8-K

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.


	At or for the three months ended,
Performance Ratios:	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net income (in thousands)	$	2,284		$	2,132		$	2,217		$	2,152		$	1,831
Diluted earnings per share		0.36			0.34			0.34			0.33			0.28
Operating income (1)		2,284			2,510			2,389			2,316			1,996
Adjusted diluted earnings per share (1)		0.36			0.40			0.37			0.36			0.30
Common book value per share		21.24			20.84			20.25			19.66			19.25
Tangible book value per share (1)		18.30			17.89			17.34			16.80			16.40
Total assets (in thousands)		924,677			881,697			925,221			933,799			912,496
Return on average assets		1.00	%		0.92	%		0.94	%		0.94	%		0.83	%
Return on average equity		7.19	%		6.69	%		7.03	%		7.01	%		5.68	%
Equity to assets		14.00	%		14.41	%		13.55	%		13.29	%		13.40	%
Tangible equity to tangible assets (1)		12.29	%		12.62	%		11.83	%		11.58	%		11.65	%
Net interest margin		3.50	%		3.77	%		3.49	%		3.57	%		3.52	%
Efficiency ratio		64.25	%		63.55	%		64.96	%		65.72	%		68.55	%
(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

Net Income

•

Net income was $2.3 million for three months ended March 31, 2026 as compared to $1.8 million for the three months ended March 31, 2025, as a result of an increase in net interest income along with a decrease in noninterest expenses.

•

Operating income for the three months ended March 31, 2026 was $2.3 million as compared to $2.0 million for the three months ended March 31, 2025.

Results of Operations

•

Net interest income was $7.6 million for the three months ended March 31, 2026 compared to $7.3 million for the three months ended March 31, 2025. The increase was due to an increase in interest income on loans and interest-earning deposits offset by an increases in deposit costs and a decrease in interest income on investment securities.

•

Net interest margin for the three months ended March 31, 2026 decreased two basis points to 3.50% from 3.52% for the three months ended March 31, 2025.

•

Noninterest income increased $71,000 to $552,000 for the three months ended March 31, 2026, primarily due to higher service charges on deposit accounts and loan related fees from indirect auto.

•

Non-interest expense decreased $143,000 to $5.2 million for the three months ended March 31, 2026 compared to the 2025 period, due mainly to a decrease in salaries and employee benefits.

Financial Condition

•

Total assets increased $43.0 million to $924.7 million at March 31, 2026 from $881.7 million at December 31, 2025, as we experienced loan growth and an increase in interest earning deposits which was funded from growth in our deposits.

•

Total gross loans increased $9.1 million to $751.8 million at March 31, 2026 from $742.7 million at December 31, 2025. The increase was due to steady loan demand in commercial and industrial, and construction loans.

•

Non-owner occupied office loans totaled $39.6 million at March 31, 2026; the average LTV on these loans was 44.0%, including

$15.2 million medical/dental tenants and

$24.6 million to other various tenants.

•

Investment securities available-for-sale unrealized losses were $3.8 million, net of tax.

•

Cash and cash equivalents increased $35.5 million to $89.4 million at March 31, 2026 from $53.9 million at December 31, 2025, due to an increase in deposits.

•

Deposits increased by $39.3 million to $734.3 million at March 31, 2026 compared to $695.0 million at December 31, 2025, with a $41.1 million net increase in demand deposits offset by $1.9 million decrease in certificates of deposit.

•

Equity increased $2.4 million to $129.5 million at March 31, 2026 from $127.0 million at December 31, 2025 from earnings of $2.3 million offset partially by unrealized loss on available for sale securities of $148,000, net of tax.

Asset Quality

•

Non-performing loans decreased to $3.5 million at March 31, 2026 from $3.6 million at December 31, 2025.

•

The allowance for credit losses as a percentage of non-performing loans was 251.8% at March 31, 2026, as compared to 251.9% at December 31, 2025.

•

The allowance for credit losses to total loans increased to 1.18% at March 31, 2026 from 1.21% at December 31, 2025.

•

Net loan recoveries were $105,000 for the three months ended March 31, 2026, as compared to net loan charge-offs of $89,000 for the three months ended March 31, 2025.

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.


	For the Three Months Ended March 31,
	2026							2025
	Average Outstanding Balance		Interest		Average Yield/Rate			Average Outstanding Balance		Interest		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	747,245	$	11,138		6.04	%	$	713,878	$	10,648		6.05	%
Investment securities held-to-maturity		—		—		—			27,313		421		6.25	%
Investment securities available-for-sale		38,313		372		3.94	%		38,188		324		3.44	%
Interest-earning deposits and federal funds		85,389		746		3.54	%		59,305		615		4.21	%
Other investments		6,272		93		6.01	%		6,185		97		6.36	%
Total interest-earning assets		877,219		12,349		5.71	%		844,869		12,105		5.81	%
Non-interest-earning assets		46,265							48,093
Total assets	$	923,484						$	892,962

Interest-bearing liabilities:
Interest-bearing checking accounts	$	90,211	$	112		0.50	%	$	81,598	$	84		0.42	%
Money market accounts		162,882		1,126		2.80	%		156,548		1,163		3.01	%
Savings accounts		99,924		730		2.96	%		79,222		555		2.84	%
Certificates of deposit		238,697		2,314		3.93	%		238,904		2,444		4.15	%
Total interest-bearing deposits		591,714		4,282		2.93	%		556,272		4,246		3.10	%
FHLB advances and other borrowings		54,000		502		3.77	%		54,856		522		3.86	%
Total interest-bearing liabilities		645,714		4,784		3.00	%		611,128		4,768		3.16	%
Non-interest-bearing liabilities		148,861							151,121
Total liabilities		794,575							762,249
Total stockholders' equity		128,909							130,713
Total liabilities and stockholders' equity	$	923,484						$	892,962
Net interest rate spread						2.70	%						2.65	%
Net interest income			$	7,565						$	7,337
Net interest margin						3.50	%						3.52	%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)



	March 31, 2026			December 31, 2025
	(Dollars in thousands except per share amounts)
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
Allowance for credit loss on loans		(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 and Stockholders' Equity

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

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)


	Three Months Ended March 31,
	2026			2025
	(Dollars in thousands except per share amounts)
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

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.


Maryland	001-39914	82-1147778
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3175 Highway 278
Covington, Georgia		30014
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	AFBI	The Nasdaq Stock Market LLC


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)


			AFFINITY BANCSHARES, INC.

Date:	April 24, 2026	By:	/s/ Brandi Pajot
			Brandi Pajot Senior Vice President and Chief Financial Officer

Document And Entity Information	Apr. 24, 2026
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 24, 2026
Entity Registrant Name	Affinity Bancshares, Inc.
Entity Central Index Key	0001823406
Entity Emerging Growth Company	false
Entity File Number	001-39914
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1147778
Entity Address, Address Line One	3175 Highway 278
Entity Address, City or Town	Covington
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30014
City Area Code	770
Local Phone Number	786-7088
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AFBI
Security Exchange Name	NASDAQ

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.