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Affinity Bancshares, Inc. Announces First Quarter 2022 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)-- Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today
About this update from Affinity Bancshares, Inc.
[{"type":"text","content":" COVINGTON, Ga.--(BUSINESS WIRE)--\nAffinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.8 million for the three months ended March 31, 2022 as compared to $2.1 million for the three months ended March 31, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220422005578/en/\n\n\n\n\nFor the three months ended,\n\n\n\n\n\nPerformance Ratios:\n\n\n\n\nMarch 31,\n2022\n\n\n\n\nDecember 31,\n2021\n\n\n\n\nSeptember 30,\n2021\n\n\n\n\nJune 30,\n2021\n\n\n\n\nMarch 31,\n2021\n\n\n\n\n\nReturn on average assets\n\n\n\n \n\n\n\n0.97%\n\n\n\n \n\n\n\n0.66%\n\n\n\n \n\n\n\n0.91%\n\n\n\n \n\n\n\n1.18%\n\n\n\n \n\n\n\n1.11%\n\n\n\n\n\nReturn on average equity\n\n\n\n\n5.97%\n\n\n\n\n4.36%\n\n\n\n\n6.00%\n\n\n\n\n7.95%\n\n\n\n\n8.03%\n\n\n\n\n\nNet interest margin\n\n\n\n \n\n\n\n4.53%\n\n\n\n \n\n\n\n3.64%\n\n\n\n \n\n\n\n3.78%\n\n\n\n \n\n\n\n4.10%\n\n\n\n \n\n\n\n4.65%\n\n\n\n\n\nEfficiency ratio\n\n\n\n\n69.00%\n\n\n\n\n74.29%\n\n\n\n\n65.87%\n\n\n\n\n58.30%\n\n\n\n\n64.96%\n\n\n\n\nResults of Operations\n\nNet income was $1.8 million for the three months ended March 31, 2022, as compared to $2.1 million for the three months ended March 31, 2021, as a result of a decrease in Payroll Protection Program (PPP) loan related interest and fee income as we have been receiving forgiveness payments for these loans partially offset by a decrease in interest expense mostly related to the recognition of remaining discounts upon the payoff of acquired FHLB advances.\n\nNet Interest Income and Margin\n\nNet interest income decreased $590,000, and was $7.8 million for the three months ended March 31, 2022, compared to $8.3 million for the three months ended March 31, 2021. Average interest-earning assets decreased by $33.2 million, and was $684.6 million for the three months ended March 31, 2022 compared to $717.8 for the three months ended March 31, 2021. This decrease was a result of the decrease in PPP loans as forgiveness payments were received. Net interest margin for the three months ended March 31, 2022, decreased to 4.53% from 4.65% for the three months ended March 31, 2021. The decrease in net interest margin was primarily due to the decrease in PPP loans as forgiveness payments were receive...