Affinity Bancshares Q1 Net Income Rises to $2.3M, EPS $0.36, Assets Up $43M
Affinity Bancshares reported net income of $2.3 million for Q1 2026, up from $1.8 million in Q1 2025, with diluted EPS of $0.36. Total assets rose $43.0 million to $924.7 million on deposit growth of $39.3 million, while net interest margin remained 3.50%.
1. Q1 2026 Earnings Highlights
Affinity Bancshares reported net income of $2.3 million for the quarter ended March 31, 2026, a 24.7% increase from $1.8 million in Q1 2025, driving diluted EPS of $0.36. Operating income rose from $2.0 million to $2.3 million, reflecting improved margin and cost controls.
2. Net Interest and Noninterest Results
Net interest income increased to $7.6 million from $7.3 million year-over-year, though net interest margin slipped two basis points to 3.50%. Noninterest income rose by $71,000 to $552,000, while noninterest expense fell $143,000 to $5.2 million, driven by lower salary and benefit costs.
3. Balance Sheet Expansion
Total assets grew $43.0 million to $924.7 million at March 31, 2026, fueled by $9.1 million in loan growth to $751.8 million and a $39.3 million rise in deposits to $734.3 million. Cash and equivalents climbed $35.5 million to $89.4 million, and total equity increased $2.4 million to $129.5 million.
4. Asset Quality and Credit Metrics
Nonperforming loans edged down to $3.5 million, and the allowance for credit losses covered 251.8% of these loans. Net loan recoveries were $105,000 versus charge-offs of $89,000 a year earlier, and the allowance for credit losses to total loans stood at 1.18%.