Infinity Bancorp, the parent company of Infinity Bank, announced its financial results for the third quarter of 2024, showing significant growth in loans and deposits. The company paid a dividend of $0.07 per share and saw total loans increase by $13.7 million, or 6.7%, since June 2024. Total assets increased by $21.4 million dollars, corresponding to a growth of 6.9% compared to the previous quarter, while deposits reflected this growth rate.
The company’s loan-to-deposit ratio fell slightly to 79.1%. During the quarter, net loans reached $219.5 million. Despite some losses, loan yields and interest margins declined slightly. Total deposits now stand at $277.5 million, with non-interest-bearing deposits accounting for 54%.
Infinity Bancorp’s net income for the quarter was $879,000, down from last quarter and the same quarter in 2023. The company attributes the decline in net income to increased costs and economic uncertainties. At the same time, the bank maintains strong capital ratios and paid a dividend of $0.07 per share announced in late October.
R. H.
