Atlantic Coast Federal Corp. in Waycross, Ga., said Tuesday that its first-quarter net income fell 30%, to $774,000, from the year earlier.
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The $886 million-asset banking company attributed the earnings decline to a higher loan-loss provision and rising expenses. Though credit quality was strong, it said, it boosted its loss provision by 289% from the same period a year earlier, to $296,000, citing "a more cautious stance on residential lending in its Florida markets." Noninterest expenses rose 10%, to $5.7 million, due to higher staffing, occupancy, and stock-option costs, as well as increased consulting fees.
