Atlantic Coast Federal Corp. (ACFC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Atlantic Coast Federal Corp. has a market cap of $42.2 million; its shares were traded at around $3.14 with and P/S ratio of 0.8. ACFC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Securities available for sale. Securities available for sale is comprised principally of debt securities of U.S. Government-sponsored enterprises and mortgage-backed securities. The investment portfolio increased approximately $26.3 million to $204.2 million at March 31, 2010, net of purchases, sales and maturities. The increase in securities available for sale was the result of increased payoffs of one- to four-family residential loans combined with limited market demand for portfolio loan originations. There were no sales of securities available for sale during the three months ended March 31, 2010. Expense for other-than-temporary impairment was approximately $75,000 in non-interest income on one private label mortgage-backed mezzanine (support) security for the three months ended March 31, 2010.
Loans. Portfolio loans declined approximately 2% to $599.9 million at March 31, 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 three months of 2010, combined with the sale of approximately $866,000 of non-performing loans in the first quarter of 2010.
Total loan originations increased $4.0 million to $33.2 million for the three months ended March 31, 2010 from $29.2 million for the same period in 2009. Origination of loans held for sale in the secondary market decreased $836,000 to $16.8 million during the first three months of 2010, from $17.6 million for the same period in 2009, while portfolio loan production increased $4.8 million to $16.4 million for the three months ended March 31, 2010 from $11.6 million for the same period in 2009. Portfolio loan production of all loan types, and in particular one- to four-family residential loans, continue to be negatively impacted by a weak real estate economy marked by declining real estate values, slow residential real estate sales activity and the overall recessionary economy in the Bank s markets.
Allowance for loan losses. The allowance for loan losses was $13.3 million or 2.17% of total loans compared to $13.4 million or 2.22% of total loans outstanding at March 31, 2010 and December 31, 2009, respectively.
Read the The complete Report
Atlantic Coast Federal Corp. has a market cap of $42.2 million; its shares were traded at around $3.14 with and P/S ratio of 0.8. ACFC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
General. Total assets increased $8.4 million to $914.0 million at March 31, 2010 as compared to $905.6 million at December 31, 2009. The primary reason for the increase in assets was an increase in available for sale securities of $26.3 million, partially offset by the decline in loans of $15.0 million as well as a decrease in loans held for sale of $3.7 million. Total deposits increased $29.2 million to $584.7 million at March 31, 2010 from $555.4 million at December 31, 2009. Core deposits grew by a combined $7.5 million, while time deposits increased $21.7 million, primarily due to growth in brokered deposits.Securities available for sale. Securities available for sale is comprised principally of debt securities of U.S. Government-sponsored enterprises and mortgage-backed securities. The investment portfolio increased approximately $26.3 million to $204.2 million at March 31, 2010, net of purchases, sales and maturities. The increase in securities available for sale was the result of increased payoffs of one- to four-family residential loans combined with limited market demand for portfolio loan originations. There were no sales of securities available for sale during the three months ended March 31, 2010. Expense for other-than-temporary impairment was approximately $75,000 in non-interest income on one private label mortgage-backed mezzanine (support) security for the three months ended March 31, 2010.
Loans. Portfolio loans declined approximately 2% to $599.9 million at March 31, 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 three months of 2010, combined with the sale of approximately $866,000 of non-performing loans in the first quarter of 2010.
Total loan originations increased $4.0 million to $33.2 million for the three months ended March 31, 2010 from $29.2 million for the same period in 2009. Origination of loans held for sale in the secondary market decreased $836,000 to $16.8 million during the first three months of 2010, from $17.6 million for the same period in 2009, while portfolio loan production increased $4.8 million to $16.4 million for the three months ended March 31, 2010 from $11.6 million for the same period in 2009. Portfolio loan production of all loan types, and in particular one- to four-family residential loans, continue to be negatively impacted by a weak real estate economy marked by declining real estate values, slow residential real estate sales activity and the overall recessionary economy in the Bank s markets.
Allowance for loan losses. The allowance for loan losses was $13.3 million or 2.17% of total loans compared to $13.4 million or 2.22% of total loans outstanding at March 31, 2010 and December 31, 2009, respectively.
Read the The complete Report
