The following announcements are shown chronologically starting with the most recent. BANCORP refers to the consolidated BANK holding company whereas the BANK refers to the holding company's primary asset, Allied First BANK, SB.
September 2015. Allied First Bancorp has posted Net Income of $80,000 for the third calendar quarter of 2015. This marks the 5th consecutive quarter of positive earnings. Fees & Other Income where $978 thousand for the quarter as mortgage fee income remains strong. Provisions for loan losses expenses were $40,000. Current delinquencies levels decreased during the quarter as management continues to make progress in overall problem loans. The delinquency ratio is currently at 2.45% as compared to December 2012 at 4.97% from a high of 6.03% in December 2010. Mortgage applications continued at a closing pace in excess of 300 units per month during the quarter and expected to be strong during the rest of 2015 as the new mortgage team continues gaining momentum.
Management expects continued improvement in the overall condition of the bank throughout 2015.