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

News provided by

Oct 27, 2017, 17:30 ET

ATHENS, Tenn., Oct. 27, 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 nine months ended September 30, 2017.

The Company's net income for the three months ended September 30, 2017 was $1.1 million or $0.62 per diluted share, compared to net income of $1.0 million or $0.57 per diluted share for the same period in 2016. For the nine months ended September 30, 2017 net income was $3.1 million or $1.73 per diluted share, compared to net income of $2.4 million or $1.34 per diluted share for the nine months ended September 30, 2016.

Total assets increased $24.5 million to $464.4 million at September 30, 2017, compared to $439.9 million at December 31, 2016. The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at September 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		NINE MONTHS ENDED
	September 30,		September 30,
	2017	2016	2017	2016
Operating Data:
Total interest income	$ 4,592	$ 4,197	$13,246	$11,948
Total interest expense	495	489	1,471	1,282

Net interest income	4,097	3,708	11,775	10,666
Provision for loan losses	50	92	327	273
Net interest income after provision for loan losses	4,047	3,616	11,448	10,393

Total non-interest income	1,602	1,672	5,042	4,627
Total non-interest expense	3,947	3,715	11,696	11,384

Income before income taxes	1,702	1,573	4,794	3,636
Income tax expense	569	561	1,656	1,254

Net income	$ 1,133	$ 1,012	$ 3,138	$ 2,382

Net income per share, basic	$ 0.67	$ 0.62	$ 1.87	$ 1.44
Average common shares outstanding, basic	1,683,717	1,651,827	1,674,412	1,657,854
Net income per share, diluted	$ 0.62	$ 0.57	$ 1.73	$ 1.34
Average common shares outstanding, diluted	1,823,165	1,773,159	1,818,658	1,776,063

Performance ratios (annualized):
Return on average assets	0.99%	0.96%	0.92%	0.82%
Return on average equity	8.89	8.56	8.41	6.80
Interest rate spread	3.79	3.79	3.69	3.91
Net interest margin	3.89	3.88	3.78	4.00

	AS OF	AS OF
	September 30, 2017	DECEMBER 31, 2016
FINANCIAL CONDITION DATA:
Total assets	$ 464,385	$439,868
Gross loans	306,303	289,366
Allowance for loan losses	4,332	4,149
Deposits	400,799	377,400
Securities sold under agreements to repurchase	1,641	1,685
Note payable to bank	5,000	7,500
Total liabilities	413,088	392,030
Stockholders' equity	51,297	47,838

Non-performing assets:
Nonaccrual loans	$ 993	$ 958
Accruing loans past due 90 days	29	7
Foreclosed real estate	914	961
Other non-performing assets	13	2

Troubled debt restructurings⁽¹⁾	$ 2,879	$ 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	423.87	429.95
Non-performing loans as a percent of total loans	0.33	0.33
Non-performing loans as a percent of total assets	0.22	0.22
Non-performing assets and troubled debt restructurings as a percentage of total assets	0.98	1.07

Regulatory capital ratios (Bank only):
Total capital (to risk-weighted assets)	17.24%	18.48%
Tier 1 capital (to risk-weighted assets)	15.99	17.23
Tier 1 capital (to adjusted total assets)	10.05	11.07
Common equity tier 1 capital	15.99	17.23

⁽¹⁾	Troubled debt restructurings include $293,000 and $194,000 in non-accrual loans at September 30, 2017 and December 31, 2016, respectively, which are also included in non-accrual loans at the respective dates.

SOURCE Athens Bancshares Corporation