10-Q
Quarterly Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
61 line items · 2 periods
XBRL
| Item | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 6,388,000 | 6,030,000 |
Interest-earning deposits in other depository institutions | 55,007,000 | 43,995,000 |
Cash and cash equivalents | 61,395,000 | 50,025,000 |
Investment securities available-for-sale | 48,239,000 | 48,561,000 |
U.S. Treasury Strip Bonds | 4,459,000 | 4,498,000 |
U.S. Government Sponsored Enterprises | 8,645,000 | 8,630,000 |
Debt Securities excluding Mortgage Backed Securities | 32,897,000 | — |
Level 2 - Estimated Fair Value | 48,239,000 | 48,561,000 |
Level 2 - Fair Value, Measurements, Recurring | 48,200,000 | 48,600,000 |
Government Agency Mortgage-Backed Securities | 15,342,000 | 15,948,000 |
Level 2 - Carrying Amount | 48,239,000 | 48,561,000 |
Municipal Securities - Taxable | 2,129,000 | 2,135,000 |
Collateral Pledged | 4,000,000 | 4,200,000 |
Corporate Securities | 17,228,000 | 16,908,000 |
Municipal Securities - Tax Exempt | 436,000 | 442,000 |
Investment securities held-to-maturity (estimated fair value of $33,873, net of allowance for credit losses of $45 at March 31, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023) | 34,230,000 | 34,206,000 |
Other investments | 5,480,000 | 5,434,000 |
Loans | 674,498,000 | 659,876,000 |
Less allowance for credit losses | 8,595,000 | 8,921,000 |
Commercial and Industrial | 1,736,000 | 1,806,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,404,000 | 1,397,000 |
Consumer Installment | 1,512,000 | 1,534,000 |
Residential Mortgage | 1,002,000 | 1,038,000 |
Construction, Land and Acquisition & Development | 1,079,000 | 927,000 |
Unallocated | 570,000 | 921,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 1,292,000 | 1,298,000 |
Unfunded Commmitments | 531,000 | 531,000 |
Net loans | 665,903,000 | 650,955,000 |
Other real estate owned | 2,850,000 | 2,850,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 2,850,000 | 2,850,000 |
Fair Value, Measurements, Nonrecurring | 2,850,000 | 2,850,000 |
Premises and equipment, net | 3,691,000 | 3,797,000 |
Bank owned life insurance | 16,184,000 | 16,086,000 |
Intangible assets | 18,318,000 | 18,366,000 |
Other assets | 13,257,000 | 12,978,000 |
Total assets | 869,547,000 | 843,258,000 |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Non-interest-bearing checking | 164,568,000 | 154,689,000 |
Interest-bearing checking | 86,734,000 | 85,362,000 |
Money market accounts | 144,689,000 | 138,673,000 |
Savings accounts | 74,282,000 | 74,768,000 |
Certificates of deposit | 217,171,000 | 220,951,000 |
Total deposits | 687,444,000 | 674,443,000 |
Federal Home Loan Bank advances and other borrowings | 51,837,000 | 40,000,000 |
Accrued interest payable and other liabilities | 6,966,000 | 7,299,000 |
Total liabilities | 746,247,000 | 721,742,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at March 31, 2024 and December 31, 2023) | 64,000 | 64,000 |
Additional paid in capital | 61,409,000 | 61,026,000 |
Unearned ESOP shares | 4,535,000 | 4,587,000 |
Retained earnings | 72,680,000 | 71,345,000 |
Accumulated other comprehensive loss | (6,318,000) | (6,332,000) |
Total stockholders' equity | 123,300,000 | 121,516,000 |
Retained Earnings | 72,680,000 | 71,345,000 |
Additional Paid In Capital | 61,409,000 | 61,026,000 |
Unearned ESOP Shares | (4,535,000) | (4,587,000) |
Accumulated Other Comprehensive Income (Loss) | (6,318,000) | (6,332,000) |
Common Stock | 64,000 | 64,000 |
Total liabilities and stockholders' equity | 869,547,000 | 843,258,000 |