Revenue during the quarter grew 3.91 percent to $8.83 million from $8.50 million in the previous year period. Net interest income for the quarter rose 4.63 percent over the prior year period to $6.37 million.

Atlantic Coast Financial Corporation has made provision of $0.10 million for loan losses during the quarter, down 33.33 percent from $0.15 million in the same period last year.

Net interest margin improved 21 basis points to 3.20 percent in the quarter from 2.99 percent in the last year period.

Commenting on the Company's results, John K. Stephens, Jr., president and chief executive officer, said, "We are pleased that Atlantic Coast has posted a solid start to 2017, highlighted by continued growth in deposits, which increased nearly 25% year over year. Our first quarter results not only demonstrate continued momentum in growing our loan portfolio, with a net increase of over $42 million during the quarter, they also highlight our success in attracting core deposits, which grew over $57 million during the quarter. This excess of core deposit growth over our loan growth contributes to our strategy to reduce our overall reliance on wholesale funding. Additionally, gains on sale of loans continue to increase as part of our core strategies; however, the amount of these gains may continue to vary significantly on a quarter-over-quarter basis depending on their pace through our loan pipeline, as well as other potential factors. Our first quarter progress also is noteworthy because it underscores the diversity of business, which has helped us maintain the momentum we achieved last year, even as we prepare for the potential effects of possible interest rate increases or other macroeconomic events that may affect the industry nationwide, as well as the seasonally slow nature of the first quarter. We remain focused on helping our communities by providing extraordinary service to our customers, including a wide range of borrowing opportunities for individuals and commercial enterprises, including small businesses. Considering our ongoing success and the opportunities we see across our markets, I believe Atlantic Coast remains well positioned to continue to build on the growth and expansion we have worked so hard to achieve over the past few years."

Deposits stood at $685.84 million as on Mar. 31, 2017, up 24.56 percent compared with $550.63 million on Mar. 31, 2016.

Loans to deposits ratio was 100.58 percent for the quarter, down from 117.69 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $67.93 million or 9.90 percent of total deposits on Mar. 31, 2017, compared with $52.12 million or 9.47 percent of total deposits on Mar. 31, 2016.

Investments stood at $101.07 million as on Mar. 31, 2017, up 24.09 percent or $19.62 million from year-ago. Shareholders equity was at $89.21 million as on Mar. 31, 2017.

Return on average assets moved down 1 basis points to 0.70 percent in the quarter from 0.71 percent in the last year period. At the same time, return on average equity decreased 68 basis points to 6.70 percent in the quarter from 7.38 percent in the last year period.

Nonperforming assets moved up 63.64 percent or $4.90 million to $12.60 million on Mar. 31, 2017 from $7.70 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.36 percent in the quarter, up from 0.86 percent in the last year period.

Average equity to average assets ratio was 10.50 percent for the quarter, up from 9.60 percent for the previous year quarter.