Affinity Bancshares (NASDAQ: AFBI) Q1 2026 profit jumps 24.7% year over year
Rhea-AI Filing Summary
Affinity Bancshares, Inc. reported stronger first quarter 2026 results, with net income of $2.3 million for the three months ended March 31, 2026, up from $1.8 million a year earlier. Diluted earnings per share rose to $0.36 from $0.28, reflecting a 24.7% increase in earnings and a 24.1% increase in diluted EPS from first quarter 2025.
Net interest income improved to $7.6 million, supported by higher loan and interest-earning deposit income, while noninterest expense declined to $5.2 million, mainly from lower salaries and benefits. Total assets reached $924.7 million, loans grew to $751.8 million, and deposits to $734.3 million. Return on assets was 1.00% and return on equity was 7.19%, with tangible book value per share increasing to $18.30.
Positive
- Strong earnings growth: Net income rose to $2.3 million in Q1 2026 from $1.8 million a year earlier, a 24.7% increase, with diluted EPS up to $0.36 from $0.28.
- Healthy profitability metrics: Return on assets reached 1.00% and return on equity 7.19% for Q1 2026, indicating solid bank-level performance.
- Balance sheet and capital strength: Assets grew to $924.7 million, loans to $751.8 million, deposits to $734.3 million, and tangible book value per share increased to $18.30.
Negative
- None.
Insights
Q1 2026 shows solid earnings growth, balance sheet expansion, and stable asset quality.
Affinity Bancshares delivered net income of $2.3M in Q1 2026, up from $1.8M in Q1 2025, with diluted EPS rising to $0.36. This reflects a 24.7% year-over-year earnings increase driven by higher net interest income and lower noninterest expense.
Total assets expanded to $924.7M, with loans at $751.8M and deposits at $734.3M, indicating balanced loan and funding growth. Profitability metrics were healthy, with return on assets at 1.00% and return on equity at 7.19%. Tangible book value per share increased to $18.30, supporting capital strength.
Asset quality remained sound: nonperforming loans declined to $3.5M, and the allowance for credit losses covered 251.8% of nonperforming loans. Net loan recoveries of $105,000 compared favorably to prior-year net charge-offs. The net interest margin was 3.50%, slightly below Q1 2025, but overall results point to solid core performance this quarter.
8-K Event Classification
Key Figures
Key Terms
Net interest margin financial
Efficiency ratio financial
Allowance for credit losses financial
Non-performing loans financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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(Commission File Number) |
(IRS Employer |
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 24, 2026, Affinity Bancshares, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. The press release is attached to this Current Report as Exhibit 99.1. This Current Report and the press release are being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Exhibit |
99.1 |
Press Release dated April 24, 2026 |
99.2 |
Supplemental Financial Information dated April 24, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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AFFINITY BANCSHARES, INC. |
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Date: |
April 24, 2026 |
By: |
/s/ Brandi Pajot |
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Brandi Pajot |
Affinity Bancshares, Inc.
Announces First Quarter 2026
Financial Results
Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $2.3 million for the three months ended March 31, 2026, as compared to $1.8 million for the three months ended March 31, 2025.
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At or for the three months ended, |
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Performance Ratios: |
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March 31, 2026 |
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December 31, 2025 |
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September 30, 2025 |
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June 30, 2025 |
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March 31, 2025 |
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Net income (in thousands) |
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$ |
2,284 |
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$ |
2,132 |
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$ |
2,217 |
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$ |
2,152 |
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$ |
1,831 |
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Diluted earnings per share |
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0.36 |
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0.34 |
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0.34 |
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0.33 |
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0.28 |
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Operating income (1) |
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2,284 |
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2,510 |
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2,389 |
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2,316 |
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1,996 |
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Adjusted diluted earnings per share (1) |
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0.36 |
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0.40 |
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0.37 |
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0.36 |
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0.30 |
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Common book value per share |
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21.24 |
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20.84 |
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20.25 |
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19.66 |
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19.25 |
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Tangible book value per share (1) |
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18.30 |
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17.89 |
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17.34 |
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16.80 |
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16.40 |
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Total assets (in thousands) |
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924,677 |
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881,697 |
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925,221 |
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933,799 |
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912,496 |
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Return on average assets |
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1.00 |
% |
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0.92 |
% |
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0.94 |
% |
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0.94 |
% |
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0.83 |
% |
Return on average equity |
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7.19 |
% |
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6.69 |
% |
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7.03 |
% |
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7.01 |
% |
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5.68 |
% |
Equity to assets |
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14.00 |
% |
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14.41 |
% |
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13.55 |
% |
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13.29 |
% |
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13.40 |
% |
Tangible equity to tangible assets (1) |
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12.29 |
% |
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12.62 |
% |
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11.83 |
% |
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11.58 |
% |
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11.65 |
% |
Net interest margin |
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3.50 |
% |
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3.77 |
% |
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3.49 |
% |
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3.57 |
% |
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3.52 |
% |
Efficiency ratio |
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64.25 |
% |
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63.55 |
% |
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64.96 |
% |
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65.72 |
% |
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68.55 |
% |
(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
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Net Income
Results of Operations
Financial Condition
Asset Quality
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; the effects of an extended U.S. Government shutdown; 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 table sets 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.
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Average |
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Interest |
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Average |
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Average |
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Interest |
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Average |
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(Dollars in thousands) |
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Interest-earning assets: |
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Loans |
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$ |
747,245 |
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$ |
11,138 |
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6.04 |
% |
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$ |
713,878 |
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$ |
10,648 |
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6.05 |
% |
Investment securities held-to-maturity |
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— |
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— |
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— |
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27,313 |
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421 |
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6.25 |
% |
Investment securities available-for-sale |
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38,313 |
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372 |
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3.94 |
% |
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38,188 |
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324 |
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3.44 |
% |
Interest-earning deposits and federal funds |
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85,389 |
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746 |
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3.54 |
% |
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59,305 |
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615 |
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4.21 |
% |
Other investments |
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6,272 |
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93 |
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6.01 |
% |
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6,185 |
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97 |
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6.36 |
% |
Total interest-earning assets |
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877,219 |
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12,349 |
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5.71 |
% |
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844,869 |
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12,105 |
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5.81 |
% |
Non-interest-earning assets |
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46,265 |
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48,093 |
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Total assets |
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$ |
923,484 |
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$ |
892,962 |
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Interest-bearing liabilities: |
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Interest-bearing checking accounts |
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$ |
90,211 |
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$ |
112 |
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0.50 |
% |
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$ |
81,598 |
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$ |
84 |
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0.42 |
% |
Money market accounts |
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162,882 |
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1,126 |
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2.80 |
% |
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156,548 |
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1,163 |
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3.01 |
% |
Savings accounts |
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99,924 |
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730 |
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2.96 |
% |
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79,222 |
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555 |
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2.84 |
% |
Certificates of deposit |
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238,697 |
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2,314 |
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3.93 |
% |
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238,904 |
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2,444 |
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4.15 |
% |
Total interest-bearing deposits |
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591,714 |
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4,282 |
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2.93 |
% |
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|
556,272 |
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4,246 |
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3.10 |
% |
FHLB advances and other borrowings |
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54,000 |
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|
502 |
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3.77 |
% |
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54,856 |
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|
522 |
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3.86 |
% |
Total interest-bearing liabilities |
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645,714 |
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4,784 |
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3.00 |
% |
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611,128 |
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4,768 |
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3.16 |
% |
Non-interest-bearing liabilities |
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148,861 |
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151,121 |
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Total liabilities |
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794,575 |
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762,249 |
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Total stockholders' equity |
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128,909 |
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130,713 |
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Total liabilities and stockholders' equity |
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$ |
923,484 |
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$ |
892,962 |
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Net interest rate spread |
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|
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|
2.70 |
% |
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|
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2.65 |
% |
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Net interest income |
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|
|
|
$ |
7,565 |
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|
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$ |
7,337 |
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Net interest margin |
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3.50 |
% |
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3.52 |
% |
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AFFINITY BANCSHARES, INC.
Consolidated Balance Sheets
(unaudited)
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March 31, 2026 |
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December 31, 2025 |
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(Dollars in thousands except per share amounts) |
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Assets |
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Cash and due from banks |
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$ |
5,561 |
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$ |
6,924 |
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Interest-earning deposits in other depository institutions |
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83,791 |
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46,926 |
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Cash and cash equivalents |
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89,352 |
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53,850 |
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Investment securities available-for-sale |
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37,286 |
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38,759 |
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Other investments |
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6,284 |
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6,264 |
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Loans |
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751,757 |
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742,682 |
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Allowance for credit loss on loans |
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(8,889 |
) |
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(8,994 |
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Net loans |
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742,868 |
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733,688 |
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Premises and equipment, net |
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2,700 |
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2,836 |
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Bank owned life insurance |
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17,279 |
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|
17,161 |
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Intangible assets |
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17,936 |
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|
17,984 |
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Other assets |
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10,972 |
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|
11,155 |
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Total assets |
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$ |
924,677 |
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$ |
881,697 |
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Liabilities and Stockholders' Equity |
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Liabilities: |
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Non-interest-bearing checking |
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$ |
151,055 |
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$ |
132,796 |
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Interest-bearing checking |
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|
87,038 |
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|
82,612 |
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Money market accounts |
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|
170,051 |
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|
157,439 |
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Savings accounts |
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|
102,873 |
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|
96,981 |
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Certificates of deposit |
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|
223,320 |
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|
225,177 |
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Total deposits |
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734,337 |
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|
695,005 |
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Federal Home Loan Bank advances and other borrowings |
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|
54,000 |
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|
54,000 |
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Accrued interest payable and other liabilities |
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|
6,876 |
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|
5,673 |
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Total liabilities |
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795,213 |
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|
754,678 |
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Stockholders' equity: |
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Common stock (par value $0.01 per share, 40,000,000 shares authorized; |
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61 |
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61 |
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Preferred stock (10,000,000 shares authorized, no shares outstanding) |
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|
— |
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— |
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Additional paid in capital |
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58,320 |
|
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|
58,069 |
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Unearned ESOP shares |
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(3,512 |
) |
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|
(3,570 |
) |
Retained earnings |
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|
78,395 |
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|
76,111 |
|
Accumulated other comprehensive loss |
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(3,800 |
) |
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|
(3,652 |
) |
Total stockholders' equity |
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|
129,464 |
|
|
|
127,019 |
|
Total liabilities and stockholders' equity |
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$ |
924,677 |
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$ |
881,697 |
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AFFINITY BANCSHARES, INC.
Consolidated Statements of Income
(unaudited)
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Three Months Ended March 31, |
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2026 |
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2025 |
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(Dollars in thousands except per share amounts) |
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Interest income: |
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Loans, including fees |
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|
$ |
11,138 |
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$ |
10,648 |
|
Investment securities |
|
|
|
465 |
|
|
|
842 |
|
Interest-earning deposits |
|
|
|
746 |
|
|
|
615 |
|
Total interest income |
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|
|
12,349 |
|
|
|
12,105 |
|
Interest expense: |
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|
|
|
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Deposits |
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|
|
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: |
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|
|
|
|
|
|
||
Service charges on deposit accounts |
|
|
|
346 |
|
|
|
316 |
|
Other |
|
|
|
206 |
|
|
|
165 |
|
Total noninterest income |
|
|
|
552 |
|
|
|
481 |
|
Noninterest expenses: |
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|
|
|
|
|
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||
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 |
|
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 |
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
Operating net income reconciliation |
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$2,284 |
|
$2,132 |
|
$2,217 |
|
$2,152 |
|
$1,831 |
Net loss on securities available for sale and held to maturity |
|
— |
|
260 |
|
— |
|
— |
|
— |
ESOP Compensation expense related to dividend |
|
— |
|
225 |
|
220 |
|
210 |
|
211 |
Income tax expense |
|
— |
|
(107) |
|
(48) |
|
(46) |
|
(46) |
Operating net income |
$2,284 |
|
$2,510 |
|
$2,389 |
|
$2,316 |
|
$1,996 |
|
Weighted average diluted shares |
|
6,297,092 |
|
6,322,749 |
|
6,427,697 |
|
6,457,397 |
|
6,547,817 |
Adjusted diluted earnings per share |
|
$0.36 |
|
$0.40 |
|
$0.37 |
|
$0.36 |
|
$0.30 |
Tangible book value per common share reconciliation |
||||||||||
Book Value per common share (GAAP) |
|
$21.24 |
|
$20.84 |
|
$20.25 |
|
$19.66 |
|
$19.25 |
Effect of goodwill and other intangibles |
|
(2.94) |
|
(2.95) |
|
(2.91) |
|
(2.86) |
|
(2.85) |
Tangible book value per common share |
$18.30 |
|
$17.89 |
|
$17.34 |
|
$16.80 |
|
$16.40 |
|
Tangible equity to tangible assets reconciliation |
||||||||||
Equity to assets (GAAP) |
14.00% |
|
14.41% |
|
13.55% |
|
13.29% |
|
13.40% |
|
Effect of goodwill and other intangibles |
|
(1.71)% |
|
(1.79)% |
|
(1.72)% |
|
(1.71)% |
|
(1.75)% |
Tangible equity to tangible assets (1) |
|
12.29% |
|
12.62% |
|
11.83% |
|
11.58% |
|
11.65% |
(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets. |
||||||||||
AFBI Selected Data COMPANY HIGHLIGHTS $924.7 million in assets $751.8 million in loans $734.3 million in deposits 1.22% growth in loans 5.67% growth in deposits $129.5 million in equity As of 2026 Q1 2026
AFBI Selected Data COMPANY HIGHLIGHTS 24.7% increase in earnings from Q1 2025 $2.3 million in Q1 2026 earnings $0.36 diluted EPS (1) See Non-GAAP Reconciliation 24.1% increase in diluted EPS from Q1 2025 Return on Assets 1.00% Return on Equity 7.19%
AFBI Selected Data Loan Composition as of March 31, 2026
AFBI Selected Data Deposit Composition as of March 31, 2026
AFBI Share Information NON-GAAP RECONCILIATION For the Three Months Ended Non-GAAP Reconciliation March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Operating net income reconciliation Net income (GAAP) $ 2,284 $ 2,132 $ 2,217 $ 2,152 $ 1,831 Net loss on securities available for sale and held to maturity — 260 — — — ESOP Compensation expense related to dividend — 225 220 210 211 Income tax expense — (107) (48) (46) (46) Operating net income $ 2,284 $ 2,510 $ 2,389 $ 2,316 $ 1,996 Weighted average diluted shares 6,297,092 6,322,749 6,427,697 6,457,397 6,547,817 Adjusted diluted earnings per share $ 0.36 $ 0.40 $ 0.37 $ 0.36 $ 0.30 Tangible book value per common share reconciliation Book Value per common share (GAAP) $ 21.24 $ 20.84 $ 20.25 $ 19.66 $ 19.25 Effect of goodwill and other intangibles (2.94) (2.95) (2.91) (2.86) (2.85) Tangible book value per common share $ 18.30 $ 17.89 $ 17.34 $ 16.80 $ 16.40 Tangible equity to tangible assets reconciliation Equity to assets (GAAP) 14.00% 14.41% 13.55% 13.29% 13.40% Effect of goodwill and other intangibles (1.71)% (1.79)% (1.72)% (1.71)% (1.75)% Tangible equity to tangible assets (1) 12.29% 12.62% 11.83% 11.58% 11.65% (1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.