Revenue during the quarter grew 18.82 percent to $8.84 million from $7.44 million in the previous year period. Net interest income for the quarter rose 17.82 percent over the prior year period to $6.86 million. Non-interest income for the quarter rose 21.38 percent over the last year period to $2.20 million.

Atlantic Coast Financial has made provision of $0.22 million for loan losses during the quarter, up 12.82 percent from $0.20 million in the same period last year.

Net interest margin contracted 5 basis points to 3.19 percent in the quarter from 3.24 percent in the last year period.

Commenting on the Company’s results, John K. Stephens, Jr., President and Chief Executive Officer, said, “Atlantic Coast turned in another strong performance for the third quarter of 2016. We are particularly pleased to note the 30% increase in total loans since September 30, 2015, which continued to drive our solid balance sheet growth and contribute positively to net interest margin and our overall momentum in earnings. These results reflect an ongoing strengthening in our business and the markets we serve, especially in Florida, along with great commitment and dedication from our team members, as we work together to grow our banking platform. At the same time, our continued focus on asset quality has enabled us to keep our credit costs low and further augmented our earnings growth. Having said that, the increase in nonperforming loans this quarter is the result of our approach to resolve two particular loan issues related to legacy loans excluded from the bulk sale in 2013, both of which were already classified as impaired. These loans are both carried below current market values; therefore, we do not anticipate any issues with resolving them. Absent these loans, which were originated prior to the 2008 credit crisis, the level of delinquency and nonperforming assets remains at a very strong level. In summary, we are quite pleased with the third quarter’s results and believe they are a tangible indication of the success we have attained in creating a premier bank in our markets, one that is well positioned to capitalize on the opportunities ahead.”

Deposits stood at $617.50 million as on Sep. 30, 2016, up 24.31 percent compared with $496.75 million on Sep. 30, 2015.

Loans to deposits ratio was 106.04 percent for the quarter, down from 110.30 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $56.61 million or 9.17 percent of total deposits on Sep. 30, 2016, compared with $51.36 million or 10.34 percent of total deposits on Sep. 30, 2015.

Investments stood at $49 million as on Sep. 30, 2016, down 60.51 percent or $75.08 million from year-ago. Shareholders equity was at $86.13 million as on Sep. 30, 2016.

Return on average assets moved up 17 basis points to 0.68 percent in the quarter from 0.51 percent in the last year period. At the same time, return on average equity increased 215 basis points to 7.19 percent in the quarter from 5.04 percent in the last year period.

Nonperforming assets moved up 168.92 percent or $6.83 million to $10.88 million on Sep. 30, 2016 from $4.04 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.46 percent in the quarter, up from 0.92 percent in the last year period.

Average equity to average assets ratio was 9.51 percent for the quarter, down from 10.08 percent for the previous year quarter.