Affinity Bancshares, Inc. reported net income of $1.3 million for the fourth quarter of 2024, a decrease from $1.5 million in the fourth quarter of 2023. Diluted earnings per share for Q4 2024 stood at $0.20, down from $0.23 in the prior year period.
For the full year ended December 31, 2024, net income was $5.4 million, a decline from $6.4 million in 2023. Diluted earnings per share for the full year decreased to $0.83 from $0.98 in the previous year, reflecting a challenging operating environment.
Net interest income before provision for credit losses increased to $7.433 million in Q4 2024 from $6.705 million in Q4 2023, and for the full year, it rose to $29.166 million from $27.198 million in 2023. The net interest margin expanded to 3.56% in Q4 2024 from 3.32% in Q4 2023, and to 3.54% for the full year 2024 from 3.35% in 2023.
Total assets grew to $866.817 million at December 31, 2024, compared to $843.258 million at December 31, 2023. Tangible book value per share increased to $17.30 at year-end 2024 from $16.08 at year-end 2023, indicating an increase in tangible shareholder equity.
The company recorded a provision for credit losses of $225,000 in Q4 2024, a change from a negative provision of $49,000 in Q4 2023. For the full year, the provision for credit losses was $438,000, compared to a negative provision of $42,000 in 2023. Total noninterest expenses increased to $5.768 million in Q4 2024 from $5.432 million in Q4 2023, and to $23.761 million for the full year 2024 from $21.318 million in 2023.
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