Highlights for the third quarter include:
- Quarterly net income of $8.4 million, compared to $9.5
million for the second quarter of 2022 and $12.1 million for the
third quarter of 2021
- Quarterly diluted earnings per share of $0.89, compared to
$0.99 for the second quarter of 2022 and $1.21 for the third
quarter of 2021
- Quarterly adjusted net income of $8.5 million, or $0.90
adjusted diluted earnings per share, when excluding nonrecurring
expenses
- Loan growth of $173.8 million, a 5.6% increase from the
second quarter of 2022 and a 10.9% increase from the third quarter
of 2021
- Net interest margin of 2.40% and fully-taxable equivalent
net interest margin of 2.53%
- Repurchased 120,000 shares at an average price of $36.56;
aggregate purchase price under the authorized repurchase program
has been increased to $35.0 million
First Internet Bancorp (the “Company”) (Nasdaq: INBK), the
parent company of First Internet Bank (the “Bank”), announced today
financial and operational results for the third quarter ended
September 30, 2022. Net income for the third quarter of 2022 was
$8.4 million, or $0.89 diluted earnings per share. This compares to
net income of $9.5 million, or $0.99 diluted earnings per share,
for the second quarter of 2022, and net income of $12.1 million, or
$1.21 diluted earnings per share, for the third quarter of
2021.
“Loan originations were up 47% over the prior quarter,
demonstrating continued consumer and business confidence,” said
David Becker, Chairman and Chief Executive Officer. “We continue to
execute on our lending strategies, including our specialized areas
of focus in commercial construction lending, SBA lending, franchise
finance, and consumer lending. Given construction and SBA loans are
typically variable rate products, and other fixed-rate product is
coming on at higher rates, this growth sets the stage for future
increases in average loan yields. We are taking a disciplined
approach to capital deployment, maintaining our focus on the sound
underwriting that has defined our bank for more than 20 years.
Consequently, ongoing strong credit quality was a key contributor
to our performance this quarter.
“We remain focused on our Fintech and Banking-as-a-Service
initiatives as a way to grow lower cost deposit relationships and
enhance noninterest income through payments processing. We have
entered into agreements with two platforms and are piloting three
Fintech partner programs. Altogether, we believe this strategy will
drive stronger earnings and profitability while advancing our
position as a premier technology-forward digital financial services
provider.”
Mr. Becker concluded, “We continue to execute our strategies to
bolster resilience in our balance sheet and earnings profile. I
thank the entire First Internet team for their dedication to this
pursuit and for partnering with our customers for mutual
success.”
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2022 was $24.0
million, compared to $25.7 million for the second quarter of 2022,
and $20.9 million for the third quarter of 2021. On a fully-taxable
equivalent basis, net interest income for the third quarter of 2022
was $25.3 million, compared to $27.1 million for the second quarter
of 2022, and up from $22.3 million for the third quarter of
2021.
Total interest income for the third quarter of 2022 was $39.1
million, an increase of 8.3% compared to the second quarter of
2022, and an increase of 18.4% compared to the third quarter of
2021. On a fully-taxable equivalent basis, total interest income
for the third quarter of 2022 was $40.4 million, an increase of
7.7% compared to the second quarter of 2022, and an increase of
17.4% compared to the third quarter of 2021. The sequential
increase was due primarily to growth in interest income earned on
the commercial and consumer loan portfolios, the securities
portfolio and other earning assets. The yield on average
interest-earning assets for the third quarter of 2022 increased to
3.91% from 3.65% in the linked quarter due primarily to a 22 basis
point (“bp”) increase in the yield earned on securities and a 167
bp increase in the yield earned on other earning assets. Compared
to the linked quarter, average loan balances increased $163.7
million, or 5.5%, while the average balance of securities decreased
$14.1 million, or 2.3%, and the average balance of other earning
assets decreased $133.8 million, or 41.5%.
Interest income earned on commercial loans was positively
impacted by higher rates in the variable rate small business
lending, construction and commercial and industrial portfolios as
well as strong growth in the franchise finance portfolio. This
activity was partially offset by significantly lower prepayment
fees in the healthcare finance and single tenant lease financing
portfolios. In the consumer portfolio, interest income was up due
to the combination of higher new origination yields and growth in
the residential mortgage, trailers, RV and other consumer
portfolios.
New funded portfolio origination yields increased 52 bps
compared to the second quarter, and year-to-date 2022 have been
approximately 87 bps higher than for the same period in 2021.
Because of the fixed rate nature of certain larger portfolios,
there is a lagging impact of the higher origination yields on the
portfolio. Additionally, the yield earned on the loan portfolio was
impacted by the timing of funded loans as over 50% of total funded
originations occurred during September.
The Federal Reserve has increased the federal funds (“Fed
Funds”) target rate 300 bps year-to-date, with half of the increase
coming in the third quarter. To date, the Company has modestly
increased the rate paid on consumer, small business and commercial
interest-bearing demand deposits. While money market deposit
pricing was relatively rational during the second quarter,
competition in both the digital banking space and local markets
intensified, and deposit betas increased as a result. The cost of
the Company’s BaaS brokered deposits, which is tied to Fed Funds,
contributed to the overall increase in interest expense as well.
Furthermore, the combination of higher interest rates and industry
dynamics, including the outflow of deposits from the overall
banking system, drove higher pricing in the wholesale deposit
market.
The Company also increased its use of advances from the Federal
Home Loan Bank to supplement growth and manage long term interest
rate risk, borrowing $100.0 million of longer term advances. Total
interest expense was impacted by the costs related to other
borrowed funds as the rates on these advances, which are now well
below market, contributed to higher total funding costs.
As a result, total interest expense for the third quarter of
2022 was $15.1 million, an increase of 44.9% compared to the second
quarter of 2022, and an increase of 24.7% compared to the third
quarter of 2021.
During the third quarter of 2022, the average balance of
interest-bearing deposits decreased $57.1 million, or 1.9%,
compared to the second quarter of 2022 while the cost of these
deposits increased 56 bps. The decrease in average interest-bearing
deposit balances was due to a decline in average certificates and
brokered deposit balances, which decreased $66.8 million, or 6.0%,
during the quarter while the cost of these deposits increased 31
bps. Additionally, the average balance of money market accounts
decreased $57.9 million, or 4.1%, compared to the second quarter of
2022 while the cost of these deposits increased 79 bps. These
declines were partially offset by an increase of $82.7 million, or
116.1%, in the average balance of BaaS – brokered deposits.
Net interest margin (“NIM”) was 2.40% for the third quarter of
2022, down from 2.60% for the second quarter of 2022 and up from
2.00% for the third quarter of 2021. Fully-taxable equivalent NIM
(“FTE NIM”) was 2.53% for the third quarter of 2022, down from
2.74% for the second quarter of 2022 and up from 2.13% for the
third quarter of 2021. The decrease in FTE NIM compared to the
linked quarter was driven primarily by the effect of higher
interest-bearing deposit costs, partially offset by higher yields
on securities, other earning assets and higher average loan
balances.
Noninterest Income
Noninterest income for the third quarter of 2022 was $4.3
million, stable with the second quarter of 2022, and down from $7.8
million for the third quarter of 2021. Gain on sale of loans
totaled $2.7 million for the third quarter of 2022, up $0.8
million, or 39.0% from the linked quarter. Gain on sale revenue in
the quarter consisted entirely of gain on the sales of U.S. Small
Business Administration (“SBA”) 7(a) guaranteed loans. The increase
in revenue related to SBA loan sales was due to a higher volume of
sales, partially offset by lower net gain on sale premiums.
Mortgage banking revenue totaled $0.9 million for the third quarter
of 2022, down $0.8 million, or 49.1%, from the linked quarter as
the continued rise in interest rates negatively impacted interest
rate lock and sold loan volume as well as gain on sale margins.
Noninterest Expense
Noninterest expense for the third quarter of 2022 was $18.0
million, stable with the second quarter of 2022 and up from $14.5
million for the third quarter of 2021. Consulting and professional
fees and salaries and employee benefits declined from the linked
quarter, while loan expenses and premises and equipment costs were
higher. The decrease in consulting and professional fees was due
primarily to the timing of third party loan review and stress
testing. The lower salaries and employee benefits expense was due
mainly to discretionary inflation bonuses paid to certain employees
and accelerated equity compensation related to retirements in the
second quarter and lower incentive compensation in the Company’s
mortgage banking division, partially offset by increased headcount
as well as higher incentive compensation in SBA and construction
lending. The increase in loan expenses was driven primarily by
higher servicing costs associated with the growth in our franchise
finance loan portfolio as well as risk management vendor costs. The
increase in premises and equipment costs was impacted by a $125,000
write-down of software as well as costs related to the buildout of
the Company’s small business banking platform.
Income Taxes
The Company reported an income tax expense of $1.0 million for
the third quarter of 2022 and an effective tax rate of 10.5%,
compared to an income tax expense of $1.3 million and an effective
tax rate of 11.8% for the second quarter of 2022 and an income tax
expense of $2.2 million and an effective tax rate of 15.5% for the
third quarter of 2021. The lower effective tax rate reflects a
higher proportion of tax exempt income relative to total pre-tax
income.
Loans and Credit Quality
Total loans as of September 30, 2022 were $3.3 billion, an
increase of $173.8 million, or 5.6%, compared to June 30, 2022, and
an increase of $319.8 million, or 10.9%, compared to September 30,
2021. Total commercial loan balances were $2.5 billion as of
September 30, 2022, an increase of $97.3 million, or 4.0%, compared
to June 30, 2022 and an increase of $129.6 million, or 5.4%,
compared to September 30, 2021. Compared to the linked quarter, the
increase in commercial loan balances was driven primarily by growth
in franchise finance, investor commercial real estate and single
tenant lease financing loan balances. These items were partially
offset by net payoffs in healthcare finance and commercial and
industrial.
Total consumer loan balances were $672.2 million as of September
30, 2022, an increase of $78.2 million, or 13.2%, compared to June
30, 2022, and an increase of $197.1 million, or 41.5%, compared to
September 30, 2021. The increase compared to the linked quarter was
due to higher balances in the residential mortgage, recreational
vehicles and trailers loan portfolios.
Total delinquencies 30 days or more past due were 0.06% of total
loans as of September 30, 2022, consistent with both June 30, 2022
and September 30, 2021. Overall credit quality remained strong
during the quarter as nonperforming loans to total loans was 0.18%
as of September 30, 2022, compared to 0.15% at June 30, 2022 and
0.27% as of September 30, 2021. Nonperforming loans totaled $6.0
million at quarter end, up from $4.5 million at June 30, 2022.
The allowance for loan losses as a percentage of total loans was
0.92% as of September 30, 2022, both in total and when excluding
PPP loans, compared to 0.95% in both categories as of June 30, 2022
and 0.95% and 0.96%, respectively, as of September 30, 2021. The
decline in the allowance coverage ratio reflects growth in certain
portfolios with lower coverage ratios as well as the continued
decline in healthcare finance balances that have a higher coverage
ratio.
Net charge-offs of $0.2 million were recognized during the third
quarter of 2022, resulting in net charge-offs to average loans of
0.02%, compared to net charge-offs to average loans of 0.04% for
the second quarter of 2022 and net charge-offs to average loans of
0.01% for the third quarter of 2021.
The provision for loan losses in the third quarter of 2022 was
$0.9 million, compared to a provision of $1.2 million for the
second quarter of 2022 and a credit for loan losses of $29,000 for
the third quarter of 2021. The provision for the quarter was driven
by the overall growth in the loan portfolio, partially offset by
reductions in specific reserves as there were positive developments
on certain monitored loans.
Capital
As of September 30, 2022, total shareholders’ equity was $360.9
million, a decrease of $4.5 million, or 1.2%, compared to June 30,
2022 and a decrease of $9.6 million, or 2.6%, compared to September
30, 2021. The decline in shareholders’ equity during the third
quarter of 2022 was due primarily to an increase in accumulated
other comprehensive loss resulting from a decline in the value of
the available-for-sale securities portfolio caused by the continued
rise in interest rates during the quarter and stock repurchase
activity. This was partially offset by the net income earned during
the quarter and an increase in the value of interest rate swaps
classified as cash flow hedges. Book value per common share
increased to $38.84 as of September 30, 2022, relatively stable
with June 30, 2022 and up from $37.59 as of September 30, 2021.
Tangible book value per share was $38.34, also relatively stable
with June 30, 2022 and up from $37.12 as of September 30, 2021.
In connection with its previously announced stock repurchase
program, which has been increased to a total aggregate purchase
price of $35.0 million, the Company repurchased 120,000 shares of
its common stock during the third quarter of 2022 at an average
price of $36.56 per share. Including shares repurchased since the
fourth quarter of 2021, the Company has repurchased $25.1 million
of stock under the total upsized authorization of $35.0
million.
The following table presents the Company’s and the Bank’s
regulatory and other capital ratios as of September 30, 2022.
As of September 30, 2022
Company
Bank
Total shareholders' equity to assets
8.46
%
10.14
%
Tangible common equity to tangible assets
1
8.36
%
10.04
%
Tier 1 leverage ratio 2
9.49
%
11.22
%
Common equity tier 1 capital ratio 2
11.72
%
13.87
%
Tier 1 capital ratio 2
11.72
%
13.87
%
Total risk-based capital ratio 2
15.73
%
14.77
%
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 12:00
p.m. Eastern Time on Thursday, October 20, 2022 to discuss its
quarterly financial results. The call can be accessed via telephone
at (844) 200-6205; access code: 136923. A recorded replay can be
accessed through November 19, 2022 by dialing (866) 813-9403;
access code: 630846.
Additionally, interested parties can listen to a live webcast of
the call on the Company's website at www.firstinternetbancorp.com.
An archived version of the webcast will be available in the same
location shortly after the live call has ended.
About First Internet Bancorp
First Internet Bancorp is a financial holding company with
assets of $4.3 billion as of September 30, 2022. The Company’s
subsidiary, First Internet Bank, opened for business in 1999 as an
industry pioneer in the branchless delivery of banking services.
The First Internet Bank provides consumer and small business
deposit, SBA financing, franchise finance, residential mortgage
loans, 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,
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
“ahead,” “anticipate,” “believe,” “capitalize,” “confidence in,”
“continue,” “could,” “designed,” “effort,” “estimate,” “expect,”
“growth,” “help,” “hope,” “intend,” “looking forward,” “may,”
“opportunities,” “optimistic,” “pending,” “plan,” “position,”
“preliminary,” “remain,” “should,” “waiting on,” “well-positioned,”
“will,” “working on,” “would” 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: adverse public health developments on the
economy, 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 we own or 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
real estate, commercial and industrial, public finance, SBA, and
franchise finance loan portfolios; competition with national,
regional and community financial institutions; the loss of any key
members of senior management; execution of pending and future
acquisition, reorganization or disposition transactions, including
without limitation, the related time and costs of implementing such
transactions, integrating operations as part of these transactions
and possible failures to achieve expected gains, revenue growth
and/or expense savings and other anticipated benefits from such
transactions; fluctuations in interest rates; 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, adjusted total interest income
- FTE, net interest income – FTE, adjusted net interest income,
adjusted net interest income – FTE, net interest margin – FTE,
adjusted net interest margin, adjusted net interest margin – FTE,
provision (benefit) for loan losses, excluding tax refund advance
loans, average loans, excluding tax refund advance loans, net
(recoveries) charge-offs to average loans, excluding tax refund
advance loans, allowance for loan losses to loans, excluding PPP
loans, adjusted noninterest expense, adjusted income before income
taxes, adjusted income tax provision, adjusted net income, adjusted
diluted earnings per share, adjusted return on average assets,
adjusted return on average shareholders’ equity, adjusted return on
average tangible common equity, adjusted effective income tax rate,
income before income taxes, excluding tax refund advance loans,
income tax provision, excluding tax refund advance loans and net
income, excluding tax refund advance loans 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.”
First Internet Bancorp Summary Financial Information
(unaudited) Dollar amounts in thousands, except per share data
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Net income
$
8,436
$
9,545
$
12,090
$
29,190
$
35,636
Per share and share information Earnings per share -
basic
$
0.89
$
0.99
$
1.22
$
3.04
$
3.59
Earnings per share - diluted
0.89
0.99
1.21
3.01
3.57
Dividends declared per share
0.06
0.06
0.06
0.18
0.18
Book value per common share
38.84
38.85
37.59
38.84
37.59
Tangible book value per common share 1
38.34
38.35
37.12
38.34
37.12
Common shares outstanding
9,290,885
9,404,000
9,854,153
9,290,885
9,854,153
Average common shares outstanding: Basic
9,458,259
9,600,383
9,936,237
9,615,039
9,922,877
Diluted
9,525,855
9,658,689
9,988,102
9,681,742
9,974,071
Performance ratios Return on average assets
0.82
%
0.93
%
1.12
%
0.94
%
1.13
%
Return on average shareholders' equity
9.01
%
10.23
%
13.10
%
10.40
%
13.54
%
Return on average tangible common equity 1
9.13
%
10.36
%
13.27
%
10.53
%
13.73
%
Net interest margin
2.40
%
2.60
%
2.00
%
2.52
%
2.05
%
Net interest margin - FTE 1,2
2.53
%
2.74
%
2.13
%
2.65
%
2.19
%
Capital ratios 3 Total shareholders' equity to assets
8.46
%
8.91
%
8.71
%
8.46
%
8.71
%
Tangible common equity to tangible assets 1
8.36
%
8.81
%
8.61
%
8.36
%
8.61
%
Tier 1 leverage ratio
9.49
%
9.45
%
8.86
%
9.49
%
8.86
%
Common equity tier 1 capital ratio 11.72
%
12.46
%
12.62
%
11.72
%
12.62
%
Tier 1 capital ratio
11.72
%
12.46
%
12.62
%
11.72
%
12.62
%
Total risk-based capital ratio
15.73
%
16.74
%
17.04
%
15.73
%
17.04
%
Asset quality Nonperforming loans
$
6,006
$
4,527
$
7,851
$
6,006
$
7,851
Nonperforming assets
6,006
4,550
9,039
6,006
9,039
Nonperforming loans to loans
0.18
%
0.15
%
0.27
%
0.18
%
0.27
%
Nonperforming assets to total assets
0.14
%
0.11
%
0.21
%
0.14
%
0.21
%
Allowance for loan losses to: Loans
0.92
%
0.95
%
0.95
%
0.92
%
0.95
%
Loans, excluding PPP loans 1
0.92
%
0.95
%
0.96
%
0.92
%
0.96
%
Nonperforming loans
497.3
%
644.0
%
356.6
%
497.3
%
356.6
%
Net charge-offs to average loans
0.02
%
0.04
%
0.01
%
0.04
%
0.12
%
Average balance sheet information Loans
$
3,161,850
$
2,998,144
$
2,933,654
$
3,036,532
$
2,991,556
Total securities
606,329
620,396
713,342
624,995
612,755
Other earning assets
188,467
322,302
479,051
321,262
478,399
Total interest-earning assets
3,970,650
3,962,589
4,148,726
4,004,025
4,107,971
Total assets
4,105,688
4,097,865
4,265,189
4,138,866
4,215,479
Noninterest-bearing deposits
124,067
108,980
104,161
115,142
97,760
Interest-bearing deposits
2,961,327
3,018,422
3,137,728
3,016,652
3,121,039
Total deposits
3,085,394
3,127,402
3,241,889
3,131,794
3,218,799
Shareholders' equity
371,303
374,274
366,187
375,190
351,794
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,
June 30,
September 30,
2022
2022
2021
Assets Cash and due from banks
$
14,743
$
6,155
$
4,932
Interest-bearing deposits
206,309
201,798
402,583
Securities available-for-sale, at fair value
393,565
425,489
634,007
Securities held-to-maturity, at amortized cost
191,057
185,113
62,129
Loans held-for-sale
23,103
31,580
43,970
Loans
3,255,906
3,082,127
2,936,148
Allowance for loan losses
(29,866
)
(29,153
)
(28,000
)
Net loans
3,226,040
3,052,974
2,908,148
Accrued interest receivable
16,918
17,466
14,866
Federal Home Loan Bank of Indianapolis stock
28,350
25,219
25,650
Cash surrender value of bank-owned life insurance
39,612
39,369
38,660
Premises and equipment, net
70,747
70,288
52,700
Goodwill
4,687
4,687
4,687
Servicing asset
5,795
5,345
4,412
Other real estate owned
-
-
1,188
Accrued income and other assets
43,498
34,323
54,360
Total assets
$
4,264,424
$
4,099,806
$
4,252,292
Liabilities Noninterest-bearing deposits
$
142,875
$
126,153
$
110,117
Interest-bearing deposits
3,049,769
3,025,948
3,114,478
Total deposits
3,192,644
3,152,101
3,224,595
Advances from Federal Home Loan Bank
589,926
464,925
514,920
Subordinated debt
104,456
104,381
104,156
Accrued interest payable
1,887
2,005
1,568
Accrued expenses and other liabilities
14,654
11,062
36,611
Total liabilities
3,903,567
3,734,474
3,881,850
Shareholders' equity Voting common stock
200,123
204,071
223,059
Retained earnings
199,877
192,011
160,551
Accumulated other comprehensive loss
(39,143
)
(30,750
)
(13,168
)
Total shareholders' equity
360,857
365,332
370,442
Total liabilities and shareholders' equity
$
4,264,424
$
4,099,806
$
4,252,292
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,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Interest income Loans
$
34,643
$
32,415
$
30,126
$
100,246
$
91,846
Securities - taxable
2,701
2,567
2,297
7,489
5,997
Securities - non-taxable
491
328
241
1,068
781
Other earning assets
1,264
796
370
2,436
1,067
Total interest income
39,099
36,106
33,034
111,239
99,691
Interest expense Deposits
10,520
6,408
7,090
23,025
23,423
Other borrowed funds
4,585
4,018
5,025
12,790
13,217
Total interest expense
15,105
10,426
12,115
35,815
36,640
Net interest income
23,994
25,680
20,919
75,424
63,051
Provision for loan losses
892
1,185
(29
)
2,868
1,268
Net interest income after provision for loan losses
23,102
24,495
20,948
72,556
61,783
Noninterest income Service charges and fees
248
281
276
845
822
Loan servicing revenue
653
620
511
1,858
1,390
Loan servicing asset revaluation
(333
)
(470
)
(274
)
(1,100
)
(669
)
Mortgage banking activities
871
1,710
3,850
4,454
12,274
Gain on sale of loans
2,713
1,952
2,719
8,510
7,461
Gain on sale of premises and equipment
-
-
-
-
2,523
Other
164
221
731
883
1,349
Total noninterest income
4,316
4,314
7,813
15,450
25,150
Noninterest expense Salaries and employee benefits
10,439
10,832
9,316
31,149
28,040
Marketing, advertising and promotion
1,041
920
813
2,717
2,365
Consulting and professional fees
790
1,197
728
3,912
2,792
Data processing
483
490
380
1,422
1,224
Loan expenses
1,142
693
383
3,417
1,458
Premises and equipment
2,808
2,419
1,687
7,767
4,875
Deposit insurance premium
229
287
230
797
930
Other
1,063
1,147
914
3,579
3,159
Total noninterest expense
17,995
17,985
14,451
54,760
44,843
Income before income taxes
9,423
10,824
14,310
33,246
42,090
Income tax provision
987
1,279
2,220
4,056
6,454
Net income
$
8,436
$
9,545
$
12,090
$
29,190
$
35,636
Per common share data Earnings per share - basic
$
0.89
$
0.99
$
1.22
$
3.04
$
3.59
Earnings per share - diluted
$
0.89
$
0.99
$
1.21
$
3.01
$
3.57
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,
2022 June 30, 2022 September 30, 2021
Average Interest / Yield / Average
Interest / Yield / Average Interest /
Yield / Balance Dividends Cost
Balance Dividends Cost Balance
Dividends Cost Assets Interest-earning
assets Loans, including loans held-for-sale 1
$
3,175,854
$
34,643
4.33
%
$
3,019,891
$
32,415
4.31
%
$
2,956,333
$
30,126
4.04
%
Securities - taxable
532,470
2,701
2.01
%
543,422
2,567
1.89
%
629,101
2,297
1.45
%
Securities - non-taxable
73,859
491
2.64
%
76,974
328
1.71
%
84,241
241
1.14
%
Other earning assets
188,467
1,264
2.66
%
322,302
796
0.99
%
479,051
370
0.31
%
Total interest-earning assets
3,970,650
39,099
3.91
%
3,962,589
36,106
3.65
%
4,148,726
33,034
3.16
%
Allowance for loan losses
(29,423
)
(28,599
)
(28,127
)
Noninterest-earning assets
164,461
163,875
144,590
Total assets
$
4,105,688
$
4,097,865
$
4,265,189
Liabilities Interest-bearing liabilities
Interest-bearing demand deposits
$
342,116
$
551
0.64
%
$
348,274
$
466
0.54
%
$
198,637
$
150
0.30
%
Savings accounts
57,700
111
0.76
%
66,657
68
0.41
%
62,195
56
0.36
%
Money market accounts
1,369,783
4,581
1.33
%
1,427,665
1,921
0.54
%
1,498,218
1,532
0.41
%
BaaS - brokered deposits
153,936
859
2.21
%
71,234
154
0.87
%
-
-
0.00
%
Certificates and brokered deposits
1,037,792
4,418
1.69
%
1,104,592
3,799
1.38
%
1,378,678
5,352
1.54
%
Total interest-bearing deposits
2,961,327
10,520
1.41
%
3,018,422
6,408
0.85
%
3,137,728
7,090
0.90
%
Other borrowed funds
637,877
4,585
2.85
%
583,553
4,018
2.76
%
611,975
5,025
3.26
%
Total interest-bearing liabilities
3,599,204
15,105
1.67
%
3,601,975
10,426
1.16
%
3,749,703
12,115
1.28
%
Noninterest-bearing deposits
124,067
108,980
104,161
Other noninterest-bearing liabilities
11,114
12,636
45,138
Total liabilities
3,734,385
3,723,591
3,899,002
Shareholders' equity
371,303
374,274
366,187
Total liabilities and shareholders' equity
$
4,105,688
$
4,097,865
$
4,265,189
Net interest income
$
23,994
$
25,680
$
20,919
Interest rate spread
2.24
%
2.49
%
1.88
%
Net interest margin
2.40
%
2.60
%
2.00
%
Net interest margin - FTE 2,3
2.53
%
2.74
%
2.13
%
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, 2022 September 30,
2021 Average Interest / Yield /
Average Interest / Yield / Balance
Dividends Cost Balance Dividends
Cost Assets Interest-earning assets Loans,
including loans held-for-sale 1
$
3,057,768
$
100,246
4.38
%
$
3,016,817
$
91,846
4.07
%
Securities - taxable
547,759
7,489
1.83
%
527,625
5,997
1.52
%
Securities - non-taxable
77,236
1,068
1.85
%
85,130
781
1.23
%
Other earning assets
321,262
2,436
1.01
%
478,399
1,067
0.30
%
Total interest-earning assets
4,004,025
111,239
3.71
%
4,107,971
99,691
3.24
%
Allowance for loan losses
(28,671
)
(29,446
)
Noninterest-earning assets
163,512
136,954
Total assets
$
4,138,866
$
4,215,479
Liabilities Interest-bearing liabilities
Interest-bearing demand deposits
$
336,311
$
1,429
0.57
%
$
190,785
$
425
0.30
%
Savings accounts
61,647
232
0.50
%
54,740
145
0.35
%
Money market accounts
1,416,984
8,006
0.76
%
1,428,554
4,385
0.41
%
BaaS - brokered deposits
79,613
1,019
1.71
%
-
-
0.00
%
Certificates and brokered deposits
1,122,097
12,339
1.47
%
1,446,960
18,468
1.71
%
Total interest-bearing deposits
3,016,652
23,025
1.02
%
3,121,039
23,423
1.00
%
Other borrowed funds
613,609
12,790
2.79
%
593,605
13,217
2.98
%
Total interest-bearing liabilities
3,630,261
35,815
1.32
%
3,714,644
36,640
1.32
%
Noninterest-bearing deposits
115,142
97,760
Other noninterest-bearing liabilities
18,273
51,281
Total liabilities
3,763,676
3,863,685
Shareholders' equity
375,190
351,794
Total liabilities and shareholders' equity
$
4,138,866
$
4,215,479
Net interest income
$
75,424
$
63,051
Interest rate spread
2.39
%
1.92
%
Net interest margin
2.52
%
2.05
%
Net interest margin - FTE 2,3
2.65
%
2.19
%
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,
2022 June 30, 2022 September 30, 2021
Amount Percent Amount Percent
Amount Percent Commercial loans
Commercial and industrial
$
104,780
3.2
%
$
110,540
3.6
%
$
107,142
3.6
%
Owner-occupied commercial real estate
58,615
1.8
%
61,277
2.0
%
84,819
2.9
%
Investor commercial real estate
91,021
2.8
%
52,648
1.7
%
28,505
1.0
%
Construction
139,509
4.3
%
143,475
4.7
%
115,414
3.9
%
Single tenant lease financing
895,302
27.4
%
867,181
28.1
%
921,998
31.5
%
Public finance
614,139
18.9
%
613,759
19.9
%
601,738
20.5
%
Healthcare finance
293,686
9.0
%
317,180
10.3
%
417,388
14.2
%
Small business lending
113,001
3.5
%
102,724
3.3
%
102,889
3.5
%
Franchise finance
225,012
6.8
%
168,942
5.5
%
25,598
0.9
%
Total commercial loans
2,535,065
77.7
%
2,437,726
79.1
%
2,405,491
82.0
%
Consumer loans Residential mortgage
337,565
10.4
%
281,124
9.1
%
188,750
6.4
%
Home equity
22,114
0.7
%
19,928
0.6
%
17,960
0.6
%
Trailers
162,161
5.0
%
154,555
5.0
%
147,806
5.0
%
Recreational vehicles
115,694
3.6
%
105,876
3.4
%
90,192
3.1
%
Other consumer loans
34,657
1.1
%
32,524
1.2
%
30,398
1.0
%
Total consumer loans
672,191
20.8
%
594,007
19.3
%
475,106
16.1
%
Net deferred loan fees, premiums, discounts and other 1
48,650
1.5
%
50,394
1.6
%
55,551
1.9
%
Total loans
$
3,255,906
100.0
%
$
3,082,127
100.0
%
$
2,936,148
100.0
%
September 30, 2022 June 30, 2022
September 30, 2021 Amount Percent
Amount Percent Amount Percent
Deposits Noninterest-bearing deposits
$
142,635
4.5
%
$
126,153
4.0
%
$
110,117
3.4
%
Interest-bearing demand deposits
337,765
10.6
%
350,551
11.1
%
201,557
6.3
%
Savings accounts
52,228
1.6
%
65,365
2.1
%
66,762
2.1
%
Money market accounts
1,378,087
43.2
%
1,363,424
43.3
%
1,479,358
45.8
%
BaaS - brokered deposits
96,287
3.0
%
194,133
6.2
%
-
0.0
%
Certificates of deposits
773,040
24.2
%
800,598
25.3
%
1,043,898
32.4
%
Brokered deposits
412,602
12.9
%
251,877
8.0
%
322,903
10.0
%
Total deposits
$
3,192,644
100.0
%
$
3,152,101
100.0
%
$
3,224,595
100.0
%
1 Includes carrying value adjustments of $33.9 million, $35.4
million and $38.9 million related to terminated interest rate swaps
associated with public finance loans as of September 30, 2022, June
30, 2022 and September 30, 2021, 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,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Total equity - GAAP
$
360,857
$
365,332
$
370,442
$
360,857
$
370,442
Adjustments: Goodwill
(4,687
)
(4,687
)
(4,687
)
(4,687
)
(4,687
)
Tangible common equity
$
356,170
$
360,645
$
365,755
$
356,170
$
365,755
Total assets - GAAP
$
4,264,424
$
4,099,806
$
4,252,292
$
4,264,424
$
4,252,292
Adjustments: Goodwill
(4,687
)
(4,687
)
(4,687
)
(4,687
)
(4,687
)
Tangible assets
$
4,259,737
$
4,095,119
$
4,247,605
$
4,259,737
$
4,247,605
Common shares outstanding
9,290,885
9,404,000
9,854,153
9,290,885
9,854,153
Book value per common share
$
38.84
$
38.85
$
37.59
$
38.84
$
37.59
Effect of goodwill
(0.50
)
(0.50
)
(0.47
)
(0.50
)
(0.47
)
Tangible book value per common share
$
38.34
$
38.35
$
37.12
$
38.34
$
37.12
Total shareholders' equity to assets
8.46
%
8.91
%
8.71
%
8.46
%
8.71
%
Effect of goodwill
(0.10
%)
(0.10
%)
(0.10
%)
(0.10
%)
(0.10
%)
Tangible common equity to tangible assets
8.36
%
8.81
%
8.61
%
8.36
%
8.61
%
Total average equity - GAAP
$
371,303
$
374,274
$
366,187
$
375,190
$
351,794
Adjustments: Average goodwill
(4,687
)
(4,687
)
(4,687
)
(4,687
)
(4,687
)
Average tangible common equity
$
366,616
$
369,587
$
361,500
$
370,503
$
347,107
Return on average shareholders' equity
9.01
%
10.23
%
13.10
%
10.40
%
13.54
%
Effect of goodwill
0.12
%
0.13
%
0.17
%
0.13
%
0.19
%
Return on average tangible common equity
9.13
%
10.36
%
13.27
%
10.53
%
13.73
%
Total interest income
$
39,099
$
36,106
$
33,034
$
111,239
$
99,691
Adjustments: Fully-taxable equivalent adjustments 1
1,280
1,377
1,356
3,971
4,105
Total interest income - FTE
$
40,379
$
37,483
$
34,390
$
115,210
$
103,796
Total interest income - FTE
$
40,379
$
37,483
$
34,390
$
115,210
$
103,796
Adjustments: Income from tax refund advance loans
-
(149
)
-
(3,013
)
-
Adjusted total interest income - FTE
$
40,379
$
37,334
$
34,390
$
112,197
$
103,796
Net interest income
$
23,994
$
25,680
$
20,919
$
75,424
$
63,051
Adjustments: Fully-taxable equivalent adjustments 1
1,280
1,377
1,356
3,971
4,105
Net interest income - FTE
$
25,274
$
27,057
$
22,275
$
79,395
$
67,156
Net interest income
$
23,994
$
25,680
$
20,919
$
75,424
$
63,051
Adjustments: Subordinated debt redemption cost
-
-
810
-
810
Income from tax refund advance loans
-
(149
)
-
(3,013
)
-
Adjusted net interest income
$
23,994
$
25,531
$
21,729
$
72,411
$
63,861
Net interest income
$
23,994
$
25,680
$
20,919
$
75,424
$
63,051
Adjustments: Fully-taxable equivalent adjustments 1
1,280
1,377
1,356
3,971
4,105
Subordinated debt redemption cost
-
-
810
-
810
Income from tax refund advance loans
-
(149
)
-
(3,013
)
-
Adjusted net interest income - FTE
$
25,274
$
26,908
$
23,085
$
76,382
$
67,966
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures Dollar amounts
in thousands, except per share data
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Net interest margin
2.40
%
2.60
%
2.00
%
2.52
%
2.05
%
Effect of fully-taxable equivalent adjustments 1
0.13
%
0.14
%
0.13
%
0.13
%
0.14
%
Net interest margin - FTE
2.53
%
2.74
%
2.13
%
2.65
%
2.19
%
Net interest margin
2.40
%
2.60
%
2.00
%
2.52
%
2.05
%
Effect of subordinated debt redemption cost
0.00
%
0.00
%
0.08
%
0.00
%
0.02
%
Effect of income from tax refund advance loans
0.00
%
(0.02
%)
0.00
%
(0.10
%)
0.00
%
Adjusted net interest margin
2.40
%
2.58
%
2.08
%
2.42
%
2.07
%
Net interest margin
2.40
%
2.60
%
2.00
%
2.52
%
2.05
%
Effect of fully-taxable equivalent adjustments 1
0.13
%
0.14
%
0.13
%
0.13
%
0.14
%
Effect of subordinated debt redemption cost
0.00
%
0.00
%
0.08
%
0.00
%
0.02
%
Effect of income from tax refund advance loans
0.00
%
(0.02
%)
0.00
%
(0.10
%)
0.00
%
Adjusted net interest margin - FTE
2.53
%
2.72
%
2.21
%
2.55
%
2.21
%
Provision for loan losses
$
892
$
1,185
$
(29
)
$
2,868
$
1,268
Adjustments: Provision for tax refund advance loans losses
-
(18
)
-
(1,860
)
-
Provision (benefit) for loan losses, excluding tax refund advance
loans
$
892
$
1,167
$
(29
)
$
1,008
$
1,268
Average loans
$
3,161,850
$
2,998,144
$
2,933,654
$
3,036,532
$
2,991,556
Adjustments: Average tax refund advance loans
-
(3,185
)
-
(20,996
)
-
Average loans, excluding tax refund advance loans
$
3,161,850
$
2,994,959
$
2,933,654
$
3,015,536
$
2,991,556
Net charge-offs to average loans
0.02
%
0.04
%
0.01
%
0.04
%
0.12
%
Adjustments: Effect of tax refund advance lending net charge-offs
to average loans
0.00
%
(0.05
%)
0.00
%
(0.08
%)
0.00
%
Net (recoveries) charge-offs to average loans, excluding tax refund
advance loans
0.02
%
(0.01
%)
0.01
%
(0.04
%)
0.12
%
Allowance for loan losses
$
29,866
$
29,153
$
28,000
$
29,866
$
28,000
Loans
$
3,255,906
$
3,082,127
$
2,936,148
$
3,255,906
$
2,936,148
Adjustments: PPP loans
-
(194
)
(14,981
)
-
(14,981
)
Loans, excluding PPP loans
$
3,255,906
$
3,081,933
$
2,921,167
$
3,255,906
$
2,921,167
Allowance for loan losses to loans
0.92
%
0.95
%
0.95
%
0.92
%
0.95
%
Effect of PPP loans
0.00
%
0.00
%
0.01
%
0.00
%
0.01
%
Allowance for loan losses to loans, excluding PPP loans
0.92
%
0.95
%
0.96
%
0.92
%
0.96
%
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures Dollar amounts
in thousands, except per share data
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Noninterest expense - GAAP
$
17,995
$
17,985
$
14,451
$
54,760
$
44,843
Adjustments: Acquisition-related expenses
-
(103
)
-
(273
)
-
Write-down of software
(125
)
-
-
(125
)
-
Nonrecurring consulting fee
-
-
-
(875
)
-
Discretionary inflation bonus
-
(531
)
-
(531
)
-
Accelerated equity compensation
-
(289
)
-
(289
)
-
Adjusted noninterest expense
$
17,870
$
17,062
$
14,451
$
52,667
$
44,843
Income before income taxes - GAAP
$
9,423
$
10,824
$
14,310
$
33,246
$
42,090
Adjustments: Gain on sale of premises and equipment
-
-
-
-
(2,523
)
Acquisition-related expenses
-
103
-
273
-
Write-down of software
125
-
-
125
-
Subordinated debt redemption cost
-
-
810
-
810
Nonrecurring consulting fee
-
-
-
875
-
Discretionary inflation bonus
-
531
-
531
-
Accelerated equity compensation
-
289
-
289
-
Adjusted income before income taxes
$
9,548
$
11,747
$
15,120
$
35,339
$
40,377
Income tax provision - GAAP
$
987
$
1,279
$
2,220
$
4,056
$
6,454
Adjustments:1 Gain on sale of premises and equipment
-
-
-
-
(530
)
Acquisition-related expenses
-
21
-
57
-
Write-down of software
26
-
-
26
-
Subordinated debt redemption cost
-
-
170
-
170
Nonrecurring consulting fee
-
-
-
184
-
Discretionary inflation bonus
-
112
-
112
-
Accelerated equity compensation
-
61
-
61
-
Adjusted income tax provision
$
1,013
$
1,473
$
2,390
$
4,496
$
6,094
Net income - GAAP
$
8,436
$
9,545
$
12,090
$
29,190
$
35,636
Adjustments: Gain on sale of premises and equipment
-
-
-
-
(1,993
)
Acquisition-related expenses
-
82
-
216
-
Write-down of software
99
-
-
99
-
Subordinated debt redemption cost
-
-
640
-
640
Nonrecurring consulting fee
-
-
-
691
-
Discretionary inflation bonus
-
419
-
419
-
Accelerated equity compensation
-
228
-
228
-
Adjusted net income
$
8,535
$
10,274
$
12,730
$
30,843
$
34,283
Diluted average common shares outstanding
9,525,855
9,658,689
9,988,102
9,681,742
9,974,071
Diluted earnings per share - GAAP
$
0.89
$
0.99
$
1.21
$
3.01
$
3.57
Adjustments: Effect of gain on sale of premises and equipment
-
-
-
-
(0.19
)
Effect of acquisition-related expenses
-
0.01
-
0.02
-
Effect of write-down of software
0.01
-
-
0.01
-
Effect of nonrecurring consulting fee
-
-
-
0.07
-
Effect of subordinated debt redemption cost
-
-
0.06
-
0.06
Effect of discretionary inflation bonus
-
0.04
-
0.04
-
Effect of accelerated equity compensation
-
0.02
-
0.02
-
Adjusted diluted earnings per share
$
0.90
$
1.06
$
1.27
$
3.17
$
3.44
Return on average assets
0.82
%
0.93
%
1.12
%
0.94
%
1.13
%
Effect of gain on sale of premises and equipment
0.00
%
0.00
%
0.00
%
0.00
%
(0.06
%)
Effect of acquisition-related expenses
0.00
%
0.01
%
0.00
%
0.01
%
0.00
%
Effect of write-down of software
0.01
%
0.00
%
0.00
%
0.00
%
0.00
%
Effect of nonrecurring consulting fee
0.00
%
0.00
%
0.00
%
0.02
%
0.00
%
Effect of subordinated debt redemption cost
0.00
%
0.00
%
0.06
%
0.00
%
0.02
%
Effect of discretionary inflation bonus
0.00
%
0.04
%
0.00
%
0.01
%
0.00
%
Effect of accelerated equity compensation
0.00
%
0.02
%
0.00
%
0.01
%
0.00
%
Adjusted return on average assets
0.83
%
1.00
%
1.18
%
0.99
%
1.09
%
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures Dollar amounts
in thousands, except per share data
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Return on average shareholders' equity
9.01
%
10.23
%
13.10
%
10.40
%
13.54
%
Effect of gain on sale of premises and equipment
0.00
%
0.00
%
0.00
%
0.00
%
(0.75
%)
Effect of acquisition-related expenses
0.00
%
0.09
%
0.00
%
0.08
%
0.00
%
Effect of write-down of software
0.11
%
0.00
%
0.00
%
0.04
%
0.00
%
Effect of nonrecurring consulting fee
0.00
%
0.00
%
0.00
%
0.25
%
0.00
%
Effect of subordinated debt redemption cost
0.00
%
0.00
%
0.69
%
0.00
%
0.24
%
Effect of discretionary inflation bonus
0.00
%
0.45
%
0.00
%
0.15
%
0.00
%
Effect of accelerated equity compensation
0.00
%
0.24
%
0.00
%
0.08
%
0.00
%
Adjusted return on average shareholders' equity
9.12
%
11.01
%
13.79
%
11.00
%
13.03
%
Return on average tangible common equity
9.13
%
10.36
%
13.27
%
10.53
%
13.73
%
Effect of gain on sale of premises and equipment
0.00
%
0.00
%
0.00
%
0.00
%
(0.77
%)
Effect of acquisition-related expenses
0.00
%
0.09
%
0.00
%
0.08
%
0.00
%
Effect of write-down of software
0.11
%
0.00
%
0.00
%
0.04
%
0.00
%
Effect of nonrecurring consulting fee
0.00
%
0.00
%
0.00
%
0.25
%
0.00
%
Effect of subordinated debt redemption cost
0.00
%
0.00
%
0.70
%
0.00
%
0.25
%
Effect of discretionary inflation bonus
0.00
%
0.45
%
0.00
%
0.15
%
0.00
%
Effect of accelerated equity compensation
0.00
%
0.25
%
0.00
%
0.08
%
0.00
%
Adjusted return on average tangible common equity
9.24
%
11.15
%
13.97
%
11.13
%
13.21
%
Effective income tax rate
10.5
%
11.8
%
15.5
%
12.2
%
15.3
%
Effect of gain on sale of premises and equipment
0.0
%
0.0
%
0.0
%
0.0
%
(0.6
%)
Effect of acquisition-related expenses
0.0
%
0.2
%
0.0
%
0.2
%
0.0
%
Effect of write-down of software
0.3
%
0.0
%
0.0
%
0.1
%
0.0
%
Effect of nonrecurring consulting fee
0.0
%
0.0
%
0.0
%
0.5
%
0.0
%
Effect of subordinated debt redemption cost
0.0
%
0.0
%
0.3
%
0.0
%
0.4
%
Effect of discretionary inflation bonus
0.0
%
1.0
%
0.0
%
0.3
%
0.0
%
Effect of accelerated equity compensation
0.0
%
0.6
%
0.0
%
0.2
%
0.0
%
Adjusted effective income tax rate
10.8
%
13.6
%
15.8
%
13.5
%
15.1
%
Income before income taxes - GAAP
$
9,423
$
10,824
$
14,310
$
33,246
$
42,090
Adjustments: Income from tax refund advance lending
-
(149
)
-
(3,013
)
-
Provision for tax refund advance lending losses
-
18
-
1,860
-
Tax refund advance lending servicing fee
-
9
-
930
-
Income before income taxes, excluding tax refund advance loans
$
9,423
$
10,702
$
14,310
$
33,023
$
42,090
Income tax provision - GAAP
$
987
$
1,279
$
2,220
$
4,056
$
6,454
Adjustments:1 Income from tax refund advance lending
-
(31
)
-
(633
)
-
Provision for tax refund advance lending losses
-
4
-
391
-
Tax refund advance lending servicing fee
-
2
-
195
-
Income tax provision, excluding tax refund advance loans
$
987
$
1,254
$
2,220
$
4,009
$
6,454
Net income - GAAP
$
8,436
$
9,545
$
12,090
$
29,190
$
35,636
Adjustments: Income from tax refund advance lending
-
(118
)
-
(2,380
)
-
Provision for tax refund advance lending losses
-
14
-
1,469
-
Tax refund advance lending servicing fee
-
7
-
735
-
Net income, excluding tax refund advance loans
$
8,436
$
9,448
$
12,090
$
29,014
$
35,636
1 Assuming a 21% tax rate
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221017005818/en/
Investors/Analysts Paula Deemer
Director of Corporate Administration (317) 428-4628
investors@firstib.com
Media Nicole Lorch President &
Chief Operating Officer (317) 532-7906 nlorch@firstib.com
First Internet Bancorp (NASDAQ:INBK)
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First Internet Bancorp (NASDAQ:INBK)
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Von Jan 2024 bis Jan 2025
