First Internet Bancorp Reports Second Quarter 2024 Results

FISHERS, Ind.--()--First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights

  • Net income of $5.8 million and adjusted net income1 of $6.2 million, increases of 11.5% and 20.2%, respectively, from the first quarter of 2024
  • Diluted earnings per share of $0.67 and adjusted diluted earnings per share1 of $0.72, increases of 13.6% and 22.0%, respectively, from the first quarter of 2024
  • Net interest income of $21.3 million and fully-taxable equivalent net interest income1 of $22.5 million, increases of 2.9% and 2.6%, respectively, from the first quarter of 2024
  • Net interest margin of 1.67% and fully-taxable equivalent net interest margin1 of 1.76%, both increases of 1 basis point from the first quarter of 2024
  • Noninterest income of $11.0 million, a 32.2% increase from the first quarter of 2024
  • Relative to the first quarter of 2024, total revenue growth of 11.3% outpaced noninterest expense growth and adjusted noninterest expense1 growth of 6.2% and 3.5%, respectively, resulting in positive operating leverage
  • Loan growth of $51.3 million, a 1.3% increase from the first quarter of 2024
  • Nonperforming loans to total loans of 0.33%; net charge-offs to average loans of 0.14%; allowance for credit losses to total loans of 1.10%
  • Tangible book value per share1 of $42.37, a 1.3% increase from the first quarter of 2024, and a 6.3% increase from the second quarter of 2023

“Our strong upward earnings trajectory continued in the second quarter of 2024, driven by an increasingly diversified revenue base,” said David Becker, Chairman and Chief Executive Officer. “The optimization of our loan portfolio, solid loan growth, increasing asset yields, and stabilization of funding costs have led to improved net interest income.”

“At the same time, the continued growth of our SBA business, alongside other strategic initiatives, has helped drive improvement in noninterest income, which represented nearly one-third of total revenues during the first half of 2024, up from just under one-quarter of revenues for the comparable period a year ago.”

Mr. Becker concluded, “Entering the second half of the year, we remain confident in our ability to deliver continued improvement in operating fundamentals, while maintaining our rigorous approach to managing risk. I want to thank the entire First Internet team for their contribution towards our strong results and continued success.”

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2024 was $21.3 million, compared to $20.7 million for the first quarter of 2024, and $18.1 million for the second quarter of 2023. On a fully-taxable equivalent basis, net interest income for the second quarter of 2024 was $22.5 million, compared to $21.9 million for the first quarter of 2024, and $19.5 million for the second quarter of 2023.

Total interest income for the second quarter of 2024 was $71.0 million, an increase of 4.1% compared to the first quarter of 2024, and an increase of 22.1% compared to the second quarter of 2023. On a fully-taxable equivalent basis, total interest income for the second quarter of 2024 was $72.1 million, an increase of 4.0% compared to the first quarter of 2024, and an increase of 21.3% compared to the second quarter of 2023. The yield on average interest-earning assets for the second quarter of 2024 increased to 5.54% from 5.45% for the first quarter of 2024, due to a 10 basis point (“bp”) increase in the yield earned on loans and a 21 bp increase in the yield earned on securities, partially offset by an 11 bp decrease in the yield earned on other earning assets. Compared to the linked quarter, average loan balances, including loans held-for-sale, increased $44.1 million, or 1.1%, while the average balance of securities increased $41.0 million, or 5.8%, and the average balance of other earning assets increased $34.9 million, or 8.0%.

Interest income earned on commercial loans was higher due primarily to increased average balances within the construction, small business lending and franchise finance portfolios. This was partially offset by lower average balances in the investor commercial real estate, public finance and healthcare finance portfolios. The continued shift in the loan mix reflects the Company’s focus on variable rate and higher-yielding products, in part, to help improve the interest rate risk profile of the balance sheet.

In the consumer loan portfolio, interest income was up due to the combination of slightly higher average balances and higher yields in the trailers, recreational vehicles and other consumer loan portfolios.

The yield on funded portfolio loan originations was 8.88% in the second quarter of 2024, an increase of 4 bps compared to the first quarter of 2024, and an increase of 46 bps compared to the second quarter of 2023.

Interest income earned on securities during the second quarter of 2024 increased $0.8 million, or 11.8%, compared to the first quarter of 2024 as the yield on the portfolio increased 21 bps to 4.02%, driven primarily by higher yields on new purchases. Interest income earned on other earning asset balances increased $0.4 million, or 5.8%, in the second quarter of 2024 compared to the linked quarter, due primarily to higher average cash balances, partially offset by lower yields.

Total interest expense for the second quarter of 2024 was $49.6 million, an increase of $2.2 million, or 4.6%, compared to the linked quarter as short-term rates remained stable throughout the quarter while average interest-bearing deposit balances increased $186.0 million, or 4.7%. Interest expense related to interest-bearing deposits increased $2.4 million, or 5.6%, driven primarily by certificates of deposits (“CDs”), interest-bearing demand deposits, money market accounts and BaaS-brokered deposits. The cost of interest-bearing deposits was 4.29% for the second quarter of 2024, compared to 4.25% for the first quarter of 2024.

Average CD balances increased $148.9 million, or 9.1%, compared to the linked quarter, driven by strong consumer demand, while the cost of funds increased 8 bps. The increase in the total cost of CDs was the lowest in the past two years, reflecting the narrowing gap between rates on new production/renewals and maturities. Assuming pricing remains in line with the second quarter, rates on new CD production are 6 – 8 bps lower than the rates on CDs maturing in the second half of 2024.

The average balance of interest-bearing demand deposits increased $59.0 million, or 14.2%, due to growth in fintech partnership deposits, while the cost of funds increased 15 bps. The average balance of money market accounts increased $25.0 million, or 2.1%, while the cost of funds increased 5 bps due to growth in larger-balance accounts. The average balance of BaaS – brokered deposits increased $34.3 million, or 40.2%, due to higher payments volumes, while the cost of funds decreased 2 bps.

These increases were partially offset by lower average brokered deposit balances, which decreased $81.7 million, or 13.5%, as excess liquidity was used to pay down $139.0 million of higher-cost brokered deposits.

Net interest margin (“NIM”) was 1.67% for the second quarter of 2024, up from 1.66% for the first quarter of 2024 and up from 1.53% for the second quarter of 2023. Fully-taxable equivalent NIM (“FTE NIM”) was 1.76% for the second quarter of 2024, up from 1.75% for the first quarter of 2024 and up from 1.64% for the second quarter of 2023. The pace of increase in NIM and FTE NIM was down compared to the last two quarters due primarily to lower growth in average loan balances as the Company experienced both early payoffs and later-than-anticipated funding of larger-balance loans.

Noninterest Income

Noninterest income for the second quarter of 2024 was $11.0 million, compared to $8.3 million for the first quarter of 2024, and $5.9 million for the second quarter of 2023. Gain on sale of loans totaled $8.3 million in the second quarter of 2024, increasing $1.8 million, or 26.9%, compared to the linked quarter. Gain on sale revenue consisted almost entirely of sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans during the second quarter of 2024. Loan sale volume was up 18.9% and net premiums increased 6 bps compared to the linked quarter. Other income increased $1.2 million during the quarter due primarily to distributions from fund investments. These increases were partially offset by a decline of $0.2 million in net loan servicing revenue driven by the fair value adjustment to the loan servicing asset.

Noninterest Expense

Noninterest expense totaled $22.3 million for the second quarter of 2024, compared to $21.0 million for the first quarter of 2024, and $18.7 million for the second quarter of 2023, representing increases of 6.2% and 19.6%, respectively. Excluding non-recurring costs of almost $0.6 million related to IT termination fees and anniversary expenses, adjusted noninterest expense totaled $21.8 million for the second quarter of 2024, an increase of $0.7 million, or 3.5%, compared to the linked quarter. The increase was due mainly to higher salaries and employee benefits, consulting and professional fees and loan expenses, partially offset by lower marketing expenses.

The increase in recurring salaries and employee benefits was $0.5 million and was due primarily to higher small business incentive compensation and staff additions in small business lending and risk management. Consulting and professional fees increased $0.2 million due to the timing of outsourced audit services. Loan expenses increased $0.2 million due mainly to collection costs and third-party servicer fees. The decrease in marketing expenses of $0.1 million was due to lower advertising and media spend.

Income Taxes

The Company recorded income tax expense of $0.2 million and an effective tax rate of 3.6% for the second quarter of 2024, compared to income tax expense of $0.4 million and an effective tax rate of 7.6% for the first quarter of 2024, and an income tax benefit of $0.2 million for the second quarter of 2023.

Loans and Credit Quality

Total loans as of June 30, 2024 were $4.0 billion, an increase of $51.3 million, or 1.3%, compared to March 31, 2024, and an increase of $314.3 million, or 8.6%, compared to June 30, 2023. Total commercial loan balances were $3.1 billion as of June 30, 2024, an increase of $46.9 million, or 1.5%, compared to March 31, 2024, and an increase of $297.0 million, or 10.5%, compared to June 30, 2023. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in investor commercial real estate, small business lending and franchise finance balances. These items were partially offset by decreases in the commercial and industrial, single tenant lease financing, public finance and healthcare finance portfolios. Quarter-end balances in the commercial and industrial and construction portfolios were impacted by early payoffs of higher-yielding variable rate loans. The increase in investor commercial real estate balances included loans with strong variable rate pricing that closed later in the quarter and, therefore, had very little impact on interest income for the quarter.

Total consumer loan balances were $800.5 million as of June 30, 2024, an increase of $7.0 million, or 0.9%, compared to March 31, 2024, and an increase of $27.8 million, or 3.6%, compared to June 30, 2023. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and other consumer loan portfolios, partially offset by a decrease in the residential mortgage portfolio.

Total delinquencies 30 days or more past due were 0.56% of total loans as of June 30, 2024, compared to 0.53% at March 31, 2024, and 0.09% as of June 30, 2023. The slight increase compared to the linked quarter was due primarily to an increase in delinquencies in residential mortgage loans.

Nonperforming loans were 0.33% of total loans as of June 30, 2024, unchanged from March 31, 2024, and compared to 0.17% as of June 30, 2023. Nonperforming loans totaled $13.0 million at June 30, 2024, down slightly from $13.1 million at March 31, 2024, and up from $6.2 million as of June 30, 2023. Additionally, the composition of nonperforming loans at the end of the second quarter of 2024 was relatively consistent with the linked quarter.

The allowance for credit losses (“ACL”) as a percentage of total loans was 1.10% as of June 30, 2024, compared to 1.05% as of March 31, 2024, and 0.99% as of June 30, 2023. The increase in the ACL reflects growth and higher coverage ratios in certain loan portfolios as well as additional reserves related to small business lending, partially offset by the positive impact of economic data on forecasted loss rates and qualitative factors on other portfolios.

Net charge-offs of $1.4 million were recognized during the second quarter of 2024, resulting in net charge-offs to average loans of 0.14%, compared to $0.5 million, or 0.05%, for the first quarter of 2024, and $1.6 million, or 0.17%, for the second quarter of 2023. Net charge-offs in the second quarter of 2024 were driven primarily by franchise finance, including one loan that had been previously reserved for, and small business lending.

The provision for credit losses in the second quarter of 2024 was $4.0 million, compared to $2.4 million for the first quarter of 2024, and $1.7 million for the second quarter of 2023. The provision for the second quarter of 2024 was driven primarily by growth and changes in the loan composition, net charge-offs and an increase in reserves related to small business lending, partially offset by the positive impact of economic forecasts and adjustments to qualitative factors on other portfolios.

Capital

As of June 30, 2024, total shareholders’ equity was $372.0 million, an increase of $5.2 million, or 1.4%, compared to March 31, 2024, and an increase of $17.6 million, or 5.0%, compared to June 30, 2023. The increase in total shareholders’ equity during the second quarter of 2024 compared to the linked quarter was due primarily to the net income earned during the quarter. Book value per common share increased to $42.91 as of June 30, 2024, up from $42.37 as of March 31, 2024, and $40.38 as of June 30, 2023. Tangible book value per share was $42.37 as of June 30, 2024, up from $41.83 as of March 31, 2024, and $39.85 as of June 30, 2023.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of June 30, 2024.

As of June 30, 2024

Company

Bank

 

Total shareholders' equity to assets

6.96%

8.45%

Tangible common equity to tangible assets 1

6.88%

8.37%

Tier 1 leverage ratio 2

7.24%

8.77%

Common equity tier 1 capital ratio 2

9.47%

11.47%

Tier 1 capital ratio 2

9.47%

11.47%

Total risk-based capital ratio 2

13.13%

12.58%

 

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."

2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.

Conference Call and Webcast

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, July 25, 2024 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 10885532. A recorded replay can be accessed through August 25, 2024 by dialing (877) 674-7070; access code: 885532.

Additionally, interested parties can listen to a live webcast of the call on the Company's website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About First Internet Bancorp

First Internet Bancorp is a bank holding company with assets of $5.3 billion as of June 30, 2024. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “growth,” ”improve,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted total revenue, adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax provision (benefit), adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity and adjusted return on average tangible common equity are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
 
 
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,

2024

2024

2023

2024

2023

 
Net income

$

5,775

 

$

5,181

 

$

3,882

 

$

10,956

 

$

865

 

Per share and share information
Earnings per share - basic

$

0.67

 

$

0.60

 

$

0.44

 

$

1.26

 

$

0.10

 

Earnings per share - diluted

 

0.67

 

 

0.59

 

 

0.44

 

 

1.25

 

 

0.10

 

Dividends declared per share

 

0.06

 

 

0.06

 

 

0.06

 

 

0.12

 

 

0.12

 

Book value per common share

 

42.91

 

 

42.37

 

 

40.38

 

 

42.91

 

 

40.38

 

Tangible book value per common share 1

 

42.37

 

 

41.83

 

 

39.85

 

 

42.37

 

 

39.85

 

Common shares outstanding

 

8,667,894

 

 

8,655,854

 

 

8,774,507

 

 

8,667,894

 

 

8,774,507

 

Average common shares outstanding:
Basic

 

8,594,315

 

 

8,679,429

 

 

8,903,213

 

 

8,684,093

 

 

8,963,308

 

Diluted

 

8,656,215

 

 

8,750,297

 

 

8,908,180

 

 

8,750,017

 

 

8,980,262

 

Performance ratios
Return on average assets

 

0.44

%

 

0.40

%

 

0.32

%

 

0.42

%

 

0.04

%

Return on average shareholders' equity

 

6.28

%

 

5.64

%

 

4.35

%

 

5.96

%

 

0.48

%

Return on average tangible common equity 1

 

6.36

%

 

5.71

%

 

4.40

%

 

6.04

%

 

0.49

%

Net interest margin

 

1.67

%

 

1.66

%

 

1.53

%

 

1.67

%

 

1.64

%

Net interest margin - FTE 1,2

 

1.76

%

 

1.75

%

 

1.64

%

 

1.76

%

 

1.76

%

Capital ratios 3
Total shareholders' equity to assets

 

6.96

%

 

6.87

%

 

7.16

%

 

6.96

%

 

7.16

%

Tangible common equity to tangible assets 1

 

6.88

%

 

6.79

%

 

7.07

%

 

6.88

%

 

7.07

%

Tier 1 leverage ratio

 

7.24

%

 

7.33

%

 

7.63

%

 

7.24

%

 

7.63

%

Common equity tier 1 capital ratio

 

9.47

%

 

9.52

%

 

10.10

%

 

9.47

%

 

10.10

%

Tier 1 capital ratio

 

9.47

%

 

9.52

%

 

10.10

%

 

9.47

%

 

10.10

%

Total risk-based capital ratio

 

13.13

%

 

13.18

%

 

13.87

%

 

13.13

%

 

13.87

%

Asset quality
Nonperforming loans

$

12,978

 

$

13,050

 

$

6,227

 

$

12,978

 

$

6,227

 

Nonperforming assets

 

13,055

 

 

13,425

 

 

6,397

 

 

13,055

 

 

6,397

 

Nonperforming loans to loans

 

0.33

%

 

0.33

%

 

0.17

%

 

0.33

%

 

0.17

%

Nonperforming assets to total assets

 

0.24

%

 

0.25

%

 

0.13

%

 

0.24

%

 

0.13

%

Allowance for credit losses - loans to:
Loans

 

1.10

%

 

1.05

%

 

0.99

%

 

1.10

%

 

0.99

%

Nonperforming loans

 

334.5

%

 

313.3

%

 

579.1

%

 

334.5

%

 

579.1

%

Net charge-offs to average loans

 

0.14

%

 

0.05

%

 

0.17

%

 

0.10

%

 

0.49

%

Average balance sheet information
Loans

$

3,930,976

 

$

3,899,667

 

$

3,653,839

 

$

3,910,322

 

$

3,614,054

 

Total securities

 

744,537

 

703,509

 

604,182

 

 

724,023

 

 

594,777

 

Other earning assets

 

469,045

 

434,118

 

511,295

 

 

451,582

 

 

421,793

 

Total interest-earning assets

 

5,150,305

 

5,030,216

 

4,771,623

 

 

5,090,261

 

 

4,636,453

 

Total assets

 

5,332,776

 

5,207,936

 

4,927,712

 

 

5,270,356

 

 

4,788,209

 

Noninterest-bearing deposits

 

116,939

 

113,341

 

117,496

 

 

115,140

 

 

126,194

 

Interest-bearing deposits

 

4,172,976

 

3,987,009

 

3,713,086

 

 

4,079,992

 

 

3,563,359

 

Total deposits

 

4,289,915

 

4,100,350

 

3,830,582

 

 

4,195,132

 

 

3,689,553

 

Shareholders' equity

 

369,825

 

369,371

 

358,312

 

 

369,598

 

 

360,779

 

1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports
First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands
 
 
June 30, March 31, June 30,

2024

2024

2023

 
Assets
Cash and due from banks

$

6,162

 

$

6,638

 

$

9,503

 

Interest-bearing deposits

 

390,624

 

 

474,626

 

 

456,128

 

Securities available-for-sale, at fair value

 

488,572

 

 

482,431

 

 

379,394

 

Securities held-to-maturity, at amortized cost, net of allowance for credit losses

 

270,349

 

 

235,738

 

 

230,605

 

Loans held-for-sale

 

19,384

 

 

22,589

 

 

32,001

 

Loans

 

3,961,146

 

 

3,909,804

 

 

3,646,832

 

Allowance for credit losses - loans

 

(43,405

)

 

(40,891

)

 

(36,058

)

Net loans

 

3,917,741

 

 

3,868,913

 

 

3,610,774

 

Accrued interest receivable

 

28,118

 

 

26,809

 

 

24,101

 

Federal Home Loan Bank of Indianapolis stock

 

28,350

 

 

28,350

 

 

28,350

 

Cash surrender value of bank-owned life insurance

 

40,834

 

 

41,154

 

 

40,357

 

Premises and equipment, net

 

72,516

 

 

73,231

 

 

73,525

 

Goodwill

 

4,687

 

 

4,687

 

 

4,687

 

Servicing asset

 

13,009

 

 

11,760

 

 

8,252

 

Other real estate owned

 

-

 

 

375

 

 

106

 

Accrued income and other assets

 

62,956

 

 

63,366

 

 

49,266

 

Total assets

$

5,343,302

 

$

5,340,667

 

$

4,947,049

 

 
Liabilities
Noninterest-bearing deposits

$

126,438

 

$

130,760

 

$

119,291

 

Interest-bearing deposits

 

4,147,484

 

 

4,143,008

 

 

3,735,017

 

Total deposits

 

4,273,922

 

 

4,273,768

 

 

3,854,308

 

Advances from Federal Home Loan Bank

 

575,000

 

 

574,936

 

 

614,931

 

Subordinated debt

 

104,993

 

 

104,915

 

 

104,684

 

Accrued interest payable

 

3,419

 

 

3,382

 

 

3,338

 

Accrued expenses and other liabilities

 

14,015

 

 

16,927

 

 

15,456

 

Total liabilities

 

4,971,349

 

 

4,973,928

 

 

4,592,717

 

Shareholders' equity
Voting common stock

 

185,175

 

 

184,720

 

 

186,545

 

Retained earnings

 

217,365

 

 

212,121

 

 

200,973

 

Accumulated other comprehensive loss

 

(30,587

)

 

(30,102

)

 

(33,186

)

Total shareholders' equity

 

371,953

 

 

366,739

 

 

354,332

 

Total liabilities and shareholders' equity

$

5,343,302

 

$

5,340,667

 

$

4,947,049

 

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
 
 
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,

2024

2024

2023

2024

2023

 
Interest income
Loans

$

57,094

 

$

55,435

 

$

46,906

 

$

112,529

 

$

90,749

 

Securities - taxable

 

6,476

 

 

5,694

 

 

3,835

 

 

12,170

 

 

7,441

 

Securities - non-taxable

 

970

 

 

969

 

 

860

 

 

1,939

 

 

1,658

 

Other earning assets

 

6,421

 

 

6,067

 

 

6,521

 

 

12,488

 

 

10,307

 

Total interest income

 

70,961

 

 

68,165

 

 

58,122

 

 

139,126

 

 

110,155

 

Interest expense
Deposits

 

44,495

 

 

42,129

 

 

34,676

 

 

86,624

 

 

61,946

 

Other borrowed funds

 

5,139

 

 

5,302

 

 

5,301

 

 

10,441

 

 

10,490

 

Total interest expense

 

49,634

 

 

47,431

 

 

39,977

 

 

97,065

 

 

72,436

 

Net interest income

 

21,327

 

 

20,734

 

 

18,145

 

 

42,061

 

 

37,719

 

Provision for credit losses

 

4,031

 

 

2,448

 

 

1,698

 

 

6,479

 

 

11,113

 

Net interest income after provision
for credit losses

 

17,296

 

 

18,286

 

 

16,447

 

 

35,582

 

 

26,606

 

Noninterest income
Service charges and fees

 

246

 

 

220

 

 

218

 

 

466

 

 

427

 

Loan servicing revenue

 

1,470

 

 

1,323

 

 

850

 

 

2,793

 

 

1,635

 

Loan servicing asset revaluation

 

(829

)

 

(434

)

 

(358

)

 

(1,263

)

 

(413

)

Mortgage banking activities

 

-

 

 

-

 

 

-

 

 

-

 

 

76

 

Gain on sale of loans

 

8,292

 

 

6,536

 

 

4,868

 

 

14,828

 

 

8,929

 

Other

 

1,854

 

 

702

 

 

293

 

 

2,556

 

 

663

 

Total noninterest income

 

11,033

 

 

8,347

 

 

5,871

 

 

19,380

 

 

11,317

 

Noninterest expense
Salaries and employee benefits

 

12,462

 

 

11,796

 

 

10,706

 

 

24,258

 

 

22,500

 

Marketing, advertising and promotion

 

609

 

 

736

 

 

705

 

 

1,345

 

 

1,549

 

Consulting and professional fees

 

1,022

 

 

853

 

 

711

 

 

1,875

 

 

1,637

 

Data processing

 

606

 

 

564

 

 

520

 

 

1,170

 

 

1,179

 

Loan expenses

 

1,597

 

 

1,445

 

 

1,072

 

 

3,042

 

 

3,049

 

Premises and equipment

 

3,154

 

 

2,826

 

 

2,661

 

 

5,980

 

 

5,438

 

Deposit insurance premium

 

1,172

 

 

1,145

 

 

936

 

 

2,317

 

 

1,479

 

Other

 

1,714

 

 

1,658

 

 

1,359

 

 

3,372

 

 

2,793

 

Total noninterest expense

 

22,336

 

 

21,023

 

 

18,670

 

 

43,359

 

 

39,624

 

Income (loss) before income taxes

 

5,993

 

 

5,610

 

 

3,648

 

 

11,603

 

 

(1,701

)

Income tax provision (benefit)

 

218

 

 

429

 

 

(234

)

 

647

 

 

(2,566

)

Net income

$

5,775

 

$

5,181

 

$

3,882

 

$

10,956

 

$

865

 

 
Per common share data
Earnings per share - basic

$

0.67

 

$

0.60

 

$

0.44

 

$

1.26

 

$

0.10

 

Earnings per share - diluted

$

0.67

 

$

0.59

 

$

0.44

 

$

1.25

 

$

0.10

 

Dividends declared per share

$

0.06

 

$

0.06

 

$

0.06

 

$

0.12

 

$

0.12

 

 
All periods presented have been reclassified to conform to the current period classification
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
 
 
Three Months Ended
June 30, 2024 March 31, 2024 June 30, 2023
 
Average Interest / Yield / Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,936,723

 

$

57,094

5.83

%

$

3,892,589

 

$

55,435

5.73

%

$

3,656,146

 

$

46,906

5.15

%

Securities - taxable

 

670,502

 

 

6,476

3.88

%

 

627,216

 

 

5,694

3.65

%

 

531,040

 

 

3,835

2.90

%

Securities - non-taxable

 

74,035

 

 

970

5.27

%

 

76,293

 

 

969

5.11

%

 

73,142

 

 

860

4.72

%

Other earning assets

 

469,045

 

 

6,421

5.51

%

 

434,118

 

 

6,067

5.62

%

 

511,295

 

 

6,521

5.12

%

Total interest-earning assets

 

5,150,305

 

 

70,961

5.54

%

 

5,030,216

 

 

68,165

5.45

%

 

4,771,623

 

 

58,122

4.89

%

 
Allowance for credit losses - loans

 

(41,362

)

 

(38,611

)

 

(36,671

)

Noninterest-earning assets

 

223,833

 

 

216,331

 

 

192,760

 

Total assets

$

5,332,776

 

$

5,207,936

 

$

4,927,712

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

474,124

 

$

2,567

2.18

%

$

415,106

 

$

2,091

2.03

%

$

359,969

 

$

1,509

1.68

%

Savings accounts

 

22,987

 

 

48

0.84

%

 

22,521

 

 

48

0.86

%

 

29,915

 

 

64

0.86

%

Money market accounts

 

1,243,011

 

 

13,075

4.23

%

 

1,217,966

 

 

12,671

4.18

%

 

1,274,453

 

 

12,314

3.88

%

BaaS - brokered deposits

 

119,662

 

 

1,299

4.37

%

 

85,366

 

 

931

4.39

%

 

22,918

 

 

230

4.03

%

Certificates and brokered deposits

 

2,313,192

 

 

27,506

4.78

%

 

2,246,050

 

 

26,388

4.73

%

 

2,025,831

 

 

20,559

4.07

%

Total interest-bearing deposits

 

4,172,976

 

 

44,495

4.29

%

 

3,987,009

 

 

42,129

4.25

%

 

3,713,086

 

 

34,676

3.75

%

Other borrowed funds

 

652,176

 

 

5,139

3.17

%

 

716,735

 

 

5,302

2.98

%

 

719,577

 

 

5,301

2.95

%

Total interest-bearing liabilities

 

4,825,152

 

 

49,634

4.14

%

 

4,703,744

 

 

47,431

4.06

%

 

4,432,663

 

 

39,977

3.62

%

 
Noninterest-bearing deposits

 

116,939

 

 

113,341

 

 

117,496

 

Other noninterest-bearing liabilities

 

20,860

 

 

21,480

 

 

19,241

 

Total liabilities

 

4,962,951

 

 

4,838,565

 

 

4,569,400

 

 
Shareholders' equity

 

369,825

 

 

369,371

 

 

358,312

 

Total liabilities and shareholders' equity

$

5,332,776

 

$

5,207,936

 

$

4,927,712

 

 
Net interest income

$

21,327

$

20,734

$

18,145

 
Interest rate spread

1.40

%

1.39

%

1.27

%

 
Net interest margin

1.67

%

1.66

%

1.53

%

 
Net interest margin - FTE 2,3

1.76

%

1.75

%

1.64

%

1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
 
 
Six Months Ended
 
June 30, 2024 June 30, 2023
Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,914,656

 

$

112,529

5.78

%

$

3,619,883

 

$

90,749

5.06

%

Securities - taxable

 

648,860

 

 

12,170

3.77

%

 

521,533

 

 

7,441

2.88

%

Securities - non-taxable

 

75,163

 

 

1,939

5.19

%

 

73,244

 

 

1,658

4.56

%

Other earning assets

 

451,582

 

 

12,488

5.56

%

 

421,793

 

 

10,307

4.93

%

Total interest-earning assets

 

5,090,261

 

 

139,126

5.50

%

 

4,636,453

 

 

110,155

4.79

%

 

 

Allowance for credit losses

 

(39,986

)

 

(35,877

)

Noninterest-earning assets

 

220,081

 

 

187,633

 

Total assets

$

5,270,356

 

$

4,788,209

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

444,615

 

$

4,658

2.11

%

$

346,878

 

$

2,409

1.40

%

Savings accounts

 

22,754

 

 

96

0.85

%

 

34,175

 

 

145

0.86

%

Money market accounts

 

1,230,488

 

 

25,746

4.21

%

 

1,325,741

 

 

24,614

3.74

%

BaaS - brokered deposits

 

102,514

 

 

2,230

4.37

%

 

18,852

 

 

368

3.94

%

Certificates and brokered deposits

 

2,279,621

 

 

53,894

4.75

%

 

1,837,713

 

 

34,410

3.78

%

Total interest-bearing deposits

 

4,079,992

 

 

86,624

4.27

%

 

3,563,359

 

 

61,946

3.51

%

Other borrowed funds

 

684,456

 

 

10,441

3.07

%

 

719,538

 

 

10,490

2.94

%

Total interest-bearing liabilities

 

4,764,448

 

 

97,065

4.10

%

 

4,282,897

 

 

72,436

3.41

%

 
Noninterest-bearing deposits

 

115,140

 

 

126,194

 

Other noninterest-bearing liabilities

 

21,170

 

 

18,339

 

Total liabilities

 

4,900,758

 

 

4,427,430

 

 
Shareholders' equity

 

369,598

 

 

360,779

 

Total liabilities and shareholders' equity

$

5,270,356

 

$

4,788,209

 

 
Net interest income

$

42,061

$

37,719

 
Interest rate spread

1.40

%

1.38

%

 
Net interest margin

1.67

%

1.64

%

 
Net interest margin - FTE 2,3

1.76

%

1.76

%

1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
 
 
June 30, 2024 March 31, 2024 June 30, 2023
Amount Percent Amount Percent Amount Percent
 
Commercial loans
Commercial and industrial

$

115,585

2.9

%

$

133,897

3.4

%

$

112,423

3.1

%

Owner-occupied commercial real estate

 

58,089

1.5

%

 

57,787

1.5

%

 

59,564

1.6

%

Investor commercial real estate

 

188,409

4.8

%

 

128,276

3.3

%

 

137,504

3.8

%

Construction

 

328,922

8.3

%

 

325,597

8.3

%

 

192,453

5.3

%

Single tenant lease financing

 

927,462

23.4

%

 

941,597

24.1

%

 

947,466

25.9

%

Public finance

 

486,200

12.3

%

 

498,262

12.7

%

 

575,541

15.8

%

Healthcare finance

 

202,079

5.1

%

 

213,332

5.5

%

 

245,072

6.7

%

Small business lending

 

270,129

6.8

%

 

239,263

6.1

%

 

170,550

4.7

%

Franchise finance

 

551,133

13.9

%

 

543,122

13.9

%

 

390,479

10.6

%

Total commercial loans

 

3,128,008

79.0

%

 

3,081,133

78.8

%

 

2,831,052

77.5

%

Consumer loans
Residential mortgage

 

382,549

9.7

%

 

390,009

10.0

%

 

396,154

10.9

%

Home equity

 

21,405

0.5

%

 

22,753

0.6

%

 

24,375

0.7

%

Trailers

 

197,738

5.0

%

 

191,353

4.9

%

 

178,035

4.9

%

Recreational vehicles

 

150,151

3.8

%

 

145,475

3.7

%

 

133,283

3.7

%

Other consumer loans

 

48,638

1.2

%

 

43,847

1.1

%

 

40,806

1.1

%

Total consumer loans

 

800,481

20.2

%

 

793,437

20.3

%

 

772,653

21.3

%

Net deferred loan fees, premiums, discounts and other 1

 

32,657

0.8

%

 

35,234

0.9

%

 

43,127

1.2

%

Total loans

$

3,961,146

100.0

%

$

3,909,804

100.0

%

$

3,646,832

100.0

%

 
June 30, 2024 March 31, 2024 June 30, 2023
Amount Percent Amount Percent Amount Percent
 
Deposits
Noninterest-bearing deposits

$

126,438

3.0

%

$

130,760

3.1

%

$

119,291

3.1

%

Interest-bearing demand deposits

 

480,141

11.2

%

 

423,529

9.9

%

 

398,899

10.3

%

Savings accounts

 

22,619

0.5

%

 

23,554

0.6

%

 

28,239

0.7

%

Money market accounts

 

1,222,197

28.6

%

 

1,251,230

29.2

%

 

1,232,719

32.0

%

BaaS - brokered deposits

 

140,180

3.3

%

 

107,911

2.5

%

 

25,549

0.7

%

Certificates of deposits

 

1,829,644

42.8

%

 

1,738,996

40.7

%

 

1,366,409

35.5

%

Brokered deposits

 

452,703

10.6

%

 

597,788

14.0

%

 

683,202

17.7

%

Total deposits

$

4,273,922

100.0

%

$

4,273,768

100.0

%

$

3,854,308

100.0

%

1 Includes carrying value adjustments of $25.6 million, $26.9 million and $30.5 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 
 
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,

 

 

2024

 

2024

 

2023

 

2024

 

2023

 
Total equity - GAAP

$

371,953

 

$

366,739

 

$

354,332

 

$

371,953

 

$

354,332

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible common equity

$

367,266

 

$

362,052

 

$

349,645

 

$

367,266

 

$

349,645

 

 
Total assets - GAAP

$

5,343,302

 

$

5,340,667

 

$

4,947,049

 

$

5,343,302

 

$

4,947,049

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible assets

$

5,338,615

 

$

5,335,980

 

$

4,942,362

 

$

5,338,615

 

$

4,942,362

 

 
Common shares outstanding

 

8,667,894

 

 

8,655,854

 

 

8,774,507

 

 

8,667,894

 

 

8,774,507

 

 
Book value per common share

$

42.91

 

$

42.37

 

$

40.38

 

$

42.91

 

$

40.38

 

Effect of goodwill

 

(0.54

)

 

(0.54

)

 

(0.53

)

 

(0.54

)

 

(0.53

)

Tangible book value per common share

$

42.37

 

$

41.83

 

$

39.85

 

$

42.37

 

$

39.85

 

 
Total shareholders' equity to assets

 

6.96

%

 

6.87

%

 

7.16

%

 

6.96

%

 

7.16

%

Effect of goodwill

 

(0.08

%)

 

(0.08

%)

 

(0.09

%)

 

(0.08

%)

 

(0.09

%)

Tangible common equity to tangible assets

 

6.88

%

 

6.79

%

 

7.07

%

 

6.88

%

 

7.07

%

 
Total average equity - GAAP

$

369,825

 

$

369,371

 

$

358,312

 

$

369,598

 

$

360,779

 

Adjustments:
Average goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Average tangible common equity

$

365,138

 

$

364,684

 

$

353,625

 

$

364,911

 

$

356,092

 

 
Return on average shareholders' equity

 

6.28

%

 

5.64

%

 

4.35

%

 

5.96

%

 

0.48

%

Effect of goodwill

 

0.08

%

 

0.07

%

 

0.05

%

 

0.08

%

 

0.01

%

Return on average tangible common equity

 

6.36

%

 

5.71

%

 

4.40

%

 

6.04

%

 

0.49

%

 
Total interest income

$

70,961

 

$

68,165

 

$

58,122

 

$

139,126

 

$

110,155

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,175

 

 

1,190

 

 

1,347

 

 

2,365

 

 

2,731

 

Total interest income - FTE

$

72,136

 

$

69,355

 

$

59,469

 

$

141,491

 

$

112,886

 

 
Net interest income

$

21,327

 

$

20,734

 

$

18,145

 

$

42,061

 

$

37,719

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,175

 

 

1,190

 

 

1,347

 

 

2,365

 

 

2,731

 

Net interest income - FTE

$

22,502

 

$

21,924

 

$

19,492

 

$

44,426

 

$

40,450

 

 
Net interest margin

 

1.67

%

 

1.66

%

 

1.53

%

 

1.67

%

 

1.64

%

Effect of fully-taxable equivalent adjustments 1

 

0.09

%

 

0.09

%

 

0.11

%

 

0.09

%

 

0.12

%

Net interest margin - FTE

 

1.76

%

 

1.75

%

 

1.64

%

 

1.76

%

 

1.76

%

1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 
 
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,

 

 

2024

 

2024

 

2023

 

2024

 

2023

 
Total revenue - GAAP

$

32,360

 

$

29,081

$

24,016

 

$

61,441

 

$

49,036

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

-

 

 

-

 

 

(65

)

Adjusted total revenue

$

32,360

 

$

29,081

$

24,016

 

$

61,441

 

$

48,971

 

 
Noninterest income - GAAP

$

11,033

 

$

8,347

$

5,871

 

$

19,380

 

$

11,317

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

-

 

 

-

 

 

(65

)

Adjusted noninterest income

$

11,033

 

$

8,347

$

5,871

 

$

19,380

 

$

11,252

 

 
Noninterest expense - GAAP

$

22,336

 

$

21,023

$

18,670

 

$

43,359

 

$

39,624

 

Adjustments:
Mortgage-related costs

 

-

 

 

-

 

-

 

 

-

 

 

(3,052

)

IT Termination fees

 

(452

)

 

-

 

-

 

 

(452

)

 

-

 

Anniversary expenses

 

(120

)

 

-

 

-

 

 

(120

)

 

-

 

Adjusted noninterest expense

$

21,764

 

$

21,023

$

18,670

 

$

42,787

 

$

36,572

 

 
Income (loss) before income taxes - GAAP

$

5,993

 

$

5,610

$

3,648

 

$

11,603

 

$

(1,701

)

Adjustments:1
Mortgage-related revenue

 

-

 

 

-

 

-

 

 

-

 

 

(65

)

Mortgage-related costs

 

-

 

 

-

 

-

 

 

-

 

 

3,052

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

-

 

 

-

 

 

6,914

 

IT Termination fees

 

452

 

 

-

 

-

 

 

452

 

 

-

 

Anniversary expenses

 

120

 

 

-

 

-

 

 

120

 

 

-

 

Adjusted income before income taxes

$

6,565

 

$

5,610

$

3,648

 

$

12,175

 

$

8,200

 

 
Income tax provision (benefit) - GAAP

$

218

 

$

429

$

(234

)

$

647

 

$

(2,566

)

Adjustments:1
Mortgage-related revenue

 

-

 

 

-

 

-

 

 

-

 

 

(14

)

Mortgage-related costs

 

-

 

 

-

 

-

 

 

-

 

 

641

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

-

 

 

-

 

 

1,452

 

IT Termination fees

 

95

 

 

-

 

-

 

 

95

 

 

-

 

Anniversary expenses

 

25

 

 

-

 

-

 

 

25

 

 

-

 

Adjusted income tax provision (benefit)

$

338

 

$

429

$

(234

)

$

767

 

$

(487

)

 
Net income - GAAP

$

5,775

 

$

5,181

$

3,882

 

$

10,956

 

$

865

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

-

 

 

-

 

 

(51

)

Mortgage-related costs

 

-

 

 

-

 

-

 

 

-

 

 

2,411

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

-

 

 

-

 

 

5,462

 

IT Termination fees

 

357

 

 

-

 

-

 

 

357

 

 

-

 

Anniversary expenses

 

95

 

 

-

 

-

 

 

95

 

 

-

 

Adjusted net income

$

6,227

 

$

5,181

$

3,882

 

$

11,408

 

$

8,687

 

1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 
 
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,

 

 

2024

 

2024

 

2023

 

2024

 

2023

 
Diluted average common shares outstanding

 

8,656,215

 

 

8,750,297

 

 

8,908,180

 

 

8,750,017

 

 

8,980,262

 

 
Diluted earnings per share - GAAP

$

0.67

 

$

0.59

 

$

0.44

 

$

1.25

 

$

0.10

 

Adjustments:
Effect of mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

-

 

 

(0.01

)

Effect of mortgage-related costs

 

-

 

 

-

 

 

-

 

 

-

 

 

0.27

 

Effect of partial charge-off of C&I participation loan

 

-

 

 

-

 

 

-

 

 

-

 

 

0.61

 

Effect of IT termination fees

 

0.04

 

 

-

 

 

-

 

 

0.04

 

 

-

 

Effect of anniversary expenses

 

0.01

 

 

-

 

 

-

 

 

0.01

 

 

-

 

Adjusted diluted earnings per share

$

0.72

 

$

0.59

 

$

0.44

 

$

1.30

 

$

0.97

 

 
Return on average assets

 

0.44

%

 

0.40

%

 

0.32

%

 

0.42

%

 

0.04

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.10

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.23

%

Effect of IT termination fees

 

0.03

%

 

0.00

%

 

0.00

%

 

0.01

%

 

0.00

%

Effect of anniversary expenses

 

0.01

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Adjusted return on average assets

 

0.48

%

 

0.40

%

 

0.32

%

 

0.43

%

 

0.37

%

 
Return on average shareholders' equity

 

6.28

%

 

5.64

%

 

4.35

%

 

5.96

%

 

0.48

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.03

%)

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

1.35

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

3.05

%

Effect of IT termination fees

 

0.39

%

 

0.00

%

 

0.00

%

 

0.19

%

 

0.00

%

Effect of anniversary expenses

 

0.10

%

 

0.00

%

 

0.00

%

 

0.05

%

 

0.00

%

Adjusted return on average shareholders' equity

 

6.77

%

 

5.64

%

 

4.35

%

 

6.20

%

 

4.85

%

 
Return on average tangible common equity

 

6.36

%

 

5.71

%

 

4.40

%

 

6.04

%

 

0.49

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.03

%)

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

1.37

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

3.09

%

Effect of IT termination fees

 

0.39

%

 

0.00

%

 

0.00

%

 

0.20

%

 

0.00

%

Effect of anniversary expenses

 

0.10

%

 

0.00

%

 

0.00

%

 

0.05

%

 

0.00

%

Adjusted return on average tangible common equity

 

6.85

%

 

5.71

%

 

4.40

%

 

6.29

%

 

4.92

%

 

Contacts

Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com

Media
BLASTmedia for First Internet Bank
Zach Weismiller
firstib@blastmedia.com

Contacts

Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com

Media
BLASTmedia for First Internet Bank
Zach Weismiller
firstib@blastmedia.com