Atlantic Coast Financial Corporation Reverses $8.5 Million of Deferred Tax Asset Valuation Allowance

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company," NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported that on June 19, 2015, the Company reversed a valuation allowance of $8.5 million that had previously been recorded against the Company's deferred tax asset (the "DTA Transaction"). The reversal comes after the Company has posted several consecutive quarters of positive operating results and net income, and has completed in-depth analysis of its near-term forecast. The DTA Transaction amount represents substantially all of the balance of the Company's current valuation allowance and will immediately impact both the Company's financial position and operational results.