Business
Affinity Bancshares, Inc. Announces Second 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 June 30, 2022 as compared to $2.3 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, net income was $3.6 million as compared to $4.5 million for the six months ended June 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726006107/en/AFBI Selected Data (Graphic: Business Wire)\n\n\n\nFor the three months ended,\n\n\n\n\n\nPerformance Ratios:\n\n\n\nJune 30,\n2022\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\n\nReturn on average assets (1)\n\n\n\n0.95%\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\nReturn on average equity (1)\n\n\n\n6.13%\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\n\nNet interest margin (1)\n\n\n\n4.06%\n\n\n\n \n\n\n\n4.47%\n\n\n\n \n\n\n\n3.60%\n\n\n\n \n\n\n\n3.74%\n\n\n\n \n\n\n\n4.06%\n\n\n\n\n\nEfficiency ratio\n\n\n\n67.23%\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\n\n\n\n\n\n\n\n\n\n \n\n\n(1) Annualized.\n\nResults of Operations\n\nNet income was $1.8 million for the three months ended June 30, 2022, as compared to $2.3 million for the three months ended June 30, 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. Net income was $3.6 million for the six months ended June 30, 2022, as compared to $4.5 million for the six months ended June 30, 2021, as a result of lower interest and fee income on PPP loans partially offset by a decrease in interest expense primarily related to the recognition of remaining discounts upon the payoff of acquired Federal Home Loan Bank advances.\n\nNet Interest Income and Margin\n\nNet interest income decreased $269,000, and was $7.1 million for the three months ended June 30, 2022, compared to $7.4 million for the three months ended June 30, 2021, as a result of a decrease in Payroll Protection Program (PPP) loan r...