AFBI Affinity Bancshares Inc

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231026824553/en/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the three months ended,

 

Performance Ratios:

 

September 30,

2023

 

 

June 30,

2023

 

 

March 31,

2023

 

 

December 31,

2022

 

 

September 30,

2022

 

Net income (in thousands)

 

$

1,623

 

 

$

1,590

 

 

$

1,722

 

 

$

1,699

 

 

$

1,861

 

Diluted earnings per share

 

 

0.25

 

 

 

0.24

 

 

 

0.26

 

 

 

0.26

 

 

 

0.27

 

Common book value per share

 

 

18.50

 

 

 

18.34

 

 

 

18.02

 

 

 

17.73

 

 

 

17.37

 

Tangible book value per share (1)

 

 

15.63

 

 

 

15.47

 

 

 

15.20

 

 

 

14.92

 

 

 

14.57

 

Total assets (in thousands)

 

 

855,431

 

 

 

876,905

 

 

 

932,302

 

 

 

791,283

 

 

 

776,390

 

Return on average assets

 

 

0.74

%

 

 

0.71

%

 

 

0.84

%

 

 

0.84

%

 

 

0.95

%

Return on average equity

 

 

5.42

%

 

 

5.37

%

 

 

5.90

%

 

 

5.78

%

 

 

6.30

%

Equity to assets

 

 

13.85

%

 

 

13.45

%

 

 

12.69

%

 

 

14.80

%

 

 

14.84

%

Tangible equity to tangible assets (1)

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

 

 

12.75

%

Net interest margin

 

 

3.36

%

 

 

3.17

%

 

 

3.58

%

 

 

3.85

%

 

 

4.12

%

Efficiency ratio

 

 

71.78

%

 

 

71.68

%

 

 

69.73

%

 

 

71.38

%

 

 

67.62

%

(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 $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022, as a result of an increase in deposit interest expense offset by an increase in interest income.
• Net income was $4.9 million for nine months ended September 30, 2023 as compared to $5.4 million for the nine months ended September 30, 2022, as a result of an increase in deposit interest expense and recognition of the remaining fair value mark on the acquired Federal Home Loan Bank advances that was recognized upon payoff during the first quarter 2022, partially offset by an increase in interest income.

Results of Operations

• Net interest income was $6.9 million for the three months ended September 30, 2023 compared to $7.5 million for the three months ended September 30, 2022. The decrease was due to an increase in deposit costs partially offset by an increase in interest income.
• Net interest income was $20.5 million for the nine months ended September 30, 2023 compared to $22.4 million for the nine months ended September 30, 2022. The decrease was due to an increase in deposit costs and recognition of the remaining fair value mark on acquired FHLB advances that was recognized upon payoff during the first quarter of 2022, partially offset by an increase in interest income.
• Net interest margin for the three months ended September 30, 2023 decreased to 3.36% from 4.12% for the three months ended September 30, 2022. Net interest margin for the nine months ended September 30, 2023 decreased to 3.36% from 4.24% for the nine months ended September 30, 2022. The decreases in the margin relate to increases in our costs of funds exceeding our increases in our yield on interest-earning assets. The decrease in the margin for the nine months ended September 30, 2023 was also impacted by the fair value mark on the FHLB advances from acquisition that was recognized upon payoff during the first quarter of 2022.
  • Adjusted net interest margin for the nine months ended September 30, 2023 (see Non-GAAP reconciliation) decreased 59 basis points from 3.95% at nine months ended September 30, 2022 to 3.36%.
• Noninterest income increased $37,000 to $630,000 for the three months ended September 30, 2023 and remained stable at $1.8 million for the nine months ended September 30, 2023 and 2022.
• Non-interest expense decreased $84,000 to $5.4 million for the three months ended September 30, 2023 compared to the respective period in 2022, due to decreases in salaries, occupancy, and advertising expenses offset by increases in data processing and other expenses. Non-interest expense decreased $601,000 to $15.9 million for the nine months ended September 30, 2023 compared to the respective period in 2022 and was a result of the FHLB prepayment penalties paid in first quarter 2022 and decreases in salaries expense.

Financial Condition

• Total assets increased $64.1 million to $855.4 million at September 30, 2023 from $791.3 million at December 31, 2022, as we increased cash to further enhance liquidity.
• Total gross loans increased $14.8 million to $661.0 million at September 30, 2023 from $646.2 million at December 31, 2022. The increase was due to steady loan demand.
• Non-owner occupied office loans totaled $25.4 million at September 30, 2023; average LTV on these loans is 43.0%
  • $9.3 million medical/dental tenants
  • $16.1 million to other various tenants.
• Investment securities held-to-maturity unrealized losses were $970,000, net of tax. Investment securities available-for-sale unrealized losses were $7.8 million, net of tax.
• Cash and cash equivalents increased to $61.5 million at September 30, 2023 from $26.3 million at December 31, 2022, primarily due to an increase in deposits.
• Deposits increased by $51.9 million to $709.0 million at September 30, 2023 compared to $657.2 million at December 31, 2022, in part due to an increase in certificates of deposits of $96.3 million offset by a $44.5 million decrease in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. The certificates of deposit increase included brokered deposits issued in 2023 totaling $72.4 million. Brokered deposits have an average life of 2.6 years and an average interest rate of 4.87%.
• Uninsured deposits were approximately $98.7 million at September 30, 2023 and represented 13.9% of total deposits.
• Borrowings increased by $10.0 million to $20.0 million at September 30, 2023 compared to $10.0 million at December 31, 2022 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

Asset Quality

• Non-performing loans increased to $7.6 million at September 30, 2023 from $6.7 million at December 31, 2022.
• The allowance for credit losses as a percentage of non-performing loans was 120.6% at September 30, 2023, as compared to 138.8% at December 31, 2022.
• Allowance for credit losses to total loans decreased to 1.39% at September 30, 2023 from 1.46% at December 31, 2022.
• Net loan charge-offs were $114,000 for the nine months ended September 30, 2023, as compared to net recoveries of $108,000 for the nine months ended September 30, 2022.

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 Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

660,456

 

 

$

9,113

 

 

 

5.47

%

 

$

639,115

 

 

$

7,734

 

 

 

4.80

%

Investment securities held-to-maturity

 

 

34,158

 

 

 

525

 

 

 

6.10

%

 

 

—

 

 

 

—

 

 

 

—

 

Investment securities available-for-sale

 

 

49,242

 

 

 

461

 

 

 

3.71

%

 

 

44,690

 

 

 

289

 

 

 

2.56

%

Interest-earning deposits and federal funds

 

 

68,892

 

 

 

889

 

 

 

5.12

%

 

 

39,384

 

 

 

189

 

 

 

1.91

%

Other investments

 

 

2,053

 

 

 

36

 

 

 

6.96

%

 

 

1,163

 

 

 

12

 

 

 

4.19

%

Total interest-earning assets

 

 

814,801

 

 

 

11,024

 

 

 

5.37

%

 

 

724,352

 

 

 

8,224

 

 

 

4.50

%

Non-interest-earning assets

 

 

51,971

 

 

 

 

 

 

 

 

 

49,770

 

 

 

 

 

 

 

Total assets

 

$

866,772

 

 

 

 

 

 

 

 

$

774,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

90,682

 

 

$

73

 

 

 

0.32

%

 

$

98,473

 

 

$

47

 

 

 

0.19

%

Money market accounts

 

 

142,346

 

 

 

987

 

 

 

2.75

%

 

 

159,478

 

 

 

100

 

 

 

0.25

%

Savings accounts

 

 

81,756

 

 

 

569

 

 

 

2.76

%

 

 

83,484

 

 

 

187

 

 

 

0.89

%

Certificates of deposit

 

 

232,276

 

 

 

2,286

 

 

 

3.90

%

 

 

89,871

 

 

 

291

 

 

 

1.28

%

Total interest-bearing deposits

 

 

547,060

 

 

 

3,915

 

 

 

2.84

%

 

 

431,306

 

 

 

625

 

 

 

0.57

%

FHLB advances and other borrowings

 

 

20,000

 

 

 

208

 

 

 

4.13

%

 

 

13,696

 

 

 

73

 

 

 

2.12

%

Total interest-bearing liabilities

 

 

567,060

 

 

 

4,123

 

 

 

2.88

%

 

 

445,002

 

 

 

698

 

 

 

0.62

%

Non-interest-bearing liabilities

 

 

180,868

 

 

 

 

 

 

 

 

 

211,986

 

 

 

 

 

 

 

Total liabilities

 

 

747,928

 

 

 

 

 

 

 

 

 

656,988

 

 

 

 

 

 

 

Total stockholders' equity

 

 

118,844

 

 

 

 

 

 

 

 

 

117,134

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

866,772

 

 

 

 

 

 

 

 

$

774,122

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.49

%

 

 

 

 

 

 

 

 

3.88

%

Net interest income

 

 

 

 

$

6,901

 

 

 

 

 

 

 

 

$

7,526

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.36

%

 

 

 

 

 

 

 

 

4.12

%

 

 

For the Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

659,416

 

 

$

26,131

 

 

 

5.30

%

 

$

616,141

 

 

$

22,013

 

 

 

4.78

%

Investment securities held-to-maturity

 

 

33,733

 

 

 

1,549

 

 

 

6.14

%

 

 

—

 

 

 

—

 

 

 

—

 

Investment securities available-for-sale

 

 

49,616

 

 

 

1,299

 

 

 

3.50

%

 

 

46,585

 

 

 

827

 

 

 

2.37

%

Interest-earning deposits and federal funds

 

 

69,340

 

 

 

2,527

 

 

 

4.87

%

 

 

43,125

 

 

 

286

 

 

 

0.89

%

Other investments

 

 

2,285

 

 

 

109

 

 

 

6.38

%

 

 

1,117

 

 

 

30

 

 

 

3.57

%

Total interest-earning assets

 

 

814,390

 

 

 

31,615

 

 

 

5.19

%

 

 

706,968

 

 

 

23,156

 

 

 

4.38

%

Non-interest-earning assets

 

 

51,675

 

 

 

 

 

 

 

 

 

51,687

 

 

 

 

 

 

 

Total assets

 

$

866,065

 

 

 

 

 

 

 

 

$

758,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

92,614

 

 

$

172

 

 

 

0.25

%

 

$

97,463

 

 

$

134

 

 

 

0.18

%

Money market accounts

 

 

139,726

 

 

 

2,472

 

 

 

2.37

%

 

 

151,654

 

 

 

282

 

 

 

0.25

%

Savings accounts

 

 

88,528

 

 

 

1,680

 

 

 

2.54

%

 

 

84,042

 

 

 

356

 

 

 

0.57

%

Certificates of deposit

 

 

207,734

 

 

 

5,691

 

 

 

3.66

%

 

 

91,493

 

 

 

840

 

 

 

1.23

%

Total interest-bearing deposits

 

 

528,602

 

 

 

10,015

 

 

 

2.53

%

 

 

424,652

 

 

 

1,612

 

 

 

0.51

%

FHLB advances and other borrowings

 

 

33,975

 

 

 

1,109

 

 

 

4.36

%

 

 

12,350

 

 

 

(874

)

 

 

-9.46

%

Total interest-bearing liabilities

 

 

562,577

 

 

 

11,124

 

 

 

2.64

%

 

 

437,002

 

 

 

738

 

 

 

0.23

%

Non-interest-bearing liabilities

 

 

184,871

 

 

 

 

 

 

 

 

 

203,164

 

 

 

 

 

 

 

Total liabilities

 

 

747,448

 

 

 

 

 

 

 

 

 

640,166

 

 

 

 

 

 

 

Total stockholders' equity

 

 

118,617

 

 

 

 

 

 

 

 

 

118,489

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

866,065

 

 

 

 

 

 

 

 

$

758,655

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.55

%

 

 

 

 

 

 

 

 

4.15

%

Net interest income

 

 

 

 

$

20,491

 

 

 

 

 

 

 

 

$

22,418

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.36

%

 

 

 

 

 

 

 

 

4.24

%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(unaudited)

 

 

 

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

5,441

 

 

$

2,928

 

Interest-earning deposits in other depository institutions

 

 

56,062

 

 

 

23,396

 

Cash and cash equivalents

 

 

61,503

 

 

 

26,324

 

Investment securities available-for-sale

 

 

48,012

 

 

 

46,200

 

Investment securities held-to-maturity (estimated fair value of $32,925, net of allowance for credit losses of $42 at September 30, 2023 and estimated fair value of $26,251 at December 31, 2022)

 

 

34,183

 

 

 

26,527

 

Other investments

 

 

4,885

 

 

 

1,082

 

Loans

 

 

661,016

 

 

 

646,234

 

Allowance for credit loss on loans

 

 

(9,211

)

 

 

(9,325

)

Net loans

 

 

651,805

 

 

 

636,909

 

Other real estate owned

 

 

2,901

 

 

 

2,901

 

Premises and equipment, net

 

 

3,872

 

 

 

4,257

 

Bank owned life insurance

 

 

15,991

 

 

 

15,724

 

Intangible assets

 

 

18,414

 

 

 

18,558

 

Other assets

 

 

13,865

 

 

 

12,801

 

Total assets

 

$

855,431

 

 

$

791,283

 

Liabilities and Stockholders' Equity

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

170,654

 

 

$

190,297

 

Interest-bearing checking

 

 

92,177

 

 

 

91,167

 

Money market accounts

 

 

144,439

 

 

 

148,097

 

Savings accounts

 

 

79,446

 

 

 

101,622

 

Certificates of deposit

 

 

222,329

 

 

 

125,989

 

Total deposits

 

 

709,045

 

 

 

657,172

 

Federal Home Loan Bank advances and other borrowings

 

 

20,000

 

 

 

10,025

 

Accrued interest payable and other liabilities

 

 

7,910

 

 

 

6,983

 

Total liabilities

 

 

736,955

 

 

 

674,180

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,404,961 issued and outstanding at September 30, 2023 and 6,605,384 issued and outstanding at December 31, 2022)

 

 

64

 

 

 

66

 

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

 

 

—

 

 

 

—

 

Additional paid in capital

 

 

60,978

 

 

 

63,130

 

Unearned ESOP shares

 

 

(4,639

)

 

 

(4,795

)

Retained earnings

 

 

69,832

 

 

 

65,357

 

Accumulated other comprehensive loss

 

 

(7,759

)

 

 

(6,655

)

Total stockholders' equity

 

 

118,476

 

 

 

117,103

 

Total liabilities and stockholders' equity

 

$

855,431

 

 

$

791,283

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

9,113

 

 

$

7,734

 

 

$

26,131

 

 

$

22,013

 

Investment securities

 

 

 

1,022

 

 

 

301

 

 

 

2,957

 

 

 

857

 

Interest-earning deposits

 

 

 

889

 

 

 

189

 

 

 

2,527

 

 

 

286

 

Total interest income

 

 

 

11,024

 

 

 

8,224

 

 

 

31,615

 

 

 

23,156

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

3,915

 

 

 

625

 

 

 

10,015

 

 

 

1,612

 

FHLB advances and other borrowings

 

 

 

208

 

 

 

73

 

 

 

1,109

 

 

 

(874

)

Total interest expense

 

 

 

4,123

 

 

 

698

 

 

 

11,124

 

 

 

738

 

Net interest income before provision for credit losses

 

 

 

6,901

 

 

 

7,526

 

 

 

20,491

 

 

 

22,418

 

Provision for credit losses

 

 

 

—

 

 

 

187

 

 

 

7

 

 

 

654

 

Net interest income after provision for credit losses

 

 

 

6,901

 

 

 

7,339

 

 

 

20,484

 

 

 

21,764

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

426

 

 

 

420

 

 

 

1,222

 

 

 

1,205

 

Other

 

 

 

204

 

 

 

173

 

 

 

638

 

 

 

631

 

Total noninterest income

 

 

 

630

 

 

 

593

 

 

 

1,860

 

 

 

1,836

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,007

 

 

 

3,187

 

 

 

9,047

 

 

 

9,219

 

Occupancy

 

 

 

637

 

 

 

675

 

 

 

1,919

 

 

 

1,798

 

Advertising

 

 

 

59

 

 

 

128

 

 

 

238

 

 

 

326

 

Data processing

 

 

 

525

 

 

 

486

 

 

 

1,504

 

 

 

1,476

 

FHLB prepayment penalties

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

647

 

Other

 

 

 

1,178

 

 

 

1,014

 

 

 

3,176

 

 

 

3,019

 

Total noninterest expenses

 

 

 

5,406

 

 

 

5,490

 

 

 

15,884

 

 

 

16,485

 

Income before income taxes

 

 

 

2,125

 

 

 

2,442

 

 

 

6,460

 

 

 

7,115

 

Income tax expense

 

 

 

502

 

 

 

581

 

 

 

1,525

 

 

 

1,680

 

Net income

 

 

$

1,623

 

 

$

1,861

 

 

$

4,935

 

 

$

5,435

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,417,754

 

 

 

6,652,811

 

 

 

6,500,562

 

 

 

6,683,052

 

Diluted

 

 

 

6,493,114

 

 

 

6,752,152

 

 

 

6,575,923

 

 

 

6,782,393

 

Basic earnings per share

 

 

$

0.25

 

 

$

0.28

 

 

$

0.76

 

 

$

0.81

 

Diluted earnings per share

 

 

$

0.25

 

 

$

0.27

 

 

$

0.75

 

 

$

0.80

 

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

 

Non-GAAP Reconciliation

 

September 30,

2023

 

 

June 30,

2023

 

 

March 31,

2023

 

 

December 31,

2022

 

 

September 30,

2022

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

18.50

 

 

$

18.34

 

 

$

18.02

 

 

$

17.73

 

 

$

17.37

 

Effect of goodwill and other intangibles

 

 

(2.87

)

 

 

(2.87

)

 

 

(2.82

)

 

 

(2.81

)

 

 

(2.80

)

Tangible book value per common share

$

15.63

 

 

$

15.47

 

 

$

15.20

 

 

$

14.92

 

 

$

14.57

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

13.85

%

 

 

13.45

%

 

 

12.69

%

 

 

14.80

%

 

 

14.84

%

Effect of goodwill and other intangibles

 

 

(1.90

)%

 

 

(1.86

)%

 

 

(1.77

)%

 

 

(2.05

)%

 

 

(2.09

)%

Tangible equity to tangible assets (1)

 

 

11.95

%

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

 

 

12.75

%

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

 

 

For the

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Operating net income reconciliation

 

 

 

 

 

 

Net income (GAAP)

 

$

4,935

 

 

$

5,435

 

FHLB mark from called borrowings

 

 

—

 

 

 

(988

)

FHLB prepayment penalties

 

 

—

 

 

 

647

 

Income tax expense

 

 

—

 

 

 

87

 

Operating net income

$

4,935

 

 

$

5,181

 

Weighted average diluted shares

 

 

6,575,923

 

 

 

6,782,393

 

Adjusted diluted earnings per share

 

$

0.75

 

 

$

0.76

 

 

 

 

 

 

 

 

Net interest income

 

$

20,491

 

 

$

22,418

 

FHLB mark from called borrowings

 

 

—

 

 

 

(988

)

Adjusted Net interest income

$

20,491

 

 

$

21,430

 

Adjusted Net interest income reconciliation

 

 

 

 

 

 

Net interest margin (GAAP)

 

 

3.36

%

 

 

4.24

%

Effect of FHLB mark from called borrowings

 

 

0.00

 

 

 

(0.29

)

Adjusted Net interest margin

 

 

3.36

%

 

 

3.95

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026824553/en/

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