JACKSONVILLE, Fla., April 15, 2015 (GLOBE NEWSWIRE) -- FirstAtlantic Financial Holdings, Inc. (OTCQX:FFHD), today reported net income of $1,015,000 or $.17 per common share, an increase of $392,000 or $.06 per share from the previous year’s results during the same time period. The increase in net income is related to improvements in asset quality and the consequent reduction in credit costs, elimination of contingent liability expense, and other expense management activities which caused operating expenses to decline.
The company’s total deposits grew by $10 million during the first quarter to $336.5 million. Growth in checking, savings and money market accounts totaled $16 million, allowing the company to reduce balances in non-relationship oriented certificates of deposit by $6 million. The improved mix of deposits contributed to a reduction in the cost of funds to .49% in the first quarter of this year from .54% in the fourth quarter of 2014.
FirstAtlantic’s asset quality measures continued to improve during the first quarter with the ratio of non-performing assets as a percentage of assets declining to 1.20% from 1.29% in December 2014. Net loan charge-offs were very low at .02% for the quarter.
FirstAtlantic Financial Holdings, Inc. other significant accomplishments include:
- Being listed on the OTCQX Marketplace, which provides shareholders with a current market valuation of their shares and a more efficient and transparent means by which to acquire or sell shares.
- The board of directors declared the first ever annual cash dividend of $.10 per share, representing approximately 25% of last year’s net income, which is payable on or about April 28, 2015 to shareholders of record as of April 6, 2015.
- The book value of the company’s stock grew to $9.37 per share, while tangible book value increased to $8.86 per share, an annualized growth rate of 10% and 11%, respectively.
“We are very pleased to share our first quarter results which positively impact the value of our company,” stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. “Our first quarter successes are a reflection of the hard work and dedication of the team members at FirstAtlantic Bank.”
About FirstAtlantic Financial Holdings, Inc.:
FirstAtlantic Financial Holdings, Inc. (OTCQX:FFHD) is the holding company for FirstAtlantic Bank, which is a full service community bank, headquartered in Jacksonville, Florida. FirstAtlantic Bank has approximately $400 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach. FirstAtlantic Bank (www.bankfirstatlantic.com) is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services. FirstAtlantic Bank has earned a 5-Star Rating from BauerFinancial and was named one of the Top 10 SBA Lenders by the Jacksonville Business Journal.
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