Atlantic Coast Financial Corp. (ACFC) reported a first-quarter net loss of $2.0 million or $0.81 per share compared to a net loss of $1.7 million or $0.69 per share in the year-earlier quarter.
The Company's net loss for the first quarter of 2013 compared with the net loss in the year-earlier quarter reflected primarily increased non-interest expenses and lower net interest and non-interest income, which was partially offset by a reduction in the provision for loan losses.
Provision for loan losses declined to $1.2 million from last year's $3.5 million last year. The decline in the provision for loan losses in the first quarter of 2013 compared with the year-earlier quarter reflected reduced non-performing loans and a decline in early-stage delinquencies of one-to-four family residential and home equity loans.
Net interest income for the quarter was $4.34 million, down from $4.98 million last year. The decline in net interest income for the first quarter of 2013 compared with year-earlier quarter reflected primarily a reduction in portfolio and warehouse loans outstanding and the impact of lower interest rates on funds reinvested in investment securities partially offset by decreased interest expense for deposits and Federal Home Loan Bank debt.
Non-interest income for the quarter declined to $1.71 million from $2.15 million last year.
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