Affinity Bancshares, Inc. reported a net income of $1.83 million for the first quarter of 2025, a substantial increase from $1.34 million for the same period in 2024. This represents a 36.8% rise in profitability year-over-year.
Net interest income grew by $588,000, or 8.7%, to $7.34 million for the three months ended March 31, 2025, compared to $6.75 million in the prior year period. This growth was driven by a 12.1% increase in interest income from the loan portfolio, which reached $10.60 million.
The average balance of loans expanded by $49.20 million to $713.90 million, and the average yield on loans improved by 30 basis points to 6.05%. New loan originations totaled approximately $36.50 million with a weighted average rate of 7.32%, contributing to the yield expansion.
The net interest rate spread increased to 2.65% in Q1 2025 from 2.49% in Q1 2024, and the net interest margin expanded to 3.52% from 3.38%. Non-interest expenses saw a modest decrease of $211,000, or 3.8%, totaling $5.36 million, while non-interest income declined by $103,000.
Total assets increased by $45.70 million, or 5.3%, to $912.50 million, primarily due to growth in loans and cash. Total deposits also increased by $56.80 million, or 8.4%, to $730.30 million, supporting asset expansion. Stockholders' equity decreased by $6.80 million to $122.30 million, influenced by an $8.80 million special dividend payment and $1.20 million in common stock repurchases during the quarter.
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