ATBC Atlantic Bancgrp. (MM)

JACKSONVILLE BEACH, Fla., May 5 /PRNewswire-FirstCall/ -- Atlantic BancGroup, Inc. (NASDAQ:ATBC), the parent company of Oceanside Bank, with four locations in the Jacksonville Beaches and East Jacksonville, Florida, announces first quarter 2008 results. (Logo: http://www.newscom.com/cgi-bin/prnh/20030522/ATBCLOGO ) Consistent with local, state, and national trends for financial institutions as reported throughout the various daily newspapers and other financial news sources, we experienced a decline in earnings; however, Oceanside Bank remained well-capitalized under current regulatory guidelines. Amidst this depressed real estate market in our trade area, we posted consolidated net income of $47,000 for the three months ended March 31, 2008, a decline of 89.8% from consolidated net income of $460,000 in the same period of 2007. Fully diluted earnings per share for the three months ended March 31, 2008, totaled $0.04 as compared with $0.37 for the same period of 2007. Our results for the first quarter of 2008 included additional reserves set aside to offset loan charge-offs and real estate foreclosures during the first quarter of 2008. The provision for loan losses totaled $224,000 for the first quarter of 2008, rising 261.3% over 2007 levels. The cost to manage the loan portfolio and carry foreclosed assets increased with direct expenses for foreclosed assets charged to operations of $92,000. Other related costs such as collection, legal, and audit expenses also increased. Consolidated total assets at March 31, 2008, reached $263.7 million, an increase of 4.6% over March 31, 2007. Consolidated deposits and consolidated net loans grew 7.9% and 7.8%, respectively, over the same period, with consolidated deposits at $222.7 million and consolidated net loans at $194.5 million at March 31, 2008. Atlantic BancGroup, Inc. is a publicly-traded bank holding company, trading on the NASDAQ Capital Market, symbol ATBC. http://www.newscom.com/cgi-bin/prnh/20030522/ATBCLOGO http://photoarchive.ap.org/ DATASOURCE: Atlantic BancGroup, Inc. CONTACT: David Young, EVP-CFO, Atlantic BancGroup, Inc., +1-904-247-9494 Web site: http://www.oceansidebank.com/

Copyright