Athens Bancshares reports results
May 04, 2014 | 134 views | 0 0 comments | 0 0 recommendations | email to a friend | print
ATHENS (Globe Newswire) — Athens Bancshares Corporation (Nasdaq:AFCB), the holding company for Athens Federal Community Bank, announced its financial results for the three months ended March 31, 2014.

The company's net income for the three months ended March 31, 2014, was $660,000 or $0.37 per diluted share, compared to net income of $556,000 or $0.26 per diluted share for the same period in 2013.

Net interest income after provision for loan losses increased $107,000 or 3.79 percent, to $2.9 million for the three months ended March 31, 2014, compared to $2.8 million for the three months ended March 31, 2013.

Interest income decreased $96,000 when comparing the two periods as the average yield on interest-earning assets decreased from 5.18 percent for the three months ended March 31, 2013 to 4.95 percent for the comparable period in 2014.

The average balance of interest earning assets increased from $272.2 million for the three months ended March 31, 2013, to $277.5 million for the comparable period in 2014. Interest expense decreased $94,000 when comparing the two periods as the average cost of interest bearing liabilities decreased from 1.01 percent for the three months ended March 31, 2013 to 0.82 percent for the comparable period in 2014.

The average balance of interest-bearing liabilities increased from $225.0 million to $232.4 million when comparing the same two periods. The provision for loan losses decreased $109,000, from $135,000 for the quarter ended March 31, 2013, to $26,000 for the quarter ended March 31, 2014.