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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 24, 2024
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First Internet Bancorp |
(Exact Name of Registrant as Specified in Its Charter) |
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Indiana |
(State or Other Jurisdiction of Incorporation) |
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001-35750 | | 20-3489991 |
(Commission File Number) | | (IRS Employer Identification No.) |
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8701 E. 116th Street | | 46038 |
Fishers, Indiana | |
(Address of Principal Executive Offices) | | (Zip Code) |
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(317) 532-7900 |
(Registrant's Telephone Number, Including Area Code) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbols | | Name of each exchange on which registered |
Common Stock, without par value | | INBK | | The Nasdaq Stock Market LLC |
6.0% Fixed to Floating Subordinated Notes due 2029 | | INBKZ | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition
On July 24, 2024, First Internet Bancorp (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
On July 25, 2024, at 2:00 p.m. (Eastern Time), the Company will host a conference call and webcast to discuss its financial results for the quarter ended June 30, 2024. The electronic presentation slides, which will accompany the call and webcast, are furnished as Exhibit 99.2 and are incorporated by reference herein.
The information contained in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Number | | Description | | Method of filing |
| | | | Furnished electronically |
| | | | Furnished electronically |
104 | | Cover Page Interactive Data File (embedded in the cover page formatted in inline XBRL) | | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Dated: | July 24, 2024 |
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| | FIRST INTERNET BANCORP |
| | | | |
| | By: | /s/ Kenneth J. Lovik |
| | | Kenneth J. Lovik, Executive Vice President & Chief Financial Officer |
First Internet Bancorp Reports Second Quarter 2024 Results
Fishers, Indiana, July 24, 2024 – First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
•Net income of $5.8 million and adjusted net income1 of $6.2 million, increases of 11.5% and 20.2%, respectively, from the first quarter of 2024
•Diluted earnings per share of $0.67 and adjusted diluted earnings per share1 of $0.72, increases of 13.6% and 22.0%, respectively, from the first quarter of 2024
•Net interest income of $21.3 million and fully-taxable equivalent net interest income1 of $22.5 million, increases of 2.9% and 2.6%, respectively, from the first quarter of 2024
•Net interest margin of 1.67% and fully-taxable equivalent net interest margin1 of 1.76%, both increases of 1 basis point from the first quarter of 2024
•Noninterest income of $11.0 million, a 32.2% increase from the first quarter of 2024
•Relative to the first quarter of 2024, total revenue growth of 11.3% outpaced noninterest expense growth and adjusted noninterest expense1 growth of 6.2% and 3.5%, respectively, resulting in positive operating leverage
•Loan growth of $51.3 million, a 1.3% increase from the first quarter of 2024
•Nonperforming loans to total loans of 0.33%; net charge-offs to average loans of 0.14%; allowance for credit losses to total loans of 1.10%
•Tangible book value per share1 of $42.37, a 1.3% increase from the first quarter of 2024, and a 6.3% increase from the second quarter of 2023
“Our strong upward earnings trajectory continued in the second quarter of 2024, driven by an increasingly diversified revenue base,” said David Becker, Chairman and Chief Executive Officer. “The optimization of our loan portfolio, solid loan growth, increasing asset yields, and stabilization of funding costs have led to improved net interest income.”
“At the same time, the continued growth of our SBA business, alongside other strategic initiatives, has helped drive improvement in noninterest income, which represented nearly one-third of total revenues during the first half of 2024, up from just under one-quarter of revenues for the comparable period a year ago.”
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."
Mr. Becker concluded, “Entering the second half of the year, we remain confident in our ability to deliver continued improvement in operating fundamentals, while maintaining our rigorous approach to managing risk. I want to thank the entire First Internet team for their contribution towards our strong results and continued success.”
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2024 was $21.3 million, compared to $20.7 million for the first quarter of 2024, and $18.1 million for the second quarter of 2023. On a fully-taxable equivalent basis, net interest income for the second quarter of 2024 was $22.5 million, compared to $21.9 million for the first quarter of 2024, and $19.5 million for the second quarter of 2023.
Total interest income for the second quarter of 2024 was $71.0 million, an increase of 4.1% compared to the first quarter of 2024, and an increase of 22.1% compared to the second quarter of 2023. On a fully-taxable equivalent basis, total interest income for the second quarter of 2024 was $72.1 million, an increase of 4.0% compared to the first quarter of 2024, and an increase of 21.3% compared to the second quarter of 2023. The yield on average interest-earning assets for the second quarter of 2024 increased to 5.54% from 5.45% for the first quarter of 2024, due to a 10 basis point (“bp”) increase in the yield earned on loans and a 21 bp increase in the yield earned on securities, partially offset by an 11 bp decrease in the yield earned on other earning assets. Compared to the linked quarter, average loan balances, including loans held-for-sale, increased $44.1 million, or 1.1%, while the average balance of securities increased $41.0 million, or 5.8%, and the average balance of other earning assets increased $34.9 million, or 8.0%.
Interest income earned on commercial loans was higher due primarily to increased average balances within the construction, small business lending and franchise finance portfolios. This was partially offset by lower average balances in the investor commercial real estate, public finance and healthcare finance portfolios. The continued shift in the loan mix reflects the Company’s focus on variable rate and higher-yielding products, in part, to help improve the interest rate risk profile of the balance sheet.
In the consumer loan portfolio, interest income was up due to the combination of slightly higher average balances and higher yields in the trailers, recreational vehicles and other consumer loan portfolios.
The yield on funded portfolio loan originations was 8.88% in the second quarter of 2024, an increase of 4 bps compared to the first quarter of 2024, and an increase of 46 bps compared to the second quarter of 2023.
Interest income earned on securities during the second quarter of 2024 increased $0.8 million, or 11.8%, compared to the first quarter of 2024 as the yield on the portfolio increased 21 bps to 4.02%, driven primarily by higher yields on new purchases. Interest income earned on other earning asset balances increased $0.4 million, or 5.8%, in the second quarter of 2024 compared to the linked quarter, due primarily to higher average cash balances, partially offset by lower yields.
Total interest expense for the second quarter of 2024 was $49.6 million, an increase of $2.2 million, or 4.6%, compared to the linked quarter as short-term rates remained stable throughout the quarter while average interest-bearing deposit balances increased $186.0 million, or 4.7%. Interest expense related to interest-bearing deposits increased $2.4 million, or 5.6%, driven primarily by certificates of deposits (“CDs”), interest-bearing demand deposits, money market accounts and BaaS-brokered deposits. The cost of interest-bearing deposits was 4.29% for the second quarter of 2024, compared to 4.25% for the first quarter of 2024.
Average CD balances increased $148.9 million, or 9.1%, compared to the linked quarter, driven by strong consumer demand, while the cost of funds increased 8 bps. The increase in the total cost of CDs was the lowest in the past two years, reflecting the narrowing gap between rates on new production/renewals and maturities. Assuming pricing remains in line with the second quarter, rates on new CD production are 6 – 8 bps lower than the rates on CDs maturing in the second half of 2024.
The average balance of interest-bearing demand deposits increased $59.0 million, or 14.2%, due to growth in fintech partnership deposits, while the cost of funds increased 15 bps. The average balance of money market accounts increased $25.0 million, or 2.1%, while the cost of funds increased 5 bps due to growth in larger-balance accounts. The average balance of BaaS – brokered deposits increased $34.3 million, or 40.2%, due to higher payments volumes, while the cost of funds decreased 2 bps.
These increases were partially offset by lower average brokered deposit balances, which decreased $81.7 million, or 13.5%, as excess liquidity was used to pay down $139.0 million of higher-cost brokered deposits.
Net interest margin (“NIM”) was 1.67% for the second quarter of 2024, up from 1.66% for the first quarter of 2024 and up from 1.53% for the second quarter of 2023. Fully-taxable equivalent NIM (“FTE NIM”) was 1.76% for the second quarter of 2024, up from 1.75% for the first quarter of 2024 and up from 1.64% for the second quarter of 2023. The pace of increase in NIM and FTE NIM was down compared to the last two quarters due primarily to lower growth in average loan balances as the Company experienced both early payoffs and later-than-anticipated funding of larger-balance loans.
Noninterest Income
Noninterest income for the second quarter of 2024 was $11.0 million, compared to $8.3 million for the first quarter of 2024, and $5.9 million for the second quarter of 2023. Gain on sale of loans totaled $8.3 million in the second quarter of 2024, increasing $1.8 million, or 26.9%, 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 second quarter of 2024. Loan sale volume was up 18.9% and net premiums increased 6 bps compared to the linked quarter. Other income increased $1.2 million during the quarter due primarily to distributions from fund investments. These increases were partially offset by a decline of $0.2 million in net loan servicing revenue driven by the fair value adjustment to the loan servicing asset.
Noninterest Expense
Noninterest expense totaled $22.3 million for the second quarter of 2024, compared to $21.0 million for the first quarter of 2024, and $18.7 million for the second quarter of 2023, representing increases of 6.2% and 19.6%, respectively. Excluding non-recurring costs of almost $0.6 million related to IT termination fees and anniversary expenses, adjusted noninterest expense totaled $21.8 million for the second quarter of 2024, an increase of $0.7 million, or 3.5%, compared to the linked quarter. The increase was due mainly to higher salaries and employee benefits, consulting and professional fees and loan expenses, partially offset by lower marketing expenses.
The increase in recurring salaries and employee benefits was $0.5 million and was due primarily to higher small business incentive compensation and staff additions in small business lending and risk management. Consulting and professional fees increased $0.2 million due to the timing of outsourced audit services. Loan expenses increased $0.2 million due mainly to collection costs and third-party servicer fees. The decrease in marketing expenses of $0.1 million was due to lower advertising and media spend.
Income Taxes
The Company recorded income tax expense of $0.2 million and an effective tax rate of 3.6% for the second quarter of 2024, compared to income tax expense of $0.4 million and an effective tax rate of 7.6% for the first quarter of 2024, and an income tax benefit of $0.2 million for the second quarter of 2023.
Loans and Credit Quality
Total loans as of June 30, 2024 were $4.0 billion, an increase of $51.3 million, or 1.3%, compared to March 31, 2024, and an increase of $314.3 million, or 8.6%, compared to June 30, 2023. Total commercial loan balances were $3.1 billion as of June 30, 2024, an increase of $46.9 million, or 1.5%, compared to March 31, 2024, and an increase of $297.0 million, or 10.5%, compared to June 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 franchise finance balances. These items were partially offset by decreases in the commercial and industrial, single tenant lease financing, public finance and healthcare finance portfolios. Quarter-end balances in the commercial and industrial and construction portfolios were impacted by early payoffs of higher-yielding variable rate loans. The increase in investor commercial real estate balances included loans with strong variable rate pricing that closed later in the quarter and, therefore, had very little impact on interest income for the quarter.
Total consumer loan balances were $800.5 million as of June 30, 2024, an increase of $7.0 million, or 0.9%, compared to March 31, 2024, and an increase of $27.8 million, or 3.6%, compared to June 30, 2023. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and other consumer loan portfolios, partially offset by a decrease in the residential mortgage portfolio.
Total delinquencies 30 days or more past due were 0.56% of total loans as of June 30, 2024, compared to 0.53% at March 31, 2024, and 0.09% as of June 30, 2023. The slight increase compared to the linked quarter was due primarily to an increase in delinquencies in residential mortgage loans.
Nonperforming loans were 0.33% of total loans as of June 30, 2024, unchanged from March 31, 2024, and compared to 0.17% as of June 30, 2023. Nonperforming loans totaled $13.0 million at June 30, 2024, down slightly from $13.1 million at March 31, 2024, and up from $6.2 million as of June 30, 2023. Additionally, the composition of nonperforming loans at the end of the second quarter of 2024 was relatively consistent with the linked quarter.
The allowance for credit losses (“ACL”) as a percentage of total loans was 1.10% as of June 30, 2024, compared to 1.05% as of March 31, 2024, and 0.99% as of June 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, partially offset by the positive impact of economic data on forecasted loss rates and qualitative factors on other portfolios.
Net charge-offs of $1.4 million were recognized during the second quarter of 2024, resulting in net charge-offs to average loans of 0.14%, compared to $0.5 million, or 0.05%, for the first quarter of 2024, and $1.6 million, or 0.17%, for the second quarter of 2023. Net charge-offs in the second quarter of 2024 were driven primarily by franchise finance, including one loan that had been previously reserved for, and small business lending.
The provision for credit losses in the second quarter of 2024 was $4.0 million, compared to $2.4 million for the first quarter of 2024, and $1.7 million for the second quarter of 2023. The provision for the second quarter of 2024 was driven primarily by growth and changes in the loan composition, net
charge-offs and an increase in reserves related to small business lending, partially offset by the positive impact of economic forecasts and adjustments to qualitative factors on other portfolios.
Capital
As of June 30, 2024, total shareholders’ equity was $372.0 million, an increase of $5.2 million, or 1.4%, compared to March 31, 2024, and an increase of $17.6 million, or 5.0%, compared to June 30, 2023. The increase in total shareholders’ equity during the second quarter of 2024 compared to the linked quarter was due primarily to the net income earned during the quarter. Book value per common share increased to $42.91 as of June 30, 2024, up from $42.37 as of March 31, 2024, and $40.38 as of June 30, 2023. Tangible book value per share was $42.37 as of June 30, 2024, up from $41.83 as of March 31, 2024, and $39.85 as of June 30, 2023.
The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of June 30, 2024.
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| | As of June 30, 2024 |
| | Company | | Bank |
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Total shareholders’ equity to assets | | 6.96% | | 8.45% |
Tangible common equity to tangible assets 1 | | 6.88% | | 8.37% |
Tier 1 leverage ratio 2 | | 7.24% | | 8.77% |
Common equity tier 1 capital ratio 2 | | 9.47% | | 11.47% |
Tier 1 capital ratio 2 | | 9.47% | | 11.47% |
Total risk-based capital ratio 2 | | 13.13% | | 12.58% |
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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, July 25, 2024 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 10885532. A recorded replay can be accessed through August 25, 2024 by dialing (877) 674-7070; access code: 885532.
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 $5.3 billion as of June 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,” “estimate,” “expect,” “growth,” ”improve,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “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.”
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Contact Information: | | | |
Investors/Analysts | | Media | |
Paula Deemer | | BLASTmedia for First Internet Bank | |
Director of Corporate Administration | | Zach Weismiller |
(317) 428-4628 | | firstib@blastmedia.com | |
investors@firstib.com | | | |
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First Internet Bancorp | | | | | | | |
Summary Financial Information (unaudited) | | | | | | |
Dollar amounts in thousands, except per share data | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Net Income | | $ | 5,775 | | | 5,181 | | | $ | 3,882 | | | $ | 10,956 | | | $ | 865 | |
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Per share and share information | | | | | | | | | | |
Earnings per share - basic | | $ | 0.67 | | | $ | 0.60 | | | $ | 0.44 | | | $ | 1.26 | | | $ | 0.10 | |
Earnings per share - diluted | | 0.67 | | | 0.59 | | | 0.44 | | | 1.25 | | | 0.10 | |
Dividends declared per share | | 0.06 | | | 0.06 | | | 0.06 | | | 0.12 | | | 0.12 | |
Book value per common share | | 42.91 | | | 42.37 | | | 40.38 | | | 42.91 | | | 40.38 | |
Tangible book value per common share 1 | | 42.37 | | | 41.83 | | | 39.85 | | | 42.37 | | | 39.85 | |
Common shares outstanding | | 8,667,894 | | | 8,655,854 | | | 8,774,507 | | | 8,667,894 | | | 8,774,507 | |
Average common shares outstanding: | | | | | | | | | | |
Basic | | 8,594,315 | | | 8,679,429 | | | 8,903,213 | | | 8,684,093 | | | 8,963,308 | |
Diluted | | 8,656,215 | | | 8,750,297 | | | 8,908,180 | | | 8,750,017 | | | 8,980,262 | |
Performance ratios | | | | | | | | | | |
Return on average assets | | 0.44 | % | | 0.40 | % | | 0.32 | % | | 0.42 | % | | 0.04 | % |
Return on average shareholders' equity | | 6.28 | % | | 5.64 | % | | 4.35 | % | | 5.96 | % | | 0.48 | % |
Return on average tangible common equity 1 | | 6.36 | % | | 5.71 | % | | 4.40 | % | | 6.04 | % | | 0.49 | % |
Net interest margin | | 1.67 | % | | 1.66 | % | | 1.53 | % | | 1.67 | % | | 1.64 | % |
Net interest margin - FTE 1,2 | | 1.76 | % | | 1.75 | % | | 1.64 | % | | 1.76 | % | | 1.76 | % |
Capital ratios 3 | | | | | | | | | | |
Total shareholders' equity to assets | | 6.96 | % | | 6.87 | % | | 7.16 | % | | 6.96 | % | | 7.16 | % |
Tangible common equity to tangible assets 1 | | 6.88 | % | | 6.79 | % | | 7.07 | % | | 6.88 | % | | 7.07 | % |
Tier 1 leverage ratio | | 7.24 | % | | 7.33 | % | | 7.63 | % | | 7.24 | % | | 7.63 | % |
Common equity tier 1 capital ratio | | 9.47 | % | | 9.52 | % | | 10.10 | % | | 9.47 | % | | 10.10 | % |
Tier 1 capital ratio | | 9.47 | % | | 9.52 | % | | 10.10 | % | | 9.47 | % | | 10.10 | % |
Total risk-based capital ratio | | 13.13 | % | | 13.18 | % | | 13.87 | % | | 13.13 | % | | 13.87 | % |
Asset quality | | | | | | | | | | |
Nonperforming loans | | $ | 12,978 | | | $ | 13,050 | | | $ | 6,227 | | | $ | 12,978 | | | $ | 6,227 | |
Nonperforming assets | | 13,055 | | | 13,425 | | | 6,397 | | | 13,055 | | | 6,397 | |
Nonperforming loans to loans | | 0.33 | % | | 0.33 | % | | 0.17 | % | | 0.33 | % | | 0.17 | % |
Nonperforming assets to total assets | | 0.24 | % | | 0.25 | % | | 0.13 | % | | 0.24 | % | | 0.13 | % |
Allowance for credit losses - loans to: | | | | | | | | | | |
Loans | | 1.10 | % | | 1.05 | % | | 0.99 | % | | 1.10 | % | | 0.99 | % |
| | | | | | | | | | |
Nonperforming loans | | 334.5 | % | | 313.3 | % | | 579.1 | % | | 334.5 | % | | 579.1 | % |
Net charge-offs to average loans | | 0.14 | % | | 0.05 | % | | 0.17 | % | | 0.10 | % | | 0.49 | % |
| | | | | | | | | | |
Average balance sheet information | | | | | | | | | | |
Loans | | $ | 3,930,976 | | | $ | 3,889,667 | | | $ | 3,653,839 | | | $ | 3,910,322 | | | $ | 3,614,054 | |
Total securities | | 744,537 | | | 703,509 | | | 604,182 | | | 724,023 | | | 594,777 | |
Other earning assets | | 469,045 | | | 434,118 | | | 511,295 | | | 451,582 | | | 421,793 | |
Total interest-earning assets | | 5,150,305 | | | 5,030,216 | | | 4,771,623 | | | 5,090,261 | | | 4,636,453 | |
Total assets | | 5,332,776 | | | 5,207,936 | | | 4,927,712 | | | 5,270,356 | | | 4,788,209 | |
Noninterest-bearing deposits | | 116,939 | | | 113,341 | | | 117,496 | | | 115,140 | | | 126,194 | |
Interest-bearing deposits | | 4,172,976 | | | 3,987,009 | | | 3,713,086 | | | 4,079,992 | | | 3,563,359 | |
Total deposits | | 4,289,915 | | | 4,100,350 | | | 3,830,582 | | | 4,195,132 | | | 3,689,553 | |
Shareholders' equity | | 369,825 | | | 369,371 | | | 358,312 | | | 369,598 | | | 360,779 | |
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 | | | | | | |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 |
Assets | | | | | | |
Cash and due from banks | | $ | 6,162 | | | $ | 6,638 | | | $ | 9,503 | |
Interest-bearing deposits | | 390,624 | | | 474,626 | | | 456,128 | |
Securities available-for-sale, at fair value | | 488,572 | | | 482,431 | | | 379,394 | |
Securities held-to-maturity, at amortized cost, net of allowance for credit losses | | 270,349 | | | 235,738 | | | 230,605 | |
Loans held-for-sale | | 19,384 | | | 22,589 | | | 32,001 | |
Loans | | 3,961,146 | | | 3,909,804 | | | 3,646,832 | |
Allowance for credit losses - loans | | (43,405) | | | (40,891) | | | (36,058) | |
Net loans | | 3,917,741 | | | 3,868,913 | | | 3,610,774 | |
Accrued interest receivable | | 28,118 | | | 26,809 | | | 24,101 | |
Federal Home Loan Bank of Indianapolis stock | | 28,350 | | | 28,350 | | | 28,350 | |
Cash surrender value of bank-owned life insurance | | 40,834 | | | 41,154 | | | 40,357 | |
Premises and equipment, net | | 72,516 | | | 73,231 | | | 73,525 | |
Goodwill | | 4,687 | | | 4,687 | | | 4,687 | |
Servicing asset | | 13,009 | | | 11,760 | | | 8,252 | |
Other real estate owned | | — | | | 375 | | | 106 | |
Accrued income and other assets | | 62,956 | | | 63,366 | | | 49,266 | |
Total assets | | $ | 5,343,302 | | | $ | 5,340,667 | | | $ | 4,947,049 | |
| | | | | | |
Liabilities | | | | | | |
Noninterest-bearing deposits | | $ | 126,438 | | | $ | 130,760 | | | $ | 119,291 | |
Interest-bearing deposits | | 4,147,484 | | | 4,143,008 | | | 3,735,017 | |
Total deposits | | 4,273,922 | | | 4,273,768 | | | 3,854,308 | |
Advances from Federal Home Loan Bank | | 575,000 | | | 574,936 | | | 614,931 | |
Subordinated debt | | 104,993 | | | 104,915 | | | 104,684 | |
Accrued interest payable | | 3,419 | | | 3,382 | | | 3,338 | |
Accrued expenses and other liabilities | | 14,015 | | | 16,927 | | | 15,456 | |
Total liabilities | | 4,971,349 | | | 4,973,928 | | | 4,592,717 | |
Shareholders' equity | | | | | | |
Voting common stock | | 185,175 | | | 184,720 | | | 186,545 | |
Retained earnings | | 217,365 | | | 212,121 | | | 200,973 | |
Accumulated other comprehensive loss | | (30,587) | | | (30,102) | | | (33,186) | |
Total shareholders' equity | | 371,953 | | | 366,739 | | | 354,332 | |
Total liabilities and shareholders' equity | | $ | 5,343,302 | | | $ | 5,340,667 | | | $ | 4,947,049 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Internet Bancorp | | | | | | | | | |
Condensed Consolidated Statements of Income (unaudited) |
Dollar amounts in thousands, except per share data | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Interest income | | | | | | | | | |
Loans | $ | 57,094 | | | $ | 55,435 | | | $ | 46,906 | | | $ | 112,529 | | | $ | 90,749 | |
Securities - taxable | 6,476 | | | 5,694 | | | 3,835 | | | 12,170 | | | 7,441 | |
Securities - non-taxable | 970 | | | 969 | | | 860 | | | 1,939 | | | 1,658 | |
Other earning assets | 6,421 | | | 6,067 | | | 6,521 | | | 12,488 | | | 10,307 | |
Total interest income | 70,961 | | | 68,165 | | | 58,122 | | | 139,126 | | | 110,155 | |
Interest expense | | | | | | | | | |
Deposits | 44,495 | | | 42,129 | | | 34,676 | | | 86,624 | | | 61,946 | |
Other borrowed funds | 5,139 | | | 5,302 | | | 5,301 | | | 10,441 | | | 10,490 | |
Total interest expense | 49,634 | | | 47,431 | | | 39,977 | | | 97,065 | | | 72,436 | |
Net interest income | 21,327 | | | 20,734 | | | 18,145 | | | 42,061 | | | 37,719 | |
Provision for credit losses | 4,031 | | | 2,448 | | | 1,698 | | | 6,479 | | | 11,113 | |
Net interest income after provision for credit losses | 17,296 | | | 18,286 | | | 16,447 | | | 35,582 | | | 26,606 | |
Noninterest income | | | | | | | | | |
Service charges and fees | 246 | | | 220 | | | 218 | | | 466 | | | 427 | |
Loan servicing revenue | 1,470 | | | 1,323 | | | 850 | | | 2,793 | | | 1,635 | |
Loan servicing asset revaluation | (829) | | | (434) | | | (358) | | | (1,263) | | | (413) | |
Mortgage banking activities | — | | | — | | | — | | | — | | | 76 | |
Gain on sale of loans | 8,292 | | | 6,536 | | | 4,868 | | | 14,828 | | | 8,929 | |
| | | | | | | | | |
| | | | | | | | | |
Other | 1,854 | | | 702 | | | 293 | | | 2,556 | | | 663 | |
Total noninterest income | 11,033 | | | 8,347 | | | 5,871 | | | 19,380 | | | 11,317 | |
Noninterest expense | | | | | | | | | |
Salaries and employee benefits | 12,462 | | | 11,796 | | | 10,706 | | | 24,258 | | | 22,500 | |
Marketing, advertising and promotion | 609 | | | 736 | | | 705 | | | 1,345 | | | 1,549 | |
Consulting and professional fees | 1,022 | | | 853 | | | 711 | | | 1,875 | | | 1,637 | |
Data processing | 606 | | | 564 | | | 520 | | | 1,170 | | | 1,179 | |
Loan expenses | 1,597 | | | 1,445 | | | 1,072 | | | 3,042 | | | 3,049 | |
Premises and equipment | 3,154 | | | 2,826 | | | 2,661 | | | 5,980 | | | 5,438 | |
Deposit insurance premium | 1,172 | | | 1,145 | | | 936 | | | 2,317 | | | 1,479 | |
| | | | | | | | | |
Other | 1,714 | | | 1,658 | | | 1,359 | | | 3,372 | | | 2,793 | |
Total noninterest expense | 22,336 | | | 21,023 | | | 18,670 | | | 43,359 | | | 39,624 | |
Income (loss) before income taxes | 5,993 | | | 5,610 | | | 3,648 | | | 11,603 | | | (1,701) | |
Income tax provision (benefit) | 218 | | | 429 | | | (234) | | | 647 | | | (2,566) | |
Net income | $ | 5,775 | | | $ | 5,181 | | | $ | 3,882 | | | $ | 10,956 | | | $ | 865 | |
| | | | | | | | | |
Per common share data | | | | | | | | | |
Earnings per share - basic | $ | 0.67 | | | $ | 0.60 | | | $ | 0.44 | | | $ | 1.26 | | | $ | 0.10 | |
Earnings per share - diluted | $ | 0.67 | | | $ | 0.59 | | | $ | 0.44 | | | $ | 1.25 | | | $ | 0.10 | |
Dividends declared per share | $ | 0.06 | | | $ | 0.06 | | | $ | 0.06 | | | $ | 0.12 | | | $ | 0.12 | |
| | | | | | | | | |
| | | | | | | | | |
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 |
| June 30, 2024 | | March 31, 2024 | | June 30, 2023 |
| Average Balance | | Interest / Dividends | | Yield / Cost | | Average Balance | | Interest / Dividends | | Yield / Cost | | Average Balance | | Interest / Dividends | | Yield / Cost |
Assets | | | | | | | | | | | | | | | | | |
Interest-earning assets | | | | | | | | | | | | | | | | | |
Loans, including loans held-for-sale 1 | $ | 3,936,723 | | | $ | 57,094 | | | 5.83 | % | | $ | 3,892,589 | | | $ | 55,435 | | | 5.73 | % | | $ | 3,656,146 | | | $ | 46,906 | | | 5.15 | % |
Securities - taxable | 670,502 | | | 6,476 | | | 3.88 | % | | 627,216 | | | 5,694 | | | 3.65 | % | | 531,040 | | | 3,835 | | | 2.90 | % |
Securities - non-taxable | 74,035 | | | 970 | | | 5.27 | % | | 76,293 | | | 969 | | | 5.11 | % | | 73,142 | | | 860 | | | 4.72 | % |
Other earning assets | 469,045 | | | 6,421 | | | 5.51 | % | | 434,118 | | | 6,067 | | | 5.62 | % | | 511,295 | | | 6,521 | | | 5.12 | % |
Total interest-earning assets | 5,150,305 | | | 70,961 | | | 5.54 | % | | 5,030,216 | | | 68,165 | | | 5.45 | % | | 4,771,623 | | | 58,122 | | | 4.89 | % |
Allowance for credit losses - loans | (41,362) | | | | | | | (38,611) | | | | | | | (36,671) | | | | | |
Noninterest-earning assets | 223,833 | | | | | | | 216,331 | | | | | | | 192,760 | | | | | |
Total assets | $ | 5,332,776 | | | | | | | $ | 5,207,936 | | | | | | | $ | 4,927,712 | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | $ | 474,124 | | | $ | 2,567 | | | 2.18 | % | | $ | 415,106 | | | $ | 2,091 | | | 2.03 | % | | $ | 359,969 | | | $ | 1,509 | | | 1.68 | % |
Savings accounts | 22,987 | | | 48 | | | 0.84 | % | | 22,521 | | | 48 | | | 0.86 | % | | 29,915 | | | 64 | | | 0.86 | % |
Money market accounts | 1,243,011 | | | 13,075 | | | 4.23 | % | | 1,217,966 | | | 12,671 | | | 4.18 | % | | 1,274,453 | | | 12,314 | | | 3.88 | % |
BaaS - brokered deposits | 119,662 | | | 1,299 | | | 4.37 | % | | 85,366 | | | 931 | | | 4.39 | % | | 22,918 | | | 230 | | | 4.03 | % |
Certificates and brokered deposits | 2,313,192 | | | 27,506 | | | 4.78 | % | | 2,246,050 | | | 26,388 | | | 4.73 | % | | 2,025,831 | | | 20,559 | | | 4.07 | % |
Total interest-bearing deposits | 4,172,976 | | | 44,495 | | | 4.29 | % | | 3,987,009 | | | 42,129 | | | 4.25 | % | | 3,713,086 | | | 34,676 | | | 3.75 | % |
Other borrowed funds | 652,176 | | | 5,139 | | | 3.17 | % | | 716,735 | | | 5,302 | | | 2.98 | % | | 719,577 | | | 5,301 | | | 2.95 | % |
Total interest-bearing liabilities | 4,825,152 | | | 49,634 | | | 4.14 | % | | 4,703,744 | | | 47,431 | | | 4.06 | % | | 4,432,663 | | | 39,977 | | | 3.62 | % |
Noninterest-bearing deposits | 116,939 | | | | | | | 113,341 | | | | | | | 117,496 | | | | | |
Other noninterest-bearing liabilities | 20,860 | | | | | | | 21,480 | | | | | | | 19,241 | | | | | |
Total liabilities | 4,962,951 | | | | | | | 4,838,565 | | | | | | | 4,569,400 | | | | | |
Shareholders' equity | 369,825 | | | | | | | 369,371 | | | | | | | 358,312 | | | | | |
Total liabilities and shareholders' equity | $ | 5,332,776 | | | | | | | $ | 5,207,936 | | | | | | | $ | 4,927,712 | | | | | |
| | | | | | | | | | | | | | | | | |
Net interest income | | | $ | 21,327 | | | | | | | $ | 20,734 | | | | | | | $ | 18,145 | | | |
| | | | | | | | | | | | | | | | | |
Interest rate spread | | | | | 1.40 | % | | | | | | 1.39 | % | | | | | | 1.27 | % |
Net interest margin | | | | | 1.67 | % | | | | | | 1.66 | % | | | | | | 1.53 | % |
Net interest margin - FTE 2,3 | | | | | 1.76 | % | | | | | | 1.75 | % | | | | | | 1.64 | % |
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 | | | | | | | | | | | |
| Six Months Ended |
| June 30, 2024 | | June 30, 2023 |
| Average Balance | | Interest / Dividends | | Yield / Cost | | Average Balance | | Interest / Dividends | | Yield / Cost |
Assets | | | | | | | | | | | |
Interest-earning assets | | | | | | | | | | | |
Loans, including loans held-for-sale 1 | $ | 3,914,656 | | | $ | 112,529 | | | 5.78 | % | | $ | 3,619,883 | | | $ | 90,749 | | | 5.06 | % |
Securities - taxable | 648,860 | | | 12,170 | | | 3.77 | % | | 521,533 | | | 7,441 | | | 2.88 | % |
Securities - non-taxable | 75,163 | | | 1,939 | | | 5.19 | % | | 73,244 | | | 1,658 | | | 4.56 | % |
Other earning assets | 451,582 | | | 12,488 | | | 5.56 | % | | 421,793 | | | 10,307 | | | 4.93 | % |
Total interest-earning assets | 5,090,261 | | | 139,126 | | | 5.50 | % | | 4,636,453 | | | 110,155 | | | 4.79 | % |
Allowance for credit losses - loans | (39,986) | | | | | | | (35,877) | | | | | |
Noninterest-earning assets | 220,081 | | | | | | | 187,633 | | | | | |
Total assets | $ | 5,270,356 | | | | | | | $ | 4,788,209 | | | | | |
| | | | | | | | | | | |
Liabilities | | | | | | | | | | | |
Interest-bearing liabilities | | | | | | | | | | | |
Interest-bearing demand deposits | $ | 444,615 | | | $ | 4,658 | | | 2.11 | % | | $ | 346,878 | | | $ | 2,409 | | | 1.40 | % |
Savings accounts | 22,754 | | | 96 | | | 0.85 | % | | 34,175 | | | 145 | | | 0.86 | % |
Money market accounts | 1,230,488 | | | 25,746 | | | 4.21 | % | | 1,325,741 | | | 24,614 | | | 3.74 | % |
BaaS - brokered deposits | 102,514 | | | 2,230 | | | 4.37 | % | | 18,852 | | | 368 | | | 3.94 | % |
Certificates and brokered deposits | 2,279,621 | | | 53,894 | | | 4.75 | % | | 1,837,713 | | | 34,410 | | | 3.78 | % |
Total interest-bearing deposits | 4,079,992 | | | 86,624 | | | 4.27 | % | | 3,563,359 | | | 61,946 | | | 3.51 | % |
Other borrowed funds | 684,456 | | | 10,441 | | | 3.07 | % | | 719,538 | | | 10,490 | | | 2.94 | % |
Total interest-bearing liabilities | 4,764,448 | | | 97,065 | | | 4.10 | % | | 4,282,897 | | | 72,436 | | | 3.41 | % |
Noninterest-bearing deposits | 115,140 | | | | | | | 126,194 | | | | | |
Other noninterest-bearing liabilities | 21,170 | | | | | | | 18,339 | | | | | |
Total liabilities | 4,900,758 | | | | | | | 4,427,430 | | | | | |
Shareholders' equity | 369,598 | | | | | | | 360,779 | | | | | |
Total liabilities and shareholders' equity | $ | 5,270,356 | | | | | | | $ | 4,788,209 | | | | | |
| | | | | | | | | | | |
Net interest income | | | $ | 42,061 | | | | | | | $ | 37,719 | | | |
| | | | | | | | | | | |
Interest rate spread | | | | | 1.40 | % | | | | | | 1.38 | % |
Net interest margin | | | | | 1.67 | % | | | | | | 1.64 | % |
Net interest margin - FTE 2,3 | | | | | 1.76 | % | | | | | | 1.76 | % |
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 | | | | | | | | | | | | |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 |
| | Amount | | Percent | | Amount | | Percent | | Amount | | Percent |
Commercial loans | | | | | | | | | | | | |
Commercial and industrial | | $ | 115,585 | | | 2.9 | % | | $ | 133,897 | | | 3.4 | % | | $ | 112,423 | | | 3.1 | % |
Owner-occupied commercial real estate | | 58,089 | | | 1.5 | % | | 57,787 | | | 1.5 | % | | 59,564 | | | 1.6 | % |
Investor commercial real estate | | 188,409 | | | 4.8 | % | | 128,276 | | | 3.3 | % | | 137,504 | | | 3.8 | % |
Construction | | 328,922 | | | 8.3 | % | | 325,597 | | | 8.3 | % | | 192,453 | | | 5.3 | % |
Single tenant lease financing | | 927,462 | | | 23.4 | % | | 941,597 | | | 24.1 | % | | 947,466 | | | 25.9 | % |
Public finance | | 486,200 | | | 12.3 | % | | 498,262 | | | 12.7 | % | | 575,541 | | | 15.8 | % |
Healthcare finance | | 202,079 | | | 5.1 | % | | 213,332 | | | 5.5 | % | | 245,072 | | | 6.7 | % |
Small business lending | | 270,129 | | | 6.8 | % | | 239,263 | | | 6.1 | % | | 170,550 | | | 4.7 | % |
Franchise finance | | 551,133 | | | 13.9 | % | | 543,122 | | | 13.9 | % | | 390,479 | | | 10.6 | % |
| | | | | | | | | | | | |
Total commercial loans | | 3,128,008 | | | 79.0 | % | | 3,081,133 | | | 78.8 | % | | 2,831,052 | | | 77.5 | % |
| | | | | | | | | | | | |
Consumer loans | | | | | | | | | | | | |
Residential mortgage | | 382,549 | | | 9.7 | % | | 390,009 | | | 10.0 | % | | 396,154 | | | 10.9 | % |
Home equity | | 21,405 | | | 0.5 | % | | 22,753 | | | 0.6 | % | | 24,375 | | | 0.7 | % |
Trailers | | 197,738 | | | 5.0 | % | | 191,353 | | | 4.9 | % | | 178,035 | | | 4.9 | % |
Recreational vehicles | | 150,151 | | | 3.8 | % | | 145,475 | | | 3.7 | % | | 133,283 | | | 3.7 | % |
Other consumer loans | | 48,638 | | | 1.2 | % | | 43,847 | | | 1.1 | % | | 40,806 | | | 1.1 | % |
| | | | | | | | | | | | |
Total consumer loans | | 800,481 | | | 20.2 | % | | 793,437 | | | 20.3 | % | | 772,653 | | | 21.3 | % |
| | | | | | | | | | | | |
Net deferred loan fees, premiums, discounts and other 1 | | 32,657 | | | 0.8 | % | | 35,234 | | | 0.9 | % | | 43,127 | | | 1.2 | % |
| | | | | | | | | | | | |
Total loans | | $ | 3,961,146 | | | 100.0 | % | | $ | 3,909,804 | | | 100.0 | % | | $ | 3,646,832 | | | 100.0 | % |
| | | | | | | | | | | | |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 |
| | Amount | | Percent | | Amount | | Percent | | Amount | | Percent |
Deposits | | | | | | | | | | | | |
Noninterest-bearing deposits | | $ | 126,438 | | | 3.0 | % | | $ | 130,760 | | | 3.1 | % | | $ | 119,291 | | | 3.1 | % |
Interest-bearing demand deposits | | 480,141 | | | 11.2 | % | | 423,529 | | | 9.9 | % | | 398,899 | | | 10.3 | % |
Savings accounts | | 22,619 | | | 0.5 | % | | 23,554 | | | 0.6 | % | | 28,239 | | | 0.7 | % |
Money market accounts | | 1,222,197 | | | 28.6 | % | | 1,251,230 | | | 29.2 | % | | 1,232,719 | | | 32.0 | % |
BaaS - brokered deposits | | 140,180 | | | 3.3 | % | | 107,911 | | | 2.5 | % | | 25,549 | | | 0.7 | % |
Certificates of deposits | | 1,829,644 | | | 42.8 | % | | 1,738,996 | | | 40.7 | % | | 1,366,409 | | | 35.5 | % |
Brokered deposits | | 452,703 | | | 10.6 | % | | 597,788 | | | 14.0 | % | | 683,202 | | | 17.7 | % |
Total deposits | | $ | 4,273,922 | | | 100.0 | % | | $ | 4,273,768 | | | 100.0 | % | | $ | 3,854,308 | | | 100.0 | % |
1 Includes carrying value adjustments of $25.6 million, $26.9 million and $30.5 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Internet Bancorp | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures | | | | | | |
Dollar amounts in thousands, except per share data | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Total equity - GAAP | | $ | 371,953 | | | $ | 366,739 | | | $ | 354,332 | | | $ | 371,953 | | | $ | 354,332 | |
Adjustments: | | | | | | | | | | |
Goodwill | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | |
Tangible common equity | | $ | 367,266 | | | $ | 362,052 | | | $ | 349,645 | | | $ | 367,266 | | | $ | 349,645 | |
| | | | | | | | | | |
Total assets - GAAP | | $ | 5,343,302 | | | $ | 5,340,667 | | | $ | 4,947,049 | | | $ | 5,343,302 | | | $ | 4,947,049 | |
Adjustments: | | | | | | | | | | |
Goodwill | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | |
Tangible assets | | $ | 5,338,615 | | | $ | 5,335,980 | | | $ | 4,942,362 | | | $ | 5,338,615 | | | $ | 4,942,362 | |
| | | | | | | | | | |
Common shares outstanding | | 8,667,894 | | | 8,655,854 | | | 8,774,507 | | | 8,667,894 | | | 8,774,507 | |
| | | | | | | | | | |
Book value per common share | | $ | 42.91 | | | $ | 42.37 | | | $ | 40.38 | | | $ | 42.91 | | | $ | 40.38 | |
Effect of goodwill | | (0.54) | | | (0.54) | | | (0.53) | | | (0.54) | | | (0.53) | |
Tangible book value per common share | | $ | 42.37 | | | $ | 41.83 | | | $ | 39.85 | | | $ | 42.37 | | | $ | 39.85 | |
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Total shareholders' equity to assets | | 6.96 | % | | 6.87 | % | | 7.16 | % | | 6.96 | % | | 7.16 | % |
Effect of goodwill | | (0.08 | %) | | (0.08 | %) | | (0.09 | %) | | (0.08 | %) | | (0.09 | %) |
Tangible common equity to tangible assets | | 6.88 | % | | 6.79 | % | | 7.07 | % | | 6.88 | % | | 7.07 | % |
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Total average equity - GAAP | | $ | 369,825 | | | $ | 369,371 | | | $ | 358,312 | | | $ | 369,598 | | | $ | 360,779 | |
Adjustments: | | | | | | | | | | |
Average goodwill | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | | | (4,687) | |
Average tangible common equity | | $ | 365,138 | | | $ | 364,684 | | | $ | 353,625 | | | $ | 364,911 | | | $ | 356,092 | |
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Return on average shareholders' equity | | 6.28 | % | | 5.64 | % | | 4.35 | % | | 5.96 | % | | 0.48 | % |
Effect of goodwill | | 0.08 | % | | 0.07 | % | | 0.05 | % | | 0.08 | % | | 0.01 | % |
Return on average tangible common equity | | 6.36 | % | | 5.71 | % | | 4.40 | % | | 6.04 | % | | 0.49 | % |
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Total interest income | | $ | 70,961 | | | $ | 68,165 | | | $ | 58,122 | | | $ | 139,126 | | | $ | 110,155 | |
Adjustments: | | | | | | | | | | |
Fully-taxable equivalent adjustments 1 | | 1,175 | | | 1,190 | | | 1,347 | | | 2,365 | | | 2,731 | |
Total interest income - FTE | | $ | 72,136 | | | $ | 69,355 | | | $ | 59,469 | | | $ | 141,491 | | | $ | 112,886 | |
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Net interest income | | $ | 21,327 | | | $ | 20,734 | | | $ | 18,145 | | | $ | 42,061 | | | $ | 37,719 | |
Adjustments: | | | | | | | | | | |
Fully-taxable equivalent adjustments 1 | | 1,175 | | | 1,190 | | | 1,347 | | | 2,365 | | | 2,731 | |
Net interest income - FTE | | $ | 22,502 | | | $ | 21,924 | | | $ | 19,492 | | | $ | 44,426 | | | $ | 40,450 | |
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Net interest margin | | 1.67 | % | | 1.66 | % | | 1.53 | % | | 1.67 | % | | 1.64 | % |
Effect of fully-taxable equivalent adjustments 1 | | 0.09 | % | | 0.09 | % | | 0.11 | % | | 0.09 | % | | 0.12 | % |
Net interest margin - FTE | | 1.76 | % | | 1.75 | % | | 1.64 | % | | 1.76 | % | | 1.76 | % |
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1Assuming a 21% tax rate
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First Internet Bancorp | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures | | | | | | |
Dollar amounts in thousands, except per share data | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Total revenue - GAAP | | $ | 32,360 | | | $ | 29,081 | | | $ | 24,016 | | | $ | 61,441 | | | $ | 49,036 | |
Adjustments: | | | | | | | | | | |
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Mortgage-related revenue | | — | | | — | | | — | | | — | | | (65) | |
Adjusted total revenue | | $ | 32,360 | | | $ | 29,081 | | | $ | 24,016 | | | $ | 61,441 | | | $ | 48,971 | |
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Noninterest income - GAAP | | $ | 11,033 | | | $ | 8,347 | | | $ | 5,871 | | | $ | 19,380 | | | $ | 11,317 | |
Adjustments: | | | | | | | | | | |
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Mortgage-related revenue | | — | | | — | | | — | | | — | | | (65) | |
Adjusted noninterest income | | $ | 11,033 | | | $ | 8,347 | | | $ | 5,871 | | | $ | 19,380 | | | $ | 11,252 | |
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Noninterest expense - GAAP | | $ | 22,336 | | | $ | 21,023 | | | $ | 18,670 | | | $ | 43,359 | | | $ | 39,624 | |
Adjustments: | | | | | | | | | | |
Mortgage-related costs | | — | | | — | | | — | | | — | | | (3,052) | |
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IT Termination fees | | (452) | | | — | | | — | | | (452) | | | — | |
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Anniversary expenses | | (120) | | | — | | | — | | | (120) | | | — | |
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Adjusted noninterest expense | | $ | 21,764 | | | $ | 21,023 | | | $ | 18,670 | | | $ | 42,787 | | | $ | 36,572 | |
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Income (loss) before income taxes - GAAP | | $ | 5,993 | | | $ | 5,610 | | | $ | 3,648 | | | $ | 11,603 | | | $ | (1,701) | |
Adjustments:1 | | | | | | | | | | |
Mortgage-related revenue | | — | | | — | | | — | | | — | | | (65) | |
Mortgage-related costs | | — | | | — | | | — | | | — | | | 3,052 | |
Partial charge-off of C&I participation loan | | — | | | — | | | — | | | — | | | 6,914 | |
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IT Termination fees | | 452 | | | — | | | — | | | 452 | | | — | |
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Anniversary expenses | | 120 | | | — | | | — | | | 120 | | | — | |
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Adjusted income before income taxes | | $ | 6,565 | | | $ | 5,610 | | | $ | 3,648 | | | $ | 12,175 | | | $ | 8,200 | |
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Income tax provision (benefit) - GAAP | | $ | 218 | | | $ | 429 | | | $ | (234) | | | $ | 647 | | | $ | (2,566) | |
Adjustments:1 | | | | | | | | | | |
Mortgage-related revenue | | — | | | — | | | — | | | — | | | (14) | |
Mortgage-related costs | | — | | | — | | | — | | | — | | | 641 | |
Partial charge-off of C&I participation loan | | — | | | — | | | — | | | — | | | 1,452 | |
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IT Termination fees | | 95 | | | — | | | — | | | 95 | | | — | |
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Anniversary expenses | | 25 | | | — | | | — | | | 25 | | | — | |
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Adjusted income tax provision (benefit) | | $ | 338 | | | $ | 429 | | | $ | (234) | | | $ | 767 | | | $ | (487) | |
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Net income - GAAP | | $ | 5,775 | | | $ | 5,181 | | | $ | 3,882 | | | $ | 10,956 | | | $ | 865 | |
Adjustments: | | | | | | | | | | |
Mortgage-related revenue | | — | | | — | | | — | | | — | | | (51) | |
Mortgage-related costs | | — | | | — | | | — | | | — | | | 2,411 | |
Partial charge-off of C&I participation loan | | — | | | — | | | — | | | — | | | 5,462 | |
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IT Termination fees | | 357 | | | — | | | — | | | 357 | | | — | |
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Anniversary expenses | | 95 | | | — | | | — | | | 95 | | | — | |
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Adjusted net income | | $ | 6,227 | | | $ | 5,181 | | | $ | 3,882 | | | $ | 11,408 | | | $ | 8,687 | |
1Assuming a 21% tax rate | | | | | | | | | | |
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First Internet Bancorp | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures | | | | | | |
Dollar amounts in thousands, except per share data | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Diluted average common shares outstanding | | 8,656,215 | | | 8,750,297 | | | 8,908,180 | | | 8,750,017 | | | 8,980,262 | |
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Diluted earnings per share - GAAP | | $ | 0.67 | | | $ | 0.59 | | | $ | 0.44 | | | $ | 1.25 | | | $ | 0.10 | |
Adjustments: | | | | | | | | | | |
Effect of mortgage-related revenue | | — | | | — | | | — | | | — | | | (0.01) | |
Effect of mortgage-related costs | | — | | | — | | | — | | | — | | | 0.27 | |
Effect of partial charge-off of C&I participation loan | | — | | | — | | | — | | | — | | | 0.61 | |
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Effect of IT termination fees | | 0.04 | | | — | | | — | | | 0.04 | | | — | |
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Effect of anniversary expenses | | 0.01 | | | — | | | — | | | 0.01 | | | — | |
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Adjusted diluted earnings per share | | $ | 0.72 | | | $ | 0.59 | | | $ | 0.44 | | | $ | 1.30 | | | $ | 0.97 | |
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Return on average assets | | 0.44 | % | | 0.40 | % | | 0.32 | % | | 0.42 | % | | 0.04 | % |
Effect of mortgage-related revenue | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % |
Effect of mortgage-related costs | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.10 | % |
Effect of partial charge-off of C&I participation loan | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.23 | % |
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Effect of IT termination fees | | 0.03 | % | | 0.00 | % | | 0.00 | % | | 0.01 | % | | 0.00 | % |
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Effect of anniversary expenses | | 0.01 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % |
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Adjusted return on average assets | | 0.48 | % | | 0.40 | % | | 0.32 | % | | 0.43 | % | | 0.37 | % |
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Return on average shareholders' equity | | 6.28 | % | | 5.64 | % | | 4.35 | % | | 5.96 | % | | 0.48 | % |
Effect of mortgage-related revenue | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | (0.03 | %) |
Effect of mortgage-related costs | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 1.35 | % |
Effect of partial charge-off of C&I participation loan | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 3.05 | % |
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Effect of IT termination fees | | 0.39 | % | | 0.00 | % | | 0.00 | % | | 0.19 | % | | 0.00 | % |
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Effect of anniversary expenses | | 0.10 | % | | 0.00 | % | | 0.00 | % | | 0.05 | % | | 0.00 | % |
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Adjusted return on average shareholders' equity | | 6.77 | % | | 5.64 | % | | 4.35 | % | | 6.20 | % | | 4.85 | % |
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Return on average tangible common equity | | 6.36 | % | | 5.71 | % | | 4.40 | % | | 6.04 | % | | 0.49 | % |
Effect of mortgage-related revenue | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | (0.03 | %) |
Effect of mortgage-related costs | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 1.37 | % |
Effect of partial charge-off of C&I participation loan | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 0.00 | % | | 3.09 | % |
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Effect of IT termination fees | | 0.39 | % | | 0.00 | % | | 0.00 | % | | 0.20 | % | | 0.00 | % |
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Effect of anniversary expenses | | 0.10 | % | | 0.00 | % | | 0.00 | % | | 0.05 | % | | 0.00 | % |
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Adjusted return on average tangible common equity | | 6.85 | % | | 5.71 | % | | 4.40 | % | | 6.29 | % | | 4.92 | % |
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Financial Results Second Quarter 2024 Exhibit 99.2
Forward-Looking Statements & Non-GAAP Financial Measures This presentation 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 “believe,” “continue,” “could,” “decline,” “estimate,” “expect,” “grow,” “growth,” “improve,” “increase,” “may,” “pending,” “plan,” “position,” “preliminary,” “remain,” “rising,” “should,” “slow,” “strategy,” “well-positioned,” 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 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 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 presentation, 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. This presentation 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, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted noninterest expense, adjusted noninterest expense to average assets, 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, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets and adjusted tangible common equity to adjusted tangible assets 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 presentation under the caption “Reconciliation of Non-GAAP Financial Measures.” 2
Second Quarter 2024 Highlights Net income of $5.8 million and diluted EPS of $0.67, up 11.5% and 13.6%, respectively, from 1Q24 Adjusted net income of $6.21,2 million, up 20.2% from 1Q24 Adjusted diluted EPS of $0.721,2, up 22.0% from 1Q24 3 Net interest margin of 1.67% and FTE NIM of 1.76%1; both improved by 1 bp from 1Q24 Yield on loan portfolio increased 10 bps from 1Q24 while deposit costs only increased 4 bps Capital position remains solid TCE / TA of 6.88%1; CET1 ratio of 9.47% Record SBA GOS revenue of $8.3 million NPAs to total assets of 0.24% Office CRE less than 1% of total loans Excluding AOCI and adjusting for normalized cash balances, adjusted TCE / TA was 7.59%1 Tangible book value per share increased 1.3% to $42.371 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 2Q24 noninterest expense includes $0.5 million of IT termination fees and $0.1 million of anniversary expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix Total revenue of $32.4 million, up 11.3% from 1Q24; positive operating leverage Total portfolio loan balances increased 1.3% from 1Q24 Weighted average yield on new loans funded in 2Q24 was 8.88% Loans to deposits ratio of 92.7% Continued favorable shifts in the composition of loans and deposits
Loan Portfolio Overview Total portfolio loan balances increased 1.3% from 1Q24 Commercial loan balances increased $46.9 million, or 1.5%, from 1Q24 Consumer loan balances increased $7.0 million, or 0.9%, from 1Q24 2Q24 funded portfolio loan origination yields were 8.88%, up 4 bps from 1Q24 and up 46 bps from 2Q23 Office exposure continues to be less than 1% of total loan balances and is limited to suburban and medical 4 Loan Portfolio Mix1 1 Percentages may not add up to 100% due to rounding 2 Includes commercial and industrial and owner-occupied commercial real estate balances Dollars in millions 2 11% 10% 10% 9% 9% 9% 10% 10% 16% 16% 10% 7% 7% 12% 11% 10%3% 9% 14% 14% 1% 2% 4% 4% 4% 6% 7% 2% 4% 10% 18% 14% 8% 6% 5% 21% 26% 24% 21% 21% 18% 14% 12% 39% 34% 35% 32% 31% 27% 25% 24% 3% 2% 3% 4% 6% 8% 10% 13% 10% 7% 6% 6% 6% 5% 5% 5% $2,091 $2,716 $2,964 $3,059 $2,888 $3,499 $3,840 $3,961 2017 2018 2019 2020 2021 2022 2023 2Q24 Commercial and Industrial Construction and Investor CRE Single Tenant Lease Financing Public Finance Healthcare Finance Small Business Lending Franchise Finance Residential Mortgage/HE/HELOCs Consumer
$1,927.1 45% $948.2 22% 367.7 9% $261.4 6% $375.0 9% $394.5 9% Consumer Small Business Commercial Fintech Public Funds Brokered2 $106.0 2% $265.8 6% $22.6 1% $456.7 10% $765.5 18% $375.0 9% $1,829.6 43% $452.7 11% Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates of deposits Brokered deposits Deposit Composition 5 Total deposits remained stable with 1Q24 and are up 10.9% from 2Q23 Diversified deposit base comprised of a combination of consumer, small business, commercial and public funds Deposit base is further diversified by product type among checking, money market/savings and CDs Favorable deposit composition shift in 2Q24; used liquidity from new CD and fintech production to pay down higher cost brokered deposits 1 Money market – SMB/Commercial includes small business, commercial, CRE and public funds 2 Public funds includes $58.1 million of deposits that are classified as brokered for regulatory purposes 1 Deposits by Customer Type – 6/30/24 Dollars in millions Total Deposits – $4.3B as of 6/30/24 Dollars in millions Average Balance (Dollars in thousands) $47.0 $86.2 $224.1 $44.4 $728.3
Liquidity and 2Q24 Deposit Update 6 Cash and unused borrowing capacity totaled $1.7 billion at June 30, 2024 – Currently represents 150% of total uninsured deposits and 197% of adjusted uninsured deposits CD production supplemented by growth in fintech deposits drove shift in deposit mix Liquidity deployed to pay down higher-cost brokered deposits as well as fund loan growth and securities purchases Loan to deposits ratio remains favorable at 92.7% 1 Money market – SMB/Commercial includes small business, commercial, CRE and public funds Cost of Funds by Deposit TypeTotal Deposits by Quarter Dollars in millions 3% 3% 3% 3% 2%10% 9% 6% 6% 6%1% 1% 1% 1% 1% 11% 10% 11% 10% 11% 21% 20% 20% 19% 18% 1% 1% 5% 6% 9% 53% 56% 54% 55% 53% 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates and brokered deposits 1 $3,854.3 $4,083.5 $4,273.9 2Q23 3Q23 4Q23 1Q24 2Q24 Interest-bearing demand deposits 1.68% 2.18% 1.71% 2.03% 2.18% Savings accounts 0.86% 0.85% 0.85% 0.86% 0.84% Money market accounts 3.88% 4.04% 4.12% 4.18% 4.23% BaaS – brokered deposits 4.03% 4.33% 4.38% 4.39% 4.37% Certificates of deposits 3.84% 4.37% 4.55% 4.70% 4.78% Brokered deposits 4.47% 4.74% 4.70% 4.79% 4.78% Total interest-bearing deposits 3.75% 4.09% 4.14% 4.25% 4.29% $4,273.8$4,067.0
Net Interest Income and Net Interest Margin Net interest income on a GAAP and FTE basis were up 2.9% and 2.6%, respectively, from 1Q24 Improved loan mix and higher earning asset yields were partially offset by slightly higher funding costs Growth in net interest income and NIM impacted by loan payoffs and timing of new loan production Pace of increase in deposit costs decelerated further from 1Q24 7 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Yield on Loans and Cost of Interest-Bearing Deposits Net Interest Margin – GAAP and FTE1 5.15% 5.24% 5.50% 5.73% 5.83% 3.75% 4.09% 4.14% 4.25% 4.29% 2Q23 3Q23 4Q23 1Q24 2Q24 Yield on loans Cost of interest-bearing deposits $18.1 $17.4 $19.8 $20.7 $21.3 $19.5 $18.6 $21.0 $21.9 $22.5 2Q23 3Q23 4Q23 1Q24 2Q24 GAAP FTE 1.53% 1.39% 1.58% 1.66% 1.67% 1.64% 1.49% 1.68% 1.75% 1.76% 2Q23 3Q23 4Q23 1Q24 2Q24 GAAP FTE Net Interest Income – GAAP and FTE1 Dollars in millions
Net Interest Margin Drivers 8 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Net Interest Margin – FTE1 Linked-Quarter Change Monthly Rate Paid on Int. Bearing Deposits vs. Fed Funds Linked-quarter FTE NIM1 increased 1 bp due to higher earning asset yields, offset by slightly higher deposit costs – Weighted average yield of 8.88% on funded portfolio originations during 2Q24 – Securities yields increased 21 bps from 1Q24 while other earning asset yields decreased 11 bps Deposit costs increased 4 bps from 1Q24 to 4.29% for 2Q24 – Deposit costs impacted by higher average balances of CDs and growth in fintech partner deposits – Weighted average cost of new CDs in 2Q24 was 4.97% vs cost of maturing CDs of 4.88% – Cost of maturing CDs in 3Q24 is 5.05% and in 4Q24 is 5.03% +3 bps -11 bps +4 bps 1.75% 1.76% +5 bps 3.98% 4.13% 4.16% 4.17% 4.09% 4.17% 4.22% 4.24% 4.29% 4.28% 4.31% 4.28% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Int. Bearing Deposits Fed Funds Effective
Noninterest Income 9 Dollars in millions Noninterest Income by Type Dollars in millions Noninterest Income by Quarter Noninterest income of $11.0 million, up 32.2%, from $8.3 million in 1Q24 Gain on sale of loans of $8.3 million, up 26.9%, from $6.5 million in 1Q24 – SBA loan sale volume up 18.9% from 1Q24 – Net gain on sale premiums increased 6 bps from 1Q24 Increase of $1.2 million in other income driven by distributions from fund investments $0.2 $0.6 $8.3 $1.9 Service charges and fees Net loan servicing revenue Gain on sale of loans Other $5.9 $7.4 $7.4 $8.3 $11.0 2Q23 3Q23 4Q23 1Q24 2Q24
Noninterest Expense 10 1 2Q24 noninterest expense includes $0.5 million of IT termination fees and $0.1 million of anniversary expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix Dollars in millions Noninterest Expense by Quarter Noninterest Expense to Average Assets 1.73%1.71% 1.55% 1.52% 1.53% 1.54% 1.62% 1.68% 2Q23 3Q23 4Q23 1Q24 2Q24 Core Non-core items 1 1.64% $18.7 $19.8 $20.1 $21.0 $22.3 2Q23 3Q23 4Q23 1Q24 2Q24 Core Non-core items 1 Noninterest expense of $22.3 million, up 6.2%, from $21.0 million in 1Q24 Excluding almost $0.6 million of non-recurring items1, noninterest expense totaled $21.8 million, up 3.5% from 1Q24 Excluding the nonrecurring items, the increase was driven by higher salaries and employee benefits, consulting and professionals fees and loan expenses $21.8
Asset Quality Allowance for credit losses to total loans of 1.10% in 2Q24, up 5 bps from 1Q24 Quarterly provision for credit losses was $4.0 million, compared to $2.4 million in 1Q24 Net charge-offs to average loans of 0.14%, compared to 0.05% in 1Q24 Nonperforming loans to total loans remained stable with 1Q24 at 0.33% Delinquencies 30 days or more past due of 0.56%, compared to 0.53% in 1Q24 11 0.17% 0.16% 0.26% 0.33% 0.33% 2Q23 3Q23 4Q23 1Q24 2Q24 0.13% 0.12% 0.20% 0.25% 0.24% 2Q23 3Q23 4Q23 1Q24 2Q24 NPLs to Total Loans NPAs to Total Assets Net Charge-Offs to Avg. Loans 0.17% 0.16% 0.12% 0.05% 0.14% 2Q23 3Q23 4Q23 1Q24 2Q24
Capital Tangible common equity to tangible assets increased 9 bps from 1Q24 to 6.88%1 Tangible book value per share of $42.371, up 1.3% from 1Q24 CET1 and TRBC ratios at both the Company and the Bank, adjusted for all unrealized securities losses, remain well above regulatory minimum requirements Total after-tax unrealized securities losses represent 13.0% of tangible equity 12 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 Regulatory capital ratios are preliminary pending filing of the Company’s and Bank’s regulatory reports Company Bank Total shareholders' equity to assets 6.96% 8.45% Tangible common equity to tangible assets1 6.88% 8.37% Tier 1 leverage ratio 7.24% 8.77% Common equity tier 1 capital ratio 9.47% 11.47% Tier 1 capital ratio 9.47% 11.47% Total risk-based capital ratio 13.13% 12.58% $27.93 $30.82 $33.29 $38.51 $39.74 $41.43 $42.37 2018 2019 2020 2021 2022 2023 2Q24 Tangible Book Value Per Share1 Regulatory Capital Ratios – June 30, 20242
Small Business Lending $270.1 million of retained balances as of June 30, 2024 Nationwide platform providing growth capital to entrepreneurs and small business owners 6th largest Small Business Administration 7(a) lender for the SBA’s year-to-date 2024 fiscal year 1313 Managed SBA 7(a) Loans Portfolio Mix by State Portfolio Mix by Major Industry 17% 12% 11% 11%8% 6% 35% TX FL MI CA IN IL Other 19% 18% 14%14% 9% 26% Services Retail Trade Construction Accommodation and Food Services Manufacturing Other
Construction and Investor Commercial Real Estate $517.3 million of combined balances as of June 30, 2024 Average current loan balance of $8.2 million for investor CRE Average commitment sizes for construction – Commercial construction/development: $25.1 million – Residential construction/development: $2.1 million 14 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry 2Q24 unfunded commitment balances – Commercial construction/development: $490.4 million – Residential construction/development: $38.3 million Minimal office exposure; 1.6% of combined balances consisting of suburban and medical office space 58%35% 7% Commercial Construction/ Development Investor Commercial Real Estate Residential Construction/ Development 44% 27% 18% 3% 2% 2% 2%1% 1% Multifamily/Mixed Use Industrial Warehouse Hospitality Residential Land Development Residential Construction Commercial Land Suburban & Medical Office Retail Other 62%14% 13% 5%3% 3% IN AZ CA FL KY Other
Franchise Finance $551.1 million of balances as of June 30, 2024 Focused on providing growth financing to franchisees in a variety of industry segments Strong historical credit performance to date Average loan size of $832,000 15 Portfolio Mix by Borrower Use Portfolio Mix by State Portfolio Mix by Brand 131 22% 15% 15%13% 10% 5% 20% Limited-Service Restaurants Indoor Recreation Beauty Salons Snacks and Nonalcoholic Beverages Fitness and Recreational Sports Centers Other Personal Care Services Other 14% 12% 6% 5% 5% 4% 3% 51% TX CA FL PA MI GA NC Other 9% 8% 7% 6% 5% 4% 61% Urban Air Adventure Park Scooter's Coffee My Salon Suite Goldfish Swim School Restore Hyper Wellness Crumbl Cookies Other
Single Tenant Lease Financing $927.5 million of balances as of June 30, 2024 Long-term financing of single tenant properties occupied by historically strong national and regional tenants Weighted-average portfolio LTV of 46% Average loan size of $1.3 million 16 Portfolio Mix by Major Vertical Portfolio Mix by Major Tenant Portfolio Mix by Geography Strong historical credit performance No delinquencies in this portfolio Minimal office exposure; 1.3% of loan balances consisting of medical office space 26% 23% 17% 13% 6% 6% 4% 5% Quick Service Restaurants Auto Parts/ Repair/Car Wash Full Service Restaurants Convenience/Fuel Pharmacies Dollar Stores Specialty Retailer Other 6% 6% 5% 5% 4% 4% 3% 3% 3% 2% 59% Tidal Wave Burger King Wendy's Caliber Collision Dollar General Red Lobster ICWG Bob Evans Walgreens CVS Other 10% 24% 22% 39% 5%
5% 9% 12% 6% 18%9% 8% 2%1% 30% AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 Non-Rated 33% 14% 14% 10% 6% 6% 5% 4% 3% 2% 3% General Obligation Essential use equipment loans Lease rental revenue Water & sewer revenue Private Higher Education Tax Incremental Financing (TIF) districts Short term cash flow financing (BAN) Public higher education facilities Sales tax, food and beverage tax, hotel tax Income tax supported loans Others 60% 6% 5% 4% 4% 4% 3% 2% 12% IN OK IA OH MO MI GA WA Other Public Finance $486.2 million of balances as of June 30, 2024 Provides a range of credit solutions for government and not-for-profit entities Borrowers’ needs include short-term financing, debt refinancing, infrastructure improvements, economic development and equipment financing 17 No delinquencies or losses since inception Portfolio Mix by Repayment Source Borrower Mix by Credit Rating Portfolio Mix by State
Healthcare Finance $202.1 million of balances as of June 30, 2024 Average loan size of $430,000 Strong historical credit performance to date No delinquencies in this portfolio 18 Portfolio Mix by Borrower Use Portfolio Mix by Borrower Portfolio Mix by State 18 87% 9% 4% Dentists Veterinarians Other 30% 12% 6% 4% 4% 4% 3% 37% CA TX FL NY AZ WA IL Other 76% 18% 5% 1% Practice Refi or Acquisition Owner Occupied CRE Project Equipment and Other
C&I and Owner-Occupied Commercial Real Estate $173.7 million of combined balances as of June 30, 2024 Current C&I LOC utilization of 25% Average loan sizes C&I: $553,000 Owner-occupied CRE: $854,000 19 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry 19 50% 34% 16% C&I - Term Loans Owner Occupied CRE C&I - Lines of Credit 37% 22% 9% 9% 5% 18% IN AZ CA IL FL Other 42% 18% 13% 12% 8% 7% Other Services Manufacturing Construction Real Estate and Rental and Leasing Health Care and Social Assistance Minimal office exposure; 1.9% of combined loan balances consisting of suburban office space
Residential Mortgage $404.0 million of balances as of June 30, 2024 (includes home equity balances) Historically direct-to-consumer originations centrally located at corporate headquarters Focused on high quality borrowers – Average loan size of $208,000 – Average credit score at origination of 742 – Average LTV at origination of 80% Strong historical credit performance 20 Concentration by State Concentration by Loan TypeNational Portfolio with Midwest Concentration 15% 3% 73% 4% 5% 20 71% 12% 2% 2% 2% 11% Indiana California Florida New York Texas All other states 94% 4% 1% 1% Single Family Residential Home Equity – LOC SFR Construction to Permanent Home Equity – Closed End
24% 21% 17% 28% 10% Specialty Consumer $396.5 million of balances as of June 30, 2024 Direct-to-consumer and nationwide dealer network originations Focused on high quality borrowers – Average credit score at origination of 778 – Average loan size of $27,000 Strong historical credit performance Concentration by State Concentration by Loan TypeGeographically Diverse Portfolio 211 14% 10% 6% 4% 4% 62% Texas California Florida North Carolina Colorado All other states 51% 38% 11% Trailers Recreational Vehicles Other Consumer
22 Appendix
Loan Portfolio Composition 23 1 Includes carrying value adjustments of $25.6 million, $26.9 million, $27.8 million, $32.5 million and $37.5 million associated with public finance loans as of June 30, 2024, March 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Dollars in thousands 2021 2022 2023 1Q24 2Q24 Commercial loans Commercial and industrial 96,008$ 126,108$ 129,349$ 133,897$ 115,585$ Owner-occupied commercial real estate 66,732 61,836 57,286 57,787 58,089 Investor commercial real estate 28,019 93,121 132,077 128,276 188,409 Construction 136,619 181,966 261,750 325,597 328,922 Single tenant lease financing 865,854 939,240 936,616 941,597 927,462 Public finance 592,665 621,032 521,764 498,262 486,200 Healthcare finance 387,852 272,461 222,793 213,332 202,079 Small business lending 108,666 123,750 218,506 239,263 270,129 Franchise finance 81,448 299,835 525,783 543,122 551,133 Total commercial loans 2,363,863 2,719,349 3,005,924 3,081,133 3,128,008 Consumer loans Residential mortgage 186,770 383,948 395,648 390,009 382,549 Home equity 17,665 24,712 23,669 22,753 21,405 Trailers 146,267 167,326 188,763 191,353 197,738 Recreational vehicles 90,654 121,808 145,558 145,475 150,151 Other consumer loans 28,557 35,464 43,293 43,847 48,638 Total consumer loans 469,913 733,258 796,931 793,437 800,481 Net def. loan fees, prem., disc. and other 1 53,886 46,794 37,365 35,234 32,657 Total loans 2,887,662$ 3,499,401$ 3,840,220$ 3,909,804$ 3,961,146$
Reconciliation of Non-GAAP Financial Measures 24 Dollars in thousands, except for per share data 2018 2019 2020 2021 2022 2023 2Q24 Total equity - GAAP $288,735 $304,913 $330,944 $380,338 $364,974 $362,795 $371,953 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $284,048 $300,226 $326,257 $375,651 $360,287 $358,108 $367,266 Common shares outstanding 10,170,778 9,741,800 9,800,569 9,754,455 9,065,883 8,644,451 8,667,894 Book value per common share $28.39 $31.30 $33.77 $38.99 $40.26 $41.97 $42.91 Effect of goodwill (0.46) (0.48) (0.48) (0.48) (0.52) (0.54) (0.54) Tangible book value per common share $27.93 $30.82 $33.29 $38.51 $39.74 $41.43 $42.37
Reconciliation of Non-GAAP Financial Measures 25 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 2Q23 3Q23 4Q23 1Q24 2Q24 Total equity - GAAP $354,332 $347,744 $362,795 $366,739 $371,953 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $349,645 $343,057 $358,108 $362,052 $367,266 Total assets - GAAP $4,947,049 $5,169,023 $5,167,572 $5,340,667 $5,343,302 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $4,942,362 $5,164,336 $5,162,885 $5,335,980 $5,338,615 Common shares outstanding 8,774,507 8,669,673 8,644,451 8,655,854 8,667,894 Book value per common share $40.38 $40.11 $41.97 $42.37 $42.91 Effect of goodwill (0.53) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $39.85 $39.57 $41.43 $41.83 $42.37 Total shareholders' equity to assets 7.16% 6.73% 7.02% 6.87% 6.96% Effect of goodwill (0.09%) (0.09%) (0.08%) (0.08%) (0.08%) Tangible common equity to tangible assets 7.07% 6.64% 6.94% 6.79% 6.88% Total interest income $58,122 $63,015 $66,272 $68,165 $70,961 Adjustments: Fully-taxable equivalent adjustments 1 1,347 1,265 1,238 1,190 1,175 Total interest income - FTE $59,469 $64,280 $67,510 $69,355 $72,136 Net interest income $18,145 $17,378 $19,807 $20,734 $21,327 Adjustments: Fully-taxable equivalent adjustments 1 1,347 1,265 1,238 1,190 1,175 Net interest income - FTE $19,492 $18,643 $21,045 $21,924 $22,502 Net interest margin 1.53% 1.39% 1.58% 1.66% 1.67% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.11% 0.10% 0.10% 0.09% 0.09% Net interest margin - FTE 1.64% 1.49% 1.68% 1.75% 1.76%
Reconciliation of Non-GAAP Financial Measures 26 Dollars in thousands, except for per share data 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest expense $18,670 $19,756 $20,056 $21,023 $22,336 Adjustments: IT termination fees - - - - (452) Anniversary expenses - - - - (120) Adjusted noninterest expense $18,670 $19,756 $20,056 $21,023 $21,764 Noninterest expense to average assets 1.52% 1.53% 1.54% 1.62% 1.68% Effect of IT termination fees 0.00% 0.00% 0.00% 0.00% (0.03%) Effect of anniversary expenses 0.00% 0.00% 0.00% 0.00% (0.01%) Adjusted noninterest expense to average assets 1.52% 1.53% 1.54% 1.62% 1.64% Income before income taxes - GAAP 3,648$ 3,083$ 3,558$ 5,610$ 5,993$ Adjustments: IT termination fees - - - - 452 Anniversary expenses - - - - 120 Adjusted income before income taxes $3,648 $3,083 $3,558 $5,610 $6,565 Income tax provision (benefit) - GAAP (234)$ (326)$ (585)$ 429$ 218$ Adjustments:1 IT termination fees - - - - 95 Anniversary expenses - - - - 25 Adjusted income tax provision (benefit) (234)$ (326)$ (585)$ 429$ 338$ 1 Assuming a 21% tax rate
Reconciliation of Non-GAAP Financial Measures 27 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 2Q23 3Q23 4Q23 1Q24 2Q24 Net income - GAAP 3,882$ 3,409$ 4,143$ 5,181$ 5,775$ Adjustments: IT termination fees - - - - 357 Anniversary expenses - - - - 95 Adjusted net income $3,882 $3,409 $4,143 $5,181 $6,227 Diluted average common shares outstanding 8,908,180 8,767,217 8,720,078 8,750,297 8,656,215 Diluted earnings per share - GAAP 0.44$ 0.39$ 0.48$ 0.59$ 0.67$ Adjustments: Effect of IT termination fees - - - - 0.04 Effect of anniversary expenses - - - - 0.01 Adjusted diluted earnings per share $0.44 $0.39 $0.48 $0.59 $0.72 Return on average assets 0.32% 0.26% 0.32% 0.40% 0.44% Effect of IT termination fees 0.00% 0.00% 0.00% 0.00% 0.03% Effect of anniversary expenses 0.00% 0.00% 0.00% 0.00% 0.01% Adjusted return on average assets 0.32% 0.26% 0.32% 0.40% 0.48% Return on average shareholders' equity 4.35% 3.79% 4.66% 5.64% 6.28% Effect of IT termination fees 0.00% 0.00% 0.00% 0.00% 0.39% Effect of anniversary expenses 0.00% 0.00% 0.00% 0.00% 0.10% Adjusted return on average shareholders' equity 4.35% 3.79% 4.66% 5.64% 6.77% Return on average tangible common equity 4.40% 3.84% 4.72% 5.71% 6.36% Effect of IT termination fees 0.00% 0.00% 0.00% 0.00% 0.39% Effect of anniversary expenses 0.00% 0.00% 0.00% 0.00% 0.10% Adjusted return on average tangible common equity 4.40% 3.84% 4.72% 5.71% 6.85%
Reconciliation of Non-GAAP Financial Measures 28 Dollars in thousands 2Q24 Tangible common equity $367,266 Adjustments: Accumulated other comprehensive loss 30,587 Adjusted tangible common equity $397,853 Tangible assets $5,338,615 Adjustments: Cash in excess of $300 million (96,786) Adjusted tangible assets $5,241,829 Adjusted tangible common equity $397,853 Adjusted tangible assets $5,241,829 Adjusted tangible common equity to adjusted tangible assets 7.59%
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