Affinity Bancshares, Inc. Announces Fourth Quarter and the Year 2024 Financial Results
Affinity Bancshares (NASDAQ:AFBI) reported net income of $5.4 million for 2024, down from $6.4 million in 2023. Fourth quarter 2024 net income was $1.3 million, compared to $1.5 million in Q4 2023. The decrease was primarily due to increased noninterest expenses related to a terminated merger.
Key financial metrics include: Total assets increased to $866.8 million (up $23.6 million YoY); Total gross loans grew by $54.2 million to $714.1 million; Net interest margin improved to 3.54% from 3.35% in 2023. The bank's efficiency ratio increased to 76.20% from 71.86% year-over-year.
Asset quality showed improvement with non-performing loans decreasing to $4.8 million from $7.4 million in 2023. The allowance for credit losses as a percentage of non-performing loans strengthened to 177.9% from 120.1% year-over-year.
Affinity Bancshares (NASDAQ:AFBI) ha riportato un utile netto di 5,4 milioni di dollari per il 2024, in calo rispetto ai 6,4 milioni di dollari nel 2023. L'utile netto del quarto trimestre 2024 è stato di 1,3 milioni di dollari, rispetto ai 1,5 milioni di dollari nel quarto trimestre 2023. Il calo è stato principalmente dovuto all'aumento delle spese non correlate agli interessi legate a una fusione annullata.
I principali indicatori finanziari includono: Attività totali aumentate a 866,8 milioni di dollari (in aumento di 23,6 milioni di dollari rispetto all'anno precedente); Prestiti lordi totali cresciuti di 54,2 milioni di dollari fino a 714,1 milioni di dollari; Margine di interesse netto migliorato al 3,54% rispetto al 3,35% del 2023. Il rapporto di efficienza della banca è aumentato al 76,20% rispetto al 71,86% anno su anno.
La qualità degli attivi ha mostrato un miglioramento, con i prestiti non performanti che sono diminuiti a 4,8 milioni di dollari rispetto ai 7,4 milioni di dollari nel 2023. L'accantonamento per perdite su crediti come percentuale dei prestiti non performanti è migliorato al 177,9% rispetto al 120,1% anno su anno.
Affinity Bancshares (NASDAQ:AFBI) reportó un ingreso neto de $5.4 millones para 2024, una disminución de $6.4 millones en 2023. El ingreso neto del cuarto trimestre de 2024 fue de $1.3 millones, en comparación con $1.5 millones en el cuarto trimestre de 2023. La disminución se debió principalmente al aumento de los gastos no relacionados con intereses relacionados con una fusión cancelada.
Métricas financieras clave incluyen: Activos totales aumentaron a $866.8 millones (aumento de $23.6 millones interanual); Préstamos brutos totales crecieron en $54.2 millones hasta alcanzar los $714.1 millones; Margen de interés neto mejoró al 3.54% desde el 3.35% en 2023. El ratio de eficiencia del banco aumentó al 76.20% desde el 71.86% interanual.
La calidad de los activos mostró mejoras, con los préstamos no productivos disminuyendo a $4.8 millones desde $7.4 millones en 2023. La provisión para pérdidas crediticias como porcentaje de los préstamos no productivos se fortaleció al 177.9% desde el 120.1% año tras año.
Affinity Bancshares (NASDAQ:AFBI)는 2024년 순이익이 540만 달러로, 2023년 640만 달러에서 감소했다고 보고했습니다. 2024년 4분기 순이익은 130만 달러로, 2023년 4분기 150만 달러와 비교됩니다. 감소의 주요 원인은 종료된 합병과 관련된 비이자 비용 증가 때문입니다.
중요한 재무 지표로는: 총 자산이 8억 6680만 달러로 증가했으며 (전년 대비 2360만 달러 증가); 총 대출은 5420만 달러 증가하여 7억 1410만 달러에 달했습니다; 순이자 마진은 2023년 3.35%에서 3.54%로 개선되었습니다. 은행의 효율성 비율은 전년 대비 71.86%에서 76.20%로 증가했습니다.
자산 품질은 개선을 나타내며, 부실채권은 740만 달러에서 480만 달러로 감소했습니다. 부실 채권에 대한 신용 손실 충당금 비율은 전년 대비 120.1%에서 177.9%로 강화되었습니다.
Affinity Bancshares (NASDAQ:AFBI) a déclaré un revenu net de 5,4 millions de dollars pour 2024, en baisse par rapport à 6,4 millions de dollars en 2023. Le revenu net du quatrième trimestre 2024 s'élevait à 1,3 million de dollars, comparé à 1,5 million de dollars au quatrième trimestre 2023. La diminution était principalement due à l'augmentation des dépenses non liées aux intérêts liées à une fusion annulée.
Les indicateurs financiers clés incluent : Actifs totaux augmentés à 866,8 millions de dollars (en hausse de 23,6 millions de dollars d'une année sur l'autre); Prêts bruts totaux ont augmenté de 54,2 millions de dollars pour atteindre 714,1 millions de dollars; Marge d'intérêt nette améliorée à 3,54% contre 3,35% en 2023. Le taux d'efficacité de la banque a augmenté à 76,20% contre 71,86% d'une année sur l'autre.
La qualité des actifs a montré une amélioration avec une diminution des prêts non performants à 4,8 millions de dollars, contre 7,4 millions de dollars en 2023. La provision pour pertes sur créances en pourcentage des prêts non performants a été renforcée à 177,9% contre 120,1% d'une année sur l'autre.
Affinity Bancshares (NASDAQ:AFBI) meldete für 2024 einen Nettogewinn von 5,4 Millionen Dollar, rückläufig von 6,4 Millionen Dollar im Jahr 2023. Der Nettogewinn im vierten Quartal 2024 betrug 1,3 Millionen Dollar im Vergleich zu 1,5 Millionen Dollar im Q4 2023. Der Rückgang war hauptsächlich auf gestiegene Nicht-Zinsaufwendungen im Zusammenhang mit einer stornierten Fusion zurückzuführen.
Wichtige Finanzkennzahlen sind: Gesamtvermögen stieg auf 866,8 Millionen Dollar (Steigerung um 23,6 Millionen Dollar im Jahresvergleich); Gesamtbruttokredite wuchsen um 54,2 Millionen Dollar auf 714,1 Millionen Dollar; Nettozinsmarge verbesserte sich auf 3,54% von 3,35% im Jahr 2023. Das Effizienzverhältnis der Bank stieg im Jahresvergleich von 71,86% auf 76,20%.
Die Vermögensqualität zeigte Verbesserungen, da die notleidenden Kredite auf 4,8 Millionen Dollar von 7,4 Millionen Dollar im Jahr 2023 gesenkt wurden. Die Rückstellungen für Kreditverluste als Prozentsatz der notleidenden Kredite stärkten sich von 120,1% auf 177,9% im Jahresvergleich.
- Net interest margin improved to 3.54% from 3.35% YoY
- Total assets increased by $23.6M to $866.8M
- Loan portfolio grew by $54.2M to $714.1M
- Non-performing loans decreased from $7.4M to $4.8M
- Allowance for credit losses coverage improved to 177.9% from 120.1%
- Net income declined to $5.4M from $6.4M YoY
- Q4 net income decreased to $1.3M from $1.5M YoY
- Efficiency ratio worsened to 76.20% from 71.86%
- Net loan charge-offs increased to $650,000 from $404,000 YoY
- Non-interest expenses increased by $2.4M due to merger-related costs
Insights
The financial results reveal a complex picture of Affinity Bancshares' performance and strategic positioning. While headline net income declined
Notable strategic moves include the sale of
Asset quality metrics show significant improvement, with the allowance coverage ratio of non-performing loans strengthening to
The bank's growth strategy appears sound with
However, the efficiency ratio deterioration to
|
|
At or for the three months ended, |
|
|
At or for the year ended |
|
||||||||||||||||||||||
Performance Ratios: |
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||||||
Net income (in thousands) |
|
$ |
1,345 |
|
|
$ |
1,730 |
|
|
$ |
1,031 |
|
|
$ |
1,335 |
|
|
$ |
1,514 |
|
|
$ |
5,441 |
|
|
$ |
6,448 |
|
Diluted earnings per share |
|
|
0.20 |
|
|
|
0.26 |
|
|
|
0.16 |
|
|
|
0.20 |
|
|
|
0.23 |
|
|
|
0.83 |
|
|
|
0.98 |
|
Operating income (1) |
|
|
1,738 |
|
|
|
1,883 |
|
|
|
1,763 |
|
|
|
1,374 |
|
|
|
1,514 |
|
|
|
6,758 |
|
|
|
6,448 |
|
Adjusted diluted earnings per share (1) |
|
|
0.26 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
0.21 |
|
|
|
0.23 |
|
|
|
1.03 |
|
|
|
0.98 |
|
Common book value per share |
|
|
20.14 |
|
|
|
20.02 |
|
|
|
19.49 |
|
|
|
19.21 |
|
|
|
18.94 |
|
|
|
20.14 |
|
|
|
18.94 |
|
Tangible book value per share (1) |
|
|
17.30 |
|
|
|
17.18 |
|
|
|
16.64 |
|
|
|
16.36 |
|
|
|
16.08 |
|
|
|
17.30 |
|
|
|
16.08 |
|
Total assets (in thousands) |
|
|
866,817 |
|
|
|
878,561 |
|
|
|
873,582 |
|
|
|
869,547 |
|
|
|
843,258 |
|
|
|
866,817 |
|
|
|
843,258 |
|
Return on average assets |
|
|
0.61 |
% |
|
|
0.78 |
% |
|
|
0.48 |
% |
|
|
0.63 |
% |
|
|
0.70 |
% |
|
|
0.62 |
% |
|
|
0.75 |
% |
Return on average equity |
|
|
4.14 |
% |
|
|
5.43 |
% |
|
|
3.33 |
% |
|
|
4.38 |
% |
|
|
5.03 |
% |
|
|
4.33 |
% |
|
|
5.43 |
% |
Equity to assets |
|
|
14.90 |
% |
|
|
14.61 |
% |
|
|
14.32 |
% |
|
|
14.18 |
% |
|
|
14.41 |
% |
|
|
14.90 |
% |
|
|
14.41 |
% |
Tangible equity to tangible assets (1) |
|
|
13.08 |
% |
|
|
12.80 |
% |
|
|
12.49 |
% |
|
|
12.33 |
% |
|
|
12.50 |
% |
|
|
13.08 |
% |
|
|
12.50 |
% |
Net interest margin |
|
|
3.56 |
% |
|
|
3.52 |
% |
|
|
3.71 |
% |
|
|
3.38 |
% |
|
|
3.32 |
% |
|
|
3.54 |
% |
|
|
3.35 |
% |
Efficiency ratio |
|
|
75.95 |
% |
|
|
71.48 |
% |
|
|
78.74 |
% |
|
|
75.96 |
% |
|
|
74.30 |
% |
|
|
76.20 |
% |
|
|
71.86 |
% |
(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
$5.4 million $6.4 million $6.8 million $6.4 million
-
Net income was
$1.3 million $1.5 million $10.4 million 3.00% allowing for investment in higher yielding loans and an increase in noninterest expenses partially offset by an increase in net interest income. Operating income for the three months ended December 31, 2024 was$1.7 million $1.5 million
Results of Operations
-
Net interest income was
$7.2 million $6.8 million -
Net interest margin for the three months ended December 31, 2024 increased to
3.56% from3.32% for the three months ended December 31, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs. -
Noninterest income decreased
$445,000 $161,000 -
Non-interest expense increased
$336,000 $5.8 million -
Net interest income was
$28.7 million $27.2 million -
Net interest margin for the year ended December 31, 2024 increased to
3.54% from3.35% for the year ended December 31, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs. -
Provision for credit losses was
$438,000 $42,000 -
Noninterest income decreased
$451,000 $2.0 million -
Non-interest expense increased
$2.4 million $23.8 million
Financial Condition
-
Total assets increased
$23.6 million $866.8 million $843.3 million -
Total gross loans increased
$54.2 million $714.1 million $659.9 million -
Non-owner occupied office loans totaled
$44.2 million 46.8% , including-
$17.4 million -
$26.8 million
-
-
Investment securities held-to-maturity unrealized gains were
$44,000 $5.7 million -
Cash and cash equivalents decreased
$8.6 million $41.4 million $50.0 million -
Deposits decreased by
$1.0 million $673.5 million $674.4 million $3.5 million $2.5 million -
Borrowings increased by
$18.8 million $58.8 million $40.0 million
Asset Quality
-
Non-performing loans decreased to
$4.8 million $7.4 million -
The allowance for credit losses as a percentage of non-performing loans was
177.9% at December 31, 2024, as compared to120.1% at December 31, 2023. -
Allowance for credit losses to total loans decreased to
1.19% at December 31, 2024 from1.35% at December 31, 2023. -
Net loan charge-offs were
$650,000 $404,000
About Affinity Bancshares, Inc.
The Company is a
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 Year Ended December 31, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
||||||
|
|
(Dollars in thousands) |
|
|||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
687,487 |
|
|
$ |
41,349 |
|
|
|
6.01 |
% |
|
$ |
660,045 |
|
|
$ |
35,422 |
|
|
|
5.37 |
% |
Investment securities held-to-maturity |
|
|
32,723 |
|
|
|
2,018 |
|
|
|
6.17 |
% |
|
|
33,850 |
|
|
|
2,078 |
|
|
|
6.14 |
% |
Investment securities available-for-sale |
|
|
47,449 |
|
|
|
1,778 |
|
|
|
3.75 |
% |
|
|
49,024 |
|
|
|
1,772 |
|
|
|
3.61 |
% |
Interest-earning deposits and federal funds |
|
|
49,385 |
|
|
|
2,459 |
|
|
|
4.98 |
% |
|
|
65,333 |
|
|
|
3,236 |
|
|
|
4.95 |
% |
Other investments |
|
|
5,801 |
|
|
|
369 |
|
|
|
6.36 |
% |
|
|
3,014 |
|
|
|
192 |
|
|
|
6.37 |
% |
Total interest-earning assets |
|
|
822,845 |
|
|
|
47,973 |
|
|
|
5.83 |
% |
|
|
811,266 |
|
|
|
42,700 |
|
|
|
5.26 |
% |
Non-interest-earning assets |
|
|
49,505 |
|
|
|
|
|
|
|
|
|
51,987 |
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
872,350 |
|
|
|
|
|
|
|
|
$ |
863,253 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing checking accounts |
|
$ |
87,058 |
|
|
$ |
448 |
|
|
|
0.51 |
% |
|
$ |
92,030 |
|
|
$ |
271 |
|
|
|
0.29 |
% |
Money market accounts |
|
|
147,049 |
|
|
|
4,760 |
|
|
|
3.24 |
% |
|
|
140,630 |
|
|
|
3,542 |
|
|
|
2.52 |
% |
Savings accounts |
|
|
73,176 |
|
|
|
2,091 |
|
|
|
2.86 |
% |
|
|
85,555 |
|
|
|
2,238 |
|
|
|
2.62 |
% |
Certificates of deposit |
|
|
217,517 |
|
|
|
9,157 |
|
|
|
4.21 |
% |
|
|
211,285 |
|
|
|
8,042 |
|
|
|
3.81 |
% |
Total interest-bearing deposits |
|
|
524,800 |
|
|
|
16,456 |
|
|
|
3.14 |
% |
|
|
529,500 |
|
|
|
14,093 |
|
|
|
2.66 |
% |
FHLB advances and other borrowings |
|
|
55,104 |
|
|
|
2,351 |
|
|
|
4.27 |
% |
|
|
32,808 |
|
|
|
1,409 |
|
|
|
4.29 |
% |
Total interest-bearing liabilities |
|
|
579,904 |
|
|
|
18,807 |
|
|
|
3.24 |
% |
|
|
562,308 |
|
|
|
15,502 |
|
|
|
2.76 |
% |
Non-interest-bearing liabilities |
|
|
166,702 |
|
|
|
|
|
|
|
|
|
182,144 |
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
746,606 |
|
|
|
|
|
|
|
|
|
744,452 |
|
|
|
|
|
|
|
||||
Total stockholders' equity |
|
|
125,744 |
|
|
|
|
|
|
|
|
|
118,801 |
|
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
|
$ |
872,350 |
|
|
|
|
|
|
|
|
$ |
863,253 |
|
|
|
|
|
|
|
||||
Net interest rate spread |
|
|
|
|
|
|
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
2.50 |
% |
||||
Net interest income |
|
|
|
|
$ |
29,166 |
|
|
|
|
|
|
|
|
$ |
27,198 |
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
|
|
|
3.35 |
% |
||||
|
|
For the Three Months Ended December 31, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
||||||
|
|
(Dollars in thousands) |
|
|||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
704,198 |
|
|
$ |
10,774 |
|
|
|
6.09 |
% |
|
$ |
661,913 |
|
|
$ |
9,290 |
|
|
|
5.57 |
% |
Investment securities held-to-maturity |
|
|
29,238 |
|
|
|
451 |
|
|
|
6.14 |
% |
|
|
34,194 |
|
|
|
528 |
|
|
|
6.13 |
% |
Investment securities available-for-sale |
|
|
46,455 |
|
|
|
402 |
|
|
|
3.44 |
% |
|
|
47,268 |
|
|
|
473 |
|
|
|
3.97 |
% |
Interest-earning deposits and federal funds |
|
|
44,260 |
|
|
|
495 |
|
|
|
4.45 |
% |
|
|
53,442 |
|
|
|
709 |
|
|
|
5.26 |
% |
Other investments |
|
|
6,172 |
|
|
|
105 |
|
|
|
6.77 |
% |
|
|
5,177 |
|
|
|
83 |
|
|
|
6.36 |
% |
Total interest-earning assets |
|
|
830,323 |
|
|
|
12,227 |
|
|
|
5.86 |
% |
|
|
801,994 |
|
|
|
11,083 |
|
|
|
5.48 |
% |
Non-interest-earning assets |
|
|
47,331 |
|
|
|
|
|
|
|
|
|
52,938 |
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
877,654 |
|
|
|
|
|
|
|
|
$ |
854,932 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing checking accounts |
|
$ |
83,529 |
|
|
$ |
104 |
|
|
|
0.50 |
% |
|
$ |
90,298 |
|
|
$ |
99 |
|
|
|
0.43 |
% |
Money market accounts |
|
|
152,305 |
|
|
|
1,264 |
|
|
|
3.30 |
% |
|
|
143,312 |
|
|
|
1,069 |
|
|
|
2.96 |
% |
Savings accounts |
|
|
73,533 |
|
|
|
529 |
|
|
|
2.86 |
% |
|
|
76,732 |
|
|
|
558 |
|
|
|
2.89 |
% |
Certificates of deposit |
|
|
214,165 |
|
|
|
2,272 |
|
|
|
4.22 |
% |
|
|
221,817 |
|
|
|
2,352 |
|
|
|
4.21 |
% |
Total interest-bearing deposits |
|
|
523,532 |
|
|
|
4,169 |
|
|
|
3.17 |
% |
|
|
532,159 |
|
|
|
4,078 |
|
|
|
3.04 |
% |
FHLB advances and other borrowings |
|
|
58,815 |
|
|
|
625 |
|
|
|
4.23 |
% |
|
|
29,348 |
|
|
|
300 |
|
|
|
4.06 |
% |
Total interest-bearing liabilities |
|
|
582,347 |
|
|
|
4,794 |
|
|
|
3.27 |
% |
|
|
561,507 |
|
|
|
4,378 |
|
|
|
3.09 |
% |
Non-interest-bearing liabilities |
|
|
166,088 |
|
|
|
|
|
|
|
|
|
174,077 |
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
748,435 |
|
|
|
|
|
|
|
|
|
735,584 |
|
|
|
|
|
|
|
||||
Total stockholders' equity |
|
|
129,219 |
|
|
|
|
|
|
|
|
|
119,348 |
|
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
|
$ |
877,654 |
|
|
|
|
|
|
|
|
$ |
854,932 |
|
|
|
|
|
|
|
||||
Net interest rate spread |
|
|
|
|
|
|
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
2.39 |
% |
||||
Net interest income |
|
|
|
|
$ |
7,433 |
|
|
|
|
|
|
|
|
$ |
6,705 |
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
3.32 |
% |
||||
AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited)
|
||||||||
|
|
|
|
|
|
|
||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||
|
|
(Dollars in thousands except per share amounts) |
|
|||||
Assets |
|
|||||||
Cash and due from banks |
|
$ |
7,092 |
|
|
$ |
6,030 |
|
Interest-earning deposits in other depository institutions |
|
|
34,333 |
|
|
|
43,995 |
|
Cash and cash equivalents |
|
|
41,425 |
|
|
|
50,025 |
|
Investment securities available-for-sale |
|
|
36,502 |
|
|
|
48,561 |
|
Investment securities held-to-maturity (estimated fair value of |
|
|
27,299 |
|
|
|
34,206 |
|
Other investments |
|
|
6,175 |
|
|
|
5,434 |
|
Loans |
|
|
714,115 |
|
|
|
659,876 |
|
Allowance for credit loss on loans |
|
|
(8,496 |
) |
|
|
(8,921 |
) |
Net loans |
|
|
705,619 |
|
|
|
650,955 |
|
Other real estate owned |
|
|
— |
|
|
|
2,850 |
|
Premises and equipment, net |
|
|
3,261 |
|
|
|
3,797 |
|
Bank owned life insurance |
|
|
16,487 |
|
|
|
16,086 |
|
Intangible assets |
|
|
18,175 |
|
|
|
18,366 |
|
Other assets |
|
|
11,874 |
|
|
|
12,978 |
|
Total assets |
|
$ |
866,817 |
|
|
$ |
843,258 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|||||||
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Non-interest-bearing checking |
|
$ |
151,395 |
|
|
$ |
154,689 |
|
Interest-bearing checking |
|
|
73,841 |
|
|
|
85,362 |
|
Money market accounts |
|
|
148,752 |
|
|
|
138,673 |
|
Savings accounts |
|
|
76,053 |
|
|
|
74,768 |
|
Certificates of deposit |
|
|
223,440 |
|
|
|
220,951 |
|
Total deposits |
|
|
673,481 |
|
|
|
674,443 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
58,815 |
|
|
|
40,000 |
|
Accrued interest payable and other liabilities |
|
|
5,406 |
|
|
|
7,299 |
|
Total liabilities |
|
|
737,702 |
|
|
|
721,742 |
|
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock (par value |
|
|
64 |
|
|
|
64 |
|
Preferred stock (10,000,000 shares authorized, no shares outstanding) |
|
|
— |
|
|
|
— |
|
Additional paid in capital |
|
|
62,355 |
|
|
|
61,026 |
|
Unearned ESOP shares |
|
|
(4,378 |
) |
|
|
(4,587 |
) |
Retained earnings |
|
|
76,786 |
|
|
|
71,345 |
|
Accumulated other comprehensive loss |
|
|
(5,712 |
) |
|
|
(6,332 |
) |
Total stockholders' equity |
|
|
129,115 |
|
|
|
121,516 |
|
Total liabilities and stockholders' equity |
|
$ |
866,817 |
|
|
$ |
843,258 |
|
AFFINITY BANCSHARES, INC. Consolidated Statements of Income (unaudited)
|
|||||||||||||||||
|
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
(Dollars in thousands except per share amounts) |
|
|||||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees |
|
|
$ |
10,774 |
|
|
$ |
9,290 |
|
|
$ |
41,349 |
|
|
$ |
35,422 |
|
Investment securities |
|
|
|
958 |
|
|
|
1,084 |
|
|
|
4,165 |
|
|
|
4,042 |
|
Interest-earning deposits |
|
|
|
495 |
|
|
|
709 |
|
|
|
2,459 |
|
|
|
3,236 |
|
Total interest income |
|
|
|
12,227 |
|
|
|
11,083 |
|
|
|
47,973 |
|
|
|
42,700 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
|
4,169 |
|
|
|
4,078 |
|
|
|
16,456 |
|
|
|
14,093 |
|
FHLB advances and other borrowings |
|
|
|
625 |
|
|
|
300 |
|
|
|
2,351 |
|
|
|
1,409 |
|
Total interest expense |
|
|
|
4,794 |
|
|
|
4,378 |
|
|
|
18,807 |
|
|
|
15,502 |
|
Net interest income before provision for credit losses |
|
|
|
7,433 |
|
|
|
6,705 |
|
|
|
29,166 |
|
|
|
27,198 |
|
Provision for credit losses |
|
|
|
225 |
|
|
|
(49 |
) |
|
|
438 |
|
|
|
(42 |
) |
Net interest income after provision for credit losses |
|
|
|
7,208 |
|
|
|
6,754 |
|
|
|
28,728 |
|
|
|
27,240 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
|
|
371 |
|
|
|
398 |
|
|
|
1,520 |
|
|
|
1,620 |
|
Loss on sales of investment securities available-for-sale |
|
|
|
(385 |
) |
|
|
— |
|
|
|
(385 |
) |
|
|
— |
|
Net gain on sale of other real estate owned |
|
|
|
— |
|
|
|
— |
|
|
|
135 |
|
|
|
— |
|
Other |
|
|
|
175 |
|
|
|
208 |
|
|
|
745 |
|
|
|
846 |
|
Total noninterest income |
|
|
|
161 |
|
|
|
606 |
|
|
|
2,015 |
|
|
|
2,466 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
|
3,273 |
|
|
|
3,205 |
|
|
|
13,126 |
|
|
|
12,252 |
|
Occupancy |
|
|
|
617 |
|
|
|
584 |
|
|
|
2,451 |
|
|
|
2,503 |
|
Data processing |
|
|
|
549 |
|
|
|
520 |
|
|
|
2,087 |
|
|
|
2,025 |
|
Professional fees |
|
|
|
330 |
|
|
|
146 |
|
|
|
2,068 |
|
|
|
621 |
|
Other |
|
|
|
999 |
|
|
|
977 |
|
|
|
4,029 |
|
|
|
3,917 |
|
Total noninterest expenses |
|
|
|
5,768 |
|
|
|
5,432 |
|
|
|
23,761 |
|
|
|
21,318 |
|
Income before income taxes |
|
|
|
1,601 |
|
|
|
1,928 |
|
|
|
6,982 |
|
|
|
8,388 |
|
Income tax expense |
|
|
|
256 |
|
|
|
414 |
|
|
|
1,541 |
|
|
|
1,940 |
|
Net income |
|
|
$ |
1,345 |
|
|
$ |
1,514 |
|
|
$ |
5,441 |
|
|
$ |
6,448 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
6,411,014 |
|
|
|
6,406,156 |
|
|
|
6,414,182 |
|
|
|
6,476,767 |
|
Diluted |
|
|
|
6,620,602 |
|
|
|
6,486,442 |
|
|
|
6,575,406 |
|
|
|
6,557,053 |
|
Basic earnings per share |
|
|
$ |
0.21 |
|
|
$ |
0.24 |
|
|
$ |
0.85 |
|
|
$ |
1.00 |
|
Diluted earnings per share |
|
|
$ |
0.20 |
|
|
$ |
0.23 |
|
|
$ |
0.83 |
|
|
$ |
0.98 |
|
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 |
|
For the Year Ended |
||||||||||
Non-GAAP Reconciliation |
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
Operating net income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss on securities available for sale |
|
385 |
|
— |
|
— |
|
— |
|
— |
|
385 |
|
— |
Merger-related expenses |
|
119 |
|
196 |
|
939 |
|
50 |
|
— |
|
1,304 |
|
— |
Income tax expense |
|
(111) |
|
(43) |
|
(207) |
|
(11) |
|
— |
|
(372) |
|
— |
Operating net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares |
|
6,620,602 |
|
6,411,468 |
|
6,546,382 |
|
6,416,628 |
|
6,486,442 |
|
6,575,406 |
|
6,557,053 |
Adjusted diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share reconciliation |
||||||||||||||
Book Value per common share (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of goodwill and other intangibles |
|
(2.84) |
|
(2.84) |
|
(2.85) |
|
(2.85) |
|
(2.86) |
|
(2.84) |
|
(2.86) |
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible assets reconciliation |
||||||||||||||
Equity to assets (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of goodwill and other intangibles |
|
(1.81)% |
|
(1.81)% |
|
(1.83)% |
|
(1.85)% |
|
(1.91)% |
|
(1.81)% |
|
(1.91)% |
Tangible equity to tangible assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets. |
||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250131163383/en/
Edward J. Cooney
Chief Executive Officer
(678) 742-9990
Source: Affinity Bancshares, Inc.
FAQ
What was AFBI's net income for full year 2024?
How much did AFBI's loan portfolio grow in 2024?
What was AFBI's net interest margin in 2024?
How did AFBI's asset quality change in 2024?
What caused the decrease in AFBI's 2024 earnings?
