Financial Performance - Net income for the three months ended September 30, 2024, was $1.7 million, a slight increase from $1.6 million for the same period in 2023[2] - Net income for the three months ended September 30, 2024, was $1,730 thousand, compared to $1,623 thousand in the same period of 2023, showing an increase of 6.6%[15] - Basic earnings per share for the three months ended September 30, 2024, were $0.27, up from $0.25 in the same period of 2023, reflecting an increase of 8.0%[15] Interest Income and Margin - Net interest income rose to $7.4 million for the three months ended September 30, 2024, compared to $6.9 million for the same period in 2023, driven by increased interest income on loans[3] - Total interest income for the three months ended September 30, 2024, was $12,302 thousand, an increase from $11,024 thousand in the same period of 2023, representing a growth of 11.6%[15] - Net interest income after provision for credit losses was $7,414 thousand for the three months ended September 30, 2024, compared to $6,901 thousand in the same period of 2023, reflecting an increase of 7.4%[15] - Net interest margin improved to 3.52% for the three months ended September 30, 2024, up from 3.36% in the same period last year[3] - The net interest rate spread for the three months ended September 30, 2024, was 2.54%, compared to 2.49% in the same period of 2023, indicating an improvement[15] Asset and Loan Growth - Total assets increased by $35.3 million to $878.6 million at September 30, 2024, from $843.3 million at December 31, 2023, due to loan growth[5] - Total assets as of September 30, 2024, were $878,561 thousand, up from $843,258 thousand at the end of 2023, indicating a growth of 4.2%[12] - Total gross loans increased by $37.7 million to $697.6 million at September 30, 2024, from $659.9 million at December 31, 2023[5] Expenses and Liabilities - Non-interest expense rose by $298,000 to $5.7 million for the three months ended September 30, 2024, primarily due to professional fees related to a proposed merger[3] - Total liabilities increased to $750,185 thousand as of September 30, 2024, compared to $721,742 thousand at the end of 2023, marking a rise of 3.9%[13] Credit Quality - Non-performing loans decreased to $4.9 million at September 30, 2024, down from $7.4 million at December 31, 2023[6] - The allowance for credit losses as a percentage of non-performing loans was 172.4% at September 30, 2024, compared to 120.1% at December 31, 2023[6] Equity and Book Value - Total stockholders' equity increased to $128,376 thousand as of September 30, 2024, from $121,516 thousand at the end of 2023, representing a growth of 5.5%[14] - The company's book value per common share (GAAP) rose to $20.02 in Q3 2024, compared to $18.50 in Q3 2023, marking an increase of 8.2%[16] - Tangible book value per common share increased to $17.18 as of September 30, 2024, up from $15.63 a year earlier, reflecting a growth of 9.9%[16] - The tangible book value per common share has shown consistent growth over the past five quarters, increasing from $15.63 in Q3 2023 to $17.18 in Q3 2024[16] Ratios - Equity to assets ratio (GAAP) improved to 14.61% in Q3 2024, compared to 13.85% in Q3 2023, indicating a year-over-year increase of 0.76 percentage points[16] - Tangible equity to tangible assets ratio reached 12.80% as of September 30, 2024, up from 11.95% a year prior, representing a growth of 0.85 percentage points[16] - The effect of goodwill and other intangibles on equity to assets ratio was (1.81%) for Q3 2024, slightly down from (1.90%) in Q3 2023[16] - The equity to assets ratio (GAAP) for June 30, 2024, was reported at 14.32%, indicating a steady upward trend from previous quarters[16] - The tangible equity to tangible assets ratio has improved from 12.49% in June 30, 2024, to 12.80% in September 30, 2024, showcasing a positive trajectory[16] - The company reported a consistent decrease in the effect of goodwill and other intangibles on tangible equity, from (2.87) in September 2023 to (2.84) in September 2024[16] - The tangible book value per common share has increased by approximately 3.24% from June 30, 2024, to September 30, 2024[16]
Affinity Bancshares(AFBI) - 2024 Q3 - Quarterly Results