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First Internet Bancorp Reports Fourth Quarter and Full Year 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 fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights

  • Net income of $4.1 million and diluted earnings per share of $0.48, increases of 21.5% and 23.1%, respectively, from the third quarter of 2023
  • Net interest income of $19.8 million and fully-taxable equivalent net interest income of $21.0 million, increases of 14.0% and 12.9%, respectively, from the third quarter of 2023
  • Net interest margin of 1.58% and fully-taxable equivalent net interest margin of 1.68%, both increasing 19 basis points from the third quarter of 2023
  • Loan growth of $105.2 million, a 2.8% increase from the third quarter of 2023
  • Nonperforming loans to total loans of 0.26%; net charge-offs to average loans of 0.12%
  • Tangible common equity to tangible assets of 6.94%; CET1 ratio of 9.60%
  • Repurchased 40,000 shares at an average price of $18.78; for the full year, repurchased 502,525 common shares at an average price of $18.40 per share
  • Tangible book value per share of $41.43, a 4.7% increase from the third quarter of 2023

David Becker, Chairman and Chief Executive Officer, commented: “The fourth quarter’s results showcase our efforts over the past 18 months to reposition our balance sheet. With asset yields continuing to reprice higher, coupled with solid loan growth, we delivered welcome net interest margin expansion and net interest income growth. We produced positive operating leverage and a significant improvement in our operating efficiency. In all, we believe this quarter’s results represent an important inflection point for our company.

“We continued to optimize our loan portfolio mix in the fourth quarter, with solid production in construction and franchise finance lending. Additionally, we remain one of the ten most active SBA 7(a) lenders in the country. Our SBA lending team finished the year with impressive origination volumes and generated another record quarter of gain on sale revenue.

"With or without anticipated rate cuts, we are well-positioned to continue to improve our earnings and profitability in 2024. Now less than one month away from the 25th anniversary of our public launch, we are in an enviable position to start our second quarter century: with a strong balance sheet and capital levels, outstanding asset quality, and a team that is focused on the continued execution of our strategies.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2023 was $19.8 million, compared to $17.4 million for the third quarter of 2023, and $21.7 million for the fourth quarter of 2022. On a fully-taxable equivalent basis, net interest income for the fourth quarter of 2023 was $21.0 million, compared to $18.6 million for the third quarter of 2023, and $23.1 million for the fourth quarter of 2022.

Total interest income for the fourth quarter of 2023 was $66.3 million, an increase of 5.2% compared to the third quarter of 2023, and an increase of 45.1% compared to the fourth quarter of 2022. On a fully-taxable equivalent basis, total interest income for the fourth quarter of 2023 was $67.5 million, an increase of 5.0% compared to the third quarter of 2023, and an increase of 43.5% compared to the fourth quarter of 2022. The yield on average interest-earning assets for the fourth quarter of 2023 increased to 5.28% from 5.02% for the third quarter of 2023 due to a 26 basis point (“bp”) increase in the yield earned on loans, a 40 bp increase in the yield earned on securities and a 27 bp increase in the yield earned on other earning assets. Compared to the linked quarter, average loan balances increased $98.9 million, or 2.7%, and the average balance of securities increased $61.2 million, or 9.8%, while the average balance of other earning assets decreased $152.6 million, or 23.4%.

Interest income earned on commercial loans was higher due to increased average balances and the positive impact of higher rates in the variable rate small business, construction and commercial and industrial lending portfolios, as well as growth in the higher-yielding franchise finance portfolio. This was partially offset by lower average balances in the public finance, healthcare finance and single tenant lease financing portfolios. The continued shift in the loan mix is the result of a strategic initiative to focus on variable rate and higher-yielding products, in part to help improve the interest rate risk profile of our balance sheet.

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 8.85% in the fourth quarter of 2023, relatively stable with the third quarter of 2023, and an increase of 278 bps compared to the fourth quarter of 2022. For the full year of 2023, new loan origination yields increased 302 bps compared to 2022. Because of the fixed-rate nature of certain larger portfolios, there is a lagging impact of the higher origination yields on the portfolio.

Interest income earned on securities in the fourth quarter of 2023 increased $1.2 million, or 22.9%, compared to the third quarter of 2023 due to an increase in the yield earned on the portfolio and the increase in average balances. The yield on the securities portfolio increased 40 bps to 3.72%, driven primarily by variable rate securities repricing higher and higher yields on new purchases. Interest earned on other earning asset balances decreased $1.7 million, or 19.4%, in the fourth quarter of 2023 compared to the linked quarter, due primarily to lower average cash balances.

Total interest expense for the fourth quarter of 2023 was $46.5 million, an increase of $0.8 million, or 1.8%, compared to the linked quarter, due to modest increases in both deposit rates and average interest-bearing deposit balances throughout the quarter. Interest expense related to interest-bearing deposits increased $0.7 million, or 1.8%, driven primarily by higher costs on CDs, BaaS-brokered deposits and money market accounts. The cost of interest-bearing deposits was 4.14% for the fourth quarter of 2023, compared to 4.09% for the third quarter of 2023. The increase of 5 bps in deposit costs during the fourth quarter was the slowest experienced by the Company in the past six quarters.

Average CD balances increased $59.2 million, or 3.8%, from the third quarter of 2023 while the cost of funds increased 18 bps. The increase in the cost of CDs is also the lowest in the past six quarters, reflecting the narrowing repricing gap between new production and maturities. The average balance of BaaS – brokered deposits increased $30.2 million, or 94.7%, due to higher payments volume while the cost of funds increased 5 bps.

These increases were partially offset by lower average brokered deposit balances, which decreased $51.7 million, or 7.7%, from the third quarter of 2023, as the Company continued to reduce the balance of higher cost funding throughout the quarter. Additionally, the average balance of interest-bearing demand deposits decreased $5.1 million, or 1.3%, while the cost of funds decreased 47 bps.

Net interest margin (“NIM”) was 1.58% for the fourth quarter of 2023, up from 1.39% for the third quarter of 2023 and down from 2.09% for the fourth quarter of 2022. Fully-taxable equivalent NIM (“FTE NIM”) was 1.68% for the fourth quarter of 2023, up from 1.49% for the third quarter of 2023 and down from 2.22% for the fourth quarter of 2022. The increases in NIM and FTE NIM compared to the linked quarter were driven primarily by higher yields on loans, securities and other earning assets, as well as higher average loan and securities balances, partially offset by higher interest-bearing deposit costs and lower cash balances.

Noninterest Income

Noninterest income for the fourth quarter of 2023 was $7.4 million, consistent with the third quarter of 2023, and up $1.6 million, or 27.4%, from the fourth quarter of 2022. Gain on sale of loans totaled $6.0 million for the fourth quarter of 2023, up $0.5 million, or 8.2%, 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 and a slight improvement in net premiums. Net loan servicing revenue decreased $0.5 million, or 57.7%, during the quarter as growth in the servicing portfolio was more than offset by a lower fair value adjustment to the loan servicing asset.

Noninterest Expense

Noninterest expense totaled $20.1 million for the fourth quarter of 2023, compared to $19.8 million for the third quarter of 2023, and $18.5 million for the fourth quarter of 2022, representing increases of 1.5% and 8.3%, respectively. The increase of $0.3 million compared to the linked quarter was due primarily to higher premises and equipment, consulting and professional fees and deposit insurance premium, partially offset by lower salaries and employee benefits and data processing.

The increase in premises and equipment was due primarily to a lower property tax accrual in the prior quarter. Consulting and professional fees increased due mainly to third-party loan review and stress testing activities. Deposit insurance premium increased due to higher assessments driven by year-over-year asset growth and loan composition. Salaries and employee benefits declined due primarily to lower incentive compensation and lower benefits costs. Data processing declined due to lower variable deposit activity-based expenses and transaction processing fees.

Income Taxes

The Company recognized an income tax benefit of $0.6 million for the fourth quarter of 2023, compared to an income tax benefit of $0.3 million for the third quarter of 2023, and an income tax expense of $0.5 million and an effective tax rate of 7.3% for the fourth quarter of 2022. The income tax benefit for the fourth quarter of 2023 reflects the benefit of tax-exempt income relative to the amount of stated pre-tax income as well as adjustments to certain state income tax rates.

Loans and Credit Quality

Total loans as of December 31, 2023 were $3.8 billion, an increase of $105.2 million, or 2.8%, compared to September 30, 2023, and an increase of $340.8 million, or 9.7%, compared to December 31, 2022. Total commercial loan balances were $3.0 billion as of December 31, 2023, an increase of $97.7 million, or 3.4%, compared to September 30, 2023, and an increase of $286.6 million, or 10.5%, compared to December 31, 2022. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by strategic growth in higher yielding franchise finance, small business lending, commercial and industrial and construction balances. These items were partially offset by decreases in the fixed-rate public finance and healthcare finance portfolios.

Total consumer loan balances were $796.9 million as of December 31, 2023, an increase of $10.4 million, or 1.3%, compared to September 30, 2023, and an increase of $63.7 million, or 8.7%, compared to December 31, 2022. The increase compared to the linked quarter was due primarily to higher balances in the trailers, recreational vehicles and residential mortgage portfolios.

Total delinquencies 30 days or more past due were 0.31% of total loans as of December 31, 2023, compared to 0.22% at September 30, 2023 and 0.17% as of December 31, 2022. The increase in delinquencies during the fourth quarter of 2023 was due primarily to an increase in delinquencies in the small business lending and franchise finance portfolios. Nonperforming loans were 0.26% of total loans as of December 31, 2023, compared to 0.16% as of September 30, 2023, and 0.22% as of December 31, 2022. Nonperforming loans totaled $10.0 million at December 31, 2023, up from $5.9 million at September 30, 2023. The increase in nonperforming loans was due primarily to the addition of small business lending and franchise finance loans for which specific reserves were established, as well as certain residential mortgage loans that were more than 90 days delinquent.

The allowance for credit losses (“ACL”) as a percentage of total loans was 1.01% as of December 31, 2023, compared to 0.98% as of September 30, 2023, and 0.91% as of December 31, 2022. The increase in the ACL reflects the addition of specific reserves mentioned above, as well as the overall growth in the loan portfolio, partially offset by the positive impact of economic data on forecasted loss rates and qualitative factors on certain portfolios.

Net charge-offs of $1.2 million were recognized during the fourth quarter of 2023, resulting in net charge-offs to average loans of 0.12%, compared to $1.5 million, or 0.16%, for the third quarter of 2023 and $0.2 million, or 0.03%, for the fourth quarter of 2022. Net charge-offs in the fourth quarter of 2023 were driven primarily by small business lending, as well as one healthcare finance loan that was charged-off during the quarter.

The provision for credit losses in the fourth quarter of 2023 was $3.6 million, compared to $1.9 million for the third quarter of 2023 and $2.1 million for the fourth quarter of 2022. The provision for the fourth quarter of 2023 was driven primarily by net charge-offs, specific reserves and growth in certain loan portfolios and unfunded commitments, partially offset by the positive impact of economic forecasts on certain portfolios.

Capital

As of December 31, 2023, total shareholders’ equity was $362.8 million, an increase of $15.1 million, or 4.3%, compared to September 30, 2023, and a decrease of $2.2 million, or 0.6%, compared to December 31, 2022. The increase in shareholders’ equity during the fourth quarter of 2023 compared to the linked quarter was due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $41.97 as of December 31, 2023, up from $40.11 as of September 30, 2023 and $40.26 as of December 31, 2022. Tangible book value per share was $41.43, up from $39.57 as of September 30, 2023 and $39.74 as of December 31, 2022.

In connection with its previously announced stock repurchase program, the Company repurchased 40,000 shares of its common stock during the fourth quarter of 2023 at an average price of $18.78 per share. The Company has repurchased $41.5 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 December 31, 2023.

As of December 31, 2023

Company

Bank

 

Total shareholders' equity to assets

7.02

%

8.62

%

Tangible common equity to tangible assets 1

6.94

%

8.54

%

Tier 1 leverage ratio 2

7.33

%

8.95

%

Common equity tier 1 capital ratio 2

9.60

%

11.73

%

Tier 1 capital ratio 2

9.60

%

11.73

%

Total risk-based capital ratio 2

13.23

%

12.73

%

 

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, January 25, 2024 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 259-6580; access code: 23964485. A recorded replay can be accessed through February 24, 2024 by dialing (877) 674-7070; access code: 964485.

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 December 31, 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,” :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, 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 are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data

 

Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,

 

 

2023

 

2023

 

2022

 

2023

 

2022

 
Net income

$

4,143

 

$

3,409

 

$

6,351

 

$

8,417

 

$

35,541

 

 
Per share and share information
Earnings per share - basic

$

0.48

 

$

0.39

 

$

0.68

 

$

0.95

 

$

3.73

 

Earnings per share - diluted

 

0.48

 

 

0.39

 

 

0.68

 

 

0.95

 

 

3.70

 

Dividends declared per share

 

0.06

 

 

0.06

 

 

0.06

 

 

0.24

 

 

0.24

 

Book value per common share

 

41.97

 

 

40.11

 

 

40.26

 

 

41.97

 

 

40.26

 

Tangible book value per common share 1

 

41.43

 

 

39.57

 

 

39.74

 

 

41.43

 

 

39.74

 

Common shares outstanding

 

8,644,451

 

 

8,669,673

 

 

9,065,883

 

 

8,644,451

 

 

9,065,883

 

Average common shares outstanding:
Basic

 

8,683,331

 

 

8,744,385

 

 

9,281,309

 

 

8,837,558

 

 

9,530,921

 

Diluted

 

8,720,078

 

 

8,767,217

 

 

9,343,533

 

 

8,858,890

 

 

9,595,115

 

Performance ratios
Return on average assets

 

0.32

%

 

0.26

%

 

0.59

%

 

0.17

%

 

0.85

%

Return on average shareholders' equity

 

4.66

%

 

3.79

%

 

6.91

%

 

2.35

%

 

9.53

%

Return on average tangible common equity 1

 

4.72

%

 

3.84

%

 

7.00

%

 

2.38

%

 

9.65

%

Net interest margin

 

1.58

%

 

1.39

%

 

2.09

%

 

1.56

%

 

2.41

%

Net interest margin - FTE 1,2

 

1.68

%

 

1.49

%

 

2.22

%

 

1.67

%

 

2.54

%

Capital ratios 3
Total shareholders' equity to assets

 

7.02

%

 

6.73

%

 

8.03

%

 

7.02

%

 

8.03

%

Tangible common equity to tangible assets 1

 

6.94

%

 

6.64

%

 

7.94

%

 

6.94

%

 

7.94

%

Tier 1 leverage ratio

7.33

%

 

7.31

%

 

9.06

%

 

7.33

%

 

9.06

%

Common equity tier 1 capital ratio

9.60

%

 

9.59

%

 

10.93

%

 

9.60

%

 

10.93

%

Tier 1 capital ratio

9.60

%

 

9.59

%

 

10.93

%

 

9.60

%

 

10.93

%

Total risk-based capital ratio

13.23

%

 

13.18

%

 

14.75

%

 

13.23

%

 

14.75

%

Asset quality
Nonperforming loans

$

9,962

 

$

5,885

 

$

7,529

 

$

9,962

 

$

7,529

 

Nonperforming assets

 

10,354

 

 

6,069

 

 

7,571

 

 

10,354

 

 

7,571

 

Nonperforming loans to loans

 

0.26

%

 

0.16

%

 

0.22

%

 

0.26

%

 

0.22

%

Nonperforming assets to total assets

 

0.20

%

 

0.12

%

 

0.17

%

 

0.20

%

 

0.17

%

Allowance for credit losses - loans to:
Loans

 

1.01

%

 

0.98

%

 

0.91

%

 

1.01

%

 

0.91

%

Nonperforming loans

 

389.2

%

 

619.4

%

 

421.5

%

 

389.2

%

 

421.5

%

Net charge-offs to average loans

 

0.12

%

 

0.16

%

 

0.03

%

 

0.31

%

 

0.03

%

Average balance sheet information
Loans

$

3,799,211

 

$

3,700,410

 

$

3,382,212

 

$

3,682,490

 

$

3,123,972

 

Total securities

 

683,468

 

$

622,220

 

$

578,608

 

 

624,050

 

 

613,303

 

Other earning assets

 

500,733

 

$

653,375

 

$

149,910

 

 

500,061

 

 

278,073

 

Total interest-earning assets

 

4,984,133

 

$

4,976,667

 

$

4,119,897

 

 

4,809,840

 

 

4,033,542

 

Total assets

 

5,154,285

 

$

5,137,474

 

$

4,263,246

 

 

4,968,514

 

 

4,170,526

 

Noninterest-bearing deposits

 

123,351

 

$

127,540

 

$

135,702

 

 

125,816

 

 

120,325

 

Interest-bearing deposits

 

3,935,519

 

$

3,911,696

 

$

3,041,022

 

 

3,744,964

 

 

3,022,794

 

Total deposits

 

4,058,870

 

$

4,039,236

 

$

3,176,724

 

 

3,870,780

 

 

3,143,119

 

Shareholders' equity

 

353,037

 

$

356,701

 

$

364,657

 

 

357,800

 

 

372,844

 

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, except for December 31, 2022)
Dollar amounts in thousands
 
December 31, September 30, December 31,

2023

2023

2022

 
Assets
Cash and due from banks

$

8,269

 

$

3,595

 

$

17,426

 

Interest-bearing deposits

 

397,629

 

 

517,610

 

 

239,126

 

Securities available-for-sale, at fair value

 

474,855

 

 

450,827

 

 

390,384

 

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

 

227,153

 

 

231,928

 

 

189,168

 

Loans held-for-sale

 

22,052

 

 

31,669

 

 

21,511

 

Loans

 

3,840,220

 

 

3,735,068

 

 

3,499,401

 

Allowance for credit losses - loans

 

(38,774

)

 

(36,452

)

 

(31,737

)

Net loans

 

3,801,446

 

 

3,698,616

 

 

3,467,664

 

Accrued interest receivable

 

26,746

 

 

23,761

 

 

21,069

 

Federal Home Loan Bank of Indianapolis stock

 

28,350

 

 

28,350

 

 

28,350

 

Cash surrender value of bank-owned life insurance

 

40,882

 

 

40,619

 

 

39,859

 

Premises and equipment, net

 

73,463

 

 

74,197

 

 

72,711

 

Goodwill

 

4,687

 

 

4,687

 

 

4,687

 

Servicing asset

 

10,567

 

 

9,579

 

 

6,255

 

Other real estate owned

 

375

 

 

106

 

 

-

 

Accrued income and other assets

 

51,098

 

 

53,479

 

 

44,894

 

Total assets

$

5,167,572

 

$

5,169,023

 

$

4,543,104

 

 
Liabilities
Noninterest-bearing deposits

$

123,464

 

$

125,265

 

$

175,315

 

Interest-bearing deposits

 

3,943,509

 

 

3,958,280

 

 

3,265,930

 

Total deposits

 

4,066,973

 

 

4,083,545

 

 

3,441,245

 

Advances from Federal Home Loan Bank

 

614,934

 

 

614,933

 

 

614,928

 

Subordinated debt

 

104,838

 

 

104,761

 

 

104,532

 

Accrued interest payable

 

3,848

 

 

2,968

 

 

2,913

 

Accrued expenses and other liabilities

 

14,184

 

 

15,072

 

 

14,512

 

Total liabilities

 

4,804,777

 

 

4,821,279

 

 

4,178,130

 

Shareholders' equity
Voting common stock

 

184,700

 

 

185,085

 

 

192,935

 

Retained earnings

 

207,470

 

 

203,856

 

 

205,675

 

Accumulated other comprehensive loss

 

(29,375

)

 

(41,197

)

 

(33,636

)

Total shareholders' equity

 

362,795

 

 

347,744

 

 

364,974

 

Total liabilities and shareholders' equity

$

5,167,572

 

$

5,169,023

 

$

4,543,104

 

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2022)
Dollar amounts in thousands, except per share data

 

Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,

 

 

2023

 

2023

 

2022

 

2023

 

2022

 
Interest income
Loans

$

52,690

 

$

48,898

 

$

40,354

 

$

192,337

 

$

140,600

 

Securities - taxable

 

5,447

 

 

4,301

 

 

3,222

 

 

17,189

 

 

10,711

 

Securities - non-taxable

 

962

 

 

912

 

 

699

 

 

3,532

 

 

1,767

 

Other earning assets

 

7,173

 

 

8,904

 

 

1,394

 

 

26,384

 

 

3,830

 

Total interest income

 

66,272

 

 

63,015

 

 

45,669

 

 

239,442

 

 

156,908

 

Interest expense
Deposits

 

41,078

 

 

40,339

 

 

18,807

 

 

143,363

 

 

41,832

 

Other borrowed funds

 

5,387

 

 

5,298

 

 

5,193

 

 

21,175

 

 

17,983

 

Total interest expense

 

46,465

 

 

45,637

 

 

24,000

 

 

164,538

 

 

59,815

 

Net interest income

 

19,807

 

 

17,378

 

 

21,669

 

 

74,904

 

 

97,093

 

Provision for credit losses

 

3,594

 

 

1,946

 

 

2,109

 

 

16,653

 

 

4,977

 

Net interest income after provision
for credit losses

 

16,213

 

 

15,432

 

 

19,560

 

 

58,251

 

 

92,116

 

Noninterest income
Service charges and fees

 

216

 

 

208

 

 

226

 

 

851

 

 

1,071

 

Loan servicing revenue

 

1,134

 

 

1,064

 

 

715

 

 

3,833

 

 

2,573

 

Loan servicing asset revaluation

 

(793

)

 

(257

)

 

(539

)

 

(1,463

)

 

(1,639

)

Mortgage banking activities

 

-

 

 

-

 

 

1,010

 

 

76

 

 

5,464

 

Gain on sale of loans

 

6,028

 

 

5,569

 

 

2,862

 

 

20,526

 

 

11,372

 

Other

 

816

 

 

823

 

 

1,533

 

 

2,302

 

 

2,416

 

Total noninterest income

 

7,401

 

 

7,407

 

 

5,807

 

 

26,125

 

 

21,257

 

Noninterest expense
Salaries and employee benefits

 

11,055

 

 

11,767

 

 

10,404

 

 

45,322

 

 

41,553

 

Marketing, advertising and promotion

 

518

 

 

500

 

 

837

 

 

2,567

 

 

3,554

 

Consulting and professional fees

 

893

 

 

552

 

 

914

 

 

3,082

 

 

4,826

 

Data processing

 

493

 

 

701

 

 

567

 

 

2,373

 

 

1,989

 

Loan expenses

 

1,371

 

 

1,336

 

 

1,018

 

 

5,756

 

 

4,435

 

Premises and equipment

 

2,846

 

 

2,315

 

 

2,921

 

 

10,599

 

 

10,688

 

Deposit insurance premium

 

1,334

 

 

1,067

 

 

355

 

 

3,880

 

 

1,152

 

Other

 

1,546

 

 

1,518

 

 

1,497

 

 

5,857

 

 

5,076

 

Total noninterest expense

 

20,056

 

 

19,756

 

 

18,513

 

 

79,436

 

 

73,273

 

Income before income taxes

 

3,558

 

 

3,083

 

 

6,854

 

 

4,940

 

 

40,100

 

Income tax (benefit) provision

 

(585

)

 

(326

)

 

503

 

 

(3,477

)

 

4,559

 

Net income

$

4,143

 

$

3,409

 

$

6,351

 

$

8,417

 

$

35,541

 

 
Per common share data
Earnings per share - basic

$

0.48

 

$

0.39

 

$

0.68

 

$

0.95

 

$

3.73

 

Earnings per share - diluted

$

0.48

 

$

0.39

 

$

0.68

 

$

0.95

 

$

3.70

 

Dividends declared per share

$

0.06

 

$

0.06

 

$

0.06

 

$

0.24

 

$

0.24

 

 
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
 
December 31, 2023 September 30, 2023 December 31, 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

$

3,799,932

 

$

52,690

5.50

%

$

3,701,072

 

$

48,898

5.24

%

$

3,391,379

 

$

40,354

4.72

%

Securities - taxable

 

611,664

 

 

5,447

3.53

%

 

550,208

 

 

4,301

3.10

%

 

508,725

 

 

3,222

2.51

%

Securities - non-taxable

 

71,804

 

 

962

5.32

%

 

72,012

 

 

912

5.02

%

 

69,883

 

 

699

3.97

%

Other earning assets

 

500,733

 

 

7,173

5.68

%

 

653,375

 

 

8,904

5.41

%

 

149,910

 

 

1,394

3.69

%

Total interest-earning assets

 

4,984,133

 

 

66,272

5.28

%

 

4,976,667

 

 

63,015

5.02

%

 

4,119,897

 

 

45,669

4.40

%

 
Allowance for credit losses

 

(36,792

)

 

(35,601

)

 

(30,543

)

Noninterest-earning assets

 

206,944

 

 

196,408

 

 

173,892

 

Total assets

$

5,154,285

 

$

5,137,474

 

$

4,263,246

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

382,427

 

$

1,646

1.71

%

$

387,517

 

$

2,131

2.18

%

$

326,102

 

$

628

0.76

%

Savings accounts

 

22,394

 

 

48

0.85

%

 

26,221

 

 

56

0.85

%

 

47,799

 

 

104

0.86

%

Money market accounts

 

1,225,781

 

 

12,739

4.12

%

 

1,230,746

 

 

12,537

4.04

%

 

1,441,583

 

 

10,508

2.89

%

BaaS - brokered deposits

 

62,098

 

 

685

4.38

%

 

31,891

 

 

348

4.33

%

 

4,563

 

 

13

1.13

%

Certificates and brokered deposits

 

2,242,819

 

 

25,960

4.59

%

 

2,235,321

 

 

25,267

4.48

%

 

1,220,975

 

 

7,554

2.45

%

Total interest-bearing deposits

 

3,935,519

 

 

41,078

4.14

%

 

3,911,696

 

 

40,339

4.09

%

 

3,041,022

 

 

18,807

2.45

%

Other borrowed funds

 

719,733

 

 

5,387

2.97

%

 

719,655

 

 

5,298

2.92

%

 

712,465

 

 

5,193

2.89

%

Total interest-bearing liabilities

 

4,655,252

 

 

46,465

3.96

%

 

4,631,351

 

 

45,637

3.91

%

 

3,753,487

 

 

24,000

2.54

%

 
Noninterest-bearing deposits

 

123,351

 

 

127,540

 

 

135,702

 

Other noninterest-bearing liabilities

 

22,645

 

 

21,882

 

 

9,400

 

Total liabilities

 

4,801,248

 

 

4,780,773

 

 

3,898,589

 

 
Shareholders' equity

 

353,037

 

 

356,701

 

 

364,657

 

Total liabilities and shareholders' equity

$

5,154,285

 

$

5,137,474

 

$

4,263,246

 

 
Net interest income

$

19,807

$

17,378

$

21,669

 
Interest rate spread

1.32

%

1.11

%

1.86

%

 
Net interest margin

1.58

%

1.39

%

2.09

%

 
Net interest margin - FTE 2,3

1.68

%

1.49

%

2.22

%

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

 

Twelve Months Ended
December 31, 2023 December 31, 2022
 
Average Interest / Yield / Average Interest / Yield /
Balance Dividends Cost Balance Dividends Cost
 
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,685,729

 

$

192,337

5.22

%

$

3,142,166

 

$

140,600

4.47

%

Securities - taxable

 

551,479

 

 

17,189

3.12

%

 

537,921

 

 

10,711

1.99

%

Securities - non-taxable

 

72,571

 

 

3,532

4.87

%

 

75,382

 

 

1,767

2.34

%

Other earning assets

 

500,061

 

 

26,384

5.28

%

 

278,073

 

 

3,830

1.38

%

Total interest-earning assets

 

4,809,840

 

 

239,442

4.98

%

 

4,033,542

 

 

156,908

3.89

%

 

-

 

Allowance for credit losses

 

(36,038

)

 

(29,143

)

Noninterest-earning assets

 

194,712

 

 

166,127

 

Total assets

$

4,968,514

 

$

4,170,526

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

366,082

 

$

6,186

1.69

%

$

333,737

 

$

2,056

0.62

%

Savings accounts

 

29,200

 

 

249

0.85

%

 

58,156

 

 

336

0.58

%

Money market accounts

 

1,276,602

 

 

49,890

3.91

%

 

1,423,185

 

 

18,513

1.30

%

BaaS - brokered deposits

 

33,039

 

 

1,402

4.24

%

 

60,699

 

 

1,033

1.70

%

Certificates and brokered deposits

 

2,040,041

 

 

85,636

4.20

%

 

1,147,017

 

 

19,894

1.73

%

Total interest-bearing deposits

 

3,744,964

 

 

143,363

3.83

%

 

3,022,794

 

 

41,832

1.38

%

Other borrowed funds

 

719,617

 

 

21,175

2.94

%

 

638,526

 

 

17,983

2.82

%

Total interest-bearing liabilities

 

4,464,581

 

 

164,538

3.69

%

 

3,661,320

 

 

59,815

1.63

%

 
Noninterest-bearing deposits

 

125,816

 

 

120,325

 

Other noninterest-bearing liabilities

 

20,317

 

 

16,037

 

Total liabilities

 

4,610,714

 

 

3,797,682

 

 
Shareholders' equity

 

357,800

 

 

372,844

 

Total liabilities and shareholders' equity

$

4,968,514

 

$

4,170,526

 

 
Net interest income

$

74,904

$

97,093

 
Interest rate spread

1.29

%

2.26

%

 
Net interest margin

1.56

%

2.41

%

 
Net interest margin - FTE 2,3

1.67

%

2.54

%

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

 

December 31, 2023 September 30, 2023 December 31, 2022
Amount Percent Amount Percent Amount Percent
 
Commercial loans
Commercial and industrial

$

129,349

3.4

%

$

114,265

3.1

%

$

126,108

3.6

%

Owner-occupied commercial real estate

 

57,286

1.5

%

 

58,486

1.6

%

 

61,836

1.8

%

Investor commercial real estate

 

132,077

3.4

%

 

129,831

3.5

%

 

93,121

2.7

%

Construction

 

261,750

6.8

%

 

252,105

6.7

%

 

181,966

5.2

%

Single tenant lease financing

 

936,616

24.4

%

 

933,873

25.0

%

 

939,240

26.8

%

Public finance

 

521,764

13.6

%

 

535,960

14.3

%

 

621,032

17.7

%

Healthcare finance

 

222,793

5.8

%

 

235,622

6.3

%

 

272,461

7.8

%

Small business lending

 

218,506

5.7

%

 

192,996

5.2

%

 

123,750

3.5

%

Franchise finance

 

525,783

13.7

%

 

455,094

12.2

%

 

299,835

8.6

%

Total commercial loans

 

3,005,924

78.3

%

 

2,908,232

77.9

%

 

2,719,349

77.7

%

 
Consumer loans
Residential mortgage

 

395,648

10.3

%

 

393,501

10.5

%

 

383,948

11.0

%

Home equity

 

23,669

0.6

%

 

23,544

0.6

%

 

24,712

0.7

%

Trailers

 

188,763

4.9

%

 

186,424

5.0

%

 

167,326

4.8

%

Recreational vehicles

 

145,558

3.8

%

 

140,205

3.8

%

 

121,808

3.5

%

Other consumer loans

 

43,293

1.1

%

 

42,822

1.1

%

 

35,464

1.0

%

Total consumer loans

 

796,931

20.7

%

 

786,496

21.0

%

 

733,258

21.0

%

 
Net deferred loan fees, premiums, discounts and other 1

 

37,365

1.0

%

 

40,340

1.1

%

 

46,794

1.3

%

 
Total loans

$

3,840,220

100.0

%

$

3,735,068

100.0

%

$

3,499,401

100.0

%

 
 
December 31, 2023 September 30, 2023 December 31, 2022
 
Amount Percent Amount Percent Amount Percent
 
Deposits
Noninterest-bearing deposits

$

123,464

3.0

%

$

125,265

3.1

%

$

175,315

5.1

%

Interest-bearing demand deposits

 

402,976

9.9

%

 

374,915

9.2

%

 

335,611

9.8

%

Savings accounts

 

21,364

0.5

%

 

23,811

0.6

%

 

44,819

1.3

%

Money market accounts

 

1,248,319

30.8

%

 

1,222,511

29.9

%

 

1,418,599

41.2

%

BaaS - brokered deposits

 

74,401

1.8

%

 

41,884

1.0

%

 

13,607

0.4

%

Certificates of deposits

 

1,605,156

39.5

%

 

1,624,447

39.8

%

 

874,490

25.4

%

Brokered deposits

 

591,293

14.5

%

 

670,712

16.4

%

 

578,804

16.8

%

 
Total deposits

$

4,066,973

100.0

%

$

4,083,545

100.0

%

$

3,441,245

100.0

%

 
1 Includes carrying value adjustments of $27.8 million, $29.0 million and $32.5 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data

 

Three Months Ended Twelve Months Ended
 
December 31, September 30, December 31, December 31, December 31,

2023

2023

2022

2023

2022

 
Total equity - GAAP

$

362,795

 

$

347,744

 

$

364,974

 

$

362,795

 

$

364,974

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible common equity

$

358,108

 

$

343,057

 

$

360,287

 

$

358,108

 

$

360,287

 

 
Total assets - GAAP

$

5,167,572

 

$

5,169,023

 

$

4,543,104

 

$

5,167,572

 

$

4,543,104

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible assets

$

5,162,885

 

$

5,164,336

 

$

4,538,417

 

$

5,162,885

 

$

4,538,417

 

 
Common shares outstanding

 

8,644,451

 

 

8,669,673

 

 

9,065,883

 

 

8,644,451

 

 

9,065,883

 

 
Book value per common share

$

41.97

 

$

40.11

 

$

40.26

 

$

41.97

 

$

40.26

 

Effect of goodwill

 

(0.54

)

 

(0.54

)

 

(0.52

)

 

(0.54

)

 

(0.52

)

Tangible book value per common share

$

41.43

 

$

39.57

 

$

39.74

 

$

41.43

 

$

39.74

 

 
Total shareholders' equity to assets

 

7.02

%

 

6.73

%

 

8.03

%

 

7.02

%

 

8.03

%

Effect of goodwill

 

(0.08

%)

 

(0.09

%)

 

(0.09

%)

 

(0.08

%)

 

(0.09

%)

Tangible common equity to tangible assets

 

6.94

%

 

6.64

%

 

7.94

%

 

6.94

%

 

7.94

%

 
Total average equity - GAAP

$

353,037

 

$

356,701

 

$

364,657

 

$

357,800

 

$

372,844

 

Adjustments:
Average goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Average tangible common equity

$

348,350

 

$

352,014

 

$

359,970

 

$

353,113

 

$

368,157

 

 
Return on average shareholders' equity

 

4.66

%

 

3.79

%

 

6.91

%

 

2.35

%

 

9.53

%

Effect of goodwill

 

0.06

%

 

0.05

%

 

0.09

%

 

0.03

%

 

0.12

%

Return on average tangible common equity

 

4.72

%

 

3.84

%

 

7.00

%

 

2.38

%

 

9.65

%

 
Total interest income

$

66,272

 

$

63,015

 

$

45,669

 

$

239,442

 

$

156,908

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,238

 

 

1,265

 

 

1,384

 

 

5,233

 

 

5,355

 

Total interest income - FTE

$

67,510

 

$

64,280

 

$

47,053

 

$

244,675

 

$

162,263

 

 
Net interest income

$

19,807

 

$

17,378

 

$

21,669

 

$

74,904

 

$

97,093

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,238

 

 

1,265

 

 

1,384

 

 

5,233

 

 

5,355

 

Net interest income - FTE

$

21,045

 

$

18,643

 

$

23,053

 

$

80,137

 

$

102,448

 

 
Net interest margin

 

1.58

%

 

1.39

%

 

2.09

%

 

1.56

%

 

2.41

%

Effect of fully-taxable equivalent adjustments 1

 

0.10

%

 

0.10

%

 

0.13

%

 

0.11

%

 

0.13

%

Net interest margin - FTE

 

1.68

%

 

1.49

%

 

2.22

%

 

1.67

%

 

2.54

%

 
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 Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,

2023

2023

2022

2023

2022

 
Total revenue - GAAP

$

27,208

 

$

24,785

 

$

27,476

$

101,029

 

$

118,350

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

-

 

 

-

 

Adjusted total revenue

$

27,208

 

$

24,785

 

$

27,476

$

101,029

 

$

118,350

 

 
Noninterest income - GAAP

$

7,401

 

$

7,407

 

$

5,807

$

26,125

 

$

21,257

 

Adjustments:
Mortgage-related revenue

 

-

 

 

-

 

 

-

 

(65

)

 

-

 

Adjusted noninterest income

$

7,401

 

$

7,407

 

$

5,807

$

26,060

 

$

21,257

 

 
Noninterest expense - GAAP

$

20,056

 

$

19,756

 

$

18,513

$

79,436

 

$

73,273

 

Adjustments:
Mortgage-related costs

 

-

 

 

-

 

 

-

 

(3,052

)

 

-

 

Acquisition-related expenses

 

-

 

 

-

 

 

-

 

-

 

 

(273

)

Write-down of software

 

-

 

 

-

 

 

-

 

-

 

 

(125

)

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

-

 

 

(875

)

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

-

 

 

(531

)

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

-

 

 

(289

)

Adjusted noninterest expense

$

20,056

 

$

19,756

 

$

18,513

$

76,384

 

$

71,180

 

 
Income before income taxes - GAAP

$

3,558

 

$

3,083

 

$

6,854

$

4,940

 

$

40,100

 

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

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

-

 

 

875

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

-

 

 

531

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

-

 

 

289

 

Adjusted income before income taxes

$

3,558

 

$

3,083

 

$

6,854

$

14,841

 

$

42,193

 

 
Income tax (benefit) provision - GAAP

$

(585

)

$

(326

)

$

503

$

(3,477

)

$

4,559

 

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

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

-

 

 

184

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

-

 

 

112

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

-

 

 

61

 

Adjusted income tax (benefit) provision

$

(585

)

$

(326

)

$

503

$

(1,398

)

$

4,999

 

 
Net income- GAAP

$

4,143

 

$

3,409

 

$

6,351

$

8,417

 

$

35,541

 

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

 

Nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

-

 

 

691

 

Discretionary inflation bonus

 

-

 

 

-

 

 

-

 

-

 

 

419

 

Accelerated equity compensation

 

-

 

 

-

 

 

-

 

-

 

 

228

 

Adjusted net income

$

4,143

 

$

3,409

 

$

6,351

$

16,239

 

$

37,194

 

 
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 Twelve Months Ended
December 31, September 30, December 31, December 31, December 31,

 

 

2023

 

2023

 

2022

 

2023

 

2022

 
Diluted average common shares outstanding

 

8,720,078

 

 

8,767,217

 

 

9,343,533

 

 

8,858,890

 

 

9,595,115

 

 
Diluted earnings per share - GAAP

$

0.48

 

$

0.39

 

$

0.68

 

$

0.95

 

$

3.70

 

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

 

-

 

 

-

 

 

-

 

 

0.62

 

 

-

 

Effect of acquisition-related expenses

 

-

 

 

-

 

 

-

 

 

0.02

 

Effect of write-down of software

 

-

 

 

-

 

 

-

 

 

-

 

 

0.01

 

Effect of nonrecurring consulting fee

 

-

 

 

-

 

 

-

 

 

-

 

 

0.07

 

Effect of discretionary inflation

 

-

 

 

-

 

 

-

 

 

-

 

 

0.04

 

Effect of accelerated equity compensation

 

-

 

 

-

 

 

-

 

 

0.02

 

Adjusted diluted earnings per share

$

0.48

 

$

0.39

 

$

0.68

 

$

1.83

 

$

3.86

 

 
Return on average assets

 

0.32

%

 

0.26

%

 

0.59

%

 

0.17

%

 

0.85

%

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

%

 

0.05

%

 

0.00

%

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

 

0.00

%

 

0.00

%

 

0.00

%

 

0.11

%

 

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

%

 

0.00

%

 

0.00

%

 

0.00

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.02

%

Effect of discretionary inflation

 

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

 

0.32

%

 

0.26

%

 

0.59

%

 

0.33

%

 

0.90

%

 
Return on average shareholders' equity

 

4.66

%

 

3.79

%

 

6.91

%

 

2.35

%

 

9.53

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.01

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.67

%

 

0.00

%

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

 

0.00

%

 

0.00

%

 

0.00

%

 

1.53

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.06

%

Effect of write-down of software

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.03

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.19

%

Effect of discretionary inflation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.11

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.06

%

Adjusted return on average shareholders' equity

 

4.66

%

 

3.79

%

 

6.91

%

 

4.54

%

 

9.98

%

 
Return on average tangible common equity

 

4.72

%

 

3.84

%

 

7.00

%

 

2.38

%

 

9.65

%

Effect of mortgage-related revenue

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.01

%)

 

0.00

%

Effect of mortgage-related costs

 

0.00

%

 

0.00

%

 

0.00

%

 

0.68

%

 

0.00

%

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

 

0.00

%

 

0.00

%

 

0.00

%

 

1.55

%

 

0.00

%

Effect of acquisition-related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.06

%

Effect of write-down of software

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.03

%

Effect of nonrecurring consulting fee

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.19

%

Effect of discretionary inflation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.11

%

Effect of accelerated equity compensation

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.06

%

Adjusted return on average tangible common equity

 

4.72

%

 

3.84

%

 

7.00

%

 

4.60

%

 

10.10

%

 

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