Affinity Bancshares, Inc. Announces Second Quarter 2023 Financial Results

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 June 30, 2023, as compared to $1.8 million for the three months ended June 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230727998186/en/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the three months ended,

 

Performance Ratios:

 

June 30, 2023

 

 

March 31, 2023

 

 

December 31, 2022

 

 

September 30, 2022

 

 

June 30, 2022

 

Net income (in thousands)

 

$

1,590

 

 

$

1,722

 

 

$

1,699

 

 

$

1,861

 

 

$

1,783

 

Diluted earnings per share

 

 

0.24

 

 

 

0.26

 

 

 

0.26

 

 

 

0.27

 

 

 

0.27

 

Common book value per share

 

 

18.34

 

 

 

18.02

 

 

 

17.73

 

 

 

17.37

 

 

 

17.51

 

Tangible book value per share (1)

 

 

15.47

 

 

 

15.20

 

 

 

14.92

 

 

 

14.57

 

 

 

14.68

 

Total assets (in thousands)

 

 

876,905

 

 

 

932,302

 

 

 

791,283

 

 

 

776,390

 

 

 

766,679

 

Return on average assets

 

 

0.71

%

 

 

0.84

%

 

 

0.84

%

 

 

0.95

%

 

 

0.95

%

Return on average equity

 

 

5.37

%

 

 

5.90

%

 

 

5.78

%

 

 

6.30

%

 

 

6.13

%

Equity to assets

 

 

13.45

%

 

 

12.69

%

 

 

14.80

%

 

 

14.84

%

 

 

15.05

%

Tangible equity to tangible assets (1)

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

 

 

12.75

%

 

 

12.93

%

Net interest margin

 

 

3.17

%

 

 

3.58

%

 

 

3.85

%

 

 

4.12

%

 

 

4.06

%

Efficiency ratio

 

 

71.68

%

 

 

69.73

%

 

 

71.38

%

 

 

67.62

%

 

 

67.23

%

(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 June 30, 2023, as compared to $1.8 million for the three months ended June 30, 2022, as a result of an increase in deposit interest expense offset by an increase in interest income.
  • Net income was $3.3 million for six months ended June 30, 2023 as compared to $3.6 million for the six months ended June 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 in first quarter 2022, partially offset by an increase in interest income.

Results of Operations

  • Net interest income was $6.7 million for the three months ended June 30, 2023 compared to $7.1 million for the three months ended June 30, 2022. The decrease was due to an increase in deposit costs generally offset by an increase in interest income.
  • Net interest income was $13.6 million for the six months ended June 30, 2023 compared to $14.9 million for the six months ended June 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 in the first quarter of 2022, partially offset by an increase in interest income.
  • Net interest margin for the three months ended June 30, 2023 decreased to 3.17% from 4.06% for the three months ended June 30, 2022. Net interest margin for the six months ended June 30, 2023 decreased to 3.37% from 4.27% for the six months ended June 30, 2022. The decreases in the margin relate to increases in cost of funds exceeding our increases in interest income. The decrease in the margin for the six months ended June 30, 2023 was also impacted by the fair value mark on the FHLB advances from acquisition that was recognized upon payoff in first quarter 2022.
    • Adjusted Net interest margin for the six months ended June 30, 2023 (see Non-GAAP reconciliation) decreased 61 basis points from 3.98% at six months ended June 30, 2022 to 3.37%.
  • Noninterest income increased $30,000 to $678,000 for the three months ended June 30, 2023 and remained stable at $1.2 million for the six months ended June 30, 2023 and 2022.
  • Non-interest expense increased $47,000 to $5.3 million for the three months ended June 30, 2023 due to an increase in occupancy expense, and decreased $517,000 to $10.5 million for the six months ended June 30, 2023 and 2022, respectively. The decrease was a result of the FHLB prepayment penalties paid in first quarter 2022.

Financial Condition

  • Total assets increased $85.6 million to $876.9 million at June 30, 2023 from $791.3 million at December 31, 2022, as we increased cash to further enhance liquidity.
  • Total gross loans increased $16.9 million to $663.1 million at June 30, 2023 from $646.2 million at December 31, 2022. The increase was due to steady loan demand.
  • Non-owner occupied office loans totaled $25.1 million at June 30, 2023; average LTV on these loans is 43%;
    • $9.6 million medical/ dental tenants
    • $15.5 million to other various tenants.
  • Investment securities held-to-maturity unrealized losses were $847,000, net of tax. Investment securities available-for-sale unrealized losses were $6.7 million, net of tax.
  • Cash and cash equivalents increased to $82.9 million at June 30, 2023 from $26.3 million at December 31, 2022, primarily due to an increase in deposits.
  • Deposits increased by $73.9 million to $731.0 million at June 30, 2023 compared to $657.2 million at December 31, 2022 , in part due to increases in certificates of deposits of $109.9 million offset by $36.1 million decreases in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. The certificates of deposits increase included brokered deposits totaling $81.6 million. Brokered deposits have an average life of 2.7 years and an average interest rate of 4.90%.
  • Uninsured deposits were approximately $93.9 million at June 30, 2023 and represented 12.8% of total deposits.
  • Borrowings increased by $10.0 million to $20.0 million at June 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 decreased to $6.2 million at June 30, 2023 from $6.7 million at December 31, 2022.
  • The allowance for credit losses as a percentage of non-performing loans was 150.0% at June 30, 2023, as compared to 138.8% at December 31, 2022.
  • Allowance for credit losses decreased to 1.40% at June 30, 2023 from 1.46% of total loans at December 31, 2022.
  • Net loan charge-offs were $72,000 for the six months ended June 30, 2023, as compared to $25,000 for the six months ended June 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; 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 June 30,

 

 

 

2023

 

 

2022

 

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

665,921

 

 

$

8,727

 

 

 

5.26

%

 

$

613,396

 

 

$

7,283

 

 

 

4.76

%

Investment securities held-to-maturity

 

 

34,131

 

 

 

521

 

 

 

6.13

%

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

 

 

50,758

 

 

 

428

 

 

 

3.38

%

 

 

46,461

 

 

 

279

 

 

 

2.40

%

Interest-earning deposits and federal funds

 

 

93,116

 

 

 

1,150

 

 

 

4.95

%

 

 

41,856

 

 

 

79

 

 

 

0.76

%

Other investments

 

 

2,167

 

 

 

37

 

 

 

6.90

%

 

 

1,187

 

 

 

12

 

 

 

3.95

%

Total interest-earning assets

 

 

846,093

 

 

 

10,863

 

 

 

5.15

%

 

 

702,900

 

 

 

7,653

 

 

 

4.36

%

Non-interest-earning assets

 

 

52,023

 

 

 

 

 

 

 

 

 

51,662

 

 

 

 

 

 

 

Total assets

 

$

898,116

 

 

 

 

 

 

 

 

$

754,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

95,317

 

 

$

56

 

 

 

0.23

%

 

$

97,618

 

 

$

45

 

 

 

0.19

%

Money market accounts

 

 

137,306

 

 

 

825

 

 

 

2.41

%

 

 

150,863

 

 

 

93

 

 

 

0.25

%

Savings accounts

 

 

88,152

 

 

 

558

 

 

 

2.54

%

 

 

82,478

 

 

 

87

 

 

 

0.42

%

Certificates of deposit

 

 

240,954

 

 

 

2,346

 

 

 

3.91

%

 

 

90,194

 

 

 

259

 

 

 

1.15

%

Total interest-bearing deposits

 

 

561,729

 

 

 

3,785

 

 

 

2.70

%

 

 

421,153

 

 

 

484

 

 

 

0.46

%

FHLB advances and other borrowings

 

 

35,495

 

 

 

385

 

 

 

4.35

%

 

 

14,478

 

 

 

28

 

 

 

0.78

%

Total interest-bearing liabilities

 

 

597,224

 

 

 

4,170

 

 

 

2.80

%

 

 

435,631

 

 

 

512

 

 

 

0.47

%

Non-interest-bearing liabilities

 

 

182,140

 

 

 

 

 

 

 

 

 

202,296

 

 

 

 

 

 

 

Total liabilities

 

 

779,364

 

 

 

 

 

 

 

 

 

637,927

 

 

 

 

 

 

 

Total stockholders' equity

 

 

118,752

 

 

 

 

 

 

 

 

 

116,635

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

898,116

 

 

 

 

 

 

 

 

$

754,562

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.35

%

 

 

 

 

 

 

 

 

3.89

%

Net interest income

 

 

 

 

$

6,693

 

 

 

 

 

 

 

 

$

7,141

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.17

%

 

 

 

 

 

 

 

 

4.06

%

 

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

658,887

 

 

$

17,018

 

 

 

5.21

%

 

$

604,464

 

 

$

14,279

 

 

 

4.76

%

Investment securities held-to-maturity

 

 

33,518

 

 

 

1,025

 

 

 

6.17

%

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

 

 

49,806

 

 

 

838

 

 

 

3.39

%

 

 

47,549

 

 

 

539

 

 

 

2.26

%

Interest-earning deposits and federal funds

 

 

69,568

 

 

 

1,638

 

 

 

4.75

%

 

 

45,026

 

 

 

97

 

 

 

0.43

%

Other investments

 

 

2,403

 

 

 

72

 

 

 

6.07

%

 

 

1,094

 

 

 

17

 

 

 

3.21

%

Total interest-earning assets

 

 

814,182

 

 

 

20,591

 

 

 

5.10

%

 

 

698,133

 

 

 

14,932

 

 

 

4.28

%

Non-interest-earning assets

 

 

51,524

 

 

 

 

 

 

 

 

 

52,661

 

 

 

 

 

 

 

Total assets

 

$

865,706

 

 

 

 

 

 

 

 

$

750,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

93,596

 

 

$

100

 

 

 

0.22

%

 

$

96,949

 

 

$

87

 

 

 

0.18

%

Money market accounts

 

 

138,394

 

 

 

1,486

 

 

 

2.17

%

 

 

147,677

 

 

 

182

 

 

 

0.25

%

Savings accounts

 

 

92,003

 

 

 

1,110

 

 

 

2.43

%

 

 

84,326

 

 

 

169

 

 

 

0.40

%

Certificates of deposit

 

 

195,260

 

 

 

3,403

 

 

 

3.51

%

 

 

92,318

 

 

 

549

 

 

 

1.19

%

Total interest-bearing deposits

 

 

519,253

 

 

 

6,099

 

 

 

2.37

%

 

 

421,270

 

 

 

987

 

 

 

0.47

%

FHLB advances and other borrowings

 

 

41,078

 

 

 

901

 

 

 

4.42

%

 

 

11,665

 

 

 

(947

)

 

 

-16.37

%

Total interest-bearing liabilities

 

 

560,331

 

 

 

7,000

 

 

 

2.52

%

 

 

432,935

 

 

 

40

 

 

 

0.02

%

Non-interest-bearing liabilities

 

 

186,874

 

 

 

 

 

 

 

 

 

198,680

 

 

 

 

 

 

 

Total liabilities

 

 

747,205

 

 

 

 

 

 

 

 

 

631,615

 

 

 

 

 

 

 

Total stockholders' equity

 

 

118,501

 

 

 

 

 

 

 

 

 

119,179

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

865,706

 

 

 

 

 

 

 

 

$

750,794

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.58

%

 

 

 

 

 

 

 

 

4.26

%

Net interest income

 

 

 

 

$

13,591

 

 

 

 

 

 

 

 

$

14,892

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.37

%

 

 

 

 

 

 

 

 

4.27

%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

(unaudited)

 

 

 

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

7,061

 

 

$

2,928

 

Interest-earning deposits in other depository institutions

 

 

75,833

 

 

 

23,396

 

Cash and cash equivalents

 

 

82,894

 

 

 

26,324

 

Investment securities available-for-sale

 

 

49,931

 

 

 

46,200

 

Investment securities held-to-maturity (estimated fair value of $33,053, net of allowance for credit losses of $42 at June 30, 2023 and estimated fair value of $26,251 at December 31, 2022)

 

 

34,145

 

 

 

26,527

 

Other investments

 

 

1,508

 

 

 

1,082

 

Loans

 

 

663,141

 

 

 

646,234

 

Allowance for credit loss on loans

 

 

(9,252

)

 

 

(9,325

)

Net loans

 

 

653,889

 

 

 

636,909

 

Other real estate owned

 

 

2,901

 

 

 

2,901

 

Premises and equipment, net

 

 

4,052

 

 

 

4,257

 

Bank owned life insurance

 

 

15,899

 

 

 

15,724

 

Intangible assets

 

 

18,462

 

 

 

18,558

 

Other assets

 

 

13,224

 

 

 

12,801

 

Total assets

 

$

876,905

 

 

$

791,283

 

Liabilities and Stockholders' Equity

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

174,752

 

 

$

190,297

 

Interest-bearing checking

 

 

93,358

 

 

 

91,167

 

Money market accounts

 

 

141,157

 

 

 

148,097

 

Savings accounts

 

 

85,845

 

 

 

101,622

 

Certificates of deposit

 

 

235,930

 

 

 

125,989

 

Total deposits

 

 

731,042

 

 

 

657,172

 

Federal Home Loan Bank advances and other borrowings

 

 

20,000

 

 

 

10,025

 

Accrued interest payable and other liabilities

 

 

7,924

 

 

 

6,983

 

Total liabilities

 

 

758,966

 

 

 

674,180

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,430,300 issued and outstanding at June 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

 

 

61,027

 

 

 

63,130

 

Unearned ESOP shares

 

 

(4,692

)

 

 

(4,795

)

Retained earnings

 

 

68,209

 

 

 

65,357

 

Accumulated other comprehensive loss

 

 

(6,669

)

 

 

(6,655

)

Total stockholders' equity

 

 

117,939

 

 

 

117,103

 

Total liabilities and stockholders' equity

 

$

876,905

 

 

$

791,283

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

8,727

 

 

$

7,283

 

 

$

17,018

 

 

$

14,279

 

Investment securities

 

 

 

986

 

 

 

291

 

 

 

1,935

 

 

 

556

 

Interest-earning deposits

 

 

 

1,150

 

 

 

79

 

 

 

1,638

 

 

 

97

 

Total interest income

 

 

 

10,863

 

 

 

7,653

 

 

 

20,591

 

 

 

14,932

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

3,785

 

 

 

484

 

 

 

6,099

 

 

 

987

 

FHLB advances and other borrowings

 

 

 

385

 

 

 

28

 

 

 

901

 

 

 

(947

)

Total interest expense

 

 

 

4,170

 

 

 

512

 

 

 

7,000

 

 

 

40

 

Net interest income before provision for credit losses

 

 

 

6,693

 

 

 

7,141

 

 

 

13,591

 

 

 

14,892

 

Provision for credit losses

 

 

 

 

 

 

217

 

 

 

7

 

 

 

467

 

Net interest income after provision for credit losses

 

 

 

6,693

 

 

 

6,924

 

 

 

13,584

 

 

 

14,425

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

405

 

 

 

393

 

 

 

796

 

 

 

785

 

Other

 

 

 

273

 

 

 

255

 

 

 

434

 

 

 

458

 

Total noninterest income

 

 

 

678

 

 

 

648

 

 

 

1,230

 

 

 

1,243

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,036

 

 

 

3,023

 

 

 

6,040

 

 

 

6,032

 

Occupancy

 

 

 

638

 

 

 

541

 

 

 

1,282

 

 

 

1,123

 

Advertising

 

 

 

82

 

 

 

118

 

 

 

179

 

 

 

198

 

Data processing

 

 

 

487

 

 

 

497

 

 

 

980

 

 

 

990

 

FHLB prepayment penalties

 

 

 

 

 

 

 

 

 

 

 

 

647

 

Other

 

 

 

1,041

 

 

 

1,058

 

 

 

1,997

 

 

 

2,005

 

Total noninterest expenses

 

 

 

5,284

 

 

 

5,237

 

 

 

10,478

 

 

 

10,995

 

Income before income taxes

 

 

 

2,088

 

 

 

2,335

 

 

 

4,336

 

 

 

4,673

 

Income tax expense

 

 

 

497

 

 

 

552

 

 

 

1,024

 

 

 

1,099

 

Net income

 

 

$

1,590

 

 

$

1,783

 

 

$

3,312

 

 

$

3,574

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,486,260

 

 

 

6,591,627

 

 

 

6,542,653

 

 

 

6,698,423

 

Diluted

 

 

 

6,546,382

 

 

 

6,684,721

 

 

 

6,616,294

 

 

 

6,791,517

 

Basic earnings per share

 

 

$

0.25

 

 

$

0.27

 

 

$

0.51

 

 

$

0.53

 

Diluted earnings per share

 

 

$

0.24

 

 

$

0.27

 

 

$

0.50

 

 

$

0.53

 

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 table below for details on the earnings impact of these items.

 

 

At or For the Period Ending

 

Non-GAAP Reconciliation

 

June 30,

2023

 

 

March 31,

2023

 

 

December 31,

2022

 

 

September 30,

2022

 

 

June 30,

2022

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

18.34

 

 

$

18.02

 

 

$

17.73

 

 

$

17.37

 

 

$

17.51

 

Effect of goodwill and other intangibles

 

 

(2.87

)

 

 

(2.82

)

 

 

(2.81

)

 

 

(2.80

)

 

 

(2.83

)

Tangible book value per common share

$

15.47

 

 

$

15.20

 

 

$

14.92

 

 

$

14.57

 

 

$

14.68

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

13.45

%

 

 

12.69

%

 

 

14.80

%

 

 

14.84

%

 

 

15.05

%

Effect of goodwill and other intangibles

 

 

(1.86

)%

 

 

(1.77

)%

 

 

(2.05

)%

 

 

(2.09

)%

 

 

(2.12

)%

Tangible equity to tangible assets (1)

 

 

11.59

%

 

 

10.92

%

 

 

12.75

%

 

 

12.75

%

 

 

12.93

%

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

 

 

For the

 

 

 

Six months ended June 30,

 

 

 

2023

 

 

2022

 

Operating net income reconciliation

 

 

 

 

 

 

Net income (GAAP)

 

$

3,312

 

 

$

3,574

 

FHLB mark from called borrowings

 

 

 

 

 

(988

)

FHLB prepayment penalties

 

 

 

 

 

647

 

Income tax expense

 

 

 

 

 

87

 

Operating net income

$

3,312

 

 

$

3,320

 

Weighted average diluted shares

 

 

6,616,294

 

 

 

6,791,517

 

Adjusted earnings per share

 

$

0.50

 

 

$

0.49

 

 

 

 

 

 

 

 

Net interest income

 

$

13,591

 

 

$

14,892

 

FHLB mark from called borrowings

 

 

 

 

 

(988

)

Adjusted Net interest income

$

13,591

 

 

$

13,904

 

Adjusted Net interest income reconciliation

 

 

 

 

 

 

Net interest margin (GAAP)

 

 

3.37

%

 

 

4.27

%

Effect of FHLB mark from called borrowings

 

 

0.00

 

 

 

(0.29

)

Adjusted Net interest margin

 

 

3.37

%

 

 

3.98

%

 

Contacts

Edward J. Cooney

Chief Executive Officer

(678) 742-9990

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