Atlantic Coast Financial Corporation (NASDAQ: ACFC):
- Earnings per diluted share grew 43%
over the same quarter last year.
- Loans increased 30% over the last 12
months, while deposits grew 24% over the last 12 months.
- Interest rate sensitivity has become
more neutral as a result of investment security and loan sales in
2016.
- Impaired loans remain flat, while
nonperforming assets grew as a result of continued strong credit
management on two legacy loans, which are both currently carried
below market values.
- Bank has received approval to convert
to a Florida state charter.
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 $0.10 for
the third quarter of 2016 compared with earnings of $0.07 in the
same quarter last year. The Company's results for the third quarter
of 2016 included a gain on the sale of investment securities in
August 2016 totaling $0.5 million, which added approximately $0.02
to earnings per diluted share for the third quarter of 2016.
Therefore, core earnings per diluted share, which excludes the
impact of the investment securities transaction discussed above,
increased 14% to $0.08 for the third quarter of 2016 from $0.07 for
the third quarter of 2015. Core earnings per diluted share is a
non-GAAP financial measure, and a reconciliation of GAAP to
non-GAAP financial measures is presented on page five.
Earnings per diluted share for the first nine months of 2016
totaled $0.29 compared with $0.46 for the first nine months of
2015. The Company's results for the first nine months of 2016
included gains on the sale of investment securities in February and
August 2016 totaling $1.3 million, which added approximately $0.05
to earnings per diluted share for the first nine months of 2016.
Results for the year-earlier period included the positive impact of
the reversal of a valuation allowance against the Company's
deferred tax asset, which was partially offset by penalties
associated with the early prepayment of some of the Company's
wholesale debt. Together these transactions added approximately
$0.34 to earnings per diluted share for the first nine months of
2015. Excluding the impact of the transactions discussed above,
core earnings per diluted share nearly doubled to $0.23 for the
first nine months of 2016 from $0.12 for the first nine months of
2015.
Commenting on the Company's results, John K. Stephens, Jr.,
President and Chief Executive Officer, said, "Atlantic Coast turned
in another strong performance for the third quarter of 2016. We are
particularly pleased to note the 30% increase in total loans since
September 30, 2015, which continued to drive our solid balance
sheet growth and contribute positively to net interest margin and
our overall momentum in earnings. These results reflect an ongoing
strengthening in our business and the markets we serve, especially
in Florida, along with great commitment and dedication from our
team members, as we work together to grow our banking platform. At
the same time, our continued focus on asset quality has enabled us
to keep our credit costs low and further augmented our earnings
growth. Having said that, the increase in nonperforming loans this
quarter is the result of our approach to resolve two particular
loan issues related to legacy loans excluded from the bulk sale in
2013, both of which were already classified as impaired. These
loans are both carried below current market values; therefore, we
do not anticipate any issues with resolving them. Absent these
loans, which were originated prior to the 2008 credit crisis, the
level of delinquency and nonperforming assets remains at a very
strong level. In summary, we are quite pleased with the third
quarter's results and believe they are a tangible indication of the
success we have attained in creating a premier bank in our markets,
one that is well positioned to capitalize on the opportunities
ahead."
Other significant highlights of the third quarter and first nine
months of 2016 include:
- Net interest income improved to $6.9
million and $19.4 million for the three and nine months ended
September 30, 2016, respectively, from $5.8 million and $15.2
million for the three and nine months ended September 30, 2015,
respectively. Additionally, net interest margin was 3.19% and 3.08%
for the three and nine months ended September 30, 2016,
respectively, compared with 3.24% and 2.89% for the three and nine
months ended September 30, 2015, respectively.
- Total loans (including portfolio loans,
loans held-for-sale, and warehouse loans held-for-investment)
increased 18% to $774.3 million at September 30, 2016, from $654.2
million at December 31, 2015, and were up 30% from $595.0 million
at September 30, 2015. Total loan growth since September 30, 2015,
primarily reflected originations in all lines of business,
supplemented by selective loan acquisitions.
- Nonperforming assets, as a percentage
of total assets, was 1.46% at September 30, 2016, compared with
0.87% at December 31, 2015, and 0.92% at September 30, 2015.
- Total assets increased to $936.9
million at September 30, 2016, from $857.2 million at December 31,
2015, and $818.0 million at September 30, 2015, primarily due to an
increase in loans, which was partially offset by a decrease in
investment securities.
- The Bank's ratios of total risk-based
capital to risk-weighted assets and Tier 1 (core) capital to
adjusted total assets were 12.73% and 9.09%, respectively, at
September 30, 2016, 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, "We have continued to strategically shift the mix
and sensitivity of our balance sheet this year, taking advantage of
opportunities in the market as they presented themselves. The sales
in the investment portfolio, as an example, reduced the volatility
of that portfolio in a rising-rate environment and provided gains
to compensate for lost interest income until alternative securities
are identified. We believe the neutralization of our interest rate
sensitivity far outweighs the interest lost in the short-term on
these sales, as well as the sales in our 30-year fixed rate
residential mortgage portfolio. Although the gains realized on
these transactions aren't considered core earnings, they were
strategically structured to cover lost interest income until the
cash could be re-deployed. Along with ongoing earnings growth, we
have attracted more than $120 million in additional deposits,
increasing total deposits 24% since September 30, 2015, primarily
in savings and money market deposits. Deposit costs have risen
somewhat due to these efforts, but the net effect has been a solid
increase in net interest margin, which rose 19 basis points for the
first nine months of 2016 compared with that for the same period
last year. With a stronger balance sheet and increased
diversification in our loan portfolio, we believe Atlantic Coast is
poised for additional growth and further improvements in its
results of operations."
Bank Regulatory Capital At
Key Capital
Measures
Sept. 30,
2016
June 30,
2016
March 31,
2016
Dec. 31,
2015
Sept. 30,
2015
Total risk-based capital ratio (to
risk-weighted assets)
12.73% 12.49% 13.08% 13.91% 14.73%
Common equity tier 1 (core) risk-based
capital ratio (to risk-weighted assets)
11.58% 11.36% 11.91% 12.66% 13.47%
Tier 1 (core) risk-based capital ratio (to
risk-weighted assets)
11.58% 11.36% 11.91% 12.66% 13.47%
Tier 1 (core) capital ratio (to adjusted
total assets)
9.09% 9.06% 9.20% 9.49% 9.55%
The gradual decrease in capital ratios over the past year
primarily reflected growth in the Bank's balance sheet, especially
with respect to portfolio loans, which resulted in an increase in
risk-weighted assets and adjusted total assets, partially offset by
an increase in capital.
Credit Quality At
Sept. 30,2016
June 30,2016
March 31,2016
Dec. 31,2015
Sept. 30,2015
(Dollars in millions) Nonperforming loans $ 10.9 $ 3.4 $ 4.5
$ 4.2 $ 4.0 Nonperforming loans to total portfolio loans 1.66 %
0.51 % 0.69 % 0.69 % 0.74 % Other real estate owned $ 2.8 $ 2.7 $
3.2 $ 3.2 $ 3.5 Nonperforming assets $ 13.7 $ 6.1 $ 7.7 $ 7.4 $ 7.5
Nonperforming assets to total assets 1.46 % 0.67 % 0.86 % 0.87 %
0.92 %
Troubled debt restructurings performing
for less than 12 months under terms of modification
$ 14.8 $ 5.1 $ 4.5 $ 4.5 $ 5.2
Total nonperforming assets and troubled
debt restructurings performing for less than 12 months under terms
of modification
$ 28.5 $ 11.2 $ 12.2 $ 11.9 $ 12.7
Troubled debt restructurings performing
for more than 12 months under terms of modification
$ 20.2 $ 29.8 $ 31.2 $ 30.5 $ 29.7
Although nonperforming assets were higher at the end of the
third quarter of 2016 compared with the end of the second and
year-earlier quarters, coming off of an exceptionally low base, the
Company's overall credit quality remains strong. Aside from the
reclassification of two specific loans to nonperforming during the
third quarter, the general pace of loans reclassified to
nonperforming and other real estate owned (OREO) continued to
slow.
Provision / Allowance for Loan Losses
At and for theThree Months
Ended
At and for theNine Months
Ended
Sept. 30,2016
June 30,2016
Sept. 30,2015
Sept. 30,2016
Sept. 30,2015
(Dollars in millions) Provision for portfolio loan losses $
0.2 $ 0.2 $ 0.2 $ 0.6 $ 0.6 Allowance for portfolio loan losses $
8.2 $ 8.0 $ 7.6 $ 8.2 $ 7.6
Allowance for portfolio loan losses to
total portfolio loans
1.24 % 1.21 % 1.39 % 1.24 % 1.39 % Allowance for portfolio loan
losses to nonperforming loans 74.92 % 235.28 % 188.63 % 74.92 %
188.63 % Net charge-offs (recoveries) $ 0.1 $ (0.1 ) $ 0.0 $ 0.2 $
0.1 Net charge-offs (recoveries) to average outstanding portfolio
loans (annualized) 0.06 % (0.03 )% (0.03 )% 0.04 % 0.02 %
The provision for portfolio loan losses was virtually unchanged
in the third quarter of 2016 compared with the second quarter of
2016 and the third quarter of 2015, reflecting solid economic
conditions in the Company's markets during the current year, which
has led to continued low levels of net charge-offs over the past 12
months. The increase in the allowance for portfolio loan losses at
September 30, 2016, from September 30, 2015, was primarily
attributable to loan growth, which reflected significant organic
growth, supplemented by strategic loan purchases, partially offset
by principal amortization and increased prepayments of one- to
four-family residential mortgages and home equity loans. Management
believes the allowance for portfolio loan losses as of September
30, 2016, is sufficient to absorb losses in portfolio loans as of
the end of the period.
Net charge-offs were higher in the third quarter of 2016
compared with those in the same period in 2015, reflecting an
increase in charge-offs in commercial real estate loans and
manufactured home loans, as well as a decrease in recoveries in
land loans, partially offset by a decrease in charge-offs in
unsecured consumer loans. Net charge-offs were higher during the
first nine months of 2016 compared with those in the same period in
2015, reflecting an increase in charge-offs in commercial real
estate loans, certain consumer loans, including auto loans and
manufactured home loans, as well as both an increase in charge-offs
and a decrease in recoveries on commercial business loans. These
changes were partially offset by an increase in recoveries in one-
to four-family residential loans and home equity loans and a
decrease in charge-offs in unsecured consumer loans.
Net Interest Income Three
Months Ended Nine Months Ended
Sept. 30,2016
June 30,2016
Sept. 30,2015
Sept. 30,2016
Sept. 30,2015
(Dollars in millions) Net interest income $ 6.9 $ 6.4 $ 5.8
$ 19.4 $ 15.2 Net interest margin 3.19 % 3.06 % 3.24 % 3.08 % 2.89
% Yield on investment securities 2.12 % 2.08 % 2.11 % 2.07 % 2.06 %
Yield on loans 4.24 % 4.38 % 4.92 % 4.36 % 4.91 % Total cost of
funds 0.79 % 1.04 % 1.04 % 0.97 % 1.33 % Average cost of deposits
0.64 % 0.61 % 0.51 % 0.61 % 0.50 % Rates paid on borrowed funds
1.21 % 2.01 % 2.38 % 1.87 % 3.26 %
The increase in net interest margin during the first nine months
of 2016 compared with net interest margin for the first nine months
of 2015 primarily reflected a decrease in rates paid on borrowed
funds, as the Company continued to benefit from the prepayment and
restructuring of some of its high-cost wholesale debt late in the
second quarter of 2015, the effect of which was partially offset by
the loss of interest income due to the sale of investment
securities this year. 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.
Noninterest Income / Noninterest
Expense / Income Tax Expense Three Months Ended Nine
Months Ended
Sept. 30,2016
June 30,2016
Sept. 30,2015
Sept. 30,2016
Sept. 30,2015
(Dollars in millions) Noninterest income $ 2.2 $ 2.5 $ 1.8 $
7.3 $ 5.2 Noninterest expense $ 6.4 $ 6.6 $ 5.9 $ 19.1 $ 22.7
Income tax expense (benefit) $ 0.9 $ 0.8 $ 0.5 $ 2.6 $ (9.9 )
The increase in noninterest income for the third quarter of 2016
compared with that of the third quarter of 2015 and for the first
nine months of 2016 compared with the first nine months of 2015
primarily reflected higher gains on the sale of investment
securities. The increase in noninterest expense during the third
quarter of 2016 compared with that of the third quarter of 2015
primarily reflected the increased incentive compensation costs
associated with the successful execution of the Company's growth
strategies. The decrease in noninterest expense during the first
nine months of 2016 compared with that of the first nine months of
2015 primarily reflected penalties associated with the prepayment
of some of the Company's high-cost wholesale debt during the second
quarter of 2015, partially offset by increased incentive
compensation costs associated with the Company's continuing growth
strategies.
The increase in income tax expense for the third quarter of 2016
compared with that of the third quarter of 2015 reflected the
increase in income before income tax expense. The increase in
income tax expense for the first nine months of 2016 compared with
that of the first nine months of 2015 reflected the aforementioned
positive impact of the reversal of a valuation allowance against
the Company's deferred tax asset during the second quarter of 2015,
as well as the increase in income before income tax expense.
Use of Non-GAAP Financial Measures
This press release includes the discussion of non-GAAP financial
measures: core earnings and core earnings per diluted share. A
"non-GAAP financial measure" is generally defined as a numerical
measure of a company's historical or future financial performance,
financial position, or cash flows that either excludes or includes
amounts, or is subject to adjustments, so as to be different from
the most directly comparable measure calculated and presented in
accordance with generally accepted accounting principles (GAAP).
Core earnings and core earnings per diluted share exclude the
effects of certain transactions that occurred during the period, as
detailed in the following reconciliation of these measures.
Three Months Ended Nine
Months Ended
Sept. 30,2016
June 30,2016
Sept. 30,2015
Sept. 30,2016
Sept. 30,2015
(Dollars in thousands) Net income, as reported $ 1,556 $
1,336 $ 1,008 $ 4,416 $ 7,029 Less the gain on the sale of
investment securities (1) (310 ) -- -- (831 ) -- Less the valuation
allowance reversal -- -- -- -- (8,476 ) Plus the prepayment
penalties (2) -- -- -- --
3,217 Adjusted net income (core earnings) $ 1,246
$ 1,336 $ 1,008 $ 3,585 $ 1,770 Income
per diluted share, as reported $ 0.10 $ 0.09 $ 0.07 $ 0.29 $ 0.46
Less the gain on the sale of investment securities (0.02 ) -- --
(0.05 ) -- Less the valuation allowance reversal -- -- -- -- (0.55
) Plus the prepayment penalties -- --
-- -- 0.21
Adjusted income per diluted share (core
earnings per diluted share) (3)
$ 0.08 $ 0.09 $ 0.07 $ 0.23 $ 0.12
_________________________
(1)
The gain on the sale of investment securities, which is included in
noninterest income, totaled $493,000, and is shown above net of a
tax expense adjustment of $183,000, for the three months ended
September 30, 2016, and $1,321,000, and is shown above net of a tax
expense adjustment of $490,000, for the nine months ended September
30, 2016.
(2)
The prepayment penalties, which is included in noninterest expense,
totaled $5,188,000, and is shown above net of a tax expense
adjustment of $1,971,000.
(3)
May not foot due to rounding.
Core earnings and core earnings per diluted share should be
viewed in addition to, and not in lieu of, net income and income
per diluted share on a GAAP basis. Atlantic Coast's management
believes that the non-GAAP financial measures, when considered
together with GAAP financial measures, provide information that is
useful to investors in understanding period-over-period operating
results separate and apart from items that may, or could, have a
disproportionately positive or negative impact on results in any
particular period. Atlantic Coast's management also believes that
the non-GAAP financial measures enhance the ability of investors to
analyze the Company's business trends and to understand the
Company's performance. In addition, the Company may utilize
non-GAAP financial measures as guides in forecasting, budgeting and
long-term planning processes and to measure operating performance
for some management compensation purposes. Non-GAAP financial
measures should be considered in addition to, and not as a
substitute for, or superior to, financial measures prepared in
accordance with GAAP.
About the Company
Atlantic Coast Financial Corporation is the holding company for
Atlantic Coast Bank, a federally chartered and insured stock
savings 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 keep credit costs low
and drive earnings growth; our ability to capitalize on
opportunities to grow our banking platform; our ability to further
improve our results of operations; 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 39 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2015. 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 Nine Months Ended
Sept. 30,2016
June 30,2016
Sept. 30,2015
Sept. 30,2016
Sept. 30,2015
Interest and dividend income: Loans, including fees $ 7,961 $ 7,938
$ 6,911 $ 23,399 $ 19,673 Securities and interest-earning deposits
in other financial institutions 521 568 785
1,785 2,316 Total interest and dividend income
8,482 8,506 7,696 25,184 21,989 Interest expense: Deposits
962 847 638 2,606 1,766 Securities sold under agreements to
repurchase -- -- 1 1 1,541 Federal Home Loan Bank advances 658
1,254 1,233 3,220 3,453 Other borrowings -- 1
-- 1 -- Total interest expense 1,620 2,102
1,872 5,828 6,760 Net interest income 6,862 6,404 5,824
19,356 15,229 Provision for portfolio loan losses 220
199 195 569 582
Net interest income after provision for
portfolio loan losses
6,642 6,205 5,629 18,787 14,647 Noninterest income: Service
charges and fees 592 563 717 1,788 2,013 Gain on sale of loans
held-for-sale 235 949 440 1,598 1,289 Gain on sale of portfolio
loans 9 218 -- 227 -- Gain (loss) on sale of securities
available-for-sale 493 -- -- 1,321 (9 ) Bank owned life insurance
earnings 117 115 125 349 362 Interchange fees 326 349 398 1,033
1,201 Other 425 355 130 991 392
Total noninterest income 2,197 2,549
1,810 7,307 5,248 Noninterest expense:
Compensation and benefits 3,562 3,512 3,205 10,532 9,254 Occupancy
and equipment 658 603 555 1,863 1,607 FDIC insurance premiums 135
166 154 473 503 Foreclosed assets, net -- 254 16 254 118 Data
processing 587 513 466 1,556 1,333 Outside professional services
487 539 535 1,497 1,621 Collection expense and repossessed asset
losses 101 117 81 363 305 Securities sold under agreements to
repurchase prepayment penalties -- -- -- -- 5,188 Other 836
926 903 2,536 2,813 Total
noninterest expense 6,366 6,630 5,915
19,074 22,742 Income (loss) before income tax
expense 2,473 2,124 1,524 7,020 (2,847 ) Income tax expense
(benefit) 917 788 516 2,604
(9,876 ) Net income $ 1,556 $ 1,336 $ 1,008 $ 4,416 $ 7,029
Net income per basic and diluted share $ 0.10 $ 0.09 $ 0.07
$ 0.29 $ 0.46 Basic and diluted weighted average
shares outstanding 15,420 15,418 15,399
15,417 15,398
ATLANTIC COAST FINANCIAL
CORPORATION
Balance Sheets (Unaudited)
(Dollars in thousands)
Sept. 30,2016
Dec. 31,2015
Sept. 30,2015
ASSETS Cash and due from financial institutions $ 3,692 $
6,108 $ 22,492 Short-term interest-earning deposits 46,215
17,473 15,238 Total cash and
cash equivalents 49,907 23,581 37,730 Investment securities:
Securities available-for-sale 49,003 120,110 107,551 Securities
held-to-maturity -- -- 16,532
Total investment securities 49,003 120,110 124,083 Portfolio
loans, net of allowance of $8,150, $7,745 and $7,630, respectively
646,641 603,507 540,266 Other loans: Loans held-for-sale 8,057
6,591 4,199 Warehouse loans held-for-investment 119,616
44,074 50,498 Total other loans
127,673 50,665 54,697 Federal Home Loan Bank stock, at cost
10,542 9,517 10,821 Land, premises and equipment, net 15,018 15,472
15,732 Bank owned life insurance 17,419 17,070 16,952 Other real
estate owned 2,785 3,232 3,492 Accrued interest receivable 1,938
2,107 2,007 Deferred tax assets, net 6,440 9,107 9,471 Other assets
9,527 2,830 2,746 Total
assets $ 936,893 $ 857,198 $ 817,997
LIABILITIES AND STOCKHOLDERS'
EQUITY Deposits:
Noninterest-bearing demand $ 56,607 $ 47,208 $ 51,362
Interest-bearing demand 110,868 105,159 62,385 Savings and money
markets 210,675 171,664 173,155 Time 239,346
231,790 209,850 Total deposits 617,496
555,821 496,752 Securities sold
under agreements to purchase -- 9,991 -- Federal Home Loan Bank
advances 229,925 207,543 237,457 Accrued expenses and other
liabilities 3,346 3,105 3,716
Total liabilities 850,767 776,460
737,925 Common stock, additional
paid-in capital, retained deficit, and other equity 86,528 82,070
81,404 Accumulated other comprehensive loss (402 )
(1,332 ) (1,332 ) Total stockholders' equity 86,126
80,738 80,072 Total liabilities
and stockholders' equity $ 936,893 $ 857,198 $
817,997
ATLANTIC COAST FINANCIAL
CORPORATION
Selected Consolidated Financial Ratios
and Other Data (Unaudited)
(Dollars in thousands)
At and for theThree Months
EndedSept. 30,
At and for theNine Months
EndedSept. 30,
2016 2015 2016
2015 Interest rate Net interest spread 3.09 % 3.16 %
2.97 % 2.75 % Net interest margin 3.19 % 3.24 % 3.08 % 2.89 %
Average balances Portfolio loans receivable, net $
655,221 $ 491,006 $ 644,494 $ 471,276 Total interest-earning assets
860,780 719,675 836,974 701,781 Total assets 909,303 792,891
887,685 756,742 Deposits 599,678 502,028 570,359 472,726 Total
interest-bearing liabilities 760,879 660,023 746,315 629,445 Total
liabilities 822,754 712,863 803,273 680,437 Stockholders' equity
86,549 80,028 84,412 76,305
Performance ratios
(annualized) Return on average total assets 0.68 % 0.51 % 0.66
% 1.24 % Return on average stockholders' equity 7.19 % 5.04 % 6.98
% 12.28 % Ratio of operating expenses to average total assets 2.80
% 2.98 % 2.86 % 4.01 %
Credit and liquidity ratios
Nonperforming loans $ 10,878 $ 4,045 $ 10,878 $ 4,045 Foreclosed
assets 2,785 3,492 2,785 3,492 Impaired loans 37,812 38,579 37,812
38,579 Nonperforming assets to total assets 1.46 % 0.92 % 1.46 %
0.92 % Nonperforming loans to total portfolio loans 1.66 % 0.74 %
1.66 % 0.74 % Allowance for loan losses to nonperforming loans
74.92 % 188.63 % 74.92 % 188.63 % Allowance for loan losses to
total portfolio loans 1.24 % 1.39 % 1.24 % 1.39 % Net charge-offs
to average outstanding portfolio loans (annualized) 0.06 % (0.03 )%
0.04 % 0.02 % Ratio of gross portfolio loans to total deposits
106.04 % 110.30 % 106.04 % 110.30 %
Capital ratios
Tangible stockholders' equity to tangible assets (1) 9.19 % 9.79 %
9.19 % 9.79 % Average stockholders' equity to average total assets
9.52 % 10.09 % 9.51 % 10.08 %
Other Data Tangible
book value per share (1) $ 5.55 $ 5.16 $ 5.55 $ 5.16 Stock price
per share 6.33 5.53 6.33 5.53 Stock price per share to tangible
book value per share (1) 113.99 % 107.11 % 113.99 % 107.11 %
_________________________
(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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161026006737/en/
Atlantic Coast Financial CorporationTracy L. Keegan,
904-998-5501Executive Vice President andChief Financial Officer
Grafico Azioni Atlantic Coast Federal (NASDAQ:ACFC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Atlantic Coast Federal (NASDAQ:ACFC)
Storico
Da Giu 2023 a Giu 2024