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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Affinity Bancshares Inc | NASDAQ:AFBI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 18.33 | 17.97 | 18.69 | 0 | 00:00:00 |
From Jan 2024 to Jan 2025
Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.0 million for the three months ended June 30, 2024, as compared to $1.6 million for the three months ended June 30, 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240726813331/en/
At or for the three months ended,
Performance Ratios:
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Net income (in thousands)
$
1,031
$
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
19.49
19.21
18.94
18.50
18.34
Tangible book value per share (1)
16.64
16.36
16.08
15.63
15.47
Total assets (in thousands)
872,558
869,547
843,258
855,431
876,905
Return on average assets
0.48
%
0.63
%
0.70
%
0.74
%
0.71
%
Return on average equity
3.33
%
4.38
%
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)
12.50
%
12.33
%
12.50
%
11.95
%
11.59
%
Net interest margin
3.71
%
3.38
%
3.32
%
3.36
%
3.17
%
Efficiency ratio
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.
Net Income
Results of Operations
Financial Condition
Asset Quality
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 Six Months Ended June 30,
2024
2023
Average Outstanding Balance
Interest
Average Yield/Rate
Average Outstanding Balance
Interest
Average Yield/Rate
(Dollars in thousands)
Interest-earning assets:
Loans
$
673,282
$
19,978
5.97
%
$
658,887
$
17,018
5.21
%
Investment securities held-to-maturity
34,225
1,056
6.20
%
33,518
1,025
6.17
%
Investment securities available-for-sale
47,875
942
3.96
%
49,806
838
3.39
%
Interest-earning deposits and federal funds
50,527
1,296
5.16
%
69,568
1,638
4.75
%
Other investments
5,467
171
6.29
%
2,403
72
6.07
%
Total interest-earning assets
811,376
23,443
5.81
%
814,182
20,591
5.10
%
Non-interest-earning assets
51,633
51,524
Total assets
$
863,009
$
865,706
Interest-bearing liabilities:
Interest-bearing checking accounts
$
88,584
$
217
0.49
%
$
93,596
$
100
0.22
%
Money market accounts
143,243
2,258
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
%
For the Three Months Ended June 30,
2024
2023
Average Outstanding Balance
Interest
Average Yield/Rate
Average Outstanding Balance
Interest
Average Yield/Rate
(Dollars in thousands)
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 $33,901, net of allowance for credit losses of $45 at June 30, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023)
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 $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at June 30, 2024 and December 31, 2023)
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
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