ATHENS, Tenn., Oct. 31, 2014 (GLOBE NEWSWIRE) — Athens Bancshares Corporation (Nasdaq:AFCB) (the “Organization”), the holding organization for Athens Federal Neighborhood Bank (the “Bank”), today announced its results of operations for the three and nine months ended September 30, 2014. The Company’s net revenue for the 3 months ended September 30, 2014 was $ 750,000 or $ .43 per diluted share, compared to net earnings of $ 497,000 or $ .24 per diluted share for the very same period in 2013. For the nine months ended September 30, 2014, net revenue was $ 2.1 million or $ 1.17 per diluted share, compared to net revenue of $ 1.7 million or $ .81 per diluted share for the nine months ended September 30, 2013.
Results of Operations – Three Months Ended September 30, 2014 and 2013
Net interest earnings following provision for loan losses increased $ 206,000, or 7.44%, for the three months ended September 30, 2014 compared to the three months ended September 30, 2013. Interest earnings increased $ 70,000 when comparing the two periods as each the average yield on interest-earning assets and the average balance on interest-earning assets increased. The average yield on interest earning assets increased from four.90% throughout the 3 months ended September 30, 2013 to four.95% for the comparable period in 2014. The average balance of interest-earning assets increased from $ 275.9 million for the 3 months ended September 30, 2013 to $ 278.eight million for the comparable period in 2014. Interest expense decreased $ 95,000 as each the typical price of interest-bearing liabilities and the average balance of interest-earning liabilities decreased. The typical expense of interest-bearing liabilities decreased from .92% to .76% when comparing the identical two periods due to a decline in market interest rates. The average balance of interest-bearing liabilities decreased from $ 228.2 million for the quarter ended September 30, 2013 to $ 227.7 million for the comparable period in 2014. The provision for loan losses decreased $ 41,000 from $ 73,000 for the quarter ended September 30, 2013 to $ 32,000 for the quarter ended September 30, 2014.
Non-interest revenue improved $ 117,000 to $ 1.4 million for the 3 months ended September 30, 2014 compared to $ 1.3 million for the same period in 2013. The boost was mainly due to increases in income connected to the origination and sale of mortgage loans on the secondary industry, consumer and industrial loan servicing and origination, costs connected to debit card usage and an enhance in income from Valley Title Solutions, LLC, a subsidiary of the Bank.
Non-interest expense decreased $ 103,000 to $ 3.3 million for the quarter ended September 30, 2014 compared to $ 3.4 million for the quarter ended September 30, 2013. The reduce was mainly due to a lower in expenses connected or the Bank’s core processing method conversion in 2013, partially offset by an enhance in marketing and marketing expense.
Revenue tax expense for the 3 months ended September 30, 2014 was $ 367,000 compared to $ 194,000 for the very same period in 2013. The main purpose for the change was the boost in taxable income during the 2014 period.
Outcomes of Operations – Nine Months Ended September 30, 2014 and 2013
Net interest income soon after provision for loan losses improved $ 497,000, or five.94%, for the nine months ended September 30, 2014 as compared to the very same period in 2013. Interest revenue elevated $ 27,000 when comparing the two periods as the average balance of interest-earning assets improved from $ 274.9 million for the nine months ended September 30, 2013 to $ 281. million for the comparable period in 2014, which far more than offset a lower in the average yield on interest-earning assets from four.99% for the duration of the nine months ended September 30, 2013 to four.89% for the exact same period in 2014. Interest expense decreased $ 274,000 as the typical cost of interest bearing liabilities decreased from .97% to .79% when comparing the very same two periods, which much more than offset an boost in the average balance of interest bearing liabilities of $ five.four million, from $ 225.two million to $ 230.six million. The provision for loan losses decreased $ 196,000 from $ 281,000 for the nine months ended September 30, 2013 to $ 85,000 for the nine months ended September 30, 2014.
Non-interest income decreased $ three,000 for the nine months ended September 30, 2014 compared to the very same period in 2013. The reduce was mostly due to a decrease in income connected to the origination and sale of mortgage loans on the secondary industry, partially offset by an improve in investment sales commissions and a acquire on sale of foreclosed real estate.
Non-interest expense decreased $ 183,000 for the nine months ended September 30, 2014 compared to the identical period in 2013. The decrease was mostly due to a lower in 1-time fees connected to the Bank’s core processing system conversion in 2013, which were not repeated in 2014, partially offset by an improve in occupancy and equipment costs due to larger levels of fixed assets and an improve in advertising and marketing expense.
Income tax expense for the nine months ended September 30, 2014 was $ 1.1 million as compared to an revenue tax expense of $ 770,000 for the very same period in 2013. The major purpose for the adjust was the increase in taxable income in the course of the 2014 period.
Total assets increased $ 7. million to $ 301.8 million at September 30, 2014, compared to $ 294.eight million at December 31, 2013. The Bank was deemed well-capitalized under applicable federal regulatory capital recommendations at September 30, 2014.
This release might include forward-seeking statements inside the meaning of the federal securities laws. These statements are not historical details rather, they are statements based on the Company’s existing expectations relating to its company techniques and their intended outcomes and its future performance. Forward-looking statements are preceded by terms such as “expects”, “believes”, “anticipates”, “intends” and comparable expressions.
Forward-hunting statements are not guarantees of future overall performance. Numerous risks and uncertainties could lead to or contribute to the Company’s actual benefits, overall performance and achievements to be materially various from those expressed or implied by the forward-seeking statements. Factors that could lead to or contribute to these differences incorporate, with out limitation, basic economic conditions, which includes adjustments in industry interest rates and adjustments in monetary and fiscal policies of the federal government legislative and regulatory changes and other variables disclosed periodically in the Company’s filings with the Securities and Exchange Commission.
Since of the dangers and uncertainties inherent in forward-searching statements, readers are cautioned not to spot undue reliance on them, whether integrated in this report or produced elsewhere from time to time by the Company or on its behalf. Except as could be essential by applicable law or regulation, the Business assumes no obligation to update any forward-seeking 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,|
|Total interest income||$ 3,449||$ 3,379||$ 10,308||$ 10,281|
|Total interest expense||431||526||1,360||1,634|
|Net interest income||three,018||two,853||8,948||eight,647|
|Provision for loan losses||32||73||85||281|
|Net interest revenue following provision for loan losses||two,986||two,780||8,863||8,366|
|Total non-interest revenue||1,387||1,270||three,890||3,893|
|Total non-interest expense||3,256||three,359||9,602||9,785|
|Income before earnings taxes||1,117||691||three,151||2,474|
|Earnings tax expense||367||194||1,071||770|
|Net income||$ 750||$ 497||$ two,080||$ 1,704|
|Net income per share, fundamental||$ .46||$ .26||$ 1.25||$ .85|
|Typical frequent shares outstanding, simple||1,638,797||1,947,833||1,663,191||two,011,161|
|Net revenue per share, diluted||$ .43||$ .24||$ 1.17||$ .81|
|Average typical shares outstanding, diluted||1,755,569||two,031,640||1,772,047||two,095,835|
|Performance ratios (annualized):|
|Return on average assets||1.01%||.67%||.93%||.77%|
|Return on average equity||7.23||4.54||six.73||five.11|
|Interest rate spread||4.19||3.98||4.10||4.02|
|Net interest margin||4.33||4.14||4.25||4.19|
|AS OF||AS OF|
|September 30, 2014||December 31, 2013|
|Economic Condition Data:|
|Total assets||$ 301,824||$ 294,812|
|Allowance for loan losses||three,963||four,432|
|Securities sold below agreements to repurchase||1,157||1,304|
|Nonaccrual loans||$ 3,530||$ 4,043|
|Accruing loans past due 90 days||15||47|
|Foreclosed real estate||1,093||413|
|Other non-performing assets||three||8|
|Troubled debt restructurings(1)||$ three,962||$ 4,134|
|Asset high quality ratios:|
|Allowance for loan losses as a % of total gross loans||1.61%||1.92%|
|Allowance for loan losses as a % of non-performing loans||111.79||108.36|
|Non-performing loans as a % of total loans||1.44||1.77|
|Non-performing loans as a % of total assets||1.17||1.39|
|Non-performing assets and troubled debt restructurings as a percentage of total assets||two.68||2.71|
|Regulatory capital ratios (Bank only):|
|Total capital (to threat-weighted assets)||16.75%||17.01%|
|Tier 1 capital (to danger-weighted assets)||15.49||15.74|
|Tier 1 capital (to adjusted total assets)||11.34||10.84|
(1) Troubled debt restructurings include $ 511,000 and $ 670,000 in non-accrual loans at September 30, 2014 and December 31, 2013, respectively, which are also integrated in non-accrual loans at both dates.
Athens Bancshares Corporation Jeffrey L. Cunningham President and CEO 423-745-1111