Affinity Bancshares(AFBI) - 2025 Q4 - Annual Results

Financial Performance - Net income for the three months ended December 31, 2025, was $2.1 million, an increase of 61.4% compared to $1.3 million for the same period in 2024[2] - Operating income for the year ended December 31, 2025, was $9.2 million, up from $6.8 million in 2024, reflecting a 35.3% increase[6] - Net interest income for the year ended December 31, 2025, was $31.1 million, compared to $29.2 million in 2024, marking a 6.5% increase[6] - Net income for the three months ended December 31, 2025, was $2,132,000, representing a 58.5% increase from $1,345,000 in the same period of 2024[19] - Basic earnings per share for the year ended December 31, 2025, increased to $1.33, up from $0.85 in 2024, marking a growth of 56.5%[19] - Operating net income for the three months ended December 31, 2025, was $2,510,000, compared to $1,738,000 in the same period of 2024, an increase of 44.4%[21] - Adjusted diluted earnings per share for the year ended December 31, 2025, was $1.43, an increase from $1.03 in 2024, reflecting a growth of 38.8%[21] Asset and Liability Management - Total assets increased by $14.9 million to $881.7 million at December 31, 2025, from $866.8 million at December 31, 2024[9] - Total gross loans rose by $28.6 million to $742.7 million at December 31, 2025, from $714.1 million at December 31, 2024[9] - Cash and cash equivalents increased by $12.5 million to $53.9 million at December 31, 2025, from $41.4 million at December 31, 2024[9] - Deposits increased by $21.5 million to $695.0 million at December 31, 2025, compared to $673.5 million at December 31, 2024[9] - Total assets as of December 31, 2025, reached $915,797 thousand, a rise from $877,654 thousand in 2024, indicating a growth of 4.5%[14] - Total liabilities increased to $789,313 thousand as of December 31, 2025, compared to $748,435 thousand in 2024, reflecting a growth of 5.4%[14] Credit Quality - Non-performing loans decreased to $3.6 million at December 31, 2025, down from $4.8 million at December 31, 2024[12] - The allowance for credit losses as a percentage of non-performing loans was 251.9% at December 31, 2025, compared to 177.9% at December 31, 2024[12] - The allowance for credit loss on loans increased to $8,994 thousand as of December 31, 2025, from $8,496 thousand in 2024, reflecting a rise of 5.9%[17] Interest Income and Expenses - Total interest income for the three months ended December 31, 2025, was $13,161,000, an increase of 7.6% from $12,227,000 in the same period of 2024[19] - Net interest income after provision for credit losses for the year ended December 31, 2025, was $31,012,000, up 8.0% from $28,728,000 in 2024[19] - Interest-bearing deposits totaled $582,951 thousand for the three months ended December 31, 2025, compared to $523,532 thousand in the same period of 2024, marking an increase of 11.3%[14] - The average yield on loans for the year ended December 31, 2025, was 6.16%, up from 6.01% in 2024, indicating a year-over-year increase of 2.5%[15] - Total noninterest expenses decreased to $5,444,000 for the three months ended December 31, 2025, compared to $5,768,000 in the same period of 2024, reflecting a reduction of 5.6%[19] Equity and Valuation - Equity decreased by $2.1 million to $127.0 million at December 31, 2025, from $129.1 million at December 31, 2024[9] - Total stockholders' equity decreased slightly to $126,484 thousand as of December 31, 2025, from $129,219 thousand in 2024, a decline of 2.1%[14] - Tangible book value per common share as of December 31, 2025, was $17.89, up from $17.30 in 2024, indicating a growth of 3.4%[21] - Equity to assets ratio (GAAP) as of December 31, 2025, was 14.41%, compared to 14.90% in 2024, showing a decrease of 3.3%[21]