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

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.

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SOURCE Athens Bancshares Corporation