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 EndedJune
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
AverageBalance
Interest
AverageYield / Cost
AverageBalance
Interest
AverageYield / 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
AverageBalance
Interest
AverageYield / Cost
AverageBalance
Interest
AverageYield / 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 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170725006364/en/
Atlantic Coast Financial CorporationTracy L. Keegan,
904-998-5501Executive Vice President andChief Financial Officer
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