10/23/2024 | Press release | Distributed by Public on 10/23/2024 15:11
As of September 30, 2024 | ||
Company | Bank | |
Total shareholders' equity to assets | 6.61% | 7.95% |
Tangible common equity to tangible assets 1
|
6.54% | 7.87% |
Tier 1 leverage ratio 2
|
7.13% | 8.53% |
Common equity tier 1 capital ratio 2
|
9.37% | 11.22% |
Tier 1 capital ratio 2
|
9.37% | 11.22% |
Total risk-based capital ratio 2
|
12.79% | 12.34% |
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 | PANBlast |
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 | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Net income | $ | 6,990 | 5,775 | $ | 3,409 | $ | 17,946 | $ | 4,274 | |
Per share and share information | ||||||||||
Earnings per share - basic | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.07 | $ | 0.48 |
Earnings per share - diluted | 0.80 | 0.67 | 0.39 | 2.05 | 0.48 | |||||
Dividends declared per share | 0.06 | 0.06 | 0.06 | 0.18 | 0.18 | |||||
Book value per common share | 44.43 | 42.91 | 40.11 | 44.43 | 40.11 | |||||
Tangible book value per common share 1
|
43.89 | 42.37 | 39.57 | 43.89 | 39.57 | |||||
Common shares outstanding | 8,667,894 | 8,667,894 | 8,669,673 | 8,667,894 | 8,669,673 | |||||
Average common shares outstanding: | ||||||||||
Basic | 8,696,634 | 8,594,315 | 8,744,385 | 8,688,304 | 8,889,532 | |||||
Diluted | 8,768,731 | 8,656,215 | 8,767,217 | 8,756,544 | 8,907,748 | |||||
Performance ratios | ||||||||||
Return on average assets | 0.50 | % | 0.44 | % | 0.26 | % | 0.45 | % | 0.12 | % |
Return on average shareholders' equity | 7.32 | % | 6.28 | % | 3.79 | % | 6.42 | % | 1.59 | % |
Return on average tangible common equity 1
|
7.41 | % | 6.36 | % | 3.84 | % | 6.51 | % | 1.61 | % |
Net interest margin | 1.62 | % | 1.67 | % | 1.39 | % | 1.65 | % | 1.55 | % |
Net interest margin - FTE 1,2
|
1.70 | % | 1.76 | % | 1.49 | % | 1.74 | % | 1.66 | % |
Capital ratios 3
|
||||||||||
Total shareholders' equity to assets | 6.61 | % | 6.96 | % | 6.73 | % | 6.61 | % | 6.73 | % |
Tangible common equity to tangible assets 1
|
6.54 | % | 6.88 | % | 6.64 | % | 6.54 | % | 6.64 | % |
Tier 1 leverage ratio | 7.13 | % | 7.24 | % | 7.32 | % | 7.13 | % | 7.32 | % |
Common equity tier 1 capital ratio | 9.37 | % | 9.47 | % | 9.56 | % | 9.37 | % | 9.56 | % |
Tier 1 capital ratio | 9.37 | % | 9.47 | % | 9.56 | % | 9.37 | % | 9.56 | % |
Total risk-based capital ratio | 12.79 | % | 13.13 | % | 13.13 | % | 12.79 | % | 13.13 | % |
Asset quality | ||||||||||
Nonperforming loans | $ | 22,478 | $ | 12,978 | $ | 5,885 | $ | 22,478 | $ | 5,885 |
Nonperforming assets | 22,944 | 13,055 | 6,069 | 22,944 | 6,069 | |||||
Nonperforming loans to loans | 0.56 | % | 0.33 | % | 0.16 | % | 0.56 | % | 0.16 | % |
Nonperforming assets to total assets | 0.39 | % | 0.24 | % | 0.12 | % | 0.39 | % | 0.12 | % |
Allowance for credit losses - loans to: | ||||||||||
Loans | 1.13 | % | 1.10 | % | 0.98 | % | 1.13 | % | 0.98 | % |
Nonperforming loans | 203.4 | % | 334.5 | % | 619.4 | % | 203.4 | % | 619.4 | % |
Net charge-offs to average loans | 0.15 | % | 0.14 | % | 0.16 | % | 0.12 | % | 0.38 | % |
Average balance sheet information | ||||||||||
Loans | $ | 4,022,196 | $ | 3,930,976 | $ | 3,700,410 | $ | 3,947,885 | $ | 3,643,156 |
Total securities | 792,409 | 744,537 | 622,220 | 746,985 | 604,026 | |||||
Other earning assets | 526,384 | 469,045 | 653,375 | 476,697 | 499,835 | |||||
Total interest-earning assets | 5,348,153 | 5,150,305 | 4,976,667 | 5,176,852 | 4,751,104 | |||||
Total assets | 5,523,910 | 5,332,776 | 5,137,474 | 5,355,491 | 4,905,910 | |||||
Noninterest-bearing deposits | 113,009 | 116,939 | 127,540 | 114,425 | 126,647 | |||||
Interest-bearing deposits | 4,384,078 | 4,172,976 | 3,911,696 | 4,182,094 | 3,680,746 | |||||
Total deposits | 4,497,087 | 4,289,915 | 4,039,236 | 4,296,519 | 3,807,393 | |||||
Shareholders' equity | 380,061 | 369,825 | 356,701 | 373,111 | 359,405 |
First Internet Bancorp | ||||||
Condensed Consolidated Balance Sheets (unaudited) | ||||||
Dollar amounts in thousands | ||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||
Assets | ||||||
Cash and due from banks | $ | 6,539 | $ | 6,162 | $ | 3,595 |
Interest-bearing deposits | 705,940 | 390,624 | 517,610 | |||
Securities available-for-sale, at fair value | 575,257 | 488,572 | 450,827 | |||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses | 263,320 | 270,349 | 231,928 | |||
Loans held-for-sale | 32,996 | 19,384 | 31,669 | |||
Loans | 4,035,880 | 3,961,146 | 3,735,068 | |||
Allowance for credit losses - loans | (45,721) | (43,405) | (36,452) | |||
Net loans | 3,990,159 | 3,917,741 | 3,698,616 | |||
Accrued interest receivable | 27,750 | 28,118 | 23,761 | |||
Federal Home Loan Bank of Indianapolis stock | 28,350 | 28,350 | 28,350 | |||
Cash surrender value of bank-owned life insurance | 41,111 | 40,834 | 40,619 | |||
Premises and equipment, net | 72,150 | 72,516 | 74,197 | |||
Goodwill | 4,687 | 4,687 | 4,687 | |||
Servicing asset | 14,662 | 13,009 | 9,579 | |||
Other real estate owned | 251 | - | 106 | |||
Accrued income and other assets | 60,087 | 62,956 | 53,479 | |||
Total assets | $ | 5,823,259 | $ | 5,343,302 | $ | 5,169,023 |
Liabilities | ||||||
Noninterest-bearing deposits | $ | 111,591 | $ | 126,438 | $ | 125,265 |
Interest-bearing deposits | 4,686,119 | 4,147,484 | 3,958,280 | |||
Total deposits | 4,797,710 | 4,273,922 | 4,083,545 | |||
Advances from Federal Home Loan Bank | 515,000 | 575,000 | 614,933 | |||
Subordinated debt | 105,071 | 104,993 | 104,761 | |||
Accrued interest payable | 2,808 | 3,419 | 2,968 | |||
Accrued expenses and other liabilities | 17,541 | 14,015 | 15,072 | |||
Total liabilities | 5,438,130 | 4,971,349 | 4,821,279 | |||
Shareholders' equity | ||||||
Voting common stock | 185,631 | 185,175 | 185,085 | |||
Retained earnings | 223,824 | 217,365 | 203,856 | |||
Accumulated other comprehensive loss | (24,326) | (30,587) | (41,197) | |||
Total shareholders' equity | 385,129 | 371,953 | 347,744 | |||
Total liabilities and shareholders' equity | $ | 5,823,259 | $ | 5,343,302 | $ | 5,169,023 |
First Internet Bancorp | ||||||||||
Condensed Consolidated Statements of Income (unaudited) | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
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Interest income | ||||||||||
Loans | $ | 59,792 | $ | 57,094 | $ | 48,898 | $ | 172,321 | $ | 139,647 |
Securities - taxable | 6,953 | 6,476 | 4,301 | 19,123 | 11,742 | |||||
Securities - non-taxable | 1,042 | 970 | 912 | 2,981 | 2,570 | |||||
Other earning assets | 7,203 | 6,421 | 8,904 | 19,691 | 19,211 | |||||
Total interest income | 74,990 | 70,961 | 63,015 | 214,116 | 173,170 | |||||
Interest expense | ||||||||||
Deposits | 47,415 | 44,495 | 40,339 | 134,039 | 102,285 | |||||
Other borrowed funds | 5,810 | 5,139 | 5,298 | 16,251 | 15,788 | |||||
Total interest expense | 53,225 | 49,634 | 45,637 | 150,290 | 118,073 | |||||
Net interest income | 21,765 | 21,327 | 17,378 | 63,826 | 55,097 | |||||
Provision for credit losses | 3,390 | 4,031 | 1,946 | 9,869 | 13,059 | |||||
Net interest income after provision for credit losses | 18,375 | 17,296 | 15,432 | 53,957 | 42,038 | |||||
Noninterest income | ||||||||||
Service charges and fees | 245 | 246 | 208 | 711 | 635 | |||||
Loan servicing revenue | 1,570 | 1,470 | 1,064 | 4,363 | 2,699 | |||||
Loan servicing asset revaluation | (846) | (829) | (257) | (2,109) | (670) | |||||
Mortgage banking activities | - | - | - | - | 76 | |||||
Gain on sale of loans | 9,933 | 8,292 | 5,569 | 24,761 | 14,498 | |||||
Other | 1,127 | 1,854 | 823 | 3,683 | 1,486 | |||||
Total noninterest income | 12,029 | 11,033 | 7,407 | 31,409 | 18,724 | |||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 13,456 | 12,462 | 11,767 | 37,714 | 34,267 | |||||
Marketing, advertising and promotion | 548 | 609 | 500 | 1,893 | 2,049 | |||||
Consulting and professional fees | 902 | 1,022 | 552 | 2,777 | 2,189 | |||||
Data processing | 675 | 606 | 701 | 1,845 | 1,880 | |||||
Loan expenses | 1,524 | 1,597 | 1,336 | 4,566 | 4,385 | |||||
Premises and equipment | 2,918 | 3,154 | 2,315 | 8,898 | 7,753 | |||||
Deposit insurance premium | 1,219 | 1,172 | 1,067 | 3,536 | 2,546 | |||||
Other | 1,552 | 1,714 | 1,518 | 4,924 | 4,311 | |||||
Total noninterest expense | 22,794 | 22,336 | 19,756 | 66,153 | 59,380 | |||||
Income before income taxes | 7,610 | 5,993 | 3,083 | 19,213 | 1,382 | |||||
Income tax provision (benefit) | 620 | 218 | (326) | 1,267 | (2,892) | |||||
Net income | $ | 6,990 | $ | 5,775 | $ | 3,409 | $ | 17,946 | $ | 4,274 |
Per common share data | ||||||||||
Earnings per share - basic | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.07 | $ | 0.48 |
Earnings per share - diluted | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.05 | $ | 0.48 |
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 |
First Internet Bancorp | ||||||||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||||||||
Dollar amounts in thousands | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
Average 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
|
$ | 4,029,360 | $ | 59,792 | 5.90 | % | $ | 3,936,723 | $ | 57,094 | 5.83 | % | $ | 3,701,072 | $ | 48,898 | 5.24 | % |
Securities - taxable | 713,992 | 6,953 | 3.87 | % | 670,502 | 6,476 | 3.88 | % | 550,208 | 4,301 | 3.10 | % | ||||||
Securities - non-taxable | 78,417 | 1,042 | 5.29 | % | 74,035 | 970 | 5.27 | % | 72,012 | 912 | 5.02 | % | ||||||
Other earning assets | 526,384 | 7,203 | 5.44 | % | 469,045 | 6,421 | 5.51 | % | 653,375 | 8,904 | 5.41 | % | ||||||
Total interest-earning assets | 5,348,153 | 74,990 | 5.58 | % | 5,150,305 | 70,961 | 5.54 | % | 4,976,667 | 63,015 | 5.02 | % | ||||||
Allowance for credit losses - loans | (44,572) | (41,362) | (35,601) | |||||||||||||||
Noninterest-earning assets | 220,329 | 223,833 | 196,408 | |||||||||||||||
Total assets | $ | 5,523,910 | $ | 5,332,776 | $ | 5,137,474 | ||||||||||||
Liabilities | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing demand deposits | $ | 511,446 | $ | 2,880 | 2.24 | % | $ | 474,124 | $ | 2,567 | 2.18 | % | $ | 387,517 | $ | 2,131 | 2.18 | % |
Savings accounts | 22,774 | 48 | 0.84 | % | 22,987 | 48 | 0.84 | % | 26,221 | 56 | 0.85 | % | ||||||
Money market accounts | 1,224,680 | 12,980 | 4.22 | % | 1,243,011 | 13,075 | 4.23 | % | 1,230,746 | 12,537 | 4.04 | % | ||||||
Fintech - brokered deposits | 153,012 | 1,682 | 4.37 | % | 119,662 | 1,299 | 4.37 | % | 31,891 | 348 | 4.33 | % | ||||||
Certificates and brokered deposits | 2,472,166 | 29,825 | 4.80 | % | 2,313,192 | 27,506 | 4.78 | % | 2,235,321 | 25,267 | 4.48 | % | ||||||
Total interest-bearing deposits | 4,384,078 | 47,415 | 4.30 | % | 4,172,976 | 44,495 | 4.29 | % | 3,911,696 | 40,339 | 4.09 | % | ||||||
Other borrowed funds | 620,032 | 5,810 | 3.73 | % | 652,176 | 5,139 | 3.17 | % | 719,655 | 5,298 | 2.92 | % | ||||||
Total interest-bearing liabilities | 5,004,110 | 53,225 | 4.23 | % | 4,825,152 | 49,634 | 4.14 | % | 4,631,351 | 45,637 | 3.91 | % | ||||||
Noninterest-bearing deposits | 113,009 | 116,939 | 127,540 | |||||||||||||||
Other noninterest-bearing liabilities | 26,730 | 20,860 | 21,882 | |||||||||||||||
Total liabilities | 5,143,849 | 4,962,951 | 4,780,773 | |||||||||||||||
Shareholders' equity | 380,061 | 369,825 | 356,701 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 5,523,910 | $ | 5,332,776 | $ | 5,137,474 | ||||||||||||
Net interest income | $ | 21,765 | $ | 21,327 | $ | 17,378 | ||||||||||||
Interest rate spread | 1.35 | % | 1.40 | % | 1.11 | % | ||||||||||||
Net interest margin | 1.62 | % | 1.67 | % | 1.39 | % | ||||||||||||
Net interest margin - FTE 2,3
|
1.70 | % | 1.76 | % | 1.49 | % |
First Internet Bancorp | ||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2024 | September 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
|
$ | 3,953,170 | $ | 172,321 | 5.82 | % | $ | 3,647,243 | $ | 139,647 | 5.12 | % |
Securities - taxable | 670,728 | 19,123 | 3.81 | % | 531,197 | 11,742 | 2.96 | % | ||||
Securities - non-taxable | 76,257 | 2,981 | 5.22 | % | 72,829 | 2,570 | 4.72 | % | ||||
Other earning assets | 476,697 | 19,691 | 5.52 | % | 499,835 | 19,211 | 5.14 | % | ||||
Total interest-earning assets | 5,176,852 | 214,116 | 5.52 | % | 4,751,104 | 173,170 | 4.87 | % | ||||
Allowance for credit losses - loans | (41,526) | (35,784) | ||||||||||
Noninterest-earning assets | 220,165 | 190,590 | ||||||||||
Total assets | $ | 5,355,491 | $ | 4,905,910 | ||||||||
Liabilities | ||||||||||||
Interest-bearing liabilities | ||||||||||||
Interest-bearing demand deposits | $ | 467,054 | $ | 7,538 | 2.16 | % | $ | 360,573 | $ | 4,540 | 1.68 | % |
Savings accounts | 22,760 | 144 | 0.85 | % | 31,494 | 202 | 0.86 | % | ||||
Money market accounts | 1,228,538 | 38,727 | 4.21 | % | 1,293,728 | 37,151 | 3.84 | % | ||||
Fintech - brokered deposits | 119,470 | 3,912 | 4.37 | % | 23,246 | 716 | 4.12 | % | ||||
Certificates and brokered deposits | 2,344,272 | 83,718 | 4.77 | % | 1,971,705 | 59,676 | 4.05 | % | ||||
Total interest-bearing deposits | 4,182,094 | 134,039 | 4.28 | % | 3,680,746 | 102,285 | 3.72 | % | ||||
Other borrowed funds | 662,824 | 16,251 | 3.28 | % | 719,577 | 15,788 | 2.93 | % | ||||
Total interest-bearing liabilities | 4,844,918 | 150,290 | 4.14 | % | 4,400,323 | 118,073 | 3.59 | % | ||||
Noninterest-bearing deposits | 114,425 | 126,647 | ||||||||||
Other noninterest-bearing liabilities | 23,037 | 19,535 | ||||||||||
Total liabilities | 4,982,380 | 4,546,505 | ||||||||||
Shareholders' equity | 373,111 | 359,405 | ||||||||||
Total liabilities and shareholders' equity | $ | 5,355,491 | $ | 4,905,910 | ||||||||
Net interest income | $ | 63,826 | $ | 55,097 | ||||||||
Interest rate spread | 1.38 | % | 1.28 | % | ||||||||
Net interest margin | 1.65 | % | 1.55 | % | ||||||||
Net interest margin - FTE 2,3
|
1.74 | % | 1.66 | % |
First Internet Bancorp | ||||||||||||
Loans and Deposits (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Commercial loans | ||||||||||||
Commercial and industrial | $ | 111,199 | 2.8 | % | $ | 115,585 | 2.9 | % | $ | 114,265 | 3.1 | % |
Owner-occupied commercial real estate | 56,461 | 1.4 | % | 58,089 | 1.5 | % | 58,486 | 1.6 | % | |||
Investor commercial real estate | 260,614 | 6.5 | % | 188,409 | 4.8 | % | 129,831 | 3.5 | % | |||
Construction | 340,954 | 8.4 | % | 328,922 | 8.3 | % | 252,105 | 6.7 | % | |||
Single tenant lease financing | 932,148 | 23.1 | % | 927,462 | 23.4 | % | 933,873 | 25.0 | % | |||
Public finance | 462,730 | 11.5 | % | 486,200 | 12.3 | % | 535,960 | 14.3 | % | |||
Healthcare finance | 190,287 | 4.7 | % | 202,079 | 5.1 | % | 235,622 | 6.3 | % | |||
Small business lending | 298,645 | 7.4 | % | 270,129 | 6.8 | % | 192,996 | 5.2 | % | |||
Franchise finance | 550,442 | 13.6 | % | 551,133 | 13.9 | % | 455,094 | 12.2 | % | |||
Total commercial loans | 3,203,480 | 79.4 | % | 3,128,008 | 79.0 | % | 2,908,232 | 77.9 | % | |||
Consumer loans | ||||||||||||
Residential mortgage | 378,701 | 9.4 | % | 382,549 | 9.7 | % | 393,501 | 10.5 | % | |||
Home equity | 20,264 | 0.5 | % | 21,405 | 0.5 | % | 23,544 | 0.6 | % | |||
Trailers | 205,230 | 5.1 | % | 197,738 | 5.0 | % | 186,424 | 5.0 | % | |||
Recreational vehicles | 150,378 | 3.7 | % | 150,151 | 3.8 | % | 140,205 | 3.8 | % | |||
Other consumer loans | 48,780 | 1.2 | % | 48,638 | 1.2 | % | 42,822 | 1.1 | % | |||
Total consumer loans | 803,353 | 19.9 | % | 800,481 | 20.2 | % | 786,496 | 21.0 | % | |||
Net deferred loan fees, premiums, discounts and other 1
|
29,047 | 0.7 | % | 32,657 | 0.8 | % | 40,340 | 1.1 | % | |||
Total loans | $ | 4,035,880 | 100.0 | % | $ | 3,961,146 | 100.0 | % | $ | 3,735,068 | 100.0 | % |
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||
Deposits | ||||||||||||
Noninterest-bearing deposits | $ | 111,591 | 2.3 | % | $ | 126,438 | 3.0 | % | $ | 125,265 | 3.1 | % |
Interest-bearing demand deposits | 538,484 | 11.2 | % | 480,141 | 11.2 | % | 374,915 | 9.2 | % | |||
Savings accounts | 21,712 | 0.5 | % | 22,619 | 0.5 | % | 23,811 | 0.6 | % | |||
Money market accounts | 1,230,707 | 25.7 | % | 1,222,197 | 28.6 | % | 1,222,511 | 29.9 | % | |||
Fintech - brokered deposits | 211,814 | 4.4 | % | 140,180 | 3.3 | % | 41,884 | 1.0 | % | |||
Certificates of deposits | 2,110,618 | 44.0 | % | 1,829,644 | 42.8 | % | 1,624,447 | 39.8 | % | |||
Brokered deposits | 572,784 | 11.9 | % | 452,703 | 10.6 | % | 670,712 | 16.4 | % | |||
Total deposits | $ | 4,797,710 | 100.0 | % | $ | 4,273,922 | 100.0 | % | $ | 4,083,545 | 100.0 | % |
First Internet Bancorp | ||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Total equity - GAAP | $ | 385,129 | $ | 371,953 | $ | 347,744 | $ | 385,129 | $ | 347,744 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible common equity | $ | 380,442 | $ | 367,266 | $ | 343,057 | $ | 380,442 | $ | 343,057 |
Total assets - GAAP | $ | 5,823,259 | $ | 5,343,302 | $ | 5,169,023 | $ | 5,823,259 | $ | 5,169,023 |
Adjustments: | ||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Tangible assets | $ | 5,818,572 | $ | 5,338,615 | $ | 5,164,336 | $ | 5,818,572 | $ | 5,164,336 |
Common shares outstanding | 8,667,894 | 8,667,894 | 8,669,673 | 8,667,894 | 8,669,673 | |||||
Book value per common share | $ | 44.43 | $ | 42.91 | $ | 40.11 | $ | 44.43 | $ | 40.11 |
Effect of goodwill | (0.54) | (0.54) | (0.54) | (0.54) | (0.54) | |||||
Tangible book value per common share | $ | 43.89 | $ | 42.37 | $ | 39.57 | $ | 43.89 | $ | 39.57 |
Total shareholders' equity to assets | 6.61 | % | 6.96 | % | 6.73 | % | 6.61 | % | 6.73 | % |
Effect of goodwill | (0.07 | %) | (0.08 | %) | (0.09 | %) | (0.07 | %) | (0.09 | %) |
Tangible common equity to tangible assets | 6.54 | % | 6.88 | % | 6.64 | % | 6.54 | % | 6.64 | % |
Total average equity - GAAP | $ | 380,061 | $ | 369,825 | $ | 356,701 | $ | 373,111 | $ | 359,405 |
Adjustments: | ||||||||||
Average goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | |||||
Average tangible common equity | $ | 375,374 | $ | 365,138 | $ | 352,014 | $ | 368,424 | $ | 354,718 |
Return on average shareholders' equity | 7.32 | % | 6.28 | % | 3.79 | % | 6.42 | % | 1.59 | % |
Effect of goodwill | 0.09 | % | 0.08 | % | 0.05 | % | 0.09 | % | 0.02 | % |
Return on average tangible common equity | 7.41 | % | 6.36 | % | 3.84 | % | 6.51 | % | 1.61 | % |
Total interest income | $ | 74,990 | $ | 70,961 | $ | 63,015 | $ | 214,116 | $ | 173,170 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,133 | 1,175 | 1,265 | 3,498 | 3,995 | |||||
Total interest income - FTE | $ | 76,123 | $ | 72,136 | $ | 64,280 | $ | 217,614 | $ | 177,165 |
Net interest income | $ | 21,765 | $ | 21,327 | $ | 17,378 | $ | 63,826 | $ | 55,097 |
Adjustments: | ||||||||||
Fully-taxable equivalent adjustments 1
|
1,133 | 1,175 | 1,265 | 3,498 | 3,995 | |||||
Net interest income - FTE | $ | 22,898 | $ | 22,502 | $ | 18,643 | $ | 67,324 | $ | 59,092 |
Net interest margin | 1.62 | % | 1.67 | % | 1.39 | % | 1.65 | % | 1.55 | % |
Effect of fully-taxable equivalent adjustments 1
|
0.08 | % | 0.09 | % | 0.10 | % | 0.09 | % | 0.11 | % |
Net interest margin - FTE | 1.70 | % | 1.76 | % | 1.49 | % | 1.74 | % | 1.66 | % |
First Internet Bancorp | ||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||
Dollar amounts in thousands, except per share data | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Total revenue - GAAP | $ | 33,794 | $ | 32,360 | $ | 24,785 | $ | 95,235 | $ | 73,821 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Adjusted total revenue | $ | 33,794 | $ | 32,360 | $ | 24,785 | $ | 95,235 | $ | 73,756 |
Noninterest income - GAAP | $ | 12,029 | $ | 11,033 | $ | 7,407 | $ | 31,409 | $ | 18,724 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Adjusted noninterest income | $ | 12,029 | $ | 11,033 | $ | 7,407 | $ | 31,409 | $ | 18,659 |
Noninterest expense - GAAP | $ | 22,794 | $ | 22,336 | $ | 19,756 | $ | 66,153 | $ | 59,380 |
Adjustments: | ||||||||||
Mortgage-related costs | - | - | - | - | (3,052) | |||||
IT termination fees | - | (452) | - | (452) | - | |||||
Anniversary expenses | - | (120) | - | (120) | - | |||||
Adjusted noninterest expense | $ | 22,794 | $ | 21,764 | $ | 19,756 | $ | 65,581 | $ | 56,328 |
Income before income taxes - GAAP | $ | 7,610 | $ | 5,993 | $ | 3,083 | $ | 19,213 | $ | 1,382 |
Adjustments:1
|
||||||||||
Mortgage-related revenue | - | - | - | - | (65) | |||||
Mortgage-related costs | - | - | - | - | 3,052 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 6,914 | |||||
IT termination fees | - | 452 | - | 452 | - | |||||
Anniversary expenses | - | 120 | - | 120 | - | |||||
Adjusted income before income taxes | $ | 7,610 | $ | 6,565 | $ | 3,083 | $ | 19,785 | $ | 11,283 |
Income tax provision (benefit) - GAAP | $ | 620 | $ | 218 | $ | (326) | $ | 1,267 | $ | (2,892) |
Adjustments:1
|
||||||||||
Mortgage-related revenue | - | - | - | - | (14) | |||||
Mortgage-related costs | - | - | - | - | 641 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 1,452 | |||||
IT termination fees | - | 95 | - | 95 | - | |||||
Anniversary expenses | - | 25 | - | 25 | - | |||||
Adjusted income tax provision (benefit) | $ | 620 | $ | 338 | $ | (326) | $ | 1,387 | $ | (813) |
Net income - GAAP | $ | 6,990 | $ | 5,775 | $ | 3,409 | $ | 17,946 | $ | 4,274 |
Adjustments: | ||||||||||
Mortgage-related revenue | - | - | - | - | (51) | |||||
Mortgage-related costs | - | - | - | - | 2,411 | |||||
Partial charge-off of C&I participation loan | - | - | - | - | 5,462 | |||||
IT termination fees | - | 357 | - | 357 | - | |||||
Anniversary expenses | - | 95 | - | 95 | - | |||||
Adjusted net income | $ | 6,990 | $ | 6,227 | $ | 3,409 | $ | 18,398 | $ | 12,096 |
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 | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Diluted average common shares outstanding | 8,768,731 | 8,656,215 | 8,767,217 | 8,756,544 | 8,907,748 | |||||
Diluted earnings per share - GAAP | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.05 | $ | 0.48 |
Adjustments: | ||||||||||
Effect of mortgage-related revenue | - | - | - | - | (0.01) | |||||
Effect of mortgage-related costs | - | - | - | - | 0.27 | |||||
Effect of partial charge-off of C&I participation loan | - | - | - | - | 0.61 | |||||
Effect of IT termination fees | - | 0.04 | - | 0.04 | - | |||||
Effect of anniversary expenses | - | 0.01 | - | 0.01 | - | |||||
Adjusted diluted earnings per share | $ | 0.80 | $ | 0.72 | $ | 0.39 | $ | 2.10 | $ | 1.35 |
Return on average assets | 0.50 | % | 0.44 | % | 0.26 | % | 0.45 | % | 0.12 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.07 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.15 | % |
Effect of IT termination fees | 0.00 | % | 0.03 | % | 0.00 | % | 0.01 | % | 0.00 | % |
Effect of anniversary expenses | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Adjusted return on average assets | 0.50 | % | 0.48 | % | 0.26 | % | 0.46 | % | 0.34 | % |
Return on average shareholders' equity | 7.32 | % | 6.28 | % | 3.79 | % | 6.42 | % | 1.59 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.02 | %) |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.90 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 2.03 | % |
Effect of IT termination fees | 0.00 | % | 0.39 | % | 0.00 | % | 0.13 | % | 0.00 | % |
Effect of anniversary expenses | 0.00 | % | 0.10 | % | 0.00 | % | 0.03 | % | 0.00 | % |
Adjusted return on average shareholders' equity | 7.32 | % | 6.77 | % | 3.79 | % | 6.58 | % | 4.50 | % |
Return on average tangible common equity | 7.41 | % | 6.36 | % | 3.84 | % | 6.51 | % | 1.61 | % |
Effect of mortgage-related revenue | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | (0.02 | %) |
Effect of mortgage-related costs | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.91 | % |
Effect of partial charge-off of C&I participation loan | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 2.06 | % |
Effect of IT termination fees | 0.00 | % | 0.39 | % | 0.00 | % | 0.13 | % | 0.00 | % |
Effect of anniversary expenses | 0.00 | % | 0.10 | % | 0.00 | % | 0.03 | % | 0.00 | % |
Adjusted return on average tangible common equity | 7.41 | % | 6.85 | % | 3.84 | % | 6.67 | % | 4.56 | % |