Affinity Bancshares' Q3 profit rises on interest income growth

Overview

• Affinity Bancshares Q3 net income rises to $2.2 mln from $1.7 mln year-over-year

• Company's Q3 net interest income increases to $7.8 mln from $7.4 mln year-over-year

• Net interest margin for Q3 decreases to 3.49% from 3.52% year-over-year

Outlook

• Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

• NET INTEREST INCOME - Increase in net interest income due to higher interest income on loans and deposits, partially offset by higher deposit costs

• NONINTEREST EXPENSES - Decrease in noninterest expenses mainly due to lower other fees

• LOAN GROWTH - Steady demand in construction, consumer, and commercial real estate loans

Key Details

Press Release: ID:nBw7d9lDka

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