Affinity Bancshares, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

Published

COVINGTON, Ga.--(BUSINESS WIRE)-- Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), February 1, 2024, the holding company for Affinity Bank (the “Bank”), today announced net income of $1.5 million for the three months ended December 31, 2023, as compared to $1.7 million for the three months ended December 31, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240201215970/en/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the three months ended,

 

Performance Ratios:

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

 

March 31, 2023

 

 

December 31, 2022

 

Net income (in thousands)

 

$

1,514

 

 

$

1,623

 

 

$

1,590

 

 

$

1,722

 

 

$

1,699

 

Diluted earnings per share

 

 

0.23

 

 

 

0.25

 

 

 

0.24

 

 

 

0.26

 

 

 

0.26

 

Common book value per share

 

 

18.94

 

 

 

18.50

 

 

 

18.34

 

 

 

18.02

 

 

 

17.73

 

Tangible book value per share (1)

 

 

16.08

 

 

 

15.63

 

 

 

15.47

 

 

 

15.20

 

 

 

14.92

 

Total assets (in thousands)

 

 

843,258

 

 

 

855,431

 

 

 

876,905

 

 

 

932,302

 

 

 

791,283

 

Return on average assets

 

 

0.70

%

 

 

0.74

%

 

 

0.71

%

 

 

0.84

%

 

 

0.84

%

Return on average equity

 

 

5.03

%

 

 

5.42

%

 

 

5.37

%

 

 

5.90

%

 

 

5.78

%

Equity to assets

 

 

14.41

%

 

 

13.85

%

 

 

13.45

%

 

 

12.69

%

 

 

14.80

%

Tangible equity to tangible assets (1)

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

Net interest margin

 

 

3.32

%

 

 

3.36

%

 

 

3.17

%

 

 

3.58

%

 

 

3.85

%

Efficiency ratio

 

 

74.30

%

 

 

71.78

%

 

 

71.68

%

 

 

69.73

%

 

 

71.38

%

(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 $1.5 million for the three months ended December 31, 2023, as compared to $1.7 million for the three months ended December 31, 2022, as a result of an increase in deposit interest expense offset partially by an increase in interest income.
  • Net income was $6.4 million for the year ended December 31, 2023 as compared to $7.1 million for the year ended December 31, 2022, as a result of an increase in deposit interest expense and recognition of the remaining fair value mark on acquired Federal Home Loan Bank ("FHLB") advances that was recognized upon payoff during the first quarter 2022, partially offset by an increase in interest income.

Results of Operations

  • Net interest income was $6.7 million for the three months ended December 31, 2023 compared to $7.3 million for the three months ended December 31, 2022. The decrease was due to an increase in deposit costs partially offset by an increase in interest income.
  • Net interest income was $27.2 million for the year ended December 31, 2023 compared to $29.8 million for the year ended December 31, 2022. The decrease was due to an increase in deposit costs and recognition of the remaining fair value mark on acquired FHLB advances that was recognized upon payoff during the first quarter of 2022, partially offset by an increase in interest income.
  • Net interest margin for the three months ended December 31, 2023 decreased to 3.32% from 3.85% for the three months ended December 31, 2022. Net interest margin for the year ended December 31, 2023 decreased to 3.35% from 4.14% for the year ended December 31, 2022. The decreases in the margin relate to increases in our costs of funds exceeding our increases in our yield on interest-earning assets. The decrease in the margin for the year ended December 31, 2023 was also impacted by the fair value mark on the FHLB advances from acquisition that was recognized upon payoff during the first quarter of 2022.
    • Adjusted net interest margin for the year ended December 31, 2023 (see Non-GAAP reconciliation) decreased 65 basis points from 4.00% for the year ended December 31, 2022 to 3.35%.
  • Noninterest income increased $40,000 to $606,000 for the three months ended December 31, 2023 and had an increase of $64,000 to $2.5 million for the year ended December 31, 2023 as compared to 2022.
  • Non-interest expense decreased $209,000 to $5.4 million for the three months ended December 31, 2023 compared to the same period in 2022, due to decreases in salaries, occupancy, and advertising expenses offset by increases in data processing and other expenses. Non-interest expense decreased $808,000 to $21.3 million for the year ended December 31, 2023 compared to 2022 and was a result of the FHLB prepayment penalties paid in the first quarter of 2022 and decreases in advertising expense and other expenses.

Financial Condition

  • Total assets increased $52.0 million to $843.3 million at December 31, 2023 from $791.3 million at December 31, 2022, as we increased cash to further enhance liquidity.
  • Total gross loans increased $13.6 million to $659.9 million at December 31, 2023 from $646.2 million at December 31, 2022.
  • Non-owner occupied office loans totaled $26.7 million at December 31, 2023; average loan-to-value ratio on these loans is 41.0%, including
    • $11.0 million medical/dental tenants and
    • $15.7 million to other various tenants.
  • Investment securities held-to-maturity unrealized losses were $277,000, net of tax. Investment securities available-for-sale unrealized losses were $6.3 million, net of tax.
  • Cash and cash equivalents increased $23.7 million to $50.0 million at December 31, 2023 from $26.3 million at December 31, 2022, primarily due to an increase in deposits and borrowings.
  • Deposits increased by $17.2 million to $674.4 million at December 31, 2023 compared to $657.2 million at December 31, 2022, in part due to an increase in certificates of deposits of $95.0 million offset by a $77.7 million decrease in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. The certificates of deposit increase included brokered deposits issued in 2023 totaling $72.4 million. Brokered deposits have an average life of 2.4 years and an average interest rate of 4.87%.
  • Uninsured deposits were approximately $95.5 million at December 31, 2023 and represented 14.0% of total deposits, excluding deposits collateralized by public funds and internal accounts.
  • Borrowings increased by $30.0 million to $40.0 million at December 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 $7.4 million at December 31, 2023 from $6.7 million at December 31, 2022.
  • The allowance for credit losses as a percentage of non-performing loans was 120.1% at December 31, 2023, as compared to 138.8% at December 31, 2022.
  • Allowance for credit losses to total loans decreased to 1.35% at December 31, 2023 from 1.46% at December 31, 2022.
  • Net loan charge-offs were $404,000 for the year ended December 31, 2023, as compared to net recoveries of $62,000 for the year ended December 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; 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; the effects of any pandemic; 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 December 31,

 

 

 

2023

 

 

2022

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

661,913

 

 

$

9,290

 

 

 

5.57

%

 

$

650,922

 

 

$

8,032

 

 

 

4.90

%

Investment securities held-to-maturity

 

 

34,194

 

 

 

528

 

 

 

6.13

%

 

 

8,809

 

 

 

130

 

 

 

5.85

%

Investment securities available-for-sale

 

 

47,268

 

 

 

473

 

 

 

3.97

%

 

 

42,653

 

 

 

323

 

 

 

3.00

%

Interest-earning deposits and federal funds

 

 

53,442

 

 

 

709

 

 

 

5.26

%

 

 

53,238

 

 

 

485

 

 

 

3.61

%

Other investments

 

 

5,177

 

 

 

83

 

 

 

6.36

%

 

 

758

 

 

 

8

 

 

 

4.19

%

Total interest-earning assets

 

 

801,994

 

 

 

11,083

 

 

 

5.48

%

 

 

756,380

 

 

 

8,978

 

 

 

4.71

%

Non-interest-earning assets

 

 

52,938

 

 

 

 

 

 

 

 

 

50,538

 

 

 

 

 

 

 

Total assets

 

$

854,932

 

 

 

 

 

 

 

 

$

806,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

90,298

 

 

$

99

 

 

 

0.43

%

 

$

95,200

 

 

$

42

 

 

 

0.18

%

Money market accounts

 

 

143,312

 

 

 

1,069

 

 

 

2.96

%

 

 

161,901

 

 

 

470

 

 

 

1.15

%

Savings accounts

 

 

76,732

 

 

 

558

 

 

 

2.89

%

 

 

103,772

 

 

 

499

 

 

 

1.91

%

Certificates of deposit

 

 

221,817

 

 

 

2,352

 

 

 

4.21

%

 

 

117,102

 

 

 

610

 

 

 

2.07

%

Total interest-bearing deposits

 

 

532,159

 

 

 

4,078

 

 

 

3.04

%

 

 

477,975

 

 

 

1,621

 

 

 

1.35

%

FHLB advances and other borrowings

 

 

29,348

 

 

 

300

 

 

 

4.06

%

 

 

2,717

 

 

 

20

 

 

 

2.92

%

Total interest-bearing liabilities

 

 

561,507

 

 

 

4,378

 

 

 

3.09

%

 

 

480,692

 

 

 

1,641

 

 

 

1.35

%

Non-interest-bearing liabilities

 

 

174,077

 

 

 

 

 

 

 

 

 

209,683

 

 

 

 

 

 

 

Total liabilities

 

 

735,584

 

 

 

 

 

 

 

 

 

690,375

 

 

 

 

 

 

 

Total stockholders' equity

 

 

119,348

 

 

 

 

 

 

 

 

 

116,543

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

854,932

 

 

 

 

 

 

 

 

$

806,918

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.39

%

 

 

 

 

 

 

 

 

3.36

%

Net interest income

 

 

 

 

$

6,705

 

 

 

 

 

 

 

 

$

7,337

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.32

%

 

 

 

 

 

 

 

 

3.85

%

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

660,045

 

 

$

35,422

 

 

 

5.37

%

 

$

624,908

 

 

$

30,045

 

 

 

4.81

%

Investment securities held-to-maturity

 

 

33,850

 

 

 

2,078

 

 

 

6.14

%

 

 

2,220

 

 

 

130

 

 

 

5.86

%

Investment securities available-for-sale

 

 

49,024

 

 

 

1,772

 

 

 

3.61

%

 

 

45,594

 

 

 

1,150

 

 

 

2.52

%

Interest-earning deposits and federal funds

 

 

65,333

 

 

 

3,236

 

 

 

4.95

%

 

 

45,674

 

 

 

771

 

 

 

1.69

%

Other investments

 

 

3,014

 

 

 

192

 

 

 

6.37

%

 

 

1,027

 

 

 

38

 

 

 

3.70

%

Total interest-earning assets

 

 

811,266

 

 

 

42,700

 

 

 

5.26

%

 

 

719,423

 

 

 

32,134

 

 

 

4.47

%

Non-interest-earning assets

 

 

51,987

 

 

 

 

 

 

 

 

 

51,397

 

 

 

 

 

 

 

Total assets

 

$

863,253

 

 

 

 

 

 

 

 

$

770,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

92,030

 

 

$

271

 

 

 

0.29

%

 

$

96,892

 

 

$

176

 

 

 

0.18

%

Money market accounts

 

 

140,630

 

 

 

3,542

 

 

 

2.52

%

 

 

154,237

 

 

 

752

 

 

 

0.49

%

Savings accounts

 

 

85,555

 

 

 

2,238

 

 

 

2.62

%

 

 

89,015

 

 

 

856

 

 

 

0.96

%

Certificates of deposit

 

 

211,285

 

 

 

8,042

 

 

 

3.81

%

 

 

97,948

 

 

 

1,449

 

 

 

1.48

%

Total interest-bearing deposits

 

 

529,500

 

 

 

14,093

 

 

 

2.66

%

 

 

438,092

 

 

 

3,233

 

 

 

0.74

%

FHLB advances and other borrowings

 

 

32,808

 

 

 

1,409

 

 

 

4.29

%

 

 

9,887

 

 

 

(854

)

 

 

(8.64

)%

Total interest-bearing liabilities

 

 

562,308

 

 

 

15,502

 

 

 

2.76

%

 

 

447,979

 

 

 

2,379

 

 

 

0.53

%

Non-interest-bearing liabilities

 

 

182,144

 

 

 

 

 

 

 

 

 

204,842

 

 

 

 

 

 

 

Total liabilities

 

 

744,452

 

 

 

 

 

 

 

 

 

652,821

 

 

 

 

 

 

 

Total stockholders' equity

 

 

118,801

 

 

 

 

 

 

 

 

 

117,999

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

863,253

 

 

 

 

 

 

 

 

$

770,820

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.50

%

 

 

 

 

 

 

 

 

3.94

%

Net interest income

 

 

 

 

$

27,198

 

 

 

 

 

 

 

 

$

29,755

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.35

%

 

 

 

 

 

 

 

 

4.14

%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

6,030

 

 

$

2,928

 

Interest-earning deposits in other depository institutions

 

 

43,995

 

 

 

23,396

 

Cash and cash equivalents

 

 

50,025

 

 

 

26,324

 

Investment securities available-for-sale

 

 

48,561

 

 

 

46,200

 

Investment securities held-to-maturity (estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023 and estimated fair value of $26,251 at December 31, 2022)

 

 

34,206

 

 

 

26,527

 

Other investments

 

 

5,434

 

 

 

1,082

 

Loans

 

 

659,876

 

 

 

646,234

 

Allowance for credit loss on loans

 

 

(8,921

)

 

 

(9,325

)

Net loans

 

 

650,955

 

 

 

636,909

 

Other real estate owned

 

 

2,850

 

 

 

2,901

 

Premises and equipment, net

 

 

3,797

 

 

 

4,257

 

Bank owned life insurance

 

 

16,086

 

 

 

15,724

 

Intangible assets

 

 

18,366

 

 

 

18,558

 

Other assets

 

 

12,978

 

 

 

12,801

 

Total assets

 

$

843,258

 

 

$

791,283

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

154,689

 

 

$

190,297

 

Interest-bearing checking

 

 

85,362

 

 

 

91,167

 

Money market accounts

 

 

138,673

 

 

 

148,097

 

Savings accounts

 

 

74,768

 

 

 

101,622

 

Certificates of deposit

 

 

220,951

 

 

 

125,989

 

Total deposits

 

 

674,443

 

 

 

657,172

 

Federal Home Loan Bank advances and other borrowings

 

 

40,000

 

 

 

10,025

 

Accrued interest payable and other liabilities

 

 

7,299

 

 

 

6,983

 

Total liabilities

 

 

721,742

 

 

 

674,180

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at December 31, 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

 

 

61,026

 

 

 

63,130

 

Unearned ESOP shares

 

 

(4,587

)

 

 

(4,795

)

Retained earnings

 

 

71,345

 

 

 

65,357

 

Accumulated other comprehensive loss

 

 

(6,332

)

 

 

(6,655

)

Total stockholders' equity

 

 

121,516

 

 

 

117,103

 

Total liabilities and stockholders' equity

 

$

843,258

 

 

$

791,283

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

9,290

 

 

$

8,032

 

 

$

35,422

 

 

$

30,045

 

Investment securities

 

 

 

1,084

 

 

 

461

 

 

 

4,042

 

 

 

1,318

 

Interest-earning deposits

 

 

 

709

 

 

 

485

 

 

 

3,236

 

 

 

771

 

Total interest income

 

 

 

11,083

 

 

 

8,978

 

 

 

42,700

 

 

 

32,134

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

4,078

 

 

 

1,621

 

 

 

14,093

 

 

 

3,233

 

FHLB advances and other borrowings

 

 

 

300

 

 

 

20

 

 

 

1,409

 

 

 

(854

)

Total interest expense

 

 

 

4,378

 

 

 

1,641

 

 

 

15,502

 

 

 

2,379

 

Net interest income before provision for credit losses

 

 

 

6,705

 

 

 

7,337

 

 

 

27,198

 

 

 

29,755

 

Provision for credit losses

 

 

 

(49

)

 

 

50

 

 

 

(42

)

 

 

704

 

Net interest income after provision for credit losses

 

 

 

6,754

 

 

 

7,287

 

 

 

27,240

 

 

 

29,051

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

398

 

 

 

406

 

 

 

1,620

 

 

 

1,611

 

Other

 

 

 

208

 

 

 

160

 

 

 

846

 

 

 

791

 

Total noninterest income

 

 

 

606

 

 

 

566

 

 

 

2,466

 

 

 

2,402

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,205

 

 

 

3,002

 

 

 

12,252

 

 

 

12,221

 

Occupancy

 

 

 

584

 

 

 

725

 

 

 

2,503

 

 

 

2,523

 

Data processing

 

 

 

520

 

 

 

471

 

 

 

2,025

 

 

 

1,947

 

FHLB prepayment penalties

 

 

 

 

 

 

 

 

 

 

 

 

647

 

Other

 

 

 

1,123

 

 

 

1,443

 

 

 

4,538

 

 

 

4,788

 

Total noninterest expenses

 

 

 

5,432

 

 

 

5,641

 

 

 

21,318

 

 

 

22,126

 

Income before income taxes

 

 

 

1,928

 

 

 

2,212

 

 

 

8,388

 

 

 

9,327

 

Income tax expense

 

 

 

414

 

 

 

513

 

 

 

1,940

 

 

 

2,193

 

Net income

 

 

$

1,514

 

 

$

1,699

 

 

$

6,448

 

 

$

7,134

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,406,156

 

 

 

6,628,847

 

 

 

6,476,767

 

 

 

6,669,389

 

Diluted

 

 

 

6,486,442

 

 

 

6,708,922

 

 

 

6,557,053

 

 

 

6,761,771

 

Basic earnings per share

 

 

$

0.24

 

 

$

0.26

 

 

$

1.00

 

 

$

1.07

 

Diluted earnings per share

 

 

$

0.23

 

 

$

0.26

 

 

$

0.98

 

 

$

1.06

 

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

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

 

March 31, 2023

 

 

December 31, 2022

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

18.94

 

 

$

18.50

 

 

$

18.34

 

 

$

18.02

 

 

$

17.73

 

Effect of goodwill and other intangibles

 

 

(2.86

)

 

 

(2.87

)

 

 

(2.87

)

 

 

(2.82

)

 

 

(2.81

)

Tangible book value per common share

$

16.08

 

 

$

15.63

 

 

$

15.47

 

 

$

15.20

 

 

$

14.92

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

14.41

%

 

 

13.85

%

 

 

13.45

%

 

 

12.69

%

 

 

14.80

%

Effect of goodwill and other intangibles

 

 

(1.91

)%

 

 

(1.90

)%

 

 

(1.86

)%

 

 

(1.77

)%

 

 

(2.05

)%

Tangible equity to tangible assets (1)

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.

 

For the

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Operating net income reconciliation

 

 

 

 

 

 

Net income (GAAP)

 

$

6,448

 

 

$

7,134

 

FHLB mark from called borrowings

 

 

 

 

 

(988

)

FHLB prepayment penalties

 

 

 

 

 

647

 

Income tax expense

 

 

 

 

 

87

 

Operating net income

$

6,448

 

 

$

6,880

 

Weighted average diluted shares

 

 

6,557,053

 

 

 

6,761,771

 

Adjusted diluted earnings per share

 

$

0.98

 

 

$

1.02

 

 

 

 

 

 

 

 

Net interest income

 

$

27,198

 

 

$

29,755

 

FHLB mark from called borrowings

 

 

 

 

 

(988

)

Adjusted Net interest income

$

27,198

 

 

$

28,767

 

Adjusted Net interest income reconciliation

 

 

 

 

 

 

Net interest margin (GAAP)

 

 

3.35

%

 

 

4.14

%

Effect of FHLB mark from called borrowings

 

 

0.00

 

 

 

(0.14

)

Adjusted Net interest margin

 

 

3.35

%

 

 

4.00

%

 

Edward J. Cooney Chief Executive Officer (678) 742-9990

Source: Affinity Bancshares, Inc.

In This Story

AFBI