New Book Offers CRE Owners a Blueprint to Boost NOI,
The authors introduce their proprietary 5C™ Framework, a five-step roadmap to transform any property into a data-powered, AI-ready asset:
Clarify – Audit every digital asset and data source to uncover opportunities.
Connect – Unify fragmented systems into a seamless digital nervous system.
Collect – Build a culture where the right people, data, and tools align.
Coordinate – Ensure intelligent, real-time systems coordination and apply AI.
Control – Act on the insights that drive NOI and competitive advantage.
Drawing from decades of work with office, multifamily, and mixed-use portfolios, Peak Property Performance speaks directly to owners, developers, and capital partners navigating a rapidly digitizing CRE market. The authors expose how most portfolios leak value through fragmented systems and untapped data—and show how to reclaim that power, safely and profitably.
'Data ownership is the new location,' says Douglas. 'And if you're not monetizing your building's data and digital infrastructure, someone else is.' Peak Property Performance is available on Amazon and major retailers today. Learn more at www.peakpropertyperformance.com.
Praise from Industry Leaders
'Control of data and digital directly impacts NOI—creating immediate returns and competitive advantages. Bill's insights aren't theoretical—they're a strategic blueprint.'
— Thomas Noonan, lead director, Intercontinental Exchange (NYSE: ICE)
'This isn't just another tech book – it's a masterclass in creating value through data and digital infrastructure.'
— Chad J. Stafford, president, Occidental Management, Inc.
'Finally, a blueprint that speaks to builders and developers about digital infrastructure without the tech jargon.'
— Vinny English, real estate developer
About the Authors
Bill Douglas is the CEO of OpticWise, a serial entrepreneur, and a leading expert in using technology for business transformation.
Drew Hall is the founder and CTO at OpticWise and a world-renown digital architect.
Greenleaf Book Group is a publisher and distributor best known for its innovative business model, distribution power, and award-winning designs. Named one of the fastest-growing companies in the United States by Inc. Magazine, Greenleaf has represented more than 3,800 titles, including more than 55 New York Times, Wall Street Journal, and USA Today bestsellers. Learn more at www.greenleafbookgroup.com.
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Birks Group Inc. Reports Fiscal 2025 Results
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The Company reported gross profit of $66.3 million, or 37.3% of net sales, compared to $73.6 million, or 39.7% of net sales in fiscal 2024, due to lower sales volume resulting from the exit of a jewelry brand from two stores. Gross profit as a percentage of sales for fiscal 2025 was 37.3%, a decrease of 240 basis points from the gross profit as a percentage of sales of 39.7% for fiscal 2024 as a result of the sales mix with decreased sales from third-party branded jewelry, as well as a foreign exchange loss. Mr. Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: 'Although our net sales and comparable store sales for fiscal 2025 are lower than fiscal 2024, when excluding the effect of third-party jewelry brand movement, comparable store sales are positive year-over-year, as a result of a strong retail performance and product offering particularly in our third-party branded timepieces. In fiscal 2025, we opened two new stores under the TimeVallée and Birks brands and continued to benefit from the fiscal 2024 renovations in our Chinook and Laval locations. These initiatives along with our recent announcement of the acquisition of the watch and jewelry business of European Boutique will continue to generate greater sales and contribute to improve our results.' Mr. Bédos further commented: 'I would like to thank our teams for their tireless efforts. The results achieved in fiscal 2025 are a testament to our commitment to our customers and I am grateful for the unwavering efforts of all our employees and the implementation of various initiatives during this past year to enhance our product offering and customer experience.' Financial overview for the fiscal year ended March 29, 2025: Total net sales for fiscal 2025 were $177.8 million compared to $185.3 million in fiscal 2024, a decrease of $7.5 million, or 4.0%. The decrease in net sales in fiscal 2025 was primarily driven by the results of the Company's retail channel. Net retail sales in fiscal 2025 were $7.3 million lower than fiscal 2024, primarily due to the decrease in third-party branded jewelry sales, following the exit of a jewelry brand from two stores, partially offset by an increase in branded timepiece sales throughout the retail network; Comparable store sales decreased by 3.4% in fiscal 2025 compared to fiscal 2024 mainly due to lower third-party branded jewelry sales following the exit of a jewelry brand from two stores, partially offset by an increase in third-party branded timepiece sales and an increase in average sales transaction value. When excluding the third-party jewelry brand movement, the comparable store sales increased by 6.9%, mainly driven by timepiece sales; Total gross profit for fiscal 2025 was $66.3 million, or 37.3% of net sales, compared to $73.6 million, or 39.7% of net sales, in fiscal 2024. This decrease in gross profit was primarily due to the decreased sales volume experienced during fiscal 2025, due to third-party branded jewelry sales following the exit of a jewelry brand from two stores, and a foreign exchange loss due to the strengthening of the U.S. dollar, partially offset by the increased sales of third-party branded timepieces. The decrease of 240 basis points in gross margin percentage resulted primarily from the sales mix with decreased sales from third-party branded jewelry, as well as a foreign exchange loss, partially offset by an increase in branded timepiece sales; SG&A expenses in fiscal 2025 were $59.5 million, or 33.5% of net sales, compared to $65.7 million, or 35.5% of net sales, in fiscal 2024, a decrease of $6.2 million. The main drivers of the decrease in SG&A expenses in fiscal 2025 include lower occupancy costs ($2.7 million) mainly due to store closures and store lease modifications, lower marketing costs ($2.3 million) mainly due to lower brand development initiatives, lower compensation costs ($0.5 million) mainly due to lower sales volume and head count reductions, lower general operating costs ($0.4 million) and lower non-cash based compensation expense ($0.3 million) mainly due to fluctuations in the Company's stock price during the fiscal year. As a percentage of sales, SG&A expenses in fiscal 2025 decreased by 200 basis points as compared to fiscal 2024, reflecting the Company's focus on cost management and containment; The Company's adjusted EBITDA (1) for fiscal 2025 was $9.2 million, a decrease of $0.8 million, compared to adjusted EBITDA (1) of $10.0 million for fiscal 2024; The Company's reported operating loss for fiscal 2025 was $5.5 million, a decrease of $6.7 million, compared to a reported operating income of $1.2 million for fiscal 2024. The operating loss in fiscal 2025 includes an impairment of long-lived assets of $4.6 million related to the write-down of capitalized software costs associated with the delay in completing the implementation of the Company's ERP system; The Company's recognized interest and other financing costs were $9.7 million in fiscal 2025, an increase of $1.7 million, compared to recognized interest and other financing costs of $8.0 million in fiscal 2024. This increase is mainly due to an increase in the average amount outstanding on the amended credit facility, additional borrowings, and a foreign exchange loss of $1.0 million in fiscal 2025 versus a foreign exchange gain of $0.2 million in fiscal 2024 on our U.S. dollar denominated debt; The Company recognized a net loss for fiscal 2025 of $12.8 million, or $0.66 per share, compared to a net loss for fiscal 2024 of $4.6 million, or $0.24 per share. (1) This is a non-GAAP financial measure defined below under 'Non-GAAP Measures' and accompanied by a reconciliation to the most directly comparable GAAP financial measure. Expand About Birks Group Inc. Birks Group is a leading designer of fine jewelry and an operator of luxury jewelry, timepieces and gifts retail stores in Canada. 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The Company's performance is monitored and evaluated using various sales and earnings measures that are adjusted to include or exclude amounts from the most directly comparable GAAP measure ('non-GAAP measures'). The Company presents such non-GAAP measures in reporting its financial results to assist in business decision-making and to provide key performance information to senior management. The Company believes that this additional information provided to investors and other external stakeholders will allow them to evaluate the Company's operating results using the same financial measures and metrics used by the Company in evaluating performance. The Company does not, nor does it suggest that investors and other external stakeholders should, consider non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies. In addition to our results determined in accordance with U.S. GAAP, we use non-GAAP measures including 'EBITDA' and 'Adjusted EBITDA'. EBITDA 'EBITDA' is defined as net income (loss) before interest expense and other financing costs, income taxes expense (recovery) and depreciation and amortization. Forward Looking Statements This press release contains forward- looking statements which can be identified, for example, by their use of words such as 'plans,' 'expects,' 'believes,' 'will,' 'anticipates,' 'intends,' 'projects,' 'estimates,' 'could,' 'would,' 'may,' 'planned,' 'goal,' and other words of similar meaning. All statements that address expectations, possibilities or projections about the future, including without limitation, statements about anticipated economic conditions, generation of shareholder value, and our strategies for growth, performance drivers, expansion plans, sources or adequacy of capital, expenditures and financial results are forward-looking statements. Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward- looking statements and no assurance can be given that the Company will meet the results projected in the forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) a decline in consumer spending or deterioration in consumer financial position; (ii) economic, political and market conditions, including the economies of Canada and the U.S. and the influence of inflation on consumer spending, which could adversely affect the Company's business, operating results or financial condition, including its revenue and profitability, through the impact of changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales as well as the recently imposed tariffs (and retaliatory measures), possible changes therefrom and other trade restrictions; (iii) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company's costs and expenses; (iv) the Company's ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to source raw materials, to mitigate fluctuations in the availability and prices of the Company's merchandise, to compete with other jewelers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program; (v) the Company's plan to evaluate the productivity of existing stores, close unproductive stores and open new stores in new prime retail locations, renovate existing stores and invest in its website and e-commerce platform; (vi) the Company's ability to execute its strategic vision; and (vii) the Company's ability to invest in and finance capital expenditures; (viii) the Company's ability to maintain its listing on the NYSE American exchange or to list its shares on another national securities exchange; and (ix) the Company's ability to continue as a going concern. Information concerning the above and other risk factors that could cause actual results to differ materially is set forth under the captions 'Risk Factors' and 'Operating and Financial Review and Prospects' and elsewhere in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 25, 2025 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. BIRKS GROUP INC. CONSOLIDATED BALANCE SHEETS (In thousands) As of March 29, 2025 March 30, 2024 Assets Current Assets Cash and cash equivalents $ 1,509 $ 1,783 Accounts receivable and other receivables 6,608 8,455 Inventories 116,277 99,067 Prepaids and other current assets 2,072 2,913 Total current assets 126,466 112,218 Long-term receivables 1,084 1,571 Equity investment in joint venture 5,169 4,122 Property and equipment 25,380 25,717 Operating lease right-of-use asset 34,964 51,753 Intangible assets and other assets 3,017 7,887 Total non-current assets 69,614 91,050 Total assets $ 196,080 $ 203,268 Liabilities and Stockholders' Equity (Deficiency) Current liabilities Bank indebtedness $ 73,630 $ 63,372 Accounts payable 58,114 43,011 Accrued liabilities 6,053 6,112 Current portion of long-term debt 4,860 4,352 Current portion of operating lease liabilities 6,929 6,430 Total current liabilities 149,586 123,277 Long-term debt 21,374 22,587 Long-term portion of operating lease liabilities 38,629 59,881 Other long-term liabilities 4,502 2,672 Total long-term liabilities 64,505 85,140 Stockholders' equity (deficiency): Class A common stock – no par value, unlimited shares authorized, issued and outstanding 11,876,717 (11,447,999 as of March 30, 2024) 42,854 40,725 Class B common stock – no par value, unlimited shares authorized, issued and outstanding 7,717,970 57,755 57,755 Preferred stock – no par value, unlimited shares authorized, none issued — — Additional paid-in capital 19,719 21,825 Accumulated deficit (138,295 ) (125,476 ) Accumulated other comprehensive income (loss) (44 ) 22 Total stockholders' equity (deficiency) (18,011 ) (5,149 ) Total liabilities and stockholders' equity (deficiency) $ 196,080 $ 203,268 Expand
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Sun Nuclear to Highlight New Quality Management Solutions at 2025 AAPM Annual Meeting
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an hour ago
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Affinity Bancshares, Inc. Announces Second Quarter 2025 Financial Results
COVINGTON, Ga.--(BUSINESS WIRE)-- Affinity Bancshares, Inc. (NASDAQ:'AFBI') (the 'Company'), the holding company for Affinity Bank (the 'Bank'), today announced net income of $2.2 million for the three months ended June 30, 2025, as compared to $1.0 million for the three months ended June 30, 2024. Expand At or for the three months ended, Performance Ratios: June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income (in thousands) $ 2,152 $ 1,831 $ 1,345 $ 1,730 $ 1,031 Diluted earnings per share 0.33 0.28 0.20 0.26 0.16 Operating income (1) 2,316 1,996 1,738 1,883 1,763 Adjusted diluted earnings per share (1) 0.36 0.30 0.26 0.29 0.27 Common book value per share 19.66 19.25 20.14 20.02 19.49 Tangible book value per share (1) 16.80 16.40 17.30 17.18 16.64 Total assets (in thousands) 933,799 912,496 866,817 878,561 873,582 Return on average assets 0.94 % 0.83 % 0.61 % 0.78 % 0.48 % Return on average equity 7.01 % 5.68 % 4.14 % 5.43 % 3.33 % Equity to assets 13.29 % 13.40 % 14.90 % 14.61 % 14.32 % Tangible equity to tangible assets (1) 11.58 % 11.65 % 13.08 % 12.80 % 12.49 % Net interest margin 3.57 % 3.52 % 3.56 % 3.52 % 3.71 % Efficiency ratio 65.72 % 68.55 % 75.95 % 71.48 % 78.74 % (1) Non-GAAP measure - see 'Explanation of Certain Unaudited Non-GAAP Financial Measures' for more information and reconciliation to GAAP. Expand Net Income Net income was $4.0 million for six months ended June 30, 2025 as compared to $2.4 million for the six months ended June 30, 2024, as a result of an increase in net interest income along with a decrease in noninterest expenses offset by a decrease in noninterest income. Operating income for the six months ended June 30, 2025 was $4.3 million as compared to $3.1 million for the six months ended June 30, 2024. Net income was $2.2 million for three months ended June 30, 2025 as compared to $1.0 million for the three months ended June 30, 2024, as a result of an increase in net interest income along with a decrease in noninterest expenses offset by a decrease in noninterest income. Operating income for the three months ended June 30, 2025 was $2.3 million as compared to $1.8 million for the three months ended June 30, 2024. Results of Operations Net interest income was $15.1 million for the six months ended June 30, 2025 compared to $14.3 million for the six months ended June 30, 2024. The increase was due to an increase in interest income on loans and interest-earning deposits offset by increases in deposit and borrowing costs and a decrease in interest income on investment securities. Net interest margin for the six months ended June 30, 2025 and 2024 remained stable at 3.55%. Noninterest income decreased $269,000 to $1.0 million for the six months ended June 30, 2025, primarily due to lower service charges on deposit accounts and the absence of a gain on the sale of other real estate recorded in 2024. Non-interest expense decreased $1.5 million to $10.8 million for the six months ended June 30, 2025 compared to the 2024 period, due mainly to a decrease in other fees. Net interest income was $7.8 million for the three months ended June 30, 2025 compared to $7.6 million for the three months ended June 30, 2024. The increase was due to an increase in interest income on loans and interest-earning deposits, partially offset by increases in deposit and a decrease in interest income on investment securities. Net interest margin for the three months ended June 30, 2025 decreased to 3.57% from 3.71% for the three months ended June 30, 2024. The decrease in the margin relates to a decrease in our yield on earning assets decreasing 11 basis points while our deposits and borrowing cost of funds only decreased three basis points. Noninterest income decreased $166,000 to $540,000 for the three months ended June 30, 2025, primarily due to lower service charges on deposit accounts and the absence of a gain on the sale of other real estate recorded in 2024. Non-interest expense decreased $1.3 million to $5.5 million for the three months ended June 30, 2025 compared to the 2024 period, due mainly to a decrease in other fees. Financial Condition Total assets increased $67.0 million to $933.8 million at June 30, 2025 from $866.8 million at December 31, 2024, as we experienced loan growth and an increase in interest earning deposits which was funded from growth in our deposits. Total gross loans increased $17.0 million to $731.1 million at June 30, 2025 from $714.1 million at December 31, 2024. The increase was due to steady loan demand in construction and consumer loans, and commercial loans secured by real estate - owner occupied. Non-owner occupied office loans totaled $39.9 million at June 30, 2025; the average LTV on these loans is 48.8%, including $15.8 million medical/dental tenants and $24.1 million to other various tenants. Investment securities held-to-maturity unrealized gains were $240,000, net of tax. Investment securities available-for-sale unrealized losses were $5.0 million, net of tax. Cash and cash equivalents increased $48.2 million to $89.7 million at June 30, 2025 from $41.4 million at December 31, 2024. Deposits increased by $75.9 million to $749.3 million at June 30, 2025 compared to $673.5 million at December 31, 2024, with a $42.5 million net increase in demand deposits and a $33.4 million increase in certificates of deposits. Borrowings decreased by $4.8 million to $54.0 million at June 30, 2025 compared to $58.8 million at December 31, 2024 as an advance from the Bank Term Funding program was paid in full in first quarter of 2025. Equity decreased $5.0 million to $124.1 million at June 30, 2025 from $129.1 million at December 31, 2024 from payment of $1.50 per share dividend that was declared and paid in first quarter, along with $2.1 million common stock repurchases. Asset Quality Non-performing loans decreased to $4.6 million at June 30, 2025 from $4.8 million at December 31, 2024. The allowance for credit losses as a percentage of non-performing loans was 187.1% at June 30, 2025, as compared to 177.9% at December 31, 2024. Allowance for credit losses to total loans decreased to 1.17% at June 30, 2025 from 1.19% at December 31, 2024. Net loan charge-offs were $79,000 for the six months ended June 30, 2025, as compared to net loan charge-offs of $460,000 for the six months ended June 30, 2024. 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, 2025 2024 (Dollars in thousands) Interest-earning assets: Loans $ 720,966 $ 21,843 6.11 % $ 673,282 $ 19,978 5.97 % Investment securities held-to-maturity 27,082 832 6.20 % 34,225 1,056 6.20 % Investment securities available-for-sale 39,465 679 3.47 % 47,875 942 3.96 % Interest-earning deposits and federal funds 65,896 1,385 4.24 % 50,527 1,296 5.16 % Other investments 6,206 189 6.14 % 5,467 171 6.29 % Total interest-earning assets 859,615 24,928 5.85 % 811,376 23,443 5.81 % Non-interest-earning assets 47,862 51,633 Total assets $ 907,477 $ 863,009 Interest-bearing liabilities: Interest-bearing checking accounts $ 82,740 $ 182 0.44 % $ 88,584 $ 217 0.49 % Money market accounts 161,502 2,421 3.02 % 143,243 2,258 3.17 % Savings accounts 81,370 1,147 2.84 % 74,093 1,054 2.86 % Certificates of deposit 247,512 5,021 4.09 % 219,315 4,571 4.19 % Total interest-bearing deposits 573,124 8,771 3.09 % 525,235 8,100 3.10 % FHLB advances and other borrowings 54,426 1,042 3.86 % 58,145 1,025 3.55 % Total interest-bearing liabilities 627,550 9,813 3.15 % 583,380 9,125 3.15 % Non-interest-bearing liabilities 152,991 156,177 Total liabilities 780,541 739,557 Total stockholders' equity 126,936 123,452 Total liabilities and stockholders' equity $ 907,477 $ 863,009 Net interest rate spread 2.70 % 2.66 % Net interest income $ 15,115 $ 14,318 Net interest margin 3.55 % 3.55 % Expand AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited) June 30, 2025 (Dollars in thousands except per share amounts) Assets Cash and due from banks $ 5,876 $ 7,092 Interest-earning deposits in other depository institutions 83,790 34,333 Cash and cash equivalents 89,666 41,425 Investment securities available-for-sale 40,739 36,502 Investment securities held-to-maturity (estimated fair value of $24,724 net of allowance for credit losses of $37 at June 30, 2025 and estimated fair value of $27,286 net of allowance for credit losses of $45 at December 31, 2024) 24,366 27,299 Other investments 6,243 6,175 Loans 731,135 714,115 Allowance for credit loss on loans (8,542 ) (8,496 ) Net loans 722,593 705,619 Premises and equipment, net 3,075 3,261 Bank owned life insurance 16,690 16,487 Intangible assets 18,080 18,175 Other assets 12,347 11,874 Total assets $ 933,799 $ 866,817 Liabilities and Stockholders' Equity Liabilities: Non-interest-bearing checking $ 151,882 $ 151,395 Interest-bearing checking 83,713 73,841 Money market accounts 167,859 148,752 Savings accounts 89,084 76,053 Certificates of deposit 256,800 223,440 Total deposits 749,338 673,481 Federal Home Loan Bank advances and other borrowings 54,000 58,815 Accrued interest payable and other liabilities 6,361 5,406 Total liabilities 809,699 737,702 Stockholders' equity: Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,295,339 issued and outstanding at June 30, 2025 and 6,409,598 issued and outstanding at December 31, 2024) 63 64 Preferred stock (10,000,000 shares authorized, no shares outstanding) — — Additional paid in capital 61,197 62,355 Unearned ESOP shares (3,915 ) (4,378 ) Retained earnings 71,756 76,786 Accumulated other comprehensive loss (5,001 ) (5,712 ) Total stockholders' equity 124,100 129,115 Total liabilities and stockholders' equity $ 933,799 $ 866,817 Expand AFFINITY BANCSHARES, INC. Consolidated Statements of Income (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Dollars in thousands except per share amounts) Interest income: Loans, including fees $ 11,195 $ 10,479 $ 21,843 $ 19,978 Investment securities 858 1,095 1,700 2,169 Interest-earning deposits 770 648 1,385 1,296 Total interest income 12,823 12,222 24,928 23,443 Interest expense: Deposits 4,525 4,099 8,771 8,100 FHLB advances and other borrowings 520 555 1,042 1,025 Total interest expense 5,045 4,654 9,813 9,125 Net interest income before provision for credit losses 7,778 7,568 15,115 14,318 Provision for credit losses 17 213 67 213 Net interest income after provision for credit losses 7,761 7,355 15,048 14,105 Noninterest income: Service charges on deposit accounts 337 391 653 786 Net gain on sale of other real estate owned — 135 — 135 Other 203 180 368 369 Total noninterest income 540 706 1,021 1,290 Noninterest expenses: Salaries and employee benefits 3,260 3,417 6,619 6,596 Occupancy 595 615 1,200 1,233 Data processing 550 508 1,093 1,019 Other 1,062 2,179 1,914 3,442 Total noninterest expenses 5,467 6,719 10,826 12,290 Income before income taxes 2,834 1,342 5,243 3,105 Income tax expense 682 311 1,260 739 Net income $ 2,152 $ 1,031 $ 3,983 $ 2,366 Weighted average common shares outstanding Basic 6,312,589 6,416,628 6,358,888 6,416,628 Diluted 6,457,397 6,544,450 6,504,838 6,534,751 Basic earnings per share $ 0.34 $ 0.16 $ 0.63 $ 0.37 Diluted earnings per share $ 0.33 $ 0.16 $ 0.61 $ 0.36 Expand 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 For the Year Ended Non-GAAP Reconciliation June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Operating net income reconciliation Net income (GAAP) $ 2,152 $ 1,831 $ 1,345 $ 1,730 $ 1,031 $ 3,983 $ 2,366 Net loss on securities available for sale — — 385 — — — — ESOP Compensation expense related to dividend 210 211 — — — 421 Merger-related expenses — — 119 196 939 — 989 Income tax expense (46 ) (46 ) (111 ) (43 ) (207 ) (93 ) (218 ) Operating net income $ 2,316 $ 1,996 $ 1,738 $ 1,883 $ 1,763 $ 4,311 $ 3,137 Weighted average diluted shares 6,457,397 6,547,817 6,620,602 6,611,468 6,544,450 6,504,838 6,534,751 Adjusted diluted earnings per share $ 0.36 $ 0.30 $ 0.26 $ 0.29 $ 0.27 $ 0.66 $ 0.48 Tangible book value per common share reconciliation Book Value per common share (GAAP) $ 19.66 $ 19.25 $ 20.14 $ 20.02 $ 19.49 $ 19.52 $ 19.49 Effect of goodwill and other intangibles (2.86 ) (2.85 ) (2.84 ) (2.84 ) (2.85 ) (2.84 ) (2.85 ) Tangible book value per common share $ 16.80 $ 16.40 $ 17.30 $ 17.18 $ 16.64 $ 16.68 $ 16.64 Tangible equity to tangible assets reconciliation Equity to assets (GAAP) 13.29 % 13.40 % 14.90 % 14.61 % 14.32 % 13.29 % 14.32 % Effect of goodwill and other intangibles (1.71 )% (1.75 )% (1.81 )% (1.81 )% (1.83 )% (1.71 )% (1.83 )% Tangible equity to tangible assets (1) 11.58 % 11.65 % 13.08 % 12.80 % 12.49 % 11.58 % 12.49 % (1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets. Expand
