Atlantic BancGroup Inc. (ATBC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Atlantic Bancgroup Inc. has a market cap of $3.43 million; its shares were traded at around $2.75 with and P/S ratio of 0.23. Atlantic Bancgroup Inc. had an annual average earning growth of 11.6% over the past 5 years.
Our net loss for the three months ended March 31, 2010, was $547,000, as compared with a net loss of $68,000 in the same period of 2009. In addition to the items discussed above for the first quarter of 2010, we continued to improve our liquidity with total cash and cash equivalents, which include interest-bearing deposits, reaching $34.0 million at March 31, 2010, as compared with $31.1 million at December 31, 2009.
Core Deposits. Core deposits, which exclude certificates of deposit of $100,000 or more, provide a relatively stable funding source for our loan portfolio and other earning assets. We had core deposits totaling $191.5 million at March 31, 2010, and $223.3 million at December 31, 2009, a decrease of 14.2%. This decrease in core deposits was partially offset by a net increase in certificates of deposit of $8.6 million, as depositors sought higher yields. We anticipate that a stable base of deposits will be our primary source of funding to meet both short-term and long-term liquidity needs in the future.
Customers with large certificates of deposit tend to be extremely sensitive to interest rate levels, making these deposits less reliable sources of funding for liquidity planning purposes than core deposits. Some financial institutions acquire funds in part through large certificates of deposit obtained through brokers. These brokered deposits have been historically expensive and unreliable as long-term funding sources. Pursuant to the Consent Order, we are prohibited, throughout the life of the Consent Order, from accepting, renewing, or rolling over any brokered deposits, and must comply with the restrictions on the effective yields on deposits exceeding national averages. Brokered certificates of deposit issued by us totaled $13.2 million at March 31, 2010, and $19.1 million at December 31, 2009, a decrease of 30.9%. This decline in brokered deposits was more than offset by our net increase of $14.5 million from certificates of deposits from our customers.
We use our resources principally to fund existing and continuing loan commitments and to purchase investment securities. At March 31, 2010, we had commitments to extend credit totaling $9.4 million, and had issued, but unused, standby letters of credit of $1.2 million for the same period. In addition, scheduled maturities of certificates of deposit during the twelve months following March 31, 2010, total $114.1 million. We believe that resources exist to fund all our anticipated commitments.
At March 31, 2010, we had 63 loans totaling approximately $32.2 million classified as substandard, doubtful, or loss. At March 31, 2010, management had provided specific reserves totaling $4.3 million for loans risk-rated substandard or worse.
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Atlantic Bancgroup Inc. has a market cap of $3.43 million; its shares were traded at around $2.75 with and P/S ratio of 0.23. Atlantic Bancgroup Inc. had an annual average earning growth of 11.6% over the past 5 years.
Highlight of Business Operations:
We reported consolidated net losses of $547,000 for the three months ended March 31, 2010. During the first quarter of 2010, we recorded a provision for loan losses of $872,000 versus $234,000 for the three months ended March 31, 2009, based on management s evaluation of probable loan losses and the overall quality of our loan portfolio. We also expensed deposit insurance assessments of $296,000 in the quarter ended March 31, 2010, as compared with $89,000 in the same period of 2009. Without these costs, we would have likely posted net income for the quarter reflecting our increased net interest income and lower noninterest expenses, excluding deposit insurance assessments.Our net loss for the three months ended March 31, 2010, was $547,000, as compared with a net loss of $68,000 in the same period of 2009. In addition to the items discussed above for the first quarter of 2010, we continued to improve our liquidity with total cash and cash equivalents, which include interest-bearing deposits, reaching $34.0 million at March 31, 2010, as compared with $31.1 million at December 31, 2009.
Core Deposits. Core deposits, which exclude certificates of deposit of $100,000 or more, provide a relatively stable funding source for our loan portfolio and other earning assets. We had core deposits totaling $191.5 million at March 31, 2010, and $223.3 million at December 31, 2009, a decrease of 14.2%. This decrease in core deposits was partially offset by a net increase in certificates of deposit of $8.6 million, as depositors sought higher yields. We anticipate that a stable base of deposits will be our primary source of funding to meet both short-term and long-term liquidity needs in the future.
Customers with large certificates of deposit tend to be extremely sensitive to interest rate levels, making these deposits less reliable sources of funding for liquidity planning purposes than core deposits. Some financial institutions acquire funds in part through large certificates of deposit obtained through brokers. These brokered deposits have been historically expensive and unreliable as long-term funding sources. Pursuant to the Consent Order, we are prohibited, throughout the life of the Consent Order, from accepting, renewing, or rolling over any brokered deposits, and must comply with the restrictions on the effective yields on deposits exceeding national averages. Brokered certificates of deposit issued by us totaled $13.2 million at March 31, 2010, and $19.1 million at December 31, 2009, a decrease of 30.9%. This decline in brokered deposits was more than offset by our net increase of $14.5 million from certificates of deposits from our customers.
We use our resources principally to fund existing and continuing loan commitments and to purchase investment securities. At March 31, 2010, we had commitments to extend credit totaling $9.4 million, and had issued, but unused, standby letters of credit of $1.2 million for the same period. In addition, scheduled maturities of certificates of deposit during the twelve months following March 31, 2010, total $114.1 million. We believe that resources exist to fund all our anticipated commitments.
At March 31, 2010, we had 63 loans totaling approximately $32.2 million classified as substandard, doubtful, or loss. At March 31, 2010, management had provided specific reserves totaling $4.3 million for loans risk-rated substandard or worse.
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