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Infinity Bancorp Announces Second Quarter 2024 Financials Results

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Infinity Bancorp (OTCQB:INFT) announced its Q2 2024 financial results, highlighting several key developments:

  • Completed a stock offering, raising $4.75 million by selling 380,000 shares
  • Paid a dividend of $0.07 per share
  • Total loans increased by 5.92% since December 31, 2023
  • Net income rose 10.1% from Q1 2024 to $903,000
  • Total deposits reached $257.6 million, with non-interest-bearing demand accounts comprising 55% of total deposits
  • Net interest margin improved to 5.63%, up 35 basis points from Q1 2024
  • The company remains well-capitalized with a tier 1 leverage ratio of 12.40%

Despite economic uncertainties, Infinity Bancorp maintained a cautious approach to credit risk management while focusing on loan growth and deposit stability.

Infinity Bancorp (OTCQB:INFT) ha annunciato i risultati finanziari del secondo trimestre 2024, evidenziando diversi sviluppi chiave:

  • Completata un'offerta di azioni, raccogliendo $4.75 milioni dalla vendita di 380.000 azioni
  • Disposto un dividendo di $0.07 per azione
  • Il totale dei prestiti è aumentato del 5.92% rispetto al 31 dicembre 2023
  • Il reddito netto è salito del 10.1% dal primo trimestre del 2024, raggiungendo $903.000
  • I depositi totali hanno raggiunto $257.6 milioni, con i conti corrente non fruttiferi che rappresentano il 55% dei depositi totali
  • Il margine di interesse netto è migliorato al 5.63%, in aumento di 35 punti base rispetto al primo trimestre del 2024
  • L'azienda rimane ben capitalizzata con un rapporto di leva Tier 1 di 12.40%

Nonostante le incertezze economiche, Infinity Bancorp ha mantenuto un approccio cauto nella gestione del rischio di credito, concentrandosi sulla crescita dei prestiti e sulla stabilità dei depositi.

Infinity Bancorp (OTCQB:INFT) anunció sus resultados financieros del segundo trimestre de 2024, destacando varios desarrollos clave:

  • Completó una oferta de acciones, recaudando $4.75 millones mediante la venta de 380,000 acciones
  • Pagó un dividendo de $0.07 por acción
  • El total de préstamos aumentó un 5.92% desde el 31 de diciembre de 2023
  • Los ingresos netos crecieron un 10.1% del primer trimestre de 2024 a $903,000
  • Los depósitos totales alcanzaron $257.6 millones, con cuentas de demanda no generadoras de intereses que constituyen el 55% de los depósitos totales
  • El margen de interés neto mejoró al 5.63%, un aumento de 35 puntos básicos desde el primer trimestre de 2024
  • La empresa sigue bien capitalizada con un ratio de apalancamiento de Tier 1 de 12.40%

A pesar de las incertidumbres económicas, Infinity Bancorp mantuvo un enfoque cauteloso en la gestión del riesgo crediticio mientras se centraba en el crecimiento de los préstamos y la estabilidad de los depósitos.

인피니티 뱅코프(OTCQB:INFT)는 2024년 2분기 재무 결과를 발표하며 몇 가지 주요 발전 사항을 강조했습니다:

  • 38만 주를 판매하여 $4.75 million을 모금하는 주식 공모를 완료했습니다
  • 주당 $0.07의 배당금을 지급했습니다
  • 2023년 12월 31일 이후 대출 총액이 5.92% 증가했습니다
  • 당기순이익이 2024년 1분기 대비 10.1% 증가하여 $903,000에 달했습니다
  • 총 예치금은 $257.6 million에 달하며, 이자 없는 수요예금 계좌가 총 예치금의 55%를 차지합니다
  • 순이자 margin이 5.63%로 개선되었으며, 이는 2024년 1분기 대비 35bp 증가한 수치입니다
  • 회사는 Tier 1 레버리지 비율이 12.40%로 자본금이 충분히 유지되고 있습니다

경제적 불확실성에도 불구하고 인피니티 뱅코프는 대출 성장과 예치금 안정성에 집중하면서 신용 리스크 관리에 신중한 접근 방식을 유지했습니다.

Infinity Bancorp (OTCQB:INFT) a annoncé ses résultats financiers pour le deuxième trimestre 2024, mettant en avant plusieurs développements clés :

  • Achèvement d'une émission d'actions, levant $4.75 millions en vendant 380 000 actions
  • Versement d'un dividende de $0.07 par action
  • Le total des prêts a augmenté de 5.92% depuis le 31 décembre 2023
  • Le revenu net a augmenté de 10.1% du premier trimestre 2024 à $903,000
  • Les dépôts totaux ont atteint $257.6 millions, avec des comptes non rémunérateurs qui représentent 55% des dépôts totaux
  • La marge d'intérêt nette s'est améliorée à 5.63%, en hausse de 35 points de base par rapport au premier trimestre 2024
  • L'entreprise reste bien capitalisée avec un ratio de levier de Tier 1 de 12.40%

Malgré les incertitudes économiques, Infinity Bancorp a maintenu une approche prudente en matière de gestion des risques de crédit tout en mettant l'accent sur la croissance des prêts et la stabilité des dépôts.

Infinity Bancorp (OTCQB:INFT) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben und mehrere Schlüsselentwicklungen hervorgehoben:

  • Abschluss einer Aktienemission, bei der $4.75 Millionen durch den Verkauf von 380.000 Aktien gesammelt wurden
  • Dividende von $0.07 pro Aktie ausgezahlt
  • Die Gesamtvergabe von Krediten stieg seit dem 31. Dezember 2023 um 5.92%
  • Der Nettogewinn stieg um 10.1% vom 1. Quartal 2024 auf $903.000
  • Die Gesamteinlagen erreichten $257.6 Millionen, wobei zinslose Konten 55% der Gesamteinlagen ausmachten
  • Die Nettomarge aus Zinsen verbesserte sich auf 5.63%, ein Anstieg um 35 Basispunkte seit dem 1. Quartal 2024
  • Das Unternehmen bleibt mit einem Tier 1-Leverage-Verhältnis von 12.40% gut kapitalisiert

Trotz wirtschaftlicher Unsicherheiten hat Infinity Bancorp einen vorsichtigen Ansatz im Risikomanagement für Kredite beibehalten und sich auf das Wachstum der Kredite und die Stabilität der Einlagen konzentriert.

Positive
  • Completed a successful stock offering, raising $4.75 million
  • Net income increased by 10.1% quarter-over-quarter to $903,000
  • Total loans grew by 5.92% since December 31, 2023
  • Net interest margin improved to 5.63%, up 35 basis points from Q1 2024
  • Non-interest-bearing demand accounts increased, now comprising 55% of total deposits
  • Maintained strong capital ratios, with a tier 1 leverage ratio of 12.40%
  • Declared a $0.07 cash dividend for shareholders
Negative
  • Cost of funds increased to 2.37% for the first six months of 2024, up from 1.48% in the same period of 2023
  • Non-interest expense increased by 8.9% for the first six months of 2024 compared to the same period in 2023
  • Efficiency ratio worsened to 59.9% in Q2 2024, compared to 56.8% in Q2 2023
  • Return on average assets decreased to 1.23% in Q2 2024 from 1.54% in Q2 2023
  • Return on average equity declined to 11.17% in Q2 2024 from 14.79% in Q2 2023
  • Made an additional provision to the Allowance for Credit Losses due to economic uncertainty

SANTA ANA, CA / ACCESSWIRE / July 31, 2024 / Infinity Bancorp (OTCQB:INFT) (the "Company" or "Bancorp"), the holding company for Infinity Bank (the "Bank"), today announced financial results for the quarter ended, June 30, 2024.

Financial highlights for the second quarter of 2024:

  • The Bancorp completed a stock offering selling 380,000 shares for $4.75 million

  • A dividend of $0.07 per share was paid during the second quarter of 2024

  • Total loans increased $11.5 million, or 5.92% since December 31, 2023

  • Total stockholder's equity increased $5.6 million from March 31, 2024, and increased $6.2 million from December 31, 2023

  • Net income increased 10.1% from March 31, 2024 to $903 thousand

Loans and Allowance for Credit Losses

Total loans were $205.8 million at June 30, 2024, compared to $201.8 million for the first quarter of 2024, an increase of $4 million, or 2%. When compared to the fourth quarter of 2023, total loans increased $11.5 million, or 5.9%. The Bank funded $27 million in new loans/advances in the second quarter of 2024. The fundings were offset by $23 million in payoffs, most of which were expected based on the contractual terms of the loans. The growth in loans led the Bank's loan to deposit ratio to increase to 79.9% as of June 30, 2024, from 76.9% as of March 31, 2024, and from 63.5% from a year ago.

During the quarter ended December 31, 2023, the Company charged off $273 thousand which was related to two relationships in its portfolio. The Bank has fully exited one of the relationships. The remaining balance on the other relationship represents a guarantee from the State of California and the Bank had no further exposure as of June 30, 2024. At the time of the charge-off the necessary reserves had already been established in the Company's Allowance for Credit Losses (ACL). Economic uncertainty facing our region and nation created the desire to be more conservative in our approach to the ACL. Therefore, as a result of these various factors, the Company made an additional provision, net of charge-offs, to the ACL of $70 thousand during the second quarter of 2024 and $439 thousand since December 31, 2023. The Company's ACL remained flat at 1.72% when compared to the previous quarter and increased 12 basis points from December 31, 2023.

Yields on total loans increased to 9.45% during the second quarter of 2024, compared to 9.39% from first quarter of 2024 and 8.88% in the second quarter, 2023. For the six months ended June 30, 2024, yield on loans increased to 9.42% compared to 8.84% for the same period in 2023.

Deposits and Borrowed Funds

Total deposits equaled to $257.6 million at June 30, 2024, a decrease of $4.7 million, or -1.8% from the first quarter of 2024, and an increase of $7.9 million, or 3.2% from December 31, 2023. Interest-bearing deposits decreased by $13.1 million, or -10.1% when compared to first quarter of 2024 and decreased $9.6 million, or -7.6% when compared to December 31, 2023. Non-interest-bearing demand accounts increased $8.4 million, or 6.3% during the second quarter to $141.1 million as of June 30, 2024, and comprise 55% of total deposits. Non-interest-bearing demand accounts increased $17.5 million, or 14.2% when compared to December 31, 2023. The changes in deposits were generally related to organic shifts in customer deposits.

During the second quarter of 2024, $5 million in FHLB borrowings matured dropping the outstanding balance to $10 million at June 30, 2024 from $15 million at March 31, 2024 and December 31, 2023. The remaining FHLB borrowings have staggered maturities of $5 million in December 2024 and June 2025. The notes bear interest at 4.69% to 5.02%, with interest payments due each 6-month anniversary and the scheduled maturity date. The notes are secured by the Company's available for sales securities.

To facilitate a tender offer to repurchase 674,559 shares of the Company's outstanding common stock totaling $6.1 million during the fourth quarter of 2023, the Company entered into a line of credit agreement with a correspondent financial institution to borrow up to $8 million. The line requires quarterly interest payments at a variable interest rate (currently 8.75%) and matures in October 2024. The line is subject to certain financial and non-financial covenants. The Company borrowed $6.1 million on the line during the fourth quarter of 2023. The advance was repaid in April 2024 in part with the proceeds from the capital offering which is discussed further below.

The Company's cost of funds was down to 2.33% for the quarter ended June 30, 2024, compared to 2.41% from the previous linked quarter and up from 1.48% for the same quarter last year. For the six months ended June 30, 2024, the cost of funds increased to 2.37% from 1.48% for the same period in 2023. Cost of funds decreased during the second quarter due to the pay-off of $6.1 million line of credit, the maturity of $5 million in FHLB borrowings and the decrease in interest-bearing deposits. The cost of funds increased over the second quarter and first six months of 2023 in part due to the increase in borrowings during the fourth quarter of 2023 as well as in response to the increases in the federal funds rates that were approved by the Federal Open Market Committee in 2022 and 2023.

Net-interest Income

Net-interest income for the second quarter of 2024 was $4.1 million, a slight increase of $191 thousand, or 4.9% from the first quarter of 2024 and an increase of $28 thousand, or .7% over the second quarter of 2023. For the six-month ended June 30, 2024, net-interest income was $7.9 million, a decrease of $199 thousand, or -2.5% from the same period in 2023.

The Company's net interest margin for the second quarter of 2024 was up 35 basis points to 5.63% when compared to first quarter ended March 31, 2024, and up 28 basis points from 5.35% for the comparable period ended June 30, 2023. The net interest margin for the six months ended June 30, 2024, increased to 5.45% compared to 5.35% for the same period in 2023. The Company's primary source of net-interest income continues to be driven by interest on loans followed by other short-term investments.

Non-interest Income

For the quarter ended June 30, 2024, the Company's non-interest income remained flat when compared to the previous quarter, non-interest income totaled $83 thousand, down $5 thousand, or -5.7% from same period in 2023. For the six-month ended June 30, 2024, non-interest income totaled $166 thousand, down $1 thousand, or -0.6% from linked period in 2023. Non-interest income continues to be driven primarily by fees on loans and deposit accounts.

Non-interest Expense

For the second quarter of 2024, non-interest expense totaled $2.5 million, an increase of $130 thousand, or 5.5% from the first quarter of 2024 and an increase of $140 thousand, or 6% when compared to same quarter in 2023. The increase was driven primarily by an increase in professional & legal expenses due to the timing of various audits and an increase in FDIC insurance rate related to the increase in our total average assets. For the six-month ended June 30, 2024, non-interest expense increased $395 thousand, or 8.9%, to $4.8 million from linked period in 2023 due primarily to an increase in salaries and employee benefits which is tied to and driven by the Company's increase in net income and other performance indicators. In addition, as inflation continues to increase costs for our third-party vendors and service providers, the Company's costs are expected to rise as well. The Company's efficiency ratio equaled to 59.9% for the quarter ended June 30, 2024, compared to 59.5% at March 31, 2024 and 56.8% for the same quarter in 2023. The efficiency ratio for the six months ended June 30, 2024, was 59.7% compared to 56.8% for the same period in 2023.

Income Tax Expense

The Company's income tax expense increased $6 thousand, or 1.5% from the first quarter of 2024, totaling $416 thousand for the second quarter of 2024 and decreased $89 thousand, or -17.6% from the same period in 2023. For the six months ended June 30, 2024, income tax expense decreased 254 thousand, or 23.5%, to $826 thousand from the linked period in 2023. The changes are directly related to the change in income before taxes for these periods.

Net Income

For the second quarter of 2024 the Company's net income increased $83 thousand to $903 thousand, or $0.30 per share compared to $820 thousand, or $0.30 per share for the first quarter of 2024. When compared to the second quarter of 2023, profitability decreased $242 thousand, or $0.04 per share. For the six months ended June 30, 2024, net income decreased $790 thousand, $0.15 per share, when compared to the first six months of 2023. The decrease in profitability as compared to both the quarter and six months ended June 30, 2023, was due primarily to the increase in the cost of funds, provision for credit losses and non-interest expense. Additionally, the Company has taken a significantly more cautious approach in its evaluation of the provision for credit losses, despite the limited number of actual losses experienced. This cautious approach is due to the economic uncertainty due to elevated interest rates and sustained higher inflation.

The return on average assets increased 14 basis points to 1.23% for the second quarter of 2024 as compared to 1.09% for the first quarter of 2024 and decreased 31 basis points from 1.54% for the second quarter of 2023. For the six months ended June 30, 2024, the return on average assets decreased 38 basis points to 1.16% from 1.54% for the same period in 2023.

The return on average equity for the second quarter of 2024 was 11.17%, down 52 basis points from 11.69% for the first quarter of 2024 and decreased 362 basis points from 14.79% for the second quarter of 2023. For the six months ended June 30, 2024, the return on average equity decreased 327 basis points to 11.51% from 14.79% for the same period in 2023.

Capital Management and Subsequent Event

The Company continues to be well-capitalized and exceeds minimum regulatory requirement ratios with a tier 1 leverage ratio of 12.40%, tier 1 risk-based capital ratio of 15.09%, and a total risk-based capital ratio of 17.94%.

On July 25, 2024, the Company declared a $0.07 cash dividend to shareholders of record as of August 12, 2024, payable on August 26, 2024.

The book value of the Company's common stock was $10.95 as of June 30, 2024, up from $10.43 as of March 31, 2024, and up from $9.34 at June 30, 2023. The book value of the Company's common stock increased as of June 30, 2024, as compared to March 31, 2024 and June 30, 2023, due primarily to an increase in net income and the decrease in the unrealized loss on investment securities. The investment portfolio consists entirely of government agency or government sponsored enterprise securities and therefore, the risk of incurring an actual loss is unmeasurably low. Although the Company holds its investment securities ("securities") as available for sale, we do not have the intent to sell any securities at this time. These securities are pledged to the Federal Home Loan Bank and provide the Company with liquidity by allowing us to borrow approximately 95% of the fair market value of the portfolio. Also, the securities are amortizing which provides the Company with additional liquidity of approximately $755 thousand in monthly payments that are reinvested in higher yielding assets. As of June 30, 2024, the portfolio has an average life of 2.9 years.

ABOUT INFINITY BANCORP AND INFINITY BANK

Infinity Bank is the sole subsidiary of Infinity Bancorp. Infinity Bancorp, formed on October 21, 2022, is the bank holding company for Infinity Bank. The Bancorp does not have any operations other than through its sole subsidiary, Infinity Bank. The Bank is a community bank that commenced operations in February 2018. The Bank is focused on serving the banking needs of commercial businesses, professional service entities, their owners, employees, and families. The Bank offers a broad selection of depository products and services as well as business loan and commercial real estate financing products uniquely designed for each client. For more information about Infinity Bank and its services, please visit the website at www.infinity.bank

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bancorp (which includes the Bank) considering management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guaranteeing of future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bancorp's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect the Bancorp's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bancorp's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bancorp; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bancorp's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bancorp's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bancorp conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bancorp currently anticipates; legislation or regulatory changes may adversely affect the Bancorp's business; technological changes may be more difficult or expensive than the Bancorp anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bancorp anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bancorp anticipates.

6 Hutton Centre Drive, Suite 100
Santa Ana, CA 92707

Bala Balkrishna

Victor Guerrero

Allison Duncan

CEO

President, COO

CFO

Phone:(657) 223-1000

Phone: (562) 631-3042

Phone: (657) 304-2378

Bala@infinity.bank

Victor@infinity.bank

Allisond@infinity.bank


INFINITY BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)


June 30,

March 31,

December 31,


2024

2024

2023

ASSETS:

Cash and due from banks

$

61,032

$

76,677

$

64,158

Securities available for sale

38,349

40,383

42,514

Total Loans

205,786

201,790

194,284

Allowance for loan and lease losses

(3,543

)

(3,473

)

(3,104

)

Net Loans

202,243

198,317

191,180

Premises and equipment, net

1,428

1,499

1,570

Other assets

5,282

5,340

5,542

TOTAL ASSETS

$

308,334

$

322,216

$

304,964



LIABILITIES

Deposits:

Non-interest bearing

$

141,138

$

132,781

$

123,616

Interest bearing

116,412

129,502

126,042

Time certificates of deposit

50

50

-

Total deposits

257,600

262,333

249,658

Other liabilities

2,666

6,329

2,388

FHLB and other borrowings

10,000

21,071

21,071

Subordinated debt

3,956

3,951

3,946

TOTAL LIABILITIES

274,222

293,684

277,063


Stockholders' Equity:

Common stock

33,051

28,373

28,344

Retained earnings (Accumulated deficit)

2,579

2,798

(882

)

Net income

1,723

820

3,871

Accumulated other comprehensive gain (loss)

(3,241

)

(3,459

)

(3,432

)

TOTAL STOCKHOLDERS' EQUITY

34,112

28,532

27,901

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

308,334

$

322,216

$

304,964


INFINITY BANCORP
UNAUDITED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)


For the Three Months Ended

For the Six Months Ended



June 30,
2024

March 31,
2024

June 30,
2023

June 30,
2024

June 30,
2023







Interest Income:






Loans

$

4,792

$

4,534

$

3,755

$

9,326

$

7,459

Investment securities

146

155

165

301

339

Other short-term investments

631

800

1,085

1,431

1,995

Total interest income

5,569

5,489

5,005

11,058

9,793

Interest expense:

Deposits

1,235

1,250

925

2,485

1,571

Borrowed funds

275

371

49

646

96

Total interest expense

1,510

1,621

974

3,131

1,667

Net interest income

4,059

3,868

4,031

7,927

8,126

Provision for loan and lease losses

342

370

128

712

263

Net interest income after provision for loan and lease losses

3,717

3,498

3,903

7,215

7,863


Non-interest income:

Service charges

49

46

56

95

104

Other income

34

37

32

71

63

Total non-interest income

83

83

88

166

167


Non-interest expense:

Salaries and employee benefits

1,779

1,771

1,718

3,550

3,188

Occupancy

68

60

90

128

179

Furniture, fixture & equipment

43

38

31

81

64

Data processing

148

119

128

267

236

Professional & legal

175

105

144

280

273

Marketing

(1

)

60

18

59

31

Other expense

269

198

212

467

466

Total non-interest expense

2,481

2,351

2,341

4,832

4,437


Income before taxes

1,319

1,230

1,650

2,549

3,593

Income tax expense

416

410

505

826

1,080


Net Income

$

903

$

820

$

1,145

$

1,723

$

2,513


Earnings per share ("EPS"): Basic

$

0.30

$

0.30

$

0.34

$

0.60

$

0.75

Common shares outstanding

3,114,586

2,734,586

3,402,716

3,114,586

3,402,716


INFINITY BANCORP
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS


At and For the Three Months Ended

At and For the Six Months Ended


June 30,
2024

March 31,
2024

June 30,
2023

June 30,
2024

June 30,
2023

Performance Ratios:






Net interest margin

5.63

%

5.28

%

5.35

%

5.45

%

5.35

%

Cost of funds

2.33

%

2.41

%

1.48

%

2.37

%

1.48

%

Loan to deposit ratio

79.89

%

76.92

%

63.53

%

79.89

%

63.53

%

Yield on total loans

9.45

%

9.39

%

8.88

%

9.42

%

8.88

%

Return on average assets

1.23

%

1.09

%

1.54

%

1.16

%

1.54

%

Return on average equity

11.17

%

11.69

%

14.79

%

11.52

%

14.79

%


Efficiency ratio

59.90

%

59.50

%

56.83

%

59.71

%

56.83

%


Book value of common stock

$

10.95

$

10.43

$

9.34


Asset Quality Summary:

Allowance for loan loss/Total loans

1.72

%

1.72

%

1.38

%

1.72

%

1.38

%


Capital Ratios:

Tier 1 risk-based capital ratio

15.09

%

15.47

%

17.27

%

15.09

%

17.27

%

Total risk-based capital ratio

17.94

%

18.35

%

20.30

%

17.94

%

20.30

%

Tier 1 leverage ratio

12.40

%

13.26

%

11.90

%

12.40

%

11.90

%


SOURCE: Infinity Bank Santa Ana California



View the original press release on accesswire.com

FAQ

What was Infinity Bancorp's (INFT) net income for Q2 2024?

Infinity Bancorp's net income for Q2 2024 was $903,000, representing a 10.1% increase from Q1 2024.

How much did Infinity Bancorp (INFT) raise in its stock offering in Q2 2024?

Infinity Bancorp raised $4.75 million by selling 380,000 shares in its stock offering during Q2 2024.

What was Infinity Bancorp's (INFT) loan growth percentage since December 31, 2023?

Infinity Bancorp's total loans increased by 5.92% since December 31, 2023.

What dividend did Infinity Bancorp (INFT) declare for Q2 2024?

Infinity Bancorp declared a cash dividend of $0.07 per share for Q2 2024, payable on August 26, 2024, to shareholders of record as of August 12, 2024.

What was Infinity Bancorp's (INFT) net interest margin for Q2 2024?

Infinity Bancorp's net interest margin for Q2 2024 was 5.63%, up 35 basis points from Q1 2024.

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Banks - Regional
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United States of America
Santa Ana