01/19/2022 | Press release | Distributed by Public on 01/19/2022 16:11
As of December 31, 2021 | ||||
Company | Bank | |||
Total shareholders' equity to assets | 9.03 | % | 10.17 | % |
Tangible common equity to tangible assets 1
|
8.93 | % | 10.07 | % |
Tier 1 leverage ratio 2
|
9.22 | % | 10.37 | % |
Common equity tier 1 capital ratio 2
|
12.92 | % | 14.55 | % |
Tier 1 capital ratio 2
|
12.92 | % | 14.55 | % |
Total risk-based capital ratio 2
|
17.36 | % | 15.48 | % |
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 | Nicole Lorch |
Director of Corporate Administration | President & Chief Operating Officer |
(317) 428-4628 | (317) 532-7906 |
[email protected] | [email protected] |
First Internet Bancorp | ||||||||||
Summary Financial Information (unaudited) | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||
Net income | $ | 12,478 | $ | 12,090 | $ | 11,090 | $ | 48,114 | $ | 29,453 |
Per share and share information | ||||||||||
Earnings per share - basic | $ | 1.26 | $ | 1.22 | $ | 1.12 | $ | 4.85 | $ | 2.99 |
Earnings per share - diluted | 1.25 | 1.21 | 1.12 | 4.82 | 2.99 | |||||
Dividends declared per share | 0.06 | 0.06 | 0.06 | 0.24 | 0.24 | |||||
Book value per common share | 38.99 | 37.59 | 33.77 | 38.99 | 33.77 | |||||
Tangible book value per common share 1
|
38.51 | 37.12 | 33.29 | 38.51 | 33.29 | |||||
Common shares outstanding | 9,754,455 | 9,854,153 | 9,800,569 | 9,754,455 | 9,800,569 | |||||
Average common shares outstanding: | ||||||||||
Basic | 9,903,856 | 9,936,237 | 9,883,609 | 9,918,083 | 9,840,205 | |||||
Diluted | 9,989,951 | 9,988,102 | 9,914,022 | 9,976,261 | 9,842,425 | |||||
Performance ratios | ||||||||||
Return on average assets | 1.19 | % | 1.12 | % | 1.02 | % | 1.14 | % | 0.69 | % |
Return on average shareholders' equity | 13.14 | % | 13.10 | % | 13.64 | % | 13.44 | % | 9.39 | % |
Return on average tangible common equity 1
|
13.30 | % | 13.27 | % | 13.84 | % | 13.61 | % | 9.53 | % |
Net interest margin | 2.30 | % | 2.00 | % | 1.78 | % | 2.11 | % | 1.55 | % |
Net interest margin - FTE 1,2
|
2.43 | % | 2.13 | % | 1.91 | % | 2.25 | % | 1.68 | % |
Capital ratios 3
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Total shareholders' equity to assets | 9.03 | % | 8.71 | % | 7.79 | % | 9.03 | % | 7.79 | % |
Tangible common equity to tangible assets 1
|
8.93 | % | 8.61 | % | 7.69 | % | 8.93 | % | 7.69 | % |
Tier 1 leverage ratio | 9.22 | % | 8.86 | % | 7.95 | % | 9.22 | % | 7.95 | % |
Common equity tier 1 capital ratio | 12.92 | % | 12.62 | % | 11.31 | % | 12.92 | % | 11.31 | % |
Tier 1 capital ratio | 12.92 | % | 12.62 | % | 11.31 | % | 12.92 | % | 11.31 | % |
Total risk-based capital ratio | 17.36 | % | 17.04 | % | 14.91 | % | 17.36 | % | 14.91 | % |
Asset quality | ||||||||||
Nonperforming loans | $ | 7,401 | $ | 7,851 | $ | 10,183 | $ | 7,401 | $ | 10,183 |
Nonperforming assets | 8,618 | 9,039 | 10,218 | 8,618 | 10,218 | |||||
Nonperforming loans to loans | 0.26 | % | 0.27 | % | 0.33 | % | 0.26 | % | 0.33 | % |
Nonperforming assets to total assets | 0.20 | % | 0.21 | % | 0.24 | % | 0.20 | % | 0.24 | % |
Allowance for loan losses to: | ||||||||||
Loans | 0.96 | % | 0.95 | % | 0.96 | % | 0.96 | % | 0.96 | % |
Loans, excluding PPP loans 1
|
0.97 | % | 0.96 | % | 0.98 | % | 0.97 | % | 0.98 | % |
Nonperforming loans | 376.2 | % | 356.6 | % | 289.5 | % | 376.2 | % | 289.5 | % |
Net (recoveries) charge-offs to average loans | (0.01 | %) | 0.01 | % | 0.04 | % | 0.09 | % | 0.06 | % |
Average balance sheet information | ||||||||||
Loans | $ | 2,914,858 | $ | 2,933,654 | $ | 3,070,476 | $ | 2,972,224 | $ | 2,985,611 |
Total securities | 677,580 | 713,342 | 582,425 | 629,095 | 626,022 | |||||
Other earning assets | 431,621 | 479,051 | 532,466 | 466,608 | 523,788 | |||||
Total interest-earning assets | 4,056,254 | 4,148,726 | 4,219,142 | 4,094,935 | 4,175,799 | |||||
Total assets | 4,177,578 | 4,265,189 | 4,316,207 | 4,205,926 | 4,263,798 | |||||
Noninterest-bearing deposits | 113,887 | 104,161 | 86,836 | 101,825 | 74,277 | |||||
Interest-bearing deposits | 3,032,435 | 3,137,728 | 3,258,269 | 3,098,706 | 3,224,657 | |||||
Total deposits | 3,146,322 | 3,241,889 | 3,345,105 | 3,200,531 | 3,298,934 | |||||
Shareholders' equity | 376,832 | 366,187 | 323,464 | 358,105 | 313,763 |
First Internet Bancorp | ||||||
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2020) | ||||||
Dollar amounts in thousands | ||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
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Assets | ||||||
Cash and due from banks | $ | 7,492 | $ | 4,932 | $ | 7,367 |
Interest-bearing deposits | 435,468 | 402,583 | 412,439 | |||
Securities available-for-sale, at fair value | 603,044 | 634,007 | 497,628 | |||
Securities held-to-maturity, at amortized cost | 59,565 | 62,129 | 68,223 | |||
Loans held-for-sale | 47,745 | 43,970 | 39,584 | |||
Loans | 2,887,662 | 2,936,148 | 3,059,231 | |||
Allowance for loan losses | (27,841) | (28,000) | (29,484) | |||
Net loans | 2,859,821 | 2,908,148 | 3,029,747 | |||
Accrued interest receivable | 16,037 | 14,866 | 17,416 | |||
Federal Home Loan Bank of Indianapolis stock | 25,650 | 25,650 | 25,650 | |||
Cash surrender value of bank-owned life insurance | 38,900 | 38,660 | 37,952 | |||
Premises and equipment, net | 59,842 | 52,700 | 37,590 | |||
Goodwill | 4,687 | 4,687 | 4,687 | |||
Servicing asset | 4,702 | 4,412 | 3,569 | |||
Other real estate owned | 1,188 | 1,188 | - | |||
Accrued income and other assets | 46,853 | 54,360 | 64,304 | |||
Total assets | $ | 4,210,994 | $ | 4,252,292 | $ | 4,246,156 |
Liabilities | ||||||
Noninterest-bearing deposits | $ | 117,531 | $ | 110,117 | $ | 96,753 |
Interest-bearing deposits | 3,061,428 | 3,114,478 | 3,174,132 | |||
Total deposits | 3,178,959 | 3,224,595 | 3,270,885 | |||
Advances from Federal Home Loan Bank | 514,922 | 514,920 | 514,916 | |||
Subordinated debt | 104,231 | 104,156 | 79,603 | |||
Accrued interest payable | 2,018 | 1,568 | 1,439 | |||
Accrued expenses and other liabilities | 30,526 | 36,611 | 48,369 | |||
Total liabilities | 3,830,656 | 3,881,850 | 3,915,212 | |||
Shareholders' equity | ||||||
Voting common stock | 218,946 | 223,059 | 221,408 | |||
Retained earnings | 172,431 | 160,551 | 126,732 | |||
Accumulated other comprehensive loss | (11,039) | (13,168) | (17,196) | |||
Total shareholders' equity | 380,338 | 370,442 | 330,944 | |||
Total liabilities and shareholders' equity | $ | 4,210,994 | $ | 4,252,292 | $ | 4,246,156 |
First Internet Bancorp | ||||||||||
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2020)
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Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
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Interest income | ||||||||||
Loans | $ | 31,621 | $ | 30,126 | $ | 30,930 | $ | 123,467 | $ | 120,628 |
Securities - taxable | 1,973 | 2,297 | 1,988 | 7,970 | 11,123 | |||||
Securities - non-taxable | 236 | 241 | 318 | 1,017 | 1,728 | |||||
Other earning assets | 362 | 370 | 407 | 1,429 | 3,380 | |||||
Total interest income | 34,192 | 33,034 | 33,643 | 133,883 | 136,859 | |||||
Interest expense | ||||||||||
Deposits | 6,399 | 7,090 | 10,577 | 29,822 | 55,976 | |||||
Other borrowed funds | 4,288 | 5,025 | 4,201 | 17,505 | 16,342 | |||||
Total interest expense | 10,687 | 12,115 | 14,778 | 47,327 | 72,318 | |||||
Net interest income | 23,505 | 20,919 | 18,865 | 86,556 | 64,541 | |||||
(Benefit) provision for loan losses | (238) | (29) | 2,864 | 1,030 | 9,325 | |||||
Net interest income after (benefit) provision for loan losses | 23,743 | 20,948 | 16,001 | 85,526 | 55,216 | |||||
Noninterest income | ||||||||||
Service charges and fees | 292 | 276 | 206 | 1,114 | 824 | |||||
Loan servicing revenue | 544 | 511 | 379 | 1,934 | 1,159 | |||||
Loan servicing asset revaluation | (400) | (274) | (60) | (1,069) | (432) | |||||
Mortgage banking activities | 2,776 | 3,850 | 7,987 | 15,050 | 24,693 | |||||
Gain on sale of loans | 4,137 | 2,719 | 3,702 | 11,598 | 8,298 | |||||
Gain on sale of securities | - | - | - | - | 139 | |||||
Gain on sale of premises and equipment | - | - | - | 2,523 | - | |||||
Other | 345 | 731 | 443 | 1,694 | 1,655 | |||||
Total noninterest income | 7,694 | 7,813 | 12,657 | 32,844 | 36,336 | |||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 10,183 | 9,316 | 9,135 | 38,223 | 34,231 | |||||
Marketing, advertising and promotion | 896 | 813 | 443 | 3,261 | 1,654 | |||||
Consulting and professional fees | 1,262 | 728 | 788 | 4,054 | 3,511 | |||||
Data processing | 425 | 380 | 426 | 1,649 | 1,528 | |||||
Loan expenses | 654 | 383 | 630 | 2,112 | 2,036 | |||||
Premises and equipment | 2,188 | 1,687 | 1,601 | 7,063 | 6,396 | |||||
Deposit insurance premium | 283 | 230 | 450 | 1,213 | 1,810 | |||||
Write-down of other real estate owned | - | - | - | - | 2,065 | |||||
Other | 1,064 | 914 | 1,040 | 4,223 | 4,423 | |||||
Total noninterest expense | 16,955 | 14,451 | 14,513 | 61,798 | 57,654 | |||||
Income before income taxes | 14,482 | 14,310 | 14,145 | 56,572 | 33,898 | |||||
Income tax provision | 2,004 | 2,220 | 3,055 | 8,458 | 4,445 | |||||
Net income | $ | 12,478 | $ | 12,090 | $ | 11,090 | $ | 48,114 | $ | 29,453 |
Per common share data | ||||||||||
Earnings per share - basic | $ | 1.26 | $ | 1.22 | $ | 1.12 | $ | 4.85 | $ | 2.99 |
Earnings per share - diluted | $ | 1.25 | $ | 1.21 | $ | 1.12 | $ | 4.82 | $ | 2.99 |
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 |
First Internet Bancorp | ||||||||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||||||||
Dollar amounts in thousands | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||||||
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
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$ | 2,947,053 | $ | 31,621 | 4.26 | % | $ | 2,956,333 | $ | 30,126 | 4.04 | % | $ | 3,104,251 | $ | 30,930 | 3.96 | % |
Securities - taxable | 595,024 | 1,973 | 1.32 | % | 629,101 | 2,297 | 1.45 | % | 492,573 | 1,988 | 1.61 | % | ||||||
Securities - non-taxable | 82,556 | 236 | 1.13 | % | 84,241 | 241 | 1.14 | % | 89,852 | 318 | 1.41 | % | ||||||
Other earning assets | 431,621 | 362 | 0.33 | % | 479,051 | 370 | 0.31 | % | 532,466 | 407 | 0.30 | % | ||||||
Total interest-earning assets | 4,056,254 | 34,192 | 3.34 | % | 4,148,726 | 33,034 | 3.16 | % | 4,219,142 | 33,643 | 3.17 | % | ||||||
Allowance for loan losses | (27,946) | (28,127) | (27,805) | |||||||||||||||
Noninterest-earning assets | 149,270 | 144,590 | 124,870 | |||||||||||||||
Total assets | $ | 4,177,578 | $ | 4,265,189 | $ | 4,316,207 | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing demand deposits | $ | 210,283 | $ | 158 | 0.30 | % | $ | 198,637 | $ | 150 | 0.30 | % | $ | 165,815 | $ | 156 | 0.37 | % |
Savings accounts | 63,575 | 58 | 0.36 | % | 62,195 | 56 | 0.36 | % | 49,209 | 54 | 0.44 | % | ||||||
Money market accounts | 1,453,447 | 1,507 | 0.41 | % | 1,498,218 | 1,532 | 0.41 | % | 1,369,543 | 1,655 | 0.48 | % | ||||||
Certificates and brokered deposits | 1,305,130 | 4,676 | 1.42 | % | 1,378,678 | 5,352 | 1.54 | % | 1,673,702 | 8,712 | 2.07 | % | ||||||
Total interest-bearing deposits | 3,032,435 | 6,399 | 0.84 | % | 3,137,728 | 7,090 | 0.90 | % | 3,258,269 | 10,577 | 1.29 | % | ||||||
Other borrowed funds | 619,115 | 4,288 | 2.75 | % | 611,975 | 5,025 | 3.26 | % | 591,806 | 4,201 | 2.82 | % | ||||||
Total interest-bearing liabilities | 3,651,550 | 10,687 | 1.16 | % | 3,749,703 | 12,115 | 1.28 | % | 3,850,075 | 14,778 | 1.53 | % | ||||||
Noninterest-bearing deposits | 113,887 | 104,161 | 86,836 | |||||||||||||||
Other noninterest-bearing liabilities | 35,309 | 45,138 | 55,832 | |||||||||||||||
Total liabilities | 3,800,746 | 3,899,002 | 3,992,743 | |||||||||||||||
Shareholders' equity | 376,832 | 366,187 | 323,464 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 4,177,578 | $ | 4,265,189 | $ | 4,316,207 | ||||||||||||
Net interest income | $ | 23,505 | $ | 20,919 | $ | 18,865 | ||||||||||||
Interest rate spread | 2.18 | % | 1.88 | % | 1.64 | % | ||||||||||||
Net interest margin | 2.30 | % | 2.00 | % | 1.78 | % | ||||||||||||
Net interest margin - FTE 2,3
|
2.43 | % | 2.13 | % | 1.91 | % |
First Internet Bancorp | ||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average Balance | Interest/Dividends | Yield/Cost | Average Balance | Interest/Dividends | Yield/Cost | |||||||
Assets | ||||||||||||
Interest-earning assets | ||||||||||||
Loans, including loans held-for-sale 1
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$ | 2,999,232 | $ | 123,467 | 4.12 | % | $ | 3,025,989 | $ | 120,628 | 3.99 | % |
Securities - taxable | 544,613 | 7,970 | 1.46 | % | 530,849 | 11,123 | 2.10 | % | ||||
Securities - non-taxable | 84,482 | 1,017 | 1.20 | % | 95,173 | 1,728 | 1.82 | % | ||||
Other earning assets | 466,608 | 1,429 | 0.31 | % | 523,788 | 3,380 | 0.65 | % | ||||
Total interest-earning assets | 4,094,935 | 133,883 | 3.27 | % | 4,175,799 | 136,859 | 3.28 | % | ||||
Allowance for loan losses | (29,068) | (24,660) | ||||||||||
Noninterest-earning assets | 140,059 | 112,659 | ||||||||||
Total assets | $ | 4,205,926 | $ | 4,263,798 | ||||||||
Liabilities | ||||||||||||
Interest-bearing liabilities | ||||||||||||
Interest-bearing demand deposits | $ | 195,699 | $ | 583 | 0.30 | % | $ | 145,207 | $ | 840 | 0.58 | % |
Savings accounts | 56,967 | 203 | 0.36 | % | 40,593 | 303 | 0.75 | % | ||||
Money market accounts | 1,434,829 | 5,892 | 0.41 | % | 1,156,084 | 11,381 | 0.98 | % | ||||
Certificates and brokered deposits | 1,411,211 | 23,144 | 1.64 | % | 1,882,773 | 43,452 | 2.31 | % | ||||
Total interest-bearing deposits | 3,098,706 | 29,822 | 0.96 | % | 3,224,657 | 55,976 | 1.74 | % | ||||
Other borrowed funds | 600,035 | 17,505 | 2.92 | % | 586,372 | 16,342 | 2.79 | % | ||||
Total interest-bearing liabilities | 3,698,741 | 47,327 | 1.28 | % | 3,811,029 | 72,318 | 1.90 | % | ||||
Noninterest-bearing deposits | 101,825 | 74,277 | ||||||||||
Other noninterest-bearing liabilities | 47,255 | 64,729 | ||||||||||
Total liabilities | 3,847,821 | 3,950,035 | ||||||||||
Shareholders' equity | 358,105 | 313,763 | ||||||||||
Total liabilities and shareholders' equity | $ | 4,205,926 | $ | 4,263,798 | ||||||||
Net interest income | $ | 86,556 | $ | 64,541 | ||||||||
Interest rate spread | 1.99 | % | 1.38 | % | ||||||||
Net interest margin | 2.11 | % | 1.55 | % | ||||||||
Net interest margin - FTE 2,3
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2.25 | % | 1.68 | % |
First Internet Bancorp | ||||||||||||
Loans and Deposits (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Commercial loans | ||||||||||||
Commercial and industrial | $ | 96,008 | 3.3 | % | $ | 107,142 | 3.6 | % | $ | 75,387 | 2.5 | % |
Owner-occupied commercial real estate | 66,732 | 2.3 | % | 84,819 | 2.9 | % | 89,785 | 2.9 | % | |||
Investor commercial real estate | 28,019 | 1.0 | % | 28,505 | 1.0 | % | 13,902 | 0.5 | % | |||
Construction | 136,619 | 4.7 | % | 115,414 | 3.9 | % | 110,385 | 3.6 | % | |||
Single tenant lease financing | 865,854 | 30.0 | % | 921,998 | 31.5 | % | 950,172 | 31.1 | % | |||
Public finance | 592,665 | 20.5 | % | 601,738 | 20.5 | % | 622,257 | 20.3 | % | |||
Healthcare finance | 387,852 | 13.4 | % | 417,388 | 14.2 | % | 528,154 | 17.3 | % | |||
Small business lending | 108,666 | 3.8 | % | 102,889 | 3.5 | % | 125,589 | 4.1 | % | |||
Franchise finance | 81,448 | 2.8 | % | 25,598 | 0.9 | % | - | - | % | |||
Total commercial loans | 2,363,863 | 81.8 | % | 2,405,491 | 82.0 | % | 2,515,631 | 82.3 | % | |||
Consumer loans | ||||||||||||
Residential mortgage | 186,770 | 6.5 | % | 188,750 | 6.4 | % | 186,787 | 6.1 | % | |||
Home equity | 17,665 | 0.6 | % | 17,960 | 0.6 | % | 19,857 | 0.6 | % | |||
Trailers | 146,267 | 5.1 | % | 147,806 | 5.0 | % | 144,493 | 4.7 | % | |||
Recreational vehicles | 90,654 | 3.1 | % | 90,192 | 3.1 | % | 94,405 | 3.1 | % | |||
Other consumer loans | 28,557 | 1.0 | % | 30,398 | 1.0 | % | 36,794 | 1.2 | % | |||
Total consumer loans | 469,913 | 16.3 | % | 475,106 | 16.1 | % | 482,336 | 15.7 | % | |||
Net deferred loan fees, premiums, discounts and other 1
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53,886 | 1.9 | % | 55,551 | 1.9 | % | 61,264 | 2.0 | % | |||
Total loans | $ | 2,887,662 | 100.0 | % | $ | 2,936,148 | 100.0 | % | $ | 3,059,231 | 100.0 | % |
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Deposits | ||||||||||||
Noninterest-bearing deposits | $ | 117,532 | 3.7 | % | $ | 110,117 | 3.4 | % | $ | 96,753 | 3.0 | % |
Interest-bearing demand deposits | 247,966 | 7.8 | % | 201,557 | 6.3 | % | 188,645 | 5.8 | % | |||
Savings accounts | 59,998 | 1.9 | % | 66,762 | 2.1 | % | 43,200 | 1.3 | % | |||
Money market accounts | 1,483,936 | 46.7 | % | 1,479,358 | 45.8 | % | 1,350,566 | 41.3 | % | |||
Certificates of deposits | 970,107 | 30.5 | % | 1,043,898 | 32.4 | % | 1,289,319 | 39.4 | % | |||
Brokered deposits | 299,420 | 9.4 | % | 322,903 | 10.0 | % | 302,402 | 9.2 | % | |||
Total deposits | $ | 3,178,959 | 100.0 | % | $ | 3,224,595 | 100.0 | % | $ | 3,270,885 | 100.0 | % |
First Internet Bancorp | ||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||
Total equity - GAAP | $ | 380,338 | $ | 370,442 | $ | 330,944 | $ | 380,338 | $ | 330,944 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible common equity | $ | 375,651 | $ | 365,755 | $ | 326,257 | $ | 375,651 | $ | 326,257 |
Total assets - GAAP | $ | 4,210,994 | $ | 4,252,292 | $ | 4,246,156 | $ | 4,210,994 | $ | 4,246,156 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible assets | $ | 4,206,307 | $ | 4,247,605 | $ | 4,241,469 | $ | 4,206,307 | $ | 4,241,469 |
Common shares outstanding | 9,754,455 | 9,854,153 | 9,800,569 | 9,754,455 | 9,800,569 | |||||
Book value per common share | $ | 38.99 | $ | 37.59 | $ | 33.77 | $ | 38.99 | $ | 33.77 |
Effect of goodwill | (0.48) | (0.47) | (0.48) | (0.48) | (0.48) | |||||
Tangible book value per common share | $ | 38.51 | $ | 37.12 | $ | 33.29 | $ | 38.51 | $ | 33.29 |
Total shareholders' equity to assets | 9.03 | % | 8.71 | % | 7.79 | % | 9.03 | % | 7.79 | % |
Effect of goodwill | (0.10 | %) | (0.10 | %) | (0.10 | %) | (0.10 | %) | (0.10 | %) |
Tangible common equity to tangible assets | 8.93 | % | 8.61 | % | 7.69 | % | 8.93 | % | 7.69 | % |
Total average equity - GAAP | $ | 376,832 | $ | 366,187 | $ | 323,464 | $ | 358,105 | $ | 313,763 |
Adjustments: | ||||||||||
Average goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Average tangible common equity | $ | 372,145 | $ | 361,500 | $ | 318,777 | $ | 353,418 | $ | 309,076 |
Return on average shareholders' equity | 13.14 | % | 13.10 | % | 13.64 | % | 13.44 | % | 9.39 | % |
Effect of goodwill | 0.16 | % | 0.17 | % | 0.20 | % | 0.17 | % | 0.14 | % |
Return on average tangible common equity | 13.30 | % | 13.27 | % | 13.84 | % | 13.61 | % | 9.53 | % |
Total interest income | $ | 34,192 | $ | 33,034 | $ | 33,643 | $ | 133,883 | $ | 136,859 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,348 | 1,356 | 1,400 | 5,453 | 5,796 | |||||
Total interest income - FTE | $ | 35,540 | $ | 34,390 | $ | 35,043 | $ | 139,336 | $ | 142,655 |
Net interest income | $ | 23,505 | $ | 20,919 | $ | 18,865 | $ | 86,556 | $ | 64,541 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,348 | 1,356 | 1,400 | 5,453 | 5,796 | |||||
Net interest income - FTE | $ | 24,853 | $ | 22,275 | $ | 20,265 | $ | 92,009 | $ | 70,337 |
Net interest income | $ | 23,505 | $ | 20,919 | $ | 18,865 | $ | 86,556 | $ | 64,541 |
Adjustments: | ||||||||||
Subordinated debt redemption cost | - | 810 | - | 810 | - | |||||
Adjusted net interest income | $ | 23,505 | $ | 21,729 | $ | 18,865 | $ | 87,366 | $ | 64,541 |
Net interest income | $ | 23,505 | $ | 20,919 | $ | 18,865 | $ | 86,556 | $ | 64,541 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,348 | 1,356 | 1,400 | 5,453 | 5,796 | |||||
Subordinated debt redemption cost | - | 810 | - | 810 | - | |||||
Adjusted net interest income - FTE | $ | 24,853 | $ | 23,085 | $ | 20,265 | $ | 92,819 | $ | 70,337 |
Net interest margin | 2.30 | % | 2.00 | % | 1.78 | % | 2.11 | % | 1.55 | % |
Effect of fully-taxable equivalent adjustments 1
|
0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | 0.13 | % |
Net interest margin - FTE | 2.43 | % | 2.13 | % | 1.91 | % | 2.25 | % | 1.68 | % |
Net interest margin | 2.30 | % | 2.00 | % | 1.78 | % | 2.11 | % | 1.55 | % |
Effect of subordinated debt redemption cost | 0.00 | % | 0.08 | % | 0.00 | % | 0.02 | % | 0.00 | % |
Adjusted net interest margin | 2.30 | % | 2.08 | % | 1.78 | % | 2.13 | % | 1.55 | % |
Net interest margin | 2.30 | % | 2.00 | % | 1.78 | % | 2.11 | % | 1.55 | % |
Effect of fully-taxable equivalent adjustments 1
|
0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | 0.13 | % |
Effect of subordinated debt redemption cost | 0.00 | % | 0.08 | % | 0.00 | % | 0.02 | % | 0.00 | % |
Adjusted net interest margin - FTE | 2.43 | % | 2.21 | % | 1.91 | % | 2.27 | % | 1.68 | % |
Allowance for loan losses | $ | 27,841 | $ | 28,000 | $ | 29,484 | $ | 27,841 | $ | 29,484 |
Loans | $ | 2,887,662 | $ | 2,936,148 | $ | 3,059,231 | $ | 2,887,662 | $ | 3,059,231 |
Adjustments: | ||||||||||
PPP loans | (3,152) | (14,981) | (50,554) | (3,152) | (50,554) | |||||
Loans, excluding PPP loans | $ | 2,884,510 | $ | 2,921,167 | $ | 3,008,677 | $ | 2,884,510 | $ | 3,008,677 |
Allowance for loan losses to loans | 0.96 | % | 0.95 | % | 0.96 | % | 0.96 | % | 0.96 | % |
Effect of PPP loans | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.02 | % |
Allowance for loan losses to loans, excluding PPP loans | 0.97 | % | 0.96 | % | 0.98 | % | 0.97 | % | 0.98 | % |
First Internet Bancorp | ||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||
Total revenue - GAAP | $ | 31,199 | $ | 28,732 | $ | 31,522 | $ | 119,400 | $ | 100,877 |
Adjustments: | ||||||||||
Gain on sale of premises and equipment | - | - | - | (2,523) | - | |||||
Subordinated debt redemption cost | - | 810 | - | 810 | - | |||||
Adjusted total revenue | $ | 31,199 | $ | 29,542 | $ | 31,522 | $ | 117,687 | $ | 100,877 |
Noninterest income - GAAP | $ | 7,694 | $ | 7,813 | $ | 12,657 | $ | 32,844 | $ | 36,336 |
Adjustments: | ||||||||||
Gain on sale of premises and equipment | - | - | - | (2,523) | - | |||||
Adjusted noninterest income | $ | 7,694 | $ | 7,813 | $ | 12,657 | $ | 30,321 | $ | 36,336 |
Noninterest expense - GAAP | $ | 16,955 | $ | 14,451 | $ | 14,513 | $ | 61,798 | $ | 57,654 |
Adjustments: | ||||||||||
Acquisition-related expenses | (163) | - | - | (163) | - | |||||
IT termination fee | (475) | - | - | (475) | - | |||||
Adjusted noninterest expense | $ | 16,317 | $ | 14,451 | $ | 14,513 | $ | 61,160 | $ | 57,654 |
Income before income taxes - GAAP | $ | 14,482 | $ | 14,310 | $ | 14,145 | $ | 56,572 | $ | 33,898 |
Adjustments: | ||||||||||
Write-down of other real estate owned | - | - | - | - | 2,065 | |||||
Gain on sale of premises and equipment | - | - | - | (2,523) | - | |||||
Subordinated debt redemption cost | - | 810 | - | 810 | - | |||||
Acquisition-related expenses | 163 | - | - | 163 | - | |||||
IT termination fee | 475 | - | - | 475 | - | |||||
Adjusted income before income taxes | $ | 15,120 | $ | 15,120 | $ | 14,145 | $ | 55,497 | $ | 35,963 |
Income tax provision - GAAP | $ | 2,004 | $ | 2,220 | $ | 3,055 | $ | 8,458 | $ | 4,445 |
Adjustments: | ||||||||||
Write-down of other real estate owned | - | - | - | - | 434 | |||||
Gain on sale of premises and equipment | - | - | - | (530) | - | |||||
Subordinated debt redemption cost | - | 170 | - | 170 | - | |||||
Acquisition-related expenses | 34 | - | - | 34 | - | |||||
IT termination fee | 100 | - | - | 100 | - | |||||
Adjusted income tax provision | $ | 2,138 | $ | 2,390 | $ | 3,055 | $ | 8,232 | $ | 4,879 |
Net income - GAAP | $ | 12,478 | $ | 12,090 | $ | 11,090 | $ | 48,114 | $ | 29,453 |
Adjustments: | ||||||||||
Write-down of other real estate owned | - | - | - | - | 1,631 | |||||
Gain on sale of premises and equipment | - | - | - | (1,993) | - | |||||
Subordinated debt redemption cost | - | 640 | - | 640 | - | |||||
Acquisition-related expenses | 129 | - | - | 129 | - | |||||
IT termination fee | 375 | - | - | 375 | - | |||||
Adjusted net income | $ | 12,982 | $ | 12,730 | $ | 11,090 | $ | 47,265 | $ | 31,084 |
Diluted average common shares outstanding | $ | 9,989,951 | $ | 9,988,102 | $ | 9,914,022 | $ | 9,976,261 | $ | 9,842,425 |
Diluted earnings per share - GAAP | $ | 1.25 | $ | 1.21 | $ | 1.12 | $ | 4.82 | $ | 2.99 |
Adjustments: | ||||||||||
Effect of write-down of other real estate owned | - | - | - | - | 0.17 | |||||
Effect of gain on sale of premises and equipment | - | - | - | (0.19) | - | |||||
Effect of subordinated debt redemption cost | - | 0.06 | - | 0.06 | - | |||||
Effect of acquisition-related expenses | 0.01 | - | - | 0.01 | - | |||||
Effect of IT termination fee | 0.04 | - | - | 0.04 | - | |||||
Adjusted diluted earnings per share | $ | 1.30 | $ | 1.27 | $ | 1.12 | $ | 4.74 | $ | 3.16 |
Return on average assets | 1.19 | % | 1.12 | % | 1.02 | % | 1.14 | % | 0.69 | % |
Effect of write-down of other real estate owned | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.04 | % |
Effect of gain on sale of premises and equipment | 0.00 | % | 0.00 | % | 0.00 | % | (0.05 | %) | 0.00 | % |
Effect of subordinated debt redemption cost | 0.00 | % | 0.06 | % | 0.00 | % | 0.02 | % | 0.00 | % |
Effect of acquisition-related expenses | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Effect of IT termination fee | 0.04 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % |
Adjusted return on average assets | 1.24 | % | 1.18 | % | 1.02 | % | 1.12 | % | 0.73 | % |
Return on average shareholders' equity | 13.14 | % | 13.10 | % | 13.64 | % | 13.44 | % | 9.39 | % |
Effect of write-down of other real estate owned | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.52 | % |
Effect of gain on sale of premises and equipment | 0.00 | % | 0.00 | % | 0.00 | % | (0.56 | %) | 0.00 | % |
Effect of subordinated debt redemption cost | 0.00 | % | 0.69 | % | 0.00 | % | 0.18 | % | 0.00 | % |
Effect of acquisition-related expenses | 0.14 | % | 0.00 | % | 0.00 | % | 0.04 | % | 0.00 | % |
Effect of IT termination fee | 0.39 | % | 0.00 | % | 0.00 | % | 0.10 | % | 0.00 | % |
Adjusted return on average shareholders' equity | 13.67 | % | 13.79 | % | 13.64 | % | 13.20 | % | 9.91 | % |
Return on average tangible common equity | 13.30 | % | 13.27 | % | 13.84 | % | 13.61 | % | 9.53 | % |
Effect of write-down of other real estate owned | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.53 | % |
Effect of gain on sale of premises and equipment | 0.00 | % | 0.00 | % | 0.00 | % | (0.56 | %) | 0.00 | % |
Effect of subordinated debt redemption cost | 0.00 | % | 0.70 | % | 0.00 | % | 0.18 | % | 0.00 | % |
Effect of acquisition-related expenses | 0.14 | % | 0.00 | % | 0.00 | % | 0.04 | % | 0.00 | % |
Effect of IT termination fee | 0.40 | % | 0.00 | % | 0.00 | % | 0.10 | % | 0.00 | % |
Adjusted return on average tangible common equity | 13.84 | % | 13.97 | % | 13.84 | % | 13.37 | % | 10.06 | % |
Effective income tax rate | 13.8 | % | 15.5 | % | 21.6 | % | 15.0 | % | 13.1 | % |
Effect of write-down of other real estate owned | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.5 | % |
Effect of gain on sale of premises and equipment | 0.0 | % | 0.0 | % | 0.0 | % | (0.4 | %) | 0.0 | % |
Effect of subordinated debt redemption cost | 0.0 | % | 0.3 | % | 0.0 | % | 0.1 | % | 0.0 | % |
Effect of acquisition-related expenses | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Effect of IT termination fee | 0.2 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % |
Adjusted effective income tax rate | 14.1 | % | 15.8 | % | 21.6 | % | 14.8 | % | 13.6 | % |