第一互聯網銀行報告了2024年第三季度的業績
印第安納州費雪斯，2024年10月23日 ─ first internet bancorp（以下簡稱“公司”）（納斯達克：INBK），first internet bank（以下簡稱“銀行”）的母公司，宣布了截至2024年9月30日第三季度的財務和運營成果。
2024年第三季度財務亮點
▪2024年第二季度的凈利潤為700萬美元，較去年同期增加21.0%。
▪每股稀釋收益為0.80美元，比2024年第二季度增加了19.4%。
▪$2180萬的淨利息收入和全稅等淨利息收入1 $2290萬，分別比2024年第二季增加了2.1%和1.8%
▪凈利息收益率為1.62%，全稅當量凈利息收益率1 分別為2024年第二季的1.70%和1.76%，較分別為1.67%和1.76%
▪非利息收入為1200萬美元，較2024年第二季增加9.0%。
▪貸款增長7470萬美元，比2024年第二季增加了1.9%；存入資金增長52380萬美元，比2024年第二季增加了12.3%；貸款存款比率達到84.1%
▪不良貸款佔總貸款的0.56％；淨轉備金占平均貸款的0.15％；信用損失提存占總貸款的1.13％
▪有形普通股權對有形資產比率1 佔6.54%，不包括AOCI和調整後的正常現金餘額佔7.49%1； CET1 比率為9.37%
▪每股有形賬面價值1 達43.89美元，比2024年第二季增加了3.6%，比2023年第三季增加了10.9%
大衛·貝克爾主席兼首席執行官表示：“我們第三季度的業績幾乎各方面都表現強勁。由於較高的賺取資產收益率和穩定的籌資成本推動了淨利息收入的增長，再加上我們國家SBA平台持續擴大帶來了創紀錄的賣出利潤收入，使營業收入連續第五個季度增加，呈現顯著的正向營運槓桿。”
1 此信息代表一項非依照通用會計準則（非GAAP）的財務指標。有關非GAAP財務指標的討論，請參見下面標題為「非GAAP財務指標」的部分。
此外，穩健的存入資金增長和不斷進行的貸款組合戰略轉變，提高了資產負債表的靈活性，增強了我們的利率風險概況，並使我們的流動性狀況達到了近年來最強烈的水平，正如我們的貸款-存款比所指示的那樣。
展望未來，我們在營業收入多元化和資產負債表優化等核心策略方面表現良好，有望透過持續執行這些策略來提高收益和盈利能力。我們的資產負債表和資本狀況穩健，資產品質指標仍然穩健。我要感謝我們的員工，感謝他們的奉獻和辛勤工作，為我們的利益相關者帶來增值。
凈利息收益和凈利息收益率
2024年第三季度淨利息收入為2180萬美元，相較於2024年第二季度的2130萬美元，以及2023年第三季度的1740萬美元。在全稅後換算基礎上，2024年第三季度淨利息收入為2290萬美元，相較於2024年第二季度的2250萬美元，以及2023年第三季度的1860萬美元。
2024年第三季度總利息收入為7500萬美元，較2024年第二季度增長5.7%，較2023年第三季度增長19.0%。根據完全納稅當量，2024年第三季度總利息收入為7610萬美元，較2024年第二季度增長5.5%，較2023年第三季度增長18.4%。2024年第三季度平均利息收入資產收益率從第二季度的5.54%增至5.58%，主要因貸款收益率提高7個基點（“bp”），部分抵銷了其他收益資產收益率降低了7個bp，以及證券收益率降低了1個bp。與上一季度相比，平均貸款餘額，包括待售貸款，在第三季度增加了9260萬美元，增長了2.4%，證券平均餘額增加了4790萬美元，增長了6.4%，其他收益資產平均餘額增加了5730萬美元，增長了12.2%。
商業貸款的利息收入增加，主要是由於投資者商業房地產業、施工和小型企業貸款組合內的平均餘額增加。這部分被商業和工業以及公共財務組合內的平均餘額下降部分抵消，這兩者受到提早還款的影響，導致利息收入較上一季度減少。貸款構成的持續轉變反映了公司對較高收益變量利率產品的重點關注，部分是為了幫助改善資產負債表的利率風險配置。
在消費者貸款組合中，由於拖車、房車和其他消費者貸款組合的平均餘額較高，以及持續強勁的新業務收益率，利息收入有所增加。
2024年第三季度資助組合貸款原始產量的收益率為8.85%，比2024年第二季度下降了3個基點，比2023年第三季度下降了7個基點。
2024年第三季度證券利息收入增加了50萬美元，或7.4%，與2024年第二季度相比，主要是因為新購置以及組合證券的相對穩定收益率。其他盈利資產餘額的利息收入增加了80萬美元，
2024年第三季相比較連動季度增長了12.2％，主要原因是平均現金餘額增加。
2024年第三季度的總利息支出為5320萬美元，較上一季度增加360萬美元，增幅為7.2％，這主要是因為短期利率在大部分季度保持穩定，而平均利息軸承存款餘額增加了21110萬美元，增幅為5.1％。與利息軸承存款相關的利息支出增加了290萬美元，增幅為6.6％，主要是受到存款證書、計息需求存款、金融科技-經紀存款和經紀存款餘額增加的推動。與第二季度的4.29％相比，利息軸承存款的成本在本季度中是相對穩定的，為4.30％。
平均CD結餘較上季增加13770萬美元，增幅為7.7％，主要受強勁消費需求推動，而資金成本下降3個基點。CD價格在2024年第三季達到轉折點，新CD的加權平均成本為4.77％，比到期CD的成本低了28個基點。隨著預期在9月份聯邦基金利率下調之前，收益率曲線各處的利率開始下降，公司在第三季下半年顯著降低了CD利率。因此，九月份CD製作的加權平均成本為4.48％，幾乎比該季度新CD的平均成本低30個基點，比2024年第四季到期CD的利率低53個基點。
The average balance of interest-bearing demand deposits increased $37.3 million, or 7.9%, due to growth in fintech partnership deposits, and the cost of funds increased 6 bps. The average balance of fintech – brokered deposits increased $33.3 million, or 27.9%, due to higher payments volumes, while the cost of funds remained flat. The average balance of brokered deposits increased $21.3 million, or 4.1%, compared to the linked quarter, and the cost of funds increased 19 bps.
Interest expense was also impacted by the cost of other borrowed funds. The average balance of FHLB advances declined during the third quarter of 2024; however, the cost of funds increased as lower-cost advances matured. Additionally, one of the Company’s subordinated debt issuances converted from fixed to floating rate early in the third quarter of 2024. As a result, the cost of other borrowed funds increased 56 bps.
Net interest margin (“NIM”) was 1.62% for the third quarter of 2024, down from 1.67% for the second quarter of 2024 and up from 1.39% for the third quarter of 2023. Fully-taxable equivalent NIM (“FTE NIM”) was 1.70% for the third quarter of 2024, down from 1.76% for the second quarter of 2024 and up from 1.49% for the third quarter of 2023. NIM and FTE NIM performance for the third quarter was affected by carrying higher cash balances, which are estimated to have had a negative impact of 6 bps. Furthermore, the early loan payoff activity discussed above also had a negative impact of 6 bps.
Noninterest Income
Noninterest income for the third quarter of 2024 was $12.0 million, compared to $11.0 million for the second quarter of 2024, and $7.4 million for the third quarter of 2023. Gain on sale of loans totaled $9.9 million in the third quarter of 2024, increasing $1.6 million, or 19.8%, compared to the linked quarter. Gain on sale revenue consisted almost entirely of sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans during the third quarter of 2024. Loan sale volume was up 22.1% while net premiums decreased 65 bps compared to the linked quarter. Other income decreased $0.7 million during the quarter due primarily to lower distributions from fund investments.
Net loan servicing revenue increased by $0.1 million due to the growth in the servicing portfolio, partially offset by the fair value adjustment to the loan servicing asset.
Noninterest Expense
Noninterest expense totaled $22.8 million for the third quarter of 2024, compared to $22.3 million for the second quarter of 2024, and $19.8 million for the third quarter of 2023, representing increases of 2.1% and 15.4%, respectively. Excluding non-recurring costs of almost $0.6 million recognized in the second quarter of 2024, noninterest expense increased $1.0 million, or 4.7%, in the third quarter of 2024 from the linked quarter. The increase was driven mainly by higher salaries and employee benefits due to higher small business lending incentive compensation as well as staff additions in small business lending and risk management.
Income Taxes
The Company recorded income tax expense of $0.6 million and an effective tax rate of 8.1% for the third quarter of 2024, compared to income tax expense of $0.2 million and an effective tax rate of 3.6% for the second quarter of 2024, and an income tax benefit of $0.4 million for the third quarter of 2023.
Loans and Credit Quality
Total loans as of September 30, 2024, were $4.0 billion, an increase of $74.7 million, or 1.9%, compared to June 30, 2024, and an increase of $300.8 million, or 8.1%, compared to September 30, 2023. Total commercial loan balances were $3.2 billion as of September 30, 2024, an increase of $75.5 million, or 2.4%, compared to June 30, 2024, and an increase of $295.2 million, or 10.2%, compared to September 30, 2023. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in investor commercial real estate, small business lending and construction balances. These items were partially offset by decreases in the public finance, healthcare finance and commercial and industrial portfolios. Quarter-end balances in the commercial and industrial and public finance portfolios were impacted by early payoffs. The increase in investor commercial real estate balances included loans with strong variable rate pricing that converted from construction loans upon project completion.
Total consumer loan balances were $803.4 million as of September 30, 2024, an increase of $2.9 million, or 0.4%, compared to June 30, 2024, and an increase of $16.9 million, or 2.1%, compared to September 30, 2023. The increase compared to the linked quarter was due primarily to a higher balance in the trailers portfolio, partially offset by declines in the residential mortgage and home equity portfolios.
Total delinquencies 30 days or more past due were 0.75% of total loans as of September 30, 2024, compared to 0.56% at June 30, 2024, and 0.22% as of September 30, 2023. The increase compared to the linked quarter was due primarily to an increase in delinquencies in franchise finance and small business lending loans. Nonperforming loans were 0.56% of total loans as of September 30, 2024, up from 0.33% as of June 30, 2024, and 0.16% as of September 30, 2023. Nonperforming loans totaled $22.5 million as of September 30, 2024, up from $13.0 million as of June 30, 2024, and up from $5.9 million as of September 30, 2023. The increase in nonperforming loans at the end of the third quarter of 2024 was due primarily to franchise finance and small business lending loans that were placed on nonaccrual during the quarter. At quarter end, there were $10.1 million of specific reserves held against the balance of nonperforming loans.
The allowance for credit losses (“ACL”) as a percentage of total loans was 1.13% as of September 30, 2024, compared to 1.10% as of June 30, 2024, and 0.98% as of September 30, 2023. The increase in the ACL reflects growth and higher coverage ratios in certain loan portfolios, as well as additional reserves related to small business lending and franchise finance, partially offset by the positive impact of economic data on forecasted loss rates and qualitative factors on other portfolios.
Net charge-offs of $1.5 million were recognized during the third quarter of 2024, resulting in net charge-offs to average loans of 0.15%, compared to $1.4 million, or 0.14%, for the second quarter of 2024, and $1.5 million, or 0.16%, for the third quarter of 2023. Net charge-offs in the third quarter of 2024 were driven primarily by small business lending.
The provision for credit losses in the third quarter of 2024 was $3.4 million, compared to $4.0 million for the second quarter of 2024 and $1.9 million for the third quarter of 2023. The provision for the third quarter of 2024 was driven primarily by growth and changes in the loan composition, net charge-offs and an increase in reserves related to franchise finance and small business lending, partially offset by the positive impact of economic forecasts and adjustments to qualitative factors on other portfolios.
Capital
As of September 30, 2024, total shareholders’ equity was $385.1 million, an increase of $13.2 million, or 3.5%, compared to June 30, 2024, and an increase of $37.4 million, or 10.8%, compared to September 30, 2023. The increase in total shareholders’ equity during the third quarter compared to the linked quarter was due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $44.43 as of September 30, 2024, up from $42.91 as of June 30, 2024, and $40.11 as of September 30, 2023. Tangible book value per share was $43.89 as of September 30, 2024, up from $42.37 as of June 30, 2024, and $39.57 as of September 30, 2023.
The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of September 30, 2024.
| As of September 30, 2024 | ||||||||||||||
| Company | Bank | |||||||||||||
| Total shareholders’ equity to assets | 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." | ||||||||||||||
2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports. | ||||||||||||||
Conference Call and Webcast
The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, October 24, 2024, to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 59135394. A recorded replay can be accessed through November 24, 2024, by dialing (877) 674-7070; access code: 135394#.
Additionally, interested parties can listen to a live webcast of the call on the Company's website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $5.8 billion as of September 30, 2024. 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” and is a component of the Russell 2000® Index. 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,” “enhance,” “estimate,” “expanding,” “expect,” “going forward,” “growth,” ”improve,” “increase,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the 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 before income taxes, adjusted income tax provision (benefit), 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 are 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.”
| Contact Information: | |||||||||||
| Investors/Analysts | Media | ||||||||||
| Paula Deemer | PANBlast | ||||||||||
| Director of Corporate Administration | Zach Weismiller | ||||||||||
| (317) 428-4628 | firstib@panblastpr.com | ||||||||||
| investors@firstib.com | |||||||||||
| 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 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
| 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 | |||||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||||||||
| Loans | $ | 59,792 | $ | 57,094 | $ | 48,898 | $ | 172,321 | $ | 139,647 | |||||||||||||||||||
| Securities - taxable | 6,953 | 6,476 | 4,301 | 19,123 | 11,742 | ||||||||||||||||||||||||
| Securities - non-taxable | 1,042 | 970 | 912 | 2,981 | 2,570 | ||||||||||||||||||||||||
| Other earning assets | 7,203 | 6,421 | 8,904 | 19,691 | 19,211 | ||||||||||||||||||||||||
| Total interest income | 74,990 | 70,961 | 63,015 | 214,116 | 173,170 | ||||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||||
| Deposits | 47,415 | 44,495 | 40,339 | 134,039 | 102,285 | ||||||||||||||||||||||||
| Other borrowed funds | 5,810 | 5,139 | 5,298 | 16,251 | 15,788 | ||||||||||||||||||||||||
| Total interest expense | 53,225 | 49,634 | 45,637 | 150,290 | 118,073 | ||||||||||||||||||||||||
| Net interest income | 21,765 | 21,327 | 17,378 | 63,826 | 55,097 | ||||||||||||||||||||||||
| Provision for credit losses | 3,390 | 4,031 | 1,946 | 9,869 | 13,059 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 18,375 | 17,296 | 15,432 | 53,957 | 42,038 | ||||||||||||||||||||||||
| Noninterest income | |||||||||||||||||||||||||||||
| Service charges and fees | 245 | 246 | 208 | 711 | 635 | ||||||||||||||||||||||||
| Loan servicing revenue | 1,570 | 1,470 | 1,064 | 4,363 | 2,699 | ||||||||||||||||||||||||
| Loan servicing asset revaluation | (846) | (829) | (257) | (2,109) | (670) | ||||||||||||||||||||||||
| Mortgage banking activities | — | — | — | — | 76 | ||||||||||||||||||||||||
| Gain on sale of loans | 9,933 | 8,292 | 5,569 | 24,761 | 14,498 | ||||||||||||||||||||||||
| Other | 1,127 | 1,854 | 823 | 3,683 | 1,486 | ||||||||||||||||||||||||
| Total noninterest income | 12,029 | 11,033 | 7,407 | 31,409 | 18,724 | ||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||
| Salaries and employee benefits | 13,456 | 12,462 | 11,767 | 37,714 | 34,267 | ||||||||||||||||||||||||
| Marketing, advertising and promotion | 548 | 609 | 500 | 1,893 | 2,049 | ||||||||||||||||||||||||
| Consulting and professional fees | 902 | 1,022 | 552 | 2,777 | 2,189 | ||||||||||||||||||||||||
| Data processing | 675 | 606 | 701 | 1,845 | 1,880 | ||||||||||||||||||||||||
| Loan expenses | 1,524 | 1,597 | 1,336 | 4,566 | 4,385 | ||||||||||||||||||||||||
| Premises and equipment | 2,918 | 3,154 | 2,315 | 8,898 | 7,753 | ||||||||||||||||||||||||
| Deposit insurance premium | 1,219 | 1,172 | 1,067 | 3,536 | 2,546 | ||||||||||||||||||||||||
| Other | 1,552 | 1,714 | 1,518 | 4,924 | 4,311 | ||||||||||||||||||||||||
| Total noninterest expense | 22,794 | 22,336 | 19,756 | 66,153 | 59,380 | ||||||||||||||||||||||||
| Income before income taxes | 7,610 | 5,993 | 3,083 | 19,213 | 1,382 | ||||||||||||||||||||||||
| Income tax provision (benefit) | 620 | 218 | (326) | 1,267 | (2,892) | ||||||||||||||||||||||||
| Net income | $ | 6,990 | $ | 5,775 | $ | 3,409 | $ | 17,946 | $ | 4,274 | |||||||||||||||||||
| Per common share data | |||||||||||||||||||||||||||||
| Earnings per share - basic | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.07 | $ | 0.48 | |||||||||||||||||||
| Earnings per share - diluted | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 2.05 | $ | 0.48 | |||||||||||||||||||
| Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | |||||||||||||||||||
All periods presented have been reclassified to conform to the current period classification
| First Internet Bancorp | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average Balances and Rates (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollar amounts in thousands | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Average 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 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||
| Commercial loans | ||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 111,199 | 2.8 | % | $ | 115,585 | 2.9 | % | $ | 114,265 | 3.1 | % | ||||||||||||||||||||||||||
| Owner-occupied commercial real estate | 56,461 | 1.4 | % | 58,089 | 1.5 | % | 58,486 | 1.6 | % | |||||||||||||||||||||||||||||
| Investor commercial real estate | 260,614 | 6.5 | % | 188,409 | 4.8 | % | 129,831 | 3.5 | % | |||||||||||||||||||||||||||||
| Construction | 340,954 | 8.4 | % | 328,922 | 8.3 | % | 252,105 | 6.7 | % | |||||||||||||||||||||||||||||
| Single tenant lease financing | 932,148 | 23.1 | % | 927,462 | 23.4 | % | 933,873 | 25.0 | % | |||||||||||||||||||||||||||||
| Public finance | 462,730 | 11.5 | % | 486,200 | 12.3 | % | 535,960 | 14.3 | % | |||||||||||||||||||||||||||||
| Healthcare finance | 190,287 | 4.7 | % | 202,079 | 5.1 | % | 235,622 | 6.3 | % | |||||||||||||||||||||||||||||
| Small business lending | 298,645 | 7.4 | % | 270,129 | 6.8 | % | 192,996 | 5.2 | % | |||||||||||||||||||||||||||||
| Franchise finance | 550,442 | 13.6 | % | 551,133 | 13.9 | % | 455,094 | 12.2 | % | |||||||||||||||||||||||||||||
| Total commercial loans | 3,203,480 | 79.4 | % | 3,128,008 | 79.0 | % | 2,908,232 | 77.9 | % | |||||||||||||||||||||||||||||
| Consumer loans | ||||||||||||||||||||||||||||||||||||||
| Residential mortgage | 378,701 | 9.4 | % | 382,549 | 9.7 | % | 393,501 | 10.5 | % | |||||||||||||||||||||||||||||
| Home equity | 20,264 | 0.5 | % | 21,405 | 0.5 | % | 23,544 | 0.6 | % | |||||||||||||||||||||||||||||
| Trailers | 205,230 | 5.1 | % | 197,738 | 5.0 | % | 186,424 | 5.0 | % | |||||||||||||||||||||||||||||
| Recreational vehicles | 150,378 | 3.7 | % | 150,151 | 3.8 | % | 140,205 | 3.8 | % | |||||||||||||||||||||||||||||
| Other consumer loans | 48,780 | 1.2 | % | 48,638 | 1.2 | % | 42,822 | 1.1 | % | |||||||||||||||||||||||||||||
| Total consumer loans | 803,353 | 19.9 | % | 800,481 | 20.2 | % | 786,496 | 21.0 | % | |||||||||||||||||||||||||||||
Net deferred loan fees, premiums, discounts and other 1 | 29,047 | 0.7 | % | 32,657 | 0.8 | % | 40,340 | 1.1 | % | |||||||||||||||||||||||||||||
| Total loans | $ | 4,035,880 | 100.0 | % | $ | 3,961,146 | 100.0 | % | $ | 3,735,068 | 100.0 | % | ||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 111,591 | 2.3 | % | $ | 126,438 | 3.0 | % | $ | 125,265 | 3.1 | % | ||||||||||||||||||||||||||
| Interest-bearing demand deposits | 538,484 | 11.2 | % | 480,141 | 11.2 | % | 374,915 | 9.2 | % | |||||||||||||||||||||||||||||
| Savings accounts | 21,712 | 0.5 | % | 22,619 | 0.5 | % | 23,811 | 0.6 | % | |||||||||||||||||||||||||||||
| Money market accounts | 1,230,707 | 25.7 | % | 1,222,197 | 28.6 | % | 1,222,511 | 29.9 | % | |||||||||||||||||||||||||||||
| Fintech - brokered deposits | 211,814 | 4.4 | % | 140,180 | 3.3 | % | 41,884 | 1.0 | % | |||||||||||||||||||||||||||||
| Certificates of deposits | 2,110,618 | 44.0 | % | 1,829,644 | 42.8 | % | 1,624,447 | 39.8 | % | |||||||||||||||||||||||||||||
| Brokered deposits | 572,784 | 11.9 | % | 452,703 | 10.6 | % | 670,712 | 16.4 | % | |||||||||||||||||||||||||||||
| Total deposits | $ | 4,797,710 | 100.0 | % | $ | 4,273,922 | 100.0 | % | $ | 4,083,545 | 100.0 | % | ||||||||||||||||||||||||||
1 Includes carrying value adjustments of $24.1 million, $25.6 million and $29.0 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
| 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 | % | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||