Affinity Bancshares 2021 net income $7.6M, doubling from $3.1M; NIM expands

Affinity Bancshares, Inc.

2021-FY EPS reported $1.09

Net income $7.6M in 2021, up from $3.1M in 2020; prior year included $2.8M merger costs.
Net interest income rose $4.1M to $29.3M; net interest margin improved to 4.04% from 3.77%.
Total assets declined $62.5M to $788.1M due to lower cash and PPP loans; loan-to-deposit ratio 93.7%.
Completed mutual-to-stock conversion in Jan 2021, selling 3.7M shares at $10, raising $37.1M gross.
Non-performing loans increased to $7.0M from $4.9M; allowance for loan losses 1.46% of total loans.

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