Athens Bancshares Corporation Reports Financial Results For The Quarter Ended March 31, 2018

April 30, 2018 | By forimmediaterele | Filed in: Press Releases.

Travel & Tourism Industry release:

ATHENS, Tenn., April 30, 2018 /PRNewswire/ — Athens Bancshares Corporation (OTC QX: AFCB) (the “Company”), the holding company for Athens Federal Community Bank, National Association (the “Bank”), today announced its results of operations for the three months ended March 31, 2018. 

The Company’s net income for the three months ended March 31, 2018 was $1.5 million or $0.83 per diluted share, compared to net income of $1.0 million or $0.57 per diluted share for the same period in 2017. 

Total assets increased $17.5 million to $482.3 million at March 31, 2018, compared to $464.8 million at December 31, 2017.  The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at March 31, 2018.

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

March 31,

2018

2017

Operating Data:

Total interest and dividend income

$    4,977

$    4,199

Total interest expense

457

486

Net interest income

4,520

3,713

Provision for loan losses

26

182

Net interest income after provision for loan losses

4,494

3,531

Total non-interest income

1,569

1,946

Total non-interest expense

4,062

3,859

Income before income taxes

2,001

1,618

Income tax expense

471

577

Net income

$     1,530

$     1,041

Net income per share, basic

$       0.90

$       0.62

Average common shares outstanding, basic

1,707,399

1,666,582

Net income per share, diluted

$     0.83

$      0.57

Average common shares outstanding, diluted

1,842,909

1,811,522

Performance ratios (annualized for 3 month periods):

Return on average assets

1.30%

0.93%

Return on average equity

11.57

8.59

Interest rate spread

4.09

3.55

Net interest margin

4.18

3.63

AS OF

AS OF

March 31, 2018

DECEMBER 31, 2017

FINANCIAL CONDITION DATA:

Total assets

$                    482,273

$                    464,750

Gross loans

334,492

323,190

Allowance for loan losses

3,972

3,961

Core deposit intangible

2,940

3,030

Deposits

422,187

403,022

Securities sold under agreements to repurchase

785

1,751

Note payable to bank

1,383

Total liabilities

429,284

412,206

Stockholders’ equity

52,988

52,544

Non-performing assets:

     Nonaccrual loans

$                         937

$                          941

     Accruing loans past due 90 days

129

     Foreclosed real estate

914

914

     Other non-performing assets

2

Troubled debt restructurings(1)

$                       2,692

$                       2,819

Asset quality ratios:

Allowance for loan losses as a percent of total gross loans

1.19%

1.23%

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

423.91

370.19

Non-performing loans as a percent of total loans

0.28

0.33

Non-performing loans as a percent of total assets

0.19

0.23

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

0.90

0.97

Regulatory capital ratios (Bank only):

     Total capital (to risk-weighted assets)

14.12%

15.49%

     Tier 1 capital (to risk-weighted assets)

12.98

14.24

     Tier 1 capital (to adjusted total assets)

9.78

9.73

     Common equity tier 1 capital

12.98

14.24

(1)

Troubled debt restructurings include $207,000 and $282,000 in non-accrual loans at March 31, 2018 and December 31, 2017, respectively, which are also included in non-accrual loans at the respective dates.

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SOURCE Athens Bancshares Corporation

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