Financial Performance - Net income for the three months ended June 30, 2024, was $1.0 million, a decrease from $1.6 million for the same period in 2023[1][3] - Net income for the three months ended June 30, 2024, was $1,031 thousand, down from $1,590 thousand in the same period of 2023, indicating a decrease of 35.1%[16] - Basic earnings per share for the three months ended June 30, 2024, was $0.16, down from $0.25 in the same period of 2023, a decrease of 36%[16] Interest Income and Margin - Net interest income increased to $7.6 million for the three months ended June 30, 2024, compared to $6.7 million for the same period in 2023[4] - Total interest income for the three months ended June 30, 2024, was $12,222 thousand, an increase from $10,863 thousand in the same period of 2023, representing a growth of 12.5%[16] - Net interest income before provision for credit losses was $7,568 thousand for the three months ended June 30, 2024, compared to $6,693 thousand in the same period of 2023, reflecting an increase of 13.1%[16] - Net interest margin improved to 3.71% for the three months ended June 30, 2024, up from 3.17% for the same period in 2023[4] - The net interest margin for the three months ended June 30, 2024, was 3.71%, up from 3.17% in the same period of 2023, reflecting an improvement of 54%[16] Assets and Loans - Total assets rose by $29.3 million to $872.6 million at June 30, 2024, from $843.3 million at December 31, 2023[6] - Total assets increased to $872,558 thousand as of June 30, 2024, from $843,258 thousand at the end of 2023, marking a growth of 3.5%[15] - Total gross loans increased by $32.7 million to $692.6 million at June 30, 2024, driven by strong demand in construction and commercial non-owner occupied properties[6] - The average outstanding balance of loans increased to $681,903 thousand for the three months ended June 30, 2024, compared to $665,921 thousand in the same period of 2023, a rise of 2.9%[16] Expenses and Provisions - Non-interest expense increased by $1.4 million to $6.7 million for the three months ended June 30, 2024, primarily due to professional fees related to a merger[4] - The provision for credit losses was $213 thousand for the three months ended June 30, 2024, compared to $7 thousand in the same period of 2023, indicating a significant increase in provisions[16] Deposits and Borrowings - Deposits grew by $15.3 million to $689.7 million at June 30, 2024, with a notable increase in demand deposits[6] - The company is evaluating borrowing needs related to enhancing bank liquidity, with borrowings increasing by $11.8 million to $51.8 million at June 30, 2024[6] Non-Performing Loans and Credit Losses - Non-performing loans decreased to $3.0 million at June 30, 2024, down from $7.4 million at December 31, 2023[7] - The allowance for credit losses as a percentage of non-performing loans was 282.0% at June 30, 2024, compared to 120.1% at December 31, 2023[7] Equity and Book Value - Total stockholders' equity rose to $125,065 thousand as of June 30, 2024, compared to $121,516 thousand at the end of 2023, an increase of 3.5%[15] - Book value per common share (GAAP) increased to $19.49 as of June 30, 2024, up from $19.21 in March 2024[18] - Tangible book value per common share rose to $16.64 as of June 30, 2024, compared to $16.36 in March 2024[18] - Tangible equity to tangible assets ratio improved to 12.50% as of June 30, 2024, from 12.33% in March 2024[19] - Tangible equity to tangible assets ratio has shown a steady increase from 11.59% in June 2023 to 12.50% in June 2024[19] - The effect of goodwill and other intangibles on book value remained consistent at approximately (2.85) across recent quarters[18]

Group 1 - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide Affinity shareholders with $22.50 per share, subject to potential tax payment adjustments [1] - The firm has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, highlighting its successful track record in recovering money for shareholders [1][2] - Monteverde & Associates PC operates from the Empire State Building in New York City and has a national presence in class action securities litigation [2] Group 2 - The proposed merger between Affinity Bancshares and APCU is significant as it involves an aggregate payment that aims to ensure sufficient cash for shareholder payouts [1] - The firm encourages shareholders to seek information and assistance regarding their rights and potential claims related to the merger [2]

Core Viewpoint - Monteverde & Associates PC is investigating Affinity Bancshares, Inc. regarding its proposed merger with Atlanta Postal Credit Union, which is expected to provide cash to Affinity shareholders at a rate of $22.50 per share, potentially increasing based on tax payments [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Group 2: Merger Details - The merger agreement between Affinity Bancshares and Atlanta Postal Credit Union includes an aggregate payment estimated to ensure Affinity shareholders receive $22.50 per share [1]. - The payment amount is subject to potential increases based on levels of tax payments [1].

Group 1 - Kuehn Law, PLLC is investigating potential claims related to proposed mergers involving several companies to ensure shareholder value maximization and fair processes [1][2] - Apartment Income REIT Corp. has agreed to sell to Blackstone for $39.12 per share [1] - Alerus Financial Corporation is set to acquire HMN Financial, Inc. in an all-stock deal valued at $116.4 million [2] - Hibbett, Inc. has agreed to be acquired by JD Sports Fashion plc for $87.50 per share in cash [2] Group 2 - Kuehn Law emphasizes the importance of shareholder participation in maintaining the integrity and fairness of financial markets [3] - Shareholders are encouraged to contact Kuehn Law for assistance, as the firm covers all case costs and does not charge its clients [4]

Financial Position - Total assets increased by $26.3 million, or 3.1%, to $869.5 million at March 31, 2024, from $843.3 million at December 31, 2023[105] - Cash and cash equivalents rose by $11.4 million, or 22.7%, to $61.4 million at March 31, 2024, primarily due to increased deposits and Federal Reserve borrowings[106] - Gross loans increased by $14.6 million, or 2.2%, to $674.5 million at March 31, 2024, with construction loans up by $7.6 million, or 16.0%[107] - Total deposits increased by $13.0 million, or 1.9%, to $687.4 million at March 31, 2024, driven by demand deposits and money market accounts[109] - Stockholders' equity increased by $1.8 million, or 1.5%, to $123.3 million at March 31, 2024, primarily due to net income of $1.3 million[111] Income and Expenses - Net income for the three months ended March 31, 2024, was $1.3 million, a decrease from $1.7 million for the same period in 2023[118] - Interest income increased by $1.5 million, or 15.3%, to $11.2 million for the three months ended March 31, 2024, compared to $9.7 million for the same period in 2023[119] - Interest income on loans rose by $1.2 million, or 14.6%, to $9.5 million, with an average yield increase of 59 basis points to 5.75%[119] - Interest expense increased by $1.6 million to $4.5 million for the three months ended March 31, 2024, compared to $2.8 million for the same period in 2023[122] - Net interest income decreased by $149,000, or 2.2%, to $6.7 million for the three months ended March 31, 2024, with a net interest margin decrease to 3.38%[125] - Non-interest income increased by $32,000, or 5.8%, to $584,000 for the three months ended March 31, 2024, from $552,000[132] - Total non-interest expenses increased by $376,000, or 7.2%, to $5.57 million for the three months ended March 31, 2024[134] - Income tax expense decreased to $428,000 for the three months ended March 31, 2024, compared to $527,000 for the same period in 2023[135] Loan and Credit Management - The loan-to-deposit ratio at March 31, 2024, was 98.1%, compared to 97.8% at December 31, 2023[109] - Provisions for credit losses recorded no charge for the three months ended March 31, 2024, compared to a provision of $7,000 for the same period in 2023[130] - The company recorded net charge-offs of $326,000 for the three months ended March 31, 2024, compared to net loan charge-offs of $91,000 for the same period in 2023[130] - The company had outstanding commitments to originate loans of $75.5 million as of March 31, 2024[154] Cash Flow - Net cash provided by operating activities was $1.2 million for Q1 2024, down from $2.0 million in Q1 2023, representing a decrease of 40%[148] - Net cash used in investing activities was $14.7 million for Q1 2024, compared to $29.2 million in Q1 2023, indicating a reduction of 49%[148] - Net cash provided by financing activities was $24.8 million for Q1 2024, significantly lower than $137.8 million in Q1 2023, a decrease of approximately 82%[148] Capital Adequacy - As of March 31, 2024, the Common Equity Tier 1 capital ratio was 12.50%, exceeding the well-capitalized requirement of 4.50%[151] - Total capital to risk-weighted assets ratio was 13.68% as of March 31, 2024, above the minimum requirement of 8.00%[151] Funding and Borrowing - The company had a $219.2 million line of credit with the Federal Home Loan Bank of Atlanta, with $40.0 million in advances outstanding as of March 31, 2024[146] - The company borrowed $11.8 million through the Federal Reserve Bank Term Funding Program during the first quarter of 2024[110] - Management anticipates sufficient funds to meet current funding commitments based on deposit retention experience[149] Operational Controls - The company has maintained effective disclosure controls and procedures as of March 31, 2024[156]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File Number: 001-39914 Affinity Bancshares, Inc. (Exact Name of Registrant as Specified in its Charter) | Maryland | 82-1147778 | | | --- | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | | incorporation or organization) | Identification Number) | | | 3175 Highway 278, Covington, Georgia | 30014 | | | (Address of principal executive offices) | (Zip code) | | | (770) 786-7088 | | | | (Registrant' ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The financial statements present the company's financial position and operating results, highlighting asset growth and a decline in nine-month net income to **$4.9 million** due to rising interest expense [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$855.4 million** by September 30, 2023, driven by increases in cash and loans, while deposits shifted to higher-yielding certificates Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$855,431** | **$791,283** | **$64,148** | **8.1%** | | Cash and cash equivalents | $61,503 | $26,324 | $35,179 | 133.6% | | Net loans | $651,805 | $636,909 | $14,896 | 2.3% | | Total investment securities | $82,195 | $72,727 | $9,468 | 13.0% | | **Total Liabilities** | **$736,955** | **$674,180** | **$62,775** | **9.3%** | | Total deposits | $709,045 | $657,172 | $51,873 | 7.9% | | - Certificates of deposit | $222,329 | $125,989 | $96,340 | 76.5% | | - Non-interest-bearing checking | $170,654 | $190,297 | ($19,643) | -10.3% | | FHLB advances and other borrowings | $20,000 | $10,025 | $9,975 | 99.5% | | **Total stockholders' equity** | **$118,476** | **$117,103** | **$1,373** | **1.2%** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income declined to **$1.6 million** for Q3 2023 and **$4.9 million** for the nine-month period, primarily due to a substantial increase in interest expense Income Statement Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total interest income | $11,024 | $8,224 | $31,615 | $23,156 | | Total interest expense | $4,123 | $698 | $11,124 | $738 | | **Net interest income** | **$6,901** | **$7,526** | **$20,491** | **$22,418** | | Provision for credit losses | $0 | $187 | $7 | $654 | | Total noninterest income | $630 | $593 | $1,860 | $1,836 | | Total noninterest expenses | $5,406 | $5,490 | $15,884 | $16,485 | | **Net income** | **$1,623** | **$1,861** | **$4,935** | **$5,435** | | **Diluted EPS** | **$0.25** | **$0.27** | **$0.75** | **$0.80** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total comprehensive income for the nine months ended September 30, 2023, was **$3.8 million**, a significant improvement from the prior year's loss Comprehensive Income (Loss) (in thousands) | Component | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | | Net income | $4,935 | $5,435 | | Other comprehensive loss (net of tax) | ($1,104) | ($6,586) | | **Total comprehensive income (loss)** | **$3,831** | **($1,151)** | [Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to **$118.5 million**, driven by net income but partially offset by stock repurchases and other comprehensive loss - Net income: **+$4.9 million**[16](index=16&type=chunk) - Common stock repurchase: **-$3.0 million**[16](index=16&type=chunk) - Change in unrealized loss on securities (AOCI): **-$1.1 million**[16](index=16&type=chunk) - Adoption of new accounting pronouncement (CECL): **-$0.5 million**[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$35.2 million** for the nine-month period, primarily due to strong cash generation from financing activities Cash Flow Summary (in thousands) | Activity | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,062 | $8,215 | | Net cash used in investing activities | ($29,733) | ($67,417) | | Net cash provided by (used in) financing activities | $58,851 | ($12,068) | | **Net change in cash and cash equivalents** | **$35,180** | **($71,270)** | [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, including CECL adoption, loan portfolio concentration, unrealized losses on securities, and a significant increase in brokered CDs - Effective September 15, 2023, the Bank converted from a federal savings association to a national bank, and the Company became a bank holding company[21](index=21&type=chunk) - The company adopted the CECL standard (ASC 326) on January 1, 2023, recording a one-time charge to retained earnings of **$0.5 million**, net of tax[31](index=31&type=chunk) - At September 30, 2023, available-for-sale securities had gross unrealized losses of **$10.4 million**, primarily attributed to changes in interest rates, not credit quality[53](index=53&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - Brokered CDs increased significantly, totaling **$107.3 million** at September 30, 2023, up from **$34.9 million** at year-end 2022[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses asset growth, net income decline due to net interest margin compression, and the company's strong liquidity and capital positions [Comparison of Financial Condition](index=27&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased by **8.1%** to **$855.4 million**, driven by cash and loan growth, while deposits increased with a shift to certificates of deposit - Total assets increased by **8.1%** to **$855.4 million**, primarily due to increases in cash and loans[136](index=136&type=chunk) - Net loans increased by **2.3%** to **$651.8 million**, with growth in construction, non-owner-occupied CRE, and residential loans[138](index=138&type=chunk) - Total deposits increased by **7.9%**, driven by a **76.5%** surge in certificates of deposit, as customers sought higher yields[141](index=141&type=chunk) - Stockholders' equity increased by **$1.4 million**, impacted by **$4.9 million** in net income and offset by **$3.0 million** in common stock repurchases[143](index=143&type=chunk) [Comparison of Operating Results](index=31&type=section&id=Comparison%20of%20Operating%20Results) Net income declined for both Q3 and the nine-month period due to significant net interest margin compression from rising interest expenses Q3 Operating Results Comparison (in thousands) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $6,901 | $7,526 | ($625) | | Provision for Credit Losses | $0 | $187 | ($187) | | Net Income | $1,623 | $1,861 | ($238) | Nine-Month Operating Results Comparison (in thousands) | Metric | 9 Months 2023 | 9 Months 2022 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $20,491 | $22,418 | ($1,927) | | Provision for Credit Losses | $7 | $654 | ($647) | | Total Non-interest Expenses | $15,884 | $16,485 | ($601) | | Net Income | $4,935 | $5,435 | ($500) | - Net interest margin compressed to **3.36%** for Q3 2023 from **4.12%** in Q3 2022, as the cost of funds rose faster than asset yields[157](index=157&type=chunk) [Management of Market Risk](index=35&type=section&id=Management%20of%20Market%20Risk) The company manages interest rate risk using an NII sensitivity model, showing slight asset sensitivity to rising rates but vulnerability to falling rates Net Interest Income Sensitivity Analysis (as of Sep 30, 2023) | Rate Shock (basis points) | Estimated 12-Month NII Change (%) | | :--- | :--- | | +400 | 1.41% | | +200 | 0.87% | | 0 (Level) | — | | -200 | (4.20)% | | -400 | (14.13)% | - Strategies to manage interest rate risk include diversifying the loan portfolio, growing transaction deposits, and originating adjustable-rate loans[188](index=188&type=chunk)[196](index=196&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through diverse funding sources and exceeds all regulatory capital requirements, categorized as 'well capitalized' - Primary liquidity sources include deposits, loan/security cash flows, and FHLB borrowings. The company has access to a **$219.2 million** FHLB line of credit and other unsecured lines[197](index=197&type=chunk) - To enhance liquidity in Q1 2023, the company issued **$85.6 million** of brokered deposits and borrowed **$45.0 million** from the FHLB[200](index=200&type=chunk) Bank Regulatory Capital Ratios (as of Sep 30, 2023) | Ratio | Actual | To Be Well Capitalized | | :--- | :--- | :--- | | Common Equity Tier 1 Ratio | 12.14% | 6.50% | | Tier 1 Capital Ratio | 12.14% | 8.00% | | Total Capital Ratio | 13.39% | 10.00% | | Tier 1 Leverage Ratio | 10.89% | 5.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures, primarily interest rate risk, are detailed in the MD&A, showing sensitivity to interest rate changes - This section refers to the 'Management of Market Risk' discussion in Item 2 of the report for details on market risk disclosures[205](index=205&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[205](index=205&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that materially affected, or are likely to materially affect, these controls[206](index=206&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond routine business matters - As of September 30, 2023, the company was not involved in any material legal proceedings[208](index=208&type=chunk) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%205.%20Other%20Information) The company repurchased **23,746 shares** of common stock in Q3 2023 under an authorized program, with **86,997 shares** remaining available Share Repurchases for Q3 2023 | Period | Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2023 | 5,590 | $12.42 | | August 2023 | 5,593 | $14.14 | | September 2023 | 12,563 | $14.89 | | **Total Q3 2023** | **23,746** | **$14.13** | - The stock repurchase program, approved on October 31, 2022, authorizes the repurchase of up to **331,997 shares**. As of September 30, 2023, **245,000 shares** have been purchased under the plan[213](index=213&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) The report includes various exhibits, such as corporate documents, CEO/CFO certifications, and financial statements in inline XBRL format - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32) and financial data in inline XBRL format (101.0)[215](index=215&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 (770) 786-7088 (Exact Name of Registrant as Specified in Its Charter) Maryland 82-1147778 OR (State or Other Jurisdiction of Incorporation or Organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 3175 Highway 278 Covington, Georgia 30014 (Addre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period Commission File No. 001-39914 Affinity Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39914 Affinity Bancshares, Inc. (Exact Name of Registrant as Specified in its Charter) | Maryland 82-1147778 | | | --- | --- | | (State or othe ...