Infinity Bancorp Reports Q3 2024 Financial Results

Infinity Bancorp, the parent company of Infinity Bank, announced its financial performance for Q3 2024, showcasing significant growth in loans and deposits. The company paid a $0.07 per share dividend and saw total loans rise by $13.7 million, or 6.7%, since June 2024. Total assets increased by $21.4 million, matching a 6.9% growth from the previous quarter, while deposits mirrored this growth rate.

The firm's loan to deposit ratio slightly dropped to 79.1%. During the quarter, net loans reached $219.5 million. Despite some charge-offs, loan yields and interest margins saw a minor decline. Total deposits now stand at $277.5 million, with non-interest-bearing deposits making up 54%.

Infinity Bancorp's net income for the quarter was $879,000, marking a decrease from both the last quarter and the same quarter in 2023. The company attributes lowered net income to increased costs and economic uncertainties. Meanwhile, the bank maintains robust capital ratios and paid a dividend of $0.07 per share announced in late October.