10-Q
Quarterly Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
58 line items · 2 periods
XBRL
| Item | Sep 30, 2023 | Dec 31, 2022 |
|---|---|---|
Assets | ||
Cash and due from banks | 5,441,000 | 2,928,000 |
Interest-earning deposits in other depository institutions | 56,062,000 | 23,396,000 |
Cash and cash equivalents | 61,503,000 | 26,324,000 |
Investment securities available-for-sale | 48,012,000 | 46,200,000 |
Carrying Amount | 48,012,000 | 46,200,000 |
Debt Securities Excluding Mortgage Backed Securities | 32,534,000 | — |
Collateral Pledged | 4,100,000 | 4,700,000 |
Corporate Securities | 16,780,000 | 12,571,000 |
Level 2 - Fair Value, Measurements, Recurring | 48,000,000 | 46,200,000 |
U.S. Government Sponsored Enterprises | 8,065,000 | 8,338,000 |
U.S. Treasury Strip Bonds | 5,291,000 | 5,308,000 |
Municipal Securities - Tax Exempt | 392,000 | 437,000 |
Estimated Fair Value | 48,012,000 | 46,200,000 |
Municipal Securities - Taxable | 2,006,000 | 2,044,000 |
Government Agency Mortgage-Backed Securities | 15,478,000 | 17,502,000 |
Investment securities held-to-maturity (estimated fair value of $32,925, net of allowance for credit losses of $42 at September 30, 2023 and estimated fair value of $26,251 at December 31, 2022) | 34,183,000 | 26,527,000 |
Other investments | 4,885,000 | 1,082,000 |
Loans | 661,016,000 | 646,234,000 |
Less allowance for credit losses | 9,211,000 | 9,325,000 |
Consumer Installment | 2,290,000 | 1,675,000 |
Construction, Land and Acquisition & Development | 1,034,000 | 487,000 |
Unallocated | 718,000 | 44,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,411,000 | 2,403,000 |
Residential Mortgage | 1,577,000 | 345,000 |
Commercial and Industrial | 921,000 | 2,292,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 1,260,000 | 2,079,000 |
Net loans | 651,805,000 | 636,909,000 |
Other real estate owned | 2,901,000 | 2,901,000 |
Premises and equipment, net | 3,872,000 | 4,257,000 |
Bank owned life insurance | 15,991,000 | 15,724,000 |
Intangible assets | 18,414,000 | 18,558,000 |
Other assets | 13,865,000 | 12,801,000 |
Total assets | 855,431,000 | 791,283,000 |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Non-interest-bearing checking | 170,654,000 | 190,297,000 |
Interest-bearing checking | 92,177,000 | 91,167,000 |
Money market accounts | 144,439,000 | 148,097,000 |
Savings accounts | 79,446,000 | 101,622,000 |
Certificates of deposit | 222,329,000 | 125,989,000 |
Total deposits | 709,045,000 | 657,172,000 |
Federal Home Loan Bank advances and other borrowings | 20,000,000 | 10,025,000 |
Accrued interest payable and other liabilities | 7,910,000 | 6,983,000 |
Total liabilities | 736,955,000 | 674,180,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,404,961 issued and outstanding at September 30, 2023 and 6,605,384 issued and outstanding at December 31, 2022) | 64,000 | 66,000 |
Additional paid in capital | 60,978,000 | 63,130,000 |
Unearned ESOP shares | 4,639,000 | 4,795,000 |
Retained earnings | 69,832,000 | 65,357,000 |
Accumulated other comprehensive loss | (7,759,000) | (6,655,000) |
Total stockholders' equity | 118,476,000 | 117,103,000 |
Retained Earnings | 69,832,000 | 65,357,000 |
Additional Paid In Capital | 60,978,000 | 63,130,000 |
Accumulated Other Comprehensive Income (Loss) | (7,759,000) | (6,655,000) |
Unearned ESOP Shares | (4,639,000) | (4,795,000) |
Common Stock | 64,000 | 66,000 |
Total liabilities and stockholders' equity | 855,431,000 | 791,283,000 |