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. (NASDAQ: AFBI) is the holding company for Affinity Bank, a federally chartered stock savings bank based in Covington, Georgia. The company regularly issues detailed news releases on its financial performance, capital actions and corporate developments, providing investors and depositors with insight into its commercial banking operations.
News coverage for AFBI frequently centers on quarterly and annual financial results. The company reports metrics such as net income, net interest income, net interest margin, efficiency ratio, return on average assets, return on average equity, loan growth, deposit trends and asset quality indicators. These releases often include discussions of changes in noninterest income and noninterest expense, including the impact of merger-related expenses and other operating costs.
Another recurring theme in Affinity Bancshares news is capital management. The company has announced stock repurchase programs authorizing the repurchase of a percentage of its outstanding common shares, with repurchases permitted in open market or private transactions, including block trades and transactions under Rule 10b5-1 trading plans, subject to Rule 10b-18 and other legal requirements. It has also announced a special cash dividend, citing its financial results and desire to return capital to stockholders.
Corporate and strategic updates also appear in AFBI news releases. Affinity Bancshares has disclosed a definitive agreement for the proposed acquisition of Affinity Bank by Atlanta Postal Credit Union and Center Parc Credit Union, followed by a later joint announcement that the parties mutually agreed to terminate that purchase agreement after regulatory-related discussions. The company’s news flow has also referenced merger-related expenses and their effect on reported results.
Visitors to the AFBI news page can review these earnings announcements, capital actions and transaction updates to understand how Affinity Bancshares manages its balance sheet, loan portfolio, deposits and strategic direction over time.
Affinity Bancshares, Inc. (NASDAQ: AFBI) reported a net income of $1.7 million for Q4 2022, up from $1.3 million in Q4 2021, while 2022 annual net income stood at $7.1 million, down from $7.6 million in 2021. The increases in net interest income and total assets contributed positively, with net loans rising by $61.1 million year-over-year. However, the company faced challenges from lower income on PPP loans and increased employee-related expenses. The net interest margin increased to 3.85%, yet compression is anticipated in 2023 due to rising market rates. Total assets reached $791.3 million, reflecting steady growth.
Affinity Bancshares, Inc. has announced a new stock repurchase program, allowing for the buyback of up to 331,997 shares, representing approximately 5% of the outstanding shares. This program aims to enhance shareholder value and is subject to market conditions and the company's financial performance. Repurchases may occur through various methods, including open market or private transactions, and can be adjusted or halted depending on external factors. The company emphasizes its commitment to acting in the best interests of shareholders during these buybacks.
Affinity Bancshares, Inc. (NASDAQ: AFBI) reported a net income of $1.9 million for Q3 2022, up from $1.8 million in Q3 2021. However, net income for the first nine months of 2022 dropped to $5.4 million, down from $6.3 million in 2021. Total assets fell to $776.4 million, with net loans increasing to $641.1 million. The net interest margin improved to 4.12%, while non-interest income decreased to $593 thousand for Q3 2022. Non-interest expenses rose to $5.5 million due to increased salaries. Allowance for loan losses stood at 1.43% of total loans.
Affinity Bancshares, Inc. (NASDAQ: AFBI) reported a net income of $1.8 million for Q2 2022, down from $2.3 million in Q2 2021. For the first six months, net income decreased to $3.6 million from $4.5 million year-over-year. The net interest income also decreased to $7.1 million in Q2 2022, compared to $7.4 million in Q2 2021. Total assets decreased by $21.4 million to $766.7 million. Despite challenges, deposits increased by $11.4 million, evidencing growth in interest-bearing accounts.
Affinity Bancshares (NASDAQ: AFBI) reported a net income of $1.8 million for Q1 2022, down from $2.1 million in Q1 2021. Key metrics included a return on average assets of 0.97% and a net interest margin of 4.53%. Net interest income decreased by $590,000 to $7.8 million due to reduced Payroll Protection Program (PPP) loan interest and fee income. Non-interest income fell to $595,000, while operating expenses decreased to $5.8 million. Total assets declined to $760.2 million, with deposits increasing by $13.2 million. Stockholders’ equity decreased to $116.4 million following share repurchases.
Affinity Bancshares (AFBI) reported a significant increase in net income to $7.6 million for the year ended December 31, 2021, up from $3.1 million in 2020. Total assets decreased $62.5 million to $788.1 million, primarily due to a reduction in cash and net loans. Net interest income rose $4.1 million to $29.3 million, driven by an improved net interest margin of 4.04%.
Provision for loan losses was $1.1 million, down from $2.0 million in 2020, reflecting reduced risk. Stockholders' equity increased to $121.0 million following a successful stock offering.
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