FirstAtlantic Financial Holdings, Inc. Reports Third Quarter Earnings

JACKSONVILLE, Fla., Nov. 6, 2017 /PRNewswire/ -- FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD), today reported 2017 third quarter net income of $1.3 million, a 24% increase over the second quarter, and a 47% increase over the same period in 2016.

For the nine months ended September 30, 2017, net income was $3.1 million, an increase of 16% over the same nine-month period in 2016. On a per share basis, basic net income for the third quarter and nine-month period in 2017 was $.22 and $.52, respectively, compared to $.14 and $.45 for the same periods in 2016.

Total deposits have grown by 5% to $370 million compared to September 30, 2016. The company's deposit mix has improved significantly during this time as the percentage of non-interest bearing deposits to total deposits grew to 30.5% from 27.4%.

The company's total loans through the first nine months of 2017 are up 5% on an annualized basis. The non-acquired loan portfolio, or those loans originated by FirstAtlantic, increased by $2.6 million in the quarter and have increased by $19.8 million through the first nine month of this year, an annualized growth rate of over 12%.

The company's asset quality metrics continue to be very solid. Net loan charge-offs for the quarter were only $18,000, an annualized rate of .02% of loans. For the first nine months of this year, the annualized net charge-off ratio was .03%, compared to a similarly low ratio for the same period in 2016 of .04%. Non-performing assets totaled $970,000 on September 30, 2017, or .21% of total assets.

"We are very pleased to share our third quarter results as we continue to build shareholder value," stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. "Our third 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 $465 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach.  FirstAtlantic Bank (www.firstatlantic.bank) 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.