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Affinity Bancshares Inc. (AFBI-1.39%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report details that total assets increased by $23.6 million, or 2.8%, to $866.8 million as of December 31, 2024. This growth was primarily driven by an increase in net loans, which rose by $54.7 million, or 8.4%.
Net income for the year decreased by $1.0 million, or 15.6%, to $5.4 million compared to $6.4 million in the previous year. The decline was attributed to higher deposit costs, increased noninterest expenses, and a higher provision for credit losses.
Interest income increased by $5.3 million, or 12.3%, to $48.0 million for the year, driven by a $5.9 million increase in interest income on loans and a $123,000 increase in income on investment securities.
Interest expense rose by $3.3 million, or 21.3%, to $18.8 million, due to increases across all interest expense categories.
Noninterest expenses increased by $2.4 million, or 11.5%, to $23.8 million, primarily due to a terminated merger transaction.
The allowance for credit losses was $8.5 million at the end of 2024, down from $8.9 million the previous year. The allowance to total loans ratio was 1.19%, compared to 1.35% in 2023.
The filing also reports that total deposits decreased slightly by $962,000, or 0.1%, to $673.5 million. Certificates of deposit increased by $2.5 million, while non-interest-bearing checking accounts decreased by $3.3 million.
Affinity Bank's capital levels exceeded all regulatory requirements, and the bank was categorized as well-capitalized at the end of 2024.
The report includes details on the company's investment activities, noting a decrease in securities available-for-sale and held-to-maturity due to paydowns and sales.
Affinity Bancshares announced a special cash dividend of $1.50 per share, to be paid on March 27, 2025, and adopted a stock repurchase program for up to 320,480 shares.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Affinity Bancshares Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.