Affinity Bancshares, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. The company’s total assets increased by $35.3 million, or 4.2%, reaching $878.6 million, primarily driven by a $37.7 million (5.7%) rise in gross loans, which totaled $697.6 million. Notably, construction loans surged by 33.6%, while non-owner-occupied commercial real estate loans rose by 9.1%.
Interest income for the three months ended September 30, 2024, was $12.3 million, an increase of $1.3 million (11.6%) from $11.0 million in the same period of 2023. This growth was largely attributed to a $1.5 million (16.3%) increase in interest income from loans. The average yield on loans improved to 6.03%, up from 5.47% year-over-year. For the nine months, interest income rose to $35.7 million, a 13.1% increase from $31.6 million in 2023.
Net interest income before provision for credit losses for the three months ended September 30, 2024, was $7.4 million, reflecting a 7.4% increase from $6.9 million in the prior year. The net interest margin also improved to 3.52%, up from 3.36%. However, net income for the nine months decreased to $4.1 million from $4.9 million in 2023, impacted by increased non-interest expenses and a provision for credit losses of $213,000, compared to $7,000 in the previous year.
Total deposits rose by $9.3 million (1.4%) to $683.8 million, with demand deposits increasing by $9.2 million (3.9%). The loan-to-deposit ratio increased to 102.0% from 97.8% at the end of 2023. Stockholders’ equity also saw a rise, increasing by $6.9 million (5.7%) to $128.4 million.
Strategically, Affinity Bancshares entered into a Purchase and Assumption Agreement with Atlanta Postal Credit Union on May 30, 2024, under which APCU will acquire substantially all assets and assume liabilities of Affinity Bank. Following this transaction, the bank plans to dissolve and liquidate, distributing remaining net assets to stockholders.
As of September 30, 2024, the company maintained a strong capital position, exceeding all regulatory capital requirements and categorized as "well capitalized." Common Equity Tier 1 capital was reported at $101.9 million, with a ratio of 12.82%.
About Affinity Bancshares, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.