U.S. Markets open in 2 hrs 43 mins

Athens Bancshares Corporation Reports Financial Results For The Quarter Ended June 30, 2017

ATHENS, Tenn., July 28, 2017 /PRNewswire/ -- Athens Bancshares Corporation (OTC QX: AFCB – news) (the "Company"), the holding company for Athens Federal Community Bank, National Association (the "Bank"), today announced its results of operations for the three months and the six months ended June 30, 2017. 

The Company's net income for the three months ended June 30, 2017 was $964,000 or $0.53 per diluted share, compared to net income of $591,000 or $0.33 per diluted share for the same period in 2016.  For the six months ended June 30, 2017 net income was $2.0 million or $1.10 per diluted share, compared to net income of $1.4 million or $0.77 per diluted share for the six months ended June 30, 2016.

Total assets increased $19.2 million to $459.1 million at June 30, 2017, compared to $439.9 million at December 31, 2016.  The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at June 30, 2017.

This release may contain forward-looking statements within the meaning of the federal securities laws.  These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance.  Forward-looking statements are preceded by terms such as "expects", "believes", "anticipates", "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance.  Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements.  Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf.  Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

ATHENS BANCSHARES CORPORATION AND SUBSIDIARY

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited - Dollars in thousands, except per share amounts)










THREE MONTHS ENDED


SIX MONTHS ENDED


June 30,


June 30,


2017


2016


2017


2016

Operating Data:








Total interest income

$    4,454


$    4,069


$ 8,654


$  7,751

Total interest expense

490


477


977


794









Net interest income

3,964


3,592


7,677


6,957

Provision for loan losses

94


159


276


180

Net interest income after provision for loan losses

3,870


3,433


7,401


6,777









Total non-interest income

1,494


1,609


3,440


2,954

Total non-interest expense

3,890


4,160


7,748


7,669









Income  before income taxes

1,474


882


3,093


2,062

Income tax expense

510


291


1,088


693









Net income

$       964


$       591


$     2,005


$     1,369









Net income per share, basic

$     0.58


$     0.36


$      1.20


$      0.82

Average common shares outstanding, basic

1,672,748


1,655,516


1,669,682


1,660,900

Net income per share, diluted

$     0.53


$     0.33


$      1.10


$      0.77

Average common shares outstanding, diluted

1,821,160


1,776,560


1,816,367


1,777,531









Performance ratios (annualized for 3 and 6 month periods):








Return on average assets

0.85%


0.57%


0.89%


0.74%

Return on average equity

7.76


5.07


8.17


5.89

Interest rate spread

3.68


3.70


3.59


3.98

Net interest margin

3.77


3.79


3.69


4.07

 


AS OF


AS OF


June 30, 2017


DECEMBER 31, 2016

FINANCIAL CONDITION DATA:




Total assets

$                    459,056


$                    439,868

Gross loans

307,140


289,366

Allowance for loan losses

4,324


4,149

Deposits

397,253


377,400

Securities sold under agreements to repurchase

1,124


1,685

Note payable to bank

5,250


7,500

Total liabilities

408,836


392,030

Stockholders' equity

50,220


47,838





Non-performing assets:




     Nonaccrual loans

$                           891


$                           958

     Accruing loans past due 90 days

26


7

     Foreclosed real estate

914


961

     Other non-performing assets

10


2





Troubled debt restructurings(1)

$                        2,612


$                        2,972





Asset quality ratios:




Allowance for loan losses as a percent of total gross loans

1.41%


1.43%

Allowance for loan losses as a percent of non-performing loans

471.54


429.95

Non-performing loans as a percent of total loans

0.30


0.33

 Non-performing loans as a percent of total assets

0.20


0.22

Non-performing assets and troubled debt restructurings as a percentage of total assets

0.90


1.07





Regulatory capital ratios (Bank only):




     Total capital (to risk-weighted assets)

16.86%


18.48%

     Tier 1 capital (to risk-weighted assets)

15.60


17.23

     Tier 1 capital (to adjusted total assets)

10.03


11.07

     Common equity tier 1 capital

15.60


17.23



(1)

Troubled debt restructurings include $303,000 and $194,000 in non-accrual loans at June 30, 2017 and December 31, 2016, respectively, which are also included in non-accrual loans at the respective dates.

 

View original content:http://www.prnewswire.com/news-releases/athens-bancshares-corporation-reports-financial-results-for-the-quarter-ended-june-30-2017-300496166.html