Atlantic Coast Federal Corp. (ACFC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Atlantic Coast Federal Corp. has a market cap of $29.52 million; its shares were traded at around $2.2 with and P/S ratio of 0.56.
General. Total assets decreased $4.2 million to $901.4 million at June 30, 2010 as compared to $905.6 million at December 31, 2009. The primary reason for the decrease in assets was a decrease in net loans of $27.7 million as well as a decrease in cash of $7.3 million, partially offset by the increase in available for sale securities of $22.1 million as well as an increase in loans held for sale of $8.1 million. Total deposits increased $19.6 million to $575.0 million at June 30, 2010 from $555.4 million at December 31, 2009. Core deposits grew by $8.2 million, while time deposits increased $11.4 million, primarily due to growth in brokered deposits.
of U.S. Government-sponsored enterprises and mortgage-backed securities (MBS). The investment portfolio increased approximately $22.1 million to $200.0 million at June 30, 2010, net of purchases, sales and maturities. The increase in securities available for sale was the result of the redeployment of proceeds received from the increased payoffs and amortization of one- to four-family residential loans as opportunities were limited for portfolio loan origination that were within the Company s asset and liability targets. Expense for other-than-temporary impairment was approximately $(81,000) in non-interest income (loss) on two private label collateralized mortgage obligation mezzanine (support) debt securities for the six months ended June 30, 2010.
Loans. Portfolio loans declined approximately 5% to $586.7 million at June 30, 2010 as compared to $614.4 million at December 31, 2009 due to increased payoffs of one- to four-family residential loans in the first six months of 2010, combined with the sale of approximately $7.2 million of non-performing loans in the first six months of 2010.
Total loan originations increased $35.4 million to $99.4 million for the six months ended June 30, 2010 from $63.9 million for the same period in 2009. Origination of loans held for sale in the secondary market increased $16.1 million to $62.6 million during the first six months of 2010, from $46.5 million for the same period in 2009, while portfolio loan production increased $15.3 million to $37.1 million for the six months ended June 30, 2010 from $21.8 million for the same period in 2009. Origination of residential loans held for sale was strong as consumers took advantage of historically low interest rates and the availability of certain federal income tax credits. However, the current level of interest rates limits opportunities for portfolio loan origination within the Company s asset and liability management targets.
Allowance for loan losses. The allowance for loan losses was $10.2 million, or 1.71% of total loans compared to $13.8 million or 2.22% of total loans outstanding at June 30, 2010 and December 31, 2009, respectively.
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Atlantic Coast Federal Corp. has a market cap of $29.52 million; its shares were traded at around $2.2 with and P/S ratio of 0.56.
Highlight of Business Operations:
When OTTI is determined to have occurred, the amount of the OTTI recognized in earnings depends on whether we intend to sell the security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If we intend to sell the security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI recognized in earnings is equal to the entire difference between its amortized cost basis and its fair value at the balance sheet date. If we do not intend to sell the security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized as a charge to earnings. The amount of the OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. The Company recorded an expense for other-than-temporary impairment of $(81,000) in non-interest income (loss) on two private label mortgage-backed mezzanine (support) debt securities for the six months ended June 30, 2010. The Company recorded an expense for other-than-temporary impairment of $1.3 million for the six months ended June 30, 2009.General. Total assets decreased $4.2 million to $901.4 million at June 30, 2010 as compared to $905.6 million at December 31, 2009. The primary reason for the decrease in assets was a decrease in net loans of $27.7 million as well as a decrease in cash of $7.3 million, partially offset by the increase in available for sale securities of $22.1 million as well as an increase in loans held for sale of $8.1 million. Total deposits increased $19.6 million to $575.0 million at June 30, 2010 from $555.4 million at December 31, 2009. Core deposits grew by $8.2 million, while time deposits increased $11.4 million, primarily due to growth in brokered deposits.
of U.S. Government-sponsored enterprises and mortgage-backed securities (MBS). The investment portfolio increased approximately $22.1 million to $200.0 million at June 30, 2010, net of purchases, sales and maturities. The increase in securities available for sale was the result of the redeployment of proceeds received from the increased payoffs and amortization of one- to four-family residential loans as opportunities were limited for portfolio loan origination that were within the Company s asset and liability targets. Expense for other-than-temporary impairment was approximately $(81,000) in non-interest income (loss) on two private label collateralized mortgage obligation mezzanine (support) debt securities for the six months ended June 30, 2010.
Loans. Portfolio loans declined approximately 5% to $586.7 million at June 30, 2010 as compared to $614.4 million at December 31, 2009 due to increased payoffs of one- to four-family residential loans in the first six months of 2010, combined with the sale of approximately $7.2 million of non-performing loans in the first six months of 2010.
Total loan originations increased $35.4 million to $99.4 million for the six months ended June 30, 2010 from $63.9 million for the same period in 2009. Origination of loans held for sale in the secondary market increased $16.1 million to $62.6 million during the first six months of 2010, from $46.5 million for the same period in 2009, while portfolio loan production increased $15.3 million to $37.1 million for the six months ended June 30, 2010 from $21.8 million for the same period in 2009. Origination of residential loans held for sale was strong as consumers took advantage of historically low interest rates and the availability of certain federal income tax credits. However, the current level of interest rates limits opportunities for portfolio loan origination within the Company s asset and liability management targets.
Allowance for loan losses. The allowance for loan losses was $10.2 million, or 1.71% of total loans compared to $13.8 million or 2.22% of total loans outstanding at June 30, 2010 and December 31, 2009, respectively.
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