secwatch.observer — SEC 8-K summary
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Issuer:     Affinity Bancshares, Inc. (AFBI)
CIK:        0001823406
Form:       8-K
Filed at:   2022-02-25T23:59:59+00:00
Accession:  0000950170-22-002062
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1823406/000095017022002062/0000950170-22-002062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1823406/000095017022002062/afbi-20220222.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-002062

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