10-K
Annual Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
118 line items · 2 periods
XBRL
| Item | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 7,092,000 | 6,025,000 |
Interest-earning deposits in other depository institutions | 34,333,000 | 44,001,000 |
Cash and cash equivalents | 41,425,000 | 50,026,000 |
Investment securities available-for-sale | 36,502,000 | 48,561,000 |
Corporate Securities | 9,006,000 | 16,908,000 |
U.S. Treasury Securities | 4,567,000 | 4,498,000 |
Collateral Pledged | 9,600,000 | 4,200,000 |
Municipal Securities - Tax Exempt | 433,000 | 442,000 |
Level 2 - Carrying Amount | 36,502,000 | 48,561,000 |
Level 2 - Estimated Fair Value | 36,502,000 | 48,561,000 |
U.S. Government Sponsored Agencies | 8,481,000 | 8,630,000 |
Level 2 - Fair Value, Measurements, Recurring | 36,500,000 | 48,600,000 |
Municipal Securities - Taxable | 1,671,000 | 2,135,000 |
Government Agency Mortgage-Backed Securities | 12,344,000 | 15,948,000 |
Debt Securities excluding Mortgage-Backed Securities | 24,158,000 | — |
Investment securities held-to-maturity (estimated fair value of $27,286, net of allowance for credit losses of $45 at December 31, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023) | 27,299,000 | 34,206,000 |
Other investments | 6,175,000 | 5,434,000 |
Loans | 714,115,000 | 659,876,000 |
Residential Mortgage - 60- 89 Days Past Due | 97,000 | — |
60- 89 Days Past Due | 493,000 | — |
Residential Mortgage - 30 -59 Days Past Due | 1,117,000 | 2,534,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current Period Gross Write-offs | 164,000 | 204,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Special Mention | 534,000 | 4,079,000 |
Construction, Land and Acquisition & Development | 67,622,000 | 47,685,000 |
Commercial (Secured by Real Estate - Owner Occupied) - 30 -59 Days Past Due | 370,000 | — |
Construction, Land and Acquisition & Development - Current | 67,605,000 | 47,685,000 |
Commercial and Industrial - Current | 148,149,000 | 140,407,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Special Mention | 301,000 | 332,000 |
Consumer Installment - Substandard | 300,000 | 396,000 |
Total Past Due | 2,507,000 | 2,780,000 |
Construction, Land and Acquisition & Development - Pass | 67,605,000 | 47,664,000 |
Residential Mortgage - Current | 50,615,000 | 48,612,000 |
Consumer Installment - Pass | 120,098,000 | 114,533,000 |
30 -59 Days Past Due | 2,014,000 | 2,780,000 |
Pass | 707,787,000 | 647,081,000 |
Commercial (Secured by Real Estate - Owner Occupied) - 60- 89 Days Past Due | 320,000 | — |
Consumer Installment - 30 -59 Days Past Due | 526,000 | 246,000 |
Residential Mortgage - Current Period Gross Write-offs | 50,000 | — |
Commercial (Secured by Real Estate - Owner Occupied) - Substandard | 1,996,000 | — |
Commercial (Secured by Real Estate - Owner Occupied) | 156,923,000 | 157,691,000 |
Consumer Installment - Current | 119,715,000 | 114,680,000 |
Dental Practice Loans | 185,400,000 | 176,100,000 |
Consumer Installment - 60- 89 Days Past Due | 76,000 | — |
Residential Mortgage - Special Mention | 212,000 | 222,000 |
Residential Mortgage - Substandard | 2,572,000 | 2,796,000 |
Residential Mortgage - Total Past Due | 1,214,000 | 2,534,000 |
Commercial and Industrial - Total Past Due | 1,000 | — |
Consumer Installment - Total Past Due | 602,000 | 246,000 |
Residential Mortgage - Pass | 51,358,000 | 50,632,000 |
Construction, Land and Acquisition & Development - Substandard | 17,000 | 21,000 |
Residential Mortgage 1-4 Family | 54,142,000 | 53,650,000 |
Commercial and Industrial - 30 -59 Days Past Due | 1,000 | — |
Commercial and Industrial | 148,150,000 | 140,407,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Substandard | 178,000 | 4,535,000 |
Current Period Gross Write-offs | 741,000 | 514,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current | 166,510,000 | 140,595,000 |
Current | 706,831,000 | 649,670,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Pass | 154,626,000 | 157,359,000 |
Commercial and Industrial - Pass | 148,150,000 | 140,407,000 |
Consumer Installment - Special Mention | 218,000 | 414,000 |
Consumer Installment | 120,616,000 | 115,343,000 |
Substandard | 5,063,000 | 7,748,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Pass | 165,950,000 | 136,486,000 |
Consumer Installment - Current Period Gross Write-offs | 527,000 | 307,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Current | 154,237,000 | 157,691,000 |
Residential Mortgage | 54,142,000 | 53,650,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 166,662,000 | 145,100,000 |
Special Mention | 1,265,000 | 5,047,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Total Past Due | 690,000 | — |
Commercial and Industrial - Current Period Gross Write-offs | — | 3,000 |
Less allowance for credit losses | 8,496,000 | 8,921,000 |
Commercial and Industrial | 1,753,000 | 1,806,000 |
Residential Mortgage | 1,227,000 | 1,038,000 |
Construction, Land and Acquisition & Development | 1,134,000 | 927,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,082,000 | 1,397,000 |
Unfunded Commmitments | 744,000 | 531,000 |
Unallocated | 553,000 | 921,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 1,115,000 | 1,298,000 |
Consumer Installment | 1,632,000 | 1,534,000 |
Net loans | 705,619,000 | 650,955,000 |
Other real estate owned | — | 2,850,000 |
Fair Value, Measurements, Nonrecurring | — | 2,850,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | — | 2,850,000 |
Premises and equipment, net | 3,261,000 | 3,797,000 |
Bank owned life insurance | 16,487,000 | 16,086,000 |
Intangible assets | 18,175,000 | 18,366,000 |
Other assets | 11,874,000 | 12,978,000 |
Parent | 1,983,000 | 1,482,000 |
Total assets | 866,817,000 | 843,259,000 |
Parent | 129,300,000 | 121,624,000 |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Noninterest-bearing checking | 151,395,000 | 154,689,000 |
Interest-bearing checking | 73,841,000 | 85,362,000 |
Money market accounts | 148,752,000 | 138,673,000 |
Savings accounts | 76,053,000 | 74,768,000 |
Certificates of deposit | 223,440,000 | 220,951,000 |
Total deposits | 673,481,000 | 674,443,000 |
Federal Home Loan Bank advances and other borrowings | 58,815,000 | 40,000,000 |
Accrued interest payable and other liabilities | 5,406,000 | 7,299,000 |
Total liabilities | 737,702,000 | 721,742,000 |
Parent | 185,000 | 108,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,409,598 issued and outstanding at December 31, 2024 and 6,416,628 issued and outstanding at December 31, 2023) | 64,000 | 64,000 |
Additional paid in capital | 62,355,000 | 61,026,000 |
Unearned ESOP shares | 4,378,000 | 4,587,000 |
Retained earnings | 76,786,000 | 71,345,000 |
Accumulated other comprehensive loss | (5,712,000) | (6,332,000) |
Total stockholders' equity | 129,115,000 | 121,516,000 |
Common Stock | 64,000 | 64,000 |
Parent | 129,115,000 | 121,516,000 |
Additional Paid In Capital | 62,355,000 | 61,026,000 |
Retained Earnings | 76,786,000 | 71,345,000 |
Accumulated Other Comprehensive Income (Loss) | (5,712,000) | (6,332,000) |
Unearned ESOP Shares | (4,378,000) | (4,587,000) |
Total liabilities and stockholders' equity | 866,817,000 | 843,258,000 |
Parent | 129,300,000 | 121,624,000 |