Atlantic Coast Financial Corporation (NASDAQ: ACFC)
- Portfolio loans increased almost
$100 million since September 2016.
- Deposits increased nearly $59
million during the last 12 months.
- Credit quality remained strong as
nonperforming loans declined 12% to $9.5 million year over
year.
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 $0.07 and
$0.25 for the three and nine months ended September 30, 2017,
respectively, compared with earnings of $0.10 and $0.29 for the
three and nine months ended September 30, 2016, respectively.
Commenting on the Company's results, John K. Stephens, Jr.,
President and Chief Executive Officer, said, "I am pleased to
report continued momentum in our business during the third quarter
and ongoing progress in the implementation of strategies that are
expected to enhance future operations. Earnings for the period,
while remaining strong, were affected somewhat by unforeseen timing
issues surrounding loan sale activity as a result of Hurricane
Irma. We anticipate getting back on track with these transactions
over the next few quarters. Additionally, I am pleased to note
other key signs of the Company's solid performance, such as 9% loan
growth over the trailing 12 months, matched by similar growth in
deposits due primarily to strong expansion of our core deposit
base. Importantly, these ongoing improvements have occurred against
the backdrop of solid and stable credit quality metrics, as seen by
an exceptionally low level of OREO at the end of the third quarter.
As we now focus on the final quarter of the year and a successful
conclusion to 2017, I believe we remain well positioned to pursue
and capitalize on the growth opportunities before us and, in turn,
continue to solidify our role as a leading community bank in our
markets."
Other significant highlights of the third quarter and first nine
months of 2017 included:
- Net interest income was $6.8 million
and $19.8 million for the three and nine months ended September 30,
2017, respectively, compared with $6.9 million and $19.4 million
for the three and nine months ended September 30, 2016,
respectively. Net interest margin was 3.18% and 3.19% for the three
and nine months ended September 30, 2017, respectively, compared
with 3.19% and 3.08% for the three and nine months ended September
30, 2016, respectively.
- Total loans (including portfolio loans,
loans held-for-sale, and warehouse loans held-for-investment)
increased 9% to $790.5 million at September 30, 2017, from $727.0
million at December 31, 2016, and 2% from $774.3 million at
September 30, 2016. The Company's loan growth since September 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 and decreases in warehouse loans
held-for-investment.
- Deposits increased 8% to $676.4 million
at September 30, 2017, from $628.4 million at December 31, 2016,
and 10% from $617.5 million at September 30, 2016. Deposits,
excluding brokered certificates of deposit, increased 13% to $631.4
million at September 30, 2017, from $558.0 million at December 31,
2016, and 15% from $549.0 million at September 30, 2016. Wholesale
funding, which includes brokered certificates of deposit and
Federal Home Loan Bank advances, decreased 24% to $195.8 million at
September 30, 2017, from $259.2 million at December 31, 2016, and
34% from $298.4 million at September 30, 2016. The increase in
non-brokered deposits and resulting reduced reliance on wholesale
funding was driven primarily by the Company's commercial deposit
strategies put in place during 2016.
- Total assets increased to $921.9
million at September 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). Total assets at the end of
the third quarter of 2017 decreased from $936.9 million at
September 30, 2016, primarily due to a decrease in cash and
cash equivalents, investment securities and other loans, which were
partially offset by an increase in portfolio loans.
- Nonperforming assets, as a percentage
of total assets, declined to 1.05% at September 30, 2017, from
1.44% at December 31, 2016, and 1.46% at September 30, 2016.
Because of the Company's generally stable credit quality throughout
2016 and continuing through the first nine months of 2017,
reflecting an overall slowing pace of loan reclassifications to
nonperforming, the Company was able to reduce its loan loss
provision for the three and nine months ended September 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 12.99% and 10.03%, respectively, at
September 30, 2017, and each continued to exceed the levels
required by regulation, currently 10% and 5%, respectively, for a
bank to be considered well-capitalized.
Tracy L. Keegan, Executive Vice President and Chief Financial
Officer, added, "We were pleased to see net interest margin improve
11 basis points year to date versus the same period in 2016,
although we did experience some margin pressure in the third
quarter. This compression primarily reflected higher rates paid on
deposits and borrowed funds within the context of competitive
conditions that have restrained loan yields. Overall, the changes
we have implemented in our funding strategies, together with steps
taken to improve asset quality, have resulted in a stronger and
more diversified balance sheet, one that appropriately supports the
Company for continued growth and additional operational
improvement."
Bank Regulatory Capital At
Key Capital
Measures
Sept. 30,
2017
Dec. 31,
2016
Sept. 30,
2016
Total risk-based capital ratio (to risk-weighted assets) 12.99 %
14.83 % 13.42 % Common equity tier 1 (core) risk-based capital
ratio
(to risk-weighted assets)
11.87 % 13.58 % 12.21 % Tier 1 (core) risk-based capital ratio (to
risk-weighted assets) 11.87 % 13.58 % 12.21 % Tier 1 (core) capital
ratio (to adjusted total assets) 10.03 % 9.44 % 9.09 %
The decrease in risk-weighted capital ratios at September 30,
2017, compared with September 30, 2016 and 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, partially offset by an
increase in equity due to accumulated earnings.
Credit Quality
At
Sept. 30,
2017
Dec. 31,
2016
Sept. 30,
2016
(Dollars in millions) Nonperforming loans $ 9.5 $ 10.1 $
10.9 Nonperforming loans to total portfolio loans 1.27 % 1.57 %
1.66 % Other real estate owned $ 0.2 $ 2.9 $ 2.8 Nonperforming
assets $ 9.7 $ 13.0 $ 13.7 Nonperforming assets to total assets
1.05 % 1.44 % 1.46 % Troubled debt restructurings performing for
less than 12 monthsunder terms of modification (1) $ 17.1 $ 14.6 $
14.8 Troubled debt restructurings performing for more than 12
monthsunder terms of modification $ 15.9 $ 20.3 $ 20.2
_________________________(1) Includes $7.5
million, $7.9 million, and $8.2 million of nonperforming loans at
September 30, 2017, December 31, 2016, and September 30, 2016,
respectively.
While nonperforming assets have declined for four consecutive
quarters, the current level reflects 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 September 30, 2017, compared with that at
September 30, 2016 and December 31, 2016, primarily due to the sale
of a $2.4 million foreclosed property in the second quarter of
2017.
Provision / Allowance for Loan Losses
At and for the
Three Months Ended
At and for the
Nine Months Ended
Sept. 30,
2017
June 30,
2017
Sept. 30,
2016
Sept. 30,
2017
Sept. 30,
2016
(Dollars in millions) Provision for portfolio loan losses $
0.2 $ 0.2 $ 0.2 $ 0.5 $ 0.6 Allowance for portfolio loan losses $
8.4 $ 8.2 $ 8.2 $ 8.4 $ 8.2 Allowance for portfolio loan losses to
total portfolio loans 1.12 % 1.14 % 1.24 % 1.12 % 1.24 % Allowance
for portfolio loan losses to nonperforming loans 88.16 % 83.61 %
74.92 % 88.16 % 74.92 % Net charge-offs (recoveries) $ (0.0 )(1) $
0.2 $ 0.1 $ 0.2 $ 0.2 Net charge-offs (recoveries) to average
outstanding portfolio loans (annualized) (0.01 )% 0.14 % 0.06 %
0.04 % 0.04 %
_________________________(1) Net
recoveries totaled $18,000 for the three months ended September 30,
2017.
The Company's provision for portfolio loan losses has remained
within a relatively narrow range over the past year. However, it
was down 24% for the three months ended September 30, 2017,
compared with the third quarter last year, and was down 20% for the
first nine months ended September 30, 2017, versus the first nine
months of 2016. This reflects a trend of solid economic conditions
across 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 September 30, 2017, compared
with that at September 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 September 30, 2017,
is sufficient to absorb losses in portfolio loans as of the end of
the period.
Net Interest Income Three Months
Ended Nine Months Ended
Sept. 30,
2017
June 30,
2017
Sept. 30,
2016
Sept. 30,
2017
Sept. 30,
2016
(Dollars in millions) Net interest income $ 6.8 $ 6.7 $ 6.9
$ 19.8 $ 19.4 Net interest margin 3.18 % 3.19 % 3.19 % 3.19 % 3.08
% Yield on investment securities 2.05 % 2.35 % 2.12 % 2.29 % 2.07 %
Yield on loans 4.31 % 4.25 % 4.24 % 4.27 % 4.36 % Total cost of
funds 0.98 % 0.91 % 0.79 % 0.90 % 0.97 % Average cost of deposits
0.80 % 0.75 % 0.64 % 0.74 % 0.61 % Rates paid on borrowed funds
2.02 % 1.92 % 1.21 % 1.91 % 1.87 %
The slight decrease in net interest margin during the three
months ended September 30, 2017, compared with net interest margin
for the three months ended September 30, 2016 and June 30, 2017,
reflected an increase in rates paid on deposits and borrowed funds,
with little to no change in rates on new loans. In addition, margin
remains relatively stable given the improved mix in core deposits
and growth in noninterest-bearing accounts. The increase in net
interest margin during the nine months ended September 30, 2017,
compared with net interest margin for the nine months ended
September 30, 2016, primarily reflected a decrease in rates paid on
funds due to an increase in noninterest-bearing deposits, and 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,
2017
June 30,
2017
Sept. 30,
2016
Sept. 30,
2017
Sept. 30,
2016
(Dollars in millions) Noninterest income $ 1.2 $ 1.9 $ 2.2 $
5.7 $ 7.3 Noninterest expense $ 6.1 $ 6.5 $ 6.4 $ 19.2 $ 19.1
Income tax expense $ 0.6 $ 0.7 $ 0.9 $ 2.1 $ 2.6
The decrease in noninterest income for the three months ended
September 30, 2017, compared with that of the three months ended
September 30, 2016 and June 30, 2017, primarily reflected lower
gains on the sale of investment securities. Additionally, during
the third quarter of 2017, gains on the sale of loans held-for-sale
was negatively impacted by Hurricane Irma, which delayed the sale
of certain loans the Company had anticipated selling during the
quarter. The decrease in noninterest income for the three months
ended September 30, 2017, compared with that of the three months
ended September 30, 2016, also reflected reduced service charges
and fees as well as a decrease in miscellaneous operating income
related to an escrow account that was forfeited in the year-earlier
period in connection with an OREO sale. The decrease in noninterest
income for the nine months ended September 30, 2017, compared with
that of the nine months ended September 30, 2016, primarily
reflected lower gains on the sale of investment securities, lower
gains on the sale of portfolio loans, reduced service charges and
fees, and a decrease in miscellaneous operating income (as
discussed above), partially offset by higher gains on the sale of
loans held-for-sale.
The decrease in noninterest expense during the three months
ended September 30, 2017, compared with that of the three months
ended September 30, 2016 and June 30, 2017, primarily reflected the
positive impact of an adjustment to the rate of accrual for FDIC
insurance premiums, reducing the amount accrued through the first
nine months in line with current expectations for the full year.
The decrease in noninterest expense for the three months ended
September 30, 2017, compared with that of the three months ended
June 30, 2017, also reflected reduced foreclosed asset expense and
a decrease in outside professional services expense, partially
offset by an increase in occupancy and equipment expense. The
nominal increase in noninterest expense during the nine months
ended September 30, 2017, compared with that of the nine months
ended September 30, 2016, primarily reflected increased data
processing expenses associated with ongoing efforts to improve the
Company's IT infrastructure, partially offset by a decrease in
occupancy and equipment expense and the aforementioned adjustment
to the rate of accrual for FDIC insurance premiums.
The decrease in income tax expense for the three and nine months
ended September 30, 2017, compared with that of the three and nine
months ended September 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 enhance future
operations through current strategies; our expectation of a
recovery in loan sale volume over the next few quarters; the
strength of our ratio of allowance for portfolio loan losses to
total portfolio loans; our continued growth and operational
improvement; 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
CORPORATIONStatements of Operations (Unaudited)(In
thousands, except per share amounts)
Three Months Ended
Nine Months Ended
Sept. 30,
2017
June 30,
2017
Sept. 30,
2016
Sept. 30,
2017
Sept. 30,
2016
Interest and dividend income: Loans, including fees $ 8,364 $ 8,028
$ 7,961 $ 23,861 $ 23,399 Securities and interest-earning deposits
in other financial institutions 347 393
521 1,159 1,785 Total interest and dividend income
8,711 8,421 8,482 25,020 25,184 Interest expense: Deposits
1,363 1,261 962 3,712 2,606 Securities sold under agreements to
repurchase -- -- -- -- 1 Federal Home Loan Bank advances 595 509
658 1,532 3,220 Other borrowings -- --
-- -- 1 Total interest expense 1,958 1,770 1,620
5,244 5,828 Net interest income 6,753 6,651 6,862 19,776
19,356 Provision for portfolio loan losses 167
191 220 458 569 Net interest income after
provision
for portfolio loan losses
6,586 6,460 6,642 19,318 18,787 Noninterest income: Service
charges and fees 452 454 592 1,340 1,788 Gain on sale of securities
available-for-sale 9 400 493 409 1,321 Gain on sale of portfolio
loans -- -- 9 -- 227 Gain on sale of loans held-for-sale 186 391
235 2,119 1,598 Bank owned life insurance earnings 117 118 117 352
349 Interchange fees 315 339 326 983 1,033 Other 156
217 425 512 991 Total noninterest
income 1,235 1,919 2,197 5,715 7,307 Noninterest expense:
Compensation and benefits 3,544 3,527 3,562 10,558 10,532 Occupancy
and equipment 642 548 658 1,745 1,863 FDIC insurance premiums 34
121 135 290 473 Foreclosed assets, net (6 ) 219 -- 293 254 Data
processing 581 582 587 1,774 1,556 Outside professional services
458 562 487 1,557 1,497 Collection expense and repossessed asset
losses 82 95 101 316 363 Other 810 842
836 2,658 2,536 Total noninterest expense
6,145 6,496 6,366 19,191 19,074
Income before income tax expense 1,676 1,883 2,473 5,842
7,020 Income tax expense 561 691 917
2,058 2,604 Net income $ 1,115 $ 1,192 $ 1,556
$ 3,784 $ 4,416 Net income per basic and diluted share $
0.07 $ 0.08 $ 0.10 $ 0.25 $ 0.29 Basic and diluted
weighted average shares outstanding 15,430
15,423 15,420 15,424 15,417
ATLANTIC COAST FINANCIAL
CORPORATIONBalance Sheets (Unaudited)(Dollars in
thousands)
Sept. 30,
2017
Dec. 31,
2016
Sept. 30,
2016
ASSETS Cash and due from financial institutions $ 4,091 $
3,744 $ 3,692 Short-term interest-earning deposits 38,143
56,149 46,215 Total cash and
cash equivalents 42,234 59,893 49,907 Securities available-for-sale
39,113 65,293 49,003 Portfolio loans, net of allowance of $8,405,
$8,162 and $8,150, respectively 745,260 639,245 646,641 Other
loans: Loans held-for-sale 5,025 7,147 8,057 Warehouse loans
held-for-investment 40,262 80,577
119,616 Total other loans 45,287 87,724 127,673
Federal Home Loan Bank stock, at cost 7,228 8,792 10,542
Land, premises and equipment, net 14,360 14,945 15,018 Bank owned
life insurance 17,887 17,535 17,419 Other real estate owned 188
2,886 2,785 Accrued interest receivable 2,034 1,979 1,938 Deferred
tax assets, net 5,836 6,752 6,440 Other assets 2,508
2,415 9,527 Total assets $ 921,935
$ 907,459 $ 936,893
LIABILITIES AND
STOCKHOLDERS'
EQUITY Deposits: Noninterest-bearing
demand $ 70,029 $ 59,696 $ 56,607 Interest-bearing demand 89,503
106,004 110,868 Savings and money markets 294,804 224,987 210,675
Time 222,080 237,726 239,346
Total deposits 676,416 628,413 617,496 Federal Home Loan
Bank advances 150,842 188,758 229,925 Accrued expenses and other
liabilities 3,283 3,270 3,346
Total liabilities 830,541 820,441 850,767 Common
stock, additional paid-in capital, retained deficit, and other
equity 92,563 88,644 86,528 Accumulated other comprehensive loss
(1,169 ) (1,626 ) (402 ) Total stockholders'
equity 91,394 87,018 86,126
Total liabilities and stockholders' equity $ 921,935
$ 907,459 $ 936,893
ATLANTIC COAST FINANCIAL
CORPORATIONSelected Consolidated Financial Ratios and Other
Data (Unaudited)(Dollars in thousands)
At and for the
Three Months Ended
Sept. 30,
At and for the
Nine Months Ended
Sept. 30,
2017 2016 2017 2016
Interest rate Net interest spread 3.02 % 3.09 % 3.05 % 2.97
% Net interest margin 3.18 % 3.19 % 3.19 % 3.08 %
Average balances Portfolio loans receivable, net $ 728,755 $
655,221 $ 695,793 $ 644,494 Warehouse loans held-for-investment
36,024 76,195 37,099 57,572 Total interest-earning assets 850,274
860,780 827,072 836,974 Total assets 889,241 909,303 867,970
887,685 Deposits 677,780 599,678 668,338 570,359 Total
interest-bearing liabilities 724,806 760,879 708,070 746,314 Total
liabilities 798,014 822,754 778,074 803,273 Stockholders' equity
91,227 86,549 89,896 84,412
Performance ratios (annualized) Return on average total
assets 0.50 % 0.68 % 0.58 % 0.66 % Return on average stockholders'
equity 4.89 % 7.19 % 5.61 % 6.98 % Ratio of operating expenses to
average total assets 2.76 % 2.80 % 2.95 % 2.86 %
Credit and liquidity ratios Nonperforming loans $ 9,534 $
10,878 $ 9,534 $ 10,878 Foreclosed assets 188 2,785 188 2,785
Impaired loans 34,935 37,812 34,935 37,812 Nonperforming assets to
total assets 1.05 % 1.46 % 1.05 % 1.46 % Nonperforming loans to
total portfolio loans 1.27 % 1.66 % 1.27 % 1.66 % Allowance for
loan losses to nonperforming loans 88.16 % 74.92 % 88.16 % 74.92 %
Allowance for loan losses to total portfolio loans 1.12 % 1.24 %
1.12 % 1.24 % Net charge-offs (recoveries) to average outstanding
portfolio loans (annualized) (0.01 )% 0.06 % 0.04 % 0.04 % Ratio of
gross portfolio loans to total deposits 111.42 % 106.04 % 111.42 %
106.04 %
Capital ratios
Tangible stockholders' equity to tangible
assets (1)
9.91 % 9.19 % 9.91 % 9.19 % Average stockholders' equity to average
total assets 10.26 % 9.52 % 10.36 % 9.51 %
Other Data
Tangible book value per share (1)
$ 5.88 $ 5.55 $ 5.88 $ 5.55 Stock price per share 8.81 6.33 8.81
6.33
Stock price per share to tangible book
value per share (1)
149.93 % 113.99 % 149.93 % 113.99 %
_________________________(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
CORPORATIONAverage Balances, Net Interest Income, Yields
Earned and Rates Paid (Unaudited)(Dollars in thousands)
Three Months Ended Sept. 30,
2017 2016
Average
Balance
Interest
Average
Yield / Cost
Average
Balance
Interest
Average
Yield / Cost
Interest-earning assets: Loans $ 776,391 $ 8,364 4.31 % $ 750,222 $
7,961 4.24 % Investment securities 40,119 206 2.05 % 70,175 372
2.12 % Other interest-earning assets 33,764 141
1.68 % 40,383 149 1.47 % Total
interest-earning assets 850,274 8,711 4.10 % 860,780
8,482 3.94 % Noninterest-earning assets 38,967
48,523 Total assets $ 889,241 $ 909,303
Interest-bearing liabilities: Interest-bearing demand accounts $
101,132 $ 102 0.40 % $ 102,012 $ 113 0.45 % Savings deposits 59,351
18 0.12 % 59,028 17 0.11 % Money market accounts 229,403 553 0.96 %
142,374 243 0.68 % Time deposits 217,108 690 1.27 % 239,524 589
0.98 % Federal Home Loan Bank advances 117,812 595 2.02 % 217,941
658 1.21 % Other borrowings -- -- -- %
-- -- -- % Total interest-bearing liabilities 724,806
1,958 1.08 % 760,879 1,620 0.85 %
Noninterest-bearing liabilities 73,208 61,875 Total
liabilities 798,014 822,754 Total stockholders’ equity
91,227 86,549 Total liabilities and stockholders’ equity $
889,241 $ 909,303 Net interest income $ 6,753 $ 6,862
Net interest spread 3.02 % 3.09 % Net interest-earning
assets $ 125,468 $ 99,901 Net interest margin 3.18 % 3.19 % Average
interest-earning assets to average interest-bearing liabilities
117.31 % 113.13 %
Nine Months Ended Sept. 30, 2017 2016
Average
Balance
Interest
Average
Yield / Cost
Average
Balance
Interest
Average
Yield / Cost
Interest-earning assets: Loans $ 744,388 $ 23,861 4.27 % $ 716,189
$ 23,399 4.36 % Investment securities 45,251 777 2.29 % 84,521
1,315 2.07 % Other interest-earning assets 37,433 382
1.36 % 36,264 470 1.73 % Total
interest-earning assets 827,072 25,020 4.03 % 836,974
25,184 4.01 % Noninterest-earning assets
40,898 50,711 Total assets $ 867,970 $ 887,685
Interest-bearing liabilities: Interest-bearing demand accounts $
113,967 $ 397 0.46 % $ 103,177 $ 340 0.44 % Savings deposits 59,362
53 0.12 % 59,070 46 0.10 % Money market accounts 202,569 1,339 0.88
% 124,710 585 0.63 % Time deposits 225,161 1,923 1.14 % 230,046
1,635 0.95 % Securities sold under agreements to repurchase -- --
-- % 109 1 1.56 % Federal Home Loan Bank advances 107,011 1,532
1.91 % 229,147 3,220 1.87 % Other borrowings -- --
1.27 % 55 1 1.62 % Total
interest-bearing liabilities 708,070 5,244 0.99 %
746,314 5,828 1.04 % Noninterest-bearing liabilities
70,004 56,959 Total liabilities 778,074 803,273 Total
stockholders’ equity 89,896 84,412 Total liabilities
and stockholders’ equity $ 867,970 $ 887,685 Net interest
income $ 19,776 $ 19,356 Net interest spread 3.05 %
2.97 % Net interest-earning assets $ 119,002 $ 90,660 Net interest
margin 3.19 % 3.08 % Average interest-earning assets to average
interest-bearing liabilities 116.81 % 112.15 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024006612/en/
Atlantic Coast Financial CorporationTracy L. Keegan,
904-998-5501Executive Vice President and Chief Financial
Officer
Grafico Azioni Atlantic Coast Federal (NASDAQ:ACFC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Atlantic Coast Federal (NASDAQ:ACFC)
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