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Affinity Bancshares, Inc. (NASDAQ: AFBI) is the holding company for Affinity Bank, a federally chartered stock savings bank headquartered in Covington, Georgia. Established in 1928, Affinity Bank provides a wide range of banking services, including commercial and residential real estate loans, business loans, and consumer loans. The bank also offers a variety of deposit accounts such as checking, savings, and certificates of deposit. Leveraging advanced technology, Affinity Bank combines the convenience of internet banking with the personalized service of a community bank, allowing clients to manage their finances easily from home or office. Recently, Affinity Bancshares announced a significant development: the acquisition of Affinity Bank by Atlanta Postal Credit Union (APCU), which will enable the bank to expand its reach and enhance service offerings. The transaction, expected to close in late 2024 or early 2025, promises to deliver substantial benefits to Affinity Bank’s customers by providing them with access to APCU’s extensive membership benefits and services.
Affinity Bancshares, Inc. (NASDAQ:AFBI) reported net income of $1.0 million for Q2 2024, down from $1.6 million in Q2 2023. The decrease was primarily due to increased noninterest expenses, partially offset by higher net interest income. Key financial highlights include:
- Net interest income increased to $7.6 million, up from $6.7 million in Q2 2023
- Net interest margin improved to 3.71% from 3.17% year-over-year
- Total assets grew to $872.6 million, up $29.3 million from December 31, 2023
- Gross loans increased by $32.7 million to $692.6 million
- Deposits rose by $15.3 million to $689.7 million
The company's asset quality improved, with non-performing loans decreasing to $3.0 million from $7.4 million at the end of 2023. The allowance for credit losses as a percentage of non-performing loans increased to 282.0%.
Atlanta Postal Credit Union (APCU) and its subsidiary, Center Parc Credit Union, have announced an all-cash acquisition of Affinity Bank, a wholly-owned subsidiary of Affinity Bancshares (NASDAQ: AFBI). The transaction, approved unanimously by both boards, will involve APCU acquiring substantially all assets and liabilities of Affinity Bank. Expected to close in Q4 2024 or Q1 2025, the deal is subject to regulatory and shareholder approvals. Post-acquisition, Affinity Bank's customers will become APCU members, benefiting from a range of financial services. The deal will also see Affinity Bank liquidated and its assets distributed to shareholders at approximately $22.50 per share. APCU aims to expand its market reach and expertise through this acquisition.
Affinity Bancshares, Inc. reported net income of $1.3 million for the first quarter of 2024, down from $1.7 million in the same period last year. Despite a decrease in net income, the company experienced growth in total assets and loans, reflecting steady loan demand and an increase in deposits. The company's non-performing loans decreased, and it maintained a strong allowance for credit losses. Affinity Bancshares, Inc. continues to focus on enhancing liquidity and evaluating borrowing needs to support its financial stability.
Affinity Bancshares, Inc. (NASDAQ: AFBI) reported a net income of $1.7 million for Q4 2022, up from $1.3 million in Q4 2021, while 2022 annual net income stood at $7.1 million, down from $7.6 million in 2021. The increases in net interest income and total assets contributed positively, with net loans rising by $61.1 million year-over-year. However, the company faced challenges from lower income on PPP loans and increased employee-related expenses. The net interest margin increased to 3.85%, yet compression is anticipated in 2023 due to rising market rates. Total assets reached $791.3 million, reflecting steady growth.
Affinity Bancshares, Inc. has announced a new stock repurchase program, allowing for the buyback of up to 331,997 shares, representing approximately 5% of the outstanding shares. This program aims to enhance shareholder value and is subject to market conditions and the company's financial performance. Repurchases may occur through various methods, including open market or private transactions, and can be adjusted or halted depending on external factors. The company emphasizes its commitment to acting in the best interests of shareholders during these buybacks.
Affinity Bancshares, Inc. (NASDAQ: AFBI) reported a net income of $1.9 million for Q3 2022, up from $1.8 million in Q3 2021. However, net income for the first nine months of 2022 dropped to $5.4 million, down from $6.3 million in 2021. Total assets fell to $776.4 million, with net loans increasing to $641.1 million. The net interest margin improved to 4.12%, while non-interest income decreased to $593 thousand for Q3 2022. Non-interest expenses rose to $5.5 million due to increased salaries. Allowance for loan losses stood at 1.43% of total loans.
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