Atlantic Coast Financial Corporation (ACFC) has reported an 190.57 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2 million, or $0.13 a share in the quarter, compared with $0.69 million, or $0.04 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.75 million, or $0.11 a share compared with $1.03 million or $0.07 a share, a year ago.  

Revenue during the quarter grew 24.08 percent to $9.01 million from $7.26 million in the previous year period. Net interest income for the quarter rose 21 percent over the prior year period to $7.12 million. Non-interest income for the quarter rose 21.10 percent over the last year period to $1.94 million.

Atlantic Coast Financial Corporation has made provision of $0.05 million for loan losses during the quarter, down 77.78 percent from $0.22 million in the same period last year.

Net interest margin improved 20 basis points to 3.30 percent in the quarter from 3.10 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 with the Company's performance in 2016, highlighted by strong growth in both loans and deposits ��" both of which increased more than 10% year over year. The effects of this growth can be seen in many aspects of our operations, from higher earnings throughout the year, to an improved loans-to-deposits ratio, and strengthened net interest margins. With 2016 in the record book, we look forward to capitalizing on the momentum we have achieved as we look ahead to the prospects of 2017."

Deposits stood at $628.41 million as on Dec. 31, 2016, up 13.06 percent compared with $555.82 million on Dec. 31, 2015.

Loans to deposits ratio was 103.02 percent for the quarter, down from 109.97 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $59.70 million or 9.50 percent of total deposits on Dec. 31, 2016, compared with $47.21 million or 8.49 percent of total deposits on Dec. 31, 2015.

Investments stood at $65.29 million as on Dec. 31, 2016, down 45.64 percent or $54.82 million from year-ago. Shareholders equity was at $87.02 million as on Dec. 31, 2016.

Return on average assets moved up 55 basis points to 0.89 percent in the quarter from 0.34 percent in the last year period. At the same time, return on average equity increased 581 basis points to 9.19 percent in the quarter from 3.38 percent in the last year period.

Nonperforming assets moved up 75.68 percent or $5.60 million to $13 million on Dec. 31, 2016 from $7.40 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.44 percent in the quarter, up from 0.87 percent in the last year period.

Average equity to average assets ratio was 9.64 percent for the quarter, down from 10.02 percent for the previous year quarter.