10-Q
Quarterly Report
Affinity Bancshares, Inc.
AFBI
NASDAQ
CIK: 1823406
File #: 001-39914
Balance Sheet
108 line items · 2 periods
XBRL
| Item | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|
Assets | ||
Cash and due from banks | 6,205,000 | 7,092,000 |
Interest-earning deposits in other depository institutions | 68,499,000 | 34,333,000 |
Cash and cash equivalents | 74,704,000 | 41,425,000 |
Investment securities available-for-sale | 40,979,000 | 36,502,000 |
Level 2 - Carrying Amount | 40,979,000 | 36,502,000 |
Government Agency Mortgage-Backed Securities | 16,329,000 | 12,344,000 |
Level 2 - Estimated Fair Value | 40,979,000 | 36,502,000 |
Municipal Securities - Tax Exempt | 430,000 | 433,000 |
Collateral Pledged | 6,100,000 | 9,600,000 |
Municipal Securities - Taxable | 1,707,000 | 1,671,000 |
Corporate Securities | 9,117,000 | 9,006,000 |
U.S. Treasury Strip Bonds | 4,680,000 | 4,567,000 |
U.S. Government Sponsored Enterprises | 8,716,000 | 8,481,000 |
Level 2 - Fair Value, Measurements, Recurring | 41,000,000 | 36,500,000 |
Debt Securities excluding Mortgage Backed Securities | 24,650,000 | — |
Investment securities held-to-maturity (estimated fair value of $27,505 net of allowance for credit losses of $45 at March 31, 2025 and estimated fair value of $27,286 net of allowance for credit losses of $45 at December 31, 2024) | 27,338,000 | 27,299,000 |
Other investments | 6,202,000 | 6,175,000 |
Loans | 720,980,000 | 714,115,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Special Mention | 531,000 | 534,000 |
Consumer Installment - Special Mention | 169,000 | 218,000 |
Residential Mortgage 1-4 Family | 52,327,000 | 54,142,000 |
Commercial and Industrial - 30 -59 Days Past Due | — | 1,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 166,606,000 | 166,662,000 |
Total Past Due | 1,550,000 | 2,507,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current Period Gross Write-offs | — | 164,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Current | 166,461,000 | 166,510,000 |
Residential Mortgage - Special Mention | 210,000 | 212,000 |
Current | 714,986,000 | 706,831,000 |
Special Mention | 1,202,000 | 1,265,000 |
Construction, Land and Acquisition & Development - Current | 71,608,000 | 67,605,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 157,550,000 | 156,923,000 |
Residential Mortgage - Substandard | 2,491,000 | 2,572,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Special Mention | 292,000 | 301,000 |
Commercial (Secured by Real Estate - Owner Occupied) - 60- 89 Days Past Due | — | 320,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Current | 155,709,000 | 154,237,000 |
Consumer Installment - Substandard | 225,000 | 300,000 |
Commercial and Industrial - Total Past Due | — | 1,000 |
Substandard | 4,744,000 | 5,063,000 |
Consumer Installment | 123,864,000 | 120,616,000 |
Consumer Installment - Pass | 123,470,000 | 120,098,000 |
Residential Mortgage - Total Past Due | 1,310,000 | 1,214,000 |
Commercial and Industrial | 149,009,000 | 148,150,000 |
Pass | 715,034,000 | 707,787,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Total Past Due | — | 690,000 |
Consumer Installment - 60- 89 Days Past Due | 20,000 | 76,000 |
Construction, Land and Acquisition & Development - Pass | 71,608,000 | 67,605,000 |
Residential Mortgage - Current | 48,800,000 | 50,615,000 |
Commercial and Industrial - Pass | 149,009,000 | 148,150,000 |
Current Period Gross Charge Offs | 106,000 | 741,000 |
Consumer Installment - Total Past Due | 240,000 | 602,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Pass | 165,904,000 | 165,950,000 |
Residential Mortgage - Pass | 49,626,000 | 51,358,000 |
Consumer Installment - Current Period Gross Write-offs | 106,000 | 527,000 |
Construction, Land and Acquisition & Development - Substandard | 16,000 | 17,000 |
Commercial and Industrial - Current | 149,009,000 | 148,149,000 |
Commercial (Secured by Real Estate - Owner Occupied) - 30 -59 Days Past Due | — | 370,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Pass | 155,417,000 | 154,626,000 |
Consumer Installment - Current | 123,399,000 | 119,715,000 |
Consumer Installment - 30 -59 Days Past Due | 220,000 | 526,000 |
Construction, Land and Acquisition & Development | 71,624,000 | 67,622,000 |
Residential Mortgage - 60- 89 Days Past Due | — | 97,000 |
Commercial (Secured by Real Estate - Owner Occupied) - Substandard | 1,841,000 | 1,996,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) - Substandard | 171,000 | 178,000 |
Residential Mortgage | 52,327,000 | 54,142,000 |
30 -59 Days Past Due | 1,530,000 | 2,014,000 |
Residential Mortgage - 30 -59 Days Past Due | 1,310,000 | 1,117,000 |
60- 89 Days Past Due | 20,000 | 493,000 |
Residential Mortgage - Current Period Gross Write-offs | — | 50,000 |
Less allowance for credit losses | 8,457,000 | 8,496,000 |
Commercial and Industrial | 1,775,000 | 1,753,000 |
Commercial (Secured by Real Estate - Non-owner Occupied) | 967,000 | 1,115,000 |
Commercial (Secured by Real Estate - Owner Occupied) | 1,075,000 | 1,082,000 |
Residential Mortgage | 1,154,000 | 1,227,000 |
Unfunded Commmitments | 744,000 | 744,000 |
Construction, Land and Acquisition & Development | 1,250,000 | 1,134,000 |
Consumer Installment | 1,691,000 | 1,632,000 |
Unallocated | 545,000 | 553,000 |
Net loans | 712,523,000 | 705,619,000 |
Premises and equipment, net | 3,177,000 | 3,261,000 |
Bank owned life insurance | 16,587,000 | 16,487,000 |
Intangible assets | 18,127,000 | 18,175,000 |
Other assets | 12,859,000 | 11,874,000 |
Total assets | 912,496,000 | 866,817,000 |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Non-interest-bearing checking | 153,630,000 | 151,395,000 |
Interest-bearing checking | 84,106,000 | 73,841,000 |
Money market accounts | 164,442,000 | 148,752,000 |
Savings accounts | 81,411,000 | 76,053,000 |
Certificates of deposit | 246,703,000 | 223,440,000 |
Total deposits | 730,292,000 | 673,481,000 |
Federal Home Loan Bank advances and other borrowings | 54,000,000 | 58,815,000 |
Accrued interest payable and other liabilities | 5,925,000 | 5,406,000 |
Total liabilities | 790,217,000 | 737,702,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,350,640 issued and outstanding at March 31, 2025 and 6,409,598 issued and outstanding at December 31, 2024) | 64,000 | 64,000 |
Additional paid in capital | 61,781,000 | 62,355,000 |
Unearned ESOP shares | 4,088,000 | 4,378,000 |
Retained earnings | 69,600,000 | 76,786,000 |
Accumulated other comprehensive loss | (5,078,000) | (5,712,000) |
Total stockholders' equity | 122,279,000 | 129,115,000 |
Retained Earnings | 69,600,000 | 76,786,000 |
Common Stock | 64,000 | 64,000 |
Unearned ESOP Shares | (4,088,000) | (4,378,000) |
Additional Paid In Capital | 61,781,000 | 62,355,000 |
Accumulated Other Comprehensive Income (Loss) | (5,078,000) | (5,712,000) |
Total liabilities and stockholders' equity | 912,496,000 | 866,817,000 |