Athens Bancshares Corporation, the holding company for Athens Federal Community Bank, announced its results of operations for the three and six months ended June 30, 2015.
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The company's net income for the three months ended June 30, 2015 was $749,000 or $0.42 per diluted share, compared to net income of $670,000 or $0.38 per diluted share for the same period in 2014.
For the six months ended June 30, 2015, net income was $1.3 million or $0.75 per diluted share, compared to net income of $1.3 million or $0.75 per diluted share for the six months ended June 30, 2014.
Net interest income after provision for loan losses increased $86,000, or 2.90%, for the three months ended June 30, 2015 compared to the three months ended June 30, 2014.
Interest income increased $72,000 when comparing the two periods as the average balance of interest-earning assets increased from $278.3 million for the three months ended June 30, 2014 to $287.9 million for the comparable period in 2015, which more than offset a decrease in the average yield on interest earning assets from 4.93% for the three months ended June 30, 2014 to 4.86% for the comparable period in 2015.
Interest expense decreased $82,000 as the average cost of interest-bearing liabilities decreased from 0.79% to 0.63% when comparing the same two periods, which more than offset an increase in the average balance of those liabilities from $231.7 million for the quarter ended June 30, 2014 to $236.1 million for the comparable period in 2015.
The provision for loan losses increased $68,000 from $27,000 for the quarter ended June 30, 2014 to $95,000 for the quarter ended June 30, 2015.
Non-interest income increased $130,000 to $1.4 million for the three months ended June 30, 2015 compared to $1.3 million for the same period in 2014.
The increase was primarily due to increases in income related to the origination and sale of mortgage loans on the secondary market and increases in revenue from Valley Title Services, LLC, partially offset by a decrease in consumer and commercial loan servicing and origination fees.
Non-interest expense increased $117,000 to $3.3 million for the quarter ended June 30, 2015 compared to $3.2 million for the quarter ended June 30, 2014.
The increase was primarily due to an increase in salary and employee benefit expenses. Salary and employee benefits expense increased due to normal cost of living salary adjustments effective January 2015, the addition of employees and the higher cost of employee health insurance benefits.
Income tax expense for the three months ended June 30, 2015 was $387,000 compared to $367,000 for the same period in 2014. The primary reason for the change was the increase in taxable income during the 2015 period. ■