JACKSONVILLE, Fla., April 28, 2017 /PRNewswire/ -- FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD), today reported net income of $726,000 or $.12 per common share for the first quarter of 2017 which is equivalent to last year's first quarter per common share net income of $.12. Compared to the previous year's first quarter, net income was enhanced by a $44,000 increase in net interest income and a $90,000 decrease in loan loss provision expense resulting from continued positive metrics in asset quality. During this same comparison period, the company experienced $60,000 in impairment charges to Other Real Estate Owned and a $96,000 increase in compensation expense related to an increase in staffing to enhance future growth.
The company's loan portfolio growth of approximately $3 million to $313 million from the fourth quarter of 2016 and $10 million from the first quarter in 2016 was driven by an annualized growth rate of 11.4% in the legacy FirstAtlantic loan portfolio in the first quarter.
The growth of the company's total deposits was significant during the first quarter, with total deposits increasing by $36 million. Non-interest bearing deposits grew by $7.6 million during the quarter, while interest bearing deposits increased by $28.4 million.
Total shareholders' equity increased by $646,000 during the quarter to $60.9 million. The stock price of FirstAtlantic continued to advance during the first quarter and over the past year. For the first quarter, the stock price increased by approximately 13% to $12.65 at the close of business March 31, 2017 and increased by 30.8% from March 31, 2016.
"We are very pleased to share our first quarter results as we continue to build shareholder value," stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. "Our first 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 $452 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 the coveted 5-Star Superior Rating from BauerFinancial, Inc., the Nation's premier bank rating firm.
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SOURCE FirstAtlantic Financial Holdings, Inc.