Affinity Bancshares, Inc. announced net income of $1.7 million for the three months ended September 30, 2024, an increase from $1.6 million reported for the same period in 2023. Diluted earnings per share also saw a modest rise, reaching $0.26 for the third quarter of 2024 compared to $0.25 in the prior year's quarter.
The company's net interest income before provision for credit losses increased to $7.414 million in Q3 2024 from $6.901 million in Q3 2023, contributing to an expanded net interest margin of 3.52% compared to 3.36% in the prior year. This indicates improved profitability from its core lending activities.
Total assets for Affinity Bancshares grew to $878.561 million as of September 30, 2024, up from $855.431 million at September 30, 2023. Tangible book value per share also increased to $17.18 from $15.63 over the same period, reflecting growth in the company's underlying asset base and shareholder value.
Noninterest expenses for the quarter totaled $5.704 million, an increase from $5.406 million in the third quarter of 2023. The provision for credit losses remained at $0 for both the third quarter of 2024 and 2023, indicating stable asset quality during the period.
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