Affinity Bancshares, Inc. ( (AFBI) ) has released its Q4 earnings. Here is a breakdown of the information Affinity Bancshares, Inc. presented to its investors.
Affinity Bancshares, Inc. is a financial holding company based in Covington, Georgia, operating primarily through its banking subsidiary, Affinity Bank, which provides full-service banking solutions. The company serves the Atlanta and Covington, Georgia areas and has been in operation since 1928.
Affinity Bancshares, Inc. reported a net income of $5.4 million for the year ending December 31, 2024, a decrease from the $6.4 million reported the previous year. For the fourth quarter of 2024, the company recorded a net income of $1.3 million, down from $1.5 million in the same quarter of 2023. This decline is attributed to increased noninterest expenses related to a terminated merger, though partially offset by higher net interest income.
The company saw a rise in net interest income for the year, reaching $28.7 million compared to $27.2 million in 2023, thanks to higher income from loans and investment securities. The net interest margin also improved to 3.54% for the year. However, noninterest income dropped due to a loss on securities sales, and noninterest expenses rose significantly, driven by merger-related professional fees and higher salaries.
Affinity Bancshares, Inc. has grown its total assets to $866.8 million, primarily due to a $54.2 million increase in gross loans. The company has also improved its asset quality with a decrease in non-performing loans and a higher allowance for credit losses as a percentage of these loans.
Looking forward, Affinity Bancshares, Inc. remains focused on enhancing its financial performance and managing its asset quality effectively. The company continues to evaluate its borrowing needs to maintain bank liquidity and supports its growth through increased lending activities in commercial and consumer sectors.