Infinity Bancorp Reports Q4 2024 Financial Results

Infinity Bancorp, headquartered in Santa Ana, California, has released its financial results for the fourth quarter of 2024. The company announced a dividend of $0.07 per share. Total loans grew by $6.8 million, representing a 3.1% increase from the previous quarter, while total assets rose by $2.9 million, or 1.0%. Additionally, total deposits saw a $7 million increase, a 2.5% rise from the third quarter.

The company reduced its FHLB borrowings by 50%, amounting to a $5 million decrease. Total stockholders' equity increased by $910 thousand. The bank’s loan portfolio reached $226.3 million. An additional provision was made to the Bank's Allowance for Credit Losses due to overall growth, with minimal net charge-offs recorded.

Total deposits rose to $284.5 million. The company’s cost of funds fell slightly during the quarter. Net-interest income increased by 23.0% compared to the same quarter in 2023. Non-interest income was $122 thousand, largely driven by fees on loans and accounts. The firm’s net income was $1.3 million, a $396 thousand increase over the previous quarter.