First Internet Bancorp Reports Third Quarter 2024 Results
First Internet Bancorp (INBK) reported strong Q3 2024 results with net income of $7.0 million, up 21.0% from Q2 2024. Diluted EPS increased 19.4% to $0.80. Net interest income grew 2.1% to $21.8 million, while noninterest income rose 9.0% to $12.0 million. The company saw loan growth of $74.7 million (1.9%) and deposit growth of $523.8 million (12.3%). Asset quality metrics remained solid with nonperforming loans at 0.56% of total loans and net charge-offs at 0.15%. The tangible book value per share increased 3.6% to $43.89.
First Internet Bancorp (INBK) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto di 7,0 milioni di dollari, in aumento del 21,0% rispetto al secondo trimestre del 2024. L'EPS diluito è aumentato del 19,4% a $0,80. Il reddito da interessi netti è cresciuto del 2,1% a 21,8 milioni di dollari, mentre il reddito non da interessi è salito del 9,0% a 12,0 milioni di dollari. L'azienda ha registrato una crescita dei prestiti di 74,7 milioni di dollari (1,9%) e una crescita dei depositi di 523,8 milioni di dollari (12,3%). I parametri di qualità degli attivi sono rimasti solidi, con prestiti non performanti allo 0,56% del totale dei prestiti e oneri netti di cancellazione allo 0,15%. Il valore contabile tangibile per azione è aumentato del 3,6% a $43,89.
First Internet Bancorp (INBK) informó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 7.0 millones de dólares, un aumento del 21.0% respecto al segundo trimestre de 2024. El EPS diluido aumentó un 19.4% a $0.80. Los ingresos por intereses netos crecieron un 2.1% a 21.8 millones de dólares, mientras que los ingresos no por intereses subieron un 9.0% a 12.0 millones de dólares. La compañía vio un crecimiento de préstamos de 74.7 millones de dólares (1.9%) y un crecimiento de depósitos de 523.8 millones de dólares (12.3%). Los indicadores de calidad de activos se mantuvieron sólidos, con préstamos en mora en el 0.56% del total de préstamos y cancelaciones netas en el 0.15%. El valor contable tangible por acción aumentó un 3.6% a $43.89.
퍼스트 인터넷 뱅코프 (INBK)는 2024년 3분기에 700만 달러의 순이익을 보고하며 강력한 실적을 기록했습니다. 이는 2024년 2분기 대비 21.0% 증가한 수치입니다. 희석 주당순이익(EPS)은 19.4% 증가하여 $0.80에 달했습니다. 순이자 수익은 2.1% 증가한 2,180만 달러에 이르렀고, 비이자 수익은 9.0% 증가한 1,200만 달러로 상승했습니다. 회사는 7470만 달러(1.9%)의 대출 증가와 5억 2380만 달러(12.3%)의 예금 증가를 보았습니다. 자산 품질 지표는 견고하게 유지되었으며, 연체 대출 비율은 총 대출의 0.56%에 불과하고 순취급손실율은 0.15%였습니다. 주당 실물 장부 가치는 3.6% 증가하여 $43.89에 달했습니다.
First Internet Bancorp (INBK) a annoncé des résultats solides pour le troisième trimestre 2024, avec un bénéfice net de 7 millions de dollars, en hausse de 21,0% par rapport au deuxième trimestre 2024. Le BPA dilué a augmenté de 19,4% pour atteindre 0,80 $. Le revenu d'intérêts net a progressé de 2,1% pour atteindre 21,8 millions de dollars, tandis que le revenu non lié aux intérêts a augmenté de 9,0% pour atteindre 12,0 millions de dollars. L'entreprise a enregistré une croissance des prêts de 74,7 millions de dollars (1,9%) et une croissance des dépôts de 523,8 millions de dollars (12,3%). Les indicateurs de qualité des actifs sont restés solides, avec des prêts non performants représentant 0,56% du total des prêts et des annulations nettes de 0,15%. La valeur comptable tangible par action a augmenté de 3,6% pour atteindre 43,89 $.
First Internet Bancorp (INBK) berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Nettoergebnis von 7,0 Millionen Dollar, was einem Anstieg von 21,0% im Vergleich zum zweiten Quartal 2024 entspricht. Der verwässerte Gewinn pro Aktie stieg um 19,4% auf $0,80. Die Nettozinseinnahmen wuchsen um 2,1% auf 21,8 Millionen Dollar, während die nichtzinsbezogenen Einnahmen um 9,0% auf 12,0 Millionen Dollar stiegen. Das Unternehmen verzeichnete ein Wachstum der Kredite um 74,7 Millionen Dollar (1,9%) und Wachstum der Einlagen um 523,8 Millionen Dollar (12,3%). Die Kennzahlen zur Asset-Qualität blieben solide, mit notleidenden Krediten von 0,56% des Gesamtbetrags der Kredite und Nettovalorisierungen von 0,15%. Der tangible Buchwert pro Aktie stieg um 3,6% auf $43,89.
- Net income increased 21.0% to $7.0 million
- Diluted EPS grew 19.4% to $0.80
- Net interest income rose 2.1% to $21.8 million
- Noninterest income increased 9.0% to $12.0 million
- Strong deposit growth of $523.8 million (12.3%)
- Tangible book value per share increased 3.6% to $43.89
- Net interest margin declined to 1.62% from 1.67% in Q2 2024
- Nonperforming loans increased to 0.56% from 0.33% in Q2 2024
- Delinquencies increased to 0.75% from 0.56% in Q2 2024
Insights
The Q3 2024 results demonstrate solid financial performance with several positive indicators. Net income increased
Key strengths include record gain-on-sale revenue from SBA lending and improved balance sheet flexibility. The loans-to-deposits ratio of
The tangible book value per share grew
Third Quarter 2024 Financial Highlights
-
Net income of
$7.0 million 21.0% from the second quarter of 2024 -
Diluted earnings per share of
$0.80 19.4% from the second quarter of 2024 -
Net interest income of
$21.8 million $22.9 million 2.1% and1.8% , respectively, from the second quarter of 2024 -
Net interest margin of
1.62% and fully-taxable equivalent net interest margin1 of1.70% , compared to1.67% and1.76% , respectively, for the second quarter of 2024 -
Noninterest income of
$12.0 million 9.0% increase from the second quarter of 2024 -
Loan growth of
$74.7 million 1.9% increase from the second quarter of 2024; Deposit growth of$523.8 million 12.3% increase from the second quarter of 2024; Loans to deposits ratio of84.1% -
Nonperforming loans to total loans of
0.56% ; net charge-offs to average loans of0.15% ; allowance for credit losses to total loans of1.13% -
Tangible common equity to tangible assets ratio1 of
6.54% , and7.49% ex-AOCI and adjusted for normalized cash balances1; CET1 ratio of9.37% -
Tangible book value per share1 of
$43.89 3.6% increase from the second quarter of 2024, and a10.9% increase from the third quarter of 2023
“Our third quarter results demonstrated strong performance virtually across the board,” said David Becker, Chairman and Chief Executive Officer. “Growth in net interest income, driven by higher earning asset yields and stable funding costs, along with record gain-on-sale revenue from the continued expansion of our national SBA platform, propelled an increase in operating revenues for the fifth consecutive quarter, resulting in significant positive operating leverage.
“Additionally, robust deposit growth and the ongoing strategic shift in loan mix have increased balance sheet flexibility, enhanced our interest rate risk profile, and improved our liquidity position to its strongest level in recent history, as indicated by our loans-to-deposits ratio.
“Looking ahead, we are well-positioned to deliver increased earnings and profitability by continuing to execute our core strategies of revenue diversification and balance sheet optimization. Our balance sheet and capital position are solid, and measures of asset quality remain sound. I want to thank our employees for their dedication and hard work in driving increased value for our stakeholders.”
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2024 was
Total interest income for the third quarter of 2024 was
Interest income earned on commercial loans was higher due primarily to increased average balances within the investor commercial real estate, construction and small business lending portfolios. This was partially offset by lower average balances in the commercial and industrial and public finance portfolios, both of which were impacted by early payoffs which resulted in lower interest income compared to the prior quarter. The continued shift in the loan mix reflects the Company’s focus on higher-yielding variable rate 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 higher average balances and continued strong new origination yields in the trailers, RV and other consumer loan portfolios.
The yield on funded portfolio loan originations was
Interest income earned on securities during the third quarter of 2024 increased
Total interest expense for the third quarter of 2024 was
Average CD balances increased
The average balance of interest-bearing demand deposits increased
Interest expense was also impacted by the cost of other borrowed funds. The average balance of FHLB advances declined during the third quarter of 2024; however, the cost of funds increased as lower-cost advances matured. Additionally, one of the Company’s subordinated debt issuances converted from fixed to floating rate early in the third quarter of 2024. As a result, the cost of other borrowed funds increased 56 bps.
Net interest margin (“NIM”) was
Noninterest Income
Noninterest income for the third quarter of 2024 was
Noninterest Expense
Noninterest expense totaled
Income Taxes
The Company recorded income tax expense of
Loans and Credit Quality
Total loans as of September 30, 2024, were
Total consumer loan balances were
Total delinquencies 30 days or more past due 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 third quarter of 2024 was
Capital
As of September 30, 2024, total shareholders’ equity was
The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of September 30, 2024.
As of September 30, 2024 |
||||
Company |
Bank |
|||
Total shareholders' equity to assets |
|
|
||
Tangible common equity to tangible assets 1 |
|
|
||
Tier 1 leverage ratio 2 |
|
|
||
Common equity tier 1 capital ratio 2 |
|
|
||
Tier 1 capital ratio 2 |
|
|
||
Total risk-based capital ratio 2 |
|
|
||
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, October 24, 2024, to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 59135394. A recorded replay can be accessed through November 24, 2024, by dialing (877) 674-7070; access code: 135394#.
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,” “enhance,” “estimate,” “expanding,” “expect,” “going forward,” “growth,” ”improve,” “increase,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “stable,” “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 |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
| Net income | $ |
6,990 |
|
$ |
5,775 |
|
$ |
3,409 |
|
$ |
17,946 |
|
$ |
4,274 |
|
||||
| Per share and share information | |||||||||||||||||||
| Earnings per share - basic | $ |
0.80 |
|
$ |
0.67 |
|
$ |
0.39 |
|
$ |
2.07 |
|
$ |
0.48 |
|
||||
| Earnings per share - diluted |
|
0.80 |
|
|
0.67 |
|
|
0.39 |
|
|
2.05 |
|
|
0.48 |
|
||||
| Dividends declared per share |
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.18 |
|
|
0.18 |
|
||||
| Book value per common share |
|
44.43 |
|
|
42.91 |
|
|
40.11 |
|
|
44.43 |
|
|
40.11 |
|
||||
| Tangible book value per common share 1 |
|
43.89 |
|
|
42.37 |
|
|
39.57 |
|
|
43.89 |
|
|
39.57 |
|
||||
| Common shares outstanding |
|
8,667,894 |
|
|
8,667,894 |
|
|
8,669,673 |
|
|
8,667,894 |
|
|
8,669,673 |
|
||||
| Average common shares outstanding: | |||||||||||||||||||
| Basic |
|
8,696,634 |
|
|
8,594,315 |
|
|
8,744,385 |
|
|
8,688,304 |
|
|
8,889,532 |
|
||||
| Diluted |
|
8,768,731 |
|
|
8,656,215 |
|
|
8,767,217 |
|
|
8,756,544 |
|
|
8,907,748 |
|
||||
| Performance ratios | |||||||||||||||||||
| Return on average assets |
|
0.50 |
% |
|
0.44 |
% |
|
0.26 |
% |
|
0.45 |
% |
|
0.12 |
% |
||||
| Return on average shareholders' equity |
|
7.32 |
% |
|
6.28 |
% |
|
3.79 |
% |
|
6.42 |
% |
|
1.59 |
% |
||||
| Return on average tangible common equity 1 |
|
7.41 |
% |
|
6.36 |
% |
|
3.84 |
% |
|
6.51 |
% |
|
1.61 |
% |
||||
| Net interest margin |
|
1.62 |
% |
|
1.67 |
% |
|
1.39 |
% |
|
1.65 |
% |
|
1.55 |
% |
||||
| Net interest margin - FTE 1,2 |
|
1.70 |
% |
|
1.76 |
% |
|
1.49 |
% |
|
1.74 |
% |
|
1.66 |
% |
||||
| Capital ratios 3 | |||||||||||||||||||
| Total shareholders' equity to assets |
|
6.61 |
% |
|
6.96 |
% |
|
6.73 |
% |
|
6.61 |
% |
|
6.73 |
% |
||||
| Tangible common equity to tangible assets 1 |
|
6.54 |
% |
|
6.88 |
% |
|
6.64 |
% |
|
6.54 |
% |
|
6.64 |
% |
||||
| Tier 1 leverage ratio |
|
7.13 |
% |
|
7.24 |
% |
|
7.32 |
% |
|
7.13 |
% |
|
7.32 |
% |
||||
| Common equity tier 1 capital ratio |
|
9.37 |
% |
|
9.47 |
% |
|
9.56 |
% |
|
9.37 |
% |
|
9.56 |
% |
||||
| Tier 1 capital ratio |
|
9.37 |
% |
|
9.47 |
% |
|
9.56 |
% |
|
9.37 |
% |
|
9.56 |
% |
||||
| Total risk-based capital ratio |
|
12.79 |
% |
|
13.13 |
% |
|
13.13 |
% |
|
12.79 |
% |
|
13.13 |
% |
||||
| Asset quality | |||||||||||||||||||
| Nonperforming loans | $ |
22,478 |
|
$ |
12,978 |
|
$ |
5,885 |
|
$ |
22,478 |
|
$ |
5,885 |
|
||||
| Nonperforming assets |
|
22,944 |
|
|
13,055 |
|
|
6,069 |
|
|
22,944 |
|
|
6,069 |
|
||||
| Nonperforming loans to loans |
|
0.56 |
% |
|
0.33 |
% |
|
0.16 |
% |
|
0.56 |
% |
|
0.16 |
% |
||||
| Nonperforming assets to total assets |
|
0.39 |
% |
|
0.24 |
% |
|
0.12 |
% |
|
0.39 |
% |
|
0.12 |
% |
||||
| Allowance for credit losses - loans to: | |||||||||||||||||||
| Loans |
|
1.13 |
% |
|
1.10 |
% |
|
0.98 |
% |
|
1.13 |
% |
|
0.98 |
% |
||||
| Nonperforming loans |
|
203.4 |
% |
|
334.5 |
% |
|
619.4 |
% |
|
203.4 |
% |
|
619.4 |
% |
||||
| Net charge-offs to average loans |
|
0.15 |
% |
|
0.14 |
% |
|
0.16 |
% |
|
0.12 |
% |
|
0.38 |
% |
||||
| Average balance sheet information | |||||||||||||||||||
| Loans | $ |
4,022,196 |
|
$ |
3,930,976 |
|
$ |
3,700,410 |
|
$ |
3,947,885 |
|
$ |
3,643,156 |
|
||||
| Total securities |
|
792,409 |
|
|
744,537 |
|
|
622,220 |
|
|
746,985 |
|
|
604,026 |
|
||||
| Other earning assets |
|
526,384 |
|
|
469,045 |
|
|
653,375 |
|
|
476,697 |
|
|
499,835 |
|
||||
| Total interest-earning assets |
|
5,348,153 |
|
|
5,150,305 |
|
|
4,976,667 |
|
|
5,176,852 |
|
|
4,751,104 |
|
||||
| Total assets |
|
5,523,910 |
|
|
5,332,776 |
|
|
5,137,474 |
|
|
5,355,491 |
|
|
4,905,910 |
|
||||
| Noninterest-bearing deposits |
|
113,009 |
|
|
116,939 |
|
|
127,540 |
|
|
114,425 |
|
|
126,647 |
|
||||
| Interest-bearing deposits |
|
4,384,078 |
|
|
4,172,976 |
|
|
3,911,696 |
|
|
4,182,094 |
|
|
3,680,746 |
|
||||
| Total deposits |
|
4,497,087 |
|
|
4,289,915 |
|
|
4,039,236 |
|
|
4,296,519 |
|
|
3,807,393 |
|
||||
| Shareholders' equity |
|
380,061 |
|
|
369,825 |
|
|
356,701 |
|
|
373,111 |
|
|
359,405 |
|
||||
| 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 | |||||||||||
September 30, |
|
June 30, |
|
September 30, |
|||||||
2024 |
|
2024 |
|
2023 |
|||||||
| Assets | |||||||||||
| Cash and due from banks | $ |
6,539 |
|
$ |
6,162 |
|
$ |
3,595 |
|
||
| Interest-bearing deposits |
|
705,940 |
|
|
390,624 |
|
|
517,610 |
|
||
| Securities available-for-sale, at fair value |
|
575,257 |
|
|
488,572 |
|
|
450,827 |
|
||
| Securities held-to-maturity, at amortized cost, net of allowance for credit losses |
|
263,320 |
|
|
270,349 |
|
|
231,928 |
|
||
| Loans held-for-sale |
|
32,996 |
|
|
19,384 |
|
|
31,669 |
|
||
| Loans |
|
4,035,880 |
|
|
3,961,146 |
|
|
3,735,068 |
|
||
| Allowance for credit losses - loans |
|
(45,721 |
) |
|
(43,405 |
) |
|
(36,452 |
) |
||
| Net loans |
|
3,990,159 |
|
|
3,917,741 |
|
|
3,698,616 |
|
||
| Accrued interest receivable |
|
27,750 |
|
|
28,118 |
|
|
23,761 |
|
||
| Federal Home Loan Bank of |
|
28,350 |
|
|
28,350 |
|
|
28,350 |
|
||
| Cash surrender value of bank-owned life insurance |
|
41,111 |
|
|
40,834 |
|
|
40,619 |
|
||
| Premises and equipment, net |
|
72,150 |
|
|
72,516 |
|
|
74,197 |
|
||
| Goodwill |
|
4,687 |
|
|
4,687 |
|
|
4,687 |
|
||
| Servicing asset |
|
14,662 |
|
|
13,009 |
|
|
9,579 |
|
||
| Other real estate owned |
|
251 |
|
|
- |
|
|
106 |
|
||
| Accrued income and other assets |
|
60,087 |
|
|
62,956 |
|
|
53,479 |
|
||
| Total assets | $ |
5,823,259 |
|
$ |
5,343,302 |
|
$ |
5,169,023 |
|
||
| Liabilities | |||||||||||
| Noninterest-bearing deposits | $ |
111,591 |
|
$ |
126,438 |
|
$ |
125,265 |
|
||
| Interest-bearing deposits |
|
4,686,119 |
|
|
4,147,484 |
|
|
3,958,280 |
|
||
| Total deposits |
|
4,797,710 |
|
|
4,273,922 |
|
|
4,083,545 |
|
||
| Advances from Federal Home Loan Bank |
|
515,000 |
|
|
575,000 |
|
|
614,933 |
|
||
| Subordinated debt |
|
105,071 |
|
|
104,993 |
|
|
104,761 |
|
||
| Accrued interest payable |
|
2,808 |
|
|
3,419 |
|
|
2,968 |
|
||
| Accrued expenses and other liabilities |
|
17,541 |
|
|
14,015 |
|
|
15,072 |
|
||
| Total liabilities |
|
5,438,130 |
|
|
4,971,349 |
|
|
4,821,279 |
|
||
| Shareholders' equity | |||||||||||
| Voting common stock |
|
185,631 |
|
|
185,175 |
|
|
185,085 |
|
||
| Retained earnings |
|
223,824 |
|
|
217,365 |
|
|
203,856 |
|
||
| Accumulated other comprehensive loss |
|
(24,326 |
) |
|
(30,587 |
) |
|
(41,197 |
) |
||
| Total shareholders' equity |
|
385,129 |
|
|
371,953 |
|
|
347,744 |
|
||
| Total liabilities and shareholders' equity | $ |
5,823,259 |
|
$ |
5,343,302 |
|
$ |
5,169,023 |
|
||
| First Internet Bancorp | |||||||||||||||||||
| Condensed Consolidated Statements of Income (unaudited) | |||||||||||||||||||
| Dollar amounts in thousands, except per share data | |||||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
| Interest income | |||||||||||||||||||
| Loans | $ |
59,792 |
|
$ |
57,094 |
|
$ |
48,898 |
|
$ |
172,321 |
|
$ |
139,647 |
|
||||
| Securities - taxable |
|
6,953 |
|
|
6,476 |
|
|
4,301 |
|
|
19,123 |
|
|
11,742 |
|
||||
| Securities - non-taxable |
|
1,042 |
|
|
970 |
|
|
912 |
|
|
2,981 |
|
|
2,570 |
|
||||
| Other earning assets |
|
7,203 |
|
|
6,421 |
|
|
8,904 |
|
|
19,691 |
|
|
19,211 |
|
||||
| Total interest income |
|
74,990 |
|
|
70,961 |
|
|
63,015 |
|
|
214,116 |
|
|
173,170 |
|
||||
| Interest expense | |||||||||||||||||||
| Deposits |
|
47,415 |
|
|
44,495 |
|
|
40,339 |
|
|
134,039 |
|
|
102,285 |
|
||||
| Other borrowed funds |
|
5,810 |
|
|
5,139 |
|
|
5,298 |
|
|
16,251 |
|
|
15,788 |
|
||||
| Total interest expense |
|
53,225 |
|
|
49,634 |
|
|
45,637 |
|
|
150,290 |
|
|
118,073 |
|
||||
| Net interest income |
|
21,765 |
|
|
21,327 |
|
|
17,378 |
|
|
63,826 |
|
|
55,097 |
|
||||
| Provision for credit losses |
|
3,390 |
|
|
4,031 |
|
|
1,946 |
|
|
9,869 |
|
|
13,059 |
|
||||
| Net interest income after provision for credit losses |
|
18,375 |
|
|
17,296 |
|
|
15,432 |
|
|
53,957 |
|
|
42,038 |
|
||||
| Noninterest income | |||||||||||||||||||
| Service charges and fees |
|
245 |
|
|
246 |
|
|
208 |
|
|
711 |
|
|
635 |
|
||||
| Loan servicing revenue |
|
1,570 |
|
|
1,470 |
|
|
1,064 |
|
|
4,363 |
|
|
2,699 |
|
||||
| Loan servicing asset revaluation |
|
(846 |
) |
|
(829 |
) |
|
(257 |
) |
|
(2,109 |
) |
|
(670 |
) |
||||
| Mortgage banking activities |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
76 |
|
||||
| Gain on sale of loans |
|
9,933 |
|
|
8,292 |
|
|
5,569 |
|
|
24,761 |
|
|
14,498 |
|
||||
| Other |
|
1,127 |
|
|
1,854 |
|
|
823 |
|
|
3,683 |
|
|
1,486 |
|
||||
| Total noninterest income |
|
12,029 |
|
|
11,033 |
|
|
7,407 |
|
|
31,409 |
|
|
18,724 |
|
||||
| Noninterest expense | |||||||||||||||||||
| Salaries and employee benefits |
|
13,456 |
|
|
12,462 |
|
|
11,767 |
|
|
37,714 |
|
|
34,267 |
|
||||
| Marketing, advertising and promotion |
|
548 |
|
|
609 |
|
|
500 |
|
|
1,893 |
|
|
2,049 |
|
||||
| Consulting and professional fees |
|
902 |
|
|
1,022 |
|
|
552 |
|
|
2,777 |
|
|
2,189 |
|
||||
| Data processing |
|
675 |
|
|
606 |
|
|
701 |
|
|
1,845 |
|
|
1,880 |
|
||||
| Loan expenses |
|
1,524 |
|
|
1,597 |
|
|
1,336 |
|
|
4,566 |
|
|
4,385 |
|
||||
| Premises and equipment |
|
2,918 |
|
|
3,154 |
|
|
2,315 |
|
|
8,898 |
|
|
7,753 |
|
||||
| Deposit insurance premium |
|
1,219 |
|
|
1,172 |
|
|
1,067 |
|
|
3,536 |
|
|
2,546 |
|
||||
| Other |
|
1,552 |
|
|
1,714 |
|
|
1,518 |
|
|
4,924 |
|
|
4,311 |
|
||||
| Total noninterest expense |
|
22,794 |
|
|
22,336 |
|
|
19,756 |
|
|
66,153 |
|
|
59,380 |
|
||||
| Income before income taxes |
|
7,610 |
|
|
5,993 |
|
|
3,083 |
|
|
19,213 |
|
|
1,382 |
|
||||
| Income tax provision (benefit) |
|
620 |
|
|
218 |
|
|
(326 |
) |
|
1,267 |
|
|
(2,892 |
) |
||||
| Net income | $ |
6,990 |
|
$ |
5,775 |
|
$ |
3,409 |
|
$ |
17,946 |
|
$ |
4,274 |
|
||||
| Per common share data | |||||||||||||||||||
| Earnings per share - basic | $ |
0.80 |
|
$ |
0.67 |
|
$ |
0.39 |
|
$ |
2.07 |
|
$ |
0.48 |
|
||||
| Earnings per share - diluted | $ |
0.80 |
|
$ |
0.67 |
|
$ |
0.39 |
|
$ |
2.05 |
|
$ |
0.48 |
|
||||
| Dividends declared per share | $ |
0.06 |
|
$ |
0.06 |
|
$ |
0.06 |
|
$ |
0.18 |
|
$ |
0.18 |
|
||||
| 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 |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
September 30, 2024 |
|
June 30, 2024 |
|
September 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 | $ |
4,029,360 |
|
$ |
59,792 |
5.90 |
% |
$ |
3,936,723 |
|
$ |
57,094 |
5.83 |
% |
$ |
3,701,072 |
|
$ |
48,898 |
5.24 |
% |
|||||||||
| Securities - taxable |
|
713,992 |
|
|
6,953 |
3.87 |
% |
|
670,502 |
|
|
6,476 |
3.88 |
% |
|
550,208 |
|
|
4,301 |
3.10 |
% |
|||||||||
| Securities - non-taxable |
|
78,417 |
|
|
1,042 |
5.29 |
% |
|
74,035 |
|
|
970 |
5.27 |
% |
|
72,012 |
|
|
912 |
5.02 |
% |
|||||||||
| Other earning assets |
|
526,384 |
|
|
7,203 |
5.44 |
% |
|
469,045 |
|
|
6,421 |
5.51 |
% |
|
653,375 |
|
|
8,904 |
5.41 |
% |
|||||||||
| Total interest-earning assets |
|
5,348,153 |
|
|
74,990 |
5.58 |
% |
|
5,150,305 |
|
|
70,961 |
5.54 |
% |
|
4,976,667 |
|
|
63,015 |
5.02 |
% |
|||||||||
| Allowance for credit losses - loans |
|
(44,572 |
) |
|
(41,362 |
) |
|
(35,601 |
) |
|||||||||||||||||||||
| Noninterest-earning assets |
|
220,329 |
|
|
223,833 |
|
|
196,408 |
|
|||||||||||||||||||||
| Total assets | $ |
5,523,910 |
|
$ |
5,332,776 |
|
$ |
5,137,474 |
|
|||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ |
511,446 |
|
$ |
2,880 |
2.24 |
% |
$ |
474,124 |
|
$ |
2,567 |
2.18 |
% |
$ |
387,517 |
|
$ |
2,131 |
2.18 |
% |
|||||||||
| Savings accounts |
|
22,774 |
|
|
48 |
0.84 |
% |
|
22,987 |
|
|
48 |
0.84 |
% |
|
26,221 |
|
|
56 |
0.85 |
% |
|||||||||
| Money market accounts |
|
1,224,680 |
|
|
12,980 |
4.22 |
% |
|
1,243,011 |
|
|
13,075 |
4.23 |
% |
|
1,230,746 |
|
|
12,537 |
4.04 |
% |
|||||||||
| Fintech - brokered deposits |
|
153,012 |
|
|
1,682 |
4.37 |
% |
|
119,662 |
|
|
1,299 |
4.37 |
% |
|
31,891 |
|
|
348 |
4.33 |
% |
|||||||||
| Certificates and brokered deposits |
|
2,472,166 |
|
|
29,825 |
4.80 |
% |
|
2,313,192 |
|
|
27,506 |
4.78 |
% |
|
2,235,321 |
|
|
25,267 |
4.48 |
% |
|||||||||
| Total interest-bearing deposits |
|
4,384,078 |
|
|
47,415 |
4.30 |
% |
|
4,172,976 |
|
|
44,495 |
4.29 |
% |
|
3,911,696 |
|
|
40,339 |
4.09 |
% |
|||||||||
| Other borrowed funds |
|
620,032 |
|
|
5,810 |
3.73 |
% |
|
652,176 |
|
|
5,139 |
3.17 |
% |
|
719,655 |
|
|
5,298 |
2.92 |
% |
|||||||||
| Total interest-bearing liabilities |
|
5,004,110 |
|
|
53,225 |
4.23 |
% |
|
4,825,152 |
|
|
49,634 |
4.14 |
% |
|
4,631,351 |
|
|
45,637 |
3.91 |
% |
|||||||||
| Noninterest-bearing deposits |
|
113,009 |
|
|
116,939 |
|
|
127,540 |
|
|||||||||||||||||||||
| Other noninterest-bearing liabilities |
|
26,730 |
|
|
20,860 |
|
|
21,882 |
|
|||||||||||||||||||||
| Total liabilities |
|
5,143,849 |
|
|
4,962,951 |
|
|
4,780,773 |
|
|||||||||||||||||||||
| Shareholders' equity |
|
380,061 |
|
|
369,825 |
|
|
356,701 |
|
|||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
5,523,910 |
|
$ |
5,332,776 |
|
$ |
5,137,474 |
|
|||||||||||||||||||||
| Net interest income | $ |
21,765 |
$ |
21,327 |
$ |
17,378 |
||||||||||||||||||||||||
| Interest rate spread | 1.35 |
% |
1.40 |
% |
1.11 |
% |
||||||||||||||||||||||||
| Net interest margin | 1.62 |
% |
1.67 |
% |
1.39 |
% |
||||||||||||||||||||||||
| Net interest margin - FTE 2,3 | 1.70 |
% |
1.76 |
% |
1.49 |
% |
||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
Nine Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
September 30, 2024 |
|
|
September 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 | $ |
3,953,170 |
|
$ |
172,321 |
5.82 |
% |
$ |
3,647,243 |
|
$ |
139,647 |
5.12 |
% |
||||||||
| Securities - taxable |
|
670,728 |
|
|
19,123 |
3.81 |
% |
|
531,197 |
|
|
11,742 |
2.96 |
% |
||||||||
| Securities - non-taxable |
|
76,257 |
|
|
2,981 |
5.22 |
% |
|
72,829 |
|
|
2,570 |
4.72 |
% |
||||||||
| Other earning assets |
|
476,697 |
|
|
19,691 |
5.52 |
% |
|
499,835 |
|
|
19,211 |
5.14 |
% |
||||||||
| Total interest-earning assets |
|
5,176,852 |
|
|
214,116 |
5.52 |
% |
|
4,751,104 |
|
|
173,170 |
4.87 |
% |
||||||||
|
- |
|
||||||||||||||||||||
| Allowance for credit losses - loans |
|
(41,526 |
) |
|
(35,784 |
) |
||||||||||||||||
| Noninterest-earning assets |
|
220,165 |
|
|
190,590 |
|
||||||||||||||||
| Total assets | $ |
5,355,491 |
|
$ |
4,905,910 |
|
||||||||||||||||
| Liabilities | ||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||
| Interest-bearing demand deposits | $ |
467,054 |
|
$ |
7,538 |
2.16 |
% |
$ |
360,573 |
|
$ |
4,540 |
1.68 |
% |
||||||||
| Savings accounts |
|
22,760 |
|
|
144 |
0.85 |
% |
|
31,494 |
|
|
202 |
0.86 |
% |
||||||||
| Money market accounts |
|
1,228,538 |
|
|
38,727 |
4.21 |
% |
|
1,293,728 |
|
|
37,151 |
3.84 |
% |
||||||||
| Fintech - brokered deposits |
|
119,470 |
|
|
3,912 |
4.37 |
% |
|
23,246 |
|
|
716 |
4.12 |
% |
||||||||
| Certificates and brokered deposits |
|
2,344,272 |
|
|
83,718 |
4.77 |
% |
|
1,971,705 |
|
|
59,676 |
4.05 |
% |
||||||||
| Total interest-bearing deposits |
|
4,182,094 |
|
|
134,039 |
4.28 |
% |
|
3,680,746 |
|
|
102,285 |
3.72 |
% |
||||||||
| Other borrowed funds |
|
662,824 |
|
|
16,251 |
3.28 |
% |
|
719,577 |
|
|
15,788 |
2.93 |
% |
||||||||
| Total interest-bearing liabilities |
|
4,844,918 |
|
|
150,290 |
4.14 |
% |
|
4,400,323 |
|
|
118,073 |
3.59 |
% |
||||||||
| Noninterest-bearing deposits |
|
114,425 |
|
|
126,647 |
|
||||||||||||||||
| Other noninterest-bearing liabilities |
|
23,037 |
|
|
19,535 |
|
||||||||||||||||
| Total liabilities |
|
4,982,380 |
|
|
4,546,505 |
|
||||||||||||||||
| Shareholders' equity |
|
373,111 |
|
|
359,405 |
|
||||||||||||||||
| Total liabilities and shareholders' equity | $ |
5,355,491 |
|
$ |
4,905,910 |
|
||||||||||||||||
| Net interest income | $ |
63,826 |
$ |
55,097 |
||||||||||||||||||
| Interest rate spread | 1.38 |
% |
1.28 |
% |
||||||||||||||||||
| Net interest margin | 1.65 |
% |
1.55 |
% |
||||||||||||||||||
| Net interest margin - FTE 2,3 | 1.74 |
% |
1.66 |
% |
||||||||||||||||||
| 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 | |||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||
| Commercial loans | |||||||||||||||||
| Commercial and industrial | $ |
111,199 |
2.8 |
% |
$ |
115,585 |
2.9 |
% |
$ |
114,265 |
3.1 |
% |
|||||
| Owner-occupied commercial real estate |
|
56,461 |
1.4 |
% |
|
58,089 |
1.5 |
% |
|
58,486 |
1.6 |
% |
|||||
| Investor commercial real estate |
|
260,614 |
6.5 |
% |
|
188,409 |
4.8 |
% |
|
129,831 |
3.5 |
% |
|||||
| Construction |
|
340,954 |
8.4 |
% |
|
328,922 |
8.3 |
% |
|
252,105 |
6.7 |
% |
|||||
| Single tenant lease financing |
|
932,148 |
23.1 |
% |
|
927,462 |
23.4 |
% |
|
933,873 |
25.0 |
% |
|||||
| Public finance |
|
462,730 |
11.5 |
% |
|
486,200 |
12.3 |
% |
|
535,960 |
14.3 |
% |
|||||
| Healthcare finance |
|
190,287 |
4.7 |
% |
|
202,079 |
5.1 |
% |
|
235,622 |
6.3 |
% |
|||||
| Small business lending |
|
298,645 |
7.4 |
% |
|
270,129 |
6.8 |
% |
|
192,996 |
5.2 |
% |
|||||
| Franchise finance |
|
550,442 |
13.6 |
% |
|
551,133 |
13.9 |
% |
|
455,094 |
12.2 |
% |
|||||
| Total commercial loans |
|
3,203,480 |
79.4 |
% |
|
3,128,008 |
79.0 |
% |
|
2,908,232 |
77.9 |
% |
|||||
| Consumer loans | |||||||||||||||||
| Residential mortgage |
|
378,701 |
9.4 |
% |
|
382,549 |
9.7 |
% |
|
393,501 |
10.5 |
% |
|||||
| Home equity |
|
20,264 |
0.5 |
% |
|
21,405 |
0.5 |
% |
|
23,544 |
0.6 |
% |
|||||
| Trailers |
|
205,230 |
5.1 |
% |
|
197,738 |
5.0 |
% |
|
186,424 |
5.0 |
% |
|||||
| Recreational vehicles |
|
150,378 |
3.7 |
% |
|
150,151 |
3.8 |
% |
|
140,205 |
3.8 |
% |
|||||
| Other consumer loans |
|
48,780 |
1.2 |
% |
|
48,638 |
1.2 |
% |
|
42,822 |
1.1 |
% |
|||||
| Total consumer loans |
|
803,353 |
19.9 |
% |
|
800,481 |
20.2 |
% |
|
786,496 |
21.0 |
% |
|||||
| Net deferred loan fees, premiums, discounts and other 1 |
|
29,047 |
0.7 |
% |
|
32,657 |
0.8 |
% |
|
40,340 |
1.1 |
% |
|||||
| Total loans | $ |
4,035,880 |
100.0 |
% |
$ |
3,961,146 |
100.0 |
% |
$ |
3,735,068 |
100.0 |
% |
|||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing deposits | $ |
111,591 |
2.3 |
% |
$ |
126,438 |
3.0 |
% |
$ |
125,265 |
3.1 |
% |
|||||
| Interest-bearing demand deposits |
|
538,484 |
11.2 |
% |
|
480,141 |
11.2 |
% |
|
374,915 |
9.2 |
% |
|||||
| Savings accounts |
|
21,712 |
0.5 |
% |
|
22,619 |
0.5 |
% |
|
23,811 |
0.6 |
% |
|||||
| Money market accounts |
|
1,230,707 |
25.7 |
% |
|
1,222,197 |
28.6 |
% |
|
1,222,511 |
29.9 |
% |
|||||
| Fintech - brokered deposits |
|
211,814 |
4.4 |
% |
|
140,180 |
3.3 |
% |
|
41,884 |
1.0 |
% |
|||||
| Certificates of deposits |
|
2,110,618 |
44.0 |
% |
|
1,829,644 |
42.8 |
% |
|
1,624,447 |
39.8 |
% |
|||||
| Brokered deposits |
|
572,784 |
11.9 |
% |
|
452,703 |
10.6 |
% |
|
670,712 |
16.4 |
% |
|||||
| Total deposits | $ |
4,797,710 |
100.0 |
% |
$ |
4,273,922 |
100.0 |
% |
$ |
4,083,545 |
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 |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
| Total equity - GAAP | $ |
385,129 |
|
$ |
371,953 |
|
$ |
347,744 |
|
$ |
385,129 |
|
$ |
347,744 |
|
||||
| Adjustments: | |||||||||||||||||||
| Goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
||||
| Tangible common equity | $ |
380,442 |
|
$ |
367,266 |
|
$ |
343,057 |
|
$ |
380,442 |
|
$ |
343,057 |
|
||||
| Total assets - GAAP | $ |
5,823,259 |
|
$ |
5,343,302 |
|
$ |
5,169,023 |
|
$ |
5,823,259 |
|
$ |
5,169,023 |
|
||||
| Adjustments: | |||||||||||||||||||
| Goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
||||
| Tangible assets | $ |
5,818,572 |
|
$ |
5,338,615 |
|
$ |
5,164,336 |
|
$ |
5,818,572 |
|
$ |
5,164,336 |
|
||||
| Common shares outstanding |
|
8,667,894 |
|
|
8,667,894 |
|
|
8,669,673 |
|
|
8,667,894 |
|
|
8,669,673 |
|
||||
| Book value per common share | $ |
44.43 |
|
$ |
42.91 |
|
$ |
40.11 |
|
$ |
44.43 |
|
$ |
40.11 |
|
||||
| Effect of goodwill |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.54 |
) |
||||
| Tangible book value per common share | $ |
43.89 |
|
$ |
42.37 |
|
$ |
39.57 |
|
$ |
43.89 |
|
$ |
39.57 |
|
||||
| Total shareholders' equity to assets |
|
6.61 |
% |
|
6.96 |
% |
|
6.73 |
% |
|
6.61 |
% |
|
6.73 |
% |
||||
| Effect of goodwill |
|
(0.07 |
%) |
|
(0.08 |
%) |
|
(0.09 |
%) |
|
(0.07 |
%) |
|
(0.09 |
%) |
||||
| Tangible common equity to tangible assets |
|
6.54 |
% |
|
6.88 |
% |
|
6.64 |
% |
|
6.54 |
% |
|
6.64 |
% |
||||
| Total average equity - GAAP | $ |
380,061 |
|
$ |
369,825 |
|
$ |
356,701 |
|
$ |
373,111 |
|
$ |
359,405 |
|
||||
| Adjustments: | |||||||||||||||||||
| Average goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
||||
| Average tangible common equity | $ |
375,374 |
|
$ |
365,138 |
|
$ |
352,014 |
|
$ |
368,424 |
|
$ |
354,718 |
|
||||
| Return on average shareholders' equity |
|
7.32 |
% |
|
6.28 |
% |
|
3.79 |
% |
|
6.42 |
% |
|
1.59 |
% |
||||
| Effect of goodwill |
|
0.09 |
% |
|
0.08 |
% |
|
0.05 |
% |
|
0.09 |
% |
|
0.02 |
% |
||||
| Return on average tangible common equity |
|
7.41 |
% |
|
6.36 |
% |
|
3.84 |
% |
|
6.51 |
% |
|
1.61 |
% |
||||
| Total interest income | $ |
74,990 |
|
$ |
70,961 |
|
$ |
63,015 |
|
$ |
214,116 |
|
$ |
173,170 |
|
||||
| Adjustments: | |||||||||||||||||||
| Fully-taxable equivalent adjustments 1 |
|
1,133 |
|
|
1,175 |
|
|
1,265 |
|
|
3,498 |
|
|
3,995 |
|
||||
| Total interest income - FTE | $ |
76,123 |
|
$ |
72,136 |
|
$ |
64,280 |
|
$ |
217,614 |
|
$ |
177,165 |
|
||||
| Net interest income | $ |
21,765 |
|
$ |
21,327 |
|
$ |
17,378 |
|
$ |
63,826 |
|
$ |
55,097 |
|
||||
| Adjustments: | |||||||||||||||||||
| Fully-taxable equivalent adjustments 1 |
|
1,133 |
|
|
1,175 |
|
|
1,265 |
|
|
3,498 |
|
|
3,995 |
|
||||
| Net interest income - FTE | $ |
22,898 |
|
$ |
22,502 |
|
$ |
18,643 |
|
$ |
67,324 |
|
$ |
59,092 |
|
||||
| Net interest margin |
|
1.62 |
% |
|
1.67 |
% |
|
1.39 |
% |
|
1.65 |
% |
|
1.55 |
% |
||||
| Effect of fully-taxable equivalent adjustments 1 |
|
0.08 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.09 |
% |
|
0.11 |
% |
||||
| Net interest margin - FTE |
|
1.70 |
% |
|
1.76 |
% |
|
1.49 |
% |
|
1.74 |
% |
|
1.66 |
% |
||||
| 1 Assuming a |
|||||||||||||||||||
| First Internet Bancorp | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| Dollar amounts in thousands, except per share data | |||||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
| Total revenue - GAAP | $ |
33,794 |
$ |
32,360 |
|
$ |
24,785 |
|
$ |
95,235 |
|
$ |
73,821 |
|
|||||
| Adjustments: | |||||||||||||||||||
| Mortgage-related revenue |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(65 |
) |
||||
| Adjusted total revenue | $ |
33,794 |
|
$ |
32,360 |
|
$ |
24,785 |
|
$ |
95,235 |
|
$ |
73,756 |
|
||||
| Noninterest income - GAAP | $ |
12,029 |
|
$ |
11,033 |
|
$ |
7,407 |
|
$ |
31,409 |
|
$ |
18,724 |
|
||||
| Adjustments: | |||||||||||||||||||
| Mortgage-related revenue |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(65 |
) |
||||
| Adjusted noninterest income | $ |
12,029 |
|
$ |
11,033 |
|
$ |
7,407 |
|
$ |
31,409 |
|
$ |
18,659 |
|
||||
| Noninterest expense - GAAP | $ |
22,794 |
|
$ |
22,336 |
|
$ |
19,756 |
|
$ |
66,153 |
|
$ |
59,380 |
|
||||
| Adjustments: | |||||||||||||||||||
| Mortgage-related costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,052 |
) |
||||
| IT termination fees |
|
- |
|
|
(452 |
) |
|
- |
|
|
(452 |
) |
|
- |
|
||||
| Anniversary expenses |
|
- |
|
|
(120 |
) |
|
- |
|
|
(120 |
) |
|
- |
|
||||
| Adjusted noninterest expense | $ |
22,794 |
|
$ |
21,764 |
|
$ |
19,756 |
|
$ |
65,581 |
|
$ |
56,328 |
|
||||
| Income before income taxes - GAAP | $ |
7,610 |
|
$ |
5,993 |
|
$ |
3,083 |
|
$ |
19,213 |
|
$ |
1,382 |
|
||||
| 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 | $ |
7,610 |
|
$ |
6,565 |
|
$ |
3,083 |
|
$ |
19,785 |
|
$ |
11,283 |
|
||||
| Income tax provision (benefit) - GAAP | $ |
620 |
|
$ |
218 |
|
$ |
(326 |
) |
$ |
1,267 |
|
$ |
(2,892 |
) |
||||
| 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) | $ |
620 |
|
$ |
338 |
|
$ |
(326 |
) |
$ |
1,387 |
|
$ |
(813 |
) |
||||
| Net income - GAAP | $ |
6,990 |
|
$ |
5,775 |
|
$ |
3,409 |
|
$ |
17,946 |
|
$ |
4,274 |
|
||||
| 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 | $ |
6,990 |
|
$ |
6,227 |
|
$ |
3,409 |
|
$ |
18,398 |
|
$ |
12,096 |
|
||||
| 1 Assuming a |
|||||||||||||||||||
| First Internet Bancorp | |||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
| Dollar amounts in thousands, except per share data | |||||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
| Diluted average common shares outstanding |
|
8,768,731 |
|
|
8,656,215 |
|
|
8,767,217 |
|
|
8,756,544 |
|
|
8,907,748 |
|
||||
| Diluted earnings per share - GAAP | $ |
0.80 |
|
$ |
0.67 |
|
$ |
0.39 |
|
$ |
2.05 |
|
$ |
0.48 |
|
||||
| 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 | $ |
0.80 |
|
$ |
0.72 |
|
$ |
0.39 |
|
$ |
2.10 |
|
$ |
1.35 |
|
||||
| Return on average assets |
|
0.50 |
% |
|
0.44 |
% |
|
0.26 |
% |
|
0.45 |
% |
|
0.12 |
% |
||||
| 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 |
% |
|
0.07 |
% |
||||
| Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.15 |
% |
||||
| Effect of IT termination fees |
|
0.00 |
% |
|
0.03 |
% |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
% |
||||
| Effect of anniversary expenses |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||
| Adjusted return on average assets |
|
0.50 |
% |
|
0.48 |
% |
|
0.26 |
% |
|
0.46 |
% |
|
0.34 |
% |
||||
| Return on average shareholders' equity |
|
7.32 |
% |
|
6.28 |
% |
|
3.79 |
% |
|
6.42 |
% |
|
1.59 |
% |
||||
| Effect of mortgage-related revenue |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.02 |
%) |
||||
| Effect of mortgage-related costs |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.90 |
% |
||||
| Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
2.03 |
% |
||||
| Effect of IT termination fees |
|
0.00 |
% |
|
0.39 |
% |
|
0.00 |
% |
|
0.13 |
% |
|
0.00 |
% |
||||
| Effect of anniversary expenses |
|
0.00 |
% |
|
0.10 |
% |
|
0.00 |
% |
|
0.03 |
% |
|
0.00 |
% |
||||
| Adjusted return on average shareholders' equity |
|
7.32 |
% |
|
6.77 |
% |
|
3.79 |
% |
|
6.58 |
% |
|
4.50 |
% |
||||
| Return on average tangible common equity |
|
7.41 |
% |
|
6.36 |
% |
|
3.84 |
% |
|
6.51 |
% |
|
1.61 |
% |
||||
| Effect of mortgage-related revenue |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.02 |
%) |
||||
| Effect of mortgage-related costs |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.91 |
% |
||||
| Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
2.06 |
% |
||||
| Effect of IT termination fees |
|
0.00 |
% |
|
0.39 |
% |
|
0.00 |
% |
|
0.13 |
% |
|
0.00 |
% |
||||
| Effect of anniversary expenses |
|
0.00 |
% |
|
0.10 |
% |
|
0.00 |
% |
|
0.03 |
% |
|
0.00 |
% |
||||
| Adjusted return on average tangible common equity |
|
7.41 |
% |
|
6.85 |
% |
|
3.84 |
% |
|
6.67 |
% |
|
4.56 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022889835/en/
Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com
Media
PANBlast
Zach Weismiller
firstib@panblastpr.com
Source: First Internet Bancorp
FAQ
What was First Internet Bancorp's (INBK) earnings per share in Q3 2024?
How much did INBK's deposits grow in Q3 2024?
What was INBK's net interest margin in Q3 2024?
What was INBK's nonperforming loans ratio in Q3 2024?
