Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2011

Condensed Financial Statements of Parent Company [Abstract]

Condensed Financial Statements of Parent Company

Note 18. Condensed Financial Statements of Parent Company

Financial information pertaining only to Athens Bancshares Corporation is as follows:

Balance Sheets

		September 30,			September 30,
	December 31, 2011			December 31, 2010
Assets
Cash and due from banks	$	7,222,769		$	8,982,678
Investment in wholly owned subsidiary		40,768,170			38,001,035
Other assets		2,610,535			2,625,188
Total assets	$	50,601,474		$	49,608,901
Liabilities and Stockholders’ Equity
Accrued expenses	$	51,161		$	31,706
Total liabilities		51,161			31,706
Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000; none issued		—			—
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,777,250 shares issued and 2,686,060 outstanding at December 31, 2011 and 2,777,250 at December 31, 2010		26,860			27,773
Additional paid-in capital		25,745,943			26,494,832
Common stock acquired by benefit plans:
Restricted stock		(1,094,967	)		(1,085,423	)
Unallocated common stock held by:
Employee Stock Ownership Plan Trust		(1,925,560	)		(2,073,680	)
Retained earnings		27,222,837			26,086,719
Accumulated other comprehensive income		575,200			126,974
Total stockholders’ equity		50,550,313			49,577,195
Total liabilities and stockholders’ equity	$	50,601,474		$	49,608,901

Statements of Income

		September 30,			September 30,
	Years Ended
	December 31, 2011			December 31, 2010
Income
Interest income	$	77,178		$	103,657
Equity in undistributed earnings of subsidiary		2,086,953			1,657,597
Total income		2,164,131			1,761,254
Operating expenses		367,771			1,439,739
Income before income taxes		1,796,360			321,515
Applicable income tax (benefit)		(111,412	)		(521,790	)
Net income	$	1,907,772		$	843,305
Statements of Cash Flows
Cash flows from operating activities:
Net income	$	1,907,772		$	843,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiary		(2,086,953	)		(1,657,597	)
Stock based compensation expense		294,937			—
Increase in other assets and liabilities		(7,366	)		(393,900	)
Net cash provided by (used in) operating activities		108,390			(1,208,192	)
Cash flows from investing activities:
Capital contribution to subsidiary		—			(12,753,600	)
Cash flows from financing activities:
Proceeds from issuance of common stock		—			24,285,400
Purchase of Company common stock		(1,131,763	)		—
Dividends paid		(510,756	)		(255,507	)
Stock purchased by restricted stock trust		(225,780	)		(1,085,423	)
Net cash (used in) provided by financing activities		(1,868,299	)		22,944,470
Net (decrease) increase in cash and cash equivalents		(1,759,909	)		8,982,678
Cash and cash equivalents at beginning of period		8,982,678			—
Cash and cash equivalents at end of period	$	7,222,769		$	8,982,678