Financial Performance - Net income for the year ended December 31, 2024, was 6.4 million in 2023[2] - Operating income for the year ended December 31, 2024, increased to 6.4 million in 2023[4] - Net interest income for the year ended December 31, 2024, was 27.2 million in 2023, reflecting an increase in interest income on loans[7] - Net interest income rose 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 27,240,000 in 2023, reflecting a growth of 5.5%[19] - Net income for Q4 2024 was 1,514,000 in Q4 2023[19] - Basic earnings per share for Q4 2024 was 0.24 in Q4 2023, reflecting a decline of 12.5%[19] - Operating net income for Q4 2024 was 1,514,000 in Q4 2023, indicating an increase of 14.9%[21] - Adjusted diluted earnings per share for Q4 2024 was 0.23 in Q4 2023, an increase of 13%[21] Asset and Liability Management - Total assets increased by 866.8 million at December 31, 2024, from 872,350 thousand in 2024, compared to 746,606 thousand in 2024 from 8.6 million to 50.0 million at December 31, 2023[7] - Deposits decreased by 673.5 million at December 31, 2024, with a net decrease in demand deposits[7] Loan Performance - Total gross loans rose by 714.1 million at December 31, 2024, driven by steady demand in various loan categories[7] - Loans outstanding increased to 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 7.4 million at December 31, 2023[11] Expense Management - Non-interest expense increased by 23.8 million for the year ended December 31, 2024, primarily due to merger-related professional fees[7] - Total noninterest expenses increased 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 118,801 thousand in 2023, reflecting a growth of 5.43%[13] - Tangible book value per common share increased to 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]
Affinity Bancshares(AFBI) - 2024 Q4 - Annual Results