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FirstAtlantic Financial reports financial results.

Global Banking News-May 2, 2017--FirstAtlantic Financial reports financial results

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Global Banking News - 02 May 2017

FirstAtlantic Financial Holdings Inc. (OTCQX: FFHD) has reported a net income of USD726,000, or USD0.12 per common share, for the first quarter of 2017, which is equivalent to net income of USD0.12 per common share in the first quarter of 2016.

Compared to the previous year's first quarter, net income improved by a USD44,000 rise in net interest income and a USD90,000 decrease in loan loss provision expense.

The company's loan portfolio grew by approximately USD3m to USD313m from the fourth quarter of 2016 and USD10m from the first quarter in 2016. During the first quarter, total deposits increased by USD36m. Non-interest bearing deposits grew by USD7.6m during the quarter, while interest bearing deposits increased by USD28.4m.

FirstAtlantic Financial Holdings Inc is the holding company for FirstAtlantic Bank, which is a full service community bank, headquartered in Jacksonville, Florida. FirstAtlantic Bank has approximately USD452m in assets and eight financial centres located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach.

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Publication:Global Banking News (GBN)
Date:May 2, 2017
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