FirstAtlantic Financial Holdings, Inc. recently reported that its net income in the second quarter of 2017 was $1.064 million, a 2 percent 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 $244,000 compared to the second quarter of 2016. Non-interest income for the second quarter of 2017 declined by $298,000 compared to the second quarter of 2016, which included a $373,000 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 percent. $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 percent 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 percent.
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 percent 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."
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.