths position us well to achieve our aspirational goals and we have the team, talent and tools needed to do so."

Other significant highlights of the second quarter and first half of 2017 included:

  • Net interest income improved to $6.7 million and $13.0 million for the three and six months ended June 30, 2017, respectively, from $6.4 million and $12.5 million for the three and six months ended June 30, 2016, respectively. Net interest margin was 3.19% for each of the three and six months ended June 30, 2017, respectively, up from 3.06% and 3.03% for the three and six months ended June 30, 2016, respectively.
  • Total loans (including portfolio loans, loans held-for-sale, and warehouse loans held-for-investment) increased 8% to $788.2 million at June 30, 2017, from $727.0 million at December 31, 2016, and 4% from $758.6 million at June 30, 2016. The Company's loan growth since both June 30, 2016 and December 31, 2016, was driven primarily by increased commercial real estate lending in all of its markets. This growth was somewhat offset by portfolio mortgage loan sales as part of the Company's interest rate risk and balance sheet management strategies.
  • Deposits increased 10% to $687.8 million at June 30, 2017, from $628.4 million at December 31, 2016, and 21% from $570.5 million at June 30, 2016. Deposits, excluding brokered deposits, increased 16% to $647.4 million at June 30, 2017, from $558.0 million at December 31, 2016, and 25% from $517.0 million at June 30, 2016. Wholesale funding, which includes brokered deposits and Federal Home Loan Bank advances, decreased 33% to $172.8 million at June 30, 2017, from $259.2 million at December 31, 2016, and 45% from $315.1 million at June 30, 2016. The increase in non-brokered deposits, and resulting decreased reliance on wholesale funding, was driven primarily by the Company's commercial deposit strategies put in place during 2016.
  • Total assets increased to $912.6 million at June 30, 2017, from $907.5 million at December 31, 2016, primarily due to increases in portfolio loans, which were partially offset by a decrease in cash and cash equivalents, investment securities and other loans (loans held-for-sale and warehouse loans held-for-investment), and decreased from $921.8 million at June 30, 2016, primarily due to a decrease in investment securities and other loans, which were partially offset by an increase in portfolio loans and cash and cash equivalents.
  • Nonperforming assets, as a percentage of total assets, were 1.10% at June 30, 2017, compared with 1.44% at December 31, 2016, and 0.67% at June 30, 2016. Because of the Company's generally stable credit quality throughout 2016 and continuing through the first half of 2017 due to an overall slowing pace of loan reclassifications to nonperforming, the Company was able to reduce its loan loss provision for the three and six months ended June 30, 2017, compared with the same periods in 2016, while maintaining, in management's view, an adequate ratio of allowance for portfolio loan losses to total portfolio loans.
  • The Bank's ratios of total risk-based capital to risk-weighted assets and Tier 1 (core) capital to adjusted total assets were 12.94% and 10.06%, respectively, at June 30, 2017, and each continued to exceed the levels – 10% and 5%, respectively – currently required for the Bank to be considered well-capitalized.

Tracy L. Keegan, Executive Vice President and Chief Financial Officer, added, "Improving net interest margin for both the second quarter and year-to-date period compared with the same periods last year again highlights our operational performance and momentum. With respect to margin, we were pleased to achieve 13 and 16 basis point improvements, respectively, as we continue to reduce our total cost of funds and grow higher-yielding assets. However, competitive conditions continue to be a factor in pricing both loans and deposits and is something that we continually monitor regarding its impact on margin going forward. While all banks are subject to similar pricing issues, we remain confident in Atlantic Coast's specific strategies to drive long-term growth and improved shareholder value."

   
Bank Regulatory Capital At

Key Capital Measures

June 30,

2017

    Dec. 31,

2016

    June 30,

2016

Total risk-based capital ratio (to risk-weighted assets) 12.94% 14.83% 12.49%

Common equity tier 1 (core) risk-based capital ratio (to risk-weighted assets)

11.83% 13.58% 11.36%
Tier 1 (core) risk-based capital ratio (to risk-weighted assets) 11.83% 13.58% 11.36%
Tier 1 (core) capital ratio (to adjusted total assets) 10.06% 9.44% 9.06%
 

The year-over-year increase in capital ratios at June 30, 2017 was due primarily to an increase in capital related to higher earnings over the past year. The decrease in risk-weighted capital ratios at June 30, 2017, compared with December 31, 2016, reflected an increase in risk-weighted assets, due to growth in portfolio loans and a decrease in cash and cash equivalents and investment securities, as well as an increase in the risk weighting of certain portfolio loan categories.

   

Credit Quality

At

June 30,
2017

   

Dec. 31,
2016

   

June 30,
2016

(Dollars in millions)
Nonperforming loans $ 9.8 $ 10.1 $ 3.4
Nonperforming loans to total portfolio loans 1.36 % 1.57 % 0.51 %
Other real estate owned $ 0.3 $ 2.9 $ 2.7
Nonperforming assets $ 10.1 $ 13.0 $ 6.1
Nonperforming assets to total assets 1.10 % 1.44 % 0.67 %

Troubled debt restructurings performing for less than 12 months under terms of modification (1)

$ 17.2 $ 14.6 $ 5.1

Troubled debt restructurings performing for more than 12 months under terms of modification

$ 15.9 $ 20.3 $ 29.8
_________________________

(1)

Includes $7.8 million, $7.9 million, and $0.8 million of nonperforming loans at June 30, 2017, December 31, 2016, and June 30, 2016, respectively.
 

While nonperforming assets have declined for three consecutive quarters, the current level exceeded that of the year-earlier period, reflecting the reclassification of two specific loans to nonperforming status during the third quarter of 2016. That aside, the Company's overall credit quality remains stable as the general pace of loans reclassified to nonperforming remained slow during the last 12 months. Importantly, OREO declined significantly as of June 30, 2017, compared with that at June 30, 2016 and December 31, 2016, primarily due to the sale of a $2.4 million foreclosed property in May 2017.

       

Provision / Allowance for Loan Losses

At and for the

Three Months Ended

At and for the

Six Months Ended

June 30,
2017

   

March 31,
2017

   

June 30,
2016

June 30,
2017

   

June 30,
2016

(Dollars in millions)
Provision for portfolio loan losses $ 0.2 $ 0.1 $ 0.2 $ 0.3 $ 0.3
Allowance for portfolio loan losses $ 8.2 $ 8.3 $ 8.0 $ 8.2 $ 8.0
Allowance for portfolio loan losses to total portfolio loans 1.14 % 1.20 % 1.21 % 1.14 % 1.21 %
Allowance for portfolio loan losses to nonperforming loans 83.61 % 84.67 % 235.28 % 83.61 % 235.28 %
Net charge-offs (recoveries) $ 0.2 $ 0.0 $ (0.1 ) $ 0.2 $ 0.1
Net charge-offs (recoveries) to average outstanding portfolio loans (annualized) 0.14 % 0.00 % (0.03 )% 0.07 % 0.02 %
 

The Company's provision for portfolio loan losses has trended within a relatively narrow range over the past year. It was slightly lower for the three months ended June 30, 2017, compared with the second quarter last year, and was down 17% for the first six months ended June 30, 2017, versus the first half of 2016. This reflects a trend of solid economic conditions in the Company's markets, which has led to continued low levels of net charge-offs during the last 12 months. The increase in the allowance for portfolio loan losses at June 30, 2017, compared with that at June 30, 2016, was attributable primarily to loan growth, which reflected organic growth supplemented by strategic loan purchases that were offset partially by loan sales, principal amortization, and increased prepayments of one- to four-family residential mortgages and home equity loans. Management believes the allowance for portfolio loan losses at June 30, 2017, is sufficient to absorb losses in portfolio loans as of the end of the period.

Net charge-offs remained at a low level during the three and six months ended June 30, 2017, but were higher compared with the same periods in 2016 and during the three months ended March 31, 2017, primarily due to the charge-off of one home equity loan and one commercial loan.

       
Net Interest Income Three Months Ended Six Months Ended

June 30,
2017

   

March 31,
2017

   

June 30,
2016

June 30,
2017

   

June 30,
2016

(Dollars in millions)
Net interest income $ 6.7 $ 6.4 $ 6.4 $ 13.0 $ 12.5
Net interest margin 3.19 % 3.20 % 3.06 % 3.19 % 3.03 %
Yield on investment securities 2.35 % 2.42 % 2.08 % 2.38 % 2.06 %
Yield on loans 4.25 % 4.26 % 4.38 % 4.26 % 4.42 %
Total cost of funds 0.91 % 0.80 % 1.04 % 0.87 % 1.06 %
Average cost of deposits 0.75 % 0.67 % 0.61 % 0.72 % 0.59 %
Rates paid on borrowed funds 1.92 % 1.77 % 2.01 % 1.85 % 2.18 %
 

The increase in net interest margin during the three and six months ended June 30, 2017, compared with net interest margin for the three and six months ended June 30, 2016, primarily reflected a decrease in rates paid on borrowed funds. Also contributing to the increase in net interest margin was an increase in higher-margin interest-earning assets outstanding, reflecting the Company's ongoing redeployment of excess liquidity to grow its portfolio loans, loans held-for-sale, and warehouse loans held-for-investment. The slight decrease in net interest margin during the three months ended June 30, 2017, compared with net interest margin for the three months ended March 31, 2017, reflected an increase in rates paid on funds, as well as a decrease in the yield earned on loans and investment securities.

       
Noninterest Income / Noninterest Expense / Income Tax Expense Three Months Ended Six Months Ended

June 30,
2017

   

March 31,
2017

   

June 30,
2016

June 30,
2017

   

June 30,
2016

(Dollars in millions)
Noninterest income $ 1.9 $ 2.6 $ 2.5 $ 4.5 $ 5.1
Noninterest expense $ 6.5 $ 6.6 $ 6.6 $ 13.0 $ 12.7
Income tax expense $ 0.7 $ 0.8 $ 0.8 $ 1.5 $ 1.7
 

The decrease in noninterest income for the three months ended June 30, 2017, compared with that of the three months ended June 30, 2016 and March 31, 2017, primarily reflected lower gains on the sale of loans held-for-sale associated with the volatility in U.S. Department of Agriculture (USDA) lending and the related gains on the sale of USDA loans, partially offset by higher gains on the sale of investment securities. The decrease in noninterest income for the three months ended June 30, 2017, compared with that of the three months ended June 30, 2016, also reflected lower gains on the sale of portfolio loans. The decrease in noninterest income for the six months ended June 30, 2017, compared with that of the six months ended June 30, 2016, primarily reflected lower gains on the sale of investment securities, lower gains on the sale of portfolio loans and reduced service charges and fees, partially offset by higher gains on the sale of loans held-for-sale.

Noninterest expense decreased nominally during the three months ended June 30, 2017, compared with that of the three months ended June 30, 2016 and March 31, 2017. The increase in noninterest expense during the six months ended June 30, 2017, compared with that of the six months ended June 30, 2016, primarily reflected increased data processing expenses associated with ongoing efforts to improve the Company's IT infrastructure, as well as increased interchange expense and other miscellaneous operating expenses.

The decrease in income tax expense for the three months ended June 30, 2017, compared with that of the three months ended June 30, 2016, as well as for the six months ended June 30, 2017, compared with that of the six months ended June 30, 2016, primarily reflected a decline in income before income tax expense, as well as a decrease in the effective tax rate.

About the Company

Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a Florida state-chartered commercial bank. It is a community-oriented financial institution serving the Northeast Florida, Central Florida and Southeast Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Relations.

Forward-looking Statements

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally are identifiable by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "plans," "intends," "projects," "targets," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances or effects. Moreover, forward-looking statements in this release include, but are not limited to, those relating to: our ability to continue growing our portfolio and deposits; our ability to expand our market presence in central Florida; our ability to capitalize on our pipeline and new business opportunities; the potential impact of competitive conditions on margin; our ability to improve shareholder value; the strength of our ratio of allowance for portfolio loan losses to total portfolio loans; and the allowance for portfolio loan losses being sufficient to absorb losses in respect of portfolio loans. The Company's consolidated financial results and the forward-looking statements could be affected by many factors, including but not limited to: general economic trends and changes in interest rates; increased competition; changes in demand for financial services; the state of the banking industry generally; uncertainties associated with newly developed or acquired operations; market disruptions; and cyber-security risks. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 38 of the Company's Annual Report on Form 10-K for the year ended December 31, 2016. The forward-looking statements contained in this release are made as of the date of this release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

       

ATLANTIC COAST FINANCIAL CORPORATION

Statements of Operations (Unaudited)

(In thousands, except per share amounts)

 
Three Months Ended Six Months Ended

June 30,
2017

   

March 31,
2017

   

June 30,
2016

June 30,
2017

   

June 30,
2016

Interest and dividend income:
Loans, including fees $ 8,028 $ 7,469 $ 7,938 $ 15,497 $ 15,438
Securities and interest-earning deposits in other financial institutions   393   419   568   812   1,264
Total interest and dividend income 8,421 7,888 8,506 16,309 16,702
 
Interest expense:
Deposits 1,261 1,088 847 2,349 1,644
Securities sold under agreements to repurchase -- -- -- -- 1
Federal Home Loan Bank advances 509 428 1,254 937 2,562
Other borrowings   --   --   1   --   1
Total interest expense 1,770 1,516 2,102 3,286 4,208
 
Net interest income 6,651 6,372 6,404 13,023 12,494
Provision for portfolio loan losses   191   100   199   291   349

Net interest income after provision for portfolio loan losses

6,460 6,272 6,205 12,732 12,145
 
Noninterest income:
Service charges and fees 454 434 563 888 1,196
Gain on sale of securities available-for-sale 400 -- -- 400 828
Gain on sale of portfolio loans -- -- 218 -- 218
Gain on sale of loans held-for-sale 391 1,542 949 1,933 1,363
Bank owned life insurance earnings 118 117 115 235 232
Interchange fees 339 329 349 668 707
Other   217   139   355   356   566
Total noninterest income 1,919 2,561 2,549 4,480 5,110
 
Noninterest expense:
Compensation and benefits 3,527 3,487 3,512 7,014 6,970
Occupancy and equipment 548 555 603 1,103 1,205
FDIC insurance premiums 121 135 166 256 338
Foreclosed assets, net 219 80 254 299 254
Data processing 582 611 513 1,193 969
Outside professional services 562 537 539 1,099 1,010
Collection expense and repossessed asset losses 95 139 117 234 262
Other   842   1,006   926   1,848   1,700
Total noninterest expense   6,496   6,550   6,630   13,046   12,708
 
Income before income tax expense 1,883 2,283 2,124 4,166 4,547
Income tax expense   691   806   788   1,497   1,687
Net income $ 1,192 $ 1,477 $ 1,336 $ 2,669 $ 2,860
 
Net income per basic and diluted share $ 0.08 $ 0.10 $ 0.09 $ 0.17 $ 0.19
 
Basic and diluted weighted average shares outstanding   15,453   15,442   15,418   15,447   15,416
 
           

ATLANTIC COAST FINANCIAL CORPORATION

Balance Sheets (Unaudited)

(Dollars in thousands)

 

 

June 30,
2017

Dec. 31,
2016

June 30,
2016

ASSETS
Cash and due from financial institutions $ 5,606 $ 3,744 $ 3,494
Short-term interest-earning deposits   28,580     56,149     20,001  
Total cash and cash equivalents 34,186 59,893 23,495
Securities available-for-sale 40,759 65,293 78,677
Portfolio loans, net of allowance of $8,220, $8,162 and $8,030, respectively 714,370 639,245 657,625
Other loans:
Loans held-for-sale 6,528 7,147 10,135
Warehouse loans held-for-investment   67,349     80,577     90,860  
Total other loans 73,877 87,724 100,995
 
Federal Home Loan Bank stock, at cost 6,445 8,792 11,888
Land, premises and equipment, net 14,583 14,945 15,068
Bank owned life insurance 17,770 17,535 17,302
Other real estate owned 242 2,886 2,721
Accrued interest receivable 1,921 1,979 2,261
Deferred tax assets, net 5,620 6,752 8,622
Other assets   2,810     2,415     3,157  
Total assets $ 912,583   $ 907,459   $ 921,811  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 70,673 $ 59,696 $ 54,653
Interest-bearing demand 122,107 106,004 101,410
Savings and money markets 281,961 224,987 188,187
Time   213,058     237,726     226,228  
Total deposits 687,799 628,413 570,478
Federal Home Loan Bank advances 132,425 188,758 261,592
Accrued expenses and other liabilities   2,076     3,270     5,295  
Total liabilities 822,300 820,441 837,365
 
Common stock, additional paid-in capital, retained deficit, and other equity 91,334 88,644 84,965
Accumulated other comprehensive loss   (1,051 )   (1,626 )   (519 )
Total stockholders' equity   90,283     87,018     84,446  
Total liabilities and stockholders' equity $ 912,583   $ 907,459   $ 921,811  
 
       

ATLANTIC COAST FINANCIAL CORPORATION

Selected Consolidated Financial Ratios and Other Data (Unaudited)

(Dollars in thousands)

 

At and for the

Three Months Ended
June 30,

At and for the

Six Months Ended

June 30,

2017     2016 2017     2016
Interest rate
Net interest spread 3.05 % 2.95 % 3.06 % 2.91 %
Net interest margin 3.19 % 3.06 % 3.19 % 3.03 %

 

Average balances
Portfolio loans receivable, net $ 704,914 $ 654,289 $ 679,038 $ 639,072
Warehouse loans held-for-investment 39,540 57,840 37,645 48,158
Total interest-earning assets 833,745 836,417 815,279 824,941
Total assets 874,401 893,272 857,159 876,758
Deposits 675,083 557,100 663,539 555,539
Total interest-bearing liabilities 713,924 753,256 699,563 738,952
Total liabilities 784,165 809,206 767,938 793,426
Stockholders' equity 90,236 84,066 89,221 83,332

 

Performance ratios (annualized)
Return on average total assets 0.55 % 0.60 % 0.62 % 0.65 %
Return on average stockholders' equity 5.28 % 6.36 % 5.98 % 6.86 %
Ratio of operating expenses to average total assets 2.97 % 2.97 % 3.04 % 2.90 %

 

Credit and liquidity ratios
Nonperforming loans $ 9,831 $ 3,413 $ 9,831 $ 3,413
Foreclosed assets 242 2,721 242 2,721
Impaired loans 35,073 37,559 35,073 37,559
Nonperforming assets to total assets 1.10 % 0.67 % 1.10 % 0.67 %
Nonperforming loans to total portfolio loans 1.36 % 0.51 % 1.36 % 0.51 %
Allowance for loan losses to nonperforming loans 83.61 % 235.28 % 83.61 % 235.28 %
Allowance for loan losses to total portfolio loans 1.14 % 1.21 % 1.14 % 1.21 %
Net charge-offs to average outstanding portfolio loans (annualized) 0.14 % (0.03 )% 0.07 % 0.02 %
Ratio of gross portfolio loans to total deposits 105.06 % 116.68 % 105.06 % 116.68 %

 

Capital ratios
Tangible stockholders' equity to tangible assets (1) 9.89 % 9.16 % 9.89 % 9.16 %
Average stockholders' equity to average total assets 10.32 % 9.41 % 10.41 % 9.50 %

 

Other Data
Tangible book value per share (1) $ 5.80 $ 5.44 $ 5.80 $ 5.44
Stock price per share 7.84 5.98 7.84 5.98
Stock price per share to tangible book value per share (1) 135.07 % 109.83 % 135.07 % 109.83 %

 

_________________________

(1)

Non-GAAP financial measure. Because the Company does not currently have any intangible assets, tangible stockholders' equity is equal to stockholders' equity, tangible assets is equal to assets, and tangible book value is equal to book value. Accordingly, no reconciliations are required for these measures.
 
   

ATLANTIC COAST FINANCIAL CORPORATION

Average Balances, Net Interest Income, Yields Earned and Rates Paid (Unaudited)

(Dollars in thousands)

 
Three Months Ended June 30,
2017     2016

Average
Balance

    Interest    

Average
Yield / Cost

Average
Balance

    Interest    

Average
Yield / Cost

Interest-earning assets:
Loans $ 754,805 $ 8,028 4.25 % $ 725,679 $ 7,938 4.38 %
Investment securities 49,188 289 2.35 % 80,259 417 2.08 %
Other interest-earning assets   29,752   104   1.39 %   30,479   151   1.99 %
Total interest-earning assets 833,745   8,421   4.04 % 836,417   8,506   4.07 %
Noninterest-earning assets   40,656   56,855
Total assets $ 874,401 $ 893,272
 
Interest-bearing liabilities:
Interest-bearing demand accounts $ 125,177 $ 161 0.51 % $ 103,082 $ 112 0.44 %
Savings deposits 60,175 18 0.12 % 58,417 15 0.10 %
Money market accounts 201,093 445 0.88 % 119,986 187 0.62 %
Time deposits 221,259 637 1.15 % 222,201 533 0.96 %
Federal Home Loan Bank advances 106,220 509 1.92 % 249,405 1,254 2.01 %
Other borrowings   --   --   -- %   165   1   1.62 %
Total interest-bearing liabilities 713,924   1,770   0.99 % 753,256   2,102   1.12 %
Noninterest-bearing liabilities   70,241   55,950
Total liabilities 784,165 809,206
Total stockholders’ equity   90,236   84,066
Total liabilities and stockholders’ equity $ 874,401 $ 893,272
 
Net interest income $ 6,651   $ 6,404  
Net interest spread 3.05 % 2.95 %
Net interest-earning assets $ 119,821 $ 83,161
Net interest margin 3.19 % 3.06 %
Average interest-earning assets to average interest-bearing liabilities   116.78 %   111.04 %

 

Six Months Ended June 30,
2017 2016

Average
Balance

Interest

Average
Yield / Cost

Average
Balance

Interest

Average
Yield / Cost

Interest-earning assets:
Loans $ 728,122 $ 15,497 4.26 % $ 698,985 $ 15,438 4.42 %
Investment securities 47,859 571 2.38 % 91,774 943 2.06 %
Other interest-earning assets   39,298   241   1.23 %   34,182   321   1.88 %
Total interest-earning assets 815,279   16,309   4.00 % 824,941   16,702   4.05 %
Noninterest-earning assets   41,880   51,817
Total assets $ 857,159 $ 876,758
 
Interest-bearing liabilities:
Interest-bearing demand accounts $ 120,491 $ 295 0.49 % $ 103,766 $ 226 0.44 %
Savings deposits 59,367 35 0.12 % 59,092 29 0.10 %
Money market accounts 188,930 787 0.83 % 115,781 343 0.59 %
Time deposits 229,253 1,232 1.08 % 225,255 1,046 0.93 %
Securities sold under agreements to repurchase -- -- -- % 165 1 1.55 %
Federal Home Loan Bank advances 101,521 937 1.85 % 234,811 2,562 2.18 %
Other borrowings   1   --   1.26 %   82   1   1.62 %
Total interest-bearing liabilities 699,563   3,286   0.94 % 738,952   4,208   1.14 %
Noninterest-bearing liabilities   68,375   54,474
Total liabilities 767,938 793,426
Total stockholders’ equity   89,221   83,332
Total liabilities and stockholders’ equity $ 857,159 $ 876,758
 
Net interest income $ 13,023   $ 12,494  
Net interest spread 3.06 % 2.91 %
Net interest-earning assets $ 115,716 $ 85,989
Net interest margin 3.19 % 3.03 %
Average interest-earning assets to average interest-bearing liabilities   116.54 %   111.64 %

Contacts

Atlantic Coast Financial Corporation
Tracy L. Keegan, 904-998-5501
Executive Vice President and
Chief Financial Officer

Contacts

Atlantic Coast Financial Corporation
Tracy L. Keegan, 904-998-5501
Executive Vice President and
Chief Financial Officer