24/07/2024 | Press release | Distributed by Public on 24/07/2024 20:38
As of June 30, 2024 | ||
Company | Bank | |
Total shareholders' equity to assets | 6.96% | 8.45% |
Tangible common equity to tangible assets 1
|
6.88% | 8.37% |
Tier 1 leverage ratio 2
|
7.24% | 8.77% |
Common equity tier 1 capital ratio 2
|
9.47% | 11.47% |
Tier 1 capital ratio 2
|
9.47% | 11.47% |
Total risk-based capital ratio 2
|
13.13% | 12.58% |
1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."
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2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.
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Contact Information: | |
Investors/Analysts | Media |
Paula Deemer | BLASTmedia for First Internet Bank |
Director of Corporate Administration | Zach Weismiller |
(317) 428-4628 | [email protected] |
[email protected] |
First Internet Bancorp | ||||||||||
Summary Financial Information (unaudited) | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||
Net Income | $ | 5,775 | 5,181 | $ | 3,882 | $ | 10,956 | $ | 865 | |
Per share and share information | ||||||||||
Earnings per share - basic | $ | 0.67 | $ | 0.60 | $ | 0.44 | $ | 1.26 | $ | 0.10 |
Earnings per share - diluted | 0.67 | 0.59 | 0.44 | 1.25 | 0.10 | |||||
Dividends declared per share | 0.06 | 0.06 | 0.06 | 0.12 | 0.12 | |||||
Book value per common share | 42.91 | 42.37 | 40.38 | 42.91 | 40.38 | |||||
Tangible book value per common share 1
|
42.37 | 41.83 | 39.85 | 42.37 | 39.85 | |||||
Common shares outstanding | 8,667,894 | 8,655,854 | 8,774,507 | 8,667,894 | 8,774,507 | |||||
Average common shares outstanding: | ||||||||||
Basic | 8,594,315 | 8,679,429 | 8,903,213 | 8,684,093 | 8,963,308 | |||||
Diluted | 8,656,215 | 8,750,297 | 8,908,180 | 8,750,017 | 8,980,262 | |||||
Performance ratios | ||||||||||
Return on average assets | 0.44 | % | 0.40 | % | 0.32 | % | 0.42 | % | 0.04 | % |
Return on average shareholders' equity | 6.28 | % | 5.64 | % | 4.35 | % | 5.96 | % | 0.48 | % |
Return on average tangible common equity 1
|
6.36 | % | 5.71 | % | 4.40 | % | 6.04 | % | 0.49 | % |
Net interest margin | 1.67 | % | 1.66 | % | 1.53 | % | 1.67 | % | 1.64 | % |
Net interest margin - FTE 1,2
|
1.76 | % | 1.75 | % | 1.64 | % | 1.76 | % | 1.76 | % |
Capital ratios 3
|
||||||||||
Total shareholders' equity to assets | 6.96 | % | 6.87 | % | 7.16 | % | 6.96 | % | 7.16 | % |
Tangible common equity to tangible assets 1
|
6.88 | % | 6.79 | % | 7.07 | % | 6.88 | % | 7.07 | % |
Tier 1 leverage ratio | 7.24 | % | 7.33 | % | 7.63 | % | 7.24 | % | 7.63 | % |
Common equity tier 1 capital ratio | 9.47 | % | 9.52 | % | 10.10 | % | 9.47 | % | 10.10 | % |
Tier 1 capital ratio | 9.47 | % | 9.52 | % | 10.10 | % | 9.47 | % | 10.10 | % |
Total risk-based capital ratio | 13.13 | % | 13.18 | % | 13.87 | % | 13.13 | % | 13.87 | % |
Asset quality | ||||||||||
Nonperforming loans | $ | 12,978 | $ | 13,050 | $ | 6,227 | $ | 12,978 | $ | 6,227 |
Nonperforming assets | 13,055 | 13,425 | 6,397 | 13,055 | 6,397 | |||||
Nonperforming loans to loans | 0.33 | % | 0.33 | % | 0.17 | % | 0.33 | % | 0.17 | % |
Nonperforming assets to total assets | 0.24 | % | 0.25 | % | 0.13 | % | 0.24 | % | 0.13 | % |
Allowance for credit losses - loans to: | ||||||||||
Loans | 1.10 | % | 1.05 | % | 0.99 | % | 1.10 | % | 0.99 | % |
Nonperforming loans | 334.5 | % | 313.3 | % | 579.1 | % | 334.5 | % | 579.1 | % |
Net charge-offs to average loans | 0.14 | % | 0.05 | % | 0.17 | % | 0.10 | % | 0.49 | % |
Average balance sheet information | ||||||||||
Loans | $ | 3,930,976 | $ | 3,889,667 | $ | 3,653,839 | $ | 3,910,322 | $ | 3,614,054 |
Total securities | 744,537 | 703,509 | 604,182 | 724,023 | 594,777 | |||||
Other earning assets | 469,045 | 434,118 | 511,295 | 451,582 | 421,793 | |||||
Total interest-earning assets | 5,150,305 | 5,030,216 | 4,771,623 | 5,090,261 | 4,636,453 | |||||
Total assets | 5,332,776 | 5,207,936 | 4,927,712 | 5,270,356 | 4,788,209 | |||||
Noninterest-bearing deposits | 116,939 | 113,341 | 117,496 | 115,140 | 126,194 | |||||
Interest-bearing deposits | 4,172,976 | 3,987,009 | 3,713,086 | 4,079,992 | 3,563,359 | |||||
Total deposits | 4,289,915 | 4,100,350 | 3,830,582 | 4,195,132 | 3,689,553 | |||||
Shareholders' equity | 369,825 | 369,371 | 358,312 | 369,598 | 360,779 |
First Internet Bancorp | ||||||
Condensed Consolidated Balance Sheets (unaudited) | ||||||
Dollar amounts in thousands | ||||||
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
||||
Assets | ||||||
Cash and due from banks | $ | 6,162 | $ | 6,638 | $ | 9,503 |
Interest-bearing deposits | 390,624 | 474,626 | 456,128 | |||
Securities available-for-sale, at fair value | 488,572 | 482,431 | 379,394 | |||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses | 270,349 | 235,738 | 230,605 | |||
Loans held-for-sale | 19,384 | 22,589 | 32,001 | |||
Loans | 3,961,146 | 3,909,804 | 3,646,832 | |||
Allowance for credit losses - loans | (43,405) | (40,891) | (36,058) | |||
Net loans | 3,917,741 | 3,868,913 | 3,610,774 | |||
Accrued interest receivable | 28,118 | 26,809 | 24,101 | |||
Federal Home Loan Bank of Indianapolis stock | 28,350 | 28,350 | 28,350 | |||
Cash surrender value of bank-owned life insurance | 40,834 | 41,154 | 40,357 | |||
Premises and equipment, net | 72,516 | 73,231 | 73,525 | |||
Goodwill | 4,687 | 4,687 | 4,687 | |||
Servicing asset | 13,009 | 11,760 | 8,252 | |||
Other real estate owned | - | 375 | 106 | |||
Accrued income and other assets | 62,956 | 63,366 | 49,266 | |||
Total assets | $ | 5,343,302 | $ | 5,340,667 | $ | 4,947,049 |
Liabilities | ||||||
Noninterest-bearing deposits | $ | 126,438 | $ | 130,760 | $ | 119,291 |
Interest-bearing deposits | 4,147,484 | 4,143,008 | 3,735,017 | |||
Total deposits | 4,273,922 | 4,273,768 | 3,854,308 | |||
Advances from Federal Home Loan Bank | 575,000 | 574,936 | 614,931 | |||
Subordinated debt | 104,993 | 104,915 | 104,684 | |||
Accrued interest payable | 3,419 | 3,382 | 3,338 | |||
Accrued expenses and other liabilities | 14,015 | 16,927 | 15,456 | |||
Total liabilities | 4,971,349 | 4,973,928 | 4,592,717 | |||
Shareholders' equity | ||||||
Voting common stock | 185,175 | 184,720 | 186,545 | |||
Retained earnings | 217,365 | 212,121 | 200,973 | |||
Accumulated other comprehensive loss | (30,587) | (30,102) | (33,186) | |||
Total shareholders' equity | 371,953 | 366,739 | 354,332 | |||
Total liabilities and shareholders' equity | $ | 5,343,302 | $ | 5,340,667 | $ | 4,947,049 |
First Internet Bancorp | ||||||||||
Condensed Consolidated Statements of Income (unaudited) | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
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Interest income | ||||||||||
Loans | $ | 57,094 | $ | 55,435 | $ | 46,906 | $ | 112,529 | $ | 90,749 |
Securities - taxable | 6,476 | 5,694 | 3,835 | 12,170 | 7,441 | |||||
Securities - non-taxable | 970 | 969 | 860 | 1,939 | 1,658 | |||||
Other earning assets | 6,421 | 6,067 | 6,521 | 12,488 | 10,307 | |||||
Total interest income | 70,961 | 68,165 | 58,122 | 139,126 | 110,155 | |||||
Interest expense | ||||||||||
Deposits | 44,495 | 42,129 | 34,676 | 86,624 | 61,946 | |||||
Other borrowed funds | 5,139 | 5,302 | 5,301 | 10,441 | 10,490 | |||||
Total interest expense | 49,634 | 47,431 | 39,977 | 97,065 | 72,436 | |||||
Net interest income | 21,327 | 20,734 | 18,145 | 42,061 | 37,719 | |||||
Provision for credit losses | 4,031 | 2,448 | 1,698 | 6,479 | 11,113 | |||||
Net interest income after provision for credit losses | 17,296 | 18,286 | 16,447 | 35,582 | 26,606 | |||||
Noninterest income | ||||||||||
Service charges and fees | 246 | 220 | 218 | 466 | 427 | |||||
Loan servicing revenue | 1,470 | 1,323 | 850 | 2,793 | 1,635 | |||||
Loan servicing asset revaluation | (829) | (434) | (358) | (1,263) | (413) | |||||
Mortgage banking activities | - | - | - | - | 76 | |||||
Gain on sale of loans | 8,292 | 6,536 | 4,868 | 14,828 | 8,929 | |||||
Other | 1,854 | 702 | 293 | 2,556 | 663 | |||||
Total noninterest income | 11,033 | 8,347 | 5,871 | 19,380 | 11,317 | |||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 12,462 | 11,796 | 10,706 | 24,258 | 22,500 | |||||
Marketing, advertising and promotion | 609 | 736 | 705 | 1,345 | 1,549 | |||||
Consulting and professional fees | 1,022 | 853 | 711 | 1,875 | 1,637 | |||||
Data processing | 606 | 564 | 520 | 1,170 | 1,179 | |||||
Loan expenses | 1,597 | 1,445 | 1,072 | 3,042 | 3,049 | |||||
Premises and equipment | 3,154 | 2,826 | 2,661 | 5,980 | 5,438 | |||||
Deposit insurance premium | 1,172 | 1,145 | 936 | 2,317 | 1,479 | |||||
Other | 1,714 | 1,658 | 1,359 | 3,372 | 2,793 | |||||
Total noninterest expense | 22,336 | 21,023 | 18,670 | 43,359 | 39,624 | |||||
Income (loss) before income taxes | 5,993 | 5,610 | 3,648 | 11,603 | (1,701) | |||||
Income tax provision (benefit) | 218 | 429 | (234) | 647 | (2,566) | |||||
Net income | $ | 5,775 | $ | 5,181 | $ | 3,882 | $ | 10,956 | $ | 865 |
Per common share data | ||||||||||
Earnings per share - basic | $ | 0.67 | $ | 0.60 | $ | 0.44 | $ | 1.26 | $ | 0.10 |
Earnings per share - diluted | $ | 0.67 | $ | 0.59 | $ | 0.44 | $ | 1.25 | $ | 0.10 |
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 |
First Internet Bancorp | ||||||||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||||||||
Dollar amounts in thousands | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||||||
Average Balance | Interest / Dividends | Yield / Cost | Average Balance | Interest / Dividends | Yield / Cost | Average Balance | Interest / Dividends | Yield / Cost | ||||||||||
Assets | ||||||||||||||||||
Interest-earning assets | ||||||||||||||||||
Loans, including loans held-for-sale 1
|
$ | 3,936,723 | $ | 57,094 | 5.83 | % | $ | 3,892,589 | $ | 55,435 | 5.73 | % | $ | 3,656,146 | $ | 46,906 | 5.15 | % |
Securities - taxable | 670,502 | 6,476 | 3.88 | % | 627,216 | 5,694 | 3.65 | % | 531,040 | 3,835 | 2.90 | % | ||||||
Securities - non-taxable | 74,035 | 970 | 5.27 | % | 76,293 | 969 | 5.11 | % | 73,142 | 860 | 4.72 | % | ||||||
Other earning assets | 469,045 | 6,421 | 5.51 | % | 434,118 | 6,067 | 5.62 | % | 511,295 | 6,521 | 5.12 | % | ||||||
Total interest-earning assets | 5,150,305 | 70,961 | 5.54 | % | 5,030,216 | 68,165 | 5.45 | % | 4,771,623 | 58,122 | 4.89 | % | ||||||
Allowance for credit losses - loans | (41,362) | (38,611) | (36,671) | |||||||||||||||
Noninterest-earning assets | 223,833 | 216,331 | 192,760 | |||||||||||||||
Total assets | $ | 5,332,776 | $ | 5,207,936 | $ | 4,927,712 | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing demand deposits | $ | 474,124 | $ | 2,567 | 2.18 | % | $ | 415,106 | $ | 2,091 | 2.03 | % | $ | 359,969 | $ | 1,509 | 1.68 | % |
Savings accounts | 22,987 | 48 | 0.84 | % | 22,521 | 48 | 0.86 | % | 29,915 | 64 | 0.86 | % | ||||||
Money market accounts | 1,243,011 | 13,075 | 4.23 | % | 1,217,966 | 12,671 | 4.18 | % | 1,274,453 | 12,314 | 3.88 | % | ||||||
BaaS - brokered deposits | 119,662 | 1,299 | 4.37 | % | 85,366 | 931 | 4.39 | % | 22,918 | 230 | 4.03 | % | ||||||
Certificates and brokered deposits | 2,313,192 | 27,506 | 4.78 | % | 2,246,050 | 26,388 | 4.73 | % | 2,025,831 | 20,559 | 4.07 | % | ||||||
Total interest-bearing deposits | 4,172,976 | 44,495 | 4.29 | % | 3,987,009 | 42,129 | 4.25 | % | 3,713,086 | 34,676 | 3.75 | % | ||||||
Other borrowed funds | 652,176 | 5,139 | 3.17 | % | 716,735 | 5,302 | 2.98 | % | 719,577 | 5,301 | 2.95 | % | ||||||
Total interest-bearing liabilities | 4,825,152 | 49,634 | 4.14 | % | 4,703,744 | 47,431 | 4.06 | % | 4,432,663 | 39,977 | 3.62 | % | ||||||
Noninterest-bearing deposits | 116,939 | 113,341 | 117,496 | |||||||||||||||
Other noninterest-bearing liabilities | 20,860 | 21,480 | 19,241 | |||||||||||||||
Total liabilities | 4,962,951 | 4,838,565 | 4,569,400 | |||||||||||||||
Shareholders' equity | 369,825 | 369,371 | 358,312 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 5,332,776 | $ | 5,207,936 | $ | 4,927,712 | ||||||||||||
Net interest income | $ | 21,327 | $ | 20,734 | $ | 18,145 | ||||||||||||
Interest rate spread | 1.40 | % | 1.39 | % | 1.27 | % | ||||||||||||
Net interest margin | 1.67 | % | 1.66 | % | 1.53 | % | ||||||||||||
Net interest margin - FTE 2,3
|
1.76 | % | 1.75 | % | 1.64 | % |
First Internet Bancorp | ||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
Six Months Ended | ||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||
Average Balance | Interest / Dividends | Yield / Cost | Average Balance | Interest / Dividends | Yield / Cost | |||||||
Assets | ||||||||||||
Interest-earning assets | ||||||||||||
Loans, including loans held-for-sale 1
|
$ | 3,914,656 | $ | 112,529 | 5.78 | % | $ | 3,619,883 | $ | 90,749 | 5.06 | % |
Securities - taxable | 648,860 | 12,170 | 3.77 | % | 521,533 | 7,441 | 2.88 | % | ||||
Securities - non-taxable | 75,163 | 1,939 | 5.19 | % | 73,244 | 1,658 | 4.56 | % | ||||
Other earning assets | 451,582 | 12,488 | 5.56 | % | 421,793 | 10,307 | 4.93 | % | ||||
Total interest-earning assets | 5,090,261 | 139,126 | 5.50 | % | 4,636,453 | 110,155 | 4.79 | % | ||||
Allowance for credit losses - loans | (39,986) | (35,877) | ||||||||||
Noninterest-earning assets | 220,081 | 187,633 | ||||||||||
Total assets | $ | 5,270,356 | $ | 4,788,209 | ||||||||
Liabilities | ||||||||||||
Interest-bearing liabilities | ||||||||||||
Interest-bearing demand deposits | $ | 444,615 | $ | 4,658 | 2.11 | % | $ | 346,878 | $ | 2,409 | 1.40 | % |
Savings accounts | 22,754 | 96 | 0.85 | % | 34,175 | 145 | 0.86 | % | ||||
Money market accounts | 1,230,488 | 25,746 | 4.21 | % | 1,325,741 | 24,614 | 3.74 | % | ||||
BaaS - brokered deposits | 102,514 | 2,230 | 4.37 | % | 18,852 | 368 | 3.94 | % | ||||
Certificates and brokered deposits | 2,279,621 | 53,894 | 4.75 | % | 1,837,713 | 34,410 | 3.78 | % | ||||
Total interest-bearing deposits | 4,079,992 | 86,624 | 4.27 | % | 3,563,359 | 61,946 | 3.51 | % | ||||
Other borrowed funds | 684,456 | 10,441 | 3.07 | % | 719,538 | 10,490 | 2.94 | % | ||||
Total interest-bearing liabilities | 4,764,448 | 97,065 | 4.10 | % | 4,282,897 | 72,436 | 3.41 | % | ||||
Noninterest-bearing deposits | 115,140 | 126,194 | ||||||||||
Other noninterest-bearing liabilities | 21,170 | 18,339 | ||||||||||
Total liabilities | 4,900,758 | 4,427,430 | ||||||||||
Shareholders' equity | 369,598 | 360,779 | ||||||||||
Total liabilities and shareholders' equity | $ | 5,270,356 | $ | 4,788,209 | ||||||||
Net interest income | $ | 42,061 | $ | 37,719 | ||||||||
Interest rate spread | 1.40 | % | 1.38 | % | ||||||||
Net interest margin | 1.67 | % | 1.64 | % | ||||||||
Net interest margin - FTE 2,3
|
1.76 | % | 1.76 | % |
First Internet Bancorp | ||||||||||||
Loans and Deposits (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Commercial loans | ||||||||||||
Commercial and industrial | $ | 115,585 | 2.9 | % | $ | 133,897 | 3.4 | % | $ | 112,423 | 3.1 | % |
Owner-occupied commercial real estate | 58,089 | 1.5 | % | 57,787 | 1.5 | % | 59,564 | 1.6 | % | |||
Investor commercial real estate | 188,409 | 4.8 | % | 128,276 | 3.3 | % | 137,504 | 3.8 | % | |||
Construction | 328,922 | 8.3 | % | 325,597 | 8.3 | % | 192,453 | 5.3 | % | |||
Single tenant lease financing | 927,462 | 23.4 | % | 941,597 | 24.1 | % | 947,466 | 25.9 | % | |||
Public finance | 486,200 | 12.3 | % | 498,262 | 12.7 | % | 575,541 | 15.8 | % | |||
Healthcare finance | 202,079 | 5.1 | % | 213,332 | 5.5 | % | 245,072 | 6.7 | % | |||
Small business lending | 270,129 | 6.8 | % | 239,263 | 6.1 | % | 170,550 | 4.7 | % | |||
Franchise finance | 551,133 | 13.9 | % | 543,122 | 13.9 | % | 390,479 | 10.6 | % | |||
Total commercial loans | 3,128,008 | 79.0 | % | 3,081,133 | 78.8 | % | 2,831,052 | 77.5 | % | |||
Consumer loans | ||||||||||||
Residential mortgage | 382,549 | 9.7 | % | 390,009 | 10.0 | % | 396,154 | 10.9 | % | |||
Home equity | 21,405 | 0.5 | % | 22,753 | 0.6 | % | 24,375 | 0.7 | % | |||
Trailers | 197,738 | 5.0 | % | 191,353 | 4.9 | % | 178,035 | 4.9 | % | |||
Recreational vehicles | 150,151 | 3.8 | % | 145,475 | 3.7 | % | 133,283 | 3.7 | % | |||
Other consumer loans | 48,638 | 1.2 | % | 43,847 | 1.1 | % | 40,806 | 1.1 | % | |||
Total consumer loans | 800,481 | 20.2 | % | 793,437 | 20.3 | % | 772,653 | 21.3 | % | |||
Net deferred loan fees, premiums, discounts and other 1
|
32,657 | 0.8 | % | 35,234 | 0.9 | % | 43,127 | 1.2 | % | |||
Total loans | $ | 3,961,146 | 100.0 | % | $ | 3,909,804 | 100.0 | % | $ | 3,646,832 | 100.0 | % |
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Deposits | ||||||||||||
Noninterest-bearing deposits | $ | 126,438 | 3.0 | % | $ | 130,760 | 3.1 | % | $ | 119,291 | 3.1 | % |
Interest-bearing demand deposits | 480,141 | 11.2 | % | 423,529 | 9.9 | % | 398,899 | 10.3 | % | |||
Savings accounts | 22,619 | 0.5 | % | 23,554 | 0.6 | % | 28,239 | 0.7 | % | |||
Money market accounts | 1,222,197 | 28.6 | % | 1,251,230 | 29.2 | % | 1,232,719 | 32.0 | % | |||
BaaS - brokered deposits | 140,180 | 3.3 | % | 107,911 | 2.5 | % | 25,549 | 0.7 | % | |||
Certificates of deposits | 1,829,644 | 42.8 | % | 1,738,996 | 40.7 | % | 1,366,409 | 35.5 | % | |||
Brokered deposits | 452,703 | 10.6 | % | 597,788 | 14.0 | % | 683,202 | 17.7 | % | |||
Total deposits | $ | 4,273,922 | 100.0 | % | $ | 4,273,768 | 100.0 | % | $ | 3,854,308 | 100.0 | % |
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, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||
Total equity - GAAP | $ | 371,953 | $ | 366,739 | $ | 354,332 | $ | 371,953 | $ | 354,332 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible common equity | $ | 367,266 | $ | 362,052 | $ | 349,645 | $ | 367,266 | $ | 349,645 |
Total assets - GAAP | $ | 5,343,302 | $ | 5,340,667 | $ | 4,947,049 | $ | 5,343,302 | $ | 4,947,049 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible assets | $ | 5,338,615 | $ | 5,335,980 | $ | 4,942,362 | $ | 5,338,615 | $ | 4,942,362 |
Common shares outstanding | 8,667,894 | 8,655,854 | 8,774,507 | 8,667,894 | 8,774,507 | |||||
Book value per common share | $ | 42.91 | $ | 42.37 | $ | 40.38 | $ | 42.91 | $ | 40.38 |
Effect of goodwill | (0.54) | (0.54) | (0.53) | (0.54) | (0.53) | |||||
Tangible book value per common share | $ | 42.37 | $ | 41.83 | $ | 39.85 | $ | 42.37 | $ | 39.85 |
Total shareholders' equity to assets | 6.96 | % | 6.87 | % | 7.16 | % | 6.96 | % | 7.16 | % |
Effect of goodwill | (0.08 | %) | (0.08 | %) | (0.09 | %) | (0.08 | %) | (0.09 | %) |
Tangible common equity to tangible assets | 6.88 | % | 6.79 | % | 7.07 | % | 6.88 | % | 7.07 | % |
Total average equity - GAAP | $ | 369,825 | $ | 369,371 | $ | 358,312 | $ | 369,598 | $ | 360,779 |
Adjustments: | ||||||||||
Average goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Average tangible common equity | $ | 365,138 | $ | 364,684 | $ | 353,625 | $ | 364,911 | $ | 356,092 |
Return on average shareholders' equity | 6.28 | % | 5.64 | % | 4.35 | % | 5.96 | % | 0.48 | % |
Effect of goodwill | 0.08 | % | 0.07 | % | 0.05 | % | 0.08 | % | 0.01 | % |
Return on average tangible common equity | 6.36 | % | 5.71 | % | 4.40 | % | 6.04 | % | 0.49 | % |
Total interest income | $ | 70,961 | $ | 68,165 | $ | 58,122 | $ | 139,126 | $ | 110,155 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,175 | 1,190 | 1,347 | 2,365 | 2,731 | |||||
Total interest income - FTE | $ | 72,136 | $ | 69,355 | $ | 59,469 | $ | 141,491 | $ | 112,886 |
Net interest income | $ | 21,327 | $ | 20,734 | $ | 18,145 | $ | 42,061 | $ | 37,719 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,175 | 1,190 | 1,347 | 2,365 | 2,731 | |||||
Net interest income - FTE | $ | 22,502 | $ | 21,924 | $ | 19,492 | $ | 44,426 | $ | 40,450 |
Net interest margin | 1.67 | % | 1.66 | % | 1.53 | % | 1.67 | % | 1.64 | % |
Effect of fully-taxable equivalent adjustments 1
|
0.09 | % | 0.09 | % | 0.11 | % | 0.09 | % | 0.12 | % |
Net interest margin - FTE | 1.76 | % | 1.75 | % | 1.64 | % | 1.76 | % | 1.76 | % |
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, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||
Total revenue - GAAP | $ | 32,360 | $ | 29,081 | $ | 24,016 | $ | 61,441 | $ | 49,036 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Adjusted total revenue | $ | 32,360 | $ | 29,081 | $ | 24,016 | $ | 61,441 | $ | 48,971 |
Noninterest income - GAAP | $ | 11,033 | $ | 8,347 | $ | 5,871 | $ | 19,380 | $ | 11,317 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Adjusted noninterest income | $ | 11,033 | $ | 8,347 | $ | 5,871 | $ | 19,380 | $ | 11,252 |
Noninterest expense - GAAP | $ | 22,336 | $ | 21,023 | $ | 18,670 | $ | 43,359 | $ | 39,624 |
Adjustments: | ||||||||||
Mortgage-related costs | - | - | - | - | (3,052) | |||||
IT Termination fees | (452) | - | - | (452) | - | |||||
Anniversary expenses | (120) | - | - | (120) | - | |||||
Adjusted noninterest expense | $ | 21,764 | $ | 21,023 | $ | 18,670 | $ | 42,787 | $ | 36,572 |
Income (loss) before income taxes - GAAP | $ | 5,993 | $ | 5,610 | $ | 3,648 | $ | 11,603 | $ | (1,701) |
Adjustments:1
|
||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Mortgage-related costs | - | - | - | - | 3,052 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 6,914 | |||||
IT Termination fees | 452 | - | - | 452 | - | |||||
Anniversary expenses | 120 | - | - | 120 | - | |||||
Adjusted income before income taxes | $ | 6,565 | $ | 5,610 | $ | 3,648 | $ | 12,175 | $ | 8,200 |
Income tax provision (benefit) - GAAP | $ | 218 | $ | 429 | $ | (234) | $ | 647 | $ | (2,566) |
Adjustments:1
|
||||||||||
Mortgage-related revenue | - | - | - | - | (14) | |||||
Mortgage-related costs | - | - | - | - | 641 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 1,452 | |||||
IT Termination fees | 95 | - | - | 95 | - | |||||
Anniversary expenses | 25 | - | - | 25 | - | |||||
Adjusted income tax provision (benefit) | $ | 338 | $ | 429 | $ | (234) | $ | 767 | $ | (487) |
Net income - GAAP | $ | 5,775 | $ | 5,181 | $ | 3,882 | $ | 10,956 | $ | 865 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (51) | |||||
Mortgage-related costs | - | - | - | - | 2,411 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 5,462 | |||||
IT Termination fees | 357 | - | - | 357 | - | |||||
Anniversary expenses | 95 | - | - | 95 | - | |||||
Adjusted net income | $ | 6,227 | $ | 5,181 | $ | 3,882 | $ | 11,408 | $ | 8,687 |
1Assuming 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, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||
Diluted average common shares outstanding | 8,656,215 | 8,750,297 | 8,908,180 | 8,750,017 | 8,980,262 | |||||
Diluted earnings per share - GAAP | $ | 0.67 | $ | 0.59 | $ | 0.44 | $ | 1.25 | $ | 0.10 |
Adjustments: | ||||||||||
Effect of mortgage-related revenue | - | - | - | - | (0.01) | |||||
Effect of mortgage-related costs | - | - | - | - | 0.27 | |||||
Effect of partial charge-off of C&I participation loan | - | - | - | - | 0.61 | |||||
Effect of IT termination fees | 0.04 | - | - | 0.04 | - | |||||
Effect of anniversary expenses | 0.01 | - | - | 0.01 | - | |||||
Adjusted diluted earnings per share | $ | 0.72 | $ | 0.59 | $ | 0.44 | $ | 1.30 | $ | 0.97 |
Return on average assets | 0.44 | % | 0.40 | % | 0.32 | % | 0.42 | % | 0.04 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.10 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.23 | % |
Effect of IT termination fees | 0.03 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % |
Effect of anniversary expenses | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Adjusted return on average assets | 0.48 | % | 0.40 | % | 0.32 | % | 0.43 | % | 0.37 | % |
Return on average shareholders' equity | 6.28 | % | 5.64 | % | 4.35 | % | 5.96 | % | 0.48 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.03 | %) |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.35 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 3.05 | % |
Effect of IT termination fees | 0.39 | % | 0.00 | % | 0.00 | % | 0.19 | % | 0.00 | % |
Effect of anniversary expenses | 0.10 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.00 | % |
Adjusted return on average shareholders' equity | 6.77 | % | 5.64 | % | 4.35 | % | 6.20 | % | 4.85 | % |
Return on average tangible common equity | 6.36 | % | 5.71 | % | 4.40 | % | 6.04 | % | 0.49 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.03 | %) |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.37 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 3.09 | % |
Effect of IT termination fees | 0.39 | % | 0.00 | % | 0.00 | % | 0.20 | % | 0.00 | % |
Effect of anniversary expenses | 0.10 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.00 | % |
Adjusted return on average tangible common equity | 6.85 | % | 5.71 | % | 4.40 | % | 6.29 | % | 4.92 | % |