Athens Bancshares Corp. reports quarterly results
by Special to the Banner
Aug 11, 2013 | 327 views | 0 0 comments | 1 1 recommendations | email to a friend | print


ATHENS ­­— The Athens Bancshares Corporation (Nasdaq: AFCB), the holding company for Athens Federal Community Bank, has announced the results of its operations for the periods of the past three and six months ending June 30.

The company's net income for the three months ending on June 30 was $650,000 or $0.31 per diluted share, compared to net income of $735,000 or $0.30 per diluted share for the same period in 2012.

For the six months ended June 30, net income was $1.2 million or $0.57 per diluted share, compared to net income of $1.3 million or $0.51 per diluted share for the six months ended June 30, 2012.

Net interest income after provision for loan losses decreased $18,000, or 0.65 percent, for the three months ended June 30, 2013, compared to the three months ended June 30, 2012. Interest income decreased $197,000 when comparing the two periods as the average yield on interest earning assets decreased from 5.25 percent during the three months ended June 30, 2012, to 4.88 percent for the comparable period in 2013.

Non-interest income increased $130,000 to $1.4 million for the three months ended June 30 compared to $1.2 million for the same period in 2012.

The increase was primarily due to an increase in income related to investment sales commissions, an increase in debit card related income and an increase in income related to the sale of mortgage loans on the secondary market, which were partially offset by a reduction in the deposit-related fees generated from non-sufficient fund charges.

Net interest income after provision for loan losses decreased $35,000, or 0.62 percent, for the six months ended June 30 as compared to the same period in 2012.

Interest income decreased $295,000 when comparing the two periods as the average yield on interest-earning assets decreased from 5.34 percent during the six months ended June 30, 2012, to 5.03 percent for the same period in 2013.

The average balance of interest-earning assets increased from $269.7 million for the six months ended June 30, 2012, to $274.4 million for the comparable period in 2013.

Interest expense decreased $262,000 as the average cost of interest bearing liabilities decreased from 1.24 percent to 0.98 percent when comparing the same two periods, while the average balance of interest bearing liabilities increased $5.6 million from $221.4 million to $227.0 million.

Non-interest income increased $204,000 for the six months ended June 30 compared to the same period in 2012.

The increase was primarily due to an increase in income related to investment sales commissions, an increase in debit card related income, an increase in income related to the sale of mortgage loans on the secondary market, and an increase in revenue from Valley Title Services, LLC, partially offset by a reduction in deposit related fees generated from non-sufficient fund charges.

Total assets had increased by $7.1 million to $298.7 million as of June 30 compared to $291.6 million on Dec. 31, 2012. The bank was considered well-capitalized under applicable federal regulatory capital guidelines as of June 30.

Athens Federal Community Bank has served the people of McMinn, Monroe, Meigs, Polk and surrounding counties for over 65 years.