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FirstAtlantic Financial Holdings, Inc. Reports 2016 Results

Posted on 1/23/2017 by

JACKSONVILLE, FL (January 20, 2017) – FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD), today reported net income for year-end 2016 totaling $3.7 million or $.62 per common share, an increase of $100,000 or 3% from the previous year.

The growth in net income was a result of an $815,000 increase in interest income for the year.  Key contributors to the increase in interest income were growth in loan interest of $478,000 and investment income of $298,000.  Other factors impacting income were a reduction in loan loss provision expense due to improved asset quality and a non-reoccurring gain on sale of securities.

The company’s loan portfolio grew by $10.2 million during the year to $310 million, an increase of 3.4%.  Non-interest bearing deposits, which consist primarily of business checking accounts increased by $12.9 million, or 14.4%, to $102 million at December 31, 2016, and now comprise 29% of total deposits, up from 25.3% of total deposits at the same time in 2015.  Total deposits were down by $1.1 million to $352 million.  The improved mix of deposits contributed to a reduction in cost of funds from .44% in 2015 to .39% in 2016.

The asset quality measures for FirstAtlantic Bank continue to improve. As of December 31, 2016, the ratio of non-performing assets to total assets has declined to .20% from .63% the previous year.  Total non-performing assets declined by $1.75 million to $887,000 in 2016.  Net loan charge-offs were $90,000, a very low rate of only .03% of average loans, and a significant improvement from an already low net loan charge off of $278,000 in 2015.

Total shareholder’s equity grew by $2.5 million, a 4.3% increase in 2016.  Tangible shareholder’s equity increased by 5.1% in 2016 to $57.7 million.  Other key accomplishments in 2016 included:

  • The board of directors increased the frequency of the dividend paid to shareholders to quarterly from annually. The quarterly dividend was $.03 per share, which on an annual basis, represents a 20% increase from the previous $.10 annual dividend.
  • The FirstAtlantic stock price continued to grow, ending the year at $11.20. This represents a 31.76% increase in price since the stock began trading on the OTC Markets in March 2015, and an 11.22% increase in 2016.

“The value of our company has been positively impacted by the results achieved in 2016,” stated FirstAtlantic Bank President & CEO Mitchell W. Hunt, Jr. “We look forward to continued success in 2017 and serving the needs of our community in northeast Florida.”  

The 2016 year-end financial statements, shareholder letters, and other communications are available through under the symbol FFHD.

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 $436 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach. FirstAtlantic Bank ( is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services. FirstAtlantic Financial Holdings, Inc. has received a 3-Star Rating from Morningstar (available at under the symbol FFHD).  FirstAtlantic Bank has earned the coveted 5-Star Superior Rating from BauerFinancial, Inc., the Nation’s premier bank rating firm.