10-K
Annual Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
67 line items · 2 periods
XBRL
| Item | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|
Assets | ||
Cash and due from banks | 6,030,000 | 2,928,000 |
Interest-earning deposits in other depository institutions | 43,995,000 | 23,396,000 |
Cash and cash equivalents | 50,025,000 | 26,324,000 |
Investment securities available-for-sale | 48,561,000 | 46,200,000 |
Level 2 - Carrying Amount | 48,561,000 | 46,200,000 |
Government Agency Mortgage-Backed Securities | 15,948,000 | 17,502,000 |
U.S. Government Sponsored Agencies | 8,630,000 | 8,338,000 |
Municipal Securities - Tax Exempt | 442,000 | 437,000 |
Corporate Securities | 16,908,000 | 12,571,000 |
Level 2 - Estimated Fair Value | 48,561,000 | 46,200,000 |
Municipal Securities - Taxable | 2,135,000 | 2,044,000 |
U.S. Treasury Securities | 4,498,000 | 5,308,000 |
Collateral Pledged | 4,200,000 | 4,700,000 |
Level 2 - Fair Value, Measurements, Recurring | 48,600,000 | 46,200,000 |
Debt Securities excluding Mortgage-Backed Securities | 32,613,000 | — |
Investment securities held-to-maturity (estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023 and estimated fair value of $26,251 at December 31, 2022) | 34,206,000 | 26,527,000 |
Other investments | 5,434,000 | 1,082,000 |
Loans | 659,876,000 | 646,234,000 |
Residential Mortgage - Greater than 90 Days Past Due | — | 249,000 |
Dental Practice Loans | 176,100,000 | 185,100,000 |
Less allowance for credit losses | 8,921,000 | 9,325,000 |
Construction, Land and Acquisition & Development | 927,000 | 487,000 |
Commercial and Industrial | 1,806,000 | 2,292,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,397,000 | 2,403,000 |
Residential Mortgage | 1,038,000 | 345,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 1,298,000 | 2,079,000 |
Consumer Installment | 1,534,000 | 1,675,000 |
Unallocated | 921,000 | 44,000 |
Total loans, net | 650,955,000 | 636,909,000 |
Other real estate owned | 2,850,000 | 2,901,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 2,850,000 | 2,901,000 |
Fair Value, Measurements, Nonrecurring | 2,850,000 | 2,901,000 |
Premises and equipment, net | 3,797,000 | 4,257,000 |
Bank owned life insurance | 16,086,000 | 15,724,000 |
Intangible assets | 18,366,000 | 18,558,000 |
Other assets | 12,978,000 | 12,801,000 |
Parent | 1,482,000 | 1,374,000 |
Total assets | 843,258,000 | 791,283,000 |
Parent | 121,624,000 | 117,213,000 |
Liabilities and Stockholders' Equity | ||
Liabilities : | ||
Noninterest-bearing checking | 154,689,000 | 190,297,000 |
Interest-bearing checking | 85,362,000 | 91,167,000 |
Money market accounts | 138,673,000 | 148,097,000 |
Savings accounts | 74,768,000 | 101,622,000 |
Certificate of deposit | 220,951,000 | 125,989,000 |
Total deposits | 674,443,000 | 657,172,000 |
Federal Home Loan Bank advances and other borrowings | 40,000,000 | 10,025,000 |
Accrued interest payable and other liabilities | 7,299,000 | 6,983,000 |
Total liabilities | 721,742,000 | 674,180,000 |
Parent | 108,000 | 110,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at December 31, 2023 and 6,605,384 issued and outstanding at December 31, 2022) | 64,000 | 66,000 |
Additional paid in capital | 61,026,000 | 63,130,000 |
Unearned ESOP shares | 4,587,000 | 4,795,000 |
Retained earnings | 71,345,000 | 65,357,000 |
Accumulated other comprehensive loss | (6,332,000) | (6,655,000) |
Total stockholders' equity | 121,516,000 | 117,103,000 |
Additional Paid In Capital | 61,026,000 | 63,130,000 |
Unearned ESOP Shares | (4,587,000) | (4,795,000) |
Parent | 121,516,000 | 117,103,000 |
Common Stock | 64,000 | 66,000 |
Accumulated Other Comprehensive Income (Loss) | (6,332,000) | (6,655,000) |
Retained Earnings | 71,345,000 | 65,357,000 |
Total liabilities and stockholders' equity | 843,258,000 | 791,283,000 |
Parent | 121,624,000 | 117,213,000 |