Financial Services - Banks - Regional - NASDAQ - US
$ 21.49
0.0466 %
$ 138 M
Market Cap
25.28
P/E
Affinity Bancshares, Inc. operates as the holding company for Affinity Bank that provides various banking products and services. The company accepts various deposit accounts, including savings accounts, checking accounts, certificates of deposit, and individual retirement accounts. It also offers commercial and industrial, commercial real estate, one- to four-family residential real estate, construction and land, and consumer loans. In addition, the company invests in U.S. treasury securities; securities issued by the U.S. government and its agencies, or government sponsored enterprises, including mortgage-backed securities and collateralized mortgage obligations; corporate and municipal bonds; certificates of deposit in other financial institutions; and federal and money market funds.[ Read More ]
The intrinsic value of one AFBI stock under the base case scenario is HIDDEN Compared to the current market price of 21.5 USD, Affinity Bancshares, Inc. is HIDDEN
2. FUNDAMENTAL
ANALYSIS
Price Chart AFBI
FINANCIALS
29.7 M
REVENUE
8.39 M
OPERATING INCOME
6.45 M
NET INCOME
7.87 M
OPERATING CASH FLOW
-28.1 M
INVESTING CASH FLOW
44 M
FINANCING CASH FLOW
12.9 M
REVENUE
2.45 M
OPERATING INCOME
1.73 M
NET INCOME
4.09 M
OPERATING CASH FLOW
-3.22 M
INVESTING CASH FLOW
1.04 M
FINANCING CASH FLOW
Balance Sheet Decomposition
Affinity Bancshares, Inc.
| Current Assets | 50 M |
| Cash & Short-Term Investments | 50 M |
| Receivables | 0 |
| Other Current Assets | 0 |
| Non-Current Assets | 110 M |
| Long-Term Investments | 88.2 M |
| PP&E | 3.8 M |
| Other Non-Current Assets | 18.4 M |
| Current Liabilities | 0 |
| Accounts Payable | 0 |
| Short-Term Debt | 0 |
| Other Current Liabilities | 0 |
| Non-Current Liabilities | 722 M |
| Long-Term Debt | 40 M |
| Other Non-Current Liabilities | 682 M |
EFFICIENCY
Earnings Waterfall
Affinity Bancshares, Inc.
| Revenue | 29.7 M |
| Cost Of Revenue | 0 |
| Gross Profit | 29.7 M |
| Operating Expenses | 29.7 M |
| Operating Income | 8.39 M |
| Other Expenses | 1.94 M |
| Net Income | 6.45 M |
RATIOS
100.00%
GROSS MARGIN
28.24%
OPERATING MARGIN
21.71%
NET MARGIN
5.31%
ROE
0.76%
ROA
3.99%
ROIC
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis
Affinity Bancshares, Inc.
| Net Income | 6.45 M |
| Depreciation & Amortization | 734 K |
| Capital Expenditures | -527 K |
| Stock-Based Compensation | 1.09 M |
| Change in Working Capital | -742 K |
| Others | -585 K |
| Free Cash Flow | 7.34 M |
Wall Street Analysts Price Targets
Affinity Bancshares, Inc.
AFBI has no price targets from Wall Street.
4. DIVIDEND ANALYSIS
0.00%
DIVIDEND YIELD
0 USD
DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership
Affinity Bancshares, Inc.
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
5.79 K USD 1
9-12 MONTHS
| Date | Value | Insider | Amount | Avg Price |
|---|---|---|---|---|
|
11 months ago
Nov 20, 2023
|
Bought 5.79 K USD
|
Roberts Howard G
Director |
+ 400
|
14.48 USD |
|
1 year ago
Aug 31, 2023
|
Bought 89.2 K USD
|
Reich Robin S
Director |
+ 6000
|
14.86 USD |
|
1 year ago
Aug 08, 2023
|
Bought 21.7 K USD
|
Cooney Edward John
CEO |
+ 1500
|
14.436 USD |
|
1 year ago
May 16, 2023
|
Bought 12.1 K USD
|
Cooney Edward John
CEO |
+ 1000
|
12.096 USD |
|
1 year ago
Apr 12, 2023
|
Bought 4.81 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 332
|
14.49 USD |
|
1 year ago
Apr 11, 2023
|
Bought 103 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 7088
|
14.49 USD |
|
1 year ago
Apr 06, 2023
|
Bought 17.9 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1225
|
14.59 USD |
|
1 year ago
Apr 05, 2023
|
Bought 22.7 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1569
|
14.49 USD |
|
1 year ago
Apr 04, 2023
|
Bought 158 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 10883
|
14.49 USD |
|
1 year ago
Apr 04, 2023
|
Bought 399 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 27500
|
14.5 USD |
|
2 years ago
Nov 03, 2022
|
Bought 29.3 K USD
|
Roberts Howard G
Director |
+ 2000
|
14.644 USD |
|
1 year ago
Nov 30, 2022
|
Bought 12.1 K USD
|
Roberts Howard G
Director |
+ 800
|
15.115 USD |
|
2 years ago
Mar 14, 2022
|
Bought 3.14 K USD
|
Roberts Howard G
Director |
+ 200
|
15.692 USD |
|
2 years ago
Mar 14, 2022
|
Bought 3.14 K USD
|
Roberts Howard G
Director |
+ 200
|
15.711 USD |
|
2 years ago
Mar 14, 2022
|
Bought 3.13 K USD
|
Roberts Howard G
Director |
+ 200
|
15.665 USD |
|
2 years ago
Mar 14, 2022
|
Bought 3.15 K USD
|
Roberts Howard G
Director |
+ 200
|
15.752 USD |
|
1 year ago
Feb 15, 2023
|
Bought 15.9 K USD
|
Roberts Howard G
Director |
+ 1000
|
15.94 USD |
|
1 year ago
Feb 14, 2023
|
Bought 15.8 K USD
|
Roberts Howard G
Director |
+ 1000
|
15.75 USD |
|
1 year ago
Feb 14, 2023
|
Bought 15.7 K USD
|
Roberts Howard G
Director |
+ 1000
|
15.745 USD |
|
1 year ago
Feb 14, 2023
|
Bought 15.6 K USD
|
Roberts Howard G
Director |
+ 1000
|
15.588 USD |
|
1 year ago
Feb 14, 2023
|
Bought 6.43 K USD
|
Cooney Edward John
CEO |
+ 411
|
15.65 USD |
|
1 year ago
Feb 14, 2023
|
Bought 20.2 K USD
|
Cooney Edward John
CEO |
+ 1289
|
15.7 USD |
|
1 year ago
Feb 14, 2023
|
Bought 13.9 K USD
|
Cooney Edward John
CEO |
+ 880
|
15.792 USD |
|
1 year ago
Feb 14, 2023
|
Bought 37.9 K USD
|
Cooney Edward John
CEO |
+ 2420
|
15.6788 USD |
|
2 years ago
May 27, 2022
|
Bought 3.5 K USD
|
Nelson Clark
EVP and CCO |
+ 235
|
14.9 USD |
|
2 years ago
May 27, 2022
|
Bought 223 USD
|
Nelson Clark
EVP and CCO |
+ 15
|
14.85 USD |
|
2 years ago
Mar 07, 2022
|
Bought 45.8 K USD
|
Roberts Howard G
director: |
+ 3000
|
15.25 USD |
|
3 years ago
Sep 02, 2021
|
Bought 9.78 K USD
|
Galazka Elizabeth
EVP-Lending |
+ 700
|
13.97 USD |
|
2 years ago
Dec 13, 2021
|
Bought 15.1 K USD
|
Roberts Howard G
Director |
+ 1000
|
15.09 USD |
|
2 years ago
Dec 10, 2021
|
Bought 30.4 K USD
|
Roberts Howard G
Director |
+ 2000
|
15.197 USD |
|
2 years ago
Dec 02, 2021
|
Bought 27.4 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1856
|
14.78 USD |
|
2 years ago
Dec 01, 2021
|
Bought 57.6 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 3900
|
14.77 USD |
|
2 years ago
Nov 30, 2021
|
Bought 58.8 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 4000
|
14.71 USD |
|
2 years ago
Nov 24, 2021
|
Bought 14.9 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1000
|
14.9 USD |
|
2 years ago
Nov 30, 2021
|
Bought 11.8 K USD
|
Roberts Howard G
Director |
+ 798
|
14.75 USD |
|
2 years ago
Nov 29, 2021
|
Bought 29.6 K USD
|
Roberts Howard G
Director |
+ 2000
|
14.8 USD |
|
2 years ago
Nov 29, 2021
|
Bought 4.43 K USD
|
Roberts Howard G
Director |
+ 300
|
14.78 USD |
|
2 years ago
Nov 29, 2021
|
Bought 28.1 K USD
|
Roberts Howard G
Director |
+ 1902
|
14.75 USD |
|
3 years ago
Nov 18, 2021
|
Bought 28.3 K USD
|
Cooney Edward John
CEO |
+ 1900
|
14.89 USD |
|
3 years ago
Nov 17, 2021
|
Bought 12.9 K USD
|
Cooney Edward John
CEO |
+ 871
|
14.85 USD |
|
3 years ago
Oct 12, 2021
|
Bought 52.4 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 3703
|
14.14 USD |
|
3 years ago
Oct 11, 2021
|
Bought 20 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1417
|
14.1 USD |
|
3 years ago
Oct 08, 2021
|
Bought 1.12 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 81
|
13.86 USD |
|
3 years ago
Oct 07, 2021
|
Bought 21.1 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1522
|
13.86 USD |
|
3 years ago
Aug 24, 2021
|
Bought 5.51 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 406
|
13.56 USD |
|
3 years ago
Aug 23, 2021
|
Bought 41 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 3007
|
13.64 USD |
|
3 years ago
Aug 20, 2021
|
Bought 81.4 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 6080
|
13.38 USD |
|
3 years ago
Aug 18, 2021
|
Bought 6.04 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 448
|
13.49 USD |
|
3 years ago
Aug 16, 2021
|
Bought 265 USD
|
LEHMAN KENNETH R
10 percent owner |
+ 20
|
13.24 USD |
|
3 years ago
Aug 06, 2021
|
Bought 3.31 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 252
|
13.14 USD |
|
3 years ago
Aug 13, 2021
|
Bought 23.9 K USD
|
Cooney Edward John
CEO |
+ 1800
|
13.26 USD |
|
3 years ago
Aug 13, 2021
|
Bought 12.7 K USD
|
Cooney Edward John
CEO |
+ 956
|
13.29 USD |
|
3 years ago
Aug 13, 2021
|
Bought 2.66 K USD
|
Cooney Edward John
CEO |
+ 200
|
13.28 USD |
|
3 years ago
Aug 13, 2021
|
Bought 582 USD
|
Cooney Edward John
CEO |
+ 44
|
13.23 USD |
|
3 years ago
Aug 03, 2021
|
Bought 16 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1217
|
13.14 USD |
|
3 years ago
Aug 02, 2021
|
Bought 20.5 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1557
|
13.14 USD |
|
3 years ago
Jul 30, 2021
|
Bought 67.4 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 5139
|
13.11 USD |
|
3 years ago
Jul 28, 2021
|
Bought 4.33 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 332
|
13.04 USD |
|
3 years ago
Jul 26, 2021
|
Bought 5.48 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 421
|
13.01 USD |
|
3 years ago
Jul 20, 2021
|
Bought 365 USD
|
LEHMAN KENNETH R
10 percent owner |
+ 28
|
13.04 USD |
|
3 years ago
Jul 19, 2021
|
Bought 15 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 1175
|
12.79 USD |
|
3 years ago
Jul 16, 2021
|
Bought 104 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 8006
|
13.01 USD |
|
3 years ago
Jul 08, 2021
|
Bought 154 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 11884
|
12.96 USD |
|
3 years ago
Jul 07, 2021
|
Bought 59.4 K USD
|
LEHMAN KENNETH R
10 percent owner |
+ 4640
|
12.81 USD |
|
3 years ago
Jan 21, 2021
|
Bought 32.6 K USD
|
Roberts Howard G
Director |
+ 3000
|
10.85 USD |
|
3 years ago
Jan 21, 2021
|
Bought 75.1 K USD
|
Reich Robin S
Director |
+ 6970
|
10.781 USD |
7. News
AFBI Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Affinity Bank Is Fair to Shareholders
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Affinity Bank, a wholly-owned subsidiary of Affinity Bancshares, Inc. (NASDAQ: AFBI), to Atlanta Postal Credit Union is fair to Affinity shareholders. The transaction is structured as a purchase and assumption agreement whereby Atlanta Postal is expected to acquire substantially all assets and assume substantially all liabilities of Affinity Bank in an all-cash transaction. Halper Sade.
businesswire.com
- 2 months ago
SHAREHOLDER ALERT: The M&A Class Action Firm Investigates Merger of Affinity Bancshares, Inc. - AFBI
NEW YORK , Aug. 16, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Affinity Bancshares, Inc. (Nasdaq: AFBI ), relating to its proposed merger with Atlanta Postal Credit Union ("APCU").
prnewswire.com
- 3 months ago
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates ENV, AFBI on Behalf of Shareholders
NEW YORK , July 19, 2024 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Envestnet, Inc. (NYSE: ENV)'s sale to Bain Capital for $63.15 in cash per share. If you are an Envestnet shareholder, click here to learn more about your rights and options.
prnewswire.com
- 3 months ago
SHAREHOLDER ALERT: The M&A Class Action Firm Investigates Merger of Affinity Bancshares, Inc. – AFBI
NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Affinity Bancshares, Inc. ( Nasdaq : AFBI ) , relating to its proposed merger with Atlanta Postal Credit Union (“APCU”). Under the terms of the agreement, APCU will pay Affinity an aggregate amount estimated to provide Affinity with sufficient cash to pay Affinity shareholders $22.50 per share, subject to potential increase for levels of tax payments.
globenewswire.com
- 4 months ago
SHAREHOLDER ALERT: The M&A Class Action Firm Investigates Merger of Affinity Bancshares, Inc. - AFBI
NEW YORK , July 15, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Affinity Bancshares, Inc. (Nasdaq: AFBI ), relating to its proposed merger with Atlanta Postal Credit Union ("APCU").
prnewswire.com
- 4 months ago
AFBI Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Affinity Bank Is Fair to Shareholders
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Affinity Bank, a wholly-owned subsidiary of Affinity Bancshares, Inc. (NASDAQ: AFBI), to Atlanta Postal Credit Union is fair to Affinity shareholders. The transaction is structured as a purchase and assumption agreement whereby Atlanta Postal is expected to acquire substantially all assets and assume substantially all liabilities of Affinity Bank in an all-cash transaction. Halper Sade.
businesswire.com
- 5 months ago
APCU/Center Parc Credit Union Announces Definitive Agreement to Acquire Affinity Bank
ATLANTA--(BUSINESS WIRE)--APCU/Center Parc Credit Union Announces Definitive Agreement to Acquire Affinity Bank.
businesswire.com
- 5 months ago
Affinity Bancshares, Inc. Announces First Quarter 2024 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. Announces First Quarter 2024 Financial Results.
businesswire.com
- 6 months ago
Affinity Bancshares, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results.
businesswire.com
- 9 months ago
Affinity Bancshares, Inc. Announces Third Quarter 2023 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. Announces Third Quarter 2023 Financial Results.
businesswire.com
- 1 year ago
Affinity Bancshares, Inc. Announces Second Quarter 2023 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. Announces Second Quarter 2023 Financial Results.
businesswire.com
- 1 year ago
Affinity Bancshares, Inc. Announces First Quarter 2023 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.7 million for the three months ended March 31, 2023, as compared to $1.8 million for the three months ended March 31, 2022. At or for the three months ended, Performance Ratios: March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Net income (in thousands) $ 1,722 $ 1,699 $ 1,861 $ 1,783 $ 1,791 Diluted earnings per share 0.26 0.26 0.27 0.27 0.26 Common book value per share 18.02 17.73 17.37 17.51 17.58 Tangible book value per share (1) 15.20 14.92 14.57 14.68 14.75 Total assets (in thousands) 932,302 791,283 776,390 766,679 760,208 Return on average assets 0.84 % 0.84 % 0.95 % 0.95 % 0.97 % Return on average equity 5.90 % 5.78 % 6.30 % 6.13 % 5.97 % Equity to assets 12.69 % 14.80 % 14.84 % 15.05 % 15.31 % Tangible equity to tangible assets (1) 10.92 % 12.75 % 12.75 % 12.93 % 13.17 % Net interest margin 3.58 % 3.85 % 4.12 % 4.06 % 4.47 % Efficiency ratio 69.73 % 71.38 % 67.62 % 67.23 % 69.00 % (1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. Net Income Net income was $1.7 million for the three months ended March 31, 2023, as compared to $1.8 million for the three months ended March 31, 2022, as a result of an increase in deposit interest expense offset by an increase in interest income and decreases in noninterest expenses. Operating net income was $1.7 million and $0.26 diluted earnings per share for the three months ended March 31, 2023, as compared to $1.5 million and $0.22 diluted earnings per share for the three months ended March 31, 2022. Results of Operations Net interest income was $6.9 million for the three months ended March 31, 2023 compared to $7.8 million for the three months ended March 31, 2022, due to an increase in deposit costs and recognition of remaining purchase accounting fair value discounts upon the payoff of acquired Federal Home Loan Bank (FHLB) advances in the first quarter of 2022, partially offset by an increase in interest income on loans. Net interest margin for the three months ended March 31, 2023 decreased to 3.58% from 4.53% for the three months ended March 31, 2022. The Company anticipates it will experience continued margin compression in 2023 as a result of recent increases in market interest rates along with the mark on the FHLB advances from acquisition that was recognized upon payoff in first quarter 2022. Noninterest income was $552 thousand for the three months ended March 31, 2023 and $595 thousand for the three months ended March 31, 2022. The decrease was attributable to a decrease in mortgage fee income. Non-interest expense was $5.2 million and $5.8 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was a result of the FHLB prepayment penalties paid in first quarter 2022. Financial Condition Total assets increased $141.0 million to $932.3 million at March 31, 2023 from $791.3 million at December 31, 2022 to further enhance liquidity. Total net loans increased $15.3 million to $652.2 million at March 31, 2023 from $636.9 million at December 31, 2022. The increase was due to steady loan demand. Non-owner occupied office loans totaled $26.2 million at March 31, 2023; average LTV on these loans is 45%; $10.4 million medical/ dental tenants $15.8 million to other various tenants. $10.4 million medical/ dental tenants $15.8 million to other various tenants. Investment securities held-to-maturity unrealized losses were $1.3 million, net of tax. Investment securities available-for-sale unrealized losses were $6.2 million, net of tax. Cash and cash equivalents increased to $136.9 million at March 31, 2023 from $26.3 million at December 31, 2023, primarily due to an increase in deposits. Deposits increased by $93.6 million to $750.8 million at March 31, 2023 compared to $657.2 million at December 31, 2022, in part due to increases in certificates of deposits of $116.2 million offset by $22.6 million decreases in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. The certificates of deposits increase included brokered deposits totaling $85.6 million with an average life of three years and an average interest rate of 5.07%. Uninsured deposits were approximately $91.9 million and represented 12.1% of total deposits. Borrowings increased by $45.0 million to $55.0 million at March 31, 2023 compared to $10.0 million at December 31, 2022 as we continue to evaluate borrowing needs related to enhancing bank liquidity. Asset Quality Non-performing loans increased to $6.9 million at March 31, 2023 from $6.7 million at December 31, 2022. The allowance for credit losses as a percentage of non-performing loans was 145.49% at March 31, 2023, as compared to 138.8% at December 31, 2022. Allowance for credit losses decreased to 1.40% at March 31, 2023 from 1.46% of total loans at December 31, 2022. Net loan charge-offs were $91 thousand for the three months ended March 31, 2023, as compared to $3 thousand for the three months ended March 31, 2022. 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; 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 March 31, 2023 2022 Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Dollars in thousands) Interest-earning assets: Loans $ 651,750 $ 8,291 5.16 % $ 586,762 $ 6,996 4.84 % Investment securities held-to-maturity 32,898 503 6.20 % — — — Investment securities available-for-sale 48,844 411 3.41 % 48,648 260 2.14 % Interest-earning deposits and federal funds 45,758 488 4.32 % 48,231 17 0.14 % Other investments 2,643 35 5.39 % 1,000 6 2.33 % Total interest-earning assets 781,893 9,728 5.05 % 684,641 7,279 4.25 % Non-interest-earning assets 51,044 62,343 Total assets 832,937 $ 746,984 Interest-bearing liabilities: Interest-bearing checking accounts $ 91,856 $ 45 0.20 % $ 96,273 $ 42 0.17 % Money market accounts 139,495 661 1.92 % 144,455 88 0.25 % Savings accounts 95,897 552 2.34 % 86,195 83 0.38 % Certificates of deposit 149,058 1,056 2.87 % 94,465 290 1.23 % Total interest-bearing deposits 476,306 2,314 1.97 % 421,388 503 0.48 % FHLB advances and other borrowings 46,723 516 4.48 % 8,821 (975 ) (44.20 )% Total interest-bearing liabilities 523,029 2,830 2.19 % 430,209 (472 ) (0.44 )% Non-interest-bearing liabilities 191,659 195,024 Total liabilities 714,688 625,233 Total stockholders' equity 118,249 121,751 Total liabilities and stockholders' equity $ 832,937 $ 746,984 Net interest rate spread 2.86 % 4.69 % Net interest income $ 6,898 $ 7,751 Net interest margin 3.58 % 4.53 % AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited) March 31, 2023 December 31, 2022 (Dollars in thousands except per share amounts) Assets Cash and due from banks $ 5,714 $ 2,928 Interest-earning deposits in other depository institutions 131,172 23,396 Cash and cash equivalents 136,886 26,324 Investment securities available-for-sale 51,154 46,200 Investment securities held-to-maturity (estimated fair value of $32,507) 34,119 26,527 Other investments 2,996 1,082 Loans, net 652,192 636,909 Other real estate owned 2,901 2,901 Premises and equipment, net 4,156 4,257 Bank owned life insurance 15,811 15,724 Intangible assets 18,510 18,558 Other assets 13,577 12,801 Total assets $ 932,302 $ 791,283 Liabilities and Stockholders' Equity Liabilities: Non-interest-bearing checking $ 183,862 $ 190,297 Interest-bearing checking 97,537 91,167 Money market accounts 134,872 148,097 Savings accounts 92,382 101,622 Certificates of deposit 242,186 125,989 Total deposits 750,839 657,172 Federal Home Loan Bank advances and other borrowings 55,000 10,025 Accrued interest payable and other liabilities 8,153 6,983 Total liabilities 813,992 674,180 Stockholders' equity: Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,566,137 issued and outstanding at March 31, 2023 and 6,605,384 issued and outstanding at December 31, 2022) 66 66 Preferred stock (10,000,000 shares authorized, no shares outstanding) — — Additional paid in capital 62,549 63,130 Unearned ESOP shares (4,743 ) (4,795 ) Retained earnings 66,619 65,357 Accumulated other comprehensive loss (6,181 ) (6,655 ) Total stockholders' equity 118,310 117,103 Total liabilities and stockholders' equity $ 932,302 $ 791,283 AFFINITY BANCSHARES, INC. Consolidated Statements of Income (unaudited) Three Months Ended March 31, 2023 2022 (Dollars in thousands except per share amounts) Interest income: Loans, including fees $ 8,291 $ 6,996 Investment securities 949 266 Interest-earning deposits 488 17 Total interest income 9,728 7,279 Interest expense: Deposits 2,314 503 FHLB advances and other borrowings 516 (975 ) Total interest expense 2,830 (472 ) Net interest income before provision for credit losses 6,898 7,751 Provision for credit losses 7 250 Net interest income after provision for credit losses 6,891 7,501 Noninterest income: Service charges on deposit accounts 391 392 Other 161 203 Total noninterest income 552 595 Noninterest expenses: Salaries and employee benefits 3,004 3,008 Occupancy 644 582 Advertising 97 80 Data processing 493 494 FHLB prepayment penalties — 647 Other 956 947 Total noninterest expenses 5,194 5,758 Income before income taxes 2,249 2,338 Income tax expense 527 547 Net income $ 1,722 $ 1,791 Weighted average common shares outstanding Basic 6,599,672 6,806,405 Diluted 6,681,680 6,908,665 Basic earnings per share $ 0.26 $ 0.26 Diluted earnings per share $ 0.26 $ 0.26 Explanation of Certain Unaudited Non-GAAP Financial Measures Reported amounts are presented in accordance with GAAP. Additionally, the Company believes this 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 table below for details on the earnings impact of these items. At or For the Period Ending Non-GAAP Reconciliation March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Operating net income reconciliation Net income (GAAP) $ 1,722 $ 1,699 $ 1,861 $ 1,783 $ 1,791 FHLB mark from called borrowings — — — — 988 FHLB prepayment penalties — — — — 647 Income tax expense — — — — (87 ) Operating net income $ 1,722 $ 1,699 $ 1,861 $ 1,783 $ 1,537 Weighted average diluted shares 6,681,680 6,708,922 6,752,152 6,684,721 6,908,665 Adjusted earnings per share $ 0.26 $ 0.26 $ 0.27 $ 0.27 $ 0.22 Tangible book value per common share reconciliation Book Value per common share (GAAP) $ 18.02 $ 17.73 $ 17.37 $ 17.51 $ 17.58 Effect of goodwill and other intangibles (2.82 ) (2.81 ) (2.80 ) (2.83 ) (2.83 ) Tangible book value per common share $ 15.20 $ 14.92 $ 14.57 $ 14.68 $ 14.75 Tangible equity to tangible assets reconciliation Equity to assets (GAAP) 12.69 % 14.80 % 14.84 % 15.05 % 15.31 % Effect of goodwill and other intangibles (1.77 )% (2.05 )% (2.09 )% (2.12 )% (2.14 )% Tangible equity to tangible assets (1) 10.92 % 12.75 % 12.75 % 12.93 % 13.17 % (1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.
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- 1 year ago
8. Profile Summary
Affinity Bancshares, Inc. AFBI
COUNTRY
US
INDUSTRY
Banks - Regional
MARKET CAP
$ 138 M
Dividend Yield
0.00%
Description
Affinity Bancshares, Inc. operates as the holding company for Affinity Bank that provides various banking products and services. The company accepts various deposit accounts, including savings accounts, checking accounts, certificates of deposit, and individual retirement accounts. It also offers commercial and industrial, commercial real estate, one- to four-family residential real estate, construction and land, and consumer loans. In addition, the company invests in U.S. treasury securities; securities issued by the U.S. government and its agencies, or government sponsored enterprises, including mortgage-backed securities and collateralized mortgage obligations; corporate and municipal bonds; certificates of deposit in other financial institutions; and federal and money market funds. It operates a main and a branch office in Covington, Georgia; a branch office in Atlanta, Georgia; and a commercial loan production office in Alpharetta, Georgia; out of an office in Monroe, Georgia. The company was founded in 1928 and is headquartered in Covington, Georgia.
Contact
3175 Highway 278, Covington, GA, 30014
https://myaffinitybank.com
IPO Date
April 28, 2017
Employees
91
Officers
Ms. Elizabeth M. Galazka
Executive Vice President of Lending
Ms. Brandi C. Pajot CPA, CPA
Senior Vice President, Chief Financial Officer, Chief Treasury, Corporate Secretary & Risk Officer
Jacqueline Lyle
Vice President of Compliance
Mr. Edward J. Cooney CPA, CPA
Chief Executive Officer & Director
Mr. Clark N. Nelson Jr.
Executive Vice President & Chief Credit Officer
Mr. Robert A. Vickers
Senior Vice President & Operations Officer