AFBI Affinity Bancshares Inc

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $5.4 million for the year ended December 31, 2024 as compared to $6.4 million for the year ended December 31, 2023 $1.3 million for the three months ended December 31, 2024, as compared to $1.5 million for the three months ended December 31, 2023.

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At or for the three months ended,

 

 

At or for the year ended

 

Performance Ratios:

 

December 31, 2024

 

 

September 30, 2024

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

December 31, 2024

 

 

December 31, 2023

 

Net income (in thousands)

 

$

1,345

 

 

$

1,730

 

 

$

1,031

 

 

$

1,335

 

 

$

1,514

 

 

$

5,441

 

 

$

6,448

 

Diluted earnings per share

 

 

0.20

 

 

 

0.26

 

 

 

0.16

 

 

 

0.20

 

 

 

0.23

 

 

 

0.83

 

 

 

0.98

 

Operating income (1)

 

 

1,738

 

 

 

1,883

 

 

 

1,763

 

 

 

1,374

 

 

 

1,514

 

 

 

6,758

 

 

 

6,448

 

Adjusted diluted earnings per share (1)

 

 

0.26

 

 

 

0.29

 

 

 

0.27

 

 

 

0.21

 

 

 

0.23

 

 

 

1.03

 

 

 

0.98

 

Common book value per share

 

 

20.14

 

 

 

20.02

 

 

 

19.49

 

 

 

19.21

 

 

 

18.94

 

 

 

20.14

 

 

 

18.94

 

Tangible book value per share (1)

 

 

17.30

 

 

 

17.18

 

 

 

16.64

 

 

 

16.36

 

 

 

16.08

 

 

 

17.30

 

 

 

16.08

 

Total assets (in thousands)

 

 

866,817

 

 

 

878,561

 

 

 

873,582

 

 

 

869,547

 

 

 

843,258

 

 

 

866,817

 

 

 

843,258

 

Return on average assets

 

 

0.61

%

 

 

0.78

%

 

 

0.48

%

 

 

0.63

%

 

 

0.70

%

 

 

0.62

%

 

 

0.75

%

Return on average equity

 

 

4.14

%

 

 

5.43

%

 

 

3.33

%

 

 

4.38

%

 

 

5.03

%

 

 

4.33

%

 

 

5.43

%

Equity to assets

 

 

14.90

%

 

 

14.61

%

 

 

14.32

%

 

 

14.18

%

 

 

14.41

%

 

 

14.90

%

 

 

14.41

%

Tangible equity to tangible assets (1)

 

 

13.08

%

 

 

12.80

%

 

 

12.49

%

 

 

12.33

%

 

 

12.50

%

 

 

13.08

%

 

 

12.50

%

Net interest margin

 

 

3.56

%

 

 

3.52

%

 

 

3.71

%

 

 

3.38

%

 

 

3.32

%

 

 

3.54

%

 

 

3.35

%

Efficiency ratio

 

 

75.95

%

 

 

71.48

%

 

 

78.74

%

 

 

75.96

%

 

 

74.30

%

 

 

76.20

%

 

 

71.86

%

(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

 

Net Income

• Net income was $5.4 million for year ended December 31, 2024 as compared to $6.4 million for the year ended December 31, 2023, as a result of an increase in noninterest expenses related to the recently terminated merger partially offset by an increase in net interest income. Operating income for the year ended December 31, 2024 was $6.8 million as compared to $6.4 million for the year ended December 31, 2023.

• Net income was $1.3 million for three months ended December 31, 2024 as compared to $1.5 million for the three months ended December 31, 2023, as a result of a decrease in noninterest income from the loss on sale of $10.4 million in investment securities available-for-sale that were yielding an weighted average rate under 3.00% allowing for investment in higher yielding loans and an increase in noninterest expenses partially offset by an increase in net interest income. Operating income for the three months ended December 31, 2024 was $1.7 million as compared to $1.5 million for the three months ended December 31, 2023.

Results of Operations

• Net interest income was $7.2 million for the three months ended December 31, 2024 compared to $6.8 million for the three months ended December 31, 2023. The increase was due to an increase in interest income on loans, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
• Net interest margin for the three months ended December 31, 2024 increased to 3.56% from 3.32% for the three months ended December 31, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
• Noninterest income decreased $445,000 to $161,000 for the three months ended December 31, 2024, as a result of the loss on securities available-for-sale recorded in the fourth quarter.
• Non-interest expense increased $336,000 to $5.8 million for the three months ended December 31, 2024 compared to the respective period in 2023, due to increases in professional fees related to merger expenses.
• Net interest income was $28.7 million for the year ended December 31, 2024 compared to $27.2 million for the year ended December 31, 2023. The increase was due to an increase in interest income on loans and investment securities, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
• Net interest margin for the year ended December 31, 2024 increased to 3.54% from 3.35% for the year ended December 31, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
• Provision for credit losses was $438,000 for the year ended December 31, 2024 compared to negative provision of $42,000 for the year ended December 31, 2023.
• Noninterest income decreased $451,000 to $2.0 million for the year ended December 31, 2024, as a result of the loss on securities available-for-sale recorded in the fourth quarter.
• Non-interest expense increased $2.4 million to $23.8 million for the year ended December 31, 2024 compared to 2023, due to increases in professional fees related to our merger expenses and increases in salaries and employee benefits.

Financial Condition

• Total assets increased $23.6 million to $866.8 million at December 31, 2024 from $843.3 million at December 31, 2023, as we experienced loan growth.
• Total gross loans increased $54.2 million to $714.1 million at December 31, 2024 from $659.9 million at December 31, 2023. The increase was due to steady loan demand in construction, commercial non-owner occupied properties, commercial and consumer loans.
• Non-owner occupied office loans totaled $44.2 million at December 31, 2024; the average LTV on these loans is 46.8%, including
  • $17.4 million medical/dental tenants and
  • $26.8 million to other various tenants.
• Investment securities held-to-maturity unrealized gains were $44,000, net of tax. Investment securities available-for-sale unrealized losses were $5.7 million, net of tax.
• Cash and cash equivalents decreased $8.6 million to $41.4 million at December 31, 2024 from $50.0 million at December 31, 2023.
• Deposits decreased by $1.0 million to $673.5 million at December 31, 2024 compared to $674.4 million at December 31, 2023, with a $3.5 million net decrease in demand deposits partially offset by $2.5 million increase in certificates of deposits.
• Borrowings increased by $18.8 million to $58.8 million at December 31, 2024 compared to $40.0 million at December 31, 2023 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

Asset Quality

• Non-performing loans decreased to $4.8 million at December 31, 2024 from $7.4 million at December 31, 2023.
• The allowance for credit losses as a percentage of non-performing loans was 177.9% at December 31, 2024, as compared to 120.1% at December 31, 2023.
• Allowance for credit losses to total loans decreased to 1.19% at December 31, 2024 from 1.35% at December 31, 2023.
• Net loan charge-offs were $650,000 for the year ended December 31, 2024, as compared to net loan charge-offs of $404,000 for the year ended December 31, 2023.

About Affinity Bancshares, Inc.

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in the value of our goodwill and other intangible assets; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

Average Balance Sheets

The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

687,487

 

 

$

41,349

 

 

 

6.01

%

 

$

660,045

 

 

$

35,422

 

 

 

5.37

%

Investment securities held-to-maturity

 

 

32,723

 

 

 

2,018

 

 

 

6.17

%

 

 

33,850

 

 

 

2,078

 

 

 

6.14

%

Investment securities available-for-sale

 

 

47,449

 

 

 

1,778

 

 

 

3.75

%

 

 

49,024

 

 

 

1,772

 

 

 

3.61

%

Interest-earning deposits and federal funds

 

 

49,385

 

 

 

2,459

 

 

 

4.98

%

 

 

65,333

 

 

 

3,236

 

 

 

4.95

%

Other investments

 

 

5,801

 

 

 

369

 

 

 

6.36

%

 

 

3,014

 

 

 

192

 

 

 

6.37

%

Total interest-earning assets

 

 

822,845

 

 

 

47,973

 

 

 

5.83

%

 

 

811,266

 

 

 

42,700

 

 

 

5.26

%

Non-interest-earning assets

 

 

49,505

 

 

 

 

 

 

 

 

 

51,987

 

 

 

 

 

 

 

Total assets

 

$

872,350

 

 

 

 

 

 

 

 

$

863,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

87,058

 

 

$

448

 

 

 

0.51

%

 

$

92,030

 

 

$

271

 

 

 

0.29

%

Money market accounts

 

 

147,049

 

 

 

4,760

 

 

 

3.24

%

 

 

140,630

 

 

 

3,542

 

 

 

2.52

%

Savings accounts

 

 

73,176

 

 

 

2,091

 

 

 

2.86

%

 

 

85,555

 

 

 

2,238

 

 

 

2.62

%

Certificates of deposit

 

 

217,517

 

 

 

9,157

 

 

 

4.21

%

 

 

211,285

 

 

 

8,042

 

 

 

3.81

%

Total interest-bearing deposits

 

 

524,800

 

 

 

16,456

 

 

 

3.14

%

 

 

529,500

 

 

 

14,093

 

 

 

2.66

%

FHLB advances and other borrowings

 

 

55,104

 

 

 

2,351

 

 

 

4.27

%

 

 

32,808

 

 

 

1,409

 

 

 

4.29

%

Total interest-bearing liabilities

 

 

579,904

 

 

 

18,807

 

 

 

3.24

%

 

 

562,308

 

 

 

15,502

 

 

 

2.76

%

Non-interest-bearing liabilities

 

 

166,702

 

 

 

 

 

 

 

 

 

182,144

 

 

 

 

 

 

 

Total liabilities

 

 

746,606

 

 

 

 

 

 

 

 

 

744,452

 

 

 

 

 

 

 

Total stockholders' equity

 

 

125,744

 

 

 

 

 

 

 

 

 

118,801

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

872,350

 

 

 

 

 

 

 

 

$

863,253

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

 

2.50

%

Net interest income

 

 

 

 

$

29,166

 

 

 

 

 

 

 

 

$

27,198

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.54

%

 

 

 

 

 

 

 

 

3.35

%

 

 

 

For the Three Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

704,198

 

 

$

10,774

 

 

 

6.09

%

 

$

661,913

 

 

$

9,290

 

 

 

5.57

%

Investment securities held-to-maturity

 

 

29,238

 

 

 

451

 

 

 

6.14

%

 

 

34,194

 

 

 

528

 

 

 

6.13

%

Investment securities available-for-sale

 

 

46,455

 

 

 

402

 

 

 

3.44

%

 

 

47,268

 

 

 

473

 

 

 

3.97

%

Interest-earning deposits and federal funds

 

 

44,260

 

 

 

495

 

 

 

4.45

%

 

 

53,442

 

 

 

709

 

 

 

5.26

%

Other investments

 

 

6,172

 

 

 

105

 

 

 

6.77

%

 

 

5,177

 

 

 

83

 

 

 

6.36

%

Total interest-earning assets

 

 

830,323

 

 

 

12,227

 

 

 

5.86

%

 

 

801,994

 

 

 

11,083

 

 

 

5.48

%

Non-interest-earning assets

 

 

47,331

 

 

 

 

 

 

 

 

 

52,938

 

 

 

 

 

 

 

Total assets

 

$

877,654

 

 

 

 

 

 

 

 

$

854,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

83,529

 

 

$

104

 

 

 

0.50

%

 

$

90,298

 

 

$

99

 

 

 

0.43

%

Money market accounts

 

 

152,305

 

 

 

1,264

 

 

 

3.30

%

 

 

143,312

 

 

 

1,069

 

 

 

2.96

%

Savings accounts

 

 

73,533

 

 

 

529

 

 

 

2.86

%

 

 

76,732

 

 

 

558

 

 

 

2.89

%

Certificates of deposit

 

 

214,165

 

 

 

2,272

 

 

 

4.22

%

 

 

221,817

 

 

 

2,352

 

 

 

4.21

%

Total interest-bearing deposits

 

 

523,532

 

 

 

4,169

 

 

 

3.17

%

 

 

532,159

 

 

 

4,078

 

 

 

3.04

%

FHLB advances and other borrowings

 

 

58,815

 

 

 

625

 

 

 

4.23

%

 

 

29,348

 

 

 

300

 

 

 

4.06

%

Total interest-bearing liabilities

 

 

582,347

 

 

 

4,794

 

 

 

3.27

%

 

 

561,507

 

 

 

4,378

 

 

 

3.09

%

Non-interest-bearing liabilities

 

 

166,088

 

 

 

 

 

 

 

 

 

174,077

 

 

 

 

 

 

 

Total liabilities

 

 

748,435

 

 

 

 

 

 

 

 

 

735,584

 

 

 

 

 

 

 

Total stockholders' equity

 

 

129,219

 

 

 

 

 

 

 

 

 

119,348

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

877,654

 

 

 

 

 

 

 

 

$

854,932

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

 

2.39

%

Net interest income

 

 

 

 

$

7,433

 

 

 

 

 

 

 

 

$

6,705

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.56

%

 

 

 

 

 

 

 

 

3.32

%

 

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

7,092

 

 

$

6,030

 

Interest-earning deposits in other depository institutions

 

 

34,333

 

 

 

43,995

 

Cash and cash equivalents

 

 

41,425

 

 

 

50,025

 

Investment securities available-for-sale

 

 

36,502

 

 

 

48,561

 

Investment securities held-to-maturity (estimated fair value of $32,568, 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

 

 

 

34,206

 

Other investments

 

 

6,175

 

 

 

5,434

 

Loans

 

 

714,115

 

 

 

659,876

 

Allowance for credit loss on loans

 

 

(8,496

)

 

 

(8,921

)

Net loans

 

 

705,619

 

 

 

650,955

 

Other real estate owned

 

 

—

 

 

 

2,850

 

Premises and equipment, net

 

 

3,261

 

 

 

3,797

 

Bank owned life insurance

 

 

16,487

 

 

 

16,086

 

Intangible assets

 

 

18,175

 

 

 

18,366

 

Other assets

 

 

11,874

 

 

 

12,978

 

Total assets

 

$

866,817

 

 

$

843,258

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

151,395

 

 

$

154,689

 

Interest-bearing checking

 

 

73,841

 

 

 

85,362

 

Money market accounts

 

 

148,752

 

 

 

138,673

 

Savings accounts

 

 

76,053

 

 

 

74,768

 

Certificates of deposit

 

 

223,440

 

 

 

220,951

 

Total deposits

 

 

673,481

 

 

 

674,443

 

Federal Home Loan Bank advances and other borrowings

 

 

58,815

 

 

 

40,000

 

Accrued interest payable and other liabilities

 

 

5,406

 

 

 

7,299

 

Total liabilities

 

 

737,702

 

 

 

721,742

 

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

 

 

 

64

 

Preferred stock (10,000,000 shares authorized, no shares outstanding)

 

 

—

 

 

 

—

 

Additional paid in capital

 

 

62,355

 

 

 

61,026

 

Unearned ESOP shares

 

 

(4,378

)

 

 

(4,587

)

Retained earnings

 

 

76,786

 

 

 

71,345

 

Accumulated other comprehensive loss

 

 

(5,712

)

 

 

(6,332

)

Total stockholders' equity

 

 

129,115

 

 

 

121,516

 

Total liabilities and stockholders' equity

 

$

866,817

 

 

$

843,258

 

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

10,774

 

 

$

9,290

 

 

$

41,349

 

 

$

35,422

 

Investment securities

 

 

 

958

 

 

 

1,084

 

 

 

4,165

 

 

 

4,042

 

Interest-earning deposits

 

 

 

495

 

 

 

709

 

 

 

2,459

 

 

 

3,236

 

Total interest income

 

 

 

12,227

 

 

 

11,083

 

 

 

47,973

 

 

 

42,700

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

4,169

 

 

 

4,078

 

 

 

16,456

 

 

 

14,093

 

FHLB advances and other borrowings

 

 

 

625

 

 

 

300

 

 

 

2,351

 

 

 

1,409

 

Total interest expense

 

 

 

4,794

 

 

 

4,378

 

 

 

18,807

 

 

 

15,502

 

Net interest income before provision for credit losses

 

 

 

7,433

 

 

 

6,705

 

 

 

29,166

 

 

 

27,198

 

Provision for credit losses

 

 

 

225

 

 

 

(49

)

 

 

438

 

 

 

(42

)

Net interest income after provision for credit losses

 

 

 

7,208

 

 

 

6,754

 

 

 

28,728

 

 

 

27,240

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

371

 

 

 

398

 

 

 

1,520

 

 

 

1,620

 

Loss on sales of investment securities available-for-sale

 

 

 

(385

)

 

 

—

 

 

 

(385

)

 

 

—

 

Net gain on sale of other real estate owned

 

 

 

—

 

 

 

—

 

 

 

135

 

 

 

—

 

Other

 

 

 

175

 

 

 

208

 

 

 

745

 

 

 

846

 

Total noninterest income

 

 

 

161

 

 

 

606

 

 

 

2,015

 

 

 

2,466

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,273

 

 

 

3,205

 

 

 

13,126

 

 

 

12,252

 

Occupancy

 

 

 

617

 

 

 

584

 

 

 

2,451

 

 

 

2,503

 

Data processing

 

 

 

549

 

 

 

520

 

 

 

2,087

 

 

 

2,025

 

Professional fees

 

 

 

330

 

 

 

146

 

 

 

2,068

 

 

 

621

 

Other

 

 

 

999

 

 

 

977

 

 

 

4,029

 

 

 

3,917

 

Total noninterest expenses

 

 

 

5,768

 

 

 

5,432

 

 

 

23,761

 

 

 

21,318

 

Income before income taxes

 

 

 

1,601

 

 

 

1,928

 

 

 

6,982

 

 

 

8,388

 

Income tax expense

 

 

 

256

 

 

 

414

 

 

 

1,541

 

 

 

1,940

 

Net income

 

 

$

1,345

 

 

$

1,514

 

 

$

5,441

 

 

$

6,448

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,411,014

 

 

 

6,406,156

 

 

 

6,414,182

 

 

 

6,476,767

 

Diluted

 

 

 

6,620,602

 

 

 

6,486,442

 

 

 

6,575,406

 

 

 

6,557,053

 

Basic earnings per share

 

 

$

0.21

 

 

$

0.24

 

 

$

0.85

 

 

$

1.00

 

Diluted earnings per share

 

 

$

0.20

 

 

$

0.23

 

 

$

0.83

 

 

$

0.98

 

Explanation of Certain Unaudited Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. Additionally, the Company believes the following information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation tables below for details on the earnings impact of these items.

 

 

For the Three Months Ended

 

For the Year Ended

Non-GAAP Reconciliation

 

December 31, 2024

 

September 30, 2024

 

June 30, 2024

 

March 31, 2024

 

December 31, 2023

 

December 31, 2024

 

December 31, 2023

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$1,345

 

$1,730

 

$1,031

 

$1,335

 

$1,514

 

$5,441

 

$6,448

Net loss on securities available for sale

 

385

 

—

 

—

 

—

 

—

 

385

 

—

Merger-related expenses

 

119

 

196

 

939

 

50

 

—

 

1,304

 

—

Income tax expense

 

(111)

 

(43)

 

(207)

 

(11)

 

—

 

(372)

 

—

Operating net income

$1,738

 

$1,883

 

$1,763

 

$1,374

 

$1,514

 

$6,758

 

$6,448

Weighted average diluted shares

 

6,620,602

 

6,411,468

 

6,546,382

 

6,416,628

 

6,486,442

 

6,575,406

 

6,557,053

Adjusted diluted earnings per share

 

$0.26

 

$0.29

 

$0.27

 

$0.21

 

$0.23

 

$1.03

 

$0.98

Tangible book value per common share reconciliation

Book Value per common share (GAAP)

 

$20.14

 

$20.02

 

$19.49

 

$19.21

 

$18.94

 

$20.14

 

$18.94

Effect of goodwill and other intangibles

 

(2.84)

 

(2.84)

 

(2.85)

 

(2.85)

 

(2.86)

 

(2.84)

 

(2.86)

Tangible book value per common share

$17.30

 

$17.18

 

$16.64

 

$16.36

 

$16.08

 

$17.30

 

$16.08

Tangible equity to tangible assets reconciliation

Equity to assets (GAAP)

14.90%

 

14.61%

 

14.32%

 

14.18%

 

14.41%

 

14.90%

 

14.41%

Effect of goodwill and other intangibles

 

(1.81)%

 

(1.81)%

 

(1.83)%

 

(1.85)%

 

(1.91)%

 

(1.81)%

 

(1.91)%

Tangible equity to tangible assets (1)

 

13.08%

 

12.80%

 

12.49%

 

12.33%

 

12.50%

 

13.08%

 

12.50%

(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250131163383/en/

Edward J. Cooney Chief Executive Officer (678) 742-9990