Tuesday, financial service provider Atlantic Coast Federal Corp. (ACFC) reported a loss for the third-quarter compared to a profit last year hurt by provision for loan losses.
The Waycross, Georgia-based company reported a third quarter loss of $0.33 million or $0.03 per share compared with a profit of $0.79 million or $0.06 per share in the corresponding quarter last year.
Net interest income after provision for loan losses for the quarter decreased to $2.18 million from $5.29 million in the prior-year corresponding period.
Non-interest income for the third quarter increased to $3.03 million from $1.51 million in the similar period of preceding year.
Deposits rose to $605.30 million at the end of the third quarter of 2008 from $598.01 million at September 30, 2007. Net receivable loans increased to $740.18 million from $669.23 million at September 30. 2007.
Provision for loan losses for the third quarter increased to $3.75 million from $0.44 million in the third quarter of fiscal 2007.
Net charge-offs to average outstanding loans, on an annualized basis, rose to 1.79% in the third quarter of 2008 compared to a negative 0.17% in the third quarter of 2007 primarily due to net charge-offs of $1.70 million related to the disposal of $4.40 million of non-performing residential mortgage loans.
Non-performing loans at September 30, 2008 were $22.35 million or 2.99% of total loans, up from $7.10 million or 1.05% at September 30, 2007.
For the nine-month period, net income decreased to $0.41 million or $0.03 per share from $2.21 million or $0.17 per share in the similar period last year.
Net interest income for the nine-month period decreased to $8.62 million from $15.38 million in the prior-year corresponding period.
ACFC is currently trading at $6.94, down $0.10 or 1.42% on the Nasdaq.
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