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First Internet Bancorp Reports Third Quarter 2023 Results

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, 2023.

Third Quarter 2023 Financial Highlights

  • Net income of $3.4 million and diluted earnings per share of $0.39
  • Deposit growth of $229.2 million, a 5.9% increase from the second quarter of 2023
  • Loan growth of $88.2 million, a 2.4% increase from the second quarter of 2023
  • The loans to deposits ratio was 91.5%, compared to 94.6% at the prior quarter-end
  • Net interest margin of 1.39% and fully-taxable equivalent net interest margin of 1.49%, compared to 1.53% and 1.64%, respectively, for the second quarter of 2023
  • Nonperforming loans declined to 0.16% of total loans
  • Repurchased 97,834 common shares at an average price of $18.29 per share
  • Tangible common equity to tangible assets of 6.64%; CET1 ratio of 9.59%
  • Tangible book value per share of $39.57, compared to $39.85 at the prior quarter-end

“We experienced strong deposit growth and bolstered our balance sheet liquidity during the third quarter,” said David Becker, Chairman and Chief Executive Officer. “At the same time, we further optimized our loan portfolio composition and overall balance sheet mix as new origination yields continued to improve while the pace of deposit cost increases and the compression in our net interest margin was the slowest it has been in five quarters.

“Growth in noninterest income was fueled by our SBA lending team, which delivered another strong quarter with gain on sale revenue up 14% from the prior quarter. We ended the SBA fiscal year among the top ten most active lenders. I am proud of the continued success of this team.

“Amidst economic and geopolitical uncertainty, our stalwart foundation remains intact. Overall asset quality is sound. Our capital position is strong. Our teams are focused. We believe we are well-positioned to improve our earnings and profitability profile as funding costs stabilize.”

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2023 was $17.4 million, compared to $18.1 million for the second quarter of 2023, and $24.0 million for the third quarter of 2022. On a fully-taxable equivalent basis, net interest income for the third quarter of 2023 was $18.6 million, compared to $19.5 million for the second quarter of 2023, and $25.3 million for the third quarter of 2022.

Total interest income for the third quarter of 2023 was $63.0 million, an increase of 8.4% compared to the second quarter of 2023, and an increase of 61.2% compared to the third quarter of 2022. On a fully-taxable equivalent basis, total interest income for the third quarter of 2023 was $64.3 million, an increase of 8.1% compared to the second quarter of 2023, and an increase of 59.2% compared to the third quarter of 2022. The yield on average interest-earning assets for the third quarter of 2023 increased to 5.02% from 4.89% for the second quarter of 2023 due to a 29 basis point (“bp”) increase in the yield earned on other earning assets, a 9 bp increase in the yield earned on loans, and a 20 bp increase in the yield earned on securities. Compared to the linked quarter, the average balance of other earning assets increased $142.1 million, or 27.8%, while average loan balances increased $44.9 million, or 1.2%, and the average balance of securities increased $18.0 million, or 3.0%.

Interest income earned on commercial loans was higher due to increased average balances and the positive impact of higher rates in the variable rate construction and small business lending portfolios, as well as growth and higher yields on new originations in the franchise finance portfolio. This was partially offset by lower average balances in the public finance, healthcare finance, single tenant lease financing and investor commercial real estate portfolios. The shift in loan mix is the result of a strategic initiative to focus on variable rate and higher-yielding products during a historic period of rapidly rising rates.

In the consumer loan portfolio, interest income was up due to higher yields on new originations and growth in the average balances of trailers, recreational vehicles and other consumer loans portfolios.

The yield on funded portfolio loan originations was 8.92% in the third quarter of 2023, an increase of 50 bps compared to the second quarter of 2023, and an increase of 362 bps compared to the third quarter of 2022. Because certain larger portfolios consist of longer duration, fixed rate loans, new origination yields have a gradual effect on the overall loan portfolio.

Interest earned on cash and other earning asset balances increased $2.4 million, or 36.5%, during the quarter due to the impact of higher short-term interest rates on cash balances as well as a $142.1 million, or 29.6%, increase in average cash balances. Furthermore, interest income earned on securities increased $0.5 million, or 11.0%, during the third quarter of 2023 due to an increase in the yield earned on the portfolio and an increase in average balances. The yield on the securities portfolio increased 20 bps to 3.32%, driven primarily by variable rate securities repricing higher and increased yields on new purchases.

Total interest expense for the third quarter of 2023 was $45.6 million, an increase of $5.7 million, or 14.2%, compared to the linked quarter, due to increases in both deposit rates and average interest-bearing deposit balances throughout the quarter. Interest expense related to interest-bearing deposits increased $5.7 million, or 16.3%, driven primarily by higher costs on CDs, interest-bearing demand deposits and money market accounts. The cost of interest-bearing deposits was 4.09% for the third quarter of 2023, compared to 3.75% for the second quarter of 2023. The pace of increase in deposit costs during the third quarter was the slowest experienced by the Company in the past five quarters.

Average CD balances increased $273.1 million, or 21.2%, while the cost of funds increased 53 bps. Early in the quarter, the Company strategically bolstered its liquidity position ahead of the anticipated Fed Funds rate increase in late July. The average balance of interest-bearing demand deposits increased $27.5 million, or 7.7%, due to higher average Banking-as-a-Service balances, while the cost of funds increased 50 bps.

These increases were partially offset by lower average brokered deposit balances, which decreased $63.6 million, or 8.6%, from the second quarter of 2023, as the Company reduced the balance of higher cost brokered funding over the last two quarters.

Net interest margin (“NIM”) was 1.39% for the third quarter of 2023, down from 1.53% for the second quarter of 2023, and 2.40% for the third quarter of 2022. Fully-taxable equivalent NIM (“FTE NIM”) was 1.49% for the third quarter of 2023, down from 1.64% for the second quarter of 2023, and 2.53% for the third quarter of 2022. The decreases in NIM and FTE NIM compared to the linked quarter were driven primarily by the effect of higher interest-bearing deposit costs, partially offset by higher yields on loans, other earning assets and securities. Higher cash balances, which the Company continued to carry given the volatility in the banking industry over the last several months, were estimated to have negatively impacted both NIM and FTE NIM by 10 to 12 bps.

Noninterest Income

Noninterest income for the third quarter of 2023 was $7.4 million, up $1.5 million, or 26.2%, from the second quarter of 2023, and up $3.1 million, or 71.6%, from the third quarter of 2022. Gain on sale of loans totaled $5.6 million for the third quarter of 2023, up $0.7 million, or 14.4%, from the linked quarter. Gain on sale revenue in the quarter, which consisted entirely of sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans, increased due to a higher volume of loan sales, partially offset by modestly lower net premiums. The Company’s SBA lending team closed out the SBA fiscal year ended September 30, 2023 as the ninth most active 7(a) lender in the nation by loan dollars. Net loan servicing revenue increased $0.3 million during the quarter due to growth in the servicing portfolio as well as a lower fair value adjustment to the loan servicing asset. Other income increased $0.5 million from the prior quarter due primarily to income from fund investments.

Noninterest Expense

Noninterest expense for the third quarter of 2023 was $19.8 million, up $1.1 million, or 5.8%, from the second quarter of 2023, and up $1.8 million, or 9.8%, from the third quarter of 2022. Salaries and employee benefits expense increased $1.1 million, or 9.9%, compared to the second quarter of 2023 due mainly to higher benefit plan costs as well as higher incentive compensation in SBA and construction lending. Loan expenses increased from the linked quarter due to higher third party loan servicing fees and other miscellaneous lending costs. Data processing costs increased due to variable deposit activity-based expenses. These increases were partially offset by declines in premises and equipment, marketing expenses and consulting and professional fees.

Income Taxes

The Company recognized an income tax benefit of $0.3 million for the third quarter of 2023, compared to an income tax benefit of $0.2 million for the second quarter of 2023, and an income tax expense of $1.0 million and an effective tax rate of 10.5% for the third quarter of 2022. The income tax benefit in the third quarter of 2023 reflects the benefit of tax-exempt income relative to the amount of stated pre-tax income.

Loans and Credit Quality

Total loans as of September 30, 2023 were $3.7 billion, an increase of $88.2 million, or 2.4%, compared to June 30, 2023, and an increase of $479.2 million, or 14.7%, compared to September 30, 2022. Total commercial loan balances were $2.9 billion as of September 30, 2023, an increase of $77.2 million, or 2.7%, compared to June 30, 2023, and an increase of $373.2 million, or 14.7%, compared to September 30, 2022. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by strategic growth in higher yielding franchise finance, construction and small business lending balances. These items were partially offset by planned decreases in the fixed-rate public finance, single tenant lease financing and investor commercial real estate portfolios as well as continued runoff in the healthcare finance portfolio.

Total consumer loan balances were $786.5 million as of September 30, 2023, an increase of $13.8 million, or 1.8%, compared to June 30, 2023, and an increase of $114.3 million, or 17.0%, compared to September 30, 2022. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and other consumer loans portfolios.

Total delinquencies 30 days or more past due were 0.22% of total loans as of September 30, 2023, compared to 0.09% at June 30, 2023, and 0.06% as of September 30, 2022. Nonperforming loans were 0.16% of total loans as of September 30, 2023, compared to 0.17% as of June 30, 2023, and 0.18% as of September 30, 2022. Nonperforming loans totaled $5.9 million at September 30, 2023, down from $6.2 million at June 30, 2023. The decrease was due primarily to an owner-occupied commercial real estate relationship that was returned to accrual status during the third quarter of 2023.

The allowance for credit losses (“ACL”) as a percentage of total loans was 0.98% as of September 30, 2023, compared to 0.99% as of June 30, 2023, and 0.92% as of September 30, 2022. The slight decrease in the ACL reflects the positive impact of economic data on forecasted loss rates and adjustments to qualitative factors on certain portfolios, partially offset by specific reserves placed on certain loans.

Net charge-offs of $1.5 million were recognized during the third quarter of 2023, resulting in net charge-offs to average loans of 0.16%, compared to $1.6 million, or 0.17%, for the second quarter of 2023 and $0.2 million, or 0.02%, for the third quarter of 2022. Net charge-offs during the third quarter of 2023 were driven primarily by small business lending as well as a loss on the sale of a commercial and industrial participation loan executed by the lead bank.

The provision for credit losses in the third quarter was $1.9 million, compared to $1.7 million for the second quarter of 2023 and $0.9 million for the third quarter of 2022. The provision for the quarter was driven primarily by net charge-offs as well as increases in specific reserves and unfunded commitments, partially offset by the positive impact of economic forecasts on certain portfolios.

Capital

As of September 30, 2023, total shareholders’ equity was $347.7 million, a decrease of $6.6 million, or 1.9%, compared to June 30, 2023, and a decrease of $13.1 million, or 3.6%, compared to September 30, 2022. The decrease in shareholders’ equity during the third quarter of 2023 was due primarily to an increase in accumulated other comprehensive loss and stock repurchase activity, partially offset by net income earned during the quarter. Book value per common share was $40.11 as of September 30, 2023, compared to $40.38 as of June 30, 2023, and $38.84 as of September 30, 2022. Tangible book value per share was $39.57, compared to $39.85 as of June 30, 2023 and $38.34 as of September 30, 2022.

In connection with its previously announced stock repurchase program, the Company repurchased 97,834 shares of its common stock during the third quarter of 2023 at an average price of $18.29 per share. The Company has repurchased $40.7 million of stock under its authorized programs since November of 2021.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of September 30, 2023.

As of September 30, 2023

Company

Bank

 

Total shareholders' equity to assets

6.73

%

8.35

%

Tangible common equity to tangible assets 1

6.64

%

8.26

%

Tier 1 leverage ratio 2

7.31

%

8.97

%

Common equity tier 1 capital ratio 2

9.59

%

11.77

%

Tier 1 capital ratio 2

9.59

%

11.77

%

Total risk-based capital ratio 2

13.18

%

12.71

%

 

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."

2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.

Conference Call and Webcast

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, October 26, 2023 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 53091613. A recorded replay can be accessed through November 24, 2023 by dialing (877) 674-7070; access code: 091613.

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 $5.2 billion as of September 30, 2023. 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”. 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,” “help,” “may,” “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, SBA, and franchise finance 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 (benefit) provision, 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 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,

2023

 

2023

 

2022

 

2023

 

2022

 
Net income

$

3,409

 

$

3,882

 

$

8,436

 

$

4,274

 

$

29,190

 

 
Per share and share information
Earnings per share - basic

$

0.39

 

$

0.44

 

$

0.89

 

$

0.48

 

$

3.04

 

Earnings per share - diluted

 

0.39

 

 

0.44

 

 

0.89

 

 

0.48

 

 

3.01

 

Dividends declared per share

 

0.06

 

 

0.06

 

 

0.06

 

 

0.18

 

 

0.18

 

Book value per common share

 

40.11

 

 

40.38

 

 

38.84

 

 

40.11

 

 

38.84

 

Tangible book value per common share 1

 

39.57

 

 

39.85

 

 

38.34

 

 

39.57

 

 

38.34

 

Common shares outstanding

 

8,669,673

 

 

8,774,507

 

 

9,290,885

 

 

8,669,673

 

 

9,290,885

 

Average common shares outstanding:
Basic

 

8,744,385

 

 

8,903,213

 

 

9,458,259

 

 

8,889,532

 

 

9,615,039

 

Diluted

 

8,767,217

 

 

8,908,180

 

 

9,525,855

 

 

8,907,748

 

 

9,681,742

 

Performance ratios
Return on average assets

 

0.26

%

 

0.32

%

 

0.82

%

 

0.12

%

 

0.94

%

Return on average shareholders' equity

 

3.79

%

 

4.35

%

 

9.01

%

 

1.59

%

 

10.40

%

Return on average tangible common equity 1

 

3.84

%

 

4.40

%

 

9.13

%

 

1.61

%

 

10.53

%

Net interest margin

 

1.39

%

 

1.53

%

 

2.40

%

 

1.55

%

 

2.52

%

Net interest margin - FTE 1,2

 

1.49

%

 

1.64

%

 

2.53

%

 

1.66

%

 

2.65

%

Capital ratios 3
Total shareholders' equity to assets

 

6.73

%

 

7.16

%

 

8.46

%

 

6.73

%

 

8.46

%

Tangible common equity to tangible assets 1

 

6.64

%

 

7.07

%

 

8.36

%

 

6.64

%

 

8.36

%

Tier 1 leverage ratio

 

7.31

%

 

7.63

%

 

9.49

%

 

7.31

%

 

9.49

%

Common equity tier 1 capital ratio

 

9.59

%

 

10.10

%

 

11.72

%

 

9.59

%

 

11.72

%

Tier 1 capital ratio

 

9.59

%

 

10.10

%

 

11.72

%

 

9.59

%

 

11.72

%

Total risk-based capital ratio

 

13.18

%

 

13.87

%

 

15.73

%

 

13.18

%

 

15.73

%

Asset quality
Nonperforming loans

$

5,885

 

$

6,227

 

$

6,006

 

$

5,885

 

$

6,006

 

Nonperforming assets

 

6,069

 

 

6,397

 

 

6,006

 

 

6,069

 

 

6,006

 

Nonperforming loans to loans

 

0.16

%

 

0.17

%

 

0.18

%

 

0.16

%

 

0.18

%

Nonperforming assets to total assets

 

0.12

%

 

0.13

%

 

0.14

%

 

0.12

%

 

0.14

%

Allowance for credit losses - loans to:
Loans

 

0.98

%

 

0.99

%

 

0.92

%

 

0.98

%

 

0.92

%

Nonperforming loans

 

619.4

%

 

579.1

%

 

497.3

%

 

619.4

%

 

497.3

%

Net charge-offs to average loans

 

0.16

%

 

0.17

%

 

0.02

%

 

0.38

%

 

0.04

%

Average balance sheet information
Loans

$

3,700,410

 

$

3,653,839

 

$

3,161,850

 

$

3,643,156

 

$

3,036,532

 

Total securities

 

622,220

 

 

604,182

 

 

606,329

 

 

604,026

 

 

624,995

 

Other earning assets

 

653,375

 

 

511,295

 

 

188,467

 

 

499,835

 

 

321,262

 

Total interest-earning assets

 

4,976,667

 

 

4,771,623

 

 

3,970,650

 

 

4,751,104

 

 

4,004,025

 

Total assets

 

5,137,474

 

 

4,927,712

 

 

4,105,688

 

 

4,905,910

 

 

4,138,866

 

Noninterest-bearing deposits

 

127,540

 

 

117,496

 

 

124,067

 

 

126,647

 

 

115,142

 

Interest-bearing deposits

 

3,911,696

 

 

3,713,086

 

 

2,961,327

 

 

3,680,746

 

 

3,016,652

 

Total deposits

 

4,039,236

 

 

3,830,582

 

 

3,085,394

 

 

3,807,393

 

 

3,131,794

 

Shareholders' equity

 

356,701

 

 

358,312

 

 

371,303

 

 

359,405

 

 

375,190

 

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,

2023

 

2023

 

2022

 
Assets
Cash and due from banks

$

3,595

 

$

9,503

 

$

14,743

 

Interest-bearing deposits

 

517,610

 

 

456,128

 

 

206,309

 

Securities available-for-sale, at fair value

 

450,827

 

 

379,394

 

 

393,565

 

Securities held-to-maturity, at amortized cost, net of allowance for credit losses

 

231,928

 

 

230,605

 

 

191,057

 

Loans held-for-sale

 

31,669

 

 

32,001

 

 

23,103

 

Loans

 

3,735,068

 

 

3,646,832

 

 

3,255,906

 

Allowance for credit losses - loans

 

(36,452

)

 

(36,058

)

 

(29,866

)

Net loans

 

3,698,616

 

 

3,610,774

 

 

3,226,040

 

Accrued interest receivable

 

23,761

 

 

24,101

 

 

16,918

 

Federal Home Loan Bank of Indianapolis stock

 

28,350

 

 

28,350

 

 

28,350

 

Cash surrender value of bank-owned life insurance

 

40,619

 

 

40,357

 

 

39,612

 

Premises and equipment, net

 

74,197

 

 

73,525

 

 

70,747

 

Goodwill

 

4,687

 

 

4,687

 

 

4,687

 

Servicing asset

 

9,579

 

 

8,252

 

 

5,795

 

Other real estate owned

 

106

 

 

106

 

 

-

 

Accrued income and other assets

 

53,479

 

 

49,266

 

 

43,498

 

Total assets

$

5,169,023

 

$

4,947,049

 

$

4,264,424

 

 
Liabilities
Noninterest-bearing deposits

$

125,265

 

$

119,291

 

$

142,875

 

Interest-bearing deposits

 

3,958,280

 

 

3,735,017

 

 

3,049,769

 

Total deposits

 

4,083,545

 

 

3,854,308

 

 

3,192,644

 

Advances from Federal Home Loan Bank

 

614,933

 

 

614,931

 

 

589,926

 

Subordinated debt

 

104,761

 

 

104,684

 

 

104,456

 

Accrued interest payable

 

2,968

 

 

3,338

 

 

1,887

 

Accrued expenses and other liabilities

 

15,072

 

 

15,456

 

 

14,654

 

Total liabilities

 

4,821,279

 

 

4,592,717

 

 

3,903,567

 

Shareholders' equity
Voting common stock

 

185,085

 

 

186,545

 

 

200,123

 

Retained earnings

 

203,856

 

 

200,973

 

 

199,877

 

Accumulated other comprehensive loss

 

(41,197

)

 

(33,186

)

 

(39,143

)

Total shareholders' equity

 

347,744

 

 

354,332

 

 

360,857

 

Total liabilities and shareholders' equity

$

5,169,023

 

$

4,947,049

 

$

4,264,424

 

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,

2023

 

2023

 

2022

 

2023

 

2022

 
Interest income
Loans

$

48,898

 

$

46,906

 

$

34,643

 

$

139,647

 

$

100,246

 

Securities - taxable

 

4,301

 

 

3,835

 

 

2,701

 

 

11,742

 

 

7,489

 

Securities - non-taxable

 

912

 

 

860

 

 

491

 

 

2,570

 

 

1,068

 

Other earning assets

 

8,904

 

 

6,521

 

 

1,264

 

 

19,211

 

 

2,436

 

Total interest income

 

63,015

 

 

58,122

 

 

39,099

 

 

173,170

 

 

111,239

 

Interest expense
Deposits

 

40,339

 

 

34,676

 

 

10,520

 

 

102,285

 

 

23,025

 

Other borrowed funds

 

5,298

 

 

5,301

 

 

4,585

 

 

15,788

 

 

12,790

 

Total interest expense

 

45,637

 

 

39,977

 

 

15,105

 

 

118,073

 

 

35,815

 

Net interest income

 

17,378

 

 

18,145

 

 

23,994

 

 

55,097

 

 

75,424

 

Provision for credit losses

 

1,946

 

 

1,698

 

 

892

 

 

13,059

 

 

2,868

 

Net interest income after provision
for credit losses

 

15,432

 

 

16,447

 

 

23,102

 

 

42,038

 

 

72,556

 

Noninterest income
Service charges and fees

 

208

 

 

218

 

 

248

 

 

635

 

 

845

 

Loan servicing revenue

 

1,064

 

 

850

 

 

653

 

 

2,699

 

 

1,858

 

Loan servicing asset revaluation

 

(257

)

 

(358

)

 

(333

)

 

(670

)

 

(1,100

)

Mortgage banking activities

 

-

 

 

-

 

 

871

 

 

76

 

 

4,454

 

Gain on sale of loans

 

5,569

 

 

4,868

 

 

2,713

 

 

14,498

 

 

8,510

 

Other

 

823

 

 

293

 

 

164

 

 

1,486

 

 

883

 

Total noninterest income

 

7,407

 

 

5,871

 

 

4,316

 

 

18,724

 

 

15,450

 

Noninterest expense
Salaries and employee benefits

 

11,767

 

 

10,706

 

 

10,439

 

 

34,267

 

 

31,149

 

Marketing, advertising and promotion

 

500

 

 

705

 

 

1,041

 

 

2,049

 

 

2,717

 

Consulting and professional fees

 

552

 

 

711

 

 

790

 

 

2,189

 

 

3,912

 

Data processing

 

701

 

 

520

 

 

483

 

 

1,880

 

 

1,422

 

Loan expenses

 

1,336

 

 

1,072

 

 

1,142

 

 

4,385

 

 

3,417

 

Premises and equipment

 

2,315

 

 

2,661

 

 

2,808

 

 

7,753

 

 

7,767

 

Deposit insurance premium

 

1,067

 

 

936

 

 

229

 

 

2,546

 

 

797

 

Other

 

1,518

 

 

1,359

 

 

1,063

 

 

4,311

 

 

3,579

 

Total noninterest expense

 

19,756

 

 

18,670

 

 

17,995

 

 

59,380

 

 

54,760

 

Income before income taxes

 

3,083

 

 

3,648

 

 

9,423

 

 

1,382

 

 

33,246

 

Income tax (benefit) provision

 

(326

)

 

(234

)

 

987

 

 

(2,892

)

 

4,056

 

Net income

$

3,409

 

$

3,882

 

$

8,436

 

$

4,274

 

$

29,190

 

 
Per common share data
Earnings per share - basic

$

0.39

 

$

0.44

 

$

0.89

 

$

0.48

 

$

3.04

 

Earnings per share - diluted

$

0.39

 

$

0.44

 

$

0.89

 

$

0.48

 

$

3.01

 

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, 2023 June 30, 2023 September 30, 2022
 
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

$

3,701,072

 

$

48,898

5.24

%

$

3,656,146

 

$

46,906

5.15

%

$

3,175,854

 

$

34,643

4.33

%

Securities - taxable

 

550,208

 

 

4,301

3.10

%

 

531,040

 

 

3,835

2.90

%

 

532,470

 

 

2,701

2.01

%

Securities - non-taxable

 

72,012

 

 

912

5.02

%

 

73,142

 

 

860

4.72

%

 

73,859

 

 

491

2.64

%

Other earning assets

 

653,375

 

 

8,904

5.41

%

 

511,295

 

 

6,521

5.12

%

 

188,467

 

 

1,264

2.66

%

Total interest-earning assets

 

4,976,667

 

 

63,015

5.02

%

 

4,771,623

 

 

58,122

4.89

%

 

3,970,650

 

 

39,099

3.91

%

 
Allowance for credit losses - loans

 

(35,601

)

 

(36,671

)

 

(29,423

)

Noninterest-earning assets

 

196,408

 

 

192,760

 

 

164,461

 

Total assets

$

5,137,474

 

$

4,927,712

 

$

4,105,688

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

387,517

 

$

2,131

2.18

%

$

359,969

 

$

1,509

1.68

%

$

342,116

 

$

551

0.64

%

Savings accounts

 

26,221

 

 

56

0.85

%

 

29,915

 

 

64

0.86

%

 

57,700

 

 

111

0.76

%

Money market accounts

 

1,230,746

 

 

12,537

4.04

%

 

1,274,453

 

 

12,314

3.88

%

 

1,369,783

 

 

4,581

1.33

%

BaaS - brokered deposits

 

31,891

 

 

348

4.33

%

 

22,918

 

 

230

4.03

%

 

153,936

 

 

859

2.21

%

Certificates and brokered deposits

 

2,235,321

 

 

25,267

4.48

%

 

2,025,831

 

 

20,559

4.07

%

 

1,037,792

 

 

4,418

1.69

%

Total interest-bearing deposits

 

3,911,696

 

 

40,339

4.09

%

 

3,713,086

 

 

34,676

3.75

%

 

2,961,327

 

 

10,520

1.41

%

Other borrowed funds

 

719,655

 

 

5,298

2.92

%

 

719,577

 

 

5,301

2.95

%

 

637,877

 

 

4,585

2.85

%

Total interest-bearing liabilities

 

4,631,351

 

 

45,637

3.91

%

 

4,432,663

 

 

39,977

3.62

%

 

3,599,204

 

 

15,105

1.67

%

 
Noninterest-bearing deposits

 

127,540

 

 

117,496

 

 

124,067

 

Other noninterest-bearing liabilities

 

21,882

 

 

19,241

 

 

11,114

 

Total liabilities

 

4,780,773

 

 

4,569,400

 

 

3,734,385

 

 
Shareholders' equity

 

356,701

 

 

358,312

 

 

371,303

 

Total liabilities and shareholders' equity

$

5,137,474

 

$

4,927,712

 

$

4,105,688

 

 
Net interest income

$

17,378

$

18,145

$

23,994

 
Interest rate spread

1.11

%

1.27

%

2.24

%

 
Net interest margin

1.39

%

1.53

%

2.40

%

 
Net interest margin - FTE 2,3

1.49

%

1.64

%

2.53

%

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, 2023 September 30, 2022
 
Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,647,243

 

$

139,647

5.12

%

$

3,057,768

 

$

100,246

4.38

%

Securities - taxable

 

531,197

 

 

11,742

2.96

%

 

547,759

 

 

7,489

1.83

%

Securities - non-taxable

 

72,829

 

 

2,570

4.72

%

 

77,236

 

 

1,068

1.85

%

Other earning assets

 

499,835

 

 

19,211

5.14

%

 

321,262

 

 

2,436

1.01

%

Total interest-earning assets

 

4,751,104

 

 

173,170

4.87

%

 

4,004,025

 

 

111,239

3.71

%

 

-

 

Allowance for credit losses - loans

 

(35,784

)

 

(28,671

)

Noninterest-earning assets

 

190,590

 

 

163,512

 

Total assets

$

4,905,910

 

$

4,138,866

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

360,573

 

$

4,540

1.68

%

$

336,311

 

$

1,429

0.57

%

Savings accounts

 

31,494

 

 

202

0.86

%

 

61,647

 

 

232

0.50

%

Money market accounts

 

1,293,728

 

 

37,151

3.84

%

 

1,416,984

 

 

8,006

0.76

%

BaaS - brokered deposits

 

23,246

 

 

716

4.12

%

 

79,613

 

 

1,019

1.71

%

Certificates and brokered deposits

 

1,971,705

 

 

59,676

4.05

%

 

1,122,097

 

 

12,339

1.47

%

Total interest-bearing deposits

 

3,680,746

 

 

102,285

3.72

%

 

3,016,652

 

 

23,025

1.02

%

Other borrowed funds

 

719,577

 

 

15,788

2.93

%

 

613,609

 

 

12,790

2.79

%

Total interest-bearing liabilities

 

4,400,323

 

 

118,073

3.59

%

 

3,630,261

 

 

35,815

1.32

%

 
Noninterest-bearing deposits

 

126,647

 

 

115,142

 

Other noninterest-bearing liabilities

 

19,535

 

 

18,273

 

Total liabilities

 

4,546,505

 

 

3,763,676

 

 
Shareholders' equity

 

359,405

 

 

375,190

 

Total liabilities and shareholders' equity

$

4,905,910

 

$

4,138,866

 

 
Net interest income

$

55,097

$

75,424

 
Interest rate spread

1.28

%

2.39

%

 
Net interest margin

1.55

%

2.52

%

 
Net interest margin - FTE 2,3

1.66

%

2.65

%

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, 2023 June 30, 2023 September 30, 2022
 
Amount Percent Amount Percent Amount Percent
 
Commercial loans
Commercial and industrial

$

114,265

3.1

%

$

112,423

3.1

%

$

104,780

3.2

%

Owner-occupied commercial real estate

 

58,486

1.6

%

 

59,564

1.6

%

 

58,615

1.8

%

Investor commercial real estate

 

129,831

3.5

%

 

137,504

3.8

%

 

91,021

2.8

%

Construction

 

252,105

6.7

%

 

192,453

5.3

%

 

139,509

4.3

%

Single tenant lease financing

 

933,873

25.0

%

 

947,466

25.9

%

 

895,302

27.4

%

Public finance

 

535,960

14.3

%

 

575,541

15.8

%

 

614,139

18.9

%

Healthcare finance

 

235,622

6.3

%

 

245,072

6.7

%

 

293,686

9.0

%

Small business lending

 

192,996

5.2

%

 

170,550

4.7

%

 

113,001

3.5

%

Franchise finance

 

455,094

12.2

%

 

390,479

10.6

%

 

225,012

6.8

%

Total commercial loans

 

2,908,232

77.9

%

 

2,831,052

77.5

%

 

2,535,065

77.7

%

 
Consumer loans
Residential mortgage

 

393,501

10.5

%

 

396,154

10.9

%

 

337,565

10.4

%

Home equity

 

23,544

0.6

%

 

24,375

0.7

%

 

22,114

0.7

%

Trailers

 

186,424

5.0

%

 

178,035

4.9

%

 

162,161

5.0

%

Recreational vehicles

 

140,205

3.8

%

 

133,283

3.7

%

 

115,694

3.6

%

Other consumer loans

 

42,822

1.1

%

 

40,806

1.1

%

 

34,657

1.1

%

Total consumer loans

 

786,496

21.0

%

 

772,653

21.3

%

 

672,191

20.8

%

 
Net deferred loan fees, premiums, discounts and other 1

 

40,340

1.1

%

 

43,127

1.2

%

 

48,650

1.5

%

 
Total loans

$

3,735,068

100.0

%

$

3,646,832

100.0

%

$

3,255,906

100.0

%

 
 
September 30, 2023 June 30, 2023 September 30, 2022
 
Amount Percent Amount Percent Amount Percent
 
Deposits
Noninterest-bearing deposits

$

125,265

3.1

%

$

119,291

3.1

%

$

142,635

4.5

%

Interest-bearing demand deposits

 

374,915

9.2

%

 

398,899

10.3

%

 

337,765

10.6

%

Savings accounts

 

23,811

0.6

%

 

28,239

0.7

%

 

52,228

1.6

%

Money market accounts

 

1,222,511

29.9

%

 

1,232,719

32.0

%

 

1,378,087

43.2

%

BaaS - brokered deposits

 

41,884

1.0

%

 

25,549

0.7

%

 

96,287

3.0

%

Certificates of deposits

 

1,624,447

39.8

%

 

1,366,409

35.5

%

 

773,040

24.2

%

Brokered deposits

 

670,712

16.4

%

 

683,202

17.7

%

 

412,602

12.9

%

 
Total deposits

$

4,083,545

100.0

%

$

3,854,308

100.0

%

$

3,192,644

100.0

%

1 Includes carrying value adjustments of $29.0 million, $30.5 million and $33.9 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2023, June 30, 2023 and September 30, 2022, 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,

2023

 

2023

 

2022

 

2023

 

2022

 
Total equity - GAAP

$

347,744

 

$

354,332

 

$

360,857

 

$

347,744

 

$

360,857

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible common equity

$

343,057

 

$

349,645

 

$

356,170

 

$

343,057

 

$

356,170

 

 
Total assets - GAAP

$

5,169,023

 

$

4,947,049

 

$

4,264,424

 

$

5,169,023

 

$

4,264,424

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible assets

$

5,164,336

 

$

4,942,362

 

$

4,259,737

 

$

5,164,336

 

$

4,259,737

 

 
Common shares outstanding

 

8,669,673

 

 

8,774,507

 

 

9,290,885

 

 

8,669,673

 

 

9,290,885

 

 
Book value per common share

$

40.11

 

$

40.38

 

$

38.84

 

$

40.11

 

$

38.84

 

Effect of goodwill

 

(0.54

)

 

(0.53

)

 

(0.50

)

 

(0.54

)

 

(0.50

)

Tangible book value per common share

$

39.57

 

$

39.85

 

$

38.34

 

$

39.57

 

$

38.34

 

 
Total shareholders' equity to assets

 

6.73

%

 

7.16

%

 

8.46

%

 

6.73

%

 

8.46

%

Effect of goodwill

 

(0.09

%)

 

(0.09

%)

 

(0.10

%)

 

(0.09

%)

 

(0.10

%)

Tangible common equity to tangible assets

 

6.64

%

 

7.07

%

 

8.36

%

 

6.64

%

 

8.36

%

 
Total average equity - GAAP

$

356,701

 

$

358,312

 

$

371,303

 

$

359,405

 

$

375,190

 

Adjustments:
Average goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Average tangible common equity

$

352,014

 

$

353,625

 

$

366,616

 

$

354,718

 

$

370,503

 

 
Return on average shareholders' equity

 

3.79

%

 

4.35

%

 

9.01

%

 

1.59

%

 

10.40

%

Effect of goodwill

 

0.05

%

 

0.05

%

 

0.12

%

 

0.02

%

 

0.13

%

Return on average tangible common equity

 

3.84

%

 

4.40

%

 

9.13

%

 

1.61

%

 

10.53

%

 
Total interest income

$

63,015

 

$

58,122

 

$

39,099

 

$

173,170

 

$

111,239

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,265

 

 

1,347

 

 

1,280

 

 

3,995

 

 

3,971

 

Total interest income - FTE

$

64,280

 

$

59,469

 

$

40,379

 

$

177,165

 

$

115,210

 

 
Net interest income

$

17,378

 

$

18,145

 

$

23,994

 

$

55,097

 

$

75,424

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,265

 

 

1,347

 

 

1,280

 

 

3,995

 

 

3,971

 

Net interest income - FTE

$

18,643

 

$

19,492

 

$

25,274

 

$

59,092

 

$

79,395

 

 
Net interest margin

 

1.39

%

 

1.53

%

 

2.40

%

 

1.55

%

 

2.52

%

Effect of fully-taxable equivalent adjustments 1

 

0.10

%

 

0.11

%

 

0.13

%

 

0.11

%

 

0.13

%

Net interest margin - FTE

 

1.49

%

 

1.64

%

 

2.53

%

 

1.66

%

 

2.65

%

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,

2023

 

2023

 

2022

 

2023

 

2022

 
Total revenue - GAAP

$

24,785

 

$

24,016

 

$

28,310

 

$

73,821

 

$

90,874

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Adjusted total revenue

$

24,785

 

$

24,016

 

$

28,310

 

$

73,821

 

$

90,874

 

 
Noninterest income - GAAP

$

7,407

 

$

5,871

 

$

4,316

 

$

18,724

 

$

15,450

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

(65

)

 

-

 

Adjusted noninterest income

$

7,407

 

$

5,871

 

$

4,316

 

$

18,659

 

$

15,450

 

 
Noninterest expense - GAAP

$

19,756

 

$

18,670

 

$

17,995

 

$

59,380

 

$

54,760

 

Adjustments:
Mortgage-related costs

 

-

 

 

-

 

 

-

 

 

(3,052

)

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

-

 

 

(273

)

Write-down of software

 

-

 

 

-

 

 

(125

)

 

-

 

 

(125

)

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

(875

)

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

 

-

 

 

(531

)

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

-

 

 

(289

)

Adjusted noninterest expense

$

19,756

 

$

18,670

 

$

17,870

 

$

56,328

 

$

52,667

 

 
Income before income taxes - GAAP

$

3,083

 

$

3,648

 

$

9,423

 

$

1,382

 

$

33,246

 

Adjustments:1
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

(65

)

 

-

 

Mortgage-related costs

 

-

 

 

-

 

 

-

 

 

3,052

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

 

-

 

 

6,914

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

-

 

 

273

 

Write-down of software

 

-

 

 

-

 

 

125

 

 

-

 

 

125

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

875

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

 

-

 

 

531

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

-

 

 

289

 

Adjusted income before income taxes

$

3,083

 

$

3,648

 

$

9,548

 

$

11,283

 

$

35,339

 

 
Income tax (benefit) provision - GAAP

$

(326

)

$

(234

)

$

987

 

$

(2,892

)

$

4,056

 

Adjustments:1
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

(14

)

 

-

 

Mortgage-related costs

 

-

 

 

-

 

 

-

 

 

641

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

 

-

 

 

1,452

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

-

 

 

57

 

Write-down of software

 

-

 

 

-

 

 

26

 

 

-

 

 

26

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

184

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

 

-

 

 

112

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

-

 

 

61

 

Adjusted income tax (benefit) provision

$

(326

)

$

(234

)

$

1,013

 

$

(813

)

$

4,496

 

 
Net income- GAAP

$

3,409

 

$

3,882

 

$

8,436

 

$

4,274

 

$

29,190

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

(51

)

 

-

 

Mortgage-related costs

 

-

 

 

-

 

 

-

 

 

2,411

 

 

-

 

Partial charge-off of C&I participation loan

 

-

 

 

-

 

 

-

 

 

5,462

 

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

-

 

 

216

 

Write-down of software

 

-

 

 

-

 

 

99

 

 

-

 

 

99

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

691

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

 

-

 

 

419

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

-

 

 

228

 

Adjusted net income

$

3,409

 

$

3,882

 

$

8,535

 

$

12,096

 

$

30,843

 

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,

2023

 

2023

 

2022

 

2023

 

2022

 
Diluted average common shares outstanding

 

8,767,217

 

 

8,908,180

 

 

9,525,855

 

 

8,907,748

 

 

9,681,742

 

 
Diluted earnings per share - GAAP

$

0.39

 

$

0.44

 

$

0.89

 

$

0.48

 

$

3.01

 

Adjustments:
Effect of mortgage-related revenue

 

-

 

 

-

 

 

-

 

 

(0.01

)

 

-

 

Effect of mortgage-related costs

 

-

 

 

-

 

 

-

 

 

0.27

 

 

-

 

Effect of partial charge-off of C&I participation loan

 

-

 

 

-

 

 

-

 

 

0.61

 

 

-

 

Effect of acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

0.02

 

Effect of write-down of software

 

-

 

 

-

 

 

0.01

 

 

-

 

 

0.01

 

Effect of nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

0.07

 

Effect of discretionary inflation bonus

 

-

 

 

-

 

 

-

 

 

-

 

 

0.04

 

Effect of accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

0.02

 

Adjusted diluted earnings per share

$

0.39

 

$

0.44

 

$

0.90

 

$

1.35

 

$

3.17

 

 
Return on average assets

 

0.26

%

 

0.32

%

 

0.82

%

 

0.12

%

 

0.94

%

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

%

 

0.07

%

 

0.00

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

0.15

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.01

%

Effect of write-down of software

 

0.00

%

 

0.00

%

 

0.01

%

 

0.00

%

 

0.00

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.02

%

Effect of discretionary inflation bonus

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.01

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.01

%

Adjusted return on average assets

 

0.26

%

 

0.32

%

 

0.83

%

 

0.34

%

 

0.99

%

 
Return on average shareholders' equity

 

3.79

%

 

4.35

%

 

9.01

%

 

1.59

%

 

10.40

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.02

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.90

%

 

0.00

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

2.03

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.08

%

Effect of write-down of software

 

0.00

%

 

0.00

%

 

0.11

%

 

0.00

%

 

0.04

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.25

%

Effect of discretionary inflation bonus

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.15

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.08

%

Adjusted return on average shareholders' equity

 

3.79

%

 

4.35

%

 

9.12

%

 

4.50

%

 

11.00

%

 
Return on average tangible common equity

 

3.84

%

 

4.40

%

 

9.13

%

 

1.61

%

 

10.53

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.02

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.91

%

 

0.00

%

Effect of partial charge-off of C&I participation loan

 

0.00

%

 

0.00

%

 

0.00

%

 

2.06

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.08

%

Effect of write-down of software

 

0.00

%

 

0.00

%

 

0.11

%

 

0.00

%

 

0.04

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.25

%

Effect of discretionary inflation bonus

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.15

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.08

%

Adjusted return on average tangible common equity

 

3.84

%

 

4.40

%

 

9.24

%

 

4.56

%

 

11.13

%

 

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