Infinity Bancorp Announces First Quarter 2023 Financial Results - Seite 3

Non-interest Expense

For the first quarter of 2023, non-interest expense increased $64 thousand, or 3.1% to $2.1 million, versus the fourth quarter of 2022 and increased of $416 thousand, or 24.8% when compared to same quarter in 2022. The increase over the first quarter of 2022 was driven primarily by an increase in salaries and employee benefits and other expenses. The average assets per employee was $9.3 million at March 31, 2023 a decrease from $10.1 million at December 31, 2022. Furthermore, the efficiency ratio improved slightly to 43.1% for the quarter ended March 31, 2023 compared to 43.8% at December 31, 2022.

Income Tax Expense

The Bank's income tax expense decreased $35 thousand, or -5.7% from the fourth quarter of 2022, totaling $575 thousand for the first quarter of 2023 and increased $376 thousand, or 188.9% from the same period in 2022. The increase is directly related to the increase in income before taxes for these periods.

Net Income

For the first quarter of 2023 the Bank's net income was $1.4 million, or $0.41 per share which is flat compared to the fourth quarter of 2022 due to relatively flat interest rate spreads (4.66% compared to 4.56%). When compared to the first quarter of 2022, profitability increased $896 thousand, or $0.27 per share. This increase is primarily due to an increase in the interest rate spread to 4.66% as compared to 3.06%.

The income before taxes for the quarter ended March 31, 2023 was $1.9 million, a decrease of $41 thousand, or -2.1% when compared to the quarter ended December 31, 2022 and up $1.3 million, or 189.6% when compared to the same quarter in 2022.

The return on average assets increased 20 basis points to 1.88% for the first quarter of 2023 as compared to 1.68% for the fourth quarter of 2022 and increased 124 basis points from 0.64% for the first quarter of 2022.

The return on average equity for the first quarter of 2023 was 19.16%, down 117 basis points from 20.33% for the fourth quarter of 2022 and an increase of 1,239 basis points from 6.77% for the first quarter of 2022. This is primarily due to a $2.3 million increase in average equity in the first quarter of 2023 ($1.4 million is related to net income and a $800 thousand related to a decrease in the average net unrealized loss on securities).