AFBI
Affinity Bancshares Inc
Affinity Bancshares Inc
$AFBI Reports Q1 2023 Earnings of $1.18 Million, Driven by Increased Interest Income and Reduced Expenses, but Faces Margin Compression Ahead
Affinity Bancshares reported Q1 2023 earnings of $1.18m, with diluted EPS of $0.22. Interest income increased, while non-interest expenses decreased; however, deposit interest expenses rose. Net interest margin dropped from 4% due to a rise in market rates and accounting fair value discounts. Non-interest income fell due to a drop in mortgage fee returns, while total assets rose from $15.6bn to $26.3bn. Affinity Bancshares aims to enhance liquidity with an evaluation of borrowing options while focusing on higher-yielding accounts. It warns investors of various risks and uncertainties, including anticipated margin compression in 2023.
5mo ago
$AFBI