First Internet Bancorp Reports Fourth Quarter and Full Year 2023 Results

Rhea-AI Summary

First Internet Bancorp, the parent company of First Internet Bank, reported strong financial and operational results for the fourth quarter and full year ended December 31, 2023. The company saw a 21.5% increase in net income and a 23.1% increase in diluted earnings per share from the third quarter of 2023. Loan growth increased by 2.8% from the third quarter of 2023. The company also repurchased 40,000 shares at an average price of $18.78 and achieved a tangible book value per share of $41.43, a 4.7% increase from the third quarter of 2023.

Positive

• Net income increased by 21.5% from the third quarter of 2023
• Diluted earnings per share increased by 23.1% from the third quarter of 2023
• Loan growth increased by 2.8% from the third quarter of 2023
• Repurchased 40,000 shares at an average price of $18.78
• Tangible book value per share increased by 4.7% from the third quarter of 2023

Negative

• None.

Insights

Financial Analyst

The reported financial results of First Internet Bancorp demonstrate a positive trajectory with a 21.5% increase in net income and a 23.1% increase in diluted earnings per share from the previous quarter. Such growth is indicative of the company's successful efforts in repositioning its balance sheet and expanding its net interest margin (NIM) by 19 basis points. The strategic focus on variable rate and higher-yielding products has potentially improved the interest rate risk profile, which is a critical aspect for financial institutions in a fluctuating rate environment.

Loan growth, particularly in the commercial sector, is noteworthy and reflects a 2.8% increase quarter-over-quarter. This has been accompanied by a stable yield on funded portfolio loan originations, which suggests a consistent return on new loans despite market volatility. Moreover, the company's share repurchase activity, totaling 502,525 common shares at an average price of $18.40, signifies management's confidence in the intrinsic value of the company and could be seen as a positive signal to investors.

However, it is essential to consider the slight increase in nonperforming loans and delinquencies, which could signal potential risks in credit quality. While the company has increased its allowance for credit losses, stakeholders should monitor these metrics closely as they could impact future profitability.

Market Research Analyst

First Internet Bancorp's performance in the fourth quarter, particularly the significant increase in net interest income and the expansion of the net interest margin, suggests an adaptive response to the current interest rate environment. This robust performance is further underscored by a 27.4% year-over-year increase in noninterest income, driven by the gain on sale of loans.

The company's positioning as one of the top ten most active SBA 7(a) lenders is a strategic advantage, especially given the impressive origination volumes and record gain on sale revenue. This niche focus could provide a competitive edge and diversification benefits. The emphasis on construction and franchise finance lending also indicates a targeted approach to portfolio growth, which may offer higher yields and contribute to the overall profitability.

From a market perspective, the company's anticipation of rate cuts and its confidence in continued earnings and profitability improvement for 2024 are optimistic indicators. Investors may view this as a sign of a resilient business model capable of navigating economic headwinds.

Economist

The financial results of First Internet Bancorp reflect broader economic trends, such as the impact of interest rate changes on asset yields. The increase in the yield on average interest-earning assets is a direct response to the rising interest rate environment, which has allowed the bank to earn more on its loans and securities. This is a positive development but also one that requires careful navigation as the economy anticipates potential rate cuts.

The company's slowest increase in deposit costs over the past six quarters suggests a disciplined approach to managing interest expenses, which is crucial for maintaining a healthy NIM in a competitive banking landscape. The ability to manage deposit costs effectively can be a significant factor in the institution's financial stability and attractiveness to investors.

Overall, the bank's capital ratios, such as the CET1 ratio of 9.60%, indicate a strong capital position, which is essential for sustaining growth and absorbing potential losses. The increase in tangible common equity to tangible assets further solidifies the bank's financial foundation, which is particularly relevant in uncertain economic times.

FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights

• Net income of $4.1 million and diluted earnings per share of $0.48, increases of 21.5% and 23.1%, respectively, from the third quarter of 2023

• Net interest income of $19.8 million and fully-taxable equivalent net interest income of $21.0 million, increases of 14.0% and 12.9%, respectively, from the third quarter of 2023

• Net interest margin of 1.58% and fully-taxable equivalent net interest margin of 1.68%, both increasing 19 basis points from the third quarter of 2023

• Loan growth of $105.2 million, a 2.8% increase from the third quarter of 2023

• Nonperforming loans to total loans of 0.26%; net charge-offs to average loans of 0.12%

• Tangible common equity to tangible assets of 6.94%; CET1 ratio of 9.60%

• Repurchased 40,000 shares at an average price of $18.78; for the full year, repurchased 502,525 common shares at an average price of $18.40 per share

• Tangible book value per share of $41.43, a 4.7% increase from the third quarter of 2023

David Becker, Chairman and Chief Executive Officer, commented: “The fourth quarter’s results showcase our efforts over the past 18 months to reposition our balance sheet. With asset yields continuing to reprice higher, coupled with solid loan growth, we delivered welcome net interest margin expansion and net interest income growth. We produced positive operating leverage and a significant improvement in our operating efficiency. In all, we believe this quarter’s results represent an important inflection point for our company.

“We continued to optimize our loan portfolio mix in the fourth quarter, with solid production in construction and franchise finance lending. Additionally, we remain one of the ten most active SBA 7(a) lenders in the country. Our SBA lending team finished the year with impressive origination volumes and generated another record quarter of gain on sale revenue.

"With or without anticipated rate cuts, we are well-positioned to continue to improve our earnings and profitability in 2024. Now less than one month away from the 25th anniversary of our public launch, we are in an enviable position to start our second quarter century: with a strong balance sheet and capital levels, outstanding asset quality, and a team that is focused on the continued execution of our strategies.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2023 was $19.8 million, compared to $17.4 million for the third quarter of 2023, and $21.7 million for the fourth quarter of 2022. On a fully-taxable equivalent basis, net interest income for the fourth quarter of 2023 was $21.0 million, compared to $18.6 million for the third quarter of 2023, and $23.1 million for the fourth quarter of 2022.

Total interest income for the fourth quarter of 2023 was $66.3 million, an increase of 5.2% compared to the third quarter of 2023, and an increase of 45.1% compared to the fourth quarter of 2022. On a fully-taxable equivalent basis, total interest income for the fourth quarter of 2023 was $67.5 million, an increase of 5.0% compared to the third quarter of 2023, and an increase of 43.5% compared to the fourth quarter of 2022. The yield on average interest-earning assets for the fourth quarter of 2023 increased to 5.28% from 5.02% for the third quarter of 2023 due to a 26 basis point (“bp”) increase in the yield earned on loans, a 40 bp increase in the yield earned on securities and a 27 bp increase in the yield earned on other earning assets. Compared to the linked quarter, average loan balances increased $98.9 million, or 2.7%, and the average balance of securities increased $61.2 million, or 9.8%, while the average balance of other earning assets decreased $152.6 million, or 23.4%.

Interest income earned on commercial loans was higher due to increased average balances and the positive impact of higher rates in the variable rate small business, construction and commercial and industrial lending portfolios, as well as growth in the higher-yielding franchise finance portfolio. This was partially offset by lower average balances in the public finance, healthcare finance and single tenant lease financing portfolios. The continued shift in the loan mix is the result of a strategic initiative to focus on variable rate and higher-yielding products, in part to help improve the interest rate risk profile of our balance sheet.

In the consumer loan portfolio, interest income was up due to higher yields on new originations and growth in the average balances of trailers, recreational vehicles and other consumer loans portfolios.

The yield on funded portfolio loan originations was 8.85% in the fourth quarter of 2023, relatively stable with the third quarter of 2023, and an increase of 278 bps compared to the fourth quarter of 2022. For the full year of 2023, new loan origination yields increased 302 bps compared to 2022. Because of the fixed-rate nature of certain larger portfolios, there is a lagging impact of the higher origination yields on the portfolio.

Interest income earned on securities in the fourth quarter of 2023 increased $1.2 million, or 22.9%, compared to the third quarter of 2023 due to an increase in the yield earned on the portfolio and the increase in average balances. The yield on the securities portfolio increased 40 bps to 3.72%, driven primarily by variable rate securities repricing higher and higher yields on new purchases. Interest earned on other earning asset balances decreased $1.7 million, or 19.4%, in the fourth quarter of 2023 compared to the linked quarter, due primarily to lower average cash balances.

Total interest expense for the fourth quarter of 2023 was $46.5 million, an increase of $0.8 million, or 1.8%, compared to the linked quarter, due to modest increases in both deposit rates and average interest-bearing deposit balances throughout the quarter. Interest expense related to interest-bearing deposits increased $0.7 million, or 1.8%, driven primarily by higher costs on CDs, BaaS-brokered deposits and money market accounts. The cost of interest-bearing deposits was 4.14% for the fourth quarter of 2023, compared to 4.09% for the third quarter of 2023. The increase of 5 bps in deposit costs during the fourth quarter was the slowest experienced by the Company in the past six quarters.

Average CD balances increased $59.2 million, or 3.8%, from the third quarter of 2023 while the cost of funds increased 18 bps. The increase in the cost of CDs is also the lowest in the past six quarters, reflecting the narrowing repricing gap between new production and maturities. The average balance of BaaS – brokered deposits increased $30.2 million, or 94.7%, due to higher payments volume while the cost of funds increased 5 bps.

These increases were partially offset by lower average brokered deposit balances, which decreased $51.7 million, or 7.7%, from the third quarter of 2023, as the Company continued to reduce the balance of higher cost funding throughout the quarter. Additionally, the average balance of interest-bearing demand deposits decreased $5.1 million, or 1.3%, while the cost of funds decreased 47 bps.

Net interest margin (“NIM”) was 1.58% for the fourth quarter of 2023, up from 1.39% for the third quarter of 2023 and down from 2.09% for the fourth quarter of 2022. Fully-taxable equivalent NIM (“FTE NIM”) was 1.68% for the fourth quarter of 2023, up from 1.49% for the third quarter of 2023 and down from 2.22% for the fourth quarter of 2022. The increases in NIM and FTE NIM compared to the linked quarter were driven primarily by higher yields on loans, securities and other earning assets, as well as higher average loan and securities balances, partially offset by higher interest-bearing deposit costs and lower cash balances.

Noninterest Income

Noninterest income for the fourth quarter of 2023 was $7.4 million, consistent with the third quarter of 2023, and up $1.6 million, or 27.4%, from the fourth quarter of 2022. Gain on sale of loans totaled $6.0 million for the fourth quarter of 2023, up $0.5 million, or 8.2%, from the linked quarter. Gain on sale revenue in the quarter, which consisted entirely of sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans, increased due to a higher volume of loan sales and a slight improvement in net premiums. Net loan servicing revenue decreased $0.5 million, or 57.7%, during the quarter as growth in the servicing portfolio was more than offset by a lower fair value adjustment to the loan servicing asset.

Noninterest Expense

Noninterest expense totaled $20.1 million for the fourth quarter of 2023, compared to $19.8 million for the third quarter of 2023, and $18.5 million for the fourth quarter of 2022, representing increases of 1.5% and 8.3%, respectively. The increase of $0.3 million compared to the linked quarter was due primarily to higher premises and equipment, consulting and professional fees and deposit insurance premium, partially offset by lower salaries and employee benefits and data processing.

The increase in premises and equipment was due primarily to a lower property tax accrual in the prior quarter. Consulting and professional fees increased due mainly to third-party loan review and stress testing activities. Deposit insurance premium increased due to higher assessments driven by year-over-year asset growth and loan composition. Salaries and employee benefits declined due primarily to lower incentive compensation and lower benefits costs. Data processing declined due to lower variable deposit activity-based expenses and transaction processing fees.

Income Taxes

The Company recognized an income tax benefit of $0.6 million for the fourth quarter of 2023, compared to an income tax benefit of $0.3 million for the third quarter of 2023, and an income tax expense of $0.5 million and an effective tax rate of 7.3% for the fourth quarter of 2022. The income tax benefit for the fourth quarter of 2023 reflects the benefit of tax-exempt income relative to the amount of stated pre-tax income as well as adjustments to certain state income tax rates.

Loans and Credit Quality

Total loans as of December 31, 2023 were $3.8 billion, an increase of $105.2 million, or 2.8%, compared to September 30, 2023, and an increase of $340.8 million, or 9.7%, compared to December 31, 2022. Total commercial loan balances were $3.0 billion as of December 31, 2023, an increase of $97.7 million, or 3.4%, compared to September 30, 2023, and an increase of $286.6 million, or 10.5%, compared to December 31, 2022. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by strategic growth in higher yielding franchise finance, small business lending, commercial and industrial and construction balances. These items were partially offset by decreases in the fixed-rate public finance and healthcare finance portfolios.

Total consumer loan balances were $796.9 million as of December 31, 2023, an increase of $10.4 million, or 1.3%, compared to September 30, 2023, and an increase of $63.7 million, or 8.7%, compared to December 31, 2022. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and residential mortgage portfolios.

Total delinquencies 30 days or more past due were 0.31% of total loans as of December 31, 2023, compared to 0.22% at September 30, 2023 and 0.17% as of December 31, 2022. The increase in delinquencies during the fourth quarter of 2023 was due primarily to an increase in delinquencies in the small business lending and franchise finance portfolios. Nonperforming loans were 0.26% of total loans as of December 31, 2023, compared to 0.16% as of September 30, 2023, and 0.22% as of December 31, 2022. Nonperforming loans totaled $10.0 million at December 31, 2023, up from $5.9 million at September 30, 2023. The increase in nonperforming loans was due primarily to the addition of small business lending and franchise finance loans for which specific reserves were established, as well as certain residential mortgage loans that were more than 90 days delinquent.

The allowance for credit losses (“ACL”) as a percentage of total loans was 1.01% as of December 31, 2023, compared to 0.98% as of September 30, 2023, and 0.91% as of December 31, 2022. The increase in the ACL reflects the addition of specific reserves mentioned above, as well as the overall growth in the loan portfolio, partially offset by the positive impact of economic data on forecasted loss rates and qualitative factors on certain portfolios.

Net charge-offs of $1.2 million were recognized during the fourth quarter of 2023, resulting in net charge-offs to average loans of 0.12%, compared to $1.5 million, or 0.16%, for the third quarter of 2023 and $0.2 million, or 0.03%, for the fourth quarter of 2022. Net charge-offs in the fourth quarter of 2023 were driven primarily by small business lending, as well as one healthcare finance loan that was charged-off during the quarter.

The provision for credit losses in the fourth quarter of 2023 was $3.6 million, compared to $1.9 million for the third quarter of 2023 and $2.1 million for the fourth quarter of 2022. The provision for the fourth quarter of 2023 was driven primarily by net charge-offs, specific reserves and growth in certain loan portfolios and unfunded commitments, partially offset by the positive impact of economic forecasts on certain portfolios.

Capital

As of December 31, 2023, total shareholders’ equity was $362.8 million, an increase of $15.1 million, or 4.3%, compared to September 30, 2023, and a decrease of $2.2 million, or 0.6%, compared to December 31, 2022. The increase in shareholders’ equity during the fourth quarter of 2023 compared to the linked quarter was due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $41.97 as of December 31, 2023, up from $40.11 as of September 30, 2023 and $40.26 as of December 31, 2022. Tangible book value per share was $41.43, up from $39.57 as of September 30, 2023 and $39.74 as of December 31, 2022.

In connection with its previously announced stock repurchase program, the Company repurchased 40,000 shares of its common stock during the fourth quarter of 2023 at an average price of $18.78 per share. The Company has repurchased $41.5 million of stock under its authorized programs since November of 2021.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of December 31, 2023.

		As of December 31, 2023
		Company			Bank
Total shareholders' equity to assets		7.02	%		8.62	%
Tangible common equity to tangible assets 1		6.94	%		8.54	%
Tier 1 leverage ratio 2		7.33	%		8.95	%
Common equity tier 1 capital ratio 2		9.60	%		11.73	%
Tier 1 capital ratio 2		9.60	%		11.73	%
Total risk-based capital ratio 2		13.23	%		12.73	%
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, January 25, 2024 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 23964485. A recorded replay can be accessed through February 24, 2024 by dialing (877) 674-7070; access code: 964485.

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 financial holding company with assets of $5.2 billion as of December 31, 2023. 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”. 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,” “help,” :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, SBA, and franchise finance 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 (benefit) provision, 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												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2023				2023				2022				2023				2022
Net income		$	4,143			$	3,409			$	6,351			$	8,417			$	35,541
Per share and share information
Earnings per share - basic		$	0.48			$	0.39			$	0.68			$	0.95			$	3.73
Earnings per share - diluted			0.48				0.39				0.68				0.95				3.70
Dividends declared per share			0.06				0.06				0.06				0.24				0.24
Book value per common share			41.97				40.11				40.26				41.97				40.26
Tangible book value per common share 1			41.43				39.57				39.74				41.43				39.74
Common shares outstanding			8,644,451				8,669,673				9,065,883				8,644,451				9,065,883
Average common shares outstanding:
Basic			8,683,331				8,744,385				9,281,309				8,837,558				9,530,921
Diluted			8,720,078				8,767,217				9,343,533				8,858,890				9,595,115
Performance ratios
Return on average assets			0.32	%			0.26	%			0.59	%			0.17	%			0.85	%
Return on average shareholders' equity			4.66	%			3.79	%			6.91	%			2.35	%			9.53	%
Return on average tangible common equity 1			4.72	%			3.84	%			7.00	%			2.38	%			9.65	%
Net interest margin			1.58	%			1.39	%			2.09	%			1.56	%			2.41	%
Net interest margin - FTE 1,2			1.68	%			1.49	%			2.22	%			1.67	%			2.54	%
Capital ratios 3
Total shareholders' equity to assets			7.02	%			6.73	%			8.03	%			7.02	%			8.03	%
Tangible common equity to tangible assets 1			6.94	%			6.64	%			7.94	%			6.94	%			7.94	%
Tier 1 leverage ratio			7.33	%			7.31	%			9.06	%			7.33	%			9.06	%
Common equity tier 1 capital ratio			9.60	%			9.59	%			10.93	%			9.60	%			10.93	%
Tier 1 capital ratio			9.60	%			9.59	%			10.93	%			9.60	%			10.93	%
Total risk-based capital ratio			13.23	%			13.18	%			14.75	%			13.23	%			14.75	%
Asset quality
Nonperforming loans		$	9,962			$	5,885			$	7,529			$	9,962			$	7,529
Nonperforming assets			10,354				6,069				7,571				10,354				7,571
Nonperforming loans to loans			0.26	%			0.16	%			0.22	%			0.26	%			0.22	%
Nonperforming assets to total assets			0.20	%			0.12	%			0.17	%			0.20	%			0.17	%
Allowance for credit losses - loans to:
Loans			1.01	%			0.98	%			0.91	%			1.01	%			0.91	%
Nonperforming loans			389.2	%			619.4	%			421.5	%			389.2	%			421.5	%
Net charge-offs to average loans			0.12	%			0.16	%			0.03	%			0.31	%			0.03	%
Average balance sheet information
Loans		$	3,799,211			$	3,700,410			$	3,382,212			$	3,682,490			$	3,123,972
Total securities			683,468			$	622,220			$	578,608				624,050				613,303
Other earning assets			500,733			$	653,375			$	149,910				500,061				278,073
Total interest-earning assets			4,984,133			$	4,976,667			$	4,119,897				4,809,840				4,033,542
Total assets			5,154,285			$	5,137,474			$	4,263,246				4,968,514				4,170,526
Noninterest-bearing deposits			123,351			$	127,540			$	135,702				125,816				120,325
Interest-bearing deposits			3,935,519			$	3,911,696			$	3,041,022				3,744,964				3,022,794
Total deposits			4,058,870			$	4,039,236			$	3,176,724				3,870,780				3,143,119
Shareholders' equity			353,037			$	356,701			$	364,657				357,800				372,844

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, except for December 31, 2022)
Dollar amounts in thousands
		December 31,				September 30,				December 31,
		2023				2023				2022
Assets
Cash and due from banks		$	8,269			$	3,595			$	17,426
Interest-bearing deposits			397,629				517,610				239,126
Securities available-for-sale, at fair value			474,855				450,827				390,384
Securities held-to-maturity, at amortized cost, net of allowance for credit losses			227,153				231,928				189,168
Loans held-for-sale			22,052				31,669				21,511
Loans			3,840,220				3,735,068				3,499,401
Allowance for credit losses - loans			(38,774	)			(36,452	)			(31,737	)
Net loans			3,801,446				3,698,616				3,467,664
Accrued interest receivable			26,746				23,761				21,069
Federal Home Loan Bank of Indianapolis stock			28,350				28,350				28,350
Cash surrender value of bank-owned life insurance			40,882				40,619				39,859
Premises and equipment, net			73,463				74,197				72,711
Goodwill			4,687				4,687				4,687
Servicing asset			10,567				9,579				6,255
Other real estate owned			375				106				-
Accrued income and other assets			51,098				53,479				44,894
Total assets		$	5,167,572			$	5,169,023			$	4,543,104
Liabilities
Noninterest-bearing deposits		$	123,464			$	125,265			$	175,315
Interest-bearing deposits			3,943,509				3,958,280				3,265,930
Total deposits			4,066,973				4,083,545				3,441,245
Advances from Federal Home Loan Bank			614,934				614,933				614,928
Subordinated debt			104,838				104,761				104,532
Accrued interest payable			3,848				2,968				2,913
Accrued expenses and other liabilities			14,184				15,072				14,512
Total liabilities			4,804,777				4,821,279				4,178,130
Shareholders' equity
Voting common stock			184,700				185,085				192,935
Retained earnings			207,470				203,856				205,675
Accumulated other comprehensive loss			(29,375	)			(41,197	)			(33,636	)
Total shareholders' equity			362,795				347,744				364,974
Total liabilities and shareholders' equity		$	5,167,572			$	5,169,023			$	4,543,104

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2022)
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2023				2023				2022				2023				2022
Interest income
Loans		$	52,690			$	48,898			$	40,354			$	192,337			$	140,600
Securities - taxable			5,447				4,301				3,222				17,189				10,711
Securities - non-taxable			962				912				699				3,532				1,767
Other earning assets			7,173				8,904				1,394				26,384				3,830
Total interest income			66,272				63,015				45,669				239,442				156,908
Interest expense
Deposits			41,078				40,339				18,807				143,363				41,832
Other borrowed funds			5,387				5,298				5,193				21,175				17,983
Total interest expense			46,465				45,637				24,000				164,538				59,815
Net interest income			19,807				17,378				21,669				74,904				97,093
Provision for credit losses			3,594				1,946				2,109				16,653				4,977
Net interest income after provision
for credit losses			16,213				15,432				19,560				58,251				92,116
Noninterest income
Service charges and fees			216				208				226				851				1,071
Loan servicing revenue			1,134				1,064				715				3,833				2,573
Loan servicing asset revaluation			(793	)			(257	)			(539	)			(1,463	)			(1,639	)
Mortgage banking activities			-				-				1,010				76				5,464
Gain on sale of loans			6,028				5,569				2,862				20,526				11,372
Other			816				823				1,533				2,302				2,416
Total noninterest income			7,401				7,407				5,807				26,125				21,257
Noninterest expense
Salaries and employee benefits			11,055				11,767				10,404				45,322				41,553
Marketing, advertising and promotion			518				500				837				2,567				3,554
Consulting and professional fees			893				552				914				3,082				4,826
Data processing			493				701				567				2,373				1,989
Loan expenses			1,371				1,336				1,018				5,756				4,435
Premises and equipment			2,846				2,315				2,921				10,599				10,688
Deposit insurance premium			1,334				1,067				355				3,880				1,152
Other			1,546				1,518				1,497				5,857				5,076
Total noninterest expense			20,056				19,756				18,513				79,436				73,273
Income before income taxes			3,558				3,083				6,854				4,940				40,100
Income tax (benefit) provision			(585	)			(326	)			503				(3,477	)			4,559
Net income		$	4,143			$	3,409			$	6,351			$	8,417			$	35,541
Per common share data
Earnings per share - basic		$	0.48			$	0.39			$	0.68			$	0.95			$	3.73
Earnings per share - diluted		$	0.48			$	0.39			$	0.68			$	0.95			$	3.70
Dividends declared per share		$	0.06			$	0.06			$	0.06			$	0.24			$	0.24
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
		December 31, 2023										September 30, 2023										December 31, 2022
		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		$	3,799,932			$	52,690		5.50	%		$	3,701,072			$	48,898		5.24	%		$	3,391,379			$	40,354		4.72	%
Securities - taxable			611,664				5,447		3.53	%			550,208				4,301		3.10	%			508,725				3,222		2.51	%
Securities - non-taxable			71,804				962		5.32	%			72,012				912		5.02	%			69,883				699		3.97	%
Other earning assets			500,733				7,173		5.68	%			653,375				8,904		5.41	%			149,910				1,394		3.69	%
Total interest-earning assets			4,984,133				66,272		5.28	%			4,976,667				63,015		5.02	%			4,119,897				45,669		4.40	%
Allowance for credit losses			(36,792	)									(35,601	)									(30,543	)
Noninterest-earning assets			206,944										196,408										173,892
Total assets		$	5,154,285									$	5,137,474									$	4,263,246
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	382,427			$	1,646		1.71	%		$	387,517			$	2,131		2.18	%		$	326,102			$	628		0.76	%
Savings accounts			22,394				48		0.85	%			26,221				56		0.85	%			47,799				104		0.86	%
Money market accounts			1,225,781				12,739		4.12	%			1,230,746				12,537		4.04	%			1,441,583				10,508		2.89	%
BaaS - brokered deposits			62,098				685		4.38	%			31,891				348		4.33	%			4,563				13		1.13	%
Certificates and brokered deposits			2,242,819				25,960		4.59	%			2,235,321				25,267		4.48	%			1,220,975				7,554		2.45	%
Total interest-bearing deposits			3,935,519				41,078		4.14	%			3,911,696				40,339		4.09	%			3,041,022				18,807		2.45	%
Other borrowed funds			719,733				5,387		2.97	%			719,655				5,298		2.92	%			712,465				5,193		2.89	%
Total interest-bearing liabilities			4,655,252				46,465		3.96	%			4,631,351				45,637		3.91	%			3,753,487				24,000		2.54	%
Noninterest-bearing deposits			123,351										127,540										135,702
Other noninterest-bearing liabilities			22,645										21,882										9,400
Total liabilities			4,801,248										4,780,773										3,898,589
Shareholders' equity			353,037										356,701										364,657
Total liabilities and shareholders' equity		$	5,154,285									$	5,137,474									$	4,263,246
Net interest income						$	19,807									$	17,378									$	21,669
Interest rate spread									1.32	%									1.11	%									1.86	%
Net interest margin									1.58	%									1.39	%									2.09	%
Net interest margin - FTE 2,3									1.68	%									1.49	%									2.22	%

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
		Twelve Months Ended
		December 31, 2023										December 31, 2022
		Average				Interest /			Yield /			Average				Interest /			Yield /
		Balance				Dividends			Cost			Balance				Dividends			Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1		$	3,685,729			$	192,337		5.22	%		$	3,142,166			$	140,600		4.47	%
Securities - taxable			551,479				17,189		3.12	%			537,921				10,711		1.99	%
Securities - non-taxable			72,571				3,532		4.87	%			75,382				1,767		2.34	%
Other earning assets			500,061				26,384		5.28	%			278,073				3,830		1.38	%
Total interest-earning assets			4,809,840				239,442		4.98	%			4,033,542				156,908		3.89	%
			-
Allowance for credit losses			(36,038	)									(29,143	)
Noninterest-earning assets			194,712										166,127
Total assets		$	4,968,514									$	4,170,526
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	366,082			$	6,186		1.69	%		$	333,737			$	2,056		0.62	%
Savings accounts			29,200				249		0.85	%			58,156				336		0.58	%
Money market accounts			1,276,602				49,890		3.91	%			1,423,185				18,513		1.30	%
BaaS - brokered deposits			33,039				1,402		4.24	%			60,699				1,033		1.70	%
Certificates and brokered deposits			2,040,041				85,636		4.20	%			1,147,017				19,894		1.73	%
Total interest-bearing deposits			3,744,964				143,363		3.83	%			3,022,794				41,832		1.38	%
Other borrowed funds			719,617				21,175		2.94	%			638,526				17,983		2.82	%
Total interest-bearing liabilities			4,464,581				164,538		3.69	%			3,661,320				59,815		1.63	%
Noninterest-bearing deposits			125,816										120,325
Other noninterest-bearing liabilities			20,317										16,037
Total liabilities			4,610,714										3,797,682
Shareholders' equity			357,800										372,844
Total liabilities and shareholders' equity		$	4,968,514									$	4,170,526
Net interest income						$	74,904									$	97,093
Interest rate spread									1.29	%									2.26	%
Net interest margin									1.56	%									2.41	%
Net interest margin - FTE 2,3									1.67	%									2.54	%

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
		December 31, 2023						September 30, 2023						December 31, 2022
		Amount			Percent			Amount			Percent			Amount			Percent
Commercial loans
Commercial and industrial		$	129,349		3.4	%		$	114,265		3.1	%		$	126,108		3.6	%
Owner-occupied commercial real estate			57,286		1.5	%			58,486		1.6	%			61,836		1.8	%
Investor commercial real estate			132,077		3.4	%			129,831		3.5	%			93,121		2.7	%
Construction			261,750		6.8	%			252,105		6.7	%			181,966		5.2	%
Single tenant lease financing			936,616		24.4	%			933,873		25.0	%			939,240		26.8	%
Public finance			521,764		13.6	%			535,960		14.3	%			621,032		17.7	%
Healthcare finance			222,793		5.8	%			235,622		6.3	%			272,461		7.8	%
Small business lending			218,506		5.7	%			192,996		5.2	%			123,750		3.5	%
Franchise finance			525,783		13.7	%			455,094		12.2	%			299,835		8.6	%
Total commercial loans			3,005,924		78.3	%			2,908,232		77.9	%			2,719,349		77.7	%
Consumer loans
Residential mortgage			395,648		10.3	%			393,501		10.5	%			383,948		11.0	%
Home equity			23,669		0.6	%			23,544		0.6	%			24,712		0.7	%
Trailers			188,763		4.9	%			186,424		5.0	%			167,326		4.8	%
Recreational vehicles			145,558		3.8	%			140,205		3.8	%			121,808		3.5	%
Other consumer loans			43,293		1.1	%			42,822		1.1	%			35,464		1.0	%
Total consumer loans			796,931		20.7	%			786,496		21.0	%			733,258		21.0	%
Net deferred loan fees, premiums, discounts and other 1			37,365		1.0	%			40,340		1.1	%			46,794		1.3	%
Total loans		$	3,840,220		100.0	%		$	3,735,068		100.0	%		$	3,499,401		100.0	%
		December 31, 2023						September 30, 2023						December 31, 2022
		Amount			Percent			Amount			Percent			Amount			Percent
Deposits
Noninterest-bearing deposits		$	123,464		3.0	%		$	125,265		3.1	%		$	175,315		5.1	%
Interest-bearing demand deposits			402,976		9.9	%			374,915		9.2	%			335,611		9.8	%
Savings accounts			21,364		0.5	%			23,811		0.6	%			44,819		1.3	%
Money market accounts			1,248,319		30.8	%			1,222,511		29.9	%			1,418,599		41.2	%
BaaS - brokered deposits			74,401		1.8	%			41,884		1.0	%			13,607		0.4	%
Certificates of deposits			1,605,156		39.5	%			1,624,447		39.8	%			874,490		25.4	%
Brokered deposits			591,293		14.5	%			670,712		16.4	%			578,804		16.8	%
Total deposits		$	4,066,973		100.0	%		$	4,083,545		100.0	%		$	3,441,245		100.0	%

1 Includes carrying value adjustments of $27.8 million, $29.0 million and $32.5 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2023				2023				2022				2023				2022
Total equity - GAAP		$	362,795			$	347,744			$	364,974			$	362,795			$	364,974
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible common equity		$	358,108			$	343,057			$	360,287			$	358,108			$	360,287
Total assets - GAAP		$	5,167,572			$	5,169,023			$	4,543,104			$	5,167,572			$	4,543,104
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible assets		$	5,162,885			$	5,164,336			$	4,538,417			$	5,162,885			$	4,538,417
Common shares outstanding			8,644,451				8,669,673				9,065,883				8,644,451				9,065,883
Book value per common share		$	41.97			$	40.11			$	40.26			$	41.97			$	40.26
Effect of goodwill			(0.54	)			(0.54	)			(0.52	)			(0.54	)			(0.52	)
Tangible book value per common share		$	41.43			$	39.57			$	39.74			$	41.43			$	39.74
Total shareholders' equity to assets			7.02	%			6.73	%			8.03	%			7.02	%			8.03	%
Effect of goodwill			(0.08	%)			(0.09	%)			(0.09	%)			(0.08	%)			(0.09	%)
Tangible common equity to tangible assets			6.94	%			6.64	%			7.94	%			6.94	%			7.94	%
Total average equity - GAAP		$	353,037			$	356,701			$	364,657			$	357,800			$	372,844
Adjustments:
Average goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Average tangible common equity		$	348,350			$	352,014			$	359,970			$	353,113			$	368,157
Return on average shareholders' equity			4.66	%			3.79	%			6.91	%			2.35	%			9.53	%
Effect of goodwill			0.06	%			0.05	%			0.09	%			0.03	%			0.12	%
Return on average tangible common equity			4.72	%			3.84	%			7.00	%			2.38	%			9.65	%
Total interest income		$	66,272			$	63,015			$	45,669			$	239,442			$	156,908
Adjustments:
Fully-taxable equivalent adjustments 1			1,238				1,265				1,384				5,233				5,355
Total interest income - FTE		$	67,510			$	64,280			$	47,053			$	244,675			$	162,263
Net interest income		$	19,807			$	17,378			$	21,669			$	74,904			$	97,093
Adjustments:
Fully-taxable equivalent adjustments 1			1,238				1,265				1,384				5,233				5,355
Net interest income - FTE		$	21,045			$	18,643			$	23,053			$	80,137			$	102,448
Net interest margin			1.58	%			1.39	%			2.09	%			1.56	%			2.41	%
Effect of fully-taxable equivalent adjustments 1			0.10	%			0.10	%			0.13	%			0.11	%			0.13	%
Net interest margin - FTE			1.68	%			1.49	%			2.22	%			1.67	%			2.54	%
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											Twelve Months Ended
		December 31,				September 30,				December 31,			December 31,				December 31,
		2023				2023				2022			2023				2022
Total revenue - GAAP		$	27,208			$	24,785			$	27,476		$	101,029			$	118,350
Adjustments:
Mortgage-related revenue			-				-				-			-				-
Adjusted total revenue		$	27,208			$	24,785			$	27,476		$	101,029			$	118,350
Noninterest income - GAAP		$	7,401			$	7,407			$	5,807		$	26,125			$	21,257
Adjustments:
Mortgage-related revenue			-				-				-			(65	)			-
Adjusted noninterest income		$	7,401			$	7,407			$	5,807		$	26,060			$	21,257
Noninterest expense - GAAP		$	20,056			$	19,756			$	18,513		$	79,436			$	73,273
Adjustments:
Mortgage-related costs			-				-				-			(3,052	)			-
Acquisition-related expenses			-				-				-			-				(273	)
Write-down of software			-				-				-			-				(125	)
Nonrecurring consulting fee			-				-				-			-				(875	)
Discretionary inflation bonus			-				-				-			-				(531	)
Accelerated equity compensation			-				-				-			-				(289	)
Adjusted noninterest expense		$	20,056			$	19,756			$	18,513		$	76,384			$	71,180
Income before income taxes - GAAP		$	3,558			$	3,083			$	6,854		$	4,940			$	40,100
Adjustments:1
Mortgage-related revenue			-				-				-			(65	)			-
Mortgage-related costs			-				-				-			3,052				-
Partial charge-off of C&I participation loan			-				-				-			6,914				-
Acquisition-related expenses			-				-				-			-				273
Write-down of software			-				-				-			-				125
Nonrecurring consulting fee			-				-				-			-				875
Discretionary inflation bonus			-				-				-			-				531
Accelerated equity compensation			-				-				-			-				289
Adjusted income before income taxes		$	3,558			$	3,083			$	6,854		$	14,841			$	42,193
Income tax (benefit) provision - GAAP		$	(585	)		$	(326	)		$	503		$	(3,477	)		$	4,559
Adjustments:1
Mortgage-related revenue			-				-				-			(14	)			-
Mortgage-related costs			-				-				-			641				-
Partial charge-off of C&I participation loan			-				-				-			1,452				-
Acquisition-related expenses			-				-				-			-				57
Write-down of software			-				-				-			-				26
Nonrecurring consulting fee			-				-				-			-				184
Discretionary inflation bonus			-				-				-			-				112
Accelerated equity compensation			-				-				-			-				61
Adjusted income tax (benefit) provision		$	(585	)		$	(326	)		$	503		$	(1,398	)		$	4,999
Net income- GAAP		$	4,143			$	3,409			$	6,351		$	8,417			$	35,541
Adjustments:
Mortgage-related revenue			-				-				-			(51	)			-
Mortgage-related costs			-				-				-			2,411				-
Partial charge-off of C&I participation loan			-				-				-			5,462				-
Acquisition-related expenses			-				-				-			-				216
Write-down of software			-				-				-			-				99
Nonrecurring consulting fee			-				-				-			-				691
Discretionary inflation bonus			-				-				-			-				419
Accelerated equity compensation			-				-				-			-				228
Adjusted net income		$	4,143			$	3,409			$	6,351		$	16,239			$	37,194
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												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2023				2023				2022				2023				2022
Diluted average common shares outstanding			8,720,078				8,767,217				9,343,533				8,858,890				9,595,115
Diluted earnings per share - GAAP		$	0.48			$	0.39			$	0.68			$	0.95			$	3.70
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			-				-				-				0.62				-
Effect of acquisition-related expenses			-				-								-				0.02
Effect of write-down of software			-				-				-				-				0.01
Effect of nonrecurring consulting fee			-				-				-				-				0.07
Effect of discretionary inflation			-				-				-				-				0.04
Effect of accelerated equity compensation			-								-				-				0.02
Adjusted diluted earnings per share		$	0.48			$	0.39			$	0.68			$	1.83			$	3.86
Return on average assets			0.32	%			0.26	%			0.59	%			0.17	%			0.85	%
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	%			0.05	%			0.00	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			0.11	%			0.00	%
Effect of acquisition-related expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.01	%
Effect of write-down of software			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
Effect of nonrecurring consulting fee			0.00	%			0.00	%			0.00	%			0.00	%			0.02	%
Effect of discretionary inflation			0.00	%			0.00	%			0.00	%			0.00	%			0.01	%
Effect of accelerated equity compensation			0.00	%			0.00	%			0.00	%			0.00	%			0.01	%
Adjusted return on average assets			0.32	%			0.26	%			0.59	%			0.33	%			0.90	%
Return on average shareholders' equity			4.66	%			3.79	%			6.91	%			2.35	%			9.53	%
Effect of mortgage-related revenue			0.00	%			0.00	%			0.00	%			(0.01	%)			0.00	%
Effect of mortgage-related costs			0.00	%			0.00	%			0.00	%			0.67	%			0.00	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			1.53	%			0.00	%
Effect of acquisition-related expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.06	%
Effect of write-down of software			0.00	%			0.00	%			0.00	%			0.00	%			0.03	%
Effect of nonrecurring consulting fee			0.00	%			0.00	%			0.00	%			0.00	%			0.19	%
Effect of discretionary inflation			0.00	%			0.00	%			0.00	%			0.00	%			0.11	%
Effect of accelerated equity compensation			0.00	%			0.00	%			0.00	%			0.00	%			0.06	%
Adjusted return on average shareholders' equity			4.66	%			3.79	%			6.91	%			4.54	%			9.98	%
Return on average tangible common equity			4.72	%			3.84	%			7.00	%			2.38	%			9.65	%
Effect of mortgage-related revenue			0.00	%			0.00	%			0.00	%			(0.01	%)			0.00	%
Effect of mortgage-related costs			0.00	%			0.00	%			0.00	%			0.68	%			0.00	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			1.55	%			0.00	%
Effect of acquisition-related expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.06	%
Effect of write-down of software			0.00	%			0.00	%			0.00	%			0.00	%			0.03	%
Effect of nonrecurring consulting fee			0.00	%			0.00	%			0.00	%			0.00	%			0.19	%
Effect of discretionary inflation			0.00	%			0.00	%			0.00	%			0.00	%			0.11	%
Effect of accelerated equity compensation			0.00	%			0.00	%			0.00	%			0.00	%			0.06	%
Adjusted return on average tangible common equity			4.72	%			3.84	%			7.00	%			4.60	%			10.10	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240122836057/en/

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

Media

BLASTmedia for First Internet Bank

Ryan Hecker

firstib@blastmedia.com

Source: First Internet Bancorp

FAQ

What is the ticker symbol for First Internet Bancorp?

The ticker symbol for First Internet Bancorp is INBK.

What was the net income for First Internet Bancorp in the fourth quarter of 2023?

The net income for First Internet Bancorp in the fourth quarter of 2023 was $4.1 million.

What was the increase in diluted earnings per share from the third quarter of 2023 to the fourth quarter of 2023?

The increase in diluted earnings per share from the third quarter of 2023 to the fourth quarter of 2023 was 23.1%.

How much did First Internet Bancorp repurchase in shares during the fourth quarter of 2023?

First Internet Bancorp repurchased 40,000 shares at an average price of $18.78 during the fourth quarter of 2023.

What was the tangible book value per share for First Internet Bancorp in the fourth quarter of 2023?

The tangible book value per share for First Internet Bancorp in the fourth quarter of 2023 was $41.43.