Atlantic BancGroup, Inc. Announces Third Quarter 2008 Results
14 Noviembre 2008 - 4:24PM
PR Newswire (US)
JACKSONVILLE BEACH, Fla., Nov. 14 /PRNewswire-FirstCall/ --
Atlantic BancGroup, Inc., (NASDAQ:ATBC) the parent company of
Oceanside Bank, with four locations in the Jacksonville Beaches and
East Jacksonville, Florida, announced today its third quarter 2008
results. Oceanside Bank remains well capitalized under current
regulatory guidelines, despite Atlantic BancGroup posting a net
loss for the quarter ended September 30, 2008 of $839,000, a
decline from consolidated net income of $201,000 in the same period
of 2007. For the three months ended September 30, 2008, the Company
had a $0.68 loss per diluted share, as compared with $0.16 earnings
per diluted share for the same period of 2007. "Our results for the
third quarter are a reflection of the economic downturn in our
local market and depressed real estate values. Recent national and
international events that disrupted financial and credit markets
will continue to affect our cost of funds and net interest margins.
We continue to maintain a close watch on asset quality as the real
estate market struggles to find a settling point. Management
believes that the Jacksonville Beaches market will be resilient and
the general economy will recover," stated Chief Executive Officer
Barry W. Chandler. The results for the third quarter of 2008
included additional reserves to offset loan charge-offs, recent
real estate foreclosures, the effects from the slowdown in real
estate activity and sales on borrowers engaged in real estate
development and continued declines in the underlying collateral
values of loans secured by real estate. During the third quarter,
the bank added $1,735,000 to our allowance for loan losses, as
compared with $410,000 added in the third quarter of 2007. The cost
to manage the loan portfolio and carry foreclosed assets increased
with direct expenses for foreclosed assets and related net losses
charged to operations totaling $66,000 for the quarter ended
September 30, 2008, as compared with none in the same period of
2007. Other related costs such as collection, legal and audit
expenses also increased in 2008 over 2007. Mr. Chandler continued,
"consolidated total assets at September 30, 2008, were $263.0
million, an increase of 1.9% over September 30, 2007. Consolidated
deposits and consolidated net loans grew 3.3% and 6.1%
respectively, over the same period, with consolidated deposits at
$208.5 million and consolidated net loans at $205.4 million at
September 30, 2008." Atlantic BancGroup, Inc. is a publicly traded
holding company, trading on the NASDAQ Capital Market, symbol ATBC.
DATASOURCE: Atlantic BancGroup, Inc. CONTACT: Dave Young, EVP, CFO
of Atlantic BancGroup, +1-904-247-9494 Web site:
http://www.oceansidebank.com/
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