Financial Performance - Net income decreased by $1.0 million, or 15.6%, to $5.4 million for the year ended December 31, 2024, compared to $6.4 million for the year ended December 31, 2023, attributed to higher deposit costs and noninterest expenses [190]. - Net income decreased by $1.0 million, or 15.6%, to $5.4 million for the year ended December 31, 2024, compared to $6.4 million for 2023 [210]. - Noninterest income decreased by $451,000, or 18.3%, to $2.0 million for the year ended December 31, 2024, from $2.5 million for 2023 [221]. - Income tax expense decreased to $1.5 million for the year ended December 31, 2024, compared to $1.9 million for the year ended December 31, 2023, due to decreased income before income taxes [224]. Asset and Liability Management - Total assets increased by $23.6 million, or 2.8%, to $866.8 million at December 31, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in net loans of $54.7 million, or 8.4% [189]. - Total deposits decreased by $962,000, or 0.1%, to $673.5 million at December 31, 2024, with increases in certificates of deposit and money market accounts offset by decreases in non-interest-bearing checking accounts [202]. - Cash and cash equivalents decreased by $8.6 million, or 17.2%, to $41.4 million at December 31, 2024, due to loan funding at year end [199]. - Securities held-to-maturity decreased to $27.3 million at December 31, 2024, from $34.2 million at December 31, 2023, as securities were called throughout the year [201]. - The loan-to-deposit ratio at December 31, 2024, was 106.0%, compared to 97.8% at December 31, 2023, indicating a higher reliance on loans relative to deposits [202]. Income and Expense Analysis - Interest income increased by $5.3 million, or 12.3%, to $48.0 million for the year ended December 31, 2024, driven by a $5.9 million increase in interest income on loans [190]. - Interest income increased by $5.3 million, or 12.3%, to $48.0 million for the year ended December 31, 2024, from $42.7 million for 2023 [211]. - Interest expense increased by $3.3 million, or 21.3%, to $18.8 million for the year ended December 31, 2024, reflecting increases across all interest expense categories [190]. - Interest expense increased by $3.3 million, or 21.3%, to $18.8 million for the year ended December 31, 2024, compared to $15.5 million for 2023 [214]. - Net interest income before provision for credit losses increased by $2.0 million, or 7.2%, to $29.2 million for the year ended December 31, 2024, from $27.2 million for 2023 [217]. - Net interest margin improved to 3.54% for the year ended December 31, 2024, compared to 3.35% for 2023 [217]. - Non-interest expenses increased by $2.4 million, or 11.5%, to $23.8 million for the year ended December 31, 2024, from $21.3 million for the year ended December 31, 2023 [223]. Credit and Provisions - Provisions for credit losses recorded were $438,000 for the year ended December 31, 2024, compared to a recovery of $42,000 for 2023 [219]. - Allowance for credit losses to total loans was 1.19% at December 31, 2024, compared to 1.35% at December 31, 2023 [219]. Capital and Liquidity - Stockholders' equity increased by $7.6 million, or 6.3%, to $129.1 million at December 31, 2024, from $121.5 million at December 31, 2023 [204]. - The liquidity ratio was maintained at 12.0% or greater, with compliance confirmed at December 31, 2024 [233]. - The company is categorized as well capitalized and exceeded all regulatory capital requirements as of December 31, 2024 [238]. Future Projections and Commitments - Net interest income is projected to decrease by 6.87% to $29.6 million with a 400 basis point increase in interest rates [230]. - As of December 31, 2024, the company had outstanding commitments to originate loans of $91.2 million [239]. Other Information - The company had a $40.0 million line of credit with the Federal Home Loan Bank of Atlanta, with $54.0 million in borrowings as of December 31, 2024 [233]. - The company does not engage in hedging activities, such as futures or options [227]. - A special cash dividend of $1.50 per share was declared on February 27, 2025, to be paid on March 27, 2025 [243].

Financial Performance - Net income for the year ended December 31, 2024, was $5.4 million, a decrease of 15.6% from $6.4 million in 2023[2] - Operating income for the year ended December 31, 2024, increased to $6.8 million from $6.4 million in 2023[4] - Net interest income for the year ended December 31, 2024, was $28.7 million, up from $27.2 million in 2023, reflecting an increase in interest income on loans[7] - Net interest income rose to $29,166 thousand in 2024, compared to $27,198 thousand in 2023, marking an increase of 7.24%[13] - Net interest income after provision for credit losses for the year ended December 31, 2024, was $28,728,000, up from $27,240,000 in 2023, reflecting a growth of 5.5%[19] - Net income for Q4 2024 was $1,345,000, down 11.2% from $1,514,000 in Q4 2023[19] - Basic earnings per share for Q4 2024 was $0.21, a decrease from $0.24 in Q4 2023, reflecting a decline of 12.5%[19] - Operating net income for Q4 2024 was $1,738,000, compared to $1,514,000 in Q4 2023, indicating an increase of 14.9%[21] - Adjusted diluted earnings per share for Q4 2024 was $0.26, compared to $0.23 in Q4 2023, an increase of 13%[21] Asset and Liability Management - Total assets increased by $23.6 million to $866.8 million at December 31, 2024, from $843.3 million at December 31, 2023[7] - Total assets grew to $872,350 thousand in 2024, compared to $863,253 thousand in 2023, an increase of 1.27%[13] - Total liabilities increased to $746,606 thousand in 2024 from $744,452 thousand in 2023, a slight increase of 0.15%[13] - Cash and cash equivalents decreased by $8.6 million to $41.4 million at December 31, 2024, from $50.0 million at December 31, 2023[7] - Deposits decreased by $1.0 million to $673.5 million at December 31, 2024, with a net decrease in demand deposits[7] Loan Performance - Total gross loans rose by $54.2 million to $714.1 million at December 31, 2024, driven by steady demand in various loan categories[7] - Loans outstanding increased to $687,487 thousand in 2024 from $660,045 thousand in 2023, representing a growth of 4.23%[13] - The average yield on loans was 6.01% in 2024, up from 5.37% in 2023, showing improved loan pricing[13] - Non-performing loans decreased to $4.8 million at December 31, 2024, from $7.4 million at December 31, 2023[11] Expense Management - Non-interest expense increased by $2.4 million to $23.8 million for the year ended December 31, 2024, primarily due to merger-related professional fees[7] - Total noninterest expenses increased to $5,768,000 in Q4 2024, compared to $5,432,000 in Q4 2023, representing a rise of 6.2%[19] Profitability Metrics - Net interest margin improved to 3.54% in 2024, up from 3.35% in 2023, indicating enhanced profitability on interest-earning assets[13] - The net interest rate spread improved to 2.59% in 2024, compared to 2.50% in 2023, indicating better management of interest-earning assets and liabilities[13] - The allowance for credit losses as a percentage of non-performing loans was 177.9% at December 31, 2024, compared to 120.1% at December 31, 2023[11] Equity and Book Value - Total stockholders' equity rose to $125,744 thousand in 2024, up from $118,801 thousand in 2023, reflecting a growth of 5.43%[13] - Tangible book value per common share increased to $17.30 in Q4 2024 from $16.08 in Q4 2023, a growth of 7.6%[21] - Equity to assets ratio (GAAP) was 14.90% in Q4 2024, up from 14.41% in Q4 2023[21]

Financial Performance - Net income for the three months ended September 30, 2024, was $1.7 million, an increase from $1.6 million for the same period in 2023 [82]. - Net income for the nine months ended September 30, 2024, was $4.1 million, down from $4.9 million for the same period in 2023, a decrease of 16.3% [98]. - Interest income increased by $4.1 million, or 13.1%, to $35.7 million for the nine months ended September 30, 2024, due to higher income from loans and investment securities [99]. - Net interest income increased by $1.2 million, or 6.1%, to $21.7 million for the nine months ended September 30, 2024, with a net interest margin of 3.54% [106]. - Net interest income increased by $513,000, or 7.4%, to $7.4 million for the three months ended September 30, 2024 [88]. Asset and Loan Growth - Total assets increased by $35.3 million, or 4.2%, to $878.6 million at September 30, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in loans [70]. - Gross loans increased by $37.7 million, or 5.7%, to $697.6 million at September 30, 2024, with construction loans rising by $16.0 million, or 33.6% [70]. - Average balance of loans increased by $38.4 million, or 5.8%, to $698.9 million for the three months ended September 30, 2024 [83]. - Commitments to originate loans outstanding as of September 30, 2024, totaled $80.9 million [132]. Deposits and Funding - Total deposits increased by $9.3 million, or 1.4%, to $683.8 million at September 30, 2024, driven by increases in demand deposits and money market accounts [71]. - Demand deposits increased by $9.2 million, or 3.9%, reflecting cyclical demands from business customers [71]. - The loan-to-deposit ratio at September 30, 2024, was 102.0%, compared to 97.8% at December 31, 2023 [71]. - The company had a $218.6 million line of credit with the Federal Home Loan Bank of Atlanta, with $54.0 million in advances outstanding [123]. Interest Income and Expense - Interest income rose by $1.3 million, or 11.6%, to $12.3 million for the three months ended September 30, 2024, primarily driven by a $1.5 million increase in loan income [83]. - Interest expense increased by $2.9 million to $14.0 million for the nine months ended September 30, 2024, primarily due to additional borrowings [102]. - Interest expense increased by $765,000 to $4.9 million for the three months ended September 30, 2024, due to higher average balances of interest-bearing liabilities [85]. - Interest expense on money market accounts increased by $251,000 to $1.2 million for the three months ended September 30, 2024 [86]. Credit Quality - Provisions for credit losses are established to absorb known and inherent losses in the loan portfolio [90]. - No provision for credit losses was recorded for the three months ended September 30, 2024, with an allowance for credit losses of $8.4 million, down from $9.2 million at September 30, 2023, representing a decrease of 8.7% [93]. - Net charge-offs for the three months ended September 30, 2024, were $63,000, compared to $41,000 for the same period in 2023, indicating an increase of 53.7% [93]. - The allowance for credit losses to total loans was 1.20% at September 30, 2024, compared to 1.35% at December 31, 2023 [107]. Non-Interest Income and Expenses - Non-interest income decreased by $64,000, or 10.2%, to $566,000 for the three months ended September 30, 2024, primarily due to a decline in merchant services volume [95]. - Total non-interest expenses increased by $298,000, or 5.5%, to $5.7 million for the three months ended September 30, 2024, driven by an increase in salaries and employee benefits [96]. Capital and Liquidity - Stockholders' equity rose by $6.9 million, or 5.7%, to $128.4 million at September 30, 2024, primarily due to net income of $4.1 million during the first nine months of 2024 [73]. - As of September 30, 2024, the Bank's Common Equity Tier 1 capital ratio was 12.82%, exceeding the regulatory requirement of 4.50% [130]. - The total capital ratio as of September 30, 2024, was 13.97%, above the required minimum of 8.00% [130]. - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments [126]. Tax and Cash Flow - The effective tax rate for the nine months ended September 30, 2024, was 23.9%, compared to 23.6% for the same period in 2023 [110]. - For the nine months ended September 30, 2024, net cash provided by operating activities was $5.9 million, compared to $6.1 million for the same period in 2023 [125]. - Net cash used in investing activities was $31.8 million for the nine months ended September 30, 2024, compared to $29.7 million for the same period in 2023 [125]. - Net cash provided by financing activities was $28.1 million for the nine months ended September 30, 2024, which included net proceeds from borrowing of $18.8 million from the Federal Reserve Bank [125]. Interest Rate Sensitivity - As of September 30, 2024, a 200 basis point increase in interest rates would result in a 0.15% increase in net interest income, while a decrease of the same magnitude would lead to a 4.20% decrease [119].

Affinity Bancshares, Inc. Announces Third Quarter 2024 Financial Results Affinity Bancshares, Inc. (NASDAQ:"AFBI") (the "Company"), the holding company for Affinity Bank (the "Bank"), today announced net income of $1.7 million for the three months ended September 30, 2024, as compared to $1.6 million for the three months ended September 30, 2023. At or for the three months ended, | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------|-------- ...

Financial Performance - Net income for the three months ended June 30, 2024, was $1.0 million, a decrease from $1.6 million for the same period in 2023, primarily due to increased interest and noninterest expenses [118]. - Net income decreased to $2.4 million for the six months ended June 30, 2024, down from $3.3 million for the same period in 2023 [135]. - Interest income increased by $2.9 million, or 13.9%, to $23.4 million for the six months ended June 30, 2024, compared to $20.6 million for the same period in 2023 [136]. - Net interest income increased by $727,000, or 5.3%, to $14.3 million for the six months ended June 30, 2024, compared to $13.6 million for the same period in 2023 [143]. Asset and Loan Growth - Total assets increased by $30.3 million, or 3.6%, to $873.6 million at June 30, 2024, from $843.3 million at December 31, 2023, primarily due to an increase in loans [106]. - Gross loans increased by $32.7 million, or 5.0%, to $692.6 million at June 30, 2024, with construction loans rising by $14.7 million, or 30.7% [107]. - The average balance of loans increased by $16.0 million, or 2.4%, to $681.9 million for the three months ended June 30, 2024, reflecting steady loan demand [119]. Deposits and Funding - Total deposits increased by $15.3 million, or 2.3%, to $689.7 million at June 30, 2024, driven by increases in demand deposits and money market accounts [109]. - Demand deposits increased by $9.9 million, or 4.1%, reflecting business customers' cyclical demands at year-end [109]. - The company had $40.0 million of FHLB advances and $11.8 million in other borrowings at June 30, 2024 [110]. Interest Income and Expense - Interest income increased by $1.4 million, or 12.5%, to $12.2 million for the three months ended June 30, 2024, driven by a $1.8 million increase in loan income, which rose 20.1% to $10.5 million [119]. - Interest expense increased by $484,000 to $4.7 million for the three months ended June 30, 2024, due to higher average balances of interest-bearing liabilities and increased rates [121]. - Interest expense increased by $2.1 million to $9.1 million for the six months ended June 30, 2024, compared to $7.0 million for the same period in 2023 [139]. Non-Interest Income and Expenses - Non-interest income increased by $28,000, or 4.1%, to $706,000 for the three months ended June 30, 2024, from $678,000 at December 31, 2023 [131]. - Total non-interest expenses rose by $1,435,000, or 27.2%, to $6,719,000 for the three months ended June 30, 2024, compared to $5,284,000 for the same period in 2023 [133]. Credit Quality - The allowance for credit losses was $8.5 million at June 30, 2024, down from $8.9 million at December 31, 2023, with the allowance to total loans ratio at 1.22% [129]. - Net charge-offs were $134,000 for the three months ended June 30, 2024, compared to net loan recoveries of $18,000 for the same period in 2023 [129]. - Provisions for credit losses were recorded at $213,000 for the six months ended June 30, 2024, compared to $7,000 for the same period in 2023 [145]. Capital and Liquidity - The company exceeded all regulatory capital requirements as of June 30, 2024, with a Common Equity Tier 1 ratio of 12.47% [164]. - Total capital to risk-weighted assets was 13.64% as of June 30, 2024, compared to 13.65% as of December 31, 2023 [165]. - As of June 30, 2024, the company had a liquidity position with a $217.4 million line of credit from the Federal Home Loan Bank of Atlanta, with $40.0 million in advances outstanding [159]. Operational Activities - Net cash provided by operating activities was $1.8 million for the six months ended June 30, 2024, a decrease from $4.3 million for the same period in 2023 [161]. - Net cash used in investing activities was $28.6 million for the six months ended June 30, 2024, compared to $28.9 million for the same period in 2023 [161]. - Net cash provided by financing activities was $27.1 million for the six months ended June 30, 2024, a significant decrease from $81.2 million for the same period in 2023 [161]. Management and Governance - The company anticipates retaining a significant portion of maturing time deposits based on current pricing strategy [162]. - The company’s management concluded that the disclosure controls and procedures were effective as of June 30, 2024 [168].

Financial Performance - Net income for the three months ended June 30, 2024, was $1.0 million, a decrease from $1.6 million for the same period in 2023[1][3] - Net income for the three months ended June 30, 2024, was $1,031 thousand, down from $1,590 thousand in the same period of 2023, indicating a decrease of 35.1%[16] - Basic earnings per share for the three months ended June 30, 2024, was $0.16, down from $0.25 in the same period of 2023, a decrease of 36%[16] Interest Income and Margin - Net interest income increased to $7.6 million for the three months ended June 30, 2024, compared to $6.7 million for the same period in 2023[4] - Total interest income for the three months ended June 30, 2024, was $12,222 thousand, an increase from $10,863 thousand in the same period of 2023, representing a growth of 12.5%[16] - Net interest income before provision for credit losses was $7,568 thousand for the three months ended June 30, 2024, compared to $6,693 thousand in the same period of 2023, reflecting an increase of 13.1%[16] - Net interest margin improved to 3.71% for the three months ended June 30, 2024, up from 3.17% for the same period in 2023[4] - The net interest margin for the three months ended June 30, 2024, was 3.71%, up from 3.17% in the same period of 2023, reflecting an improvement of 54%[16] Assets and Loans - Total assets rose by $29.3 million to $872.6 million at June 30, 2024, from $843.3 million at December 31, 2023[6] - Total assets increased to $872,558 thousand as of June 30, 2024, from $843,258 thousand at the end of 2023, marking a growth of 3.5%[15] - Total gross loans increased by $32.7 million to $692.6 million at June 30, 2024, driven by strong demand in construction and commercial non-owner occupied properties[6] - The average outstanding balance of loans increased to $681,903 thousand for the three months ended June 30, 2024, compared to $665,921 thousand in the same period of 2023, a rise of 2.9%[16] Expenses and Provisions - Non-interest expense increased by $1.4 million to $6.7 million for the three months ended June 30, 2024, primarily due to professional fees related to a merger[4] - The provision for credit losses was $213 thousand for the three months ended June 30, 2024, compared to $7 thousand in the same period of 2023, indicating a significant increase in provisions[16] Deposits and Borrowings - Deposits grew by $15.3 million to $689.7 million at June 30, 2024, with a notable increase in demand deposits[6] - The company is evaluating borrowing needs related to enhancing bank liquidity, with borrowings increasing by $11.8 million to $51.8 million at June 30, 2024[6] Non-Performing Loans and Credit Losses - Non-performing loans decreased to $3.0 million at June 30, 2024, down from $7.4 million at December 31, 2023[7] - The allowance for credit losses as a percentage of non-performing loans was 282.0% at June 30, 2024, compared to 120.1% at December 31, 2023[7] Equity and Book Value - Total stockholders' equity rose to $125,065 thousand as of June 30, 2024, compared to $121,516 thousand at the end of 2023, an increase of 3.5%[15] - Book value per common share (GAAP) increased to $19.49 as of June 30, 2024, up from $19.21 in March 2024[18] - Tangible book value per common share rose to $16.64 as of June 30, 2024, compared to $16.36 in March 2024[18] - Tangible equity to tangible assets ratio improved to 12.50% as of June 30, 2024, from 12.33% in March 2024[19] - Tangible equity to tangible assets ratio has shown a steady increase from 11.59% in June 2023 to 12.50% in June 2024[19] - The effect of goodwill and other intangibles on book value remained consistent at approximately (2.85) across recent quarters[18]

Group 1 - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide Affinity shareholders with $22.50 per share, subject to potential tax payment adjustments [1] - The firm has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, highlighting its successful track record in recovering money for shareholders [1][2] - Monteverde & Associates PC operates from the Empire State Building in New York City and has a national presence in class action securities litigation [2] Group 2 - The proposed merger between Affinity Bancshares and APCU is significant as it involves an aggregate payment that aims to ensure sufficient cash for shareholder payouts [1] - The firm encourages shareholders to seek information and assistance regarding their rights and potential claims related to the merger [2]

Core Viewpoint - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide cash to Affinity shareholders at a rate of $22.50 per share, potentially increasing based on tax payments [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Group 2: Merger Details - The merger agreement between Affinity Bancshares and Atlanta Postal Credit Union includes an aggregate payment estimated to ensure Affinity shareholders receive $22.50 per share [1]. - The payment amount is subject to potential increases based on levels of tax payments [1].

Group 1 - Kuehn Law, PLLC is investigating potential claims related to proposed mergers involving several companies to ensure shareholder value maximization and fair processes [1][2] - Apartment Income REIT Corp. has agreed to sell to Blackstone for $39.12 per share [1] - Alerus Financial Corporation is set to acquire HMN Financial, Inc. in an all-stock deal valued at $116.4 million [2] - Hibbett, Inc. has agreed to be acquired by JD Sports Fashion plc for $87.50 per share in cash [2] Group 2 - Kuehn Law emphasizes the importance of shareholder participation in maintaining the integrity and fairness of financial markets [3] - Shareholders are encouraged to contact Kuehn Law for assistance, as the firm covers all case costs and does not charge its clients [4]

Financial Position - Total assets increased by $26.3 million, or 3.1%, to $869.5 million at March 31, 2024, from $843.3 million at December 31, 2023[105] - Cash and cash equivalents rose by $11.4 million, or 22.7%, to $61.4 million at March 31, 2024, primarily due to increased deposits and Federal Reserve borrowings[106] - Gross loans increased by $14.6 million, or 2.2%, to $674.5 million at March 31, 2024, with construction loans up by $7.6 million, or 16.0%[107] - Total deposits increased by $13.0 million, or 1.9%, to $687.4 million at March 31, 2024, driven by demand deposits and money market accounts[109] - Stockholders' equity increased by $1.8 million, or 1.5%, to $123.3 million at March 31, 2024, primarily due to net income of $1.3 million[111] Income and Expenses - Net income for the three months ended March 31, 2024, was $1.3 million, a decrease from $1.7 million for the same period in 2023[118] - Interest income increased by $1.5 million, or 15.3%, to $11.2 million for the three months ended March 31, 2024, compared to $9.7 million for the same period in 2023[119] - Interest income on loans rose by $1.2 million, or 14.6%, to $9.5 million, with an average yield increase of 59 basis points to 5.75%[119] - Interest expense increased by $1.6 million to $4.5 million for the three months ended March 31, 2024, compared to $2.8 million for the same period in 2023[122] - Net interest income decreased by $149,000, or 2.2%, to $6.7 million for the three months ended March 31, 2024, with a net interest margin decrease to 3.38%[125] - Non-interest income increased by $32,000, or 5.8%, to $584,000 for the three months ended March 31, 2024, from $552,000[132] - Total non-interest expenses increased by $376,000, or 7.2%, to $5.57 million for the three months ended March 31, 2024[134] - Income tax expense decreased to $428,000 for the three months ended March 31, 2024, compared to $527,000 for the same period in 2023[135] Loan and Credit Management - The loan-to-deposit ratio at March 31, 2024, was 98.1%, compared to 97.8% at December 31, 2023[109] - Provisions for credit losses recorded no charge for the three months ended March 31, 2024, compared to a provision of $7,000 for the same period in 2023[130] - The company recorded net charge-offs of $326,000 for the three months ended March 31, 2024, compared to net loan charge-offs of $91,000 for the same period in 2023[130] - The company had outstanding commitments to originate loans of $75.5 million as of March 31, 2024[154] Cash Flow - Net cash provided by operating activities was $1.2 million for Q1 2024, down from $2.0 million in Q1 2023, representing a decrease of 40%[148] - Net cash used in investing activities was $14.7 million for Q1 2024, compared to $29.2 million in Q1 2023, indicating a reduction of 49%[148] - Net cash provided by financing activities was $24.8 million for Q1 2024, significantly lower than $137.8 million in Q1 2023, a decrease of approximately 82%[148] Capital Adequacy - As of March 31, 2024, the Common Equity Tier 1 capital ratio was 12.50%, exceeding the well-capitalized requirement of 4.50%[151] - Total capital to risk-weighted assets ratio was 13.68% as of March 31, 2024, above the minimum requirement of 8.00%[151] Funding and Borrowing - The company had a $219.2 million line of credit with the Federal Home Loan Bank of Atlanta, with $40.0 million in advances outstanding as of March 31, 2024[146] - The company borrowed $11.8 million through the Federal Reserve Bank Term Funding Program during the first quarter of 2024[110] - Management anticipates sufficient funds to meet current funding commitments based on deposit retention experience[149] Operational Controls - The company has maintained effective disclosure controls and procedures as of March 31, 2024[156]