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Affinity Bancshares, Inc. Announces First Quarter 2024 Financial Results

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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. ha comunicato un reddito netto di 1,3 milioni di dollari per il primo trimestre del 2024, in calo rispetto ai 1,7 milioni di dollari dello stesso periodo dell'anno precedente. Nonostante il calo del reddito netto, la società ha registrato una crescita degli attivi totali e dei prestiti, riflettendo una domanda di prestiti costante e un aumento dei depositi. I prestiti non performanti dell'azienda sono diminuiti, e ha mantenuto una solida riserva per le perdite su crediti. Affinity Bancshares, Inc. continua a concentrarsi sul miglioramento della liquidità e sulla valutazione delle esigenze di prestito per supportare la sua stabilità finanziaria.
Affinity Bancshares, Inc. reportó unos ingresos netos de 1,3 millones de dólares para el primer trimestre del 2024, una baja desde los 1,7 millones del mismo período del año anterior. A pesar de la disminución en los ingresos netos, la compañía experimentó un crecimiento en el total de activos y préstamos, reflejando una demanda constante de préstamos y un incremento en los depósitos. Los préstamos no productivos de la compañía disminuyeron y mantuvo una fuerte provisión para pérdidas crediticias. Affinity Bancshares, Inc. continúa enfocándose en mejorar la liquidez y evaluar las necesidades de financiamiento para apoyar su estabilidad financiera.
Affinity Bancshares, Inc.는 2024년 첫 분기에 130만 달러의 순수익을 보고했습니다. 이는 지난해 같은 기간 170만 달러에서 줄어든 금액입니다. 순수익이 감소했음에도 불구하고 회사는 전체 자산과 대출에서 성장을 경험했으며, 이는 꾸준한 대출 수요와 예금 증가를 반영합니다. 회사의 부실 대출은 감소했으며 신용 손실에 대한 강력한 대비를 유지하고 있습니다. Affinity Bancshares, Inc.는 유동성을 강화하고 금융 안정성을 지원하기 위해 차입 필요성을 평가하는 데 계속 집중하고 있습니다.
Affinity Bancshares, Inc. a déclaré un bénéfice net de 1,3 million de dollars pour le premier trimestre de 2024, en baisse par rapport à 1,7 million de dollars pour la même période l'année dernière. Malgré une diminution du bénéfice net, la société a connu une croissance de ses actifs totaux et de ses prêts, reflétant une demande de prêts stable et une augmentation des dépôts. Les prêts non performants de la société ont diminué et elle a maintenu une forte provision pour pertes sur crédits. Affinity Bancshares, Inc. continue de se concentrer sur l'amélioration de la liquidité et l'évaluation des besoins d'emprunt pour soutenir sa stabilité financière.
Affinity Bancshares, Inc. berichtete über ein Nettoeinkommen von 1,3 Millionen Dollar für das erste Quartal 2024, ein Rückgang von 1,7 Millionen Dollar im gleichen Zeitraum des Vorjahres. Trotz des Rückgangs des Nettoeinkommens verzeichnete das Unternehmen ein Wachstum der Gesamtaktiva und Kredite, was auf eine anhaltende Kreditnachfrage und eine Zunahme der Einlagen hinweist. Die nicht leistungsfähigen Kredite des Unternehmens haben abgenommen und es hat eine starke Rückstellung für Kreditverluste beibehalten. Affinity Bancshares, Inc. bleibt weiterhin darauf konzentriert, die Liquidität zu verbessern und die Kreditbedürfnisse zu bewerten, um seine finanzielle Stabilität zu unterstützen.
Positive
  • Net income decreased from $1.7 million in Q1 2023 to $1.3 million in Q1 2024.
  • Total assets increased to $869.5 million at March 31, 2024, from $843.3 million at December 31, 2023.
  • Gross loans grew to $674.5 million at March 31, 2024, from $659.9 million at December 31, 2023.
  • Non-performing loans decreased to $7.2 million at March 31, 2024, from $7.4 million at December 31, 2023.
  • Allowance for credit losses as a percentage of non-performing loans was 120.0% at March 31, 2024.
  • Net loan charge-offs were $326,000 for Q1 2024, compared to $91,000 for Q1 2023.
Negative
  • Net interest income decreased to $6.7 million in Q1 2024 from $6.9 million in Q1 2023.
  • Net interest margin decreased to 3.38% in Q1 2024 from 3.58% in Q1 2023.
  • Investment securities available-for-sale unrealized losses were $6.3 million, net of tax.
  • Allowance for credit losses to total loans decreased to 1.27% at March 31, 2024, from 1.35% at December 31, 2023.
  • Efficiency ratio increased to 75.96% in Q1 2024 from 69.73% in Q1 2023.

Insights

Affinity Bancshares, Inc.'s report shows a year-over-year decrease in net income from $1.7 million to $1.3 million, with a decline in diluted earnings per share from $0.26 to $0.20. This dip can be attributed to higher deposit interest expenses, despite an increase in interest income. Investors may view such a contraction in profitability with concern, especially given the decrease in net interest margin from 3.58% to 3.38%. This is indicative of pressure on the bank's core income-generating activities. However, the rise in total assets and solid loan growth could signal healthy underlying business activity, potentially offsetting some concerns regarding immediate profitability.

From a market perspective, the modest uptick in noninterest income and increased deposit base suggest a stable customer foundation but are juxtaposed with an uptick in non-interest expenses. The growth in uninsured deposits to 15.6% of total deposits might be of interest to investors, as it reflects customer trust but also points to a potential increase in risk exposure. Additionally, a careful eye should be kept on the bank's asset quality, with non-performing loans slightly decreasing and an allowance for credit losses covering 120% of these loans.

The report includes some mixed signals regarding the bank's risk profile. The equity to assets ratio has increased year-over-year from 12.69% to 14.18%, suggesting a stronger capital buffer, which is positive for risk management. However, with tangible equity to tangible assets also rising, it's clear there's a focus on maintaining a solid capital base amid uncertain economic conditions. It's worth noting the increase in net loan charge-offs, which could be an early warning of deteriorating loan quality, albeit the current levels still seem manageable within the context of the bank's overall asset quality.

COVINGTON, Ga.--(BUSINESS WIRE)-- Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.3 million for the three months ended March 31, 2024, as compared to $1.7 million for the three months ended March 31, 2023.

 

 

At or for the three months ended,

 

Performance Ratios:

 

March 31,
2024

 

 

December 31,
2023

 

 

September 30,
2023

 

 

June 30,
2023

 

 

March 31,
2023

 

Net income (in thousands)

 

$

1,335

 

 

$

1,514

 

 

$

1,623

 

 

$

1,590

 

 

$

1,722

 

Diluted earnings per share

 

 

0.20

 

 

 

0.23

 

 

 

0.25

 

 

 

0.24

 

 

 

0.26

 

Common book value per share

 

 

19.21

 

 

 

18.94

 

 

 

18.50

 

 

 

18.34

 

 

 

18.02

 

Tangible book value per share (1)

 

 

16.36

 

 

 

16.08

 

 

 

15.63

 

 

 

15.47

 

 

 

15.20

 

Total assets (in thousands)

 

 

869,547

 

 

 

843,258

 

 

 

855,431

 

 

 

876,905

 

 

 

932,302

 

Return on average assets

 

 

0.63

%

 

 

0.70

%

 

 

0.74

%

 

 

0.71

%

 

 

0.84

%

Return on average equity

 

 

4.38

%

 

 

5.03

%

 

 

5.42

%

 

 

5.37

%

 

 

5.90

%

Equity to assets

 

 

14.18

%

 

 

14.41

%

 

 

13.85

%

 

 

13.45

%

 

 

12.69

%

Tangible equity to tangible assets (1)

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

Net interest margin

 

 

3.38

%

 

 

3.32

%

 

 

3.36

%

 

 

3.17

%

 

 

3.58

%

Efficiency ratio

 

 

75.96

%

 

 

74.30

%

 

 

71.78

%

 

 

71.68

%

 

 

69.73

%

 

(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

 

Net Income

  • Net income was $1.3 million for three months ended March 31, 2024 as compared to $1.7 million for the three months ended March 31, 2023, as a result of an increase in deposit interest expense partially offset by an increase in interest income.

Results of Operations

  • Net interest income was $6.7 million for the three months ended March 31, 2024 compared to $6.9 million for the three months ended March 31, 2023. The decrease was due to an increase in deposit costs, partially offset by an increase in interest income.
  • Net interest margin for the three months ended March 31, 2024 decreased to 3.38% from 3.58% for the three months ended March 31, 2023. The decreases in the margin relate to increases in our costs of funds exceeding our increases in our yield on interest-earning assets.
  • Noninterest income increased $32,000 to $584,000 for the three months ended March 31, 2024.
  • Non-interest expense increased $376,000 to $5.6 million for the three months ended March 31, 2024 compared to the respective period in 2023, due to increases in salaries, data processing and other expenses offset by decreases in occupancy expenses.

Financial Condition

  • Total assets increased $26.3 million to $869.5 million at March 31, 2024 from $843.3 million at December 31, 2023, as we increased cash to further enhance liquidity and experienced loan growth.
  • Total gross loans increased $14.6 million to $674.5 million at March 31, 2024 from $659.9 million at December 31, 2023. The increase was due to steady loan demand.
  • Non-owner occupied office loans totaled $26.4 million at March 31, 2024; average LTV on these loans is 41.0%, including
    • $10.5 million medical/dental tenants and
    • $15.9 million to other various tenants.
  • Investment securities held-to-maturity unrealized losses were $301,000, net of tax. Investment securities available-for-sale unrealized losses were $6.3 million, net of tax.
  • Cash and cash equivalents increased to $61.4 million at March 31, 2024 from $50.0 million at December 31, 2023, primarily due to an increase in deposits.
  • Deposits increased by $13.0 million to $687.4 million at March 31, 2024 compared to $674.4 million at December 31, 2023, with $11.3 million of the increase in demand deposits.
  • Uninsured deposits were approximately $107.1 million at March 31, 2024 and represented 15.6% of total deposits.
  • Borrowings increased by $11.8 million to $51.8 million at March 31, 2024 compared to $40.0 million at December 31, 2023 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

Asset Quality

  • Non-performing loans decreased to $7.2 million at March 31, 2024 from $7.4 million at December 31, 2023.
  • The allowance for credit losses as a percentage of non-performing loans was 120.0% at March 31, 2024, as compared to 120.1% at December 31, 2023.
  • Allowance for credit losses to total loans decreased to 1.27% at March 31, 2024 from 1.35% at December 31, 2023.
  • Net loan charge-offs were $326,000 for the three months ended March 31, 2024, as compared to net loan charge-offs of $91,000 for the three months ended March 31, 2023.

About Affinity Bancshares, Inc.

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in the value of our goodwill and other intangible assets; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

Average Balance Sheets

The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

 

 

For the Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

664,660

 

 

$

9,499

 

 

 

5.75

%

 

$

651,750

 

 

$

8,291

 

 

 

5.16

%

Investment securities held-to-maturity

 

 

34,213

 

 

 

528

 

 

 

6.21

%

 

 

32,898

 

 

 

503

 

 

 

6.20

%

Investment securities available-for-sale

 

 

48,169

 

 

 

463

 

 

 

3.87

%

 

 

48,844

 

 

 

411

 

 

 

3.41

%

Interest-earning deposits and federal funds

 

 

50,083

 

 

 

647

 

 

 

5.20

%

 

 

45,758

 

 

 

488

 

 

 

4.32

%

Other investments

 

 

5,447

 

 

 

84

 

 

 

6.20

%

 

 

2,643

 

 

 

35

 

 

 

5.39

%

Total interest-earning assets

 

 

802,572

 

 

 

11,221

 

 

 

5.62

%

 

 

781,893

 

 

 

9,728

 

 

 

5.05

%

Non-interest-earning assets

 

 

52,145

 

 

 

 

 

 

 

 

 

51,044

 

 

 

 

 

 

 

Total assets

 

$

854,717

 

 

 

 

 

 

 

 

$

832,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

88,057

 

 

$

103

 

 

 

0.47

%

 

$

91,856

 

 

$

45

 

 

 

0.20

%

Money market accounts

 

 

140,600

 

 

 

1,086

 

 

 

3.11

%

 

 

139,495

 

 

 

661

 

 

 

1.92

%

Savings accounts

 

 

74,412

 

 

 

528

 

 

 

2.85

%

 

 

95,897

 

 

 

552

 

 

 

2.34

%

Certificates of deposit

 

 

219,806

 

 

 

2,285

 

 

 

4.18

%

 

 

149,058

 

 

 

1,056

 

 

 

2.87

%

Total interest-bearing deposits

 

 

522,875

 

 

 

4,002

 

 

 

3.08

%

 

 

476,306

 

 

 

2,314

 

 

 

1.97

%

FHLB advances and other borrowings

 

 

52,615

 

 

 

470

 

 

 

3.59

%

 

 

46,723

 

 

 

516

 

 

 

4.48

%

Total interest-bearing liabilities

 

 

575,490

 

 

 

4,472

 

 

 

3.13

%

 

 

523,029

 

 

 

2,830

 

 

 

2.19

%

Non-interest-bearing liabilities

 

 

156,697

 

 

 

 

 

 

 

 

 

191,659

 

 

 

 

 

 

 

Total liabilities

 

 

732,187

 

 

 

 

 

 

 

 

 

714,688

 

 

 

 

 

 

 

Total stockholders' equity

 

 

122,530

 

 

 

 

 

 

 

 

 

118,249

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

854,717

 

 

 

 

 

 

 

 

$

832,937

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.49

%

 

 

 

 

 

 

 

 

2.86

%

Net interest income

 

 

 

 

$

6,749

 

 

 

 

 

 

 

 

$

6,898

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.38

%

 

 

 

 

 

 

 

 

3.58

%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

6,388

 

 

$

6,030

 

Interest-earning deposits in other depository institutions

 

 

55,007

 

 

 

43,995

 

Cash and cash equivalents

 

 

61,395

 

 

 

50,025

 

Investment securities available-for-sale

 

 

48,239

 

 

 

48,561

 

Investment securities held-to-maturity (estimated fair value of $33,873, net of allowance for credit losses of $45 at March 31, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023)

 

 

34,230

 

 

 

34,206

 

Other investments

 

 

5,480

 

 

 

5,434

 

Loans

 

 

674,498

 

 

 

659,876

 

Allowance for credit loss on loans

 

 

(8,595

)

 

 

(8,921

)

Net loans

 

 

665,903

 

 

 

650,955

 

Other real estate owned

 

 

2,850

 

 

 

2,850

 

Premises and equipment, net

 

 

3,691

 

 

 

3,797

 

Bank owned life insurance

 

 

16,184

 

 

 

16,086

 

Intangible assets

 

 

18,318

 

 

 

18,366

 

Other assets

 

 

13,257

 

 

 

12,978

 

Total assets

 

$

869,547

 

 

$

843,258

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

164,568

 

 

$

154,689

 

Interest-bearing checking

 

 

86,734

 

 

 

85,362

 

Money market accounts

 

 

144,689

 

 

 

138,673

 

Savings accounts

 

 

74,282

 

 

 

74,768

 

Certificates of deposit

 

 

217,171

 

 

 

220,951

 

Total deposits

 

 

687,444

 

 

 

674,443

 

Federal Home Loan Bank advances and other borrowings

 

 

51,837

 

 

 

40,000

 

Accrued interest payable and other liabilities

 

 

6,966

 

 

 

7,299

 

Total liabilities

 

 

746,247

 

 

 

721,742

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at March 31, 2024 and December 31, 2023)

 

 

64

 

 

 

64

 

Preferred stock (10,000,000 shares authorized, no shares outstanding)

 

 

 

 

 

 

Additional paid in capital

 

 

61,409

 

 

 

61,026

 

Unearned ESOP shares

 

 

(4,535

)

 

 

(4,587

)

Retained earnings

 

 

72,680

 

 

 

71,345

 

Accumulated other comprehensive loss

 

 

(6,318

)

 

 

(6,332

)

Total stockholders' equity

 

 

123,300

 

 

 

121,516

 

Total liabilities and stockholders' equity

 

$

869,547

 

 

$

843,258

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

Loans, including fees

 

$

9,499

 

 

$

8,291

 

Investment securities

 

 

1,075

 

 

 

949

 

Interest-earning deposits

 

 

647

 

 

 

488

 

Total interest income

 

 

11,221

 

 

 

9,728

 

Interest expense:

 

 

 

 

 

 

Deposits

 

 

4,002

 

 

 

2,314

 

FHLB advances and other borrowings

 

 

470

 

 

 

516

 

Total interest expense

 

 

4,472

 

 

 

2,830

 

Net interest income before provision for credit losses

 

 

6,749

 

 

 

6,898

 

Provision for credit losses

 

 

 

 

 

7

 

Net interest income after provision for credit losses

 

 

6,749

 

 

 

6,891

 

Noninterest income:

 

 

 

 

 

 

Service charges on deposit accounts

 

 

395

 

 

 

391

 

Other

 

 

189

 

 

 

161

 

Total noninterest income

 

 

584

 

 

 

552

 

Noninterest expenses:

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,179

 

 

 

3,004

 

Occupancy

 

 

618

 

 

 

644

 

Data processing

 

 

511

 

 

 

493

 

Other

 

 

1,262

 

 

 

1,053

 

Total noninterest expenses

 

 

5,570

 

 

 

5,194

 

Income before income taxes

 

 

1,763

 

 

 

2,249

 

Income tax expense

 

 

428

 

 

 

527

 

Net income

 

$

1,335

 

 

$

1,722

 

Weighted average common shares outstanding

 

 

 

 

 

 

Basic

 

 

6,416,628

 

 

 

6,599,672

 

Diluted

 

 

6,524,332

 

 

 

6,681,680

 

Basic earnings per share

 

$

0.21

 

 

$

0.26

 

Diluted earnings per share

 

$

0.20

 

 

$

0.26

 

Explanation of Certain Unaudited Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. Additionally, the Company believes the following information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation tables below for details on the earnings impact of these items.

 

 

For the Three Months Ended

 

Non-GAAP Reconciliation

 

March 31,
2024

 

 

December 31,
2023

 

 

September 30,
2023

 

 

June 30,
2023

 

 

March 31,
2023

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

19.21

 

 

$

18.94

 

 

$

18.50

 

 

$

18.34

 

 

$

18.02

 

Effect of goodwill and other intangibles

 

 

(2.85

)

 

 

(2.86

)

 

 

(2.87

)

 

 

(2.87

)

 

 

(2.82

)

Tangible book value per common share

$

16.36

 

 

$

16.08

 

 

$

15.63

 

 

$

15.47

 

 

$

15.20

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

14.18

%

 

 

14.41

%

 

 

13.85

%

 

 

13.45

%

 

 

12.69

%

Effect of goodwill and other intangibles

 

 

(1.85

)%

 

 

(1.91

)%

 

 

(1.90

)%

 

 

(1.86

)%

 

 

(1.77

)%

Tangible equity to tangible assets (1)

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

 

(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.

 

Edward J. Cooney

Chief Executive Officer

(678) 742-9990

Source: Affinity Bancshares, Inc.

FAQ

What was Affinity Bancshares, Inc.'s net income for the first quarter of 2024?

Affinity Bancshares, Inc. reported a net income of $1.3 million for the first quarter of 2024.

How did the total assets of Affinity Bancshares, Inc. change from December 31, 2023, to March 31, 2024?

Total assets increased to $869.5 million at March 31, 2024, from $843.3 million at December 31, 2023.

What was the allowance for credit losses as a percentage of non-performing loans at March 31, 2024?

The allowance for credit losses as a percentage of non-performing loans was 120.0% at March 31, 2024.

How did the net loan charge-offs compare between the first quarters of 2024 and 2023?

Net loan charge-offs were $326,000 for Q1 2024, compared to $91,000 for Q1 2023.

Affinity Bancshares, Inc.

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