Infinity Bancorp Announces Third Quarter 2023 Financial Results
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SANTA ANA, CA / ACCESSWIRE / November 7, 2023 / Infinity Bancorp (OTCQB:INFT) (the "Company" or "Bancorp"), the holding company for Infinity Bank (the "Bank"), today announced financial results for the quarter ended, September 30, 2023.
Financial highlights for the third quarter of 2023:
- Total liquidity remains very high at
$138 million , which equates to44% of the Bank's total assets - Total loans increased
$18.1 million from December 31, 2022 - Total assets equaled to
$316.5 million , an increase of$6.0 million when compared to the previous linked quarter - Net interest margin increased to
5.46% from3.64% a year ago - Net income increased to
$3.6 million for the nine months ended September 30, 2023 compared to$1.6 million in 2022 - Year to date earnings per share increased to
$1.05 compared to$0.49 as of the same period last year
Loans
Total loans were
The Bank's Allowance for Credit Losses (ACL) increased 11 basis points to
Yield on total loans decreased to
Deposits
Total deposits equaled to
As market rates continue to remain elevated compared to more recent norms, the Bank has also raised the rates paid to their customers on their interest-bearing deposit accounts. This resulted in an increase in the Bank's cost of funds to
Net-interest Income
Net-interest income for the third quarter of 2023 was
The Bank's net interest margin was down 2 basis points to
Non-interest Income
For the quarter ended September 30, 2023, the Bank's non-interest income totaled
Non-interest Expense
For the third quarter of 2023, non-interest expense remained flat at
Income Tax Expense
The Bank's income tax expense decreased
Net Income
For the third quarter of 2023 the Bank's net income was
The income before taxes for the quarter ended September 30, 2023, was
The return on average assets decreased 18 basis points to
The return on average equity for the third quarter of 2023 was
Capital Management and Subsequent Event
The Bank continues to be well-capitalized and exceeds minimum regulatory requirement ratios with a tier 1 leverage ratio of
Common stock remained flat at
The book value of the Bank's common stock was
On October 31, 2023, the Company completed a tender offer resulting in the repurchase of 674,559 shares of the Company's outstanding common stock at a price of
ABOUT INFINITY BANCORP AND INFINITY BANK
Formation of Infinity Bancorp and basis of presentation:
Infinity Bank is the sole subsidiary of Infinity Bancorp. The financial data presented in this press release as of and for the three months ended September 30, 2023, and June 30, 2023, is consolidated. Financial data presented as of and for the three and nine months ended September 30, 2022, was prior to the formation of Infinity Bancorp and therefore represents the activity of Infinity Bank only.
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.goinfinitybank.com.
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@goinfinitybank.com | Victor@goinfinitybank.com | Allisond@goinfinitybank.com |
| INFINITY BANCORP UNAUDITED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands) | |||||||||||
| As of September 30, 2023 | As of June 30,2023 | As of December 31, 2022 | |||||||||
ASSETS: | (Consolidated) | (Consolidated) | (Consolidated) | ||||||||
Cash and due from banks | $ | 94,941 | $ | 90,660 | $ | 98,234 | |||||
Securities available for sale | 43,336 | 46,382 | 51,979 | ||||||||
Total Loans | 174,631 | 169,680 | 156,567 | ||||||||
Allowance for credit losses | (2,594 | ) | (2,348 | ) | (2,661 | ) | |||||
Net Loans | 172,037 | 167,332 | 153,906 | ||||||||
Premises and equipment, net | 577 | 676 | 856 | ||||||||
Other assets | 5,602 | 5,400 | 5,198 | ||||||||
TOTAL ASSETS | $ | 316,493 | $ | 310,450 | $ | 310,173 | |||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 139,269 | $ | 141,784 | $ | 144,281 | |||||
Interest bearing | 139,550 | 126,303 | 132,034 | ||||||||
Total deposits | 278,819 | 268,087 | 276,315 | ||||||||
Other liabilities | 1,154 | 2,628 | 1,713 | ||||||||
Subordinated debt | 3,942 | 3,937 | 3,927 | ||||||||
FHLB and Other Borrowings | - | 4,000 | - | ||||||||
TOTAL LIABILITIES | 283,915 | 278,652 | 281,955 | ||||||||
Stockholders' Equity: | |||||||||||
Common stock | 34,446 | 34,415 | 33,502 | ||||||||
Accumulated deficit | (882 | ) | (882 | ) | (4,011 | ) | |||||
Net income | 3,576 | 2,513 | 3,001 | ||||||||
Accumulated other comprehensive gain (loss) | (4,562 | ) | (4,248 | ) | (4,274 | ) | |||||
TOTAL STOCKHOLDERS' EQUITY | 32,578 | 31,798 | 28,218 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 316,493 | $ | 310,450 | $ | 310,173 | |||||
| INFINITY BANCORP UNAUDITED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts) | ||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||
| September 30, 2023 | June 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||
| (Consolidated) | (Consolidated) | (Consolidated) | ||||||||||||
Interest Income: | ||||||||||||||
Loans | $ | 3,968 | $ | 3,755 | $ | 2,749 | $ | 11,427 | $ | 7,569 | ||||
Investment securities | 165 | 165 | 184 | 504 | 523 | |||||||||
Other short-term investments | 1,003 | 1,085 | 645 | 2,998 | 859 | |||||||||
Total interest income | 5,136 | 5,005 | 3,578 | 14,929 | 8,951 | |||||||||
Interest expense: | ||||||||||||||
Deposits | 1,095 | 925 | 208 | 2,666 | 530 | |||||||||
Borrowed funds | 49 | 49 | 47 | 145 | 141 | |||||||||
Total interest expense | 1,144 | 974 | 255 | 2,811 | 671 | |||||||||
Net interest income | 3,992 | 4,031 | 3,323 | 12,118 | 8,280 | |||||||||
Provision for credit losses | 246 | 128 | 242 | 509 | 610 | |||||||||
Net interest income after provision for loan and lease losses | 3,746 | 3,903 | 3,081 | 11,609 | 7,670 | |||||||||
Non-interest income: | ||||||||||||||
Service charges | 49 | 56 | 37 | 153 | 129 | |||||||||
Other income | 51 | 32 | 28 | 114 | 112 | |||||||||
Total non-interest income | 100 | 88 | 65 | 267 | 241 | |||||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | 1,603 | 1,718 | 1,546 | 4,791 | 3,944 | |||||||||
Occupancy | 94 | 90 | 92 | 273 | 265 | |||||||||
Furniture, fixture & equipment | 32 | 31 | 40 | 96 | 115 | |||||||||
Data processing | 165 | 128 | 89 | 401 | 277 | |||||||||
Professional & legal | 151 | 144 | 116 | 424 | 341 | |||||||||
Marketing | 22 | 18 | 22 | 53 | 53 | |||||||||
Other expense | 254 | 212 | 218 | 720 | 605 | |||||||||
Total non-interest expense | 2,321 | 2,341 | 2,123 | 6,758 | 5,600 | |||||||||
Income before taxes | 1,525 | 1,650 | 1,023 | 5,118 | 2,311 | |||||||||
Income tax expense | 462 | 505 | 298 | 1,542 | 684 | |||||||||
Net Income | $ | 1,063 | $ | 1,145 | $ | 725 | $ | 3,576 | $ | 1,627 | ||||
Earnings per share ("EPS"): Basic | $ | 0.31 | $ | 0.34 | $ | 0.22 | $ | 1.05 | $ | 0.49 | ||||
Common shares outstanding | 3,409,145 | 3,402,716 | 3,325,716 | 3,409,145 | 3,325,716 | |||||||||
| INFINITY BANCORP UNAUDITED FINANCIAL HIGHLIGHTS | |||||||||||||||||||
| At and For the Three Months Ended | At and For the Nine Months Ended | ||||||||||||||||||
| September 30, 2023 | June 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||
Performance Ratios: | |||||||||||||||||||
Net interest margin | 5.53 | % | 5.55 | % | 4.10 | % | 5.46 | % | 3.64 | % | |||||||||
Cost of funds | 1.76 | % | 1.48 | % | 0.34 | % | 1.43 | % | 0.32 | % | |||||||||
Loan to deposit ratio | 62.63 | % | 63.29 | % | 51.80 | % | 62.63 | % | 51.80 | % | |||||||||
Yield on total loans | 9.42 | % | 9.50 | % | 7.21 | % | 9.02 | % | 6.76 | % | |||||||||
Return on average assets | 1.44 | % | 1.62 | % | 0.88 | % | 1.62 | % | 0.70 | % | |||||||||
Return on average equity | 12.93 | % | 15.46 | % | 10.53 | % | 15.43 | % | 7.90 | % | |||||||||
Efficiency ratio | 44.33 | % | 45.97 | % | 58.28 | % | 44.47 | % | 60.92 | % | |||||||||
Average assets per employee (in thousands) | $ | 9,152 | $ | 9,296 | $ | 11,300 | $ | 9,235 | $ | 10,713 | |||||||||
Book value of common stock | $ | 9.56 | $ | 9.34 | $ | 7.83 | |||||||||||||
Asset Quality Summary: | |||||||||||||||||||
Allowance for credit losses/Total loans | 1.49 | % | 1.38 | % | 1.81 | % | 1.49 | % | 1.81 | % | |||||||||
Capital Ratios: | |||||||||||||||||||
Tier 1 risk-based capital ratio | 16.87 | % | 17.27 | % | 14.34 | % | 16.87 | % | 14.34 | % | |||||||||
Total risk-based capital ratio | 19.87 | % | 20.30 | % | 17.42 | % | 19.87 | % | 17.42 | % | |||||||||
Tier 1 leverage ratio | 12.45 | % | 11.90 | % | 9.28 | % | 12.45 | % | 9.28 | % | |||||||||
SOURCE: Infinity Bank Santa Ana California
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FAQ
What are the financial highlights for Infinity Bancorp in Q3 2023?
What was the net income for Infinity Bancorp for the nine months ended September 30, 2023?
What was the total liquidity for Infinity Bancorp in Q3 2023?
