Earnings for Atlanfed Bancorp Inc., the parent of Atlantic Federal Savings Bank, increased 8 percent during the fourth fiscal quarter that ended March 31.
The thrift holding company earned $295,565, or 34 cents a share, during its fourth quarter compared with $273,601, or 32 cents a share, in the same period a year ago.
Net income for the fiscal year ending March 31 jumped 20.4 percent, going to $952,804, or $1.11 a share, compared with $791,560, or 92 cents a share, for the previous fiscal year.
Stockholders' equity increased 3.7 percent to $17.5 million, or $20.35 a share, at the end of March. Total assets increased 7.1 percent to $239 million on March 31 compared with $223 million a year ago.
The company also issued a 10 percent stock dividend in June while paying 40 cents a share in dividends during the fiscal year.
Atlantic Federal Savings Bank was well in excess of federal capital requirements, Atlanfed said.
The company attributed the improved earnings to increased core earnings from the thrift operation and improved operating results of its insurance and mortgage banking subsidiaries.
"Our strength in core earnings comes from an ongoing concentration in less risky home lending with approximately 90 percent of our loan portfolio represented by local residential mortgages," said Richard E. Funke, Atlanfed chairman and president.
Atlanfed's primary subsidiary, Atlantic Federal Savings Bank, was founded in 1897 and has 10 branches in the state.