Net interest income improved to $4.19 million for the second quarter 2016 from $4.01 million for the same quarter 2015. Net Interest income improved 6.1% to $8.31 million for the first six months of 2016 compared to $7.83 million for the same period in 2015. The $476,000 increase in net interest income resulted primarily from a 10.0% growth in net loans to $312 million at June 2016 compared to $284 million for June 2015. Net loans have increased $13.4 million since year end for an annualized growth rate of 9.1%.
The company's cost of funds was reduced to .39% for the first six months of 2016 down from .47% from the same period in 2015. The improvement was positively impacted by $6.5 million growth in non-interest bearing deposits to $105 million for the second quarter 2016 compared to $99 million for the second quarter 2015. Total deposits of $356 million for the second quarter of 2016 declined by $1 million from $357 million for the same period in 2015.
FirstAtlantic's asset quality measures continued its positive trends during the second quarter with the ratio of non-performing assets as a percentage of total assets declining to 0.32% from 0.99% in June 2015. Net loan charge-offs for the first six months of 2016 were $85,000 or .03% of average loans compared to $272,000 or 0.10% of average loans for the same period in 2015. The allowance for loan losses of $2.2 million was 238% of nonperforming loans at June, 30 2016 compared to $1.7 million or 53% of nonperforming loans for the same period in 2015.
Non-interest income for the second quarter was $688,000 compared to $563,000 for the same quarter in 2015 and $1.04 million for the first six months of 2016 compared to $1.37 million for the same period in 2015.
Non-interest expense for the second quarter was $3.07 million compared to $3 million for the same quarter in 2015 and $6.19 million for the first six months of 2016 compared to $5.95 million for the same period in 2015.
Equity of the company was $60.3 million at June 30,, 2016 compared to $57.7 million and $56 million at December 31, 2015 and June 30, 2015, respectively.
Earlier this month, FirstAtlantic paid a quarterly cash dividend of $.03 per share.
"We are very pleased to share our second quarter results", stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. "We continue to grow our bank through relationships built in the communities we serve and by the hard work and dedication of the team members at FirstAtlantic."
The second quarter financial statements, shareholder letters, and other communications are available through www.otcmarkets.com under the symbol FFHD.
About FirstAtlantic Financial Holdings, Inc.:
FirstAtlantic Financial Holdings, Inc. is the holding company for FirstAtlantic Bank, which is a full service community bank, headquartered in Jacksonville, Florida. FirstAtlantic has approximately $431 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach. FirstAtlantic Bank (www.bankfirstatlantic.com) is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services. FirstAtlantic Bank has earned a 5-Star Rating from BauerFinancial, Inc., the Nation's leading bank rating firm. FirstAtlantic Financial Holdings, Inc. has received a 3-Star Rating from Morningstar (available at otcmarkets.com).
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/firstatlantic-financial-holdings-inc-reports-increase-in-second-quarter-earnings-300301758.html
SOURCE FirstAtlantic Financial Holdings, Inc.