Affinity Bancshares, Inc.

CIK:0001823406|SEC Filings

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest income:
Loans, including fees	$ 11,138	$ 10,648
Investment securities	465	842
Interest-earning deposits	746	615
Total interest income	12,349	12,105
Interest expense:
Deposits	4,282	4,246
FHLB advances and other borrowings	502	522
Total interest expense	4,784	4,768
Net interest income before provision for credit losses	7,565	7,337
Provision for credit losses	(100)	50
Net interest income after provision for credit losses	7,665	7,287
Noninterest income:
Service charges on deposit accounts	346	316
Other	206	165
Total noninterest income	552	481
Noninterest expenses:
Salaries and employee benefits	3,018	3,359
Occupancy	544	605
Data processing	584	543
Other	1,069	852
Total noninterest expenses	5,215	5,359
Income before income taxes	3,002	2,409
Income tax expense	718	578
Net income	$ 2,284	$ 1,831
Weighted average common shares outstanding
Basic	6,095,117	6,405,702
Diluted	6,297,092	6,547,817
Basic earnings per share	$ 0.37	$ 0.29
Diluted earnings per share	$ 0.36	$ 0.28

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 2,284	$ 1,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, (accretion) and amortization	191	193
Stock-based compensation expense	207	305
Deferred income tax expense	60
Provision for credit losses	(100)	50
ESOP expense	117	317
Increase in cash surrender value of bank owned life insurance	169	(100)
Change in:
Accrued interest receivable and other assets	172	(1,198)
Accrued interest payable and other liabilities	1,303	519
Net cash provided by operating activities	4,403	1,917
Cash flows from investing activities:
Purchases of investment securities available-for-sale		(3,915)
Purchases of premises and equipment	(45)	(145)
Proceeds from paydowns of investment securities available-for-sale	1,285	288
Proceeds from paydowns and calls of investment securities held-to-maturity		6
Purchases of other investments	(20)	(27)
Net change in loans	(9,151)	(6,917)
Purchase of bank owned life insurance	(287)
Net cash used in investing activities	(8,218)	(10,710)
Cash flows from financing activities:
Net change in deposits	39,332	56,811
Common stock repurchase	(15)	(1,181)
Proceeds from FHLB advances	10,000
Repayment of FHLB advances	(10,000)
Dividends paid to shareholders		(8,801)
Exercise of stock options		59
Repayment of other borrowings		(4,815)
Net cash provided by financing activities	39,317	42,073
Net change in cash and cash equivalents	35,502	33,280
Cash and cash equivalents at beginning of period	53,850	41,424
Cash and cash equivalents at end of period	89,352	74,704
Supplemental disclosures of cash flow information:
Cash paid for interest	4,787	4,746
Change in unrealized gain on investment securities available-for-sale, net of tax	$ (148)	$ 634

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 5,561	$ 6,924
Interest-earning deposits in other depository institutions	83,791	46,926
Cash and cash equivalents	89,352	53,850
Investment securities available-for-sale	37,286	38,759
Other investments	6,284	6,264
Loans	751,757	742,682
Less allowance for credit losses	(8,889)	(8,994)
Net loans	742,868	733,688
Premises and equipment, net	2,700	2,836
Bank owned life insurance	17,279	17,161
Intangible assets	17,936	17,984
Other assets	10,972	11,155
Total assets	924,677	881,697
Liabilities:
Non-interest-bearing checking	151,055	132,796
Interest-bearing checking	87,038	82,612
Money market accounts	170,051	157,439
Savings accounts	102,873	96,981
Certificates of deposit	223,320	225,177
Total deposits	734,337	695,005
Federal Home Loan Bank advances and other borrowings	54,000	54,000
Accrued interest payable and other liabilities	6,876	5,673
Total liabilities	795,213	754,678
Stockholders' equity:
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,094,885 issued and outstanding at March 31, 2026 and 6,095,631 issued and outstanding at December 31, 2025)	61	61
Preferred stock (10,000,000 shares authorized, no shares outstanding)
Additional paid in capital	58,320	58,069
Unearned ESOP shares	(3,512)	(3,570)
Retained earnings	78,395	76,111
Accumulated other comprehensive loss	(3,800)	(3,652)
Total stockholders' equity	129,464	127,019
Total liabilities and stockholders' equity	$ 924,677	$ 881,697