8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023

Affinity Bancshares, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland	001-39914	82-1147778
(State or Other Jurisdiction<br>of Incorporation)	(Commission File Number)	(IRS Employer<br>Identification No.)
3175 Highway 278
Covington, Georgia		30014
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s Telephone Number, Including Area Code: 770 786-7088
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	AFBI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2023, Affinity Bancshares, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2023. The press release is attached to this Current Report as Exhibit 99.1. This Current Report and the press release are being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit
99.1	Press Release dated October 26, 2023
99.2	/exhibitSupplemental Financial Information dated October 26, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			AFFINITY BANCSHARES, INC.
Date:	October 26, 2023	By:	/s/ Brandi Pajot
			Brandi Pajot<br>Senior Vice President and Chief Financial Officer

EX-99.1

Affinity Bancshares, Inc.

Announces Third Quarter 2023

Financial Results

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022.

	At or for the three months ended,
Performance Ratios:	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Net income (in thousands)	$	1,623		$	1,590		$	1,722		$	1,699		$	1,861
Diluted earnings per share		0.25			0.24			0.26			0.26			0.27
Common book value per share		18.50			18.34			18.02			17.73			17.37
Tangible book value per share (1)		15.63			15.47			15.20			14.92			14.57
Total assets (in thousands)		855,431			876,905			932,302			791,283			776,390
Return on average assets		0.74	%		0.71	%		0.84	%		0.84	%		0.95	%
Return on average equity		5.42	%		5.37	%		5.90	%		5.78	%		6.30	%
Equity to assets		13.85	%		13.45	%		12.69	%		14.80	%		14.84	%
Tangible equity to tangible assets (1)		11.95	%		11.59	%		10.92	%		12.75	%		12.75	%
Net interest margin		3.36	%		3.17	%		3.58	%		3.85	%		4.12	%
Efficiency ratio		71.78	%		71.68	%		69.73	%		71.38	%		67.62	%
(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

Net Income

• Net income was $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022, as a result of an increase in deposit interest expense offset by an increase in interest income.

• Net income was $4.9 million for nine months ended September 30, 2023 as compared to $5.4 million for the nine months ended September 30, 2022, as a result of an increase in deposit interest expense and recognition of the remaining fair value mark on the acquired Federal Home Loan Bank advances that was recognized upon payoff during the first quarter 2022, partially offset by an increase in interest income.

.

Results of Operations

• Net interest income was $6.9 million for the three months ended September 30, 2023 compared to $7.5 million for the three months ended September 30, 2022. The decrease was due to an increase in deposit costs partially offset by an increase in interest income.

• Net interest income was $20.5 million for the nine months ended September 30, 2023 compared to $22.4 million for the nine months ended September 30, 2022. The decrease was due to an increase in deposit costs and recognition of the remaining fair value mark on acquired FHLB advances that was recognized upon payoff during the first quarter of 2022, partially offset by an increase in interest income.

• Net interest margin for the three months ended September 30, 2023 decreased to 3.36% from 4.12% for the three months ended September 30, 2022. Net interest margin for the nine months ended September 30, 2023 decreased to 3.36% from 4.24% for the nine months ended September 30, 2022. The decreases in the margin relate to

increases in our costs of funds exceeding our increases in our yield on interest-earning assets. The decrease in the margin for the nine months ended September 30, 2023 was also impacted by the fair value mark on the FHLB advances from acquisition that was recognized upon payoff during the first quarter of 2022.

o Adjusted net interest margin for the nine months ended September 30, 2023 (see Non-GAAP reconciliation) decreased 59 basis points from 3.95% at nine months ended September 30, 2022 to 3.36%.

• Noninterest income increased $37,000 to $630,000 for the three months ended September 30, 2023 and remained stable at $1.8 million for the nine months ended September 30, 2023 and 2022.

• Non-interest expense decreased $84,000 to $5.4 million for the three months ended September 30, 2023 compared to the respective period in 2022, due to decreases in salaries, occupancy, and advertising expenses offset by increases in data processing and other expenses. Non-interest expense decreased $601,000 to $15.9 million for the nine months ended September 30, 2023 compared to the respective period in 2022 and was a result of the FHLB prepayment penalties paid in first quarter 2022 and decreases in salaries expense.

Financial Condition

• Total assets increased $64.1 million to $855.4 million at September 30, 2023 from $791.3 million at December 31, 2022, as we increased cash to further enhance liquidity.

• Total gross loans increased $14.8 million to $661.0 million at September 30, 2023 from $646.2 million at December 31, 2022. The increase was due to steady loan demand.

• Non-owner occupied office loans totaled $25.4 million at September 30, 2023; average LTV on these loans is 43.0%

o $9.3 million medical/dental tenants

o $16.1 million to other various tenants.

• Investment securities held-to-maturity unrealized losses were $970,000, net of tax. Investment securities available-for-sale unrealized losses were $7.8 million, net of tax.

• Cash and cash equivalents increased to $61.5 million at September 30, 2023 from $26.3 million at December 31, 2022, primarily due to an increase in deposits.

• Deposits increased by $51.9 million to $709.0 million at September 30, 2023 compared to $657.2 million at December 31, 2022, in part due to an increase in certificates of deposits of $96.3 million offset by a $44.5 million decrease in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. The certificates of deposit increase included brokered deposits issued in 2023 totaling $72.4 million. Brokered deposits have an average life of 2.6 years and an average interest rate of 4.87%.

• Uninsured deposits were approximately $98.7 million at September 30, 2023 and represented 13.9% of total deposits.

• Borrowings increased by $10.0 million to $20.0 million at September 30, 2023 compared to $10.0 million at December 31, 2022 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

Asset Quality

• Non-performing loans increased to $7.6 million at September 30, 2023 from $6.7 million at December 31, 2022.

• The allowance for credit losses as a percentage of non-performing loans was 120.6% at September 30, 2023, as compared to 138.8% at December 31, 2022.

• Allowance for credit losses to total loans decreased to 1.39% at September 30, 2023 from 1.46% at December 31, 2022.

• Net loan charge-offs were $114,000 for the nine months ended September 30, 2023, as compared to net recoveries of $108,000 for the nine months ended September 30, 2022.

About Affinity Bancshares, Inc.

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in the value of our goodwill and other intangible assets; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

Average Balance Sheets

The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

	For the Three Months Ended September 30,
	2023							2022
	Average<br>Outstanding<br>Balance		Interest		Average<br>Yield/Rate			Average<br>Outstanding<br>Balance		Interest		Average<br>Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	660,456	$	9,113		5.47	%	$	639,115	$	7,734		4.80	%
Investment securities held-to-maturity		34,158		525		6.10	%		—		—		—
Investment securities available-for-sale		49,242		461		3.71	%		44,690		289		2.56	%
Interest-earning deposits and federal funds		68,892		889		5.12	%		39,384		189		1.91	%
Other investments		2,053		36		6.96	%		1,163		12		4.19	%
Total interest-earning assets		814,801		11,024		5.37	%		724,352		8,224		4.50	%
Non-interest-earning assets		51,971							49,770
Total assets	$	866,772						$	774,122
Interest-bearing liabilities:
Interest-bearing checking accounts	$	90,682	$	73		0.32	%	$	98,473	$	47		0.19	%
Money market accounts		142,346		987		2.75	%		159,478		100		0.25	%
Savings accounts		81,756		569		2.76	%		83,484		187		0.89	%
Certificates of deposit		232,276		2,286		3.90	%		89,871		291		1.28	%
Total interest-bearing deposits		547,060		3,915		2.84	%		431,306		625		0.57	%
FHLB advances and other borrowings		20,000		208		4.13	%		13,696		73		2.12	%
Total interest-bearing liabilities		567,060		4,123		2.88	%		445,002		698		0.62	%
Non-interest-bearing liabilities		180,868							211,986
Total liabilities		747,928							656,988
Total stockholders' equity		118,844							117,134
Total liabilities and stockholders' equity	$	866,772						$	774,122
Net interest rate spread						2.49	%						3.88	%
Net interest income			$	6,901						$	7,526
Net interest margin						3.36	%						4.12	%
	For the Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2023							2022
	Average<br>Outstanding<br>Balance		Interest		Average<br>Yield/Rate			Average<br>Outstanding<br>Balance		Interest			Average<br>Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans	$	659,416	$	26,131		5.30	%	$	616,141	$	22,013			4.78	%
Investment securities held-to-maturity		33,733		1,549		6.14	%		—		—			—
Investment securities available-for-sale		49,616		1,299		3.50	%		46,585		827			2.37	%
Interest-earning deposits and federal funds		69,340		2,527		4.87	%		43,125		286			0.89	%
Other investments		2,285		109		6.38	%		1,117		30			3.57	%
Total interest-earning assets		814,390		31,615		5.19	%		706,968		23,156			4.38	%
Non-interest-earning assets		51,675							51,687
Total assets	$	866,065						$	758,655
Interest-bearing liabilities:
Interest-bearing checking accounts	$	92,614	$	172		0.25	%	$	97,463	$	134			0.18	%
Money market accounts		139,726		2,472		2.37	%		151,654		282			0.25	%
Savings accounts		88,528		1,680		2.54	%		84,042		356			0.57	%
Certificates of deposit		207,734		5,691		3.66	%		91,493		840			1.23	%
Total interest-bearing deposits		528,602		10,015		2.53	%		424,652		1,612			0.51	%
FHLB advances and other borrowings		33,975		1,109		4.36	%		12,350		(874	)		-9.46	%
Total interest-bearing liabilities		562,577		11,124		2.64	%		437,002		738			0.23	%
Non-interest-bearing liabilities		184,871							203,164
Total liabilities		747,448							640,166
Total stockholders' equity		118,617							118,489
Total liabilities and stockholders' equity	$	866,065						$	758,655
Net interest rate spread						2.55	%							4.15	%
Net interest income			$	20,491						$	22,418
Net interest margin						3.36	%							4.24	%

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

			December 31, 2022
Assets
Cash and due from banks	5,441		$	2,928
Interest-earning deposits in other depository institutions	56,062			23,396
Cash and cash equivalents	61,503			26,324
Investment securities available-for-sale	48,012			46,200
Investment securities held-to-maturity (estimated fair value of 32,925, net of allowance for credit losses of 42 at September 30, 2023 and estimated fair value of 26,251 at December 31, 2022)	34,183			26,527
Other investments	4,885			1,082
Loans	661,016			646,234
Allowance for credit loss on loans	(9,211	)		(9,325	)
Net loans	651,805			636,909
Other real estate owned	2,901			2,901
Premises and equipment, net	3,872			4,257
Bank owned life insurance	15,991			15,724
Intangible assets	18,414			18,558
Other assets	13,865			12,801
Total assets	855,431		$	791,283
Liabilities and Stockholders' Equity
Liabilities:
Non-interest-bearing checking	170,654		$	190,297
Interest-bearing checking	92,177			91,167
Money market accounts	144,439			148,097
Savings accounts	79,446			101,622
Certificates of deposit	222,329			125,989
Total deposits	709,045			657,172
Federal Home Loan Bank advances and other borrowings	20,000			10,025
Accrued interest payable and other liabilities	7,910			6,983
Total liabilities	736,955			674,180
Stockholders' equity:
Common stock (par value 0.01 per share, 40,000,000 shares authorized;    6,404,961 issued and outstanding at September 30, 2023 and 6,605,384    issued and outstanding at December 31, 2022)	64			66
Preferred stock (10,000,000 shares authorized, no shares outstanding)	—			—
Additional paid in capital	60,978			63,130
Unearned ESOP shares	(4,639	)		(4,795	)
Retained earnings	69,832			65,357
Accumulated other comprehensive loss	(7,759	)		(6,655	)
Total stockholders' equity	118,476			117,103
Total liabilities and stockholders' equity	855,431		$	791,283

All values are in US Dollars.

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in thousands except per share amounts)
Interest income:
Loans, including fees	$	9,113	$	7,734	$	26,131	$	22,013
Investment securities		1,022		301		2,957		857
Interest-earning deposits		889		189		2,527		286
Total interest income		11,024		8,224		31,615		23,156
Interest expense:
Deposits		3,915		625		10,015		1,612
FHLB advances and other borrowings		208		73		1,109		(874	)
Total interest expense		4,123		698		11,124		738
Net interest income before provision for credit losses		6,901		7,526		20,491		22,418
Provision for credit losses		—		187		7		654
Net interest income after provision for credit losses		6,901		7,339		20,484		21,764
Noninterest income:
Service charges on deposit accounts		426		420		1,222		1,205
Other		204		173		638		631
Total noninterest income		630		593		1,860		1,836
Noninterest expenses:
Salaries and employee benefits		3,007		3,187		9,047		9,219
Occupancy		637		675		1,919		1,798
Advertising		59		128		238		326
Data processing		525		486		1,504		1,476
FHLB prepayment penalties		—		—		—		647
Other		1,178		1,014		3,176		3,019
Total noninterest expenses		5,406		5,490		15,884		16,485
Income before income taxes		2,125		2,442		6,460		7,115
Income tax expense		502		581		1,525		1,680
Net income	$	1,623	$	1,861	$	4,935	$	5,435
Weighted average common shares outstanding
Basic		6,417,754		6,652,811		6,500,562		6,683,052
Diluted		6,493,114		6,752,152		6,575,923		6,782,393
Basic earnings per share	$	0.25	$	0.28	$	0.76	$	0.81
Diluted earnings per share	$	0.25	$	0.27	$	0.75	$	0.80

Explanation of Certain Unaudited Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. Additionally, the Company believes the following information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation tables below for details on the earnings impact of these items.

	For the Three Months Ended
Non-GAAP Reconciliation	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Tangible book value per common share reconciliation
Book Value per common share (GAAP)	$	18.50		$	18.34		$	18.02		$	17.73		$	17.37
Effect of goodwill and other intangibles		(2.87	)		(2.87	)		(2.82	)		(2.81	)		(2.80	)
Tangible book value per common share	$	15.63		$	15.47		$	15.20		$	14.92		$	14.57
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)		13.85	%		13.45	%		12.69	%		14.80	%		14.84	%
Effect of goodwill and other intangibles		(1.90	)%		(1.86	)%		(1.77	)%		(2.05	)%		(2.09	)%
Tangible equity to tangible assets (1)		11.95	%		11.59	%		10.92	%		12.75	%		12.75	%
(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.
	For the
---	---	---	---	---	---	---
	Nine Months Ended September 30,
	2023			2022
Operating net income reconciliation
Net income (GAAP)	$	4,935		$	5,435
FHLB mark from called borrowings		—			(988	)
FHLB prepayment penalties		—			647
Income tax expense		—			87
Operating net income	$	4,935		$	5,181
Weighted average diluted shares		6,575,923			6,782,393
Adjusted diluted earnings per share	$	0.75		$	0.76
Net interest income	$	20,491		$	22,418
FHLB mark from called borrowings		—			(988	)
Adjusted Net interest income	$	20,491		$	21,430
Adjusted Net interest income reconciliation
Net interest margin (GAAP)		3.36	%		4.24	%
Effect of FHLB mark from called borrowings		0.00			(0.29	)
Adjusted Net interest margin		3.36	%		3.95	%

AFBI Selected Data Company Highlights $855 million in assets $661 million in loans $709 million in deposits 10.8%* growth in assets 3.1%* growth in loans 10.6%* growth in deposits As of 2023Q3 YTD *Growth is annualized.

AFBI Selected Data Company Highlights $25.4 million in NOO office loans 43% avg LTV on NOO office loans 37% DDA/Total Deposits $4.9 million in YTD earnings 13.9% uninsured deposits approximately $0.75 YTD diluted earnings per share

AFBI Selected Data Tangible Book Value Calculation Tangible Equity Shares Outstanding Tangible Book Value Ending balance December 31, 2022 $98,545 6,605 $14.92 Stock Activity including repurchase (2,154) Unearned stock comp change 156 AOCI Change (1,104) Effect of goodwill and other intangibles 144 Adoption of new accounting pronouncement (460) Net earnings before stock compensation 5,710 Stock Compensation, net of taxes (775) Ending balance September 30, 2023 $100,062 6,405 $15.62 (in thousands, including shares) * See Non-GAAP Reconciliation

AFBI Selected Data NIM, NI, and EPS – Adjusted for 1st Quarter 2022 FHLB Advance Prepayments * For the Nine Months Ended September 30, 2023 2022 Net Interest Margin 3.36% 3.95% Net Income (in thousands) $4,935 $5,181 Earnings Per Share $0.75 $0.76 * See Non-GAAP Reconciliation

AFBI Selected Data Loan Composition as of September 30, 2023

AFBI Selected Data Deposit Composition as of September 30, 2023

AFBI Selected Deposit Data Deposits * All deposits are held at AFBI and include the Company’s own funds Estimated uninsured deposits are approximately $98.7 million or 13.9% of total deposits.* Consumer deposits total $20.7 million or 21.0% of estimated uninsured deposits. Business deposits total $78.0 million or 79.0% of estimated uninsured deposits. Demand deposits represent 37% of total deposits. Consumer and Business demand deposits each represent approximately 46% and 54% of total demand deposits. Dental deposits total $117.3 million and represent 16.5% of total deposits. Cost of Funds – 2.21% 3Q23, 2.17% 2Q23, 2.01% YTD

AFBI Share Information NON-GAAP RECONCILIATION (in thousands) For the Three Months Ended Non-GAAP Reconciliation September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Tangible book value per common share reconciliation Book Value per common share (GAAP)   $18.50   $18.34   $18.02   $17.73   $17.37 Effect of goodwill and other intangibles (2.87) (2.87) (2.82)   (2.81) (2.80) Tangible book value per common share $15.62   $15.47   $15.20   $14.92   $14.57 Tangible equity to tangible assets reconciliation Equity to assets (GAAP) 13.85%   13.45%   12.69%   14.80%   14.84% Effect of goodwill and other intangibles (1.90)% (1.86)% (1.77)% (2.05)%   (2.09)% Tangible equity to tangible assets (1)   11.95%   11.59%   10.92%   12.75%   12.75% (1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets. For the Nine Months Ended September 30, 2023 2022 Operating net income reconciliation Net income (GAAP)   $4,935   $5,435 FHLB mark from called borrowings — (988) FHLB prepayment penalties   —   647 Income tax expense — 87 Operating net income $4,935   $5,181 Weighted average diluted shares 6,575,923 6,782,393 Adjusted earnings per share   $0.75   $0.76 Net interest income   $20,491   $22,418 FHLB mark from called borrowings — (988) Adjusted Net interest income $20,491   $21,430 Adjusted Net interest income reconciliation         Net interest margin (GAAP)   3.36%   4.24% Effect of FHLB mark from called borrowings   0.00   (0.29) Adjusted Net interest margin   3.36%   3.95%