Infinity Bancorp Announces Q2 2024 Financial Highlights

Infinity Bancorp (OTCQB:INFT), parent company of Infinity Bank, reported its financial results for the quarter ending June 30, 2024. The firm completed a stock offering, raising $4.75 million by selling 380,000 shares and paid a $0.07 dividend per share during the quarter. Total loans increased by $11.5 million, or 5.92%, since December 31, 2023, bringing the total to $205.8 million.

Despite a reduction in interest-bearing deposits, total deposits saw a modest growth, while the loan-to-deposit ratio increased from 76.9% to 79.9%. Net income rose by 10.1% from the previous quarter, reaching $903,000. The company's net interest income grew slightly to $4.1 million, while non-interest income remained stable.

Other notable figures include a 5.5% increase in non-interest expenses due to higher professional and legal fees and an increased FDIC insurance rate. The company's return on average assets improved to 1.23%, while the return on average equity dropped to 11.17%.