Atlantic Coast Federal Corp. (ACFC, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $18.15 million; its shares were traded at around $1.35 with and P/S ratio of 0.28.
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 $24.9 million to $172.4 million at September 30, 2009, net of purchases, sales and maturities. Gain on sale of securities available for sale was approximately $333,000. Expense for other-than-temporary impairment was approximately $1.6 million in non-interest income on six private label mortgage-backed securities for the nine months ended September 30, 2009.
Loans. Gross portfolio loans declined approximately 12% to $656.8 million at September 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 first nine months 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 as well as the sale of approximately $3.0 million of non-performing loans in the third quarter of 2009.
Total loan originations decreased $44.3 million to $92.8 million for the nine months ended September 30, 2009 from $137.1 million for the nine months ended September 30, 2008. Origination of loans held for sale in the secondary market increased $56.7 million during the first nine months of 2009, while portfolio loan production decreased $101.0 million to $29.7 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 loans totaled $40.9 million or 6.17% of total loans and $25.5 million, or 3.43% of total loans at September 30, 2009, and December 31, 2008, respectively. Total impaired loans increased to $46.8 million at September 30, 2009 from $24.5 million at December 31, 2008. As of September 30, 2009 non-performing one-to four-family residential loans of $10.4 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 the collateral, or decision to sell loans as distressed assets. The total allowance allocated for impaired loans increased to $6.0 million at September 30, 2009 from $3.5 million at December 31, 2008. The increase in non-performing loans was primarily the result of general deterioration in commercial and other real estate 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 September 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 September 30, 2009, and December 31, 2008. Non-performing loans, excluding small balance homogeneous loans, increased to $18.5 million at September 30, 2009, from $8.3 million at December 31, 2008. Troubled debt restructured (TDR) loans increased to $19.7 million as of September 30, 2009, from $7.0 million at December 31, 2008. These loans were primarily comprised of residential mortgage loans collateralized by real estate and were evaluated for impairment as required under GAAP.
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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 $18.15 million; its shares were traded at around $1.35 with and P/S ratio of 0.28.
Highlight of Business Operations:
General. Total assets decreased $50.8 million to $945.3 million at September 30, 2009 as compared to $996.1 million at December 31, 2008. The primary reason for the decline in assets was a decrease in gross loans of $90.4 million, partially offset by higher investments in available for sale securities and cash and cash equivalents. Core deposits grew by a combined $27.2 million, but were offset by a decline in time deposits of $51.7 million.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 $24.9 million to $172.4 million at September 30, 2009, net of purchases, sales and maturities. Gain on sale of securities available for sale was approximately $333,000. Expense for other-than-temporary impairment was approximately $1.6 million in non-interest income on six private label mortgage-backed securities for the nine months ended September 30, 2009.
Loans. Gross portfolio loans declined approximately 12% to $656.8 million at September 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 first nine months 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 as well as the sale of approximately $3.0 million of non-performing loans in the third quarter of 2009.
Total loan originations decreased $44.3 million to $92.8 million for the nine months ended September 30, 2009 from $137.1 million for the nine months ended September 30, 2008. Origination of loans held for sale in the secondary market increased $56.7 million during the first nine months of 2009, while portfolio loan production decreased $101.0 million to $29.7 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 loans totaled $40.9 million or 6.17% of total loans and $25.5 million, or 3.43% of total loans at September 30, 2009, and December 31, 2008, respectively. Total impaired loans increased to $46.8 million at September 30, 2009 from $24.5 million at December 31, 2008. As of September 30, 2009 non-performing one-to four-family residential loans of $10.4 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 the collateral, or decision to sell loans as distressed assets. The total allowance allocated for impaired loans increased to $6.0 million at September 30, 2009 from $3.5 million at December 31, 2008. The increase in non-performing loans was primarily the result of general deterioration in commercial and other real estate 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 September 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 September 30, 2009, and December 31, 2008. Non-performing loans, excluding small balance homogeneous loans, increased to $18.5 million at September 30, 2009, from $8.3 million at December 31, 2008. Troubled debt restructured (TDR) loans increased to $19.7 million as of September 30, 2009, from $7.0 million at December 31, 2008. These loans were primarily comprised of residential mortgage loans collateralized by real estate and were evaluated for impairment as required under GAAP.
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