Affinity Bancshares Inc (AFBI) Q3 2024 Earnings Report

Affinity Bancshares reported a strong Q3 2024 top-line with revenue of $12.87 million, up 70.9% year-over-year, and a net income of $1.73 million, up 6.6% from the prior-year quarter. The quarter also featured a meaningful sequential improvement in operating profitability, with operating income of $2.28 million and an operating margin of 17.7%, while net margin stood at 13.4% (net income as a percentage of revenue). The earnings per share were $0.27 basic and $0.26 diluted, reflecting a modest share count and stable profitability per share despite a modest QoQ revenue dip of 0.46%. The gross margin of 62.0% and EBITDA of $2.45 million further illustrate a durable core banking margin profile.