10-Q 1 afbi-20240331.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period

Commission File No. 001-39914

 

Affinity Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Maryland

 

82-1147778

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3175 Highway 278

Covington, Georgia

 

30014

(Address of Principal Executive Offices)

 

(Zip Code)

 

(770) 786-7088

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

AFBI

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo

 

 

 

 

 

 

 

 

 

As of May 7, 2024, 6,416,628 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding.

 

 

 


 

Affinity Bancshares, Inc.

Form 10-Q

Table of Contents

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023

 

2

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)

 

5

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)

 

6

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

30

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

31

 

 

 

 

 

Item 1A.

 

Risk Factors

 

31

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

31

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

31

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

31

 

 

 

 

 

Item 5.

 

Other Information

 

31

 

 

 

 

 

Item 6.

 

Exhibits

 

31

 

 

 

 

 

 

 

SIGNATURES

 

32

 

 

1


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

6,388

 

 

$

6,030

 

Interest-earning deposits in other depository institutions

 

 

55,007

 

 

 

43,995

 

Cash and cash equivalents

 

 

61,395

 

 

 

50,025

 

Investment securities available-for-sale

 

 

48,239

 

 

 

48,561

 

Investment securities held-to-maturity (estimated fair value of $33,873, net of allowance for credit losses of $45 at March 31, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023)

 

 

34,230

 

 

 

34,206

 

Other investments

 

 

5,480

 

 

 

5,434

 

Loans

 

 

674,498

 

 

 

659,876

 

Allowance for credit loss on loans

 

 

(8,595

)

 

 

(8,921

)

Net loans

 

 

665,903

 

 

 

650,955

 

Other real estate owned

 

 

2,850

 

 

 

2,850

 

Premises and equipment, net

 

 

3,691

 

 

 

3,797

 

Bank owned life insurance

 

 

16,184

 

 

 

16,086

 

Intangible assets

 

 

18,318

 

 

 

18,366

 

Other assets

 

 

13,257

 

 

 

12,978

 

Total assets

 

$

869,547

 

 

$

843,258

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

164,568

 

 

$

154,689

 

Interest-bearing checking

 

 

86,734

 

 

 

85,362

 

Money market accounts

 

 

144,689

 

 

 

138,673

 

Savings accounts

 

 

74,282

 

 

 

74,768

 

Certificates of deposit

 

 

217,171

 

 

 

220,951

 

Total deposits

 

 

687,444

 

 

 

674,443

 

Federal Home Loan Bank advances and other borrowings

 

 

51,837

 

 

 

40,000

 

Accrued interest payable and other liabilities

 

 

6,966

 

 

 

7,299

 

Total liabilities

 

 

746,247

 

 

 

721,742

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized;
   
6,416,628 issued and outstanding at March 31, 2024 and December 31, 2023)

 

 

64

 

 

 

64

 

Preferred stock (10,000,000 shares authorized, no shares outstanding)

 

 

 

 

 

 

Additional paid in capital

 

 

61,409

 

 

 

61,026

 

Unearned ESOP shares

 

 

(4,535

)

 

 

(4,587

)

Retained earnings

 

 

72,680

 

 

 

71,345

 

Accumulated other comprehensive loss

 

 

(6,318

)

 

 

(6,332

)

Total stockholders' equity

 

 

123,300

 

 

 

121,516

 

Total liabilities and stockholders' equity

 

$

869,547

 

 

$

843,258

 

 

See accompanying notes to unaudited consolidated financial statements.

2


 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

 

 

$

9,499

 

 

$

8,291

 

Investment securities

 

 

 

 

1,075

 

 

 

949

 

Interest-earning deposits

 

 

 

 

647

 

 

 

488

 

Total interest income

 

 

 

 

11,221

 

 

 

9,728

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

4,002

 

 

 

2,314

 

FHLB advances and other borrowings

 

 

 

 

470

 

 

 

516

 

Total interest expense

 

 

 

 

4,472

 

 

 

2,830

 

Net interest income before provision for credit losses

 

 

 

 

6,749

 

 

 

6,898

 

Provision for credit losses

 

 

 

 

 

 

 

7

 

Net interest income after provision for credit losses

 

 

 

 

6,749

 

 

 

6,891

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

 

395

 

 

 

391

 

Other

 

 

 

 

189

 

 

 

161

 

Total noninterest income

 

 

 

 

584

 

 

 

552

 

Noninterest expenses:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

 

3,179

 

 

 

3,004

 

Occupancy

 

 

 

 

618

 

 

 

644

 

Data processing

 

 

 

 

511

 

 

 

493

 

Other

 

 

 

 

1,262

 

 

 

1,053

 

Total noninterest expenses

 

 

 

 

5,570

 

 

 

5,194

 

Income before income taxes

 

 

 

 

1,763

 

 

 

2,249

 

Income tax expense

 

 

 

 

428

 

 

 

527

 

Net income

 

 

 

$

1,335

 

 

$

1,722

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

 

 

6,416,628

 

 

 

6,599,672

 

Diluted

 

 

 

 

6,524,332

 

 

 

6,681,680

 

Basic earnings per share

 

 

 

$

0.21

 

 

$

0.26

 

Diluted earnings per share

 

 

 

$

0.20

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

3


 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Comprehensive Income

(unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Net income

 

$

1,335

 

 

$

1,722

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on available-for-sale securities, net of taxes of $5 and $161

 

14

 

 

474

 

 

 

 

 

Total other comprehensive income

 

14

 

 

474

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

1,349

 

 

$

2,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

4


 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

Three Months Ended March 31, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common

 

 

Paid In

 

 

Unearned

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

Stock

 

 

Capital

 

 

ESOP Shares

 

 

Earnings

 

 

Income (Loss)

 

 

Total

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance December 31, 2023

 

 

64

 

 

$

61,026

 

 

$

(4,587

)

 

$

71,345

 

 

$

(6,332

)

 

$

121,516

 

ESOP loan payment and release of ESOP shares

 

 

 

 

34

 

 

 

52

 

 

 

 

 

 

86

 

Stock-based compensation expense

 

 

 

 

 

349

 

 

 

 

 

 

 

 

 

 

 

 

349

 

Change in unrealized loss on investment securities available-for-sale, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

14

 

Net income

 

 

 

 

 

 

 

 

 

1,335

 

 

 

 

1,335

 

Ending balance March 31, 2024

 

 

64

 

 

 

61,409

 

 

 

(4,535

)

 

 

72,680

 

 

 

(6,318

)

 

 

123,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance December 31, 2022

 

 

66

 

 

$

63,130

 

 

$

(4,795

)

 

$

65,357

 

 

$

(6,655

)

 

$

117,103

 

ESOP loan payment and release of ESOP shares

 

 

 

 

26

 

 

 

52

 

 

 

 

 

 

78

 

Stock-based compensation expense

 

 

 

 

 

260

 

 

 

 

 

 

 

 

 

 

 

 

260

 

Change in unrealized loss on investment securities available-for-sale, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

474

 

 

 

474

 

Common stock repurchase

 

 

 

 

 

(867

)

 

 

 

 

 

 

 

 

 

 

 

(867

)

Adoption of new accounting pronouncement (see Note 1)

 

 

 

 

 

 

 

 

 

 

 

(460

)

 

 

 

 

 

(460

)

 Net income

 

 

 

 

 

 

 

 

 

1,722

 

 

 

 

1,722

 

Ending balance March 31, 2023

 

 

66

 

 

$

62,549

 

 

$

(4,743

)

 

$

66,619

 

 

$

(6,181

)

 

$

118,310

 

 

See accompanying notes to unaudited consolidated financial statements.

5


 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

1,335

 

 

$

1,722

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation, (accretion) and amortization

 

 

162

 

 

 

183

 

Stock-based compensation expense

 

 

349

 

 

 

260

 

Deferred income tax expense

 

 

241

 

 

 

 

Provision for credit losses

 

 

 

 

 

7

 

ESOP expense

 

 

86

 

 

 

78

 

Increase in cash surrender value of bank owned life insurance

 

 

(98

)

 

 

(87

)

Change in:

 

 

 

 

 

 

Accrued interest receivable and other assets

 

 

(525

)

 

 

(779

)

Accrued interest payable and other liabilities

 

 

(333

)

 

 

615

 

Net cash provided by operating activities

 

 

1,217

 

 

 

1,999

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of investment securities held-to-maturity

 

 

 

 

 

(7,609

)

Purchases of investment securities available-for-sale

 

 

 

 

 

(5,710

)

Purchases of premises and equipment

 

 

(132

)

 

 

(148

)

Proceeds from paydowns of investment securities available-for-sale

 

 

375

 

 

 

1,379

 

Proceeds from paydowns of investment securities held-to-maturity

 

 

24

 

 

 

15

 

Purchases of other investments

 

 

(46

)

 

 

(2,339

)

Proceeds from sales of other investments

 

 

 

 

 

425

 

Net change in loans

 

 

(14,906

)

 

 

(15,226

)

Net cash used in investing activities

 

 

(14,685

)

 

 

(29,213

)

Cash flows from financing activities:

 

 

 

 

 

 

Net change in deposits

 

 

13,001

 

 

 

93,668

 

Stock repurchase

 

 

 

 

 

(867

)

Proceeds from FHLB advances

 

 

 

 

 

65,000

 

Repayment of FHLB advances

 

 

 

 

 

(20,000

)

Repayment of federal funds purchased

 

 

 

 

 

(25

)

Proceeds from other borrowings

 

 

11,837

 

 

 

 

Net cash provided by financing activities

 

 

24,838

 

 

 

137,776

 

Net change in cash and cash equivalents

 

 

11,370

 

 

 

110,562

 

Cash and cash equivalents at beginning of period

 

 

50,025

 

 

 

26,324

 

Cash and cash equivalents at end of period

 

$

61,395

 

 

$

136,886

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

 

4,791

 

 

 

2,372

 

Change in unrealized loss on investment securities available-for-sale, net of tax

 

 

14

 

 

 

474

 

See accompanying notes to unaudited consolidated financial statements.

6


AFFINITY BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

(1) Nature of Operations

Affinity Bancshares, Inc. (the “Company”) is a bank holding company, headquartered in Covington, Georgia. The Company has one operating subsidiary, Affinity Bank, National Association (the “Bank”, and formerly named “Affinity Bank”), a national bank, conducting banking activities primarily in Newton County, Georgia and surrounding counties and in Cobb and Fulton Counties, Georgia and surrounding counties, and originating dental practice loans and indirect automobile loans throughout the Southeastern United States. The Bank offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, including indirect automobile loans, money transfers and a variety of other banking services. The Company was incorporated in 2020 to be the successor corporation to Community First Bancshares, Inc., a federal corporation, upon completion of the second-step mutual-to-stock conversion (the “Conversion”) of Community First Bancshares, MHC, the top tier mutual holding company of Community First Bancshares, Inc, the former mid-tier holding company for the Bank.

Basis of Presentation

The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of March 31, 2024 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for a full year or for any other period.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.

Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.

Earnings per Share

Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options), if any. Presented below are the calculations for basic and diluted earnings per common share.

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

(Dollars in thousands except per share data)

 

 

 

 

 

 

 

Net income

$

1,335

 

 

$

1,722

 

Weighted average common shares outstanding

 

6,416,628

 

 

 

6,599,672

 

Effect of dilutive common stock awards

 

107,704

 

 

 

82,008

 

Diluted weighted average common shares outstanding

 

6,524,332

 

 

 

6,681,680

 

Basic earnings per common share

$

0.21

 

 

$

0.26

 

Diluted earnings per common share

 

0.20

 

 

 

0.26

 

 

 

There were 379,500 anti-dilutive options for the three months ended March 31, 2024 and 292,454 anti-dilutive options for the three months ended March 31, 2023.

7


AFFINITY BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

(2) Investment Securities

Investment securities available-for-sale at March 31, 2024 and December 31, 2023 are as follows: (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

Amortized Cost

 

 

Gross
Unrealized Gains

 

 

Gross
Unrealized Losses

 

 

Estimated Fair Value

 

U.S. Treasury securities

 

$

5,157

 

 

$

 

 

$

(698

)

 

$

4,459

 

Municipal securities - tax exempt

 

 

525

 

 

 

 

 

 

(89

)

 

 

436

 

Municipal securities - taxable

 

 

2,530

 

 

 

 

 

 

(401

)

 

 

2,129

 

U. S. Government sponsored enterprises

 

 

11,837

 

 

 

 

 

 

(3,192

)

 

 

8,645

 

Government agency mortgage-backed securities

 

 

18,248

 

 

 

 

 

 

(2,906

)

 

 

15,342

 

Corporate securities

 

 

18,401

 

 

 

40

 

 

 

(1,213

)

 

 

17,228

 

Total

 

$

56,698

 

 

$

40

 

 

$

(8,499

)

 

$

48,239

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

5,147

 

 

$

 

 

$

(649

)

 

$

4,498

 

Municipal securities - tax exempt

 

 

527

 

 

 

 

 

 

(85

)

 

 

442

 

Municipal securities - taxable

 

 

2,530

 

 

 

 

 

 

(395

)

 

 

2,135

 

U. S. Government sponsored enterprises

 

 

11,837

 

 

 

 

 

 

(3,207

)

 

 

8,630

 

Government agency mortgage-backed securities

 

 

18,643

 

 

 

 

 

 

(2,695

)

 

 

15,948

 

Corporate securities

 

 

18,355

 

 

 

30

 

 

 

(1,477

)

 

 

16,908

 

Total

 

$

57,039

 

 

$

30

 

 

$

(8,508

)

 

$

48,561

 

 

Investment securities held-to-maturity at March 31, 2024 and December 31, 2023 are as follows: (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

Amortized Cost

 

 

Gross
Unrealized Gains

 

 

Gross
Unrealized Losses

 

 

Fair Value

 

 

Estimated Allowance for Credit Losses

 

U.S. Treasury securities

 

$

999

 

 

$

 

 

$

(4

)

 

$

995

 

 

$

 

Government agency mortgage-backed securities

 

 

776

 

 

 

 

 

 

(55

)

 

 

721

 

 

 

 

Corporate securities

 

 

32,500

 

 

 

55

 

 

 

(398

)

 

 

32,157

 

 

 

(45

)

Total

 

$

34,275

 

 

$

55

 

 

$

(457

)

 

$

33,873

 

 

$

(45

)

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

999

 

 

$

 

 

$

(4

)

 

$

995

 

 

$

 

Government agency mortgage-backed securities

 

 

795

 

 

 

 

 

 

(76

)

 

 

719

 

 

 

 

Corporate securities

 

 

32,457

 

 

 

58

 

 

 

(394

)

 

 

32,121

 

 

 

(45

)

Total

 

$

34,251

 

 

$

58

 

 

$

(474

)

 

$

33,835

 

 

$

(45

)


Corporate securities account for the majority of the held-to-maturity portfolio as of March 31, 2024. As stated above, these corporate securities are accounted for as securities, but are underwritten as loans with features that are typically found in commercial loans. Accordingly, the Bank monitors the credit quality of these corporate bonds through quarterly credit reviews to determine impairment, if any. At March 31, 2024, these securities are all rated as investment grade and the $45,000 of allowance for credit losses associated with these securities was calculated using a Moody's report on the cumulative default rates of corporate issuers.

 

Investment securities available-for-sale in an unrealized loss position at March 31, 2024 and December 31, 2023 are as follows: (in thousands)

 

8


AFFINITY BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

March 31, 2024

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

U.S. Treasury securities

 

$

 

 

$

 

 

$

4,459

 

 

$

(698

)

 

$

4,459

 

 

$

(698

)

Municipal securities - tax exempt

 

 

 

 

 

 

 

 

436

 

 

 

(89

)

 

 

436

 

 

 

(89

)

Municipal securities - taxable

 

 

 

 

 

 

 

 

2,129

 

 

 

(401

)

 

 

2,129

 

 

 

(401

)

U. S. Government sponsored enterprises

 

 

 

 

 

 

 

 

8,645

 

 

 

(3,192

)

 

 

8,645

 

 

 

(3,192

)

Government agency mortgage-backed securities

 

 

 

 

 

 

 

 

15,342

 

 

 

(2,906

)

 

 

15,342

 

 

 

(2,906

)

Corporate securities

 

 

961

 

 

 

(19

)

 

 

13,724

 

 

 

(1,194

)

 

 

14,685

 

 

 

(1,213

)

Total

 

$

961

 

 

$

(19

)

 

$

44,735

 

 

$

(8,480

)

 

$

45,696

 

 

$

(8,499

)

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 

 

$

 

 

$

4,498

 

 

$

(649

)

 

$

4,498

 

 

$

(649

)

Municipal securities - tax exempt

 

 

 

 

 

 

 

 

442

 

 

 

(85

)

 

 

442

 

 

 

(85

)

Municipal securities - taxable

 

 

 

 

 

 

 

 

2,135

 

 

 

(395

)

 

 

2,135

 

 

 

(395

)

U. S. Government sponsored enterprises

 

 

 

 

 

 

 

 

8,630

 

 

 

(3,207

)

 

 

8,630

 

 

 

(3,207

)

Government agency mortgage-backed securities

 

 

 

 

 

 

 

 

15,948

 

 

 

(2,695

)

 

 

15,948

 

 

 

(2,695

)

Corporate securities

 

 

5,557

 

 

 

(214

)

 

 

8,774

 

 

 

(1,263

)

 

 

14,331

 

 

 

(1,477

)

Total

 

$

5,557

 

 

$

(214

)

 

$

40,427

 

 

$

(