Atlantic Coast Financial Corporation (NASDAQ: ACFC):
- Earnings per diluted share more than
tripled versus the same quarter last year.
- Earnings per diluted share of $0.42
for 2016.
- Deposit growth of 13% surpassed loan
growth of 11% over the past 12 months.
- Interest rate sensitivity continues
to be neutral as a result of investment securities and loan sales
in 2016.
- Atlantic Coast Bank completes its
conversion to a Florida state chartered bank.
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 $0.13 for
the fourth quarter of 2016 compared with earnings of $0.04 per
diluted share in the same quarter last year. Earnings per diluted
share for the year ended December 31, 2016, totaled $0.42 compared
with $0.50 per diluted share for the year ended December 31,
2015.
Commenting on the Company’s results, John K. Stephens, Jr.,
President and Chief Executive Officer, said, “We are pleased with
the Company’s performance in 2016, highlighted by strong growth in
both loans and deposits – both of which increased more than 10%
year over year. The effects of this growth can be seen in many
aspects of our operations, from higher earnings throughout the
year, to an improved loans-to-deposits ratio, and strengthened net
interest margins. With 2016 in the record book, we look forward to
capitalizing on the momentum we have achieved as we look ahead to
the prospects of 2017.
“I also am pleased to note that, in December, we completed our
conversion to a Florida charter for the Bank,” Stephens continued.
“This conversion will allow us to work with regulators in Florida
going forward in a more expedient and efficient way. In turn, we
think this change will enable us to focus even greater attention on
the needs of our customers, continue our efforts to make the Bank
one of best places to work for our talented team members, and
reward our stockholders with enhanced growth over the long
term.”
Other significant highlights of the fourth quarter of 2016 and
the full year included:
- Results for the fourth quarter of 2016
included a $0.4 million gain from the extinguishment of FHLB
advances (the FHLB Gain) in October 2016, while results for the
fourth quarter of 2015 were reduced by a $0.5 million write-down
related to a contract to sell an other real estate owned (OREO)
property (the OREO Write-down) in December 2015. Therefore, core
earnings per diluted share, which excludes the impact of both
transactions discussed above, increased 57% to $0.11 for the fourth
quarter of 2016 from $0.07 for the fourth 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.
- Results for the year ended December 31,
2016, included the benefit of gains on the sale of investment
securities totaling $1.3 million and the FHLB Gain. Results for the
prior year included the benefit of the reversal of a valuation
allowance against the Company’s deferred tax asset (the Valuation
Allowance Reversal), which was partially offset by the impact of
penalties associated with the early prepayment of some of the
Company’s wholesale debt (the Debt Prepayment Penalties) and the
OREO Write-down. Excluding the effects of all the transactions
discussed above, core earnings per diluted share virtually doubled
to $0.35 for the year ended December 31, 2016, from $0.18 for the
year ended December 31, 2015.
- Net interest income improved to $7.1
million and $26.5 million for the three and twelve months ended
December 31, 2016, respectively, from $5.9 million and $21.1
million for the three and twelve months ended December 31, 2015,
respectively. Net interest margin was 3.30% and 3.12% for the three
and twelve months ended December 31, 2016, respectively, up from
3.10% and 2.95% for the three and twelve months ended December 31,
2015, respectively.
- Total loans (including portfolio loans,
loans held-for-sale, and warehouse loans held-for-investment)
increased 11% to $727.0 million at December 31, 2016, from $654.2
million at December 31, 2015. Total loan growth primarily reflected
originations in all lines of business, supplemented by selective
loan acquisitions and net of loan sales during the year.
- Nonperforming assets, as a percentage
of total assets, was 1.44% at December 31, 2016, compared with
0.87% at December 31, 2015, but improved versus the third quarter
of 2016. With stable overall credit quality throughout 2016,
reflecting a general slowing pace of loan reclassifications, the
Company was able to reduce its loan loss provision in the fourth
quarter while still maintaining an adequate ratio of allowance for
portfolio loan losses to total portfolio loans.
- Total assets increased to $907.5
million at December 31, 2016, from $857.2 million at December 31,
2015, primarily due to an increase in loans.
- The Bank’s ratios of total risk-based
capital to risk-weighted assets and Tier 1 (core) capital to
adjusted total assets were 14.83% and 9.44%, respectively, at
December 31, 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, “To echo John’s comment about the Bank’s deposit
growth over the past year, it reflects the success of a focused
retail deposit strategy designed to attract new commercial and
personal relationships. This resulted in generally higher balances
in most deposit categories, including noninterest-bearing demand
accounts, which underscored the improvement in our loan-to-deposits
ratio to 103% at December 31, 2016, from 110% at December 31, 2015.
Moreover, these results have had a direct, positive impact on our
net interest margin, reducing our reliance on wholesale debt by
funding more loans through lower-cost deposits and resulting in a
17 basis-point improvement in net interest margin during 2016.
Combine these achievements with the benefits of restructuring our
investment securities during the past year, to reduce volatility
and prepare for a rising-rate environment, and you can understand
why we remain enthusiastic about the way we have positioned the
Bank for the opportunities we see ahead.”
Bank Regulatory Capital At
Key Capital
Measures
Dec. 31,2016
Sept. 30,2016
June 30,2016
March 31,2016
Dec. 31,2015
Total risk-based capital ratio (to
risk-weighted assets)
14.83 % 13.42 % 12.49 % 13.08 % 13.91 %
Common equity tier 1 (core) risk-based
capital ratio (to risk-weighted assets)
13.58 % 12.21 % 11.36 % 11.91 % 12.66 %
Tier 1 (core) risk-based capital ratio (to
risk-weighted assets)
13.58 % 12.21 % 11.36 % 11.91 % 12.66 %
Tier 1 (core) capital ratio (to adjusted
total assets)
9.44 % 9.09 % 9.06 % 9.20 % 9.49 %
The increase in capital ratios at December 31, 2016, primarily
reflected an increase in cash and cash equivalents, which resulted
in a decrease in risk-weighted assets and adjusted total assets;
however, the Bank expects to utilize these funds to fund loans
during the first quarter of 2017. Additionally, the increase in
capital ratios at December 31, 2016, reflected an increase in
capital. Prior to the increase at December 31, 2016, the general
decline in capital ratios during 2016 primarily reflected growth in
the Bank’s portfolio loans, which resulted in an increase in
risk-weighted assets and adjusted total assets.
Credit Quality At
Dec. 31,2016
Sept. 30,2016
June 30,2016
March 31,2016
Dec. 31,2015
(Dollars in millions) Nonperforming loans $ 10.1 $ 10.9 $
3.4 $ 4.5 $ 4.2 Nonperforming loans to total portfolio loans 1.57 %
1.66 % 0.51 % 0.69 % 0.69 % Other real estate owned $ 2.9 $ 2.8 $
2.7 $ 3.2 $ 3.2 Nonperforming assets $ 13.0 $ 13.7 $ 6.1 $ 7.7 $
7.4 Nonperforming assets to total assets 1.44 % 1.46 % 0.67 % 0.86
% 0.87 %
Troubled debt restructurings performing
for less than 12 months under terms of modification
$ 14.6 $ 14.8 $ 5.1 $ 4.5 $ 4.5
Total nonperforming assets and troubled
debt restructurings performing for less than 12 months under terms
of modification
$ 27.6 $ 28.5 $ 11.2 $ 12.2 $ 11.9
Troubled debt restructurings performing
for more than 12 months under terms of modification
$ 20.3 $ 20.2 $ 29.8 $ 31.2 $ 30.5
Although nonperforming assets were higher at the end of the
fourth quarter of 2016, coming off of an exceptionally low base at
the end of the year-earlier quarter, the Company’s overall credit
quality remains stable. Aside from the reclassification of two
specific loans to nonperforming during the third quarter of 2016,
the general pace of loans reclassified to nonperforming and OREO
continued to slow.
Provision / Allowance for Loan Losses
At and for theThree Months
Ended
At and for theYear Ended
Dec. 31,2016
Sept. 30,2016
Dec. 31,2015
Dec. 31,2016
Dec. 31,2015
(Dollars in millions) Provision for portfolio loan losses $
0.1 $ 0.2 $ 0.2 $ 0.6 $ 0.8 Allowance for portfolio loan losses $
8.2 $ 8.2 $ 7.7 $ 8.2 $ 7.7
Allowance for portfolio loan losses to
total portfolio loans
1.26 % 1.24 % 1.27 % 1.26 % 1.27 % Allowance for portfolio loan
losses to nonperforming loans 80.38 % 74.92 % 183.31 % 80.38 %
183.31 % Net charge-offs (recoveries) $ 0.0 $ 0.1 $ 0.1 $ 0.2 $ 0.2
Net charge-offs (recoveries) to average outstanding portfolio loans
(annualized) 0.02 % 0.06 % 0.08 % 0.03 % 0.04 %
The provision for portfolio loan losses was lower in the fourth
quarter and full year 2016 compared with the fourth quarter and
full year 2015, reflecting solid economic conditions in the
Company’s markets during 2016, 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 December 31, 2016,
compared with that as of December 31, 2015, was primarily
attributable to loan growth, which reflected significant organic
growth, supplemented by strategic loan purchases, and 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
December 31, 2016, is sufficient to absorb losses in portfolio
loans as of the end of the period.
Net charge-offs were lower in the fourth quarter of 2016
compared with those in the same period in 2015, reflecting a
decrease in charge-offs in certain consumer loans, including auto
loans and manufactured home loans, partially offset by an increase
in net charge-offs in one- to four-family residential loans and
home equity loans. Net charge-offs were virtually flat during the
full year 2016 compared with those in the same period in 2015,
reflecting an increase in charge-offs in one- to four-family
residential loans and home equity loans, commercial real estate
loans, and both an increase in charge-offs and a decrease in
recoveries on commercial business loans. These changes were 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 Year Ended
Dec. 31,2016
Sept. 30,2016
Dec. 31,2015
Dec. 31,2016
Dec. 31,2015
(Dollars in millions) Net interest income $ 7.1 $ 6.9 $ 5.9
$ 26.5 $ 21.1 Net interest margin 3.30 % 3.19 % 3.10 % 3.12 % 2.95
% Yield on investment securities 2.29 % 2.12 % 2.13 % 2.11 % 2.07 %
Yield on loans 4.40 % 4.24 % 4.62 % 4.37 % 4.83 % Total cost of
funds 0.78 % 0.79 % 1.08 % 0.92 % 1.26 % Average cost of deposits
0.66 % 0.64 % 0.53 % 0.62 % 0.51 % Rates paid on borrowed funds
1.14 % 1.21 % 2.25 % 1.70 % 2.99 %
The increase in net interest margin during the full year of 2016
compared with net interest margin for the full year 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 Year
Ended
Dec. 31,2016
Sept. 30,2016
Dec. 31,2015
Dec. 31,2016
Dec. 31,2015
(Dollars in millions) Noninterest income $ 1.9 $ 2.2 $ 1.6 $
9.2 $ 6.8 Noninterest expense $ 6.0 $ 6.4 $ 6.2 $ 25.1 $ 28.9
Income tax expense (benefit) $ 1.0 $ 0.9 $ 0.4 $ 3.6 $ (9.5 )
The increase in noninterest income for the fourth quarter of
2016 compared with that of the fourth quarter of 2015 primarily
reflected the FHLB Gain, partially offset by a decrease in service
charges and fees. The increase in noninterest income for the full
year 2016 compared with the full year 2015 primarily reflected
higher gains on the sale of investment securities, as well as
higher gains on the sale of both loans held-for-sale and portfolio
loans, and the FHLB Gain, partially offset by a decrease in service
charges and fees.
The decrease in noninterest expense during the fourth quarter of
2016 compared with that of the fourth quarter of 2015 primarily
reflected the OREO Write-down, partially offset by increased
expenses for outside professional services. The decrease in
noninterest expense during the full year 2016 compared with that of
the full year 2015 primarily reflected the Debt Prepayment
Penalties, as well as the OREO Write-down, partially offset by
increased incentive compensation costs associated with the
Company’s continuing growth strategies and increased expenses for
data processing.
The increase in income tax expense for the fourth quarter of
2016 compared with that of the fourth quarter of 2015 reflected the
increase in income before income tax expense. The increase in
income tax expense for the full year 2016 compared with that of the
full year 2015 reflected the aforementioned benefit of the
Valuation Allowance Reversal, as well as the increase in income
before income tax expense.
Use of Non-GAAP Financial Measures
This press release includes a 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 Year
Ended
Dec. 31,2016
Sept. 30,2016
Dec. 31,2015
Dec. 31,2016
Dec. 31,2015
(Dollars in thousands) Net income, as reported $ 2,002 $
1,556 $ 689 $ 6,418 $ 7,718 Less the gain on the sale of investment
securities (1) -- (310 ) -- (831 ) -- Less the FHLB Gain (2) (255 )
-- -- (255 ) -- Less the Valuation Allowance Reversal -- -- -- --
(8,476 ) Plus the Debt Prepayment Penalties (3) -- -- -- -- 3,217
Plus the OREO Write-down (4) -- --
342 -- 342 Adjusted net income
(core earnings) $ 1,747 $ 1,246 $ 1,031 $ 5,332
$ 2,801 Income per diluted share, as reported
$ 0.13 $ 0.10 $ 0.04 $ 0.42 $ 0.50 Less the gain on the sale of
investment securities -- (0.02 ) -- (0.05 ) -- Less the FHLB Gain
(0.02 ) -- -- (0.02 ) -- Less the Valuation Allowance Reversal --
-- -- -- (0.55 ) Plus the Debt Prepayment Penalties -- -- -- --
0.21 Plus the OREO Write-down -- --
0.02 -- 0.02
Adjusted income per diluted share (core
earnings per diluted share) (5)
$ 0.11 $ 0.08 $ 0.07 $ 0.35 $ 0.18
__________
(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 FHLB Gain, which is included in noninterest income, totaled
$412,000, and is shown above net of a tax expense adjustment of
$157,000.
(3)
The Debt Prepayment Penalties, which are included in noninterest
expense, totaled $5,188,000, and is shown above net of a tax
expense adjustment of $1,971,000.
(4)
The OREO Write-down, which is included in noninterest expense,
totaled $525,000, and is shown above net of a tax expense
adjustment of $183,000.
(5)
May not foot due to rounding.
Core earnings and core earnings per diluted share should be
viewed in addition to, and not as a substitute for or superior to,
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 aid
investors in analyzing the Company’s business trends and in
understanding 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.
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 meet the needs of our
customers; our ability to continue to attract new commercial and
personal relationship deposits; our ability to navigate a
rising-rate environment; our ability to further improve our results
of operations and provide greater returns for our stockholders; 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
Year Ended
Dec. 31,2016
Sept. 30,2016
Dec. 31,2015
Dec. 31,2016
Dec. 31,2015
Interest and dividend income: Loans, including fees $ 8,282 $ 7,961
$ 7,032 $ 31,681 $ 26,705 Securities and interest-earning deposits
in other financial institutions 423 521 775
2,208 3,091 Total interest and dividend income
8,705 8,482 7,807 33,889 29,796 Interest expense: Deposits
1,001 962 660 3,607 2,426 Securities sold under agreements to
repurchase -- -- -- 1 1,541 Federal Home Loan Bank advances 588 658
1,266 3,808 4,719 Other borrowings -- -- --
1 -- Total interest expense 1,589 1,620 1,926
7,417 8,686 Net interest income 7,116 6,862 5,881 26,472
21,110 Provision for portfolio loan losses 50 220
225 619 807
Net interest income after provision for
portfolio loan losses
7,066 6,642 5,656 25,853 20,303 Noninterest income: Service
charges and fees 532 592 734 2,320 2,747 Gain on sale of loans
held-for-sale 368 235 281 1,966 1,570 Gain on sale of portfolio
loans 87 9 -- 314 -- Gain (loss) on sale of securities
available-for-sale -- 493 -- 1,321 (9 ) Bank owned life insurance
earnings 116 117 118 465 480 Interchange fees 323 326 362 1,356
1,563 Other 514 425 107 1,505
499 Total noninterest income 1,940 2,197 1,602 9,247 6,850
Noninterest expense: Compensation and benefits 3,171 3,562
3,203 13,703 12,457 Occupancy and equipment 432 658 526 2,295 2,133
FDIC insurance premiums 134 135 174 607 677 Foreclosed assets, net
81 -- 525 335 643 Data processing 653 587 495 2,209 1,828 Outside
professional services 488 487 180 1,985 1,801 Collection expense
and repossessed asset losses 140 101 159 503 464 Securities sold
under agreements to repurchase prepayment penalties -- -- -- --
5,188 Other 877 836 938 3,413
3,751 Total noninterest expense 5,976 6,366
6,200 25,050 28,942 Income
(loss) before income tax expense 3,030 2,473 1,058 10,050 (1,789 )
Income tax expense (benefit) 1,028 917 369
3,632 (9,507 ) Net income $ 2,002 $ 1,556 $ 689 $
6,418 $ 7,718 Net income per basic and diluted share
$ 0.13 $ 0.10 $ 0.04 $ 0.42 $ 0.50 Basic and diluted
weighted average shares outstanding 15,417 15,420
15,399 15,417 15,398
ATLANTIC COAST FINANCIAL
CORPORATION
Balance Sheets (Unaudited)
(Dollars in thousands)
Dec. 31,2016
Dec. 31,2015
ASSETS Cash and due from financial institutions $ 3,744 $
6,108 Short-term interest-earning deposits 56,149
17,473 Total cash and cash equivalents 59,893 23,581
Securities available-for-sale 65,293 120,110 Portfolio loans, net
of allowance of $8,162 and $7,745, respectively 639,245 603,507
Other loans: Loans held-for-sale 7,147 6,591 Warehouse loans
held-for-investment 80,577 44,074 Total
other loans 87,724 50,665 Federal Home Loan Bank stock, at
cost 8,792 9,517 Land, premises and equipment, net 14,945 15,472
Bank owned life insurance 17,535 17,070 Other real estate owned
2,886 3,232 Accrued interest receivable 1,979 2,107 Deferred tax
assets, net 6,752 9,107 Other assets 2,415
2,830 Total assets $ 907,459 $ 857,198
LIABILITIES AND STOCKHOLDERS’
EQUITY
Deposits: Noninterest-bearing demand $ 59,696 $ 47,208
Interest-bearing demand 106,004 105,159 Savings and money markets
224,987 171,664 Time 237,726 231,790
Total deposits 628,413 555,821 Securities sold under agreements to
purchase -- 9,991 Federal Home Loan Bank advances 188,758 207,543
Accrued expenses and other liabilities 3,270
3,105 Total liabilities 820,441 776,460 Common stock,
additional paid-in capital, retained deficit, and other equity
88,644 82,070 Accumulated other comprehensive loss (1,626 )
(1,332 )
Total stockholders’ equity
87,018 80,738
Total liabilities and stockholders’
equity
$ 907,459 $ 857,198
ATLANTIC COAST FINANCIAL
CORPORATION
Selected Consolidated Financial Ratios
and Other Data (Unaudited)
(Dollars in thousands)
At and for theThree Months
EndedDec. 31,
At and for theYear
EndedDec. 31,
2016 2015 2016
2015 Interest rate Net interest spread 3.20 % 2.96 %
3.01 % 2.81 % Net interest margin 3.30 % 3.10 % 3.12 % 2.95 %
Average balances Portfolio loans receivable, net $
650,269 $ 561,234 $ 645,946 $ 493,950 Total interest-earning assets
862,303 757,736 848,013 715,884 Total assets 903,170 813,716
891,578 771,103 Deposits 606,441 501,023 579,429 479,859 Total
interest-bearing liabilities 755,182 675,466 748,544 641,045 Total
liabilities 816,064 732,196 806,488 693,483
Stockholders’ equity
87,106 81,520 85,090 77,620
Performance ratios
(annualized) Return on average total assets 0.89 % 0.34 % 0.72
% 1.00 %
Return on average stockholders’ equity
9.19 % 3.38 % 7.54 % 9.94 % Ratio of operating expenses to average
total assets 2.65 % 3.05 % 2.81 % 3.75 %
Credit and
liquidity ratios Nonperforming loans $ 10,154 $ 4,225 $ 10,154
$ 4,225 Foreclosed assets 2,886 3,232 2,886 3,232 Impaired loans
37,302 38,660 37,302 38,660 Nonperforming assets to total assets
1.44 % 0.87 % 1.44 % 0.87 % Nonperforming loans to total portfolio
loans 1.57 % 0.69 % 1.57 % 0.69 % Allowance for loan losses to
nonperforming loans 80.38 % 183.31 % 80.38 % 183.31 % Allowance for
loan losses to total portfolio loans 1.26 % 1.27 % 1.26 % 1.27 %
Net charge-offs to average outstanding portfolio loans (annualized)
0.02 % 0.08 % 0.03 % 0.04 % Ratio of gross portfolio loans to total
deposits 103.02 % 109.97 % 103.02 % 109.97 %
Capital
ratios
Tangible stockholders’ equity to tangible
assets (1)
9.59 % 9.42 % 9.59 % 9.42 %
Average stockholders’ equity to average
total assets
9.64 % 10.02 % 9.54 % 10.07 %
Other Data Tangible
book value per share (1) $ 5.61 $ 5.21 $ 5.61 $ 5.21 Stock price
per share 6.80 5.86 6.80 5.86 Stock price per share to tangible
book value per share (1) 121.19 % 112.56 % 121.19 % 112.56 %
__________
(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/20170124006316/en/
Atlantic Coast Financial CorporationTracy L. Keegan,
904-998-5501Executive Vice President and Chief Financial
Officer
Grafico Azioni Atlantic Coast Federal (NASDAQ:ACFC)
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