Atlantic Coast Financial Corp. narrowed its net loss in the first quarter, according to a company press release.
The company (Nasdaq: ACFC) reported a net loss of $1.7 million, or $0.69 cents per diluted share, in the quarter that ended March 31 from a net loss of $3.4 million, or $1.36 per diluted share, in the first quarter 2011.
The company’s non-performing loans increased, however, to $41.8 million, 8.38 percent of its total loans, from $30.5 million, or 5.54 percent of its total loans as of March 31, 2011. The non-performing loans in the first quarter included a $1.3 million commercial real estate loan which the company expects to close on a short sale in the second quarter.
“We remain concerned about the inconsistent and slow pace of the economic recovery in our markets as well as nationally during the first quarter of 2012,” said Tom Frankland, president and CEO of Atlantic Coast Financial. “Internally, however, we continue to be encouraged by the strength of our banking operations, as well as our mortgage warehouse lending and small business initiatives.”
Atlantic Coast Financial is the bank holding company for Atlantic Coast Bank based in Jacksonville, which operates 12 branches in Northeast Florida and Southeast Georgia. Atlantic Coast Bank has $776.8 million in assets as of the first quarter, from $810.1 million in assets in the first quarter a year ago.