FirstAtlantic Financial Holdings, Inc. Reports Second Quarter Results

JACKSONVILLE, Fla., July 28, 2017 /PRNewswire/ -- FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD), today reported 2017 second quarter net income of $1.064 million, a 2% increase compared to $1.046 million for the second quarter of 2016.  Diluted earnings per share were $0.17 in the second quarter for both 2016 and 2017.

Earnings for the second quarter of 2017 were affected positively by net interest income which grew by $244 thousand compared to the second quarter of 2016.  Non-interest income for the second quarter of 2017 declined by $298 thousand compared to the second quarter of 2016, which included a $373 thousand non-recurring gain on a sale of investment securities.

The company's loan portfolio grew by $13 million for the first six months of 2017 to $324 million or an annualized growth rate of 8.4%.  $10 million of the growth occurred during the second quarter. The company's total deposits grew to $372 million, an increase of $19 million, or an annualized growth rate of 11% for the first six months of 2017.  Growth in deposits included $9 million in non-interest bearing checking accounts, an annualized growth rate of 17%.

Book value per share and tangible book value per share for the company at June 30, 2017 were $10.30 and $9.91, respectively.  The stock price per share was $13.25 at quarter-end. This is an increase of more than 27% over a one year period.

"We are very pleased to share our second quarter results as we continue to build shareholder value," stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. "Our second quarter successes are a direct result 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 $462 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach.  FirstAtlantic Bank (www.firstatlantic.bank) is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services.  FirstAtlantic Bank has earned the coveted 5-Star Superior Rating from BauerFinancial, Inc., the Nation's premier bank rating firm.

SOURCE FirstAtlantic Financial Holdings, Inc.

Related Links

https://www.firstatlantic.bank