Atlantic Coast Federal, the holding company for Atlantic Coast Bank, has reported net income of $24,000 or $0 per share for the first quarter of 2008, compared to net income of $785,000 or $0.06 per share for the first quarter of 2007.
For the first quarter of 2008, net interest income increased 9% to $5.82 million from $5.35 million in the first quarter of 2007. Net interest income, after the higher provision for loan losses, declined 16% to $4.26 million for the first quarter of 2008 from $5.06 million in the same period of 2007.
Robert Larison, president and CEO of Atlantic Coast Federal, said: During the first quarter, we continued to face strong headwinds from a depressed real estate market, both nationally and in northeast Florida, which maintained pressure on the credit quality of our loan portfolio. As a result, we have remained aggressive in addressing the potential risk in our loan portfolio.