First Internet Bancorp Reports Second Quarter 2024 Results
First Internet Bancorp (INBK) reported strong Q2 2024 results, with net income of $5.8 million and adjusted net income of $6.2 million, up 11.5% and 20.2% respectively from Q1 2024. Diluted EPS reached $0.67, while adjusted diluted EPS was $0.72. The company saw improvements in net interest income, noninterest income, and loan growth. Key highlights include:
- Net interest margin increased to 1.67%
- Noninterest income grew 32.2% to $11.0 million
- Loan growth of $51.3 million, up 1.3% from Q1 2024
- Nonperforming loans to total loans at 0.33%
- Tangible book value per share increased to $42.37
The company's diversified revenue base and optimization of its loan portfolio contributed to the strong performance. SBA business growth and strategic initiatives drove improvements in noninterest income.
First Internet Bancorp (INBK) ha riportato risultati solidi per il secondo trimestre del 2024, con un reddito netto di 5,8 milioni di dollari e un reddito netto rettificato di 6,2 milioni di dollari, in aumento dell'11,5% e del 20,2% rispettivamente rispetto al primo trimestre del 2024. L'EPS diluito ha raggiunto $0,67, mentre l'EPS diluito rettificato era di $0,72. L'azienda ha registrato miglioramenti nel reddito d'interesse netto, nel reddito non da interesse e nella crescita dei prestiti. I punti salienti includono:
- Il margine d'interesse netto è aumentato al 1,67%
- Il reddito non da interesse è cresciuto del 32,2%, raggiungendo 11,0 milioni di dollari
- Crescita dei prestiti di 51,3 milioni di dollari, con un incremento dell'1,3% rispetto al primo trimestre 2024
- I prestiti non performanti rispetto al totale dei prestiti sono allo 0,33%
- Il valore contabile tangibile per azione è aumentato a 42,37 dollari
La base di reddito diversificata dell'azienda e l'ottimizzazione del suo portafoglio prestiti hanno contribuito alla solida performance. La crescita del business SBA e le iniziative strategiche hanno portato miglioramenti nel reddito non da interesse.
First Internet Bancorp (INBK) informó sobre resultados sólidos en el segundo trimestre de 2024, con un ingreso neto de 5.8 millones de dólares y un ingreso neto ajustado de 6.2 millones de dólares, un aumento del 11.5% y del 20.2% respectivamente en comparación con el primer trimestre de 2024. El EPS diluido alcanzó $0.67, mientras que el EPS diluido ajustado fue de $0.72. La compañía vio mejoras en los ingresos netos por intereses, ingresos no por intereses y crecimiento de préstamos. Los aspectos destacados incluyen:
- El margen de interés neto aumentó al 1.67%
- Los ingresos no por intereses crecieron un 32.2% hasta 11.0 millones de dólares
- Crecimiento de préstamos de 51.3 millones de dólares, un aumento del 1.3% respecto al primer trimestre de 2024
- Los préstamos no rentables fueron el 0.33% del total de préstamos
- El valor contable tangible por acción aumentó a 42.37 dólares
La base de ingresos diversificada de la compañía y la optimización de su cartera de préstamos contribuyeron al sólido rendimiento. El crecimiento del negocio de la SBA y las iniciativas estratégicas impulsaron mejoras en los ingresos no por intereses.
퍼스트 인터넷 뱅콥(INBK)은 2024년 2분기 결과를 발표했으며, 순이익이 580만 달러 그리고 조정된 순이익이 620만 달러로 각각 11.5% 및 20.2% 증가했습니다. 희석 주당순이익(EPS)은 $0.67에 도달했으며, 조정 희석 EPS는 $0.72였습니다. 이 회사는 순이자 수익, 비이자 수익 및 대출 성장에서 개선을 보았습니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 마진이 1.67%로 증가했습니다.
- 비이자 수익이 32.2% 증가하여 1,100만 달러에 도달했습니다.
- 대출 성장은 5,130만 달러로, 2024년 1분기 대비 1.3% 증가했습니다.
- 비수익 대출 비율은 총 대출의 0.33%입니다.
- 주당 tangible book value는 42.37 달러로 증가했습니다.
회사의 다양한 수익 기반과 대출 포트폴리오 최적화가 이번 성과에 기여했습니다. SBA 사업의 성장과 전략적 이니셔티브가 비이자 수익 개선을 이끌었습니다.
First Internet Bancorp (INBK) a annoncé des résultats solides pour le deuxième trimestre de 2024, avec un revenu net de 5,8 millions de dollars et un revenu net ajusté de 6,2 millions de dollars, en hausse de 11,5 % et 20,2 % respectivement par rapport au premier trimestre de 2024. Le BPA dilué a atteint 0,67 USD, tandis que le BPA dilué ajusté était de 0,72 USD. L'entreprise a observé des améliorations dans le revenu d'intérêt net, le revenu non d'intérêt et la croissance des prêts. Les points saillants comprennent :
- La marge d'intérêt net a augmenté à 1,67 %
- Le revenu non d'intérêt a crû de 32,2 % pour atteindre 11,0 millions de dollars
- Croissance des prêts de 51,3 millions de dollars, en hausse de 1,3 % par rapport au premier trimestre de 2024
- Les prêts non performants représentent 0,33 % du total des prêts
- La valeur comptable tangible par action a augmenté à 42,37 dollars
La base de revenus diversifiée de l'entreprise et l'optimisation de son portefeuille de prêts ont contribué à sa solide performance. La croissance des activités SBA et les initiatives stratégiques ont permis d'améliorer le revenu non d'intérêt.
First Internet Bancorp (INBK) hat starke Ergebnisse für das 2. Quartal 2024 berichtet, mit einem Nettogewinn von 5,8 Millionen Dollar und einem angepassten Nettogewinn von 6,2 Millionen Dollar, was einem Anstieg von 11,5% bzw. 20,2% im Vergleich zum 1. Quartal 2024 entspricht. Der verwässerte Gewinn pro Aktie (EPS) erreichte 0,67 USD, während der angepasste verwässerte EPS bei 0,72 USD lag. Das Unternehmen verzeichnete Verbesserungen beim Nettzinsüberschuss, bei den nichtzinslichen Einnahmen und beim Wachstum der Kredite. Zu den wichtigsten Punkten gehören:
- Die Nettomarge stieg auf 1,67%
- Die nichtzinslichen Einnahmen wuchsen um 32,2% auf 11,0 Millionen Dollar
- Das Kreditwachstum betrug 51,3 Millionen Dollar, ein Anstieg von 1,3% im Vergleich zum 1. Quartal 2024
- Die notleidenden Kredite beliefen sich auf 0,33% der Gesamtkredite
- Der tangible Buchwert pro Aktie stieg auf 42,37 Dollar
Die diversifizierte Einnahmebasis des Unternehmens und die Optimierung seines Kreditportfolios trugen zur starken Leistung bei. Das Wachstum des SBA-Geschäfts und strategische Initiativen führten zu Verbesserungen bei den nichtzinslichen Einnahmen.
- Net income increased 11.5% to $5.8 million
- Adjusted net income grew 20.2% to $6.2 million
- Diluted EPS increased 13.6% to $0.67
- Adjusted diluted EPS rose 22.0% to $0.72
- Net interest income grew 2.9% to $21.3 million
- Noninterest income increased 32.2% to $11.0 million
- Loan growth of $51.3 million, up 1.3% from Q1 2024
- Tangible book value per share increased 1.3% to $42.37
- Net charge-offs to average loans increased to 0.14% from 0.05% in Q1 2024
- Provision for credit losses increased to $4.0 million from $2.4 million in Q1 2024
- Nonperforming loans remained unchanged at 0.33% of total loans
Insights
First Internet Bancorp's Q2 2024 results demonstrate solid financial performance and strategic growth. The company reported net income of
The bank's net interest income increased by
Loan growth was modest at
The efficiency ratio improved as revenue growth outpaced expense growth, demonstrating positive operating leverage. This, combined with the increase in tangible book value per share to
While the results are generally positive, investors should note the bank's relatively low net interest margin of
First Internet Bancorp's Q2 2024 results highlight its successful navigation of the challenging banking environment. The bank's strategy of diversifying its revenue streams, particularly through its SBA lending business, is proving effective. The
The bank's focus on variable rate and higher-yielding products is a prudent approach in the current interest rate environment. This strategy has contributed to the improvement in net interest margin, albeit modest. The increase in the yield on funded portfolio loan originations to
The slight increase in the cost of deposits to
The growth in the commercial loan portfolio, particularly in investor commercial real estate, small business lending and franchise finance, shows the bank's strategic focus on these sectors. However, the early payoffs in the commercial and industrial and construction portfolios highlight the challenges of retaining higher-yielding variable rate loans in the current environment.
The increase in the allowance for credit losses and the uptick in net charge-offs, while still at manageable levels, warrant attention. This could be an early indicator of potential credit quality pressures, particularly in the small business and franchise finance sectors.
Overall, First Internet Bancorp's performance demonstrates its ability to adapt to market conditions and execute on its strategic initiatives. The bank's digital-first model continues to prove its relevance in the evolving banking landscape.
Second Quarter 2024 Financial Highlights
-
Net income of
$5.8 million $6.2 million 11.5% and20.2% , respectively, from the first quarter of 2024 -
Diluted earnings per share of
$0.67 $0.72 13.6% and22.0% , respectively, from the first quarter of 2024 -
Net interest income of
$21.3 million $22.5 million 2.9% and2.6% , respectively, from the first quarter of 2024 -
Net interest margin of
1.67% and fully-taxable equivalent net interest margin1 of1.76% , both increases of 1 basis point from the first quarter of 2024 -
Noninterest income of
$11.0 million 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 of6.2% and3.5% , respectively, resulting in positive operating leverage -
Loan growth of
$51.3 million 1.3% increase from the first quarter of 2024 -
Nonperforming loans to total loans of
0.33% ; net charge-offs to average loans of0.14% ; allowance for credit losses to total loans of1.10% -
Tangible book value per share1 of
$42.37 1.3% increase from the first quarter of 2024, and a6.3% 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
Total interest income for the second quarter of 2024 was
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
Interest income earned on securities during the second quarter of 2024 increased
Total interest expense for the second quarter of 2024 was
Average CD balances increased
The average balance of interest-bearing demand deposits increased
These increases were partially offset by lower average brokered deposit balances, which decreased
Net interest margin (“NIM”) was
Noninterest Income
Noninterest income for the second quarter of 2024 was
Noninterest Expense
Noninterest expense totaled
The increase in recurring salaries and employee benefits was
Income Taxes
The Company recorded income tax expense of
Loans and Credit Quality
Total loans as of June 30, 2024 were
Total consumer loan balances were
Total delinquencies 30 days or more past due were
Nonperforming loans were
The allowance for credit losses (“ACL”) as a percentage of total loans was
Net charge-offs of
The provision for credit losses in the second quarter of 2024 was
Capital
As of June 30, 2024, total shareholders’ equity was
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 |
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Company |
Bank |
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Total shareholders' equity to assets |
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Tangible common equity to tangible assets 1 |
|
|
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Tier 1 leverage ratio 2 |
|
|
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Common equity tier 1 capital ratio 2 |
|
|
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Tier 1 capital ratio 2 |
|
|
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Total risk-based capital ratio 2 |
|
|
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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." |
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2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports. |
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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
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
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with
| 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 |
|||||||||||||
| 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 |
|
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 |
|||||||||||||||
| 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 |
|||||||||||||||
| 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 |
| 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 |
| 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 |
| 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 |
% |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722098263/en/
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
Source: First Internet Bancorp
FAQ
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What was First Internet Bancorp's (INBK) net interest margin in Q2 2024?
