JACKSONVILLE BEACH, Fla., Aug. 8 /PRNewswire-FirstCall/ -- Atlantic
BancGroup, Inc. (Nasdaq: ATBC), the parent company of Oceanside Bank, with
four locations in the Jacksonville Beaches and East Jacksonville, Florida,
announced today its second quarter 2008 results.
"The results for the second quarter continue to reflect the downturn in
the economy and the depressed real estate market on a local, state, and
national level," stated Chief Executive Officer Barry W. Chandler. Oceanside
Bank remains well capitalized under current regulatory guidelines, despite
Atlantic BancGroup's posting a net loss for the quarter ended June 30, 2008,
of $202,000, a decline from consolidated net income of $471,000 in the same
period of 2007. For the three months ended June 30, 2008, the Company had a
$0.16 loss per diluted share, as compared with $0.38 earnings per diluted
share for the same period of 2007.
Chief Executive Officer Chandler explained, "The results for the second
quarter of 2008 included an increase in reserves to offset loan charge-offs
and real estate foreclosures during the second quarter of 2008. During the
second quarter, we added $661,000 to our allowance for loan losses, as
compared with no addition in the second quarter of 2007. The cost to manage
the loan portfolio and carry foreclosed assets increased with direct expenses
for foreclosed assets and related losses charged to operations totaling
$77,000 for the quarter ended June 30, 2008, as compared with none in the same
period of 2007. Other related costs such as collection, legal, and audit
expenses also increased in 2008 over 2007."
Mr. Chandler continued, "Consolidated total assets at June 30, 2008,
reached $264.2 million, an increase of 3.1% over June 30, 2007. Consolidated
deposits and consolidated net loans grew 5.6% and 11.3%, respectively, over
the same period, with consolidated deposits at $219.2 million and consolidated
net loans at $201.6 million at June 30, 2008. We have continued to grow the
Company, maintaining a close watch on asset quality as the real estate market
continues to find a settling point. Management believes that the Jacksonville
Beaches market will be resilient and the general economy will recover."
Atlantic BancGroup, Inc. is a publicly traded bank holding company,
trading on the NASDAQ Capital Market, symbol ATBC.
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