Business
Affinity Bancshares, Inc Announces Third Quarter 2021 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":"\n \n\n 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 September 30, 2021 as compared to $1.9 million for the corresponding prior year period. For the nine months ended September 30, 2021, the Company reported net income of $6.3 million as compared to $1.7 million for the corresponding prior year period.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211027006210/en/AFBI Selected Data (Graphic: Business Wire)\n\n\n\nFor the three months ended,\n\n\n\n\nFor the nine months ended,\n\n\n\n\n\nPerformance Ratios:\n\n\n\nSeptember\n30,2021\n\n\n\n\nJune\n30,2021\n\n\n\n\nMarch\n31,2021\n\n\n\n\nSeptember\n30,2020\n\n\n\n\nSeptember\n30,2021\n\n\n\n\nSeptember\n30, 2020\n\n\n\n\n\nReturn on average assets\n\n\n\n0.91\n\n\n\n%\n\n\n\n\n1.18\n\n\n\n%\n\n\n\n\n1.11\n\n\n\n%\n\n\n\n\n0.90\n\n\n\n%\n\n\n\n\n1.06\n\n\n\n%\n\n\n\n\n0.31\n\n\n\n%\n\n\n\n\n\nReturn on average equity\n\n\n\n6.00\n\n\n\n%\n\n\n\n\n7.95\n\n\n\n%\n\n\n\n\n8.03\n\n\n\n%\n\n\n\n\n9.46\n\n\n\n%\n\n\n\n\n7.29\n\n\n\n%\n\n\n\n\n2.86\n\n\n\n%\n\n\n\n\n\nNet interest margin\n\n\n\n3.78\n\n\n\n%\n\n\n\n\n4.10\n\n\n\n%\n\n\n\n\n4.65\n\n\n\n%\n\n\n\n\n3.81\n\n\n\n%\n\n\n\n\n4.17\n\n\n\n%\n\n\n\n\n3.69\n\n\n\n%\n\n\n\n\n\nEfficiency ratio\n\n\n\n65.87\n\n\n\n%\n\n\n\n\n58.30\n\n\n\n%\n\n\n\n\n64.96\n\n\n\n%\n\n\n\n\n60.95\n\n\n\n%\n\n\n\n\n63.08\n\n\n\n%\n\n\n\n\n82.94\n\n\n\n%\n\n\n\n\nResults of Operations\n\nNet income was $1.8 million for the three months ended September 30, 2021, compared to $1.9 million for the three months ended September 30, 2020. We have strategically made additional hires to further enhance our business development efforts. Net income increased $4.6 million to $6.3 million for the nine months ended September 30, 2021, compared to $1.7 million for the nine months ended September 30, 2020. Our net income in 2020 was reduced as a result of merger related expenses. Merger related expenses for the nine months ended September 30, 2020, were $2.8 million.\n\nNet Interest Income and Margin\n\nNet interest income decreased $300,000, and was $6.9 million for the three months ended September 30, 2021, compared to $7.2 million for ...