Athens Bancshares Corp

CIK:0001472093|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest and dividend income:
Loans, including fees	$ 3,329,161	$ 3,224,048	$ 9,791,705	$ 9,626,449
Dividends	38,023	44,083	170,182	138,191
Securities and interest-bearing deposits in other banks	165,019	181,194	514,332	543,721
Total interest income	3,532,203	3,449,325	10,476,219	10,308,361
Interest expense:
Deposits	304,909	430,235	1,078,449	1,359,319
Fed funds purchased and securities sold under agreements to repurchase	292	283	826	797
Federal Home Loan Bank advances	2,452	276	6,176	276
Total interest expense	307,653	430,794	1,085,451	1,360,392
Net interest income	3,224,550	3,018,531	9,390,768	8,947,969
Provision for loan losses	48,406	31,985	250,219	85,147
Net interest income after provision for loan losses	3,176,144	2,986,546	9,140,549	8,862,822
Noninterest income:
Customer service fees	536,470	545,509	1,571,388	1,553,094
Other charges and fees	525,202	457,235	1,448,211	1,224,991
Investment sales commissions	136,293	132,036	416,207	442,430
Increase in cash surrender value of life insurance	85,184	87,269	253,636	260,283
Other noninterest income	178,384	165,144	487,184	408,867
Total noninterest income	1,461,533	1,387,193	4,176,626	3,889,665
Noninterest expenses:
Salaries and employee benefits	1,866,172	1,784,930	5,637,843	5,358,682
Occupancy and equipment	371,337	402,069	1,118,617	1,194,000
Federal deposit insurance premiums	45,000	47,000	140,000	138,000
Data processing	292,082	266,156	838,795	760,929
Advertising	69,570	59,074	191,046	154,544
Other operating expenses	720,092	697,043	2,111,584	1,995,672
Total noninterest expenses	3,364,253	3,256,272	10,037,885	9,601,827
Income before income taxes	1,273,424	1,117,467	3,279,290	3,150,660
Income tax expense	430,015	367,483	1,094,678	1,070,745
Net income	$ 843,409	$ 749,984	$ 2,184,612	$ 2,079,915
Earnings per common share
Basic	$ 0.51	$ 0.46	$ 1.32	$ 1.25
Diluted	0.47	0.43	1.23	1.17
Dividends per common share	$ 0.05	$ 0.05	$ 0.15	$ 0.15

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,184,612	$ 2,079,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	397,761	470,079
Amortization of securities and other assets	165,084	204,039
Provision for loan losses	250,219	85,147
Deferred income taxes	(176,198)	106,388
Other gains and losses, net	(13,012)	(39,918)
Stock compensation expense	294,128	262,821
Net change in:
Cash surrender value of life insurance, net	(201,803)	(211,820)
Accrued interest receivable	49,041	16,973
Accrued interest payable	(27,980)	(16,587)
Other assets and liabilities	(541,866)	(402,391)
Net cash provided by operating activities	2,379,986	2,554,646
Securities available for sale:
Purchases		(2,896,702)
Maturities, prepayments and calls	1,990,130	5,150,224
Sales		398,763
Proceeds from redemption of FHLB stock		199,800
Purchase of Federal Reserve Bank stock	(406,350)
Loan originations and principal collections, net	(18,418,997)	(15,741,002)
Purchases of premises and equipment	(529,942)	(82,494)
Proceeds from sale of foreclosed real estate	652,985	209,251
Net cash used in investing activities	(16,712,174)	(12,762,160)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits	4,132,295	(1,284,853)
Net decrease in securities sold under agreements to repurchase	(230,325)	(146,315)
Net increase in FHLB advances	6,500,000	7,500,000
Repurchase and retirement of Company common stock	(181,565)	(1,963,811)
Issuance of Company common stock		82,121
Dividends paid	(247,880)	(250,400)
Net cash provided by financing activities	9,972,525	3,936,742
NET DECREASE IN CASH AND CASH EQUIVALENTS	(4,359,663)	(6,270,772)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	11,925,541	15,135,387
CASH AND CASH EQUIVALENTS, END OF PERIOD	7,565,878	8,864,615
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on deposits and borrowed funds	1,113,431	1,376,979
Income taxes paid	1,466,285	987,136
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES:
Acquisition of real estate acquired through foreclosure	885,640	1,272,086
Financed sales of foreclosed real estate	$ 479,756	$ 419,000

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and due from banks	$ 6,549,900	$ 9,909,563
Interest-bearing deposits in banks	1,015,978	2,015,978
Total cash and cash equivalents	7,565,878	11,925,541
Securities available for sale	26,665,871	28,771,754
Investments, at cost	3,855,350	3,449,000
Loans, net of allowance for loan losses of $3,886,738 and $3,914,848 at September 30, 2015 and December 31, 2014, respectively	256,535,822	238,558,389
Premises and equipment, net	4,155,843	4,024,176
Accrued interest receivable	958,074	1,007,115
Cash surrender value of bank owned life insurance	10,297,994	10,096,191
Foreclosed real estate	1,654,980	1,942,844
Other assets	2,710,255	2,629,334
Total assets	314,400,067	302,404,344
Deposits:
Noninterest-bearing	27,034,262	23,978,164
Interest-bearing	225,670,264	224,594,067
Total deposits	252,704,526	248,572,231
Accrued interest payable	104,417	132,397
Securities sold under agreements to repurchase	1,282,668	1,512,993
Federal Home Loan Bank advances	11,500,000	5,000,000
Accrued expenses and other liabilities	4,082,794	4,506,841
Total liabilities	$ 269,674,405	$ 259,724,462
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 1,806,275 outstanding at September 30, 2015 and 1,801,701 outstanding at December 31, 2014	$ 18,063	$ 18,017
Additional paid-in capital	17,984,653	17,956,982
Common stock acquired by benefit plans:
Restricted stock	(157,617)	(354,313)
Unallocated common stock held by Employee Stock Ownership Plan Trust	(1,481,200)	(1,481,200)
Retained earnings	28,027,677	26,202,795
Accumulated other comprehensive income	334,086	337,601
Total stockholders' equity	44,725,662	42,679,882
Total liabilities and stockholders' equity	$ 314,400,067	$ 302,404,344