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]
Affinity Bancshares(AFBI) - 2024 Q4 - Annual Results