Athens Bancshares Corporation Reports 2015 Financial Results

Feb 05, 2016, 17:00 ET from Athens Bancshares Corporation

ATHENS, Tenn., Feb. 5, 2016 /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 year ended December 31, 2015. 

The Company's net income for the three months ended December 31, 2015 was $685,000 or $0.38 per diluted share, compared to net income of $617,000 or $0.35 per diluted share for the same period in 2014. 

For the year ended December 31, 2015, net income was $2.9 million or $1.61 per diluted share, compared to net income of $2.7 million or $1.52 per diluted share for the year ended December 31, 2014. 

Total assets increased $21.4 million to $323.8 million at December 31, 2015, compared to $302.4 million at December 31, 2014.  The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at December 31, 2015.

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


YEARS ENDED


DECEMBER 31,


DECEMBER 31,


2015


2014


2015


2014

Operating Data:








Total interest income

$    3,639


$     3,507


$  14,115


$ 13,815

Total interest expense

316


421


1,401


1,781









Net interest income

3,323


3,086


12,714


12,034

Provision for loan losses

54


25


304


110

Net interest income after provision for loan losses

3,269


3,061


12,410


11,924









Total non-interest income

1,369


1,309


5,545


5,199

Total non-interest expense

3,599


3,468


13,637


13,070









Income  before income taxes

1,039


902


4,318


4,053

Income tax expense

354


285


1,449


1,356









Net income

$       685


$       617


$    2,869


$     2,697









Net income per share, basic

$     0.41


$   0.38


$     1.73


$      1.63

Average common shares outstanding, basic

1,658,316


1,638,930


1,654,873


1,657,076

Net income per share, diluted

$     0.38


$   0.35


$     1.61


$       1.52

Average common shares outstanding, diluted

1,786,068


1,762,411


1,781,748


1,769,618









Performance ratios (annualized for 3 month periods):








Return on average assets

0.85%


0.82%


0.92%


0.90%

Return on average equity

6.04


5.85


6.48


6.51

Interest rate spread

4.35


4.28


4.29


4.15

Net interest margin

4.44


4.41


4.39


4.28











 


 


AS OF


AS OF


DECEMBER 31, 2015


DECEMBER 31, 2014

FINANCIAL CONDITION DATA:




Total assets

$                    323,804


$                     302,404

Gross loans

261,863


242,473

Allowance for loan losses

3,977


3,915

Deposits

261,772


248,572

Securities sold under agreements to repurchase

1,390


1,513

Total liabilities

278,010


259,724

Stockholders' equity

45,794


42,680





Non-performing assets:




     Nonaccrual loans

$                        2,630


$                        2171

     Accruing loans past due 90 days

-


12

     Foreclosed real estate

1,097


1,943

     Other non-performing assets

9


30





Troubled debt restructurings(1)

$                       3,401


$                        3,833





Asset quality ratios:




Allowance for loan losses as a percent of total gross loans

1.52%


1.61%

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

151.22


179.34

Non-performing loans as a percent of total loans

1.00


0.90

Non-performing loans as a percent of total assets

0.81


0.72

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

2.10


2.50





Regulatory capital ratios (Bank only):




     Total capital (to risk-weighted assets)

17.59%


17.35%

     Tier 1 capital (to risk-weighted assets)

16.33


16.10

     Tier 1 capital (to adjusted total assets)

12.11


11.66

     Common equity tier 1 capital

16.33


N/A 



(1)

Troubled debt restructurings include $322,000 and $420,000 in non-accrual loans at December 31, 2015 and December 31, 2014, respectively, which are also included in non-accrual loans at the respective dates. 

 

 

 

SOURCE Athens Bancshares Corporation