Welcome to our dedicated page for Affinity Bancshares news (Ticker: AFBI), a resource for investors and traders seeking the latest updates and insights on Affinity Bancshares stock.
Affinity Bancshares Inc (AFBI) combines modern banking technology with community-focused service through its subsidiary Affinity Bank. This news hub provides investors and stakeholders with essential updates about the company's financial performance, strategic initiatives, and market position.
Access comprehensive coverage of AFBI's material developments including quarterly earnings announcements, leadership changes, regulatory filings, and product innovations. Our curated collection ensures you stay informed about commercial lending activities, deposit service enhancements, and strategic investments in mortgage-backed securities.
Key updates include corporate governance decisions, expansion of digital banking capabilities, and community development initiatives. All content is sourced from official company communications and regulatory disclosures to maintain accuracy and compliance.
Bookmark this page for convenient access to AFBI's latest press releases and financial updates. Check back regularly for authoritative information supporting informed decision-making about this technology-integrated community banking institution.
Affinity Bancshares (NASDAQ: AFBI) has announced a new stock repurchase program authorized by its Board of Directors. The program allows the company to repurchase up to 320,480 shares of its common stock, representing approximately 5% of current outstanding shares.
The repurchases can be executed through open market transactions, private dealings, and block trades, with implementation possible through Rule 10b5-1 trading plans. Management will conduct purchases at their discretion, considering factors such as stock price attractiveness, market conditions, trading prices, alternative capital uses, and financial performance.
The company operates through its banking subsidiary, Affinity Bank, established in 1928, with two full-service offices in Covington, one in Atlanta, and a loan production office serving Alpharetta and Cumming, Georgia markets.
Affinity Bancshares (Nasdaq: AFBI) has announced a special cash dividend of $1.50 per share, payable on March 27, 2025, to stockholders of record as of March 13, 2025. The announcement follows what management describes as a solid net income performance for the year ended December 31, 2024, despite expenses incurred from a terminated transaction with Atlanta Postal Credit Union.
The company, headquartered in Covington, Georgia, operates through its banking subsidiary Affinity Bank, which was established in 1928. The bank currently maintains two full-service offices in Covington, one in Atlanta, and a loan production office serving the Alpharetta and Cumming markets.
Affinity Bancshares (NASDAQ:AFBI) reported net income of $5.4 million for 2024, down from $6.4 million in 2023. Fourth quarter 2024 net income was $1.3 million, compared to $1.5 million in Q4 2023. The decrease was primarily due to increased noninterest expenses related to a terminated merger.
Key financial metrics include: Total assets increased to $866.8 million (up $23.6 million YoY); Total gross loans grew by $54.2 million to $714.1 million; Net interest margin improved to 3.54% from 3.35% in 2023. The bank's efficiency ratio increased to 76.20% from 71.86% year-over-year.
Asset quality showed improvement with non-performing loans decreasing to $4.8 million from $7.4 million in 2023. The allowance for credit losses as a percentage of non-performing loans strengthened to 177.9% from 120.1% year-over-year.
APCU/Center Parc Credit Union and Affinity Bancshares, Inc. (NASDAQ: AFBI) have mutually agreed to terminate their previously announced purchase agreement, under which APCU would have acquired Affinity Bank, National Association. The termination follows APCU's discussions with regulatory agencies, after which APCU decided to withdraw its application with the Georgia Department of Banking and Finance regarding the proposed transaction. The boards of directors of all parties have agreed to this termination, effective immediately.
Affinity Bancshares, Inc. (NASDAQ:AFBI) reported net income of $1.0 million for Q2 2024, down from $1.6 million in Q2 2023. The decrease was primarily due to increased noninterest expenses, partially offset by higher net interest income. Key financial highlights include:
- Net interest income increased to $7.6 million, up from $6.7 million in Q2 2023
- Net interest margin improved to 3.71% from 3.17% year-over-year
- Total assets grew to $872.6 million, up $29.3 million from December 31, 2023
- Gross loans increased by $32.7 million to $692.6 million
- Deposits rose by $15.3 million to $689.7 million
The company's asset quality improved, with non-performing loans decreasing to $3.0 million from $7.4 million at the end of 2023. The allowance for credit losses as a percentage of non-performing loans increased to 282.0%.
Atlanta Postal Credit Union (APCU) and its subsidiary, Center Parc Credit Union, have announced an all-cash acquisition of Affinity Bank, a wholly-owned subsidiary of Affinity Bancshares (NASDAQ: AFBI). The transaction, approved unanimously by both boards, will involve APCU acquiring substantially all assets and liabilities of Affinity Bank. Expected to close in Q4 2024 or Q1 2025, the deal is subject to regulatory and shareholder approvals. Post-acquisition, Affinity Bank's customers will become APCU members, benefiting from a range of financial services. The deal will also see Affinity Bank liquidated and its assets distributed to shareholders at approximately $22.50 per share. APCU aims to expand its market reach and expertise through this acquisition.
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