Athens Bancshares Corporation Reports 2015 Financial Results
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 |
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| 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): |
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| 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
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