Atlantic Coast Financial Corporation Reports Earnings of $0.09 Per Diluted Share for the Second Quarter of 2016

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (Atlantic Coast or the Company)(NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the Bank), today reported earnings per diluted share of $0.09 for the second quarter of 2016 compared with earnings of $0.36 per share in the same quarter last year. Results for the year-earlier quarter included the positive impact of the reversal of a valuation allowance against the Company's deferred tax asset, which was partially offset by penalties associated with the early prepayment of some of the Company's wholesale debt. Together these transactions added approximately $0.34 to earnings per diluted share for the second quarter of 2015. Core earnings per diluted share increased 350% to $0.09 for the second quarter of 2016 compared with $0.02 for the second quarter of 2015, which excludes the impact of the transactions discussed above. Core earnings per diluted share is a non-GAAP financial measure, and a reconciliation of GAAP to non-GAAP financial measures is presented on page four.