Affinity Bancshares(US:AFBI)2025-10-24 20:30Financial Performance - Net income for the three months ended September 30, 2025, was $2.2 million, an increase of 29.4% compared to $1.7 million for the same period in 2024[2] - Operating income for the three months ended September 30, 2025, was $2.4 million, up from $1.9 million in the same period of 2024, reflecting a 26.3% increase[6] - The company reported a net income of $6,201,000 for the nine months ended September 30, 2025, compared to $4,096,000 for the same period in 2024, representing a significant increase of 51.31%[20] - Basic earnings per share for the nine months ended September 30, 2025, were $0.98, up from $0.64 in the same period of 2024, reflecting a growth of 53.13%[20] - Operating net income for the year ended September 30, 2025, reached $6,702 million, compared to $5,020 million for the previous year, reflecting a 33.5% increase[22] Asset and Deposit Growth - Total assets increased by $58.4 million to $925.2 million at September 30, 2025, compared to $866.8 million at December 31, 2024[10] - Deposits increased by $65.9 million to $739.4 million at September 30, 2025, compared to $673.5 million at December 31, 2024[10] - Total assets as of September 30, 2025, reached $925,221,000, an increase from $866,817,000 as of December 31, 2024, indicating a growth of 6.73%[18] - Total deposits increased to $739,376,000 as of September 30, 2025, from $673,481,000 as of December 31, 2024, marking a growth of 9.79%[18] Loan and Interest Income - Net interest income for the three months ended September 30, 2025, was $7.8 million, an increase from $7.4 million in the same period of 2024[10] - Total gross loans increased by $15.4 million to $729.5 million at September 30, 2025, from $714.1 million at December 31, 2024[10] - For the nine months ended September 30, 2025, total interest income increased to $37,848,000, up from $35,746,000 in the same period of 2024, representing a growth of 5.87%[20] - Net interest income before provision for credit losses for the nine months ended September 30, 2025, was $22,885,000, compared to $21,732,000 for the same period in 2024, reflecting an increase of 5.30%[20] Non-Interest Expense and Margins - Non-interest expense decreased by $275,000 to $5.4 million for the three months ended September 30, 2025, compared to the same period in 2024[10] - The net interest margin for the three months ended September 30, 2025, decreased to 3.49% from 3.52% in the same period of 2024[10] - The net interest margin for the nine months ended September 30, 2025, was 3.53%, slightly down from 3.54% in the same period of 2024[20] - The company’s net interest rate spread improved to 2.68% for the nine months ended September 30, 2025, compared to 2.59% for the same period in 2024[20] Credit Quality - Non-performing loans increased to $5.1 million at September 30, 2025, from $4.8 million at December 31, 2024[9] - The allowance for credit losses as a percentage of non-performing loans was 168.4% at September 30, 2025, down from 177.9% at December 31, 2024[13] Equity and Shareholder Information - The total stockholders' equity as of September 30, 2025, was $125,405,000, a decrease from $129,115,000 as of December 31, 2024, indicating a decline of 2.20%[18] - Tangible book value per common share as of September 30, 2025, was $17.34, compared to $17.18 a year earlier, indicating a 0.93% increase[22] - Equity to assets (GAAP) ratio for the three months ended September 30, 2025, was 13.55%, slightly down from 14.90% in the same quarter last year[22] - Tangible equity to tangible assets ratio for the three months ended September 30, 2025, was 11.83%, down from 13.08% a year ago[22] - Weighted average diluted shares outstanding decreased to 6,427,697 for the three months ended September 30, 2025, from 6,620,602 in the same period last year[22] Expenses and Taxation - Merger-related expenses for the year ended September 30, 2025, totaled $1,185 million, compared to $196 million in the previous year[22] - Income tax expense for the three months ended September 30, 2025, was $(48) million, compared to $(111) million in the same quarter last year[22] - ESOP compensation expense related to dividend for the year ended September 30, 2025, was $641 million, with no expenses recorded in the previous year[22] Adjusted Earnings - Adjusted diluted earnings per share for the three months ended September 30, 2025, was $0.37, up from $0.26 in the same quarter last year, marking a 42.3% increase[22]