Atlantic Coast Federal Corp. (ACFC, Financial) filed Quarterly Report for the period ended 2009-06-30.
Atlantic Coast Federal a federally-chartered and insured stock savings association serves southeastern Georgia and the Jacksonville Florida metropolitan area. Atlantic Coast Federal Corp. has a market cap of $30.9 million; its shares were traded at around $2.3 with and P/S ratio of 0.4. The dividend yield of Atlantic Coast Federal Corp. stocks is 1.7%.
Securities available for sale. Securities available for sale is composed principally of debt securities of U.S. Government-sponsored enterprises, and mortgage-backed securities. The investment portfolio increased approximately $30.3 million to $177.8 million at June 30, 2009, net of purchases, sales and maturities. Gain on sale of securities available for sale was approximately $215,000. Expense for other-than-temporary impairment was approximately $1.3 million in non-interest income on three private label mortgage-backed securities for the six months ended June 30, 2009.
Loans. Total loans declined approximately 8% to $684.5 million at June 30, 2009 as compared to $743.6 million at December 31, 2008 due to increased payoffs of one- to four-family residential loans in the second quarter of 2009, combined with the sale of approximately $13 million in one-to four family residential loans near par in the first quarter of 2009.
Total loan production decreased $30.4 million to $63.9 million for the six months ended June 30, 2009 from $94.3 million for the six months ended June 30, 2008. Production of loans held for sale in the secondary market increased $38.5 million, while portfolio loan production decreased $68.9 million to $21.8 million during the same period. Portfolio loan production of all loan types, and in particular one- to four-family residential loans have been negatively impacted by the decline in real estate values, slowing residential real estate sales activity and the overall recessionary economy in the Bank s markets.
As shown in the table below, non-performing assets totaled $42.0 million and $25.5 million at June 30, 2009, and December 31, 2008, respectively. Total impaired loans increased to $40.8 million at June 30, 2009 from $17.5 million at December 31, 2008. As of June 30, 2009 non-performing one-to four-family residential loans of $10.2 million had been written-down to the estimated fair value of their collateral and are expected to be resolved with no additional material loss, absent further declines in the fair value of collateral. The total allowance allocated for impaired loans increased to $5.4 million at June 30, 2009 from $3.5 million at December 31, 2008. The increase in non-performing loans was primarily the result of general deterioration in first and second residential mortgages as recessionary economic conditions continued. The increase in impaired loans was primarily related to certain commercial loan participations in our general market area. The Company ceased involvement in new loan participations following a commitment made on December 31, 2006, and funded in May 2007. As of June 30, 2009, and December 31, 2008, all non-performing loans were classified as non-accrual, and there were no loans 90 days past due and accruing interest as of June 30, 2009, and December 31, 2008. Non-performing loans, excluding small balance homogeneous loans, increased to $19.5 million at June 30, 2009, from $8.3 million at December 31, 2008. Troubled debt restructured (TDR) loans increased to $13.4 million as of June 30, 2009, from $7.0 at December 31, 2008; these loans are primarily comprised of commercial loans collateralized by real estate and were evaluated for impairment as required by SFAS 114.
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Atlantic Coast Federal a federally-chartered and insured stock savings association serves southeastern Georgia and the Jacksonville Florida metropolitan area. Atlantic Coast Federal Corp. has a market cap of $30.9 million; its shares were traded at around $2.3 with and P/S ratio of 0.4. The dividend yield of Atlantic Coast Federal Corp. stocks is 1.7%.
Highlight of Business Operations:
General. Total assets at June 30, 2009 as compared to December 31, 2008 decreased $9.5 million, to $986.6 million from $996.1 million. Gross loans declined $59.7 million, partially offset by higher investments in available for sale securities and cash and cash equivalents. An increase in deposits nearly offset reduced borrowings from FHLB of Atlanta.Securities available for sale. Securities available for sale is composed principally of debt securities of U.S. Government-sponsored enterprises, and mortgage-backed securities. The investment portfolio increased approximately $30.3 million to $177.8 million at June 30, 2009, net of purchases, sales and maturities. Gain on sale of securities available for sale was approximately $215,000. Expense for other-than-temporary impairment was approximately $1.3 million in non-interest income on three private label mortgage-backed securities for the six months ended June 30, 2009.
Loans. Total loans declined approximately 8% to $684.5 million at June 30, 2009 as compared to $743.6 million at December 31, 2008 due to increased payoffs of one- to four-family residential loans in the second quarter of 2009, combined with the sale of approximately $13 million in one-to four family residential loans near par in the first quarter of 2009.
Total loan production decreased $30.4 million to $63.9 million for the six months ended June 30, 2009 from $94.3 million for the six months ended June 30, 2008. Production of loans held for sale in the secondary market increased $38.5 million, while portfolio loan production decreased $68.9 million to $21.8 million during the same period. Portfolio loan production of all loan types, and in particular one- to four-family residential loans have been negatively impacted by the decline in real estate values, slowing residential real estate sales activity and the overall recessionary economy in the Bank s markets.
As shown in the table below, non-performing assets totaled $42.0 million and $25.5 million at June 30, 2009, and December 31, 2008, respectively. Total impaired loans increased to $40.8 million at June 30, 2009 from $17.5 million at December 31, 2008. As of June 30, 2009 non-performing one-to four-family residential loans of $10.2 million had been written-down to the estimated fair value of their collateral and are expected to be resolved with no additional material loss, absent further declines in the fair value of collateral. The total allowance allocated for impaired loans increased to $5.4 million at June 30, 2009 from $3.5 million at December 31, 2008. The increase in non-performing loans was primarily the result of general deterioration in first and second residential mortgages as recessionary economic conditions continued. The increase in impaired loans was primarily related to certain commercial loan participations in our general market area. The Company ceased involvement in new loan participations following a commitment made on December 31, 2006, and funded in May 2007. As of June 30, 2009, and December 31, 2008, all non-performing loans were classified as non-accrual, and there were no loans 90 days past due and accruing interest as of June 30, 2009, and December 31, 2008. Non-performing loans, excluding small balance homogeneous loans, increased to $19.5 million at June 30, 2009, from $8.3 million at December 31, 2008. Troubled debt restructured (TDR) loans increased to $13.4 million as of June 30, 2009, from $7.0 at December 31, 2008; these loans are primarily comprised of commercial loans collateralized by real estate and were evaluated for impairment as required by SFAS 114.
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