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Athens Bancshares Corporation Reports 2012 Financial Results

Stocks in this article: AFCB

ATHENS, Tenn., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Athens Bancshares Corporation (Nasdaq:AFCB) (the "Company"), the holding company for Athens Federal Community Bank (the "Bank"), today announced its results of operations for the three and twelve months ended December 31, 2012. The Company's net income for the three months ended December 31, 2012 was $581,000 or $0.26 per diluted share, compared to net income of $713,000 or $0.28 per diluted share for the same period in 2011. For the twelve months ended December 31, 2012, net income was $2.6 million or $1.09 per diluted share, compared to a net income of $1.9 million or $0.75 per diluted share for the twelve months ended December 31, 2011.

Results of Operations – Three Months Ended December 31, 2012 and 2011

Net interest income after provision for loan losses increased $74,000 or 2.99%, to $2.6 million for the three months ended December 31, 2012 compared to the three months ended December 31, 2011. Interest income decreased $27,000 when comparing the two periods as the average balance of interest-earning assets increased from $263.6 million for the three months ended December 31, 2011 to $274.1 million for the comparable period in 2012. The average yield on interest earning assets decreased from 5.57% during the three months ended December 31, 2011 to 5.32% for the comparable period in 2012. Interest expense decreased $154,000 when comparing the two periods as the average balance of interest bearing liabilities increased from $217.5 million for the three months ended December 31, 2011 to $226.4 million for the comparable period in 2012. The average cost of interest-bearing liabilities decreased from 1.42% to 1.10% when comparing the same two periods. The provision for loan losses increased $53,000 from $421,000 for the quarter ended December 31, 2011 to $474,000 for the quarter ended December 31, 2012.

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