AFBI Affinity Bancshares Inc

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.0 million for the three months ended June 30, 2024, as compared to $1.6 million for the three months ended June 30, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240726813331/en/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the three months ended,

 

Performance Ratios:

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

Net income (in thousands)

 

$

1,031

 

 

$

1,335

 

 

$

1,514

 

 

$

1,623

 

 

$

1,590

 

Diluted earnings per share

 

 

0.16

 

 

 

0.20

 

 

 

0.23

 

 

 

0.25

 

 

 

0.24

 

Common book value per share

 

 

19.49

 

 

 

19.21

 

 

 

18.94

 

 

 

18.50

 

 

 

18.34

 

Tangible book value per share (1)

 

 

16.64

 

 

 

16.36

 

 

 

16.08

 

 

 

15.63

 

 

 

15.47

 

Total assets (in thousands)

 

 

872,558

 

 

 

869,547

 

 

 

843,258

 

 

 

855,431

 

 

 

876,905

 

Return on average assets

 

 

0.48

%

 

 

0.63

%

 

 

0.70

%

 

 

0.74

%

 

 

0.71

%

Return on average equity

 

 

3.33

%

 

 

4.38

%

 

 

5.03

%

 

 

5.42

%

 

 

5.37

%

Equity to assets

 

 

14.33

%

 

 

14.18

%

 

 

14.41

%

 

 

13.85

%

 

 

13.45

%

Tangible equity to tangible assets (1)

 

 

12.50

%

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

Net interest margin

 

 

3.71

%

 

 

3.38

%

 

 

3.32

%

 

 

3.36

%

 

 

3.17

%

Efficiency ratio

 

 

78.74

%

 

 

75.96

%

 

 

74.30

%

 

 

71.78

%

 

 

71.68

%

(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

 

Net Income

• Net income was $1.0 million for three months ended June 30, 2024 as compared to $1.6 million for the three months ended June 30, 2023, as a result of an increase in other noninterest expense partially offset by a net increase in interest income.

Results of Operations

• Net interest income was $7.6 million for the three months ended June 30, 2024 compared to $6.7 million for the three months ended June 30, 2023. The increase was due to an increase in interest income on loans and investment securities, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
• Net interest margin for the three months ended June 30, 2024 increased to 3.71% from 3.17% for the three months ended June 30, 2023. The increases in the margin relate to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
• Provision for credit losses, which is related to provision on unfunded commitments was $213,000 for the three months ended June 30, 2024 compared to zero provision for the three months ended June 30, 2023.
• Noninterest income increased $28,000 to $706,000 for the three months ended June 30, 2024.
• Non-interest expense increased $1.4 million to $6.7 million for the three months ended June 30, 2024 compared to the respective period in 2023, due to increases in professional fees related to our recently announced merger with Atlanta Postal Credit Union and increases in salaries and employee benefits.
• Net interest income was $14.3 million for the six months ended June 30, 2024 compared to $13.6 million for the six months ended June 30, 2023. The increase was due to an increase in interest income on loans and investment securities, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
• Net interest margin for the six months ended June 30, 2024 increased to 3.55% from 3.37% for the six months ended June 30, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
• Noninterest income increased $60,000 to $1.3 million for the six months ended June 30, 2024.
• Non-interest expense increased $1.8 million to $12.3 million for the six months ended June 30, 2024 compared to the respective period in 2023, due to increases in professional fees related to our recently announced merger with Atlanta Postal Credit Union and increases in salaries and employee benefits.

Financial Condition

• Total assets increased $29.3 million to $872.6 million at June 30, 2024 from $843.3 million at December 31, 2023, as we experienced loan growth.
• Total gross loans increased $32.7 million to $692.6 million at June 30, 2024 from $659.9 million at December 31, 2023. The increase was due to steady loan demand in construction and commercial non-owner occupied properties.
• Non-owner occupied office loans totaled $29.4 million at June 30, 2024; the average LTV on these loans is 46.0%, including
  • $15.0 million medical/dental tenants and
  • $14.4 million to other various tenants.
• Investment securities held-to-maturity unrealized losses were $294,000, net of tax. Investment securities available-for-sale unrealized losses were $6.0 million, net of tax.
• Cash and cash equivalents remained stable at $50.4 million at June 30, 2024 from $50.0 million at December 31, 2023.
• Deposits increased by $15.3 million to $689.7 million at June 30, 2024 compared to $674.4 million at December 31, 2023, with an $18.4 million increase in demand deposits partially offset by $2.5 million decrease in certificates of deposits.
• Uninsured deposits were approximately $106.3 million at June 30, 2024 and represented 15.4% of total deposits.
• Borrowings increased by $11.8 million to $51.8 million at June 30, 2024 compared to $40.0 million at December 31, 2023 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

Asset Quality

• Non-performing loans decreased to $3.0 million at June 30, 2024 from $7.4 million at December 31, 2023.
• The allowance for credit losses as a percentage of non-performing loans was 282.0% at June 30, 2024, as compared to 120.1% at December 31, 2023.
• Allowance for credit losses to total loans decreased to 1.22% at June 30, 2024 from 1.35% at December 31, 2023.
• Net loan charge-offs were $460,000 for the six months ended June 30, 2024, as compared to net loan charge-offs of $72,000 for the six months ended June 30, 2023.

About Affinity Bancshares, Inc.

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in the value of our goodwill and other intangible assets; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

Average Balance Sheets

The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

673,282

 

 

$

19,978

 

 

 

5.97

%

 

$

658,887

 

 

$

17,018

 

 

 

5.21

%

Investment securities held-to-maturity

 

 

34,225

 

 

 

1,056

 

 

 

6.20

%

 

 

33,518

 

 

 

1,025

 

 

 

6.17

%

Investment securities available-for-sale

 

 

47,875

 

 

 

942

 

 

 

3.96

%

 

 

49,806

 

 

 

838

 

 

 

3.39

%

Interest-earning deposits and federal funds

 

 

50,527

 

 

 

1,296

 

 

 

5.16

%

 

 

69,568

 

 

 

1,638

 

 

 

4.75

%

Other investments

 

 

5,467

 

 

 

171

 

 

 

6.29

%

 

 

2,403

 

 

 

72

 

 

 

6.07

%

Total interest-earning assets

 

 

811,376

 

 

 

23,443

 

 

 

5.81

%

 

 

814,182

 

 

 

20,591

 

 

 

5.10

%

Non-interest-earning assets

 

 

51,633

 

 

 

 

 

 

 

 

 

51,524

 

 

 

 

 

 

 

Total assets

 

$

863,009

 

 

 

 

 

 

 

 

$

865,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

88,584

 

 

$

217

 

 

 

0.49

%

 

$

93,596

 

 

$

100

 

 

 

0.22

%

Money market accounts

 

 

143,243

 

 

 

2,258

 

 

 

3.17

%

 

 

138,394

 

 

 

1,486

 

 

 

2.17

%

Savings accounts

 

 

74,093

 

 

 

1,054

 

 

 

2.86

%

 

 

92,003

 

 

 

1,110

 

 

 

2.43

%

Certificates of deposit

 

 

219,315

 

 

 

4,571

 

 

 

4.19

%

 

 

195,260

 

 

 

3,403

 

 

 

3.51

%

Total interest-bearing deposits

 

 

525,235

 

 

 

8,100

 

 

 

3.10

%

 

 

519,253

 

 

 

6,099

 

 

 

2.37

%

FHLB advances and other borrowings

 

 

58,145

 

 

 

1,025

 

 

 

3.55

%

 

 

41,078

 

 

 

901

 

 

 

4.42

%

Total interest-bearing liabilities

 

 

583,380

 

 

 

9,125

 

 

 

3.15

%

 

 

560,331

 

 

 

7,000

 

 

 

2.52

%

Non-interest-bearing liabilities

 

 

156,177

 

 

 

 

 

 

 

 

 

186,874

 

 

 

 

 

 

 

Total liabilities

 

 

739,557

 

 

 

 

 

 

 

 

 

747,205

 

 

 

 

 

 

 

Total stockholders' equity

 

 

123,452

 

 

 

 

 

 

 

 

 

118,501

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

863,009

 

 

 

 

 

 

 

 

$

865,706

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.66

%

 

 

 

 

 

 

 

 

2.58

%

Net interest income

 

 

 

 

$

14,318

 

 

 

 

 

 

 

 

$

13,591

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.55

%

 

 

 

 

 

 

 

 

3.37

%

 

 

For the Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

681,903

 

 

$

10,479

 

 

 

6.18

%

 

$

665,921

 

 

$

8,727

 

 

 

5.26

%

Investment securities held-to-maturity

 

 

34,237

 

 

 

529

 

 

 

6.21

%

 

 

34,131

 

 

 

521

 

 

 

6.13

%

Investment securities available-for-sale

 

 

47,581

 

 

 

479

 

 

 

4.05

%

 

 

50,758

 

 

 

428

 

 

 

3.38

%

Interest-earning deposits and federal funds

 

 

50,973

 

 

 

648

 

 

 

5.11

%

 

 

93,116

 

 

 

1,150

 

 

 

4.95

%

Other investments

 

 

5,487

 

 

 

87

 

 

 

6.38

%

 

 

2,167

 

 

 

37

 

 

 

6.90

%

Total interest-earning assets

 

 

820,181

 

 

 

12,222

 

 

 

5.99

%

 

 

846,093

 

 

 

10,863

 

 

 

5.15

%

Non-interest-earning assets

 

 

51,122

 

 

 

 

 

 

 

 

 

52,023

 

 

 

 

 

 

 

Total assets

 

$

871,303

 

 

 

 

 

 

 

 

$

898,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

89,110

 

 

$

115

 

 

 

0.52

%

 

$

95,317

 

 

$

56

 

 

 

0.23

%

Money market accounts

 

 

145,886

 

 

 

1,173

 

 

 

3.23

%

 

 

137,306

 

 

 

825

 

 

 

2.41

%

Savings accounts

 

 

73,775

 

 

 

526

 

 

 

2.87

%

 

 

88,152

 

 

 

558

 

 

 

2.54

%

Certificates of deposit

 

 

218,824

 

 

 

2,285

 

 

 

4.20

%

 

 

240,954

 

 

 

2,346

 

 

 

3.91

%

Total interest-bearing deposits

 

 

527,595

 

 

 

4,099

 

 

 

3.12

%

 

 

561,729

 

 

 

3,785

 

 

 

2.70

%

FHLB advances and other borrowings

 

 

63,674

 

 

 

555

 

 

 

3.51

%

 

 

35,495

 

 

 

385

 

 

 

4.35

%

Total interest-bearing liabilities

 

 

591,269

 

 

 

4,654

 

 

 

3.17

%

 

 

597,224

 

 

 

4,170

 

 

 

2.80

%

Non-interest-bearing liabilities

 

 

155,659

 

 

 

 

 

 

 

 

 

182,140

 

 

 

 

 

 

 

Total liabilities

 

 

746,928

 

 

 

 

 

 

 

 

 

779,364

 

 

 

 

 

 

 

Total stockholders' equity

 

 

124,375

 

 

 

 

 

 

 

 

 

118,752

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

871,303

 

 

 

 

 

 

 

 

$

898,116

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.82

%

 

 

 

 

 

 

 

 

2.35

%

Net interest income

 

 

 

 

$

7,568

 

 

 

 

 

 

 

 

$

6,693

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.71

%

 

 

 

 

 

 

 

 

3.17

%

 

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)

 

 

 

 

 

 

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

6,158

 

 

$

6,030

 

Interest-earning deposits in other depository institutions

 

 

44,239

 

 

 

43,995

 

Cash and cash equivalents

 

 

50,397

 

 

 

50,025

 

Investment securities available-for-sale

 

 

47,266

 

 

 

48,561

 

Investment securities held-to-maturity (estimated fair value of $33,901, net of allowance for credit losses of $45 at June 30, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023)

 

 

34,248

 

 

 

34,206

 

Other investments

 

 

5,491

 

 

 

5,434

 

Loans

 

 

692,591

 

 

 

659,876

 

Allowance for credit loss on loans

 

 

(8,461

)

 

 

(8,921

)

Net loans

 

 

684,130

 

 

 

650,955

 

Other real estate owned

 

 

—

 

 

 

2,850

 

Premises and equipment, net

 

 

3,569

 

 

 

3,797

 

Bank owned life insurance

 

 

16,283

 

 

 

16,086

 

Intangible assets

 

 

18,271

 

 

 

18,366

 

Other assets

 

 

12,903

 

 

 

12,978

 

Total assets

 

$

872,558

 

 

$

843,258

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

161,156

 

 

$

154,689

 

Interest-bearing checking

 

 

88,742

 

 

 

85,362

 

Money market accounts

 

 

147,250

 

 

 

138,673

 

Savings accounts

 

 

74,077

 

 

 

74,768

 

Certificates of deposit

 

 

218,487

 

 

 

220,951

 

Total deposits

 

 

689,712

 

 

 

674,443

 

Federal Home Loan Bank advances and other borrowings

 

 

51,837

 

 

 

40,000

 

Accrued interest payable and other liabilities

 

 

5,944

 

 

 

7,299

 

Total liabilities

 

 

747,493

 

 

 

721,742

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at June 30, 2024 and December 31, 2023)

 

 

64

 

 

 

64

 

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

 

 

—

 

 

 

—

 

Additional paid in capital

 

 

61,773

 

 

 

61,026

 

Unearned ESOP shares

 

 

(4,482

)

 

 

(4,587

)

Retained earnings

 

 

73,711

 

 

 

71,345

 

Accumulated other comprehensive loss

 

 

(6,001

)

 

 

(6,332

)

Total stockholders' equity

 

 

125,065

 

 

 

121,516

 

Total liabilities and stockholders' equity

 

$

872,558

 

 

$

843,258

 

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

10,479

 

 

$

8,727

 

 

$

19,978

 

 

$

17,018

 

Investment securities

 

 

 

1,095

 

 

 

986

 

 

 

2,169

 

 

 

1,935

 

Interest-earning deposits

 

 

 

648

 

 

 

1,150

 

 

 

1,296

 

 

 

1,638

 

Total interest income

 

 

 

12,222

 

 

 

10,863

 

 

 

23,443

 

 

 

20,591

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

4,099

 

 

 

3,785

 

 

 

8,100

 

 

 

6,099

 

FHLB advances and other borrowings

 

 

 

555

 

 

 

385

 

 

 

1,025

 

 

 

901

 

Total interest expense

 

 

 

4,654

 

 

 

4,170

 

 

 

9,125

 

 

 

7,000

 

Net interest income before provision for credit losses

 

 

 

7,568

 

 

 

6,693

 

 

 

14,318

 

 

 

13,591

 

Provision for credit losses

 

 

 

213

 

 

 

—

 

 

 

213

 

 

 

7

 

Net interest income after provision for credit losses

 

 

 

7,355

 

 

 

6,693

 

 

 

14,105

 

 

 

13,584

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

391

 

 

 

405

 

 

 

786

 

 

 

796

 

Net gain on sale of other real estate owned

 

 

 

135

 

 

 

—

 

 

 

135

 

 

 

—

 

Other

 

 

 

180

 

 

 

273

 

 

 

369

 

 

 

434

 

Total noninterest income

 

 

 

706

 

 

 

678

 

 

 

1,290

 

 

 

1,230

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,417

 

 

 

3,036

 

 

 

6,596

 

 

 

6,040

 

Occupancy

 

 

 

615

 

 

 

638

 

 

 

1,233

 

 

 

1,282

 

Data processing

 

 

 

508

 

 

 

487

 

 

 

1,019

 

 

 

980

 

Professional fees

 

 

 

1,118

 

 

 

177

 

 

 

1,381

 

 

 

315

 

Other

 

 

 

1,061

 

 

 

946

 

 

 

2,061

 

 

 

1,861

 

Total noninterest expenses

 

 

 

6,719

 

 

 

5,284

 

 

 

12,290

 

 

 

10,478

 

Income before income taxes

 

 

 

1,342

 

 

 

2,087

 

 

 

3,105

 

 

 

4,336

 

Income tax expense

 

 

 

311

 

 

 

497

 

 

 

739

 

 

 

1,024

 

Net income

 

 

$

1,031

 

 

$

1,590

 

 

$

2,366

 

 

$

3,312

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,416,628

 

 

 

6,486,260

 

 

 

6,416,628

 

 

 

6,542,653

 

Diluted

 

 

 

6,544,450

 

 

 

6,546,382

 

 

 

6,534,751

 

 

 

6,616,294

 

Basic earnings per share

 

 

$

0.16

 

 

$

0.25

 

 

$

0.37

 

 

$

0.51

 

Diluted earnings per share

 

 

$

0.16

 

 

$

0.24

 

 

$

0.36

 

 

$

0.50

 

Explanation of Certain Unaudited Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. Additionally, the Company believes the following information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation tables below for details on the earnings impact of these items.

 

 

For the Three Months Ended

 

Non-GAAP Reconciliation

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

19.49

 

 

$

19.21

 

 

$

18.94

 

 

$

18.50

 

 

$

18.34

 

Effect of goodwill and other intangibles

 

 

(2.85

)

 

 

(2.85

)

 

 

(2.86

)

 

 

(2.87

)

 

 

(2.87

)

Tangible book value per common share

$

16.64

 

 

$

16.36

 

 

$

16.08

 

 

$

15.63

 

 

$

15.47

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

14.33

%

 

 

14.18

%

 

 

14.41

%

 

 

13.85

%

 

 

13.45

%

Effect of goodwill and other intangibles

 

 

(1.83

)%

 

 

(1.85

)%

 

 

(1.91

)%

 

 

(1.90

)%

 

 

(1.86

)%

Tangible equity to tangible assets (1)

 

 

12.50

%

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

 

 

11.59

%

(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240726813331/en/

Edward J. Cooney Chief Executive Officer (678) 742-9990