Market Overview

Athens Bancshares Corporation Reports Financial Results For The Quarter Ended March 31, 2018

Share:

Athens Bancshares Corporation Reports Financial Results For The Quarter Ended March 31, 2018

PR Newswire

ATHENS, Tenn., April 30, 2018 /PRNewswire/ -- Athens Bancshares Corporation (OTC QX: AFCB) (the "Company"), the holding company for Athens Federal Community Bank, National Association (the "Bank"), today announced its results of operations for the three months ended March 31, 2018. 

The Company's net income for the three months ended March 31, 2018 was $1.5 million or $0.83 per diluted share, compared to net income of $1.0 million or $0.57 per diluted share for the same period in 2017. 

Total assets increased $17.5 million to $482.3 million at March 31, 2018, compared to $464.8 million at December 31, 2017.  The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at March 31, 2018.

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


March 31,


2018


2017

Operating Data:




Total interest and dividend income

$    4,977


$    4,199

Total interest expense

457


486





Net interest income

4,520


3,713

Provision for loan losses

26


182

Net interest income after provision for loan losses

4,494


3,531





Total non-interest income

1,569


1,946

Total non-interest expense

4,062


3,859





Income before income taxes

2,001


1,618

Income tax expense

471


577





Net income

$     1,530


$     1,041





Net income per share, basic

$       0.90


$       0.62

Average common shares outstanding, basic

1,707,399


1,666,582

Net income per share, diluted

$     0.83


$      0.57

Average common shares outstanding, diluted

1,842,909


1,811,522





Performance ratios (annualized for 3 month periods):




Return on average assets

1.30%


0.93%

Return on average equity

11.57


8.59

Interest rate spread

4.09


3.55

Net interest margin

4.18


3.63

 


AS OF


AS OF


March 31, 2018


DECEMBER 31, 2017

FINANCIAL CONDITION DATA:




Total assets

$                    482,273


$                    464,750

Gross loans

334,492


323,190

Allowance for loan losses

3,972


3,961

Core deposit intangible

2,940


3,030

Deposits

422,187


403,022

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com