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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Affinity Bancshares Inc

PART 1: Analysis of Performance

Affinity Bancshares, Inc. has had a stable financial performance in the year 2022, with a slight increase of 0.4% in total assets to $791.3 million from $788.1 million in 2021. The growth in net loans contributed to this increase with a 10.6% growth rate. However, cash and cash equivalents decreased by 76.5% due to the bank's investment in loans and other securities. With a decrease in interest income by 1.0%, the company experienced less revenue than the prior year. This loss was due to a 4.6% decrease in interest income on loans, including a decrease in interest and fee income on PPP loans. Although interest expense declined by 25.1%, non-interest expenses increased by 5.5%. Consequently, the company’s net income decreased by 5.8%. The adverse impact of COVID-19 was visible from Affinity Bancshares' delinquent loans, which increased from $4.2 million to $7.3 million during the year.

PART 2: Forward Looking Analysis

As most economies emerge from the shock of the pandemic, the banking industry is facing a host of new challenges. The CEO of Affinity Bancshares, Inc. has reiterated that the bank remains committed to excellence in lending, emphasizing its suburban and rural focus. In 2023, Affinity Bancshares should aim to increase its earning assets by expanding its loan portfolio to generate more interest income. It should also focus on reducing the delinquent loans by allocating more into its bank's allowance for loan losses. By allocating resources prudently and bringing its loan portfolio quality up to standard, the bank can benefit from increased interest income and a decrease in non-interest expenses.

The growing interest in digital banking implies that Affinity Bancshares, Inc. will have to find new ways of attracting and retaining customers in a hyper-competitive environment. With rapid digitization, the bank should embrace trends and adopt strategies to match market demand. Affinity Bancshares, Inc. should also use innovative tools and leverage its strength in regional banking to capture new opportunities. Finally, the bank should remain nimble and adapt quickly to changing regulatory environments to benefit investors while maintaining its competitive position.

Affinity Bancshares sees stable performance in 2022, faces new challenges in 2023

Announcement: AFBI 10-K Annual Report

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Form 8-K - Current report - Item 2.02 Item 9.01

Analyst Summary:

Affinity Bancshares, Inc. has reported its financial results for the fourth quarter and full year 2022. The company's net income was $1.3 million for Q4 2022 and $7.6 million for the full year 2022. The net interest margin of the company increased to 3.5% in Q4 2022, and it is expected to experience margin compression in 2023. The allowance for loan losses remained consistent at 1% of total loans. The company's strategic initiative to attract and retain talent resulted in an increase in salaries and employee benefits.

CEO Comment:

"We are pleased with our financial results for the quarter and the year, and the continued growth in our balance sheet. We remain dedicated to providing high-level service to our customers while continuing to invest in the growth of Affinity."

Forward-Looking Statements:

The company's forward-looking statements are based on its current beliefs and expectations, and it is under no duty to update any forward-looking statements after the date of this report. Factors that could have a material adverse effect on the operations of the company and its subsidiaries include changes in general economic conditions, interest rates and inflation, changes in laws or regulations, changes in technology, and the impact of the COVID-19 pandemic, among others.

Note:

The reported amounts presented in the statement are in accordance with the Generally Accepted Accounting Principles (GAAP), and the company provides certain non-GAAP financial measures for informational purposes.

Announcement: AFBI 8-K Special Filing

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Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

AFFINITY BANCSHARES, INC. SCHEDULE 13G (AMENDMENT 1) DECEMBER 31, 2022

Announcement: AFBI SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

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Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Announcement: AFBI 10-Q Quarterly Report

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Form 8-K - Current report - Item 8.01 Item 9.01

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