Athens Bancshares Corp. (AFCB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Athens Bancshares Corp. has a market cap of $30.55 million; its shares were traded at around $11 .
Non-performing loans net of specific valuation allowances decreased $1.0 million from $2.0 million at December 31, 2009 to $993,000 at March 31, 2010. Non-performing residential mortgage loans, commercial mortgage loans and commercial business loans decreased $738,000, $313,000 and $16,000 respectively, while non-performing consumer loans increased $47,000. The balance of nonperforming loans, net of specific valuation allowances at March 31, 2010, includes nonaccrual loans of $985,000. There were no residential mortgage loans that were over 90 days past due but still accruing interest at March 31, 2010. The balance of nonaccrual loans, net of specific valuation allowances, at March 31, 2010 consists of $640,000 in residential mortgage loans, $97,000 in commercial mortgage loans, $20,000 in commercial business loans and $228,000 in consumer loans.
Net charge-offs were $619,000 for the three months ended March 31, 2010 compared to $377,000 for the same period in 2009. Charge-offs totaling $669,000 were recorded during the quarter ended March 31, 2010 in connection with one-to four-family residential mortgage loans ($371,000), commercial mortgage loans ($78,000), commercial business loans ($159,000) and consumer loans ($62,000).
Non-interest Income. Non-interest income decreased $273,000, or 22.4%, to $944,000 for the three months ended March 31, 2010 compared to $1.2 million for the same period in 2009, primarily due to decreases in income related to the origination and sale of mortgage loans in the secondary market. Fees related to the origination, sale and servicing of secondary market mortgage loans decreased $210,000, while income from TiServ and Valley Title Services, LLC decreased $117,000, primarily due to lower volume of loan originations during the quarter ended March 31, 2010 as compared to the same period in 2009. The lower volume is primarily a result of continued stable market interest rates as compared to a significant reduction in market interest rates during the 2009 period. Investment sales commissions increased $23,000, primarily due to increased sales of investment products as a result of partial recovery of investment markets. Income from debit card usage increased $31,000 primarily due to increased levels of checking accounts with debit cards in use and efforts put forth to encourage debit card usage as opposed to checks.
Non-interest Expense. Non-interest expense increased $1.3 million, or 48.2%, to $3.9 million for the 2010 period compared to $2.6 million for the same period in 2009. The primary reason for the increase in non-interest expense was the contribution of $1.1 million in stock and cash to the Athens Federal Foundation upon completion of the Banks mutual to stock conversion. Additional costs related to the Banks conversion and an increase in expenses related to real estate foreclosures also contributed to the increase in non-interest expense. Compensation and benefits expense increased $19,000. Occupancy and equipment expenses decreased $32,000 primarily due to reductions in depreciation expense. Federal Deposit Insurance Corporation premiums increased $57,000 primarily due to an increase in the level of insured deposits and increases in assessment rates. Expenses related to real estate foreclosure increased $32,000 due to the increased level of foreclosures. Audit and accounting expense increased $25,000 due to the increased reporting requirements associated with the Companys new public company status. The accrual for ESOP loan amortization was $37,000 based on the loan amortization schedule and implementation of the ESOP benefit plan at the time of the conversion.
The Banks most liquid assets are cash and cash equivalents and interest-bearing deposits. The level of these assets depends on the Banks operating, financing, lending and investing activities during any given period. At March 31, 2010, cash and cash equivalents totaled $28.3 million. Securities classified as available-for-sale, amounting to $31.9 million and interest-bearing deposits in banks of $1.3 million at March 31, 2010, provide additional sources of liquidity. In addition, at March 31, 2010, the Bank had the ability to borrow a total of approximately $54.9 million from the Federal Home Loan Bank of Cincinnati. At March 31, 2010, the Bank had $8.3 million in Federal Home Loan Bank advances outstanding and $14.4 million in letters of credit to secure public funds deposits.
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Athens Bancshares Corp. has a market cap of $30.55 million; its shares were traded at around $11 .
Highlight of Business Operations:
Stockholders Equity. Stockholders equity increased $24.0 million, or 93.4% from $25.7 million at December 31, 2009 to $49.7 million at March 31, 2010. The primary reason for the increase was the stock conversion, which was completed on January 6, 2010 and resulted in net offering proceeds of approximately $26.5 million. Other changes reducing this amount include the first quarter loss of ($406,000), unearned ESOP shares of ($2.2) million and a $111,000 increase in other comprehensive income related to the change in the mark to market value of the investment portfolio.Non-performing loans net of specific valuation allowances decreased $1.0 million from $2.0 million at December 31, 2009 to $993,000 at March 31, 2010. Non-performing residential mortgage loans, commercial mortgage loans and commercial business loans decreased $738,000, $313,000 and $16,000 respectively, while non-performing consumer loans increased $47,000. The balance of nonperforming loans, net of specific valuation allowances at March 31, 2010, includes nonaccrual loans of $985,000. There were no residential mortgage loans that were over 90 days past due but still accruing interest at March 31, 2010. The balance of nonaccrual loans, net of specific valuation allowances, at March 31, 2010 consists of $640,000 in residential mortgage loans, $97,000 in commercial mortgage loans, $20,000 in commercial business loans and $228,000 in consumer loans.
Net charge-offs were $619,000 for the three months ended March 31, 2010 compared to $377,000 for the same period in 2009. Charge-offs totaling $669,000 were recorded during the quarter ended March 31, 2010 in connection with one-to four-family residential mortgage loans ($371,000), commercial mortgage loans ($78,000), commercial business loans ($159,000) and consumer loans ($62,000).
Non-interest Income. Non-interest income decreased $273,000, or 22.4%, to $944,000 for the three months ended March 31, 2010 compared to $1.2 million for the same period in 2009, primarily due to decreases in income related to the origination and sale of mortgage loans in the secondary market. Fees related to the origination, sale and servicing of secondary market mortgage loans decreased $210,000, while income from TiServ and Valley Title Services, LLC decreased $117,000, primarily due to lower volume of loan originations during the quarter ended March 31, 2010 as compared to the same period in 2009. The lower volume is primarily a result of continued stable market interest rates as compared to a significant reduction in market interest rates during the 2009 period. Investment sales commissions increased $23,000, primarily due to increased sales of investment products as a result of partial recovery of investment markets. Income from debit card usage increased $31,000 primarily due to increased levels of checking accounts with debit cards in use and efforts put forth to encourage debit card usage as opposed to checks.
Non-interest Expense. Non-interest expense increased $1.3 million, or 48.2%, to $3.9 million for the 2010 period compared to $2.6 million for the same period in 2009. The primary reason for the increase in non-interest expense was the contribution of $1.1 million in stock and cash to the Athens Federal Foundation upon completion of the Banks mutual to stock conversion. Additional costs related to the Banks conversion and an increase in expenses related to real estate foreclosures also contributed to the increase in non-interest expense. Compensation and benefits expense increased $19,000. Occupancy and equipment expenses decreased $32,000 primarily due to reductions in depreciation expense. Federal Deposit Insurance Corporation premiums increased $57,000 primarily due to an increase in the level of insured deposits and increases in assessment rates. Expenses related to real estate foreclosure increased $32,000 due to the increased level of foreclosures. Audit and accounting expense increased $25,000 due to the increased reporting requirements associated with the Companys new public company status. The accrual for ESOP loan amortization was $37,000 based on the loan amortization schedule and implementation of the ESOP benefit plan at the time of the conversion.
The Banks most liquid assets are cash and cash equivalents and interest-bearing deposits. The level of these assets depends on the Banks operating, financing, lending and investing activities during any given period. At March 31, 2010, cash and cash equivalents totaled $28.3 million. Securities classified as available-for-sale, amounting to $31.9 million and interest-bearing deposits in banks of $1.3 million at March 31, 2010, provide additional sources of liquidity. In addition, at March 31, 2010, the Bank had the ability to borrow a total of approximately $54.9 million from the Federal Home Loan Bank of Cincinnati. At March 31, 2010, the Bank had $8.3 million in Federal Home Loan Bank advances outstanding and $14.4 million in letters of credit to secure public funds deposits.
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