10-Q
Quarterly Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
106 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 5,316,000 | 6,030,000 |
Interest-earning deposits in other depository institutions | 46,983,000 | 43,995,000 |
Cash and cash equivalents | 52,299,000 | 50,025,000 |
Investment securities available-for-sale | 48,400,000 | 48,561,000 |
U.S. Government Sponsored Enterprises | 9,199,000 | 8,630,000 |
Collateral Pledged | 3,500,000 | 4,200,000 |
Level 2 - Estimated Fair Value | 48,400,000 | 48,561,000 |
Corporate Securities | 16,772,000 | 16,908,000 |
Municipal Securities - Tax Exempt | 454,000 | 442,000 |
Government Agency Mortgage-Backed Securities | 15,034,000 | 15,948,000 |
U.S. Treasury Strip Bonds | 4,698,000 | 4,498,000 |
Municipal Securities - Taxable | 2,243,000 | 2,135,000 |
Level 2 - Carrying Amount | 48,400,000 | 48,561,000 |
Level 2 - Fair Value, Measurements, Recurring | 48,400,000 | 48,600,000 |
Debt Securities excluding Mortgage Backed Securities | 33,366,000 | — |
Investment securities held-to-maturity (estimated fair value of $32,571, net of allowance for credit losses of $45 at September 30, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023) | 32,273,000 | 34,206,000 |
Other investments | 6,167,000 | 5,434,000 |
Loans | 697,572,000 | 659,876,000 |
Total Past Due | 479,000 | 2,780,000 |
Commercial and Industrial - Current | 146,863,000 | 140,407,000 |
Residential Mortgage - Special Mention | 216,000 | 222,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current | 158,092,000 | 140,595,000 |
Consumer Installment - 30 -59 Days Past Due | 424,000 | 246,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Special Mention | 309,000 | 332,000 |
Current | 692,222,000 | 649,670,000 |
Consumer Installment - Substandard | 253,000 | 396,000 |
Consumer Installment | 117,869,000 | 115,343,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Pass | 154,055,000 | 136,486,000 |
Consumer Installment - Pass | 117,464,000 | 114,533,000 |
Construction, Land and Acquisition & Development - Current | 63,699,000 | 47,685,000 |
Consumer Installment - Current | 117,193,000 | 114,680,000 |
Construction, Land and Acquisition & Development - Substandard | 18,000 | 21,000 |
Residential Mortgage - Total Past Due | 55,000 | 2,534,000 |
Construction, Land and Acquisition & Development - Pass | 63,699,000 | 47,664,000 |
Substandard | 5,183,000 | 7,748,000 |
Residential Mortgage | 52,684,000 | 53,650,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Pass | 155,874,000 | 157,359,000 |
Residential Mortgage 1-4 Family | 52,684,000 | 53,650,000 |
Residential Mortgage - Substandard | 2,721,000 | 2,796,000 |
Residential Mortgage - Current | 50,192,000 | 48,612,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Substandard | 185,000 | 4,535,000 |
Commercial and Industrial - Pass | 146,863,000 | 140,407,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Current | 156,183,000 | 157,691,000 |
Construction, Land and Acquisition & Development | 63,717,000 | 47,685,000 |
Commercial and Industrial | 146,863,000 | 140,407,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current Period Gross Charge Offs | 165,000 | 204,000 |
Consumer Installment - Special Mention | 152,000 | 414,000 |
Consumer Installment - Total Past Due | 424,000 | 246,000 |
Pass | 687,702,000 | 647,081,000 |
Commercial and Industrial - Current Period Gross Charge Offs | — | 3,000 |
Consumer Installment - Current Period Gross Charge Offs | 372,000 | 307,000 |
Residential Mortgage - Pass | 49,747,000 | 50,632,000 |
Residential Mortgage - 30 -59 Days Past Due | 55,000 | 2,534,000 |
30 -59 Days Past Due | 479,000 | 2,780,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Special Mention | 4,010,000 | 4,079,000 |
Current Period Gross Charge Offs | 587,000 | 514,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 158,250,000 | 145,100,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 158,189,000 | 157,691,000 |
Special Mention | 4,687,000 | 5,047,000 |
Construction, Land and Acquisition & Development - Total Past Due | 0 | — |
Commercial (Secured by Real Estate - Owner Occupied) - Substandard | 2,006,000 | — |
Residential Mortgage - Current Period Gross Charge Offs | 50,000 | — |
Construction, Land and Acquisition & Development - 30 -59 Days Past Due | 0 | — |
Less allowance for credit losses | 8,398,000 | 8,921,000 |
Consumer Installment | 1,580,000 | 1,534,000 |
Commercial and Industrial | 1,731,000 | 1,806,000 |
Construction, Land and Acquisition & Development | 1,215,000 | 927,000 |
Unallocated | 120,000 | 921,000 |
Residential Mortgage | 1,068,000 | 1,038,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 1,371,000 | 1,298,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,313,000 | 1,397,000 |
Unfunded Commmitments | 744,000 | 531,000 |
Net loans | 689,174,000 | 650,955,000 |
Other real estate owned | 0 | 2,850,000 |
Fair Value, Measurements, Nonrecurring | — | 2,850,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | — | 2,850,000 |
Premises and equipment, net | 3,469,000 | 3,797,000 |
Bank owned life insurance | 16,385,000 | 16,086,000 |
Intangible assets | 18,223,000 | 18,366,000 |
Other assets | 12,171,000 | 12,978,000 |
Total assets | 878,561,000 | 843,258,000 |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Non-interest-bearing checking | 161,361,000 | 154,689,000 |
Interest-bearing checking | 87,947,000 | 85,362,000 |
Money market accounts | 151,232,000 | 138,673,000 |
Savings accounts | 69,426,000 | 74,768,000 |
Certificates of deposit | 213,804,000 | 220,951,000 |
Total deposits | 683,770,000 | 674,443,000 |
Federal Home Loan Bank advances and other borrowings | 58,815,000 | 40,000,000 |
Accrued interest payable and other liabilities | 7,600,000 | 7,299,000 |
Total liabilities | 750,185,000 | 721,742,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,412,430 issued and outstanding at September 30, 2024 and 6,416,628 issued and outstanding at December 31, 2023) | 64,000 | 64,000 |
Additional paid in capital | 62,049,000 | 61,026,000 |
Unearned ESOP shares | 4,430,000 | 4,587,000 |
Retained earnings | 75,441,000 | 71,345,000 |
Accumulated other comprehensive loss | (4,748,000) | (6,332,000) |
Total stockholders' equity | 128,376,000 | 121,516,000 |
Common Stock | 64,000 | 64,000 |
Accumulated Other Comprehensive Income (Loss) | (4,748,000) | (6,332,000) |
Retained Earnings | 75,441,000 | 71,345,000 |
Additional Paid In Capital | 62,049,000 | 61,026,000 |
Unearned ESOP Shares | (4,430,000) | (4,587,000) |
Total liabilities and stockholders' equity | 878,561,000 | 843,258,000 |