COVINGTON, Ga., July 26, 2024–(BUSINESS WIRE)–Affinity Bancshares, Inc. (NASDAQ:”AFBI”) (the “Company”), the retentive consort for Affinity Bank (the “Bank”), today declared acquire income of $1.0 meg for the threesome months ended June 30, 2024, as compared to $1.6 meg for the threesome months ended June 30, 2023.
|
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At or for the threesome months ended, |
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Performance Ratios: |
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June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
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|||||
|
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 aggregation continuance per share |
|
|
19.49 |
|
|
|
19.21 |
|
|
|
18.94 |
|
|
|
18.50 |
|
|
|
18.34 |
|
|
Tangible aggregation continuance per deal (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 cipher assets |
|
|
0.48 |
% |
|
|
0.63 |
% |
|
|
0.70 |
% |
|
|
0.74 |
% |
|
|
0.71 |
% |
|
Return on cipher 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 justness to realizable assets (1) |
|
|
12.50 |
% |
|
|
12.33 |
% |
|
|
12.50 |
% |
|
|
11.95 |
% |
|
|
11.59 |
% |
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Net welfare margin |
|
|
3.71 |
% |
|
|
3.38 |
% |
|
|
3.32 |
% |
|
|
3.36 |
% |
|
|
3.17 |
% |
|
Efficiency ratio |
|
|
78.74 |
% |
|
|
75.96 |
% |
|
|
74.30 |
% |
|
|
71.78 |
% |
|
|
71.68 |
% |
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(1) Non-GAAP manoeuvre – wager “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more aggregation and equalisation to GAAP. |
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Net Income
-
Net income was $1.0 meg for threesome months ended June 30, 2024 as compared to $1.6 meg for the threesome months ended June 30, 2023, as a termination of an process in another noninterest cost part equilibrize by a acquire process in welfare income.
Results of Operations
-
Net welfare income was $7.6 meg for the threesome months ended June 30, 2024 compared to $6.7 meg for the threesome months ended June 30, 2023. The process was cod to an process in welfare income on loans and assets securities, part equilibrize by a uprise in installation and adoption costs and a modification in welfare income on interest-earning deposits.
-
Net welfare edge for the threesome months ended June 30, 2024 accumulated to 3.71% from 3.17% for the threesome months ended June 30, 2023. The increases in the edge colligate to increases in our consent on earning assets prodigious our increases in our deposits and adoption costs.
-
Provision for assign losses, which is attendant to supplying on unfunded commitments was $213,000 for the threesome months ended June 30, 2024 compared to ordered supplying for the threesome months ended June 30, 2023.
-
Noninterest income accumulated $28,000 to $706,000 for the threesome months ended June 30, 2024.
-
Non-interest cost accumulated $1.4 meg to $6.7 meg for the threesome months ended June 30, 2024 compared to the individual punctuation in 2023, cod to increases in professed fees attendant to our fresh declared integration with besieging Postal Credit Union and increases in salaries and employee benefits.
-
Net welfare income was $14.3 meg for the sextet months ended June 30, 2024 compared to $13.6 meg for the sextet months ended June 30, 2023. The process was cod to an process in welfare income on loans and assets securities, part equilibrize by a uprise in installation and adoption costs and a modification in welfare income on interest-earning deposits.
-
Net welfare edge for the sextet months ended June 30, 2024 accumulated to 3.55% from 3.37% for the sextet months ended June 30, 2023. The process in the edge relates to increases in our consent on earning assets prodigious our increases in our deposits and adoption costs.
-
Noninterest income accumulated $60,000 to $1.3 meg for the sextet months ended June 30, 2024.
-
Non-interest cost accumulated $1.8 meg to $12.3 meg for the sextet months ended June 30, 2024 compared to the individual punctuation in 2023, cod to increases in professed fees attendant to our fresh declared integration with besieging Postal Credit Union and increases in salaries and employee benefits.
Financial Condition
-
Total assets accumulated $29.3 meg to $872.6 meg at June 30, 2024 from $843.3 meg at Dec 31, 2023, as we old give growth.
-
Total large loans accumulated $32.7 meg to $692.6 meg at June 30, 2024 from $659.9 meg at Dec 31, 2023. The process was cod to stabilize give obligation in cerebration and advertizement non-owner filled properties.
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Non-owner filled obligation loans totaled $29.4 meg at June 30, 2024; the cipher LTV on these loans is 46.0%, including
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Investment securities held-to-maturity unsuccessful losses were $294,000, acquire of tax. Investment securities available-for-sale unsuccessful losses were $6.0 million, acquire of tax.
-
Cash and modify equivalents remained steady at $50.4 meg at June 30, 2024 from $50.0 meg at Dec 31, 2023.
-
Deposits accumulated by $15.3 meg to $689.7 meg at June 30, 2024 compared to $674.4 meg at Dec 31, 2023, with an $18.4 meg process in obligation deposits part equilibrize by $2.5 meg modification in certificates of deposits.
-
Uninsured deposits were roughly $106.3 meg at June 30, 2024 and represented 15.4% of amount deposits.
-
Borrowings accumulated by $11.8 meg to $51.8 meg at June 30, 2024 compared to $40.0 meg at Dec 31, 2023 as we move to appraise adoption needs attendant to enhancing slope liquidity.
Asset Quality
-
Non-performing loans attenuated to $3.0 meg at June 30, 2024 from $7.4 meg at Dec 31, 2023.
-
The margin for assign losses as a proportionality of non-performing loans was 282.0% at June 30, 2024, as compared to 120.1% at Dec 31, 2023.
-
Allowance for assign losses to amount loans attenuated to 1.22% at June 30, 2024 from 1.35% at Dec 31, 2023.
-
Net give charge-offs were $460,000 for the sextet months ended June 30, 2024, as compared to acquire give charge-offs of $72,000 for the sextet months ended June 30, 2023.
About Affinity Bancshares, Inc.
The Company is a Colony house supported in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, unsealed in 1928 and currently operates a full-service obligation in Atlanta, Georgia, digit full-service offices in Covington, Georgia, and a give creation obligation bringing the Alpharetta and Cumming, Colony markets.
Forward-Looking Statements
In constituent to arts information, this promulgation haw allow forward-looking statements within the message of the Private Securities Litigation Reform Act of 1995, which exposit the forthcoming plans, strategies and expectations of the Company. Forward-looking statements crapper be identified by the ingest of text much as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and text of kindred meaning. Forward-looking statements are supported on our underway beliefs and expectations and are inherently person to momentous business, scheme and combative uncertainties and contingencies, some of which are beyond our control. In addition, these forward-looking statements are person to assumptions with attitude to forthcoming playing strategies and decisions that are person to change. Accordingly, you should not locate unreasonable certainty on much statements. We are low no obligation to and do not verify some obligation to update some forward-looking statements after the fellow of this report. Factors which could hit a touchable inauspicious gist on the dealings of the Company and its subsidiaries include, but are not restricted to, changes in generalized scheme conditions, welfare rates and inflation; changes in quality quality; our knowledge to admittance cost-effective funding; fluctuations in actual realty values; changes in laws or regulations; changes in liquidity, including the filler and essay of our installation portfolio and the proportionality of uninsurable deposits in the portfolio; changes in technology; failures or breaches of our IT section systems; our knowledge to inform newborn products and services and cipher on ontogeny opportunities; changes in the continuance of our friendliness and another nonmaterial assets; our knowledge to successfully combine acquired dealings or assets; changes in business policies and practices; our knowledge to keep key employees; and the personalty of uncolored disasters and geopolitical events, including terrorism, offend and acts of war. These risks and another uncertainties are boost discussed in the reports that the Company files with the Securities and Exchange Commission.
Average Balance Sheets
The mass tables ordered forward cipher equilibrise sheets, cipher annualized yields and costs, and destined another aggregation for the periods indicated. No tax-equivalent consent adjustments hit been made, as the personalty would be immaterial. All cipher balances are monthly cipher balances. Non-accrual loans were included in the procedure of cipher balances. The yields ordered forward beneath allow the gist of delayed fees, discounts, and premiums that are amortized or accreted to welfare income or welfare 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 |
|
|
Interest |
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|
Average |
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(Dollars in thousands) |
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Interest-earning assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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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 |
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|
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|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-bearing checking accounts |
|
$ |
88,584 |
|
|
$ |
217 |
|
|
|
0.49 |
% |
|
$ |
93,596 |
|
|
$ |
100 |
|
|
|
0.22 |
% |
|
Money mart 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 another 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 welfare appraise spread |
|
|
|
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
|
|
|
2.58 |
% |
||||
|
Net welfare income |
|
|
|
|
$ |
14,318 |
|
|
|
|
|
|
|
|
$ |
13,591 |
|
|
|
|
||||
|
Net welfare margin |
|
|
|
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
3.37 |
% |
||||
|
|
|
For the Three Months Ended June 30, |
|
|||||||||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
|
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
||||||
|
|
|
(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 mart 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 another 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 welfare appraise spread |
|
|
|
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
|
|
|
2.35 |
% |
||||
|
Net welfare income |
|
|
|
|
$ |
7,568 |
|
|
|
|
|
|
|
|
$ |
6,693 |
|
|
|
|
||||
|
Net welfare margin |
|
|
|
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
3.17 |
% |
||||
|
AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
|
|
|
(Dollars in thousands eliminate per deal amounts) |
|
|||||
|
Assets |
|
|||||||
|
Cash and cod from banks |
|
$ |
6,158 |
|
|
$ |
6,030 |
|
|
Interest-earning deposits in another installation institutions |
|
|
44,239 |
|
|
|
43,995 |
|
|
Cash and modify equivalents |
|
|
50,397 |
|
|
|
50,025 |
|
|
Investment securities available-for-sale |
|
|
47,266 |
|
|
|
48,561 |
|
|
Investment securities held-to-maturity (estimated clean continuance of $33,901, acquire of margin for assign losses of $45 at June 30, 2024 and estimated clean continuance of $33,835, acquire of margin for assign losses of $45 at Dec 31, 2023) |
|
|
34,248 |
|
|
|
34,206 |
|
|
Other investments |
|
|
5,491 |
|
|
|
5,434 |
|
|
Loans |
|
|
692,591 |
|
|
|
659,876 |
|
|
Allowance for assign expiration on loans |
|
|
(8,461 |
) |
|
|
(8,921 |
) |
|
Net loans |
|
|
684,130 |
|
|
|
650,955 |
|
|
Other actual realty owned |
|
|
— |
|
|
|
2,850 |
|
|
Premises and equipment, net |
|
|
3,569 |
|
|
|
3,797 |
|
|
Bank owned chronicle 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 mart 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 another borrowings |
|
|
51,837 |
|
|
|
40,000 |
|
|
Accrued welfare payable and another liabilities |
|
|
5,944 |
|
|
|
7,299 |
|
|
Total liabilities |
|
|
747,493 |
|
|
|
721,742 |
|
|
Stockholders’ equity: |
|
|
|
|
|
|
||
|
Common have (par continuance $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and unpaid at June 30, 2024 and Dec 31, 2023) |
|
|
64 |
|
|
|
64 |
|
|
Preferred have (10,000,000 shares authorized, no shares outstanding) |
|
|
— |
|
|
|
— |
|
|
Additional paying in capital |
|
|
61,773 |
|
|
|
61,026 |
|
|
Unearned ESOP shares |
|
|
(4,482 |
) |
|
|
(4,587 |
) |
|
Retained earnings |
|
|
73,711 |
|
|
|
71,345 |
|
|
Accumulated another broad 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 eliminate per deal 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 welfare income |
|
|
|
12,222 |
|
|
|
10,863 |
|
|
|
23,443 |
|
|
|
20,591 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deposits |
|
|
|
4,099 |
|
|
|
3,785 |
|
|
|
8,100 |
|
|
|
6,099 |
|
|
FHLB advances and another borrowings |
|
|
|
555 |
|
|
|
385 |
|
|
|
1,025 |
|
|
|
901 |
|
|
Total welfare expense |
|
|
|
4,654 |
|
|
|
4,170 |
|
|
|
9,125 |
|
|
|
7,000 |
|
|
Net welfare income before supplying for assign losses |
|
|
|
7,568 |
|
|
|
6,693 |
|
|
|
14,318 |
|
|
|
13,591 |
|
|
Provision for assign losses |
|
|
|
213 |
|
|
|
— |
|
|
|
213 |
|
|
|
7 |
|
|
Net welfare income after supplying for assign losses |
|
|
|
7,355 |
|
|
|
6,693 |
|
|
|
14,105 |
|
|
|
13,584 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Service charges on installation accounts |
|
|
|
391 |
|
|
|
405 |
|
|
|
786 |
|
|
|
796 |
|
|
Net acquire on understanding of another actual realty 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 ordered expense |
|
|
|
311 |
|
|
|
497 |
|
|
|
739 |
|
|
|
1,024 |
|
|
Net income |
|
|
$ |
1,031 |
|
|
$ |
1,590 |
|
|
$ |
2,366 |
|
|
$ |
3,312 |
|
|
Weighted cipher ordinary 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 gift with GAAP. Additionally, the Company believes the mass aggregation is used by regulators and mart analysts to appraise a company’s business aggregation and, therefore, much aggregation is multipurpose to investors. These disclosures should not be viewed as a unreal for business results in gift with GAAP, nor are they needs same to non-GAAP action measures which haw be presented by another companies. Refer to the Non-GAAP Reconciliation tables beneath for info on the earnings effect 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 aggregation continuance per ordinary deal reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Book Value per ordinary deal (GAAP) |
|
$ |
19.49 |
|
|
$ |
19.21 |
|
|
$ |
18.94 |
|
|
$ |
18.50 |
|
|
$ |
18.34 |
|
|
Effect of friendliness and another intangibles |
|
|
(2.85 |
) |
|
|
(2.85 |
) |
|
|
(2.86 |
) |
|
|
(2.87 |
) |
|
|
(2.87 |
) |
|
Tangible aggregation continuance per ordinary share |
$ |
16.64 |
|
|
$ |
16.36 |
|
|
$ |
16.08 |
|
|
$ |
15.63 |
|
|
$ |
15.47 |
|
|
|
Tangible justness to realizable assets reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Equity to assets (GAAP) |
|
14.33 |
% |
|
|
14.18 |
% |
|
|
14.41 |
% |
|
|
13.85 |
% |
|
|
13.45 |
% |
|
|
Effect of friendliness and another intangibles |
|
|
(1.83 |
)% |
|
|
(1.85 |
)% |
|
|
(1.91 |
)% |
|
|
(1.90 |
)% |
|
|
(1.86 |
)% |
|
Tangible justness to realizable assets (1) |
|
|
12.50 |
% |
|
|
12.33 |
% |
|
|
12.50 |
% |
|
|
11.95 |
% |
|
|
11.59 |
% |
|
(1) Tangible assets is amount assets inferior nonmaterial assets. Tangible justness is amount justness inferior nonmaterial assets. |
|
|
|
|
||||||||||||||||
View maker edition on businesswire.com: https://www.businesswire.com/news/home/20240726813331/en/
Contacts
Edward J. Cooney
Chief Executive Officer
(678) 742-9990
Source unification
Affinity Bancshares, Inc. Announces Second Quarter 2024 Financial Results #Affinity #Bancshares #Announces #Quarter #Financial #Results
Source unification Google News
Source Link: https://finance.yahoo.com/news/affinity-bancshares-inc-announces-second-203000451.html
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