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Infinity Bank Reports Second Quarter 2021 Earnings
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Infinity Bank Santa Ana California: Infinity Bank Reports Second Quarter 2021 Earnings
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Infinity Bank Announces First Quarter 2021 Financial Results
ACCESSWIRE
05 May 2021, 23:05 GMT+10
SANTA ANA, CA / ACCESSWIRE / May 5, 2021 / Infinity Bank (OTCQB:INFT) (the Bank ) announced financial results as of March 31, 2021.
Financial Highlights for the first quarter of 2021:
Achieved second consecutive profitable quarter
Increased profitability by 9%
Total deposits decreased by $12.7 million
Loans
At March 31, 2021, total loans equaled $142.8 million, an increase of $6.9 million, or 5.1% from the end of the fourth quarter, 2020. On a year-over-year basis total loans grew by $66.3 million, or 86.6% when compared to March 31, 2020. During the first quarter of 2021, the Bank increased new loan commitments by $24.1 million of which 68.1% were commercial loans. Also, during this period, the Bank s loan portfolio had $8.3 million in loans pay off, of which $7.8 million were Paycheck Protection Program ( PPP ) loans that were authorized under the CARES Act. The Bank s loan t