First Internet Bancorp Reports Second Quarter 2023 Results

FISHERS, Ind.--()--First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights

  • Net income of $3.9 million and diluted earnings per share of $0.44
  • Deposit growth of $232.0 million, a 6.4% increase from the first quarter of 2023
  • Loan growth of $39.6 million, a 1.1% increase from the first quarter of 2023
  • The loans to deposits ratio was 94.6%, compared to 99.6% in the first quarter of 2023
  • Net interest margin of 1.53% and fully-taxable equivalent net interest margin of 1.64%, compared to 1.76% and 1.89%, respectively, for the first quarter of 2023
  • Nonperforming loans declined to 0.17% of total loans
  • Repurchased 203,000 common shares at an average price of $13.52 per share
  • Tangible common equity to tangible assets of 7.07%; CET1 ratio of 10.10%; tangible book value per share of $39.85, a 1.6% increase from the first quarter of 2023

“Following the events in the banking sector that occurred in March, we responded quickly to further enhance our balance sheet liquidity,” said David Becker, Chairman and Chief Executive Officer. “These actions resulted in higher deposit costs and cash balances, which impacted our earnings, but further solidified our strong foundation. Moreover, credit measures improved during the second quarter, asset quality overall remains sound, and our capital position is strong, leaving us well-positioned for the road ahead. At the same time, we continued to execute our strategy of optimizing the loan portfolio composition through funding high quality variable rate and higher yielding loans. New origination yields continued to meaningfully improve during the quarter, and our SBA team delivered strong results, setting the stage for us to achieve stronger earnings and profitability as deposit costs stabilize.”

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2023 was $18.1 million, compared to $19.6 million for the first quarter of 2023, and $25.7 million for the second quarter of 2022. On a fully-taxable equivalent basis, net interest income for the second quarter of 2023 was $19.5 million, compared to $21.0 million for the first quarter of 2023, and $27.1 million for the second quarter of 2022.

Total interest income for the second quarter of 2023 was $58.1 million, an increase of 11.7% compared to the first quarter of 2023, and an increase of 61.0% compared to the second quarter of 2022. On a fully-taxable equivalent basis, total interest income for the second quarter of 2023 was $59.5 million, an increase of 11.3% compared to the first quarter of 2023 and an increase of 58.7% compared to the second quarter of 2022. The increase from the linked quarter was due primarily to growth in interest income earned on loans, other earning assets and securities. The yield on average interest-earning assets for the second quarter of 2023 increased to 4.89% from 4.69% for the first quarter of 2023 due primarily to a 19 basis point (“bp”) increase in the average loan yield, a 49 bp increase in the yield earned on other earning assets, and a 7 bp increase in the yield earned on securities. Compared to the linked quarter, average loan balances increased $72.9 million, or 2.0%, while the average balance of other earning assets increased $180.0 million, or 54.3%, and the average balance of securities increased $18.9 million, or 3.2%.

Interest income earned on commercial loans was higher due to increased average balances and the positive impact of higher rates in the variable rate small business lending, construction and investor commercial real estate portfolios, as well as growth and higher yields on new originations in the franchise finance portfolio. This was partially offset by lower average balances in the healthcare finance and public finance portfolios.

In the consumer portfolio, interest income was up due to higher yields on new originations and growth in the average balances of the trailers, recreational vehicles and other consumer loans portfolios. Additionally, the average balance in the residential mortgage portfolio increased due to draws on existing construction/perm loans.

The yield on funded portfolio originations was 8.42% in the second quarter of 2023, an increase of 66 bps compared to the first quarter of 2023, and an increase of 366 bps compared to the second quarter of 2022. Because of the fixed-rate nature of certain larger portfolios, there is a lagging impact of origination yields on the portfolio, which are expected to increase over time.

Interest earned on cash and other earning asset balances increased $2.7 million, or 72.2%, during the quarter due to the impact of higher short-term interest rates on cash balances as well as a $180.0 million, or 60.0%, increase in average cash balances. Furthermore, interest income earned on securities increased $0.3 million, or 6.6%, during the second quarter of 2023 due to an increase in the yield earned on the portfolio and an increase in average balances. The yield on the portfolio increased 7 bps to 3.12%, driven primarily by variable rate securities resetting higher and higher yields on new purchases.

Total interest expense for the second quarter of 2023 was $40.0 million, an increase of $7.5 million, or 23.2%, compared to the linked quarter, due to increases in both market interest rates and average interest-bearing deposit balances throughout the quarter. Interest expense related to interest-bearing deposits increased $7.4 million, or 27.2%, driven primarily by higher costs on CDs and brokered deposits and, to a lesser extent, interest-bearing demand deposits. The cost of interest-bearing deposits was 3.75% for the second quarter, compared to 3.24% for the first quarter of 2023. The pace of increase in deposit costs during the second quarter was the slowest experienced by the Company in the past four quarters.

Average CD balances increased $231.1 million, or 21.9%, while the cost of funds increased 72 bps, as strong consumer and small business demand resumed during the quarter. The average balance of brokered deposits increased $147.3 million, or 24.9%, due in part to funding early in the quarter to supplement on-balance sheet liquidity, while the cost of funds increased 54 bps.

The average balance of BaaS deposits increased by $62.3 million, or 137.3%, from the first quarter of 2023 and totaled $154.5 million at quarter-end as existing programs grew and other Fintech programs were onboarded during the quarter.

Net interest margin (“NIM”) was 1.53% for the second quarter of 2023, down from 1.76% for the first quarter of 2023, and 2.60% for the second quarter of 2022. Fully-taxable equivalent NIM (“FTE NIM”) was 1.64% for the second quarter of 2023, down from 1.89% for the first quarter of 2023, and 2.74% for the second quarter of 2022. The decreases in NIM and FTE NIM compared to the linked quarter were driven primarily by the effect of higher interest-bearing deposit costs, partially offset by higher yields on loans, other earning assets and securities. Additionally, given the volatility in the banking industry over the last several months, the Company carried higher cash balances during the quarter, which were estimated to have negatively impacted NIM and FTE NIM by 6 to 7 bps.

Noninterest Income

Noninterest income for the second quarter of 2023 was $5.9 million, up $0.4 million, or 7.8%, from the first quarter of 2023, and up $1.6 million, or 36.1%, from the second quarter of 2022. Gain on sale of loans totaled $4.9 million for the second quarter of 2023, up $0.8 million, or 19.9%, from the linked quarter. Gain on sale revenue in the quarter consisted entirely of gain on the sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans, which increased due to a higher volume of loan sales, as well as modestly higher net premiums. Net loan servicing revenue declined $0.2 million during the quarter due to amortization and a lower fair value adjustment to the loan servicing asset.

Noninterest Expense

Noninterest expense for the second quarter of 2023 was $18.7 million, down $2.3 million, or 10.9%, from the first quarter of 2023, and up $0.7 million, or 3.8%, from the second quarter of 2022. Excluding $3.1 million of mortgage operation and exit costs, noninterest expense totaled $17.9 million for the first quarter of 2023. On a comparable basis, noninterest expense increased $0.8 million, or 4.3%, in the second quarter as compared to the adjusted noninterest expense for the first quarter. Salaries and employee benefits expense increased $1.1 million in the second quarter due primarily to higher SBA incentive compensation driven by increased origination activity. In addition, deposit insurance premiums increased from the linked quarter due primarily to year-over-year asset growth and changes in the composition of the loan and deposit portfolios. These increases were partially offset by declines in loan expenses, consulting and professional fees and data processing expenses.

Income Taxes

The Company recognized an income tax benefit of $0.2 million for the second quarter of 2023, compared to an income tax benefit of $2.3 million for the first quarter of 2023, and an income tax expense of $1.3 million and an effective tax rate of 11.8% for the second quarter of 2022. The income tax benefit in the second quarter of 2023 reflects the benefit of tax-exempt income relative to the lower amount of stated pre-tax income.

Loans and Credit Quality

Total loans as of June 30, 2023 were $3.6 billion, an increase of $39.6 million, or 1.1%, compared to March 31, 2023, and an increase of $564.7 million, or 18.3%, compared to June 30, 2022. Total commercial loan balances were $2.8 billion as of June 30, 2023, an increase of $25.2 million, or 0.9%, compared to March 31, 2023, and an increase of $393.3 million, or 16.1%, compared to June 30, 2022. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in construction and small business lending balances, as well as modest growth in franchise finance balances. These items were partially offset by decreases in the public finance and single tenant lease financing portfolios as well as continued runoff in the healthcare finance portfolio.

Total consumer loan balances were $772.7 million as of June 30, 2023, an increase of $16.3 million, or 2.2%, compared to March 31, 2023, and an increase of $178.6 million, or 30.1%, compared to June 30, 2022. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and other consumer loans portfolios, as well as draws on existing residential mortgage construction/perm loans.

Total delinquencies 30 days or more past due were 0.09% of total loans as of June 30, 2023, compared to 0.13% at March 31, 2023, and 0.06% as of June 30, 2022. Nonperforming loans to total loans was 0.17% as of June 30, 2023, compared to 0.26% at March 31, 2023, and 0.15% as of June 30, 2022. Nonperforming loans totaled $6.2 million at June 30, 2023, down from $9.2 million at March 31, 2023. The decrease was due primarily to the resolution of one C&I participation loan that was placed on nonaccrual status in the first quarter of 2023.

The allowance for credit losses (“ACL”) as a percentage of total loans was 0.99% as of June 30, 2023, compared to 1.02% as of March 31, 2023, and 0.95% as of June 30, 2022. The decrease in the ACL reflects the positive impact of economic data on forecasted loss rates for certain portfolios.

Net charge-offs were $1.6 million in the second quarter of 2023, compared to net charge-offs of $7.2 million in the first quarter of 2023. The linked quarter decline was due to the partial charge-off of the aforementioned C&I participation loan in the first quarter, which totaled $6.9 million. Net charge-offs in the second quarter were driven primarily by small business lending, as well as one franchise finance loan. As a result, net charge-offs to average loans totaled 17 bps in the second quarter, down from 82 bps in the first quarter.

The provision for credit losses in the second quarter was $1.7 million, compared to $9.4 million for the first quarter of 2023, which included the charge-off of the C&I participation loan mentioned above. The provision for the second quarter was driven primarily by net charge-offs and an increase in the reserve for unfunded commitments, partially offset by the positive impact of economic forecasts on certain portfolios.

Capital

As of June 30, 2023, total shareholders’ equity was $354.3 million, a decrease of $1.2 million, or 0.3%, compared to March 31, 2023, and a decrease of $11.0 million, or 3.0%, compared to June 30, 2022. The decrease in shareholders’ equity during the second quarter of 2023 was due primarily to stock repurchase activity and an increase in accumulated other comprehensive loss, partially offset by net income earned during the quarter. Book value per common share was $40.38 as of June 30, 2023, up from $39.76 as of March 31, 2023, and up from $38.85 as of June 30, 2022. Tangible book value per share was $39.85, up from $39.23 as of March 31, 2023, and up from $38.35 as of June 30, 2022.

In connection with its previously announced stock repurchase program, the Company repurchased 203,000 shares of its common stock during the second quarter of 2023 at an average price of $13.52 per share. The Company has repurchased $38.9 million of stock under its authorized programs since November of 2021.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of June 30, 2023.

As of June 30, 2023

Company

Bank

 

Total shareholders' equity to assets

7.16%

8.86%

Tangible common equity to tangible assets 1

7.07%

8.77%

Tier 1 leverage ratio 2

7.63%

9.35%

Common equity tier 1 capital ratio 2

10.10%

12.39%

Tier 1 capital ratio 2

10.10%

12.39%

Total risk-based capital ratio 2

13.87%

13.37%

 

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

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

Conference Call and Webcast

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, July 27, 2023 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 24458732. A recorded replay can be accessed through August 26, 2023 by dialing (877) 674-7070; access code: 458732.

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

About First Internet Bancorp

First Internet Bancorp is a financial holding company with assets of $4.9 billion as of June 30, 2023. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK”. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2023

 

2023

 

2022

 

2023

 

2022

 
Net income (loss)

$

3,882

 

$

(3,017

)

$

9,545

 

$

865

 

$

20,754

 

 
Per share and share information
Earnings (loss) per share - basic

$

0.44

 

$

(0.33

)

$

0.99

 

$

0.10

 

$

2.14

 

Earnings (loss) per share - diluted

 

0.44

 

 

(0.33

)

 

0.99

 

 

0.10

 

 

2.13

 

Dividends declared per share

 

0.06

 

 

0.06

 

 

0.06

 

 

0.12

 

 

0.12

 

Book value per common share

 

40.38

 

 

39.76

 

 

38.85

 

 

40.38

 

 

38.85

 

Tangible book value per common share 1

 

39.85

 

 

39.23

 

 

38.35

 

 

39.85

 

 

38.35

 

Common shares outstanding

 

8,774,507

 

 

8,943,477

 

 

9,404,000

 

 

8,774,507

 

 

9,404,000

 

Average common shares outstanding:
Basic

 

8,903,213

 

 

9,024,072

 

 

9,600,383

 

 

8,963,308

 

 

9,694,729

 

Diluted

 

8,908,180

 

 

9,024,072

 

 

9,658,689

 

 

8,980,262

 

 

9,764,232

 

Performance ratios
Return on average assets

 

0.32

%

 

(0.26

%)

 

0.93

%

 

0.04

%

 

1.01

%

Return on average shareholders' equity

 

4.35

%

 

(3.37

%)

 

10.23

%

 

0.48

%

 

11.09

%

Return on average tangible common equity 1

 

4.40

%

 

(3.41

%)

 

10.36

%

 

0.49

%

 

11.23

%

Net interest margin

 

1.53

%

 

1.76

%

 

2.60

%

 

1.64

%

 

2.58

%

Net interest margin - FTE 1,2

 

1.64

%

 

1.89

%

 

2.74

%

 

1.76

%

 

2.71

%

Capital ratios 3
Total shareholders' equity to assets

 

7.16

%

 

7.53

%

 

8.91

%

 

7.16

%

 

8.91

%

Tangible common equity to tangible assets 1

 

7.07

%

 

7.44

%

 

8.81

%

 

7.07

%

 

8.81

%

Tier 1 leverage ratio

 

7.63

%

 

8.10

%

 

9.45

%

 

7.63

%

 

9.45

%

Common equity tier 1 capital ratio

 

10.10

%

 

10.30

%

 

12.46

%

 

10.10

%

 

12.46

%

Tier 1 capital ratio

 

10.10

%

 

10.30

%

 

12.46

%

 

10.10

%

 

12.46

%

Total risk-based capital ratio

 

13.87

%

 

14.13

%

 

16.74

%

 

13.87

%

 

16.74

%

Asset quality
Nonperforming loans

$

6,227

 

$

9,221

 

$

4,527

 

$

6,227

 

$

4,527

 

Nonperforming assets

 

6,397

 

 

9,346

 

 

4,550

 

 

6,397

 

 

4,550

 

Nonperforming loans to loans

 

0.17

%

 

0.26

%

 

0.15

%

 

0.17

%

 

0.15

%

Nonperforming assets to total assets

 

0.13

%

 

0.20

%

 

0.11

%

 

0.13

%

 

0.11

%

Allowance for credit losses - loans to:
Loans

 

0.99

%

 

1.02

%

 

0.95

%

 

0.99

%

 

0.95

%

Nonperforming loans

 

579.1

%

 

400.0

%

 

644.0

%

 

579.1

%

 

644.0

%

Net charge-offs to average loans

 

0.17

%

 

0.82

%

 

0.04

%

 

0.49

%

 

0.05

%

Average balance sheet information
Loans

$

3,653,839

 

$

3,573,827

 

$

2,998,144

 

$

3,614,054

 

$

2,973,173

 

Total securities

 

604,182

 

 

585,270

 

 

620,396

 

 

594,777

 

 

634,485

 

Other earning assets

 

511,295

 

 

331,294

 

 

322,302

 

 

421,793

 

 

388,760

 

Total interest-earning assets

 

4,771,623

 

 

4,499,782

 

 

3,962,589

 

 

4,636,453

 

 

4,021,330

 

Total assets

 

4,927,712

 

 

4,647,156

 

 

4,097,865

 

 

4,788,209

 

 

4,156,068

 

Noninterest-bearing deposits

 

117,496

 

 

134,988

 

 

108,980

 

 

126,194

 

 

110,605

 

Interest-bearing deposits

 

3,713,086

 

 

3,411,969

 

 

3,018,422

 

 

3,563,359

 

 

3,044,775

 

Total deposits

 

3,830,582

 

 

3,546,957

 

 

3,127,402

 

 

3,689,553

 

 

3,155,380

 

Shareholders' equity

 

358,312

 

 

363,273

 

 

374,274

 

 

360,779

 

 

377,504

 

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

June 30,

 

March 31,

 

June 30,

2023

 

2023

 

2022

 
Assets
Cash and due from banks

$

9,503

 

$

27,741

 

$

6,155

 

Interest-bearing deposits

 

456,128

 

 

276,231

 

 

201,798

 

Securities available-for-sale, at fair value

 

379,394

 

 

395,833

 

 

425,489

 

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

 

230,605

 

 

210,761

 

 

185,113

 

Loans held-for-sale

 

32,001

 

 

18,144

 

 

31,580

 

Loans

 

3,646,832

 

 

3,607,242

 

 

3,082,127

 

Allowance for credit losses - loans

 

(36,058

)

 

(36,879

)

 

(29,153

)

Net loans

 

3,610,774

 

 

3,570,363

 

 

3,052,974

 

Accrued interest receivable

 

24,101

 

 

22,322

 

 

17,466

 

Federal Home Loan Bank of Indianapolis stock

 

28,350

 

 

28,350

 

 

25,219

 

Cash surrender value of bank-owned life insurance

 

40,357

 

 

40,105

 

 

39,369

 

Premises and equipment, net

 

73,525

 

 

74,248

 

 

70,288

 

Goodwill

 

4,687

 

 

4,687

 

 

4,687

 

Servicing asset

 

8,252

 

 

7,312

 

 

5,345

 

Other real estate owned

 

106

 

 

106

 

 

-

 

Accrued income and other assets

 

49,266

 

 

45,116

 

 

34,323

 

Total assets

$

4,947,049

 

$

4,721,319

 

$

4,099,806

 

 
Liabilities
Noninterest-bearing deposits

$

119,291

 

$

140,449

 

$

126,153

 

Interest-bearing deposits

 

3,735,017

 

 

3,481,841

 

 

3,025,948

 

Total deposits

 

3,854,308

 

 

3,622,290

 

 

3,152,101

 

Advances from Federal Home Loan Bank

 

614,931

 

 

614,929

 

 

464,925

 

Subordinated debt

 

104,684

 

 

104,608

 

 

104,381

 

Accrued interest payable

 

3,338

 

 

2,592

 

 

2,005

 

Accrued expenses and other liabilities

 

15,456

 

 

21,328

 

 

11,062

 

Total liabilities

 

4,592,717

 

 

4,365,747

 

 

3,734,474

 

Shareholders' equity
Voting common stock

 

186,545

 

 

189,202

 

 

204,071

 

Retained earnings

 

200,973

 

 

197,623

 

 

192,011

 

Accumulated other comprehensive loss

 

(33,186

)

 

(31,253

)

 

(30,750

)

Total shareholders' equity

 

354,332

 

 

355,572

 

 

365,332

 

Total liabilities and shareholders' equity

$

4,947,049

 

$

4,721,319

 

$

4,099,806

 

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,

2023

 

2023

 

2022

 

2023

 

2022

 
Interest income
Loans

$

46,906

 

$

43,843

 

$

32,415

 

$

90,749

 

$

65,603

 

Securities - taxable

 

3,835

 

 

3,606

 

 

2,567

 

 

7,441

 

 

4,788

 

Securities - non-taxable

 

860

 

 

798

 

 

328

 

 

1,658

 

 

577

 

Other earning assets

 

6,521

 

 

3,786

 

 

796

 

 

10,307

 

 

1,172

 

Total interest income

 

58,122

 

 

52,033

 

 

36,106

 

 

110,155

 

 

72,140

 

Interest expense
Deposits

 

34,676

 

 

27,270

 

 

6,408

 

 

61,946

 

 

12,505

 

Other borrowed funds

 

5,301

 

 

5,189

 

 

4,018

 

 

10,490

 

 

8,205

 

Total interest expense

 

39,977

 

 

32,459

 

 

10,426

 

 

72,436

 

 

20,710

 

Net interest income

 

18,145

 

 

19,574

 

 

25,680

 

 

37,719

 

 

51,430

 

Provision for credit losses

 

1,698

 

 

9,415

 

 

1,185

 

 

11,113

 

 

1,976

 

Net interest income after provision
for credit losses

 

16,447

 

 

10,159

 

 

24,495

 

 

26,606

 

 

49,454

 

Noninterest income
Service charges and fees

 

218

 

 

209

 

 

281

 

 

427

 

 

597

 

Loan servicing revenue

 

850

 

 

785

 

 

620

 

 

1,635

 

 

1,205

 

Loan servicing asset revaluation

 

(358

)

 

(55

)

 

(470

)

 

(413

)

 

(767

)

Mortgage banking activities

 

-

 

 

76

 

 

1,710

 

 

76

 

 

3,583

 

Gain on sale of loans

 

4,868

 

 

4,061

 

 

1,952

 

 

8,929

 

 

5,797

 

Other

 

293

 

 

370

 

 

221

 

 

663

 

 

719

 

Total noninterest income

 

5,871

 

 

5,446

 

 

4,314

 

 

11,317

 

 

11,134

 

Noninterest expense
Salaries and employee benefits

 

10,706

 

 

11,794

 

 

10,832

 

 

22,500

 

 

20,710

 

Marketing, advertising and promotion

 

705

 

 

844

 

 

920

 

 

1,549

 

 

1,676

 

Consulting and professional fees

 

711

 

 

926

 

 

1,197

 

 

1,637

 

 

3,122

 

Data processing

 

520

 

 

659

 

 

490

 

 

1,179

 

 

939

 

Loan expenses

 

1,072

 

 

1,977

 

 

693

 

 

3,049

 

 

2,275

 

Premises and equipment

 

2,661

 

 

2,777

 

 

2,419

 

 

5,438

 

 

4,959

 

Deposit insurance premium

 

936

 

 

543

 

 

287

 

 

1,479

 

 

568

 

Other

 

1,359

 

 

1,434

 

 

1,147

 

 

2,793

 

 

2,516

 

Total noninterest expense

 

18,670

 

 

20,954

 

 

17,985

 

 

39,624

 

 

36,765

 

Income (loss) before income taxes

 

3,648

 

 

(5,349

)

 

10,824

 

 

(1,701

)

 

23,823

 

Income tax (benefit) provision

 

(234

)

 

(2,332

)

 

1,279

 

 

(2,566

)

 

3,069

 

Net income (loss)

$

3,882

 

$

(3,017

)

$

9,545

 

$

865

 

$

20,754

 

 
Per common share data
Earnings (loss) per share - basic

$

0.44

 

$

(0.33

)

$

0.99

 

$

0.10

 

$

2.14

 

Earnings (loss) per share - diluted

$

0.44

 

$

(0.33

)

$

0.99

 

$

0.10

 

$

2.13

 

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, 2023 March 31, 2023 June 30, 2022
 
Average Interest / Yield / Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,656,146

 

$

46,906

5.15

%

$

3,583,218

 

$

43,843

4.96

%

$

3,019,891

 

$

32,415

4.31

%

Securities - taxable

 

531,040

 

 

3,835

2.90

%

 

511,923

 

 

3,606

2.86

%

 

543,422

 

 

2,567

1.89

%

Securities - non-taxable

 

73,142

 

 

860

4.72

%

 

73,347

 

 

798

4.41

%

 

76,974

 

 

328

1.71

%

Other earning assets

 

511,295

 

 

6,521

5.12

%

 

331,294

 

 

3,786

4.63

%

 

322,302

 

 

796

0.99

%

Total interest-earning assets

 

4,771,623

 

 

58,122

4.89

%

 

4,499,782

 

 

52,033

4.69

%

 

3,962,589

 

 

36,106

3.65

%

 
Allowance for credit losses - loans

 

(36,671

)

 

(35,075

)

 

(28,599

)

Noninterest-earning assets

 

192,760

 

 

182,449

 

 

163,875

 

Total assets

$

4,927,712

 

$

4,647,156

 

$

4,097,865

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

359,969

 

$

1,509

1.68

%

$

333,642

 

$

900

1.09

%

$

348,274

 

$

466

0.54

%

Savings accounts

 

29,915

 

 

64

0.86

%

 

38,482

 

 

82

0.86

%

 

66,657

 

 

68

0.41

%

Money market accounts

 

1,274,453

 

 

12,314

3.88

%

 

1,377,600

 

 

12,300

3.62

%

 

1,427,665

 

 

1,921

0.54

%

BaaS - brokered deposits

 

22,918

 

 

230

4.03

%

 

14,741

 

 

138

3.80

%

 

71,234

 

 

154

0.87

%

Certificates and brokered deposits

 

2,025,831

 

 

20,559

4.07

%

 

1,647,504

 

 

13,850

3.41

%

 

1,104,592

 

 

3,799

1.38

%

Total interest-bearing deposits

 

3,713,086

 

 

34,676

3.75

%

 

3,411,969

 

 

27,270

3.24

%

 

3,018,422

 

 

6,408

0.85

%

Other borrowed funds

 

719,577

 

 

5,301

2.95

%

 

719,499

 

 

5,189

2.92

%

 

583,553

 

 

4,018

2.76

%

Total interest-bearing liabilities

 

4,432,663

 

 

39,977

3.62

%

 

4,131,468

 

 

32,459

3.19

%

 

3,601,975

 

 

10,426

1.16

%

 
Noninterest-bearing deposits

 

117,496

 

 

134,988

 

 

108,980

 

Other noninterest-bearing liabilities

 

19,241

 

 

17,427

 

 

12,636

 

Total liabilities

 

4,569,400

 

 

4,283,883

 

 

3,723,591

 

 
Shareholders' equity

 

358,312

 

 

363,273

 

 

374,274

 

Total liabilities and shareholders' equity

$

4,927,712

 

$

4,647,156

 

$

4,097,865

 

 
Net interest income

$

18,145

$

19,574

$

25,680

 
Interest rate spread

1.27

%

1.50

%

2.49

%

 
Net interest margin

1.53

%

1.76

%

2.60

%

 
Net interest margin - FTE 2,3

1.64

%

1.89

%

2.74

%

 
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
 
Six Months Ended
 
June 30, 2023 June 30, 2022
 
Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,619,883

 

$

90,749

5.06

%

$

2,998,085

 

$

65,603

4.41

%

Securities - taxable

 

521,533

 

 

7,441

2.88

%

 

555,533

 

 

4,788

1.74

%

Securities - non-taxable

 

73,244

 

 

1,658

4.56

%

 

78,952

 

 

577

1.47

%

Other earning assets

 

421,793

 

 

10,307

4.93

%

 

388,760

 

 

1,172

0.61

%

Total interest-earning assets

 

4,636,453

 

 

110,155

4.79

%

 

4,021,330

 

 

72,140

3.62

%

 

-

 

Allowance for loan losses

 

(35,877

)

 

(28,288

)

Noninterest-earning assets

 

187,633

 

 

163,026

 

Total assets

$

4,788,209

 

$

4,156,068

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

346,878

 

$

2,409

1.40

%

$

333,361

 

$

878

0.53

%

Savings accounts

 

34,175

 

 

145

0.86

%

 

63,653

 

 

121

0.38

%

Money market accounts

 

1,325,741

 

 

24,614

3.74

%

 

1,440,976

 

 

3,425

0.48

%

BaaS - brokered deposits

 

18,852

 

 

368

3.94

%

 

41,836

 

 

160

0.77

%

Certificates and brokered deposits

 

1,837,713

 

 

34,410

3.78

%

 

1,164,949

 

 

7,921

1.37

%

Total interest-bearing deposits

 

3,563,359

 

 

61,946

3.51

%

 

3,044,775

 

 

12,505

0.83

%

Other borrowed funds

 

719,538

 

 

10,490

2.94

%

 

601,274

 

 

8,205

2.75

%

Total interest-bearing liabilities

 

4,282,897

 

 

72,436

3.41

%

 

3,646,049

 

 

20,710

1.15

%

 
Noninterest-bearing deposits

 

126,194

 

 

110,605

 

Other noninterest-bearing liabilities

 

18,339

 

 

21,910

 

Total liabilities

 

4,427,430

 

 

3,778,564

 

 
Shareholders' equity

 

360,779

 

 

377,504

 

Total liabilities and shareholders' equity

$

4,788,209

 

$

4,156,068

 

 
Net interest income

$

37,719

$

51,430

 
Interest rate spread

1.38

%

2.47

%

 
Net interest margin

1.64

%

2.58

%

 
Net interest margin - FTE 2,3

1.76

%

2.71

%

 
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
 
June 30, 2023 March 31, 2023 June 30, 2022
 
Amount Percent Amount Percent Amount Percent
 
Commercial loans
Commercial and industrial

$

112,423

3.1

%

$

113,198

3.1

%

$

110,540

3.6

%

Owner-occupied commercial real estate

 

59,564

1.6

%

 

59,643

1.7

%

 

61,277

2.0

%

Investor commercial real estate

 

137,504

3.8

%

 

142,174

3.9

%

 

52,648

1.7

%

Construction

 

192,453

5.3

%

 

158,147

4.4

%

 

143,475

4.7

%

Single tenant lease financing

 

947,466

25.9

%

 

952,533

26.4

%

 

867,181

28.1

%

Public finance

 

575,541

15.8

%

 

604,898

16.8

%

 

613,759

19.9

%

Healthcare finance

 

245,072

6.7

%

 

256,670

7.1

%

 

317,180

10.3

%

Small business lending

 

170,550

4.7

%

 

136,382

3.8

%

 

102,724

3.3

%

Franchise finance

 

390,479

10.6

%

 

382,161

10.6

%

 

168,942

5.5

%

Total commercial loans

 

2,831,052

77.5

%

 

2,805,806

77.8

%

 

2,437,726

79.1

%

 
Consumer loans
Residential mortgage

 

396,154

10.9

%

 

392,062

10.9

%

 

281,124

9.1

%

Home equity

 

24,375

0.7

%

 

26,160

0.7

%

 

19,928

0.6

%

Trailers

 

178,035

4.9

%

 

172,640

4.8

%

 

154,555

5.0

%

Recreational vehicles

 

133,283

3.7

%

 

128,307

3.6

%

 

105,876

3.4

%

Other consumer loans

 

40,806

1.1

%

 

37,186

1.0

%

 

32,524

1.2

%

Total consumer loans

 

772,653

21.3

%

 

756,355

21.0

%

 

594,007

19.3

%

 
Net deferred loan fees, premiums, discounts and other 1

 

43,127

1.2

%

 

45,081

1.2

%

 

50,394

1.6

%

 
Total loans

$

3,646,832

100.0

%

$

3,607,242

100.0

%

$

3,082,127

100.0

%

 
 
June 30, 2023 March 31, 2023 June 30, 2022
 
Amount Percent Amount Percent Amount Percent
 
Deposits
Noninterest-bearing deposits

$

119,291

3.1

%

$

140,449

3.9

%

$

126,153

4.0

%

Interest-bearing demand deposits

 

398,899

10.3

%

 

351,641

9.7

%

 

350,551

11.1

%

Savings accounts

 

28,239

0.7

%

 

32,762

0.9

%

 

65,365

2.1

%

Money market accounts

 

1,232,719

32.0

%

 

1,254,013

34.6

%

 

1,363,424

43.3

%

BaaS - brokered deposits

 

25,549

0.7

%

 

25,725

0.7

%

 

194,133

6.2

%

Certificates of deposits

 

1,366,409

35.5

%

 

1,170,094

32.3

%

 

800,598

25.3

%

Brokered deposits

 

683,202

17.7

%

 

647,606

17.9

%

 

251,877

8.0

%

 
Total deposits

$

3,854,308

100.0

%

$

3,622,290

100.0

%

$

3,152,101

100.0

%

 
1 Includes carrying value adjustments of $30.5 million, $31.5 million and $35.4 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively.
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2023

 

2023

 

2022

 

2023

 

2022

 
Total equity - GAAP

$

354,332

 

$

355,572

 

$

365,332

 

$

354,332

 

$

365,332

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible common equity

$

349,645

 

$

350,885

 

$

360,645

 

$

349,645

 

$

360,645

 

 
Total assets - GAAP

$

4,947,049

 

$

4,721,319

 

$

4,099,806

 

$

4,947,049

 

$

4,099,806

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible assets

$

4,942,362

 

$

4,716,632

 

$

4,095,119

 

$

4,942,362

 

$

4,095,119

 

 
Common shares outstanding

 

8,774,507

 

 

8,943,477

 

 

9,404,000

 

 

8,774,507

 

 

9,404,000

 

 
Book value per common share

$

40.38

 

$

39.76

 

$

38.85

 

$

40.38

 

$

38.85

 

Effect of goodwill

 

(0.53

)

 

(0.53

)

 

(0.50

)

 

(0.53

)

 

(0.50

)

Tangible book value per common share

$

39.85

 

$

39.23

 

$

38.35

 

$

39.85

 

$

38.35

 

 
Total shareholders' equity to assets

 

7.16

%

 

7.53

%

 

8.91

%

 

7.16

%

 

8.91

%

Effect of goodwill

 

(0.09

%)

 

(0.09

%)

 

(0.10

%)

 

(0.09

%)

 

(0.10

%)

Tangible common equity to tangible assets

 

7.07

%

 

7.44

%

 

8.81

%

 

7.07

%

 

8.81

%

 
Total average equity - GAAP

$

358,312

 

$

363,273

 

$

374,274

 

$

360,779

 

$

377,504

 

Adjustments:
Average goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Average tangible common equity

$

353,625

 

$

358,586

 

$

369,587

 

$

356,092

 

$

372,817

 

 
Return on average shareholders' equity

 

4.35

%

 

(3.37

%)

 

10.23

%

 

0.48

%

 

11.09

%

Effect of goodwill

 

0.05

%

 

(0.04

%)

 

0.13

%

 

0.01

%

 

0.14

%

Return on average tangible common equity

 

4.40

%

 

(3.41

%)

 

10.36

%

 

0.49

%

 

11.23

%

 
Total interest income

$

58,122

 

$

52,033

 

$

36,106

 

$

110,155

 

$

72,140

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,347

 

 

1,383

 

 

1,377

 

 

2,731

 

 

2,691

 

Total interest income - FTE

$

59,469

 

$

53,416

 

$

37,483

 

$

112,886

 

$

74,831

 

 
Net interest income

$

18,145

 

$

19,574

 

$

25,680

 

$

37,719

 

$

51,430

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,347

 

 

1,383

 

 

1,377

 

 

2,731

 

 

2,691

 

Net interest income - FTE

$

19,492

 

$

20,957

 

$

27,057

 

$

40,450

 

$

54,121

 

 
Net interest margin

 

1.53

%

 

1.76

%

 

2.60

%

 

1.64

%

 

2.58

%

Effect of fully-taxable equivalent adjustments 1

 

0.11

%

 

0.13

%

 

0.14

%

 

0.12

%

 

0.13

%

Net interest margin - FTE

 

1.64

%

 

1.89

%

 

2.74

%

 

1.76

%

 

2.71

%

 
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2023

 

2023

 

2022

 

2023

 

2022

 
Total revenue - GAAP

$

24,016

 

$

25,020

 

$

29,994

 

$

49,036

 

$

62,564

 

Adjustments:
Mortgage-related revenue

 

-

 

 

(65

)

 

-

 

 

-

 

 

-

 

Adjusted total revenue

$

24,016

 

$

24,955

 

$

29,994

 

$

49,036

 

$

62,564

 

 
Noninterest income - GAAP

$

5,871

 

$

5,446

 

$

4,314

 

$

11,317

 

$

11,134

 

Adjustments:
Mortgage-related revenue

 

-

 

 

(65

)

 

-

 

 

(65

)

 

-

 

Adjusted noninterest income

$

5,871

 

$

5,381

 

$

4,314

 

$

11,252

 

$

11,134

 

 
Noninterest expense - GAAP

$

18,670

 

$

20,954

 

$

17,985

 

$

39,624

 

$

36,765

 

Adjustments:
Mortgage-related costs

 

-

 

 

(3,052

)

 

-

 

 

(3,052

)

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

(103

)

 

-

 

 

(273

)

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

(875

)

Discretionary inflation bonus

 

-

 

 

-

 

 

(531

)

 

-

 

 

(531

)

Accelerated equity compensation

 

-

 

 

-

 

 

(289

)

 

-

 

 

(289

)

Adjusted noninterest expense

$

18,670

 

$

17,902

 

$

17,062

 

$

36,572

 

$

34,797

 

 
Income (loss) before income taxes - GAAP

$

3,648

 

$

(5,349

)

$

10,824

 

$

(1,701

)

$

23,823

 

Adjustments:1
Mortgage-related revenue

 

-

 

 

(65

)

 

-

 

 

(65

)

 

-

 

Mortgage-related costs

 

-

 

 

3,052

 

 

-

 

 

3,052

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

6,914

 

 

-

 

 

6,914

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

103

 

 

-

 

 

273

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

875

 

Discretionary inflation bonus

 

-

 

 

-

 

 

531

 

 

-

 

 

531

 

Accelerated equity compensation

 

-

 

 

-

 

 

289

 

 

-

 

 

289

 

Adjusted income (loss) before income taxes

$

3,648

 

$

4,552

 

$

11,747

 

$

8,200

 

$

25,791

 

 
Income tax (benefit) provision - GAAP

$

(234

)

$

(2,332

)

$

1,279

 

$

(2,566

)

$

3,069

 

Adjustments:1
Mortgage-related revenue

 

-

 

 

(14

)

 

-

 

 

(14

)

 

-

 

Mortgage-related costs

 

-

 

 

641

 

 

-

 

 

641

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

1,452

 

 

-

 

 

1,452

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

21

 

 

-

 

 

57

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

184

 

Discretionary inflation bonus

 

-

 

 

-

 

 

112

 

 

-

 

 

112

 

Accelerated equity compensation

 

-

 

 

-

 

 

61

 

 

-

 

 

61

 

Adjusted income tax (benefit) provision

$

(234

)

$

(253

)

$

1,473

 

$

(487

)

$

3,483

 

 
Net income (loss) - GAAP

$

3,882

 

$

(3,017

)

$

9,545

 

$

865

 

$

20,754

 

Adjustments:
Mortgage-related revenue

 

-

 

 

(51

)

 

-

 

 

(51

)

 

-

 

Mortgage-related costs

 

-

 

 

2,411

 

 

-

 

 

2,411

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

5,462

 

 

-

 

 

5,462

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

82

 

 

-

 

 

216

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

691

 

Discretionary inflation bonus

 

-

 

 

-

 

 

419

 

 

-

 

 

419

 

Accelerated equity compensation

 

-

 

 

-

 

 

228

 

 

-

 

 

228

 

Adjusted net income

$

3,882

 

$

4,805

 

$

10,274

 

$

8,687

 

$

22,308

 

 
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2023

 

2023

 

2022

 

2023

 

2022

 
Diluted average common shares outstanding

 

8,908,180

 

 

9,024,072

 

 

9,658,689

 

 

8,980,262

 

 

9,764,232

 

 
Diluted earnings (loss) per share - GAAP

$

0.44

 

$

(0.33

)

$

0.99

 

$

0.10

 

$

2.13

 

Adjustments:
Effect of mortgage-related revenue

 

-

 

 

(0.01

)

 

-

 

 

(0.01

)

 

-

 

Effect of mortgage-related costs

 

-

 

 

0.27

 

 

-

 

 

0.27

 

 

-

 

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

 

-

 

 

0.60

 

 

-

 

 

0.61

 

 

-

 

Effect of acquisition-related expenses

 

-

 

 

-

 

 

0.01

 

 

-

 

 

0.02

 

Effect of nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

0.07

 

Effect of discretionary inflation

 

-

 

 

-

 

 

0.04

 

 

-

 

 

0.04

 

Effect of accelerated equity compensation

 

-

 

 

0.02

 

 

-

 

 

0.02

 

Adjusted diluted earnings (loss) per share

$

0.44

 

$

0.53

 

$

1.06

 

$

0.97

 

$

2.28

 

 
Return on average assets

 

0.32

%

 

(0.26

%)

 

0.93

%

 

0.04

%

 

1.01

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.21

%

 

0.00

%

 

0.10

%

 

0.00

%

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

 

0.00

%

 

0.48

%

 

0.00

%

 

0.23

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.01

%

 

0.00

%

 

0.01

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.03

%

Effect of discretionary inflation

 

0.00

%

 

0.00

%

 

0.04

%

 

0.00

%

 

0.02

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.02

%

 

0.00

%

 

0.01

%

Adjusted return on average assets

 

0.32

%

 

0.43

%

 

1.00

%

 

0.37

%

 

1.08

%

 
Return on average shareholders' equity

 

4.35

%

 

(3.37

%)

 

10.23

%

 

0.48

%

 

11.09

%

Effect of mortgage-related revenue

 

0.00

%

 

(0.06

%)

 

0.00

%

 

(0.03

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

2.69

%

 

0.00

%

 

1.35

%

 

0.00

%

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

 

0.00

%

 

6.10

%

 

0.00

%

 

3.05

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.09

%

 

0.00

%

 

0.12

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.37

%

Effect of discretionary inflation

 

0.00

%

 

0.00

%

 

0.45

%

 

0.00

%

 

0.22

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.24

%

 

0.00

%

 

0.12

%

Adjusted return on average shareholders' equity

 

4.35

%

 

5.36

%

 

11.01

%

 

4.85

%

 

11.92

%

 
Return on average tangible common equity

 

4.40

%

 

(3.41

%)

 

10.36

%

 

0.49

%

 

11.23

%

Effect of mortgage-related revenue

 

0.00

%

 

(0.06

%)

 

0.00

%

 

(0.03

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

2.73

%

 

0.00

%

 

1.37

%

 

0.00

%

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

 

0.00

%

 

6.18

%

 

0.00

%

 

3.09

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.09

%

 

0.00

%

 

0.12

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.37

%

Effect of discretionary inflation

 

0.00

%

 

0.00

%

 

0.45

%

 

0.00

%

 

0.23

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.25

%

 

0.00

%

 

0.12

%

Adjusted return on average tangible common equity

 

4.40

%

 

5.44

%

 

11.15

%

 

4.92

%

 

12.07

%

 

Contacts

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

Media
Nicole Lorch
President & Chief Operating Officer
(317) 532-7906
nlorch@firstib.com

Contacts

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

Media
Nicole Lorch
President & Chief Operating Officer
(317) 532-7906
nlorch@firstib.com