Affinity Bancshares, Inc. operates as the holding company for Affinity Bank that provides various banking products and services. The company accepts various deposit accounts, including savings accounts, checking accounts, certificates of deposit, and individual retirement accounts. It also offers commercial and industrial, commercial real estate, one- to four-family residential real estate, construction and land, and consumer loans. In addition, the company invests in U.S. treasury securities; securities issued by the U.S. government and its agencies, or government sponsored enterprises, including mortgage-backed securities and collateralized mortgage obligations; corporate and municipal bonds; certificates of deposit in other financial institutions; and federal and money market funds. It operates a main and a branch office in Covington, Georgia; a branch office in Atlanta, Georgia; and a commercial loan production office in Alpharetta, Georgia; out of an office in Monroe, Georgia. The company was founded in 1928 and is headquartered in Covington, Georgia.
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Analogy 1: A community bank for the Atlanta area, like a local, independent version of a regional bank such as Truist.
Analogy 2: It's the local, personalized alternative to large national banks like Bank of America or Chase, serving the Atlanta community.
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- Deposit Services: Affinity Bancshares offers a variety of deposit products, including checking, savings, money market, and certificates of deposit, for individuals and businesses.
- Lending Services: The company provides a range of loan products, primarily consisting of commercial real estate, residential mortgage, construction, and commercial and industrial loans.
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Affinity Bancshares, Inc. (symbol: AFBI) is a bank holding company that operates Affinity Bank. As a financial institution, it primarily provides banking and financial services rather than selling tangible products to a few major companies. Its customer base is diverse and typically categorized by the type of client or service utilized.
The company primarily serves individuals and businesses within its operating market. Here are up to three categories of customers it serves:
Affinity Bancshares (AFBI) primarily serves the following categories of customers:
- Retail Customers / Individuals: This category includes consumers seeking traditional banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgages, home equity lines of credit, and personal loans.
- Small to Medium-Sized Businesses: This segment comprises local businesses of various sizes that utilize commercial banking services. These services typically include business checking and savings accounts, commercial loans, lines of credit, equipment financing, and treasury management services.
- Commercial Real Estate Investors and Developers: This category includes individuals, partnerships, and companies involved in the acquisition, development, construction, and management of commercial real estate properties. Affinity Bank provides financing solutions for these activities.
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Edward J. Cooney, President and Chief Executive Officer
Edward J. Cooney was appointed Chief Executive Officer of Newton Federal Bank in January 2020, following Newton Federal Bank's acquisition of Affinity Bank. He also serves as a Director. Prior to this, he held the positions of President and Director for Affinity Bank and ABB Financial. With nearly 30 years of experience in the banking industry, Mr. Cooney has served in various executive roles including chief financial officer, chief credit officer, and senior loan officer. He is a Certified Public Accountant licensed in Georgia and is a former Chairman of the Community Bankers Association of Georgia Board. Mr. Cooney earned his BBA in 1990 from Stetson University.
Brandi C. Pajot, Senior Vice President, Chief Financial Officer, Chief Treasury, Corporate Secretary & Risk Officer
Brandi C. Pajot holds multiple key roles, including Senior Vice President, Chief Financial Officer, Chief Treasury, Corporate Secretary, and Risk Officer for Affinity Bancshares Inc, Affinity Bank, Newton Federal, and FitnessBank. She joined Newton Federal Bank in January 2020 as Chief Treasury and Risk Management Officer in connection with the acquisition of Affinity Bank, and was named to her current Newton Federal Bank roles in March 2020. Ms. Pajot began her career at Affinity Bank in 2007 and served as its Senior Vice President and Chief Financial Officer starting in 2010. She is a Certified Public Accountant licensed in Georgia and has been involved in the banking sector since 2000.
Clark N. Nelson Jr., Executive Vice President and Chief Credit Officer
Clark N. Nelson Jr. serves as Executive Vice President and Chief Credit Officer. He was appointed to this role at Newton Federal Bank in January 2020, following the acquisition of Affinity Bank.
Elizabeth M. Galazka, Executive Vice President of Lending
Elizabeth M. Galazka holds the position of Executive Vice President of Lending.
Robert A. Vickers, Senior Vice President and Chief Operations Officer
Robert A. Vickers is the Senior Vice President and Chief Operations Officer. He joined Affinity Bank in 2008 and became its Senior Vice President and Chief Operations Officer in 2019.
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Neobanks and Digital-First Financial Institutions: These online-only banks and financial technology companies offer highly competitive interest rates, lower fees, and superior digital user experiences. They directly compete for Affinity Bancshares' traditional customer base by attracting individuals and small businesses seeking convenience and cost efficiency over physical branch presence, particularly younger demographics and tech-savvy clients. This parallels the shift seen with Netflix displacing traditional video rental stores like Blockbuster.
Specialized Fintech Lending Platforms: Online platforms that specialize in specific lending areas (e.g., small business loans, personal loans, mortgage refinancing) leverage streamlined digital application processes and often faster approval times. These platforms can attract borrowers who traditionally relied on community banks like Affinity Bancshares for their lending needs, potentially eroding AFBI's loan origination volume and market share in key lending segments.
Embedded Finance and Non-Bank Financial Service Providers: The growing trend of non-financial companies (e.g., large tech firms, retailers) integrating financial services directly into their core offerings poses a threat by disintermediating traditional banking relationships. By offering products like credit cards, buy-now-pay-later options, and high-yield savings accounts within their existing ecosystems, these providers can capture financial transactions and customer loyalty that might otherwise go to a traditional community bank like AFBI.
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Affinity Bancshares, Inc. (AFBI) primarily operates as a community bank in Georgia, offering a range of financial products and services to individuals and businesses. The main products and services include deposit accounts and various loan products such as residential mortgages and commercial loans.
Addressable Market Sizes (U.S. Region):
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Residential Mortgages: The U.S. home mortgage market size was valued at approximately USD 180.91 billion in 2023 and is projected to reach around USD 501.67 billion by 2032. As of the second quarter of 2025, Americans collectively owe $12.94 trillion on mortgages.
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Commercial Lending: Commercial real estate debt in the U.S. totaled $5.62 trillion in 2022. The global commercial lending market was valued at USD 11,874.88 billion in 2024 and is expected to grow to nearly USD 25,270.32 billion by 2032. The U.S. Commercial Lending Market is also poised for sustainable growth.
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Community Banking (Overall Market): The U.S. community banking market reached a valuation of USD 6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%. Another estimate indicates the U.S. community banking market size grew from $17.79 billion in 2024 to $19.39 billion in 2025.
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Affinity Bancshares (AFBI) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Disciplined Loan Growth: The company has demonstrated consistent loan growth, particularly in construction, consumer loans, and commercial loans secured by real estate. This expansion of its loan portfolio directly contributes to increased interest income, a primary component of revenue for a bank.
- Deposit Growth and Management: Affinity Bancshares has experienced an increase in total deposits, notably in demand deposits and certificates of deposit. The ability to attract and retain deposits provides a stable and cost-effective funding source for its lending activities, supporting further loan growth and overall revenue generation.
- Profit Margin Expansion through Cost Control: While not a direct revenue driver, the bank's expanded net profit margin, attributed to disciplined loan growth and effective cost control, signifies improved operational efficiency. This allows for a greater conversion of revenue into profits, making existing and future revenue streams more impactful on the bottom line.
- Continued Focus on Commercial and Residential Real Estate Lending: A significant portion of Affinity Bank's lending activities is concentrated in commercial and residential real estate. Sustained demand in these areas, as observed in recent periods, is expected to continue fueling interest income.
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Affinity Bancshares (AFBI) has made the following capital allocation decisions over the last 3-5 years:
Share Repurchases
- On March 7, 2025, Affinity Bancshares, Inc. adopted a stock repurchase program authorizing the repurchase of up to 320,480 shares of its common stock, representing approximately 5% of outstanding shares.
- A second stock repurchase program was adopted on October 31, 2022, allowing for the repurchase of up to 331,997 shares, or approximately 5% of the then-current outstanding shares.
- By September 30, 2025, the company completed $4.1 million in common stock repurchases.
Share Issuance
- Affinity Bancshares, Inc. completed an initial public offering (IPO) in April 2022, which generated gross proceeds of approximately $67.9 million.
- The company transitioned to a publicly traded entity (NASDAQ: AFBI) in January 2021 following its conversion from a mutual to a stock form of ownership, with approximately 6,875,643 shares of common stock outstanding after the related stock offering.
Outbound Investments
- Affinity Bancshares' cash from investing averaged a net outflow of $55.022 million annually for fiscal years ending December 2020 to 2024.
- The company's investment activities include purchasing mortgage-backed securities and obligations issued by United States government-sponsored enterprises and Federal Home Loan Bank stock.
- Total gross loans increased by $15.4 million, reaching $729.5 million by September 30, 2025, from $714.1 million at December 31, 2024, driven by demand in construction and consumer loans, and commercial real estate loans.
