Affinity Bancshares, Inc. Announces Second Quarter 2024 Financial Results
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%.
Affinity Bancshares, Inc. (NASDAQ:AFBI) ha riportato un utile netto di 1,0 milioni di dollari per il secondo trimestre del 2024, in calo rispetto ai 1,6 milioni di dollari del secondo trimestre del 2023. La diminuzione è stata principalmente dovuta all'aumento delle spese non relative agli interessi, parzialmente compensate da un aumento del reddito netto da interessi. I punti salienti finanziari includono:
- Il reddito netto da interessi è aumentato a 7,6 milioni di dollari, rispetto ai 6,7 milioni di dollari del secondo trimestre del 2023
- Il margine d'interesse netto è migliorato al 3,71% rispetto al 3,17% anno su anno
- Gli attivi totali sono cresciuti a 872,6 milioni di dollari, con un aumento di 29,3 milioni di dollari rispetto al 31 dicembre 2023
- I prestiti lordi sono aumentati di 32,7 milioni di dollari passando a 692,6 milioni di dollari
- I depositi sono aumentati di 15,3 milioni di dollari raggiungendo 689,7 milioni di dollari
La qualità degli attivi della società è migliorata, con i prestiti non performanti che sono scesi a 3,0 milioni di dollari dai 7,4 milioni di dollari alla fine del 2023. La provvista per perdite su crediti come percentuale dei prestiti non performanti è aumentata al 282,0%.
Affinity Bancshares, Inc. (NASDAQ:AFBI) reportó un ingreso neto de 1.0 millones de dólares para el segundo trimestre de 2024, en comparación con 1.6 millones de dólares en el segundo trimestre de 2023. La disminución se debió principalmente al aumento de los gastos no relacionados con intereses, parcialmente compensados por un mayor ingreso neto por intereses. Los aspectos financieros clave incluyen:
- El ingreso neto por intereses aumentó a 7.6 millones de dólares, frente a 6.7 millones de dólares en el segundo trimestre de 2023
- El margen de interés neto mejoró al 3.71% frente al 3.17% interanual
- Los activos totales crecieron a 872.6 millones de dólares, aumentando en 29.3 millones de dólares respecto al 31 de diciembre de 2023
- Los préstamos brutos aumentaron en 32.7 millones de dólares a 692.6 millones de dólares
- Los depósitos aumentaron en 15.3 millones de dólares alcanzando 689.7 millones de dólares
La calidad de los activos de la empresa mejoró, con préstamos no productivos disminuyendo a 3.0 millones de dólares, desde 7.4 millones de dólares a finales de 2023. La provisión para pérdidas crediticias como porcentaje de préstamos no productivos aumentó al 282.0%.
Affinity Bancshares, Inc. (NASDAQ:AFBI)는 2024년 2분기 순이익이 100만 달러로 2023년 2분기 160만 달러에서 감소했다고 보고했습니다. 감소의 주요 원인은 비이자 비용의 증가였으나, 이는 순이자 수익의 증가로 부분적으로 상쇄되었습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 순이자 수익은 760만 달러로 증가했으며, 2023년 2분기 670만 달러에서 상승했습니다.
- 순이자 마진은 전년 대비 3.71%로 개선되었으며, 3.17%에서 증가했습니다.
- 총 자산은 8억 7260만 달러로 증가했으며, 2023년 12월 31일 기준 2930만 달러 상승했습니다.
- 총 대출은 3270만 달러 증가하여 6억 9260만 달러에 이르렀습니다.
- 예금은 1530만 달러 증가하여 6억 8970만 달러에 도달했습니다.
회사의 자산 품질이 개선되었으며, 비서민 대출은 2023년 말 740만 달러에서 300만 달러로 감소했습니다. 비서민 대출에 대한 신용 손실 충당금 비율이 282.0%로 증가했습니다.
Affinity Bancshares, Inc. (NASDAQ:AFBI) a enregistré un revenu net de 1,0 million de dollars pour le deuxième trimestre 2024, en baisse par rapport à 1,6 million de dollars au cours du deuxième trimestre 2023. Cette baisse est principalement due à l'augmentation des frais non liés aux intérêts, partiellement compensée par une hausse du revenu net d'intérêts. Les points clés financiers comprennent :
- Le revenu net d'intérêts a augmenté à 7,6 millions de dollars, contre 6,7 millions de dollars au deuxième trimestre 2023
- La marge d'intérêt nette s'est améliorée à 3,71% contre 3,17% d'une année sur l'autre
- Les actifs totaux ont augmenté à 872,6 millions de dollars, en hausse de 29,3 millions de dollars par rapport au 31 décembre 2023
- Les prêts bruts ont augmenté de 32,7 millions de dollars pour atteindre 692,6 millions de dollars
- Les dépôts ont augmenté de 15,3 millions de dollars pour atteindre 689,7 millions de dollars
La qualité des actifs de l'entreprise s'est améliorée, avec une diminution des prêts non performants, passant de 7,4 millions de dollars à la fin de 2023 à 3,0 millions de dollars. La provision pour pertes de crédit en pourcentage des prêts non performants a augmenté à 282,0 %.
Affinity Bancshares, Inc. (NASDAQ:AFBI) meldete für das 2. Quartal 2024 einen Nettogewinn von 1,0 Millionen US-Dollar, ein Rückgang von 1,6 Millionen US-Dollar im 2. Quartal 2023. Der Rückgang war hauptsächlich auf gestiegene nicht-zinsliche Aufwendungen zurückzuführen, die teilweise durch höhere Nettozinseinnahmen ausgeglichen wurden. Die wichtigsten finanziellen Highlights sind:
- Die Nettozinseinnahmen stiegen auf 7,6 Millionen US-Dollar, verglichen mit 6,7 Millionen US-Dollar im 2. Quartal 2023
- Die Nettozinsspanne verbesserte sich auf 3,71% von 3,17% im Jahresvergleich
- Die Gesamtvermögen wuchsen auf 872,6 Millionen US-Dollar, ein Anstieg von 29,3 Millionen US-Dollar seit dem 31. Dezember 2023
- Die Bruttokredite stiegen um 32,7 Millionen US-Dollar auf 692,6 Millionen US-Dollar
- Die Einlagen stiegen um 15,3 Millionen US-Dollar auf 689,7 Millionen US-Dollar
Die Vermögensqualität des Unternehmens verbesserte sich, da die notleidenden Kredite von 7,4 Millionen US-Dollar Ende 2023 auf 3,0 Millionen US-Dollar zurückgingen. Die Rückstellung für Kreditverluste als Prozentsatz der notleidenden Kredite stieg auf 282,0 %.
- 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
- Non-performing loans decreased to $3.0 million from $7.4 million at the end of 2023
- Net income decreased to $1.0 million from $1.6 million in Q2 2023
- Non-interest expense increased $1.4 million to $6.7 million compared to Q2 2023
- Net loan charge-offs increased to $460,000 for the six months ended June 30, 2024, compared to $72,000 in the same period of 2023
Insights
Affinity Bancshares' Q2 2024 results reveal a mixed financial picture. Net income decreased to
- Net interest income rose to
$7.6 million from$6.7 million year-over-year - Net interest margin improved to
3.71% from3.17% - Total assets grew to
$872.6 million , up$29.3 million from December 2023 - Gross loans increased by
$32.7 million to$692.6 million
The bank's asset quality improved, with non-performing loans decreasing to
The announced merger with Atlanta Postal Credit Union is a significant development that could reshape Affinity's competitive position. While it has led to increased professional fees, it may provide long-term strategic benefits.
Investors should monitor the bank's ability to manage expenses and capitalize on loan growth opportunities. The improved interest margin is encouraging, but sustained profitability will depend on cost control and successful integration of the merger.
Affinity Bancshares' Q2 2024 results highlight both opportunities and challenges in the current banking environment. The increase in net interest margin to
The
The decrease in non-performing loans is a positive sign, but the increase in net charge-offs (
Liquidity appears adequate with
Overall, Affinity's performance reflects resilience in a complex banking landscape, but ongoing vigilance in expense management and credit quality will be important for sustained success.
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At or for the three months ended, |
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Performance Ratios: |
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June 30, 2024 |
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March 31, 2024 |
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December 31, 2023 |
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September 30, 2023 |
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June 30, 2023 |
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Net income (in thousands) |
|
$ |
1,031 |
|
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$ |
1,335 |
|
|
$ |
1,514 |
|
|
$ |
1,623 |
|
|
$ |
1,590 |
|
Diluted earnings per share |
|
|
0.16 |
|
|
|
0.20 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.24 |
|
Common book value per share |
|
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19.49 |
|
|
|
19.21 |
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|
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18.94 |
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|
|
18.50 |
|
|
|
18.34 |
|
Tangible book value per share (1) |
|
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16.64 |
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|
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16.36 |
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16.08 |
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15.63 |
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|
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15.47 |
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Total assets (in thousands) |
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872,558 |
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869,547 |
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843,258 |
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|
855,431 |
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876,905 |
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Return on average assets |
|
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0.48 |
% |
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|
0.63 |
% |
|
|
0.70 |
% |
|
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0.74 |
% |
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0.71 |
% |
Return on average equity |
|
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3.33 |
% |
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4.38 |
% |
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5.03 |
% |
|
|
5.42 |
% |
|
|
5.37 |
% |
Equity to assets |
|
|
14.33 |
% |
|
|
14.18 |
% |
|
|
14.41 |
% |
|
|
13.85 |
% |
|
|
13.45 |
% |
Tangible equity to tangible assets (1) |
|
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12.50 |
% |
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12.33 |
% |
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12.50 |
% |
|
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11.95 |
% |
|
|
11.59 |
% |
Net interest margin |
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3.71 |
% |
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3.38 |
% |
|
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3.32 |
% |
|
|
3.36 |
% |
|
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3.17 |
% |
Efficiency ratio |
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78.74 |
% |
|
|
75.96 |
% |
|
|
74.30 |
% |
|
|
71.78 |
% |
|
|
71.68 |
% |
(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
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Net Income
-
Net income was
$1.0 million $1.6 million
Results of Operations
-
Net interest income was
$7.6 million $6.7 million -
Net interest margin for the three months ended June 30, 2024 increased to
3.71% from3.17% for the three months ended June 30, 2023. The increases in the margin relate to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs. -
Provision for credit losses, which is related to provision on unfunded commitments was
$213,000 -
Noninterest income increased
$28,000 $706,000 -
Non-interest expense increased
$1.4 million $6.7 million -
Net interest income was
$14.3 million $13.6 million -
Net interest margin for the six months ended June 30, 2024 increased to
3.55% from3.37% for the six months ended June 30, 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 increased
$60,000 $1.3 million -
Non-interest expense increased
$1.8 million $12.3 million
Financial Condition
-
Total assets increased
$29.3 million $872.6 million $843.3 million -
Total gross loans increased
$32.7 million $692.6 million $659.9 million -
Non-owner occupied office loans totaled
$29.4 million 46.0% , including-
$15.0 million -
$14.4 million
-
-
Investment securities held-to-maturity unrealized losses were
$294,000 $6.0 million -
Cash and cash equivalents remained stable at
$50.4 million $50.0 million -
Deposits increased by
$15.3 million $689.7 million $674.4 million $18.4 million $2.5 million -
Uninsured deposits were approximately
$106.3 million 15.4% of total deposits. -
Borrowings increased by
$11.8 million $51.8 million $40.0 million
Asset Quality
-
Non-performing loans decreased to
$3.0 million $7.4 million -
The allowance for credit losses as a percentage of non-performing loans was
282.0% at June 30, 2024, as compared to120.1% at December 31, 2023. -
Allowance for credit losses to total loans decreased to
1.22% at June 30, 2024 from1.35% at December 31, 2023. -
Net loan charge-offs were
$460,000 $72,000
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.
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For the Six Months Ended June 30, |
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2024 |
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2023 |
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Average
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Interest |
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Average
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Average
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Interest |
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Average
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(Dollars in thousands) |
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Interest-earning assets: |
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Loans |
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$ |
673,282 |
|
|
$ |
19,978 |
|
|
|
5.97 |
% |
|
$ |
658,887 |
|
|
$ |
17,018 |
|
|
|
5.21 |
% |
Investment securities held-to-maturity |
|
|
34,225 |
|
|
|
1,056 |
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|
|
6.20 |
% |
|
|
33,518 |
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|
|
1,025 |
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|
|
6.17 |
% |
Investment securities available-for-sale |
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47,875 |
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|
942 |
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3.96 |
% |
|
|
49,806 |
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|
|
838 |
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|
|
3.39 |
% |
Interest-earning deposits and federal funds |
|
|
50,527 |
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|
|
1,296 |
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|
|
5.16 |
% |
|
|
69,568 |
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|
|
1,638 |
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|
|
4.75 |
% |
Other investments |
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|
5,467 |
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|
|
171 |
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|
|
6.29 |
% |
|
|
2,403 |
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|
|
72 |
|
|
|
6.07 |
% |
Total interest-earning assets |
|
|
811,376 |
|
|
|
23,443 |
|
|
|
5.81 |
% |
|
|
814,182 |
|
|
|
20,591 |
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|
|
5.10 |
% |
Non-interest-earning assets |
|
|
51,633 |
|
|
|
|
|
|
|
|
|
51,524 |
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|
|
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Total assets |
|
$ |
863,009 |
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|
|
|
|
|
|
|
$ |
865,706 |
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Interest-bearing liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Interest-bearing checking accounts |
|
$ |
88,584 |
|
|
$ |
217 |
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|
|
0.49 |
% |
|
$ |
93,596 |
|
|
$ |
100 |
|
|
|
0.22 |
% |
Money market accounts |
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|
143,243 |
|
|
|
2,258 |
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|
|
3.17 |
% |
|
|
138,394 |
|
|
|
1,486 |
|
|
|
2.17 |
% |
Savings accounts |
|
|
74,093 |
|
|
|
1,054 |
|
|
|
2.86 |
% |
|
|
92,003 |
|
|
|
1,110 |
|
|
|
2.43 |
% |
Certificates of deposit |
|
|
219,315 |
|
|
|
4,571 |
|
|
|
4.19 |
% |
|
|
195,260 |
|
|
|
3,403 |
|
|
|
3.51 |
% |
Total interest-bearing deposits |
|
|
525,235 |
|
|
|
8,100 |
|
|
|
3.10 |
% |
|
|
519,253 |
|
|
|
6,099 |
|
|
|
2.37 |
% |
FHLB advances and other borrowings |
|
|
58,145 |
|
|
|
1,025 |
|
|
|
3.55 |
% |
|
|
41,078 |
|
|
|
901 |
|
|
|
4.42 |
% |
Total interest-bearing liabilities |
|
|
583,380 |
|
|
|
9,125 |
|
|
|
3.15 |
% |
|
|
560,331 |
|
|
|
7,000 |
|
|
|
2.52 |
% |
Non-interest-bearing liabilities |
|
|
156,177 |
|
|
|
|
|
|
|
|
|
186,874 |
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
739,557 |
|
|
|
|
|
|
|
|
|
747,205 |
|
|
|
|
|
|
|
||||
Total stockholders' equity |
|
|
123,452 |
|
|
|
|
|
|
|
|
|
118,501 |
|
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
|
$ |
863,009 |
|
|
|
|
|
|
|
|
$ |
865,706 |
|
|
|
|
|
|
|
||||
Net interest rate spread |
|
|
|
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
|
|
|
2.58 |
% |
||||
Net interest income |
|
|
|
|
$ |
14,318 |
|
|
|
|
|
|
|
|
$ |
13,591 |
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
3.37 |
% |
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|
|
For the Three Months Ended June 30, |
|
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|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
|
Average
|
|
|
Interest |
|
|
Average
|
|
||||||
|
|
(Dollars in thousands) |
|
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Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
|
$ |
681,903 |
|
|
$ |
10,479 |
|
|
|
6.18 |
% |
|
$ |
665,921 |
|
|
$ |
8,727 |
|
|
|
5.26 |
% |
Investment securities held-to-maturity |
|
|
34,237 |
|
|
|
529 |
|
|
|
6.21 |
% |
|
|
34,131 |
|
|
|
521 |
|
|
|
6.13 |
% |
Investment securities available-for-sale |
|
|
47,581 |
|
|
|
479 |
|
|
|
4.05 |
% |
|
|
50,758 |
|
|
|
428 |
|
|
|
3.38 |
% |
Interest-earning deposits and federal funds |
|
|
50,973 |
|
|
|
648 |
|
|
|
5.11 |
% |
|
|
93,116 |
|
|
|
1,150 |
|
|
|
4.95 |
% |
Other investments |
|
|
5,487 |
|
|
|
87 |
|
|
|
6.38 |
% |
|
|
2,167 |
|
|
|
37 |
|
|
|
6.90 |
% |
Total interest-earning assets |
|
|
820,181 |
|
|
|
12,222 |
|
|
|
5.99 |
% |
|
|
846,093 |
|
|
|
10,863 |
|
|
|
5.15 |
% |
Non-interest-earning assets |
|
|
51,122 |
|
|
|
|
|
|
|
|
|
52,023 |
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
871,303 |
|
|
|
|
|
|
|
|
$ |
898,116 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing checking accounts |
|
$ |
89,110 |
|
|
$ |
115 |
|
|
|
0.52 |
% |
|
$ |
95,317 |
|
|
$ |
56 |
|
|
|
0.23 |
% |
Money market accounts |
|
|
145,886 |
|
|
|
1,173 |
|
|
|
3.23 |
% |
|
|
137,306 |
|
|
|
825 |
|
|
|
2.41 |
% |
Savings accounts |
|
|
73,775 |
|
|
|
526 |
|
|
|
2.87 |
% |
|
|
88,152 |
|
|
|
558 |
|
|
|
2.54 |
% |
Certificates of deposit |
|
|
218,824 |
|
|
|
2,285 |
|
|
|
4.20 |
% |
|
|
240,954 |
|
|
|
2,346 |
|
|
|
3.91 |
% |
Total interest-bearing deposits |
|
|
527,595 |
|
|
|
4,099 |
|
|
|
3.12 |
% |
|
|
561,729 |
|
|
|
3,785 |
|
|
|
2.70 |
% |
FHLB advances and other borrowings |
|
|
63,674 |
|
|
|
555 |
|
|
|
3.51 |
% |
|
|
35,495 |
|
|
|
385 |
|
|
|
4.35 |
% |
Total interest-bearing liabilities |
|
|
591,269 |
|
|
|
4,654 |
|
|
|
3.17 |
% |
|
|
597,224 |
|
|
|
4,170 |
|
|
|
2.80 |
% |
Non-interest-bearing liabilities |
|
|
155,659 |
|
|
|
|
|
|
|
|
|
182,140 |
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
746,928 |
|
|
|
|
|
|
|
|
|
779,364 |
|
|
|
|
|
|
|
||||
Total stockholders' equity |
|
|
124,375 |
|
|
|
|
|
|
|
|
|
118,752 |
|
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
|
$ |
871,303 |
|
|
|
|
|
|
|
|
$ |
898,116 |
|
|
|
|
|
|
|
||||
Net interest rate spread |
|
|
|
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
|
|
|
2.35 |
% |
||||
Net interest income |
|
|
|
|
$ |
7,568 |
|
|
|
|
|
|
|
|
$ |
6,693 |
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
3.17 |
% |
||||
AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
|
|
(Dollars in thousands except per share amounts) |
|
|||||
Assets |
|
|||||||
Cash and due from banks |
|
$ |
6,158 |
|
|
$ |
6,030 |
|
Interest-earning deposits in other depository institutions |
|
|
44,239 |
|
|
|
43,995 |
|
Cash and cash equivalents |
|
|
50,397 |
|
|
|
50,025 |
|
Investment securities available-for-sale |
|
|
47,266 |
|
|
|
48,561 |
|
Investment securities held-to-maturity (estimated fair value of |
|
|
34,248 |
|
|
|
34,206 |
|
Other investments |
|
|
5,491 |
|
|
|
5,434 |
|
Loans |
|
|
692,591 |
|
|
|
659,876 |
|
Allowance for credit loss on loans |
|
|
(8,461 |
) |
|
|
(8,921 |
) |
Net loans |
|
|
684,130 |
|
|
|
650,955 |
|
Other real estate owned |
|
|
— |
|
|
|
2,850 |
|
Premises and equipment, net |
|
|
3,569 |
|
|
|
3,797 |
|
Bank owned life insurance |
|
|
16,283 |
|
|
|
16,086 |
|
Intangible assets |
|
|
18,271 |
|
|
|
18,366 |
|
Other assets |
|
|
12,903 |
|
|
|
12,978 |
|
Total assets |
|
$ |
872,558 |
|
|
$ |
843,258 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|||||||
|
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Non-interest-bearing checking |
|
$ |
161,156 |
|
|
$ |
154,689 |
|
Interest-bearing checking |
|
|
88,742 |
|
|
|
85,362 |
|
Money market accounts |
|
|
147,250 |
|
|
|
138,673 |
|
Savings accounts |
|
|
74,077 |
|
|
|
74,768 |
|
Certificates of deposit |
|
|
218,487 |
|
|
|
220,951 |
|
Total deposits |
|
|
689,712 |
|
|
|
674,443 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
51,837 |
|
|
|
40,000 |
|
Accrued interest payable and other liabilities |
|
|
5,944 |
|
|
|
7,299 |
|
Total liabilities |
|
|
747,493 |
|
|
|
721,742 |
|
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock (par value |
|
|
64 |
|
|
|
64 |
|
Preferred stock (10,000,000 shares authorized, no shares outstanding) |
|
|
— |
|
|
|
— |
|
Additional paid in capital |
|
|
61,773 |
|
|
|
61,026 |
|
Unearned ESOP shares |
|
|
(4,482 |
) |
|
|
(4,587 |
) |
Retained earnings |
|
|
73,711 |
|
|
|
71,345 |
|
Accumulated other comprehensive loss |
|
|
(6,001 |
) |
|
|
(6,332 |
) |
Total stockholders' equity |
|
|
125,065 |
|
|
|
121,516 |
|
Total liabilities and stockholders' equity |
|
$ |
872,558 |
|
|
$ |
843,258 |
|
AFFINITY BANCSHARES, INC. Consolidated Statements of Income (unaudited) |
|||||||||||||||||
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
(Dollars in thousands except per share amounts) |
|
|||||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees |
|
|
$ |
10,479 |
|
|
$ |
8,727 |
|
|
$ |
19,978 |
|
|
$ |
17,018 |
|
Investment securities |
|
|
|
1,095 |
|
|
|
986 |
|
|
|
2,169 |
|
|
|
1,935 |
|
Interest-earning deposits |
|
|
|
648 |
|
|
|
1,150 |
|
|
|
1,296 |
|
|
|
1,638 |
|
Total interest income |
|
|
|
12,222 |
|
|
|
10,863 |
|
|
|
23,443 |
|
|
|
20,591 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
|
4,099 |
|
|
|
3,785 |
|
|
|
8,100 |
|
|
|
6,099 |
|
FHLB advances and other borrowings |
|
|
|
555 |
|
|
|
385 |
|
|
|
1,025 |
|
|
|
901 |
|
Total interest expense |
|
|
|
4,654 |
|
|
|
4,170 |
|
|
|
9,125 |
|
|
|
7,000 |
|
Net interest income before provision for credit losses |
|
|
|
7,568 |
|
|
|
6,693 |
|
|
|
14,318 |
|
|
|
13,591 |
|
Provision for credit losses |
|
|
|
213 |
|
|
|
— |
|
|
|
213 |
|
|
|
7 |
|
Net interest income after provision for credit losses |
|
|
|
7,355 |
|
|
|
6,693 |
|
|
|
14,105 |
|
|
|
13,584 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
|
|
391 |
|
|
|
405 |
|
|
|
786 |
|
|
|
796 |
|
Net gain on sale of other real estate owned |
|
|
|
135 |
|
|
|
— |
|
|
|
135 |
|
|
|
— |
|
Other |
|
|
|
180 |
|
|
|
273 |
|
|
|
369 |
|
|
|
434 |
|
Total noninterest income |
|
|
|
706 |
|
|
|
678 |
|
|
|
1,290 |
|
|
|
1,230 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
|
3,417 |
|
|
|
3,036 |
|
|
|
6,596 |
|
|
|
6,040 |
|
Occupancy |
|
|
|
615 |
|
|
|
638 |
|
|
|
1,233 |
|
|
|
1,282 |
|
Data processing |
|
|
|
508 |
|
|
|
487 |
|
|
|
1,019 |
|
|
|
980 |
|
Professional fees |
|
|
|
1,118 |
|
|
|
177 |
|
|
|
1,381 |
|
|
|
315 |
|
Other |
|
|
|
1,061 |
|
|
|
946 |
|
|
|
2,061 |
|
|
|
1,861 |
|
Total noninterest expenses |
|
|
|
6,719 |
|
|
|
5,284 |
|
|
|
12,290 |
|
|
|
10,478 |
|
Income before income taxes |
|
|
|
1,342 |
|
|
|
2,087 |
|
|
|
3,105 |
|
|
|
4,336 |
|
Income tax expense |
|
|
|
311 |
|
|
|
497 |
|
|
|
739 |
|
|
|
1,024 |
|
Net income |
|
|
$ |
1,031 |
|
|
$ |
1,590 |
|
|
$ |
2,366 |
|
|
$ |
3,312 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
6,416,628 |
|
|
|
6,486,260 |
|
|
|
6,416,628 |
|
|
|
6,542,653 |
|
Diluted |
|
|
|
6,544,450 |
|
|
|
6,546,382 |
|
|
|
6,534,751 |
|
|
|
6,616,294 |
|
Basic earnings per share |
|
|
$ |
0.16 |
|
|
$ |
0.25 |
|
|
$ |
0.37 |
|
|
$ |
0.51 |
|
Diluted earnings per share |
|
|
$ |
0.16 |
|
|
$ |
0.24 |
|
|
$ |
0.36 |
|
|
$ |
0.50 |
|
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 |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|||||
Tangible book value per common share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Book Value per common share (GAAP) |
|
$ |
19.49 |
|
|
$ |
19.21 |
|
|
$ |
18.94 |
|
|
$ |
18.50 |
|
|
$ |
18.34 |
|
Effect of goodwill and other intangibles |
|
|
(2.85 |
) |
|
|
(2.85 |
) |
|
|
(2.86 |
) |
|
|
(2.87 |
) |
|
|
(2.87 |
) |
Tangible book value per common share |
$ |
16.64 |
|
|
$ |
16.36 |
|
|
$ |
16.08 |
|
|
$ |
15.63 |
|
|
$ |
15.47 |
|
|
Tangible equity to tangible assets reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity to assets (GAAP) |
|
14.33 |
% |
|
|
14.18 |
% |
|
|
14.41 |
% |
|
|
13.85 |
% |
|
|
13.45 |
% |
|
Effect of goodwill and other intangibles |
|
|
(1.83 |
)% |
|
|
(1.85 |
)% |
|
|
(1.91 |
)% |
|
|
(1.90 |
)% |
|
|
(1.86 |
)% |
Tangible equity to tangible assets (1) |
|
|
12.50 |
% |
|
|
12.33 |
% |
|
|
12.50 |
% |
|
|
11.95 |
% |
|
|
11.59 |
% |
(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/20240726813331/en/
Edward J. Cooney
Chief Executive Officer
(678) 742-9990
Source: Affinity Bancshares, Inc.
FAQ
What was Affinity Bancshares' (AFBI) net income for Q2 2024?
How did AFBI's net interest margin change in Q2 2024 compared to Q2 2023?
What was the total asset value of Affinity Bancshares (AFBI) as of June 30, 2024?
How much did AFBI's gross loans increase by in the first half of 2024?
What was the percentage of uninsured deposits for Affinity Bancshares (AFBI) as of June 30, 2024?
