Financial Performance - Net income decreased by $1.0 million, or 15.6%, to $5.4 million for the year ended December 31, 2024, compared to $6.4 million for the year ended December 31, 2023, attributed to higher deposit costs and noninterest expenses [190]. - Net income decreased by $1.0 million, or 15.6%, to $5.4 million for the year ended December 31, 2024, compared to $6.4 million for 2023 [210]. - Noninterest income decreased by $451,000, or 18.3%, to $2.0 million for the year ended December 31, 2024, from $2.5 million for 2023 [221]. - Income tax expense decreased to $1.5 million for the year ended December 31, 2024, compared to $1.9 million for the year ended December 31, 2023, due to decreased income before income taxes [224]. Asset and Liability Management - Total assets increased by $23.6 million, or 2.8%, to $866.8 million at December 31, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in net loans of $54.7 million, or 8.4% [189]. - Total deposits decreased by $962,000, or 0.1%, to $673.5 million at December 31, 2024, with increases in certificates of deposit and money market accounts offset by decreases in non-interest-bearing checking accounts [202]. - Cash and cash equivalents decreased by $8.6 million, or 17.2%, to $41.4 million at December 31, 2024, due to loan funding at year end [199]. - Securities held-to-maturity decreased to $27.3 million at December 31, 2024, from $34.2 million at December 31, 2023, as securities were called throughout the year [201]. - The loan-to-deposit ratio at December 31, 2024, was 106.0%, compared to 97.8% at December 31, 2023, indicating a higher reliance on loans relative to deposits [202]. Income and Expense Analysis - Interest income increased by $5.3 million, or 12.3%, to $48.0 million for the year ended December 31, 2024, driven by a $5.9 million increase in interest income on loans [190]. - Interest income increased by $5.3 million, or 12.3%, to $48.0 million for the year ended December 31, 2024, from $42.7 million for 2023 [211]. - Interest expense increased by $3.3 million, or 21.3%, to $18.8 million for the year ended December 31, 2024, reflecting increases across all interest expense categories [190]. - Interest expense increased by $3.3 million, or 21.3%, to $18.8 million for the year ended December 31, 2024, compared to $15.5 million for 2023 [214]. - Net interest income before provision for credit losses increased by $2.0 million, or 7.2%, to $29.2 million for the year ended December 31, 2024, from $27.2 million for 2023 [217]. - Net interest margin improved to 3.54% for the year ended December 31, 2024, compared to 3.35% for 2023 [217]. - Non-interest expenses increased by $2.4 million, or 11.5%, to $23.8 million for the year ended December 31, 2024, from $21.3 million for the year ended December 31, 2023 [223]. Credit and Provisions - Provisions for credit losses recorded were $438,000 for the year ended December 31, 2024, compared to a recovery of $42,000 for 2023 [219]. - Allowance for credit losses to total loans was 1.19% at December 31, 2024, compared to 1.35% at December 31, 2023 [219]. Capital and Liquidity - Stockholders' equity increased by $7.6 million, or 6.3%, to $129.1 million at December 31, 2024, from $121.5 million at December 31, 2023 [204]. - The liquidity ratio was maintained at 12.0% or greater, with compliance confirmed at December 31, 2024 [233]. - The company is categorized as well capitalized and exceeded all regulatory capital requirements as of December 31, 2024 [238]. Future Projections and Commitments - Net interest income is projected to decrease by 6.87% to $29.6 million with a 400 basis point increase in interest rates [230]. - As of December 31, 2024, the company had outstanding commitments to originate loans of $91.2 million [239]. Other Information - The company had a $40.0 million line of credit with the Federal Home Loan Bank of Atlanta, with $54.0 million in borrowings as of December 31, 2024 [233]. - The company does not engage in hedging activities, such as futures or options [227]. - A special cash dividend of $1.50 per share was declared on February 27, 2025, to be paid on March 27, 2025 [243].

Financial Performance - Net income for the year ended December 31, 2024, was $5.4 million, a decrease of 15.6% from $6.4 million in 2023[2] - Operating income for the year ended December 31, 2024, increased to $6.8 million from $6.4 million in 2023[4] - Net interest income for the year ended December 31, 2024, was $28.7 million, up from $27.2 million in 2023, reflecting an increase in interest income on loans[7] - Net interest income rose to $29,166 thousand in 2024, compared to $27,198 thousand in 2023, marking an increase of 7.24%[13] - Net interest income after provision for credit losses for the year ended December 31, 2024, was $28,728,000, up from $27,240,000 in 2023, reflecting a growth of 5.5%[19] - Net income for Q4 2024 was $1,345,000, down 11.2% from $1,514,000 in Q4 2023[19] - Basic earnings per share for Q4 2024 was $0.21, a decrease from $0.24 in Q4 2023, reflecting a decline of 12.5%[19] - Operating net income for Q4 2024 was $1,738,000, compared to $1,514,000 in Q4 2023, indicating an increase of 14.9%[21] - Adjusted diluted earnings per share for Q4 2024 was $0.26, compared to $0.23 in Q4 2023, an increase of 13%[21] Asset and Liability Management - Total assets increased by $23.6 million to $866.8 million at December 31, 2024, from $843.3 million at December 31, 2023[7] - Total assets grew to $872,350 thousand in 2024, compared to $863,253 thousand in 2023, an increase of 1.27%[13] - Total liabilities increased to $746,606 thousand in 2024 from $744,452 thousand in 2023, a slight increase of 0.15%[13] - Cash and cash equivalents decreased by $8.6 million to $41.4 million at December 31, 2024, from $50.0 million at December 31, 2023[7] - Deposits decreased by $1.0 million to $673.5 million at December 31, 2024, with a net decrease in demand deposits[7] Loan Performance - Total gross loans rose by $54.2 million to $714.1 million at December 31, 2024, driven by steady demand in various loan categories[7] - Loans outstanding increased to $687,487 thousand in 2024 from $660,045 thousand in 2023, representing a growth of 4.23%[13] - The average yield on loans was 6.01% in 2024, up from 5.37% in 2023, showing improved loan pricing[13] - Non-performing loans decreased to $4.8 million at December 31, 2024, from $7.4 million at December 31, 2023[11] Expense Management - Non-interest expense increased by $2.4 million to $23.8 million for the year ended December 31, 2024, primarily due to merger-related professional fees[7] - Total noninterest expenses increased to $5,768,000 in Q4 2024, compared to $5,432,000 in Q4 2023, representing a rise of 6.2%[19] Profitability Metrics - Net interest margin improved to 3.54% in 2024, up from 3.35% in 2023, indicating enhanced profitability on interest-earning assets[13] - The net interest rate spread improved to 2.59% in 2024, compared to 2.50% in 2023, indicating better management of interest-earning assets and liabilities[13] - The allowance for credit losses as a percentage of non-performing loans was 177.9% at December 31, 2024, compared to 120.1% at December 31, 2023[11] Equity and Book Value - Total stockholders' equity rose to $125,744 thousand in 2024, up from $118,801 thousand in 2023, reflecting a growth of 5.43%[13] - Tangible book value per common share increased to $17.30 in Q4 2024 from $16.08 in Q4 2023, a growth of 7.6%[21] - Equity to assets ratio (GAAP) was 14.90% in Q4 2024, up from 14.41% in Q4 2023[21]

Financial Performance - Net income for the three months ended September 30, 2024, was $1.7 million, an increase from $1.6 million for the same period in 2023 [82]. - Net income for the nine months ended September 30, 2024, was $4.1 million, down from $4.9 million for the same period in 2023, a decrease of 16.3% [98]. - Interest income increased by $4.1 million, or 13.1%, to $35.7 million for the nine months ended September 30, 2024, due to higher income from loans and investment securities [99]. - Net interest income increased by $1.2 million, or 6.1%, to $21.7 million for the nine months ended September 30, 2024, with a net interest margin of 3.54% [106]. - Net interest income increased by $513,000, or 7.4%, to $7.4 million for the three months ended September 30, 2024 [88]. Asset and Loan Growth - Total assets increased by $35.3 million, or 4.2%, to $878.6 million at September 30, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in loans [70]. - Gross loans increased by $37.7 million, or 5.7%, to $697.6 million at September 30, 2024, with construction loans rising by $16.0 million, or 33.6% [70]. - Average balance of loans increased by $38.4 million, or 5.8%, to $698.9 million for the three months ended September 30, 2024 [83]. - Commitments to originate loans outstanding as of September 30, 2024, totaled $80.9 million [132]. Deposits and Funding - Total deposits increased by $9.3 million, or 1.4%, to $683.8 million at September 30, 2024, driven by increases in demand deposits and money market accounts [71]. - Demand deposits increased by $9.2 million, or 3.9%, reflecting cyclical demands from business customers [71]. - The loan-to-deposit ratio at September 30, 2024, was 102.0%, compared to 97.8% at December 31, 2023 [71]. - The company had a $218.6 million line of credit with the Federal Home Loan Bank of Atlanta, with $54.0 million in advances outstanding [123]. Interest Income and Expense - Interest income rose by $1.3 million, or 11.6%, to $12.3 million for the three months ended September 30, 2024, primarily driven by a $1.5 million increase in loan income [83]. - Interest expense increased by $2.9 million to $14.0 million for the nine months ended September 30, 2024, primarily due to additional borrowings [102]. - Interest expense increased by $765,000 to $4.9 million for the three months ended September 30, 2024, due to higher average balances of interest-bearing liabilities [85]. - Interest expense on money market accounts increased by $251,000 to $1.2 million for the three months ended September 30, 2024 [86]. Credit Quality - Provisions for credit losses are established to absorb known and inherent losses in the loan portfolio [90]. - No provision for credit losses was recorded for the three months ended September 30, 2024, with an allowance for credit losses of $8.4 million, down from $9.2 million at September 30, 2023, representing a decrease of 8.7% [93]. - Net charge-offs for the three months ended September 30, 2024, were $63,000, compared to $41,000 for the same period in 2023, indicating an increase of 53.7% [93]. - The allowance for credit losses to total loans was 1.20% at September 30, 2024, compared to 1.35% at December 31, 2023 [107]. Non-Interest Income and Expenses - Non-interest income decreased by $64,000, or 10.2%, to $566,000 for the three months ended September 30, 2024, primarily due to a decline in merchant services volume [95]. - Total non-interest expenses increased by $298,000, or 5.5%, to $5.7 million for the three months ended September 30, 2024, driven by an increase in salaries and employee benefits [96]. Capital and Liquidity - Stockholders' equity rose by $6.9 million, or 5.7%, to $128.4 million at September 30, 2024, primarily due to net income of $4.1 million during the first nine months of 2024 [73]. - As of September 30, 2024, the Bank's Common Equity Tier 1 capital ratio was 12.82%, exceeding the regulatory requirement of 4.50% [130]. - The total capital ratio as of September 30, 2024, was 13.97%, above the required minimum of 8.00% [130]. - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments [126]. Tax and Cash Flow - The effective tax rate for the nine months ended September 30, 2024, was 23.9%, compared to 23.6% for the same period in 2023 [110]. - For the nine months ended September 30, 2024, net cash provided by operating activities was $5.9 million, compared to $6.1 million for the same period in 2023 [125]. - Net cash used in investing activities was $31.8 million for the nine months ended September 30, 2024, compared to $29.7 million for the same period in 2023 [125]. - Net cash provided by financing activities was $28.1 million for the nine months ended September 30, 2024, which included net proceeds from borrowing of $18.8 million from the Federal Reserve Bank [125]. Interest Rate Sensitivity - As of September 30, 2024, a 200 basis point increase in interest rates would result in a 0.15% increase in net interest income, while a decrease of the same magnitude would lead to a 4.20% decrease [119].

Affinity Bancshares, Inc. Announces Third Quarter 2024 Financial Results 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 September 30, 2024, as compared to $1.6 million for the three months ended September 30, 2023. At or for the three months ended, | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------|-------- ...

Financial Performance - Net income for the three months ended June 30, 2024, was $1.0 million, a decrease from $1.6 million for the same period in 2023, primarily due to increased interest and noninterest expenses [118]. - Net income decreased to $2.4 million for the six months ended June 30, 2024, down from $3.3 million for the same period in 2023 [135]. - Interest income increased by $2.9 million, or 13.9%, to $23.4 million for the six months ended June 30, 2024, compared to $20.6 million for the same period in 2023 [136]. - Net interest income increased by $727,000, or 5.3%, to $14.3 million for the six months ended June 30, 2024, compared to $13.6 million for the same period in 2023 [143]. Asset and Loan Growth - Total assets increased by $30.3 million, or 3.6%, to $873.6 million at June 30, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in loans [106]. - Gross loans increased by $32.7 million, or 5.0%, to $692.6 million at June 30, 2024, with construction loans rising by $14.7 million, or 30.7% [107]. - The average balance of loans increased by $16.0 million, or 2.4%, to $681.9 million for the three months ended June 30, 2024, reflecting steady loan demand [119]. Deposits and Funding - Total deposits increased by $15.3 million, or 2.3%, to $689.7 million at June 30, 2024, driven by increases in demand deposits and money market accounts [109]. - Demand deposits increased by $9.9 million, or 4.1%, reflecting business customers' cyclical demands at year-end [109]. - The company had $40.0 million of FHLB advances and $11.8 million in other borrowings at June 30, 2024 [110]. Interest Income and Expense - Interest income increased by $1.4 million, or 12.5%, to $12.2 million for the three months ended June 30, 2024, driven by a $1.8 million increase in loan income, which rose 20.1% to $10.5 million [119]. - Interest expense increased by $484,000 to $4.7 million for the three months ended June 30, 2024, due to higher average balances of interest-bearing liabilities and increased rates [121]. - Interest expense increased by $2.1 million to $9.1 million for the six months ended June 30, 2024, compared to $7.0 million for the same period in 2023 [139]. Non-Interest Income and Expenses - Non-interest income increased by $28,000, or 4.1%, to $706,000 for the three months ended June 30, 2024, from $678,000 at December 31, 2023 [131]. - Total non-interest expenses rose by $1,435,000, or 27.2%, to $6,719,000 for the three months ended June 30, 2024, compared to $5,284,000 for the same period in 2023 [133]. Credit Quality - The allowance for credit losses was $8.5 million at June 30, 2024, down from $8.9 million at December 31, 2023, with the allowance to total loans ratio at 1.22% [129]. - Net charge-offs were $134,000 for the three months ended June 30, 2024, compared to net loan recoveries of $18,000 for the same period in 2023 [129]. - Provisions for credit losses were recorded at $213,000 for the six months ended June 30, 2024, compared to $7,000 for the same period in 2023 [145]. Capital and Liquidity - The company exceeded all regulatory capital requirements as of June 30, 2024, with a Common Equity Tier 1 ratio of 12.47% [164]. - Total capital to risk-weighted assets was 13.64% as of June 30, 2024, compared to 13.65% as of December 31, 2023 [165]. - As of June 30, 2024, the company had a liquidity position with a $217.4 million line of credit from the Federal Home Loan Bank of Atlanta, with $40.0 million in advances outstanding [159]. Operational Activities - Net cash provided by operating activities was $1.8 million for the six months ended June 30, 2024, a decrease from $4.3 million for the same period in 2023 [161]. - Net cash used in investing activities was $28.6 million for the six months ended June 30, 2024, compared to $28.9 million for the same period in 2023 [161]. - Net cash provided by financing activities was $27.1 million for the six months ended June 30, 2024, a significant decrease from $81.2 million for the same period in 2023 [161]. Management and Governance - The company anticipates retaining a significant portion of maturing time deposits based on current pricing strategy [162]. - The company’s management concluded that the disclosure controls and procedures were effective as of June 30, 2024 [168].

Financial Performance - Net income for the three months ended June 30, 2024, was $1.0 million, a decrease from $1.6 million for the same period in 2023[1][3] - Net income for the three months ended June 30, 2024, was $1,031 thousand, down from $1,590 thousand in the same period of 2023, indicating a decrease of 35.1%[16] - Basic earnings per share for the three months ended June 30, 2024, was $0.16, down from $0.25 in the same period of 2023, a decrease of 36%[16] Interest Income and Margin - Net interest income increased to $7.6 million for the three months ended June 30, 2024, compared to $6.7 million for the same period in 2023[4] - Total interest income for the three months ended June 30, 2024, was $12,222 thousand, an increase from $10,863 thousand in the same period of 2023, representing a growth of 12.5%[16] - Net interest income before provision for credit losses was $7,568 thousand for the three months ended June 30, 2024, compared to $6,693 thousand in the same period of 2023, reflecting an increase of 13.1%[16] - Net interest margin improved to 3.71% for the three months ended June 30, 2024, up from 3.17% for the same period in 2023[4] - The net interest margin for the three months ended June 30, 2024, was 3.71%, up from 3.17% in the same period of 2023, reflecting an improvement of 54%[16] Assets and Loans - Total assets rose by $29.3 million to $872.6 million at June 30, 2024, from $843.3 million at December 31, 2023[6] - Total assets increased to $872,558 thousand as of June 30, 2024, from $843,258 thousand at the end of 2023, marking a growth of 3.5%[15] - Total gross loans increased by $32.7 million to $692.6 million at June 30, 2024, driven by strong demand in construction and commercial non-owner occupied properties[6] - The average outstanding balance of loans increased to $681,903 thousand for the three months ended June 30, 2024, compared to $665,921 thousand in the same period of 2023, a rise of 2.9%[16] Expenses and Provisions - Non-interest expense increased by $1.4 million to $6.7 million for the three months ended June 30, 2024, primarily due to professional fees related to a merger[4] - The provision for credit losses was $213 thousand for the three months ended June 30, 2024, compared to $7 thousand in the same period of 2023, indicating a significant increase in provisions[16] Deposits and Borrowings - Deposits grew by $15.3 million to $689.7 million at June 30, 2024, with a notable increase in demand deposits[6] - The company is evaluating borrowing needs related to enhancing bank liquidity, with borrowings increasing by $11.8 million to $51.8 million at June 30, 2024[6] Non-Performing Loans and Credit Losses - Non-performing loans decreased to $3.0 million at June 30, 2024, down from $7.4 million at December 31, 2023[7] - The allowance for credit losses as a percentage of non-performing loans was 282.0% at June 30, 2024, compared to 120.1% at December 31, 2023[7] Equity and Book Value - Total stockholders' equity rose to $125,065 thousand as of June 30, 2024, compared to $121,516 thousand at the end of 2023, an increase of 3.5%[15] - Book value per common share (GAAP) increased to $19.49 as of June 30, 2024, up from $19.21 in March 2024[18] - Tangible book value per common share rose to $16.64 as of June 30, 2024, compared to $16.36 in March 2024[18] - Tangible equity to tangible assets ratio improved to 12.50% as of June 30, 2024, from 12.33% in March 2024[19] - Tangible equity to tangible assets ratio has shown a steady increase from 11.59% in June 2023 to 12.50% in June 2024[19] - The effect of goodwill and other intangibles on book value remained consistent at approximately (2.85) across recent quarters[18]

Group 1 - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide Affinity shareholders with $22.50 per share, subject to potential tax payment adjustments [1] - The firm has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, highlighting its successful track record in recovering money for shareholders [1][2] - Monteverde & Associates PC operates from the Empire State Building in New York City and has a national presence in class action securities litigation [2] Group 2 - The proposed merger between Affinity Bancshares and APCU is significant as it involves an aggregate payment that aims to ensure sufficient cash for shareholder payouts [1] - The firm encourages shareholders to seek information and assistance regarding their rights and potential claims related to the merger [2]

Core Viewpoint - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide cash to Affinity shareholders at a rate of $22.50 per share, potentially increasing based on tax payments [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Group 2: Merger Details - The merger agreement between Affinity Bancshares and Atlanta Postal Credit Union includes an aggregate payment estimated to ensure Affinity shareholders receive $22.50 per share [1]. - The payment amount is subject to potential increases based on levels of tax payments [1].

NEW YORK, May 31, 2024 (GLOBE NEWSWIRE) -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers. Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies. Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process: Apartment Income REIT Corp. (NYSE:AIRC) cli ...

Financial Position - Total assets increased by $26.3 million, or 3.1%, to $869.5 million at March 31, 2024, from $843.3 million at December 31, 2023[105] - Cash and cash equivalents rose by $11.4 million, or 22.7%, to $61.4 million at March 31, 2024, primarily due to increased deposits and Federal Reserve borrowings[106] - Gross loans increased by $14.6 million, or 2.2%, to $674.5 million at March 31, 2024, with construction loans up by $7.6 million, or 16.0%[107] - Total deposits increased by $13.0 million, or 1.9%, to $687.4 million at March 31, 2024, driven by demand deposits and money market accounts[109] - Stockholders' equity increased by $1.8 million, or 1.5%, to $123.3 million at March 31, 2024, primarily due to net income of $1.3 million[111] Income and Expenses - Net income for the three months ended March 31, 2024, was $1.3 million, a decrease from $1.7 million for the same period in 2023[118] - Interest income increased by $1.5 million, or 15.3%, to $11.2 million for the three months ended March 31, 2024, compared to $9.7 million for the same period in 2023[119] - Interest income on loans rose by $1.2 million, or 14.6%, to $9.5 million, with an average yield increase of 59 basis points to 5.75%[119] - Interest expense increased by $1.6 million to $4.5 million for the three months ended March 31, 2024, compared to $2.8 million for the same period in 2023[122] - Net interest income decreased by $149,000, or 2.2%, to $6.7 million for the three months ended March 31, 2024, with a net interest margin decrease to 3.38%[125] - Non-interest income increased by $32,000, or 5.8%, to $584,000 for the three months ended March 31, 2024, from $552,000[132] - Total non-interest expenses increased by $376,000, or 7.2%, to $5.57 million for the three months ended March 31, 2024[134] - Income tax expense decreased to $428,000 for the three months ended March 31, 2024, compared to $527,000 for the same period in 2023[135] Loan and Credit Management - The loan-to-deposit ratio at March 31, 2024, was 98.1%, compared to 97.8% at December 31, 2023[109] - Provisions for credit losses recorded no charge for the three months ended March 31, 2024, compared to a provision of $7,000 for the same period in 2023[130] - The company recorded net charge-offs of $326,000 for the three months ended March 31, 2024, compared to net loan charge-offs of $91,000 for the same period in 2023[130] - The company had outstanding commitments to originate loans of $75.5 million as of March 31, 2024[154] Cash Flow - Net cash provided by operating activities was $1.2 million for Q1 2024, down from $2.0 million in Q1 2023, representing a decrease of 40%[148] - Net cash used in investing activities was $14.7 million for Q1 2024, compared to $29.2 million in Q1 2023, indicating a reduction of 49%[148] - Net cash provided by financing activities was $24.8 million for Q1 2024, significantly lower than $137.8 million in Q1 2023, a decrease of approximately 82%[148] Capital Adequacy - As of March 31, 2024, the Common Equity Tier 1 capital ratio was 12.50%, exceeding the well-capitalized requirement of 4.50%[151] - Total capital to risk-weighted assets ratio was 13.68% as of March 31, 2024, above the minimum requirement of 8.00%[151] Funding and Borrowing - The company had a $219.2 million line of credit with the Federal Home Loan Bank of Atlanta, with $40.0 million in advances outstanding as of March 31, 2024[146] - The company borrowed $11.8 million through the Federal Reserve Bank Term Funding Program during the first quarter of 2024[110] - Management anticipates sufficient funds to meet current funding commitments based on deposit retention experience[149] Operational Controls - The company has maintained effective disclosure controls and procedures as of March 31, 2024[156]