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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.12% | 16.90 | 6.74 | 26.96 | 16.90 | 16.88 | 16.90 | 226 | 21:00:06 |
Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231026824553/en/
At or for the three months ended,
Performance Ratios:
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
Net income (in thousands)
$
1,623
$
1,590
$
1,722
$
1,699
$
1,861
Diluted earnings per share
0.25
0.24
0.26
0.26
0.27
Common book value per share
18.50
18.34
18.02
17.73
17.37
Tangible book value per share (1)
15.63
15.47
15.20
14.92
14.57
Total assets (in thousands)
855,431
876,905
932,302
791,283
776,390
Return on average assets
0.74
%
0.71
%
0.84
%
0.84
%
0.95
%
Return on average equity
5.42
%
5.37
%
5.90
%
5.78
%
6.30
%
Equity to assets
13.85
%
13.45
%
12.69
%
14.80
%
14.84
%
Tangible equity to tangible assets (1)
11.95
%
11.59
%
10.92
%
12.75
%
12.75
%
Net interest margin
3.36
%
3.17
%
3.58
%
3.85
%
4.12
%
Efficiency ratio
71.78
%
71.68
%
69.73
%
71.38
%
67.62
%
(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 Three Months Ended September 30,
2023
2022
Average Outstanding Balance
Interest
Average Yield/Rate
Average Outstanding Balance
Interest
Average Yield/Rate
(Dollars in thousands)
Interest-earning assets:
Loans
$
660,456
$
9,113
5.47
%
$
639,115
$
7,734
4.80
%
Investment securities held-to-maturity
34,158
525
6.10
%
—
—
—
Investment securities available-for-sale
49,242
461
3.71
%
44,690
289
2.56
%
Interest-earning deposits and federal funds
68,892
889
5.12
%
39,384
189
1.91
%
Other investments
2,053
36
6.96
%
1,163
12
4.19
%
Total interest-earning assets
814,801
11,024
5.37
%
724,352
8,224
4.50
%
Non-interest-earning assets
51,971
49,770
Total assets
$
866,772
$
774,122
Interest-bearing liabilities:
Interest-bearing checking accounts
$
90,682
$
73
0.32
%
$
98,473
$
47
0.19
%
Money market accounts
142,346
987
2.75
%
159,478
100
0.25
%
Savings accounts
81,756
569
2.76
%
83,484
187
0.89
%
Certificates of deposit
232,276
2,286
3.90
%
89,871
291
1.28
%
Total interest-bearing deposits
547,060
3,915
2.84
%
431,306
625
0.57
%
FHLB advances and other borrowings
20,000
208
4.13
%
13,696
73
2.12
%
Total interest-bearing liabilities
567,060
4,123
2.88
%
445,002
698
0.62
%
Non-interest-bearing liabilities
180,868
211,986
Total liabilities
747,928
656,988
Total stockholders' equity
118,844
117,134
Total liabilities and stockholders' equity
$
866,772
$
774,122
Net interest rate spread
2.49
%
3.88
%
Net interest income
$
6,901
$
7,526
Net interest margin
3.36
%
4.12
%
For the Nine Months Ended September 30,
2023
2022
Average Outstanding Balance
Interest
Average Yield/Rate
Average Outstanding Balance
Interest
Average Yield/Rate
(Dollars in thousands)
Interest-earning assets:
Loans
$
659,416
$
26,131
5.30
%
$
616,141
$
22,013
4.78
%
Investment securities held-to-maturity
33,733
1,549
6.14
%
—
—
—
Investment securities available-for-sale
49,616
1,299
3.50
%
46,585
827
2.37
%
Interest-earning deposits and federal funds
69,340
2,527
4.87
%
43,125
286
0.89
%
Other investments
2,285
109
6.38
%
1,117
30
3.57
%
Total interest-earning assets
814,390
31,615
5.19
%
706,968
23,156
4.38
%
Non-interest-earning assets
51,675
51,687
Total assets
$
866,065
$
758,655
Interest-bearing liabilities:
Interest-bearing checking accounts
$
92,614
$
172
0.25
%
$
97,463
$
134
0.18
%
Money market accounts
139,726
2,472
2.37
%
151,654
282
0.25
%
Savings accounts
88,528
1,680
2.54
%
84,042
356
0.57
%
Certificates of deposit
207,734
5,691
3.66
%
91,493
840
1.23
%
Total interest-bearing deposits
528,602
10,015
2.53
%
424,652
1,612
0.51
%
FHLB advances and other borrowings
33,975
1,109
4.36
%
12,350
(874
)
-9.46
%
Total interest-bearing liabilities
562,577
11,124
2.64
%
437,002
738
0.23
%
Non-interest-bearing liabilities
184,871
203,164
Total liabilities
747,448
640,166
Total stockholders' equity
118,617
118,489
Total liabilities and stockholders' equity
$
866,065
$
758,655
Net interest rate spread
2.55
%
4.15
%
Net interest income
$
20,491
$
22,418
Net interest margin
3.36
%
4.24
%
AFFINITY BANCSHARES, INC.
Consolidated Balance Sheets
September 30, 2023
December 31, 2022
(unaudited)
(Dollars in thousands except per share amounts)
Assets
Cash and due from banks
$
5,441
$
2,928
Interest-earning deposits in other depository institutions
56,062
23,396
Cash and cash equivalents
61,503
26,324
Investment securities available-for-sale
48,012
46,200
Investment securities held-to-maturity (estimated fair value of $32,925, net of allowance for credit losses of $42 at September 30, 2023 and estimated fair value of $26,251 at December 31, 2022)
34,183
26,527
Other investments
4,885
1,082
Loans
661,016
646,234
Allowance for credit loss on loans
(9,211
)
(9,325
)
Net loans
651,805
636,909
Other real estate owned
2,901
2,901
Premises and equipment, net
3,872
4,257
Bank owned life insurance
15,991
15,724
Intangible assets
18,414
18,558
Other assets
13,865
12,801
Total assets
$
855,431
$
791,283
Liabilities and Stockholders' Equity
Liabilities:
Non-interest-bearing checking
$
170,654
$
190,297
Interest-bearing checking
92,177
91,167
Money market accounts
144,439
148,097
Savings accounts
79,446
101,622
Certificates of deposit
222,329
125,989
Total deposits
709,045
657,172
Federal Home Loan Bank advances and other borrowings
20,000
10,025
Accrued interest payable and other liabilities
7,910
6,983
Total liabilities
736,955
674,180
Stockholders' equity:
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,404,961 issued and outstanding at September 30, 2023 and 6,605,384 issued and outstanding at December 31, 2022)
64
66
Preferred stock (10,000,000 shares authorized, no shares outstanding)
—
—
Additional paid in capital
60,978
63,130
Unearned ESOP shares
(4,639
)
(4,795
)
Retained earnings
69,832
65,357
Accumulated other comprehensive loss
(7,759
)
(6,655
)
Total stockholders' equity
118,476
117,103
Total liabilities and stockholders' equity
$
855,431
$
791,283
AFFINITY BANCSHARES, INC.
Consolidated Statements of Income
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
(Dollars in thousands except per share amounts)
Interest income:
Loans, including fees
$
9,113
$
7,734
$
26,131
$
22,013
Investment securities
1,022
301
2,957
857
Interest-earning deposits
889
189
2,527
286
Total interest income
11,024
8,224
31,615
23,156
Interest expense:
Deposits
3,915
625
10,015
1,612
FHLB advances and other borrowings
208
73
1,109
(874
)
Total interest expense
4,123
698
11,124
738
Net interest income before provision for credit losses
6,901
7,526
20,491
22,418
Provision for credit losses
—
187
7
654
Net interest income after provision for credit losses
6,901
7,339
20,484
21,764
Noninterest income:
Service charges on deposit accounts
426
420
1,222
1,205
Other
204
173
638
631
Total noninterest income
630
593
1,860
1,836
Noninterest expenses:
Salaries and employee benefits
3,007
3,187
9,047
9,219
Occupancy
637
675
1,919
1,798
Advertising
59
128
238
326
Data processing
525
486
1,504
1,476
FHLB prepayment penalties
—
—
—
647
Other
1,178
1,014
3,176
3,019
Total noninterest expenses
5,406
5,490
15,884
16,485
Income before income taxes
2,125
2,442
6,460
7,115
Income tax expense
502
581
1,525
1,680
Net income
$
1,623
$
1,861
$
4,935
$
5,435
Weighted average common shares outstanding
Basic
6,417,754
6,652,811
6,500,562
6,683,052
Diluted
6,493,114
6,752,152
6,575,923
6,782,393
Basic earnings per share
$
0.25
$
0.28
$
0.76
$
0.81
Diluted earnings per share
$
0.25
$
0.27
$
0.75
$
0.80
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
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
Tangible book value per common share reconciliation
Book Value per common share (GAAP)
$
18.50
$
18.34
$
18.02
$
17.73
$
17.37
Effect of goodwill and other intangibles
(2.87
)
(2.87
)
(2.82
)
(2.81
)
(2.80
)
Tangible book value per common share
$
15.63
$
15.47
$
15.20
$
14.92
$
14.57
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)
13.85
%
13.45
%
12.69
%
14.80
%
14.84
%
Effect of goodwill and other intangibles
(1.90
)%
(1.86
)%
(1.77
)%
(2.05
)%
(2.09
)%
Tangible equity to tangible assets (1)
11.95
%
11.59
%
10.92
%
12.75
%
12.75
%
(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.
For the
Nine Months Ended September 30,
2023
2022
Operating net income reconciliation
Net income (GAAP)
$
4,935
$
5,435
FHLB mark from called borrowings
—
(988
)
FHLB prepayment penalties
—
647
Income tax expense
—
87
Operating net income
$
4,935
$
5,181
Weighted average diluted shares
6,575,923
6,782,393
Adjusted diluted earnings per share
$
0.75
$
0.76
Net interest income
$
20,491
$
22,418
FHLB mark from called borrowings
—
(988
)
Adjusted Net interest income
$
20,491
$
21,430
Adjusted Net interest income reconciliation
Net interest margin (GAAP)
3.36
%
4.24
%
Effect of FHLB mark from called borrowings
0.00
(0.29
)
Adjusted Net interest margin
3.36
%
3.95
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026824553/en/
Edward J. Cooney Chief Executive Officer (678) 742-9990
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