Affinity Bancshares Inc (AFBI, Financial) announced its third-quarter financial results for 2023 on October 26, 2023. The company reported a net income of $1.6 million for the quarter ended September 30, 2023, compared to $1.9 million for the same period in 2022.
Financial Performance
The company's net income for the nine months ended September 30, 2023, was $4.9 million, compared to $5.4 million for the same period in 2022. This decrease was attributed to an increase in deposit interest expense and recognition of the remaining fair value mark on the acquired Federal Home Loan Bank advances that was recognized upon payoff during the first quarter of 2022, partially offset by an increase in interest income.
Income Statement Highlights
Net interest income for the quarter was $6.9 million, compared to $7.5 million for the same period in 2022. The decrease was due to an increase in deposit costs partially offset by an increase in interest income. Noninterest income increased $37,000 to $630,000 for the quarter and remained stable at $1.8 million for the nine months ended September 30, 2023, and 2022.
Balance Sheet and Cash Flow Statement Highlights
Total assets increased to $855.4 million at the end of Q3 2023, up from $791.3 million at the end of 2022. Total gross loans increased to $661.0 million at the end of Q3 2023, up from $646.2 million at the end of 2022. Cash and cash equivalents increased to $61.5 million at the end of Q3 2023, up from $26.3 million at the end of 2022.
Asset Quality
Non-performing loans increased to $7.6 million at the end of Q3 2023, up from $6.7 million at the end of 2022. The allowance for credit losses as a percentage of non-performing loans was 120.6% at the end of Q3 2023, compared to 138.8% at the end of 2022.
About Affinity Bancshares Inc (AFBI, Financial)
Affinity Bancshares Inc (AFBI) is a Maryland corporation based in Covington, Georgia. The company's banking subsidiary, Affinity Bank, 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.
Explore the complete 8-K earnings release (here) from Affinity Bancshares Inc for further details.
