Infinity Bancorp Announces Second Quarter 2024 Financials Results
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.
- 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
- 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 2024Total loans increased
$11.5 million , or5.92% since December 31, 2023Total stockholder's equity increased
$5.6 million from March 31, 2024, and increased$6.2 million from December 31, 2023Net income increased
10.1% from March 31, 2024 to$903 thousand
Loans and Allowance for Credit Losses
Total loans were
During the quarter ended December 31, 2023, the Company charged off
Yields on total loans increased to
Deposits and Borrowed Funds
Total deposits equaled to
During the second quarter of 2024,
To facilitate a tender offer to repurchase 674,559 shares of the Company's outstanding common stock totaling
The Company's cost of funds was down to
Net-interest Income
Net-interest income for the second quarter of 2024 was
The Company's net interest margin for the second quarter of 2024 was up 35 basis points to
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
Non-interest Expense
For the second quarter of 2024, non-interest expense totaled
Income Tax Expense
The Company's income tax expense increased
Net Income
For the second quarter of 2024 the Company's net income increased
The return on average assets increased 14 basis points to
The return on average equity for the second quarter of 2024 was
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
On July 25, 2024, the Company declared a
The book value of the Company's common stock was
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.
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 |
INFINITY BANCORP | |||||||||||||
| |||||||||||||
| 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 |
| |||||||||||||||||||
|
|
| |||||||||||||||||||
| For the Three Months Ended |
|
| For the Six Months Ended |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| June 30, |
|
| March 31, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
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 |
| ||||||||||||||||||||
|
| ||||||||||||||||||||
| At and For the Three Months Ended |
|
| At and For the Six Months Ended |
|
| |||||||||||||||
| June 30, |
|
| March 31, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
|
| ||||||
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?
How much did Infinity Bancorp (INFT) raise in its stock offering in Q2 2024?
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What dividend did Infinity Bancorp (INFT) declare for Q2 2024?