INFINITY BANCORP - INFT STOCK NEWS

Infinity Bancorp (INFT) announced its financial results for the fourth quarter of 2023, reporting a high total liquidity of $107 million, a net income increase to $3.9 million, and a year-to-date earnings per share increase to $1.19. The company also declared a $0.07 cash dividend to shareholders and made an additional provision to the Allowance for Credit Losses of $1.0 million. Total loans increased to $194.3 million, while total deposits equaled $249.7 million. The company borrowed $15.0 million from the FHLB and entered into a line of credit agreement to repurchase shares of its outstanding common stock. Net-interest income was $3.7 million, and non-interest income totaled $126 thousand. Non-interest expense decreased to $2.2 million, and the income tax expense decreased to $140 thousand for the fourth quarter of 2023. The company's net income for the year ended December 31, 2023, increased to $3.9 million, and the return on average assets and equity improved. The company remains well-capitalized with a tier 1 leverage ratio of 13.3%, tier 1 risk-based capital ratio of 15.5%, and a total risk-based capital ratio of 18.4%.