– Net income of $2.5 million, up 166% year-over-year — Diluted earnings per share of $0.29, up 164% year-over-year — Company to hold earnings call today at 5pm ET –
FISHERS, Ind., April 30, 2026–(BUSINESS WIRE)–First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the first quarter ended March 31, 2026.
Revenue Momentum: Growth in net interest income (up 26%) and fully-taxable equivalent (“FTE”) net interest margin (now 2.45%) drove quarterly revenue up 21% year-over-year to $43.1 million. When combined with well-managed expenses, pre-provision net revenue grew 51% year-over-year.
Credit Trends: Provision for credit losses for the first quarter of 2026 of $16.3 million. The provision reflects our quarterly CECL re-measurement of expected lifetime losses for the portfolio, based on observed credit performance and updates to current conditions. During the first quarter, ongoing proactive credit actions continued to drive progress in resolving problem credits. Notably, nonaccrual unguaranteed SBA and franchise finance balances declined from the fourth quarter of 2025.
Strong Loan Production: Commercial loan production remained strong during the first quarter led by construction and single tenant lease financing. Additionally, loan pipelines at the end of the quarter were solid, setting the stage for continued loan growth as we move through 2026.
First Quarter 2026 Financial Performance
Net income of $2.5 million and diluted earnings per share of $0.29, up 166% and 164%, respectively, from the prior year period
Total revenue of $43.1 million, which increased 21% from the prior year period
Net interest income of $31.6 million and FTE net interest income of $32.8 million1, increased 26% and 25%, respectively, over the prior year period
Net interest margin of 2.36% and FTE net interest margin of 2.45%1, both increased 54 basis points (“bps”) from the prior year period
Noninterest income of $11.5 million, which increased 10% from the prior year period
Pre-provision net revenue (“PPNR”) of $18.1 million1, which increased 51% from the prior year period
Total loan balances of $3.8 billion, up $29.1 million, or 1%, from the fourth quarter of 2025
The yield on the loan portfolio increased 37 bps from the prior year period to 6.36%
Strong loan production partially offset by elevated payoffs and maturities
Total deposits of $5.0 billion, up $141.8 million, or 3%, from the fourth quarter of 2025
Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature
The cost of interest-bearing deposits declined 56 bps from the prior year period to 3.45%
Approximately $1.5 billion of fintech deposits moved off-balance sheet into a deposit network, providing flexibility to manage the size of the balance sheet
Loans to deposits ratio of 75.8%
Provision for credit losses of $16.3 million, up $4.3 million, or 36.1%, from the fourth quarter of 2025
Net charge-offs to average loans of 1.65%, slightly improved from 1.68% in the fourth quarter of 2025
Nonperforming loans (“NPLs”) to total loans of 1.63%; allowance for credit losses – loans (“ACL”) to total loans of 1.50%
Increase in NPLs consisted primarily of fully-guaranteed SBA 7(a) balances and accruing loans past due 90 days or more, partially offset by lower nonaccrual franchise finance loans
NPLs / total loans of 1.22%1 excluding fully-guaranteed balances
ACL to NPLs of 92%; or 122%1 excluding fully-guaranteed balances
Tangible common equity to tangible assets of 6.24%1, and 6.99%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.97%2; total capital ratio of 12.50%2
Tangible book value per share of $40.871, consistent with the fourth quarter of 2025
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 regulatory reports
“We kicked off the new year with strong first quarter results, demonstrating the resilience of our diversified business model and the solid foundation we’ve built to navigate an uncertain macroeconomic environment from a position of strength,” said David Becker, Chairman and CEO of First Internet Bancorp. “We generated 21% revenue growth, 51% growth in pre-provision net revenue, and expanded our net interest margin 54 basis points year-over-year to 2.45%, reflecting years of disciplined balance sheet repositioning and proactive liability management. We’re also seeing tangible evidence that our enhanced underwriting standards and risk management initiatives are yielding favorable results, particularly in our SBA portfolio where unguaranteed nonperforming loans and delinquencies have improved both sequentially and year-over-year.”
“Beyond the strong quarterly financial results, we continued to make strategic investments in AI and digital capabilities that are already delivering measurable results – our virtual customer service agents resolve 45% of inquiries, our fraud detection agents enhance security, and our Net Promoter Scores are well above industry averages. Additionally, our Banking-as-a-Service partnerships continue to grow and provide valuable deposit funding flexibility, while our commercial lending pipelines remain robust across multiple verticals. With improving credit trends, strong margin momentum, and disciplined cost management, we are well-positioned to deliver improving profitability through 2026 and accelerating performance into 2027.”
The Company is broadly maintaining its 2026 guidance. However, management acknowledges the heightened macroeconomic uncertainty, including volatile energy prices and other geopolitical developments, which could have negative impacts. Regarding loan growth specifically, while commercial pipelines remain robust, the Company recognizes that the full-year target of 15-17% may prove ambitious due to higher-than-expected loan payoffs and potential further tightening of underwriting standards due to macro uncertainties.
Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 30, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 715-9871; access code: 9553116. A recorded replay can be accessed through May 7, 2026, by dialing (800) 770-2030; access code: 9553116.
Additionally, interested parties can listen to a live webcast of the call on the Company’s website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $5.7 billion as of March 31, 2026. 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, commercial real estate and construction financing, SBA financing, public finance, consumer loans, and specialty finance services nationally, as well as commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “better than,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expand,” “expect,” “future,” “going forward,” “growth,” “improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “progress,” “remain,” “setting the stage,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers; general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of 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, pre-provision net revenue, adjusted pre-provision net revenue, adjusted noninterest income, 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, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets, adjusted tangible common equity to adjusted tangible assets, adjusted nonperforming loans to total loans and adjusted allowance for credit losses – loans to nonperforming loans are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”
|
First Internet Bancorp |
||||||||||||
|
Summary Financial Information (unaudited) |
||||||||||||
|
Dollar amounts in thousands, except per share data |
||||||||||||
|
|
||||||||||||
|
Three Months Ended |
||||||||||||
|
March 31 |
December 31 |
March 31 |
||||||||||
|
2026 |
2025 |
2025 |
||||||||||
|
|
||||||||||||
|
Net income |
$ |
2,509 |
|
$ |
5,289 |
|
$ |
943 |
|
|||
|
|
||||||||||||
|
Per share and share information |
||||||||||||
|
Earnings per share – basic |
$ |
0.29 |
|
$ |
0.61 |
|
$ |
0.11 |
|
|||
|
Earnings per share – diluted |
|
0.29 |
|
|
0.60 |
|
|
0.11 |
|
|||
|
Dividends declared per share |
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|||
|
Book value per common share |
|
41.41 |
|
|
41.41 |
|
|
44.58 |
|
|||
|
Tangible book value per common share 1 |
|
40.87 |
|
|
40.87 |
|
|
44.04 |
|
|||
|
Common shares outstanding |
|
8,716,662 |
|
|
8,686,994 |
|
|
8,697,085 |
|
|||
|
Average common shares outstanding: |
||||||||||||
|
Basic |
|
8,734,383 |
|
|
8,728,342 |
|
|
8,715,655 |
|
|||
|
Diluted |
|
8,774,111 |
|
|
8,769,456 |
|
|
8,784,970 |
|
|||
|
Performance ratios |
||||||||||||
|
Return on average assets |
|
0.18 |
% |
|
0.37 |
% |
|
0.07 |
% |
|||
|
Return on average shareholders’ equity |
|
2.72 |
% |
|
5.79 |
% |
|
0.98 |
% |
|||
|
Return on average tangible common equity 1 |
|
2.75 |
% |
|
5.87 |
% |
|
0.99 |
% |
|||
|
Net interest margin |
|
2.36 |
% |
|
2.22 |
% |
|
1.82 |
% |
|||
|
Net interest margin – FTE 1,2 |
|
2.45 |
% |
|
2.30 |
% |
|
1.91 |
% |
|||
|
Capital ratios 3 |
||||||||||||
|
Total shareholders’ equity to assets |
|
6.32 |
% |
|
6.46 |
% |
|
6.63 |
% |
|||
|
Tangible common equity to tangible assets 1 |
|
6.24 |
% |
|
6.38 |
% |
|
6.55 |
% |
|||
|
Tier 1 leverage ratio |
|
6.23 |
% |
|
6.24 |
% |
|
6.87 |
% |
|||
|
Common equity tier 1 capital ratio |
|
8.97 |
% |
|
8.97 |
% |
|
9.15 |
% |
|||
|
Tier 1 capital ratio |
|
8.97 |
% |
|
8.97 |
% |
|
9.15 |
% |
|||
|
Total risk-based capital ratio |
|
12.50 |
% |
|
12.50 |
% |
|
12.52 |
% |
|||
|
Asset quality |
||||||||||||
|
Nonperforming loans |
$ |
61,596 |
|
$ |
58,538 |
|
$ |
34,243 |
|
|||
|
Nonperforming assets |
|
63,691 |
|
|
61,355 |
|
|
35,921 |
|
|||
|
Nonperforming loans to loans |
|
1.63 |
% |
|
1.56 |
% |
|
0.80 |
% |
|||
|
Nonperforming assets to total assets |
|
1.12 |
% |
|
1.10 |
% |
|
0.61 |
% |
|||
|
Allowance for credit losses – loans to: |
||||||||||||
|
Loans |
|
1.50 |
% |
|
1.49 |
% |
|
1.11 |
% |
|||
|
Nonperforming loans |
|
91.7 |
% |
|
95.1 |
% |
|
138.0 |
% |
|||
|
Net charge-offs to average loans |
|
1.65 |
% |
|
1.68 |
% |
|
0.92 |
% |
|||
|
Average balance sheet information |
||||||||||||
|
Loans |
$ |
3,874,174 |
|
$ |
3,798,831 |
|
$ |
4,237,300 |
|
|||
|
Total securities |
|
1,022,872 |
|
|
943,418 |
|
|
901,918 |
|
|||
|
Other earning assets |
|
521,697 |
|
|
665,022 |
|
|
445,280 |
|
|||
|
Total interest-earning assets |
|
5,424,700 |
|
|
5,426,126 |
|
|
5,590,131 |
|
|||
|
Total assets |
|
5,635,646 |
|
|
5,618,089 |
|
|
5,770,380 |
|
|||
|
Noninterest-bearing deposits |
|
143,305 |
|
|
155,030 |
|
|
135,878 |
|
|||
|
Interest-bearing deposits |
|
4,744,189 |
|
|
4,723,879 |
|
|
4,815,978 |
|
|||
|
Total deposits |
|
4,887,494 |
|
|
4,878,909 |
|
|
4,951,856 |
|
|||
|
Shareholders’ equity |
|
374,276 |
|
|
362,183 |
|
|
392,035 |
|
|||
|
|
||||||||||||
|
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 |
||||||||||||
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
Per share and share information
Earnings per share – basic
Earnings per share – diluted
Dividends declared per share
Book value per common share
Tangible book value per common share 1
Average common shares outstanding:
Return on average shareholders’ equity
Return on average tangible common equity 1
Net interest margin – FTE 1,2
Total shareholders’ equity to assets
Tangible common equity to tangible assets 1
Common equity tier 1 capital ratio
Total risk-based capital ratio
Nonperforming loans to loans
Nonperforming assets to total assets
Allowance for credit losses – loans to:
Net charge-offs to average loans
Average balance sheet information
Total interest-earning assets
Noninterest-bearing deposits
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, 2025) |
||||||||||||
|
Dollar amounts in thousands |
||||||||||||
|
March 31 |
December 31 |
March 31 |
||||||||||
|
2026 |
2025 |
2025 |
||||||||||
|
|
||||||||||||
|
Assets |
||||||||||||
|
Cash and due from banks |
$ |
10,528 |
|
$ |
6,145 |
|
$ |
6,344 |
|
|||
|
Interest-bearing deposits |
|
591,277 |
|
|
450,632 |
|
|
388,110 |
|
|||
|
Securities available-for-sale, at fair value |
|
772,035 |
|
|
778,687 |
|
|
681,785 |
|
|||
|
Securities held-to-maturity, at amortized cost, net of allowance for credit losses |
|
276,042 |
|
|
250,609 |
|
|
276,542 |
|
|||
|
Loans held-for-sale |
|
55,240 |
|
|
108,608 |
|
|
31,738 |
|
|||
|
Loans |
|
3,775,870 |
|
|
3,746,728 |
|
|
4,254,412 |
|
|||
|
Allowance for credit losses – loans |
|
(56,496 |
) |
|
(55,686 |
) |
|
(47,238 |
) |
|||
|
Net loans |
|
3,719,374 |
|
|
3,691,042 |
|
|
4,207,174 |
|
|||
|
Accrued interest receivable |
|
28,182 |
|
|
27,909 |
|
|
29,022 |
|
|||
|
Federal Home Loan Bank of Indianapolis stock |
|
28,350 |
|
|
28,350 |
|
|
28,350 |
|
|||
|
Cash surrender value of bank-owned life insurance |
|
42,864 |
|
|
42,559 |
|
|
41,675 |
|
|||
|
Premises and equipment, net |
|
67,006 |
|
|
67,934 |
|
|
70,461 |
|
|||
|
Goodwill |
|
4,687 |
|
|
4,687 |
|
|
4,687 |
|
|||
|
Servicing asset |
|
23,614 |
|
|
22,793 |
|
|
17,445 |
|
|||
|
Other real estate owned |
|
1,945 |
|
|
2,631 |
|
|
1,518 |
|
|||
|
Accrued income and other assets |
|
90,544 |
|
|
89,061 |
|
|
66,757 |
|
|||
|
Total assets |
$ |
5,711,688 |
|
$ |
5,571,647 |
|
$ |
5,851,608 |
|
|||
|
|
||||||||||||
|
Liabilities |
||||||||||||
|
Noninterest-bearing deposits |
$ |
149,505 |
|
$ |
146,879 |
|
$ |
151,815 |
|
|||
|
Interest-bearing deposits |
|
4,832,145 |
|
|
4,692,934 |
|
|
4,793,810 |
|
|||
|
Total deposits |
|
4,981,650 |
|
|
4,839,813 |
|
|
4,945,625 |
|
|||
|
Advances from Federal Home Loan Bank |
|
239,500 |
|
|
249,500 |
|
|
395,000 |
|
|||
|
Subordinated debt |
|
105,546 |
|
|
105,465 |
|
|
105,228 |
|
|||
|
Accrued interest payable |
|
1,232 |
|
|
1,744 |
|
|
1,645 |
|
|||
|
Accrued expenses and other liabilities |
|
22,806 |
|
|
15,358 |
|
|
16,363 |
|
|||
|
Total liabilities |
|
5,350,734 |
|
|
5,211,880 |
|
|
5,463,861 |
|
|||
|
Shareholders’ equity |
||||||||||||
|
Voting common stock |
|
186,967 |
|
|
186,577 |
|
|
185,873 |
|
|||
|
Retained earnings |
|
195,292 |
|
|
193,320 |
|
|
231,031 |
|
|||
|
Accumulated other comprehensive loss |
|
(21,305 |
) |
|
(20,130 |
) |
|
(29,157 |
) |
|||
|
Total shareholders’ equity |
|
360,954 |
|
|
359,767 |
|
|
387,747 |
|
|||
|
Total liabilities and shareholders’ equity |
$ |
5,711,688 |
|
$ |
5,571,647 |
|
$ |
5,851,608 |
|
|||
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2025)
Dollar amounts in thousands
Securities available-for-sale, at fair value
Securities held-to-maturity, at amortized cost, net of allowance for credit losses
Allowance for credit losses – loans
Accrued interest receivable
Federal Home Loan Bank of Indianapolis stock
Cash surrender value of bank-owned life insurance
Premises and equipment, net
Accrued income and other assets
Noninterest-bearing deposits
Advances from Federal Home Loan Bank
Accrued expenses and other liabilities
Accumulated other comprehensive loss
Total shareholders’ equity
Total liabilities and shareholders’ equity
|
First Internet Bancorp |
||||||||||||
|
Condensed Consolidated Statements of Income (unaudited) |
||||||||||||
|
Dollar amounts in thousands, except per share data |
||||||||||||
|
|
||||||||||||
|
Three Months Ended |
||||||||||||
|
March 31 |
December 31 |
March 31 |
||||||||||
|
2026 |
2025 |
2025 |
||||||||||
|
|
||||||||||||
|
Interest income |
||||||||||||
|
Loans |
$ |
60,839 |
|
$ |
61,535 |
|
$ |
62,662 |
|
|||
|
Securities – taxable |
|
9,496 |
|
|
8,811 |
|
|
8,463 |
|
|||
|
Securities – non-taxable |
|
654 |
|
|
651 |
|
|
661 |
|
|||
|
Other earning assets |
|
4,821 |
|
|
7,057 |
|
|
5,043 |
|
|||
|
Total interest income |
|
75,810 |
|
|
78,054 |
|
|
76,829 |
|
|||
|
Interest expense |
||||||||||||
|
Deposits |
|
40,359 |
|
|
43,836 |
|
|
47,626 |
|
|||
|
Other borrowed funds |
|
3,853 |
|
|
3,896 |
|
|
4,107 |
|
|||
|
Total interest expense |
|
44,212 |
|
|
47,732 |
|
|
51,733 |
|
|||
|
Net interest income |
|
31,598 |
|
|
30,322 |
|
|
25,096 |
|
|||
|
Provision for credit losses |
|
16,305 |
|
|
11,984 |
|
|
11,933 |
|
|||
|
Net interest income after provision |
||||||||||||
|
for credit losses |
|
15,293 |
|
|
18,338 |
|
|
13,163 |
|
|||
|
Noninterest income |
||||||||||||
|
Service charges and fees |
|
844 |
|
|
454 |
|
|
265 |
|
|||
|
Loan servicing revenue |
|
2,856 |
|
|
2,713 |
|
|
1,983 |
|
|||
|
Loan servicing asset revaluation |
|
(1,060 |
) |
|
(1,800 |
) |
|
(1,181 |
) |
|||
|
Gain on sale of loans |
|
7,377 |
|
|
8,470 |
|
|
8,647 |
|
|||
|
Other |
|
1,501 |
|
|
1,538 |
|
|
713 |
|
|||
|
Total noninterest income |
|
11,518 |
|
|
11,375 |
|
|
10,427 |
|
|||
|
Noninterest expense |
||||||||||||
|
Salaries and employee benefits |
|
13,236 |
|
|
12,668 |
|
|
13,107 |
|
|||
|
Marketing, advertising and promotion |
|
615 |
|
|
644 |
|
|
647 |
|
|||
|
Consulting and professional fees |
|
1,080 |
|
|
1,184 |
|
|
1,228 |
|
|||
|
Data processing |
|
775 |
|
|
712 |
|
|
635 |
|
|||
|
Loan expenses |
|
2,179 |
|
|
1,813 |
|
|
1,531 |
|
|||
|
Premises and equipment |
|
3,676 |
|
|
3,705 |
|
|
3,115 |
|
|||
|
Deposit insurance premium |
|
1,487 |
|
|
1,563 |
|
|
1,398 |
|
|||
|
Other |
|
1,979 |
|
|
1,922 |
|
|
1,895 |
|
|||
|
Total noninterest expense |
|
25,027 |
|
|
24,211 |
|
|
23,556 |
|
|||
|
Income before income taxes |
|
1,784 |
|
|
5,502 |
|
|
34 |
|
|||
|
Income tax (benefit) provision |
|
(725 |
) |
|
213 |
|
|
(909 |
) |
|||
|
Net income |
$ |
2,509 |
|
$ |
5,289 |
|
$ |
943 |
|
|||
|
|
||||||||||||
|
Per common share data |
||||||||||||
|
Earnings per share – basic |
$ |
0.29 |
|
$ |
0.61 |
|
$ |
0.11 |
|
|||
|
Earnings per share – diluted |
$ |
0.29 |
|
$ |
0.60 |
|
$ |
0.11 |
|
|||
|
Dividends declared per share |
$ |
0.06 |
|
$ |
0.06 |
|
$ |
0.06 |
|
|||
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
Provision for credit losses
Net interest income after provision
Loan servicing asset revaluation
Salaries and employee benefits
Marketing, advertising and promotion
Consulting and professional fees
Income before income taxes
Income tax (benefit) provision
Earnings per share – basic
Earnings per share – diluted
Dividends declared per share
|
First Internet Bancorp |
||||||||||||||||||||||||||||||
|
Average Balances and Rates (unaudited) |
||||||||||||||||||||||||||||||
|
Dollar amounts in thousands |
||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
||||||||||||||||||||||||||||
|
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 |
$ |
3,880,131 |
|
$ |
60,839 |
6.36 |
% |
$ |
3,817,686 |
|
$ |
61,535 |
6.39 |
% |
$ |
4,242,933 |
|
$ |
62,662 |
5.99 |
% |
|||||||||
|
Securities – taxable |
|
943,079 |
|
|
9,496 |
4.08 |
% |
|
863,071 |
|
|
8,811 |
4.05 |
% |
|
820,175 |
|
|
8,463 |
4.18 |
% |
|||||||||
|
Securities – non-taxable |
|
79,793 |
|
|
654 |
3.32 |
% |
|
80,347 |
|
|
651 |
3.21 |
% |
|
81,743 |
|
|
661 |
3.28 |
% |
|||||||||
|
Other earning assets |
|
521,697 |
|
|
4,821 |
3.75 |
% |
|
665,022 |
|
|
7,057 |
4.21 |
% |
|
445,280 |
|
|
5,043 |
4.59 |
% |
|||||||||
|
Total interest-earning assets |
|
5,424,700 |
|
|
75,810 |
5.67 |
% |
|
5,426,126 |
|
|
78,054 |
5.71 |
% |
|
5,590,131 |
|
|
76,829 |
5.57 |
% |
|||||||||
|
|
||||||||||||||||||||||||||||||
|
Allowance for credit losses – loans |
|
(56,106 |
) |
|
(61,378 |
) |
|
(45,664 |
) |
|||||||||||||||||||||
|
Noninterest-earning assets |
|
267,052 |
|
|
253,341 |
|
|
225,913 |
|
|||||||||||||||||||||
|
Total assets |
$ |
5,635,646 |
|
$ |
5,618,089 |
|
$ |
5,770,380 |
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Liabilities |
||||||||||||||||||||||||||||||
|
Interest-bearing liabilities |
||||||||||||||||||||||||||||||
|
Interest-bearing demand deposits |
$ |
1,243,549 |
|
$ |
8,168 |
2.66 |
% |
$ |
1,023,305 |
|
$ |
7,524 |
2.92 |
% |
$ |
956,322 |
|
$ |
6,974 |
2.96 |
% |
|||||||||
|
Savings accounts |
|
19,542 |
|
|
41 |
0.85 |
% |
|
18,575 |
|
|
40 |
0.85 |
% |
|
20,568 |
|
|
43 |
0.85 |
% |
|||||||||
|
Money market accounts |
|
1,292,126 |
|
|
10,103 |
3.17 |
% |
|
1,312,201 |
|
|
11,238 |
3.40 |
% |
|
1,221,795 |
|
|
11,361 |
3.77 |
% |
|||||||||
|
Certificates and brokered deposits |
|
2,188,972 |
|
|
22,047 |
4.08 |
% |
|
2,369,798 |
|
|
25,034 |
4.19 |
% |
|
2,617,293 |
|
|
29,248 |
4.53 |
% |
|||||||||
|
Total interest-bearing deposits |
|
4,744,189 |
|
|
40,359 |
3.45 |
% |
|
4,723,879 |
|
|
43,836 |
3.68 |
% |
|
4,815,978 |
|
|
47,626 |
4.01 |
% |
|||||||||
|
Other borrowed funds |
|
352,117 |
|
|
3,853 |
4.44 |
% |
|
354,926 |
|
|
3,896 |
4.35 |
% |
|
401,300 |
|
|
4,107 |
4.15 |
% |
|||||||||
|
Total interest-bearing liabilities |
|
5,096,306 |
|
|
44,212 |
3.52 |
% |
|
5,078,805 |
|
|
47,732 |
3.73 |
% |
|
5,217,278 |
|
|
51,733 |
4.02 |
% |
|||||||||
|
|
||||||||||||||||||||||||||||||
|
Noninterest-bearing deposits |
|
143,305 |
|
|
155,030 |
|
|
135,878 |
|
|||||||||||||||||||||
|
Other noninterest-bearing liabilities |
|
21,759 |
|
|
22,071 |
|
|
25,189 |
|
|||||||||||||||||||||
|
Total liabilities |
|
5,261,370 |
|
|
5,255,906 |
|
|
5,378,345 |
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Shareholders’ equity |
|
374,276 |
|
|
362,183 |
|
|
392,035 |
|
|||||||||||||||||||||
|
Total liabilities and shareholders’ equity |
$ |
5,635,646 |
|
$ |
5,618,089 |
|
$ |
5,770,380 |
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Net interest income |
$ |
31,598 |
$ |
30,322 |
$ |
25,096 |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Interest rate spread |
2.15 |
% |
1.98 |
% |
1.55 |
% |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Net interest margin |
2.36 |
% |
2.22 |
% |
1.82 |
% |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Net interest margin – FTE 2,3 |
2.45 |
% |
2.30 |
% |
1.91 |
% |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||
Average Balances and Rates (unaudited)
Dollar amounts in thousands
Loans, including loans held-for-sale 1
Total interest-earning assets
Allowance for credit losses – loans
Noninterest-earning assets
Interest-bearing liabilities
Interest-bearing demand deposits
Certificates and brokered deposits
Total interest-bearing deposits
Total interest-bearing liabilities
Noninterest-bearing deposits
Other noninterest-bearing liabilities
Total liabilities and shareholders’ equity
Net interest margin – FTE 2,3
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 |
||||||||||||||||||
|
|
||||||||||||||||||
|
March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
||||||||||||||||
|
Amount |
Percent |
Amount |
Percent |
Amount |
Percent |
|||||||||||||
|
|
||||||||||||||||||
|
Commercial loans |
||||||||||||||||||
|
Commercial and industrial |
$ |
225,425 |
6.0 |
% |
$ |
221,714 |
5.9 |
% |
$ |
140,239 |
3.3 |
% |
||||||
|
Owner-occupied commercial real estate |
|
48,136 |
1.3 |
% |
|
48,575 |
1.3 |
% |
|
49,954 |
1.2 |
% |
||||||
|
Investor commercial real estate |
|
598,933 |
15.9 |
% |
|
647,394 |
17.3 |
% |
|
297,874 |
7.0 |
% |
||||||
|
Construction |
|
449,888 |
11.9 |
% |
|
372,668 |
9.9 |
% |
|
471,082 |
11.1 |
% |
||||||
|
Single tenant lease financing |
|
254,044 |
6.7 |
% |
|
222,925 |
5.9 |
% |
|
950,814 |
22.4 |
% |
||||||
|
Public finance |
|
441,734 |
11.7 |
% |
|
442,234 |
11.8 |
% |
|
482,558 |
11.3 |
% |
||||||
|
Healthcare finance |
|
131,161 |
3.5 |
% |
|
139,469 |
3.7 |
% |
|
171,430 |
4.0 |
% |
||||||
|
Small business lending |
|
433,964 |
11.5 |
% |
|
430,024 |
11.5 |
% |
|
353,408 |
8.3 |
% |
||||||
|
Franchise finance |
|
389,249 |
10.3 |
% |
|
417,045 |
11.1 |
% |
|
514,700 |
12.1 |
% |
||||||
|
Total commercial loans |
|
2,972,534 |
78.8 |
% |
|
2,942,048 |
78.4 |
% |
|
3,432,059 |
80.7 |
% |
||||||
|
|
||||||||||||||||||
|
Consumer loans |
||||||||||||||||||
|
Residential mortgage |
|
338,058 |
9.0 |
% |
|
343,110 |
9.2 |
% |
|
367,722 |
8.6 |
% |
||||||
|
Home equity |
|
14,219 |
0.4 |
% |
|
14,725 |
0.4 |
% |
|
17,421 |
0.4 |
% |
||||||
|
Trailers |
|
242,022 |
6.4 |
% |
|
235,876 |
6.3 |
% |
|
220,012 |
5.2 |
% |
||||||
|
Recreational vehicles |
|
142,442 |
3.8 |
% |
|
141,952 |
3.8 |
% |
|
145,690 |
3.4 |
% |
||||||
|
Other consumer loans |
|
46,874 |
1.2 |
% |
|
47,630 |
1.3 |
% |
|
46,851 |
1.1 |
% |
||||||
|
Total consumer loans |
|
783,615 |
20.8 |
% |
|
783,293 |
21.0 |
% |
|
797,696 |
18.7 |
% |
||||||
|
|
||||||||||||||||||
|
Net deferred loan fees, premiums, discounts and other 1 |
|
19,721 |
0.4 |
% |
|
21,387 |
0.6 |
% |
|
24,657 |
0.6 |
% |
||||||
|
|
||||||||||||||||||
|
Total loans |
$ |
3,775,870 |
100.0 |
% |
$ |
3,746,728 |
100.0 |
% |
$ |
4,254,412 |
100.0 |
% |
||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
||||||||||||||||
|
Amount |
Percent |
Amount |
Percent |
Amount |
Percent |
|||||||||||||
|
|
||||||||||||||||||
|
Deposits |
||||||||||||||||||
|
Noninterest-bearing deposits |
$ |
149,505 |
3.0 |
% |
$ |
146,880 |
3.0 |
% |
$ |
151,815 |
3.1 |
% |
||||||
|
Interest-bearing demand deposits |
|
1,358,028 |
27.3 |
% |
|
1,120,850 |
23.2 |
% |
|
1,103,540 |
22.3 |
% |
||||||
|
Savings accounts |
|
20,344 |
0.4 |
% |
|
18,990 |
0.4 |
% |
|
21,632 |
0.4 |
% |
||||||
|
Money market accounts |
|
1,325,382 |
26.6 |
% |
|
1,272,845 |
26.3 |
% |
|
1,292,235 |
26.2 |
% |
||||||
|
Certificates of deposits |
|
1,869,181 |
37.5 |
% |
|
2,004,909 |
41.4 |
% |
|
2,029,801 |
41.0 |
% |
||||||
|
Brokered deposits |
|
259,210 |
5.2 |
% |
|
275,339 |
5.7 |
% |
|
346,602 |
7.0 |
% |
||||||
|
|
||||||||||||||||||
|
Total deposits |
$ |
4,981,650 |
100.0 |
% |
$ |
4,839,813 |
100.0 |
% |
$ |
4,945,625 |
100.0 |
% |
||||||
|
|
||||||||||||||||||
|
1 Includes carrying value adjustments of $18.1 million, $19.1 million and $22.1 million related to terminated interest rate swaps associated with public finance loans as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. |
||||||||||||||||||
Loans and Deposits (unaudited)
Dollar amounts in thousands
Owner-occupied commercial real estate
Investor commercial real estate
Single tenant lease financing
Net deferred loan fees, premiums, discounts and other 1
Noninterest-bearing deposits
Interest-bearing demand deposits
1 Includes carrying value adjustments of $18.1 million, $19.1 million and $22.1 million related to terminated interest rate swaps associated with public finance loans as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
|
First Internet Bancorp |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
Dollar amounts in thousands, except per share data |
||||||||||||
|
|
||||||||||||
|
Three Months Ended |
||||||||||||
|
March 31 |
December 31 |
March 31 |
||||||||||
|
2026 |
2025 |
2025 |
||||||||||
|
|
||||||||||||
|
Total equity – GAAP |
$ |
360,954 |
|
$ |
359,767 |
|
$ |
387,747 |
|
|||
|
Adjustments: |
||||||||||||
|
Goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||
|
Tangible common equity |
$ |
356,267 |
|
$ |
355,080 |
|
$ |
383,060 |
|
|||
|
|
||||||||||||
|
Total assets – GAAP |
$ |
5,711,688 |
|
$ |
5,571,647 |
|
$ |
5,851,608 |
|
|||
|
Adjustments: |
||||||||||||
|
Goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||
|
Tangible assets |
$ |
5,707,001 |
|
$ |
5,566,960 |
|
$ |
5,846,921 |
|
|||
|
|
||||||||||||
|
Common shares outstanding |
|
8,716,662 |
|
|
8,686,994 |
|
|
8,697,085 |
|
|||
|
|
||||||||||||
|
Book value per common share |
$ |
41.41 |
|
$ |
41.41 |
|
$ |
44.58 |
|
|||
|
Effect of goodwill |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.54 |
) |
|||
|
Tangible book value per common share |
$ |
40.87 |
|
$ |
40.87 |
|
$ |
44.04 |
|
|||
|
|
||||||||||||
|
Total shareholders’ equity to assets |
|
6.32 |
% |
|
6.46 |
% |
|
6.63 |
% |
|||
|
Effect of goodwill |
|
(0.08 |
%) |
|
(0.08 |
%) |
|
(0.08 |
%) |
|||
|
Tangible common equity to tangible assets |
|
6.24 |
% |
|
6.38 |
% |
|
6.55 |
% |
|||
|
|
||||||||||||
|
Total average equity – GAAP |
$ |
374,276 |
|
$ |
362,183 |
|
$ |
392,035 |
|
|||
|
Adjustments: |
||||||||||||
|
Average goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||
|
Average tangible common equity |
$ |
369,589 |
|
$ |
357,496 |
|
$ |
387,348 |
|
|||
|
|
||||||||||||
|
Return on average shareholders’ equity |
|
2.72 |
% |
|
5.79 |
% |
|
0.98 |
% |
|||
|
Effect of goodwill |
|
0.03 |
% |
|
0.08 |
% |
|
0.01 |
% |
|||
|
Return on average tangible common equity |
|
2.75 |
% |
|
5.87 |
% |
|
0.99 |
% |
|||
|
|
||||||||||||
|
Total interest income |
$ |
75,810 |
|
$ |
78,054 |
|
$ |
76,829 |
|
|||
|
Adjustments: |
||||||||||||
|
Fully-taxable equivalent adjustments 1 |
|
1,160 |
|
|
1,161 |
|
|
1,169 |
|
|||
|
Total interest income – FTE |
$ |
76,970 |
|
$ |
79,215 |
|
$ |
77,998 |
|
|||
|
|
||||||||||||
|
Net interest income |
$ |
31,598 |
|
$ |
30,322 |
|
$ |
25,096 |
|
|||
|
Adjustments: |
||||||||||||
|
Fully-taxable equivalent adjustments 1 |
|
1,160 |
|
|
1,161 |
|
|
1,169 |
|
|||
|
Net interest income – FTE |
$ |
32,758 |
|
$ |
31,483 |
|
$ |
26,265 |
|
|||
|
|
||||||||||||
|
Net interest margin |
|
2.36 |
% |
|
2.22 |
% |
|
1.82 |
% |
|||
|
Effect of fully-taxable equivalent adjustments 1 |
|
0.09 |
% |
|
0.08 |
% |
|
0.09 |
% |
|||
|
Net interest margin – FTE |
|
2.45 |
% |
|
2.30 |
% |
|
1.91 |
% |
|||
|
|
||||||||||||
|
1 Assuming a 21% tax rate |
||||||||||||
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Book value per common share
Tangible book value per common share
Total shareholders’ equity to assets
Tangible common equity to tangible assets
Total average equity – GAAP
Average tangible common equity
Return on average shareholders’ equity
Return on average tangible common equity
Fully-taxable equivalent adjustments 1
Total interest income – FTE
Fully-taxable equivalent adjustments 1
Effect of fully-taxable equivalent adjustments 1
|
First Internet Bancorp |
|||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||||
|
Dollar amounts in thousands, except per share data |
|||||||||||
|
|
|||||||||||
|
Three Months Ended |
|||||||||||
|
March 31 |
December 31 |
March 31 |
|||||||||
|
2026 |
2025 |
2025 |
|||||||||
|
|
|||||||||||
|
Total revenue – GAAP |
$ |
43,116 |
|
$ |
41,697 |
$ |
35,523 |
|
|||
|
Adjustments: |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
411 |
|
– |
|
|||
|
Adjusted total revenue |
$ |
43,116 |
|
$ |
42,108 |
$ |
35,523 |
|
|||
|
|
|||||||||||
|
Net income – GAAP |
$ |
2,509 |
|
$ |
5,289 |
$ |
943 |
|
|||
|
Adjustments:1 |
|||||||||||
|
Provision for credit losses |
|
16,305 |
|
|
11,984 |
|
11,933 |
|
|||
|
Income tax (benefit) provision |
|
(725 |
) |
|
213 |
|
(909 |
) |
|||
|
Pre-provision net revenue |
$ |
18,089 |
|
$ |
17,486 |
$ |
11,967 |
|
|||
|
|
|||||||||||
|
Pre-provision net revenue |
$ |
18,089 |
|
$ |
17,486 |
$ |
11,967 |
|
|||
|
Adjustments: |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
411 |
|
– |
|
|||
|
Adjusted pre-provision net revenue |
$ |
18,089 |
|
$ |
17,897 |
$ |
11,967 |
|
|||
|
|
|||||||||||
|
Noninterest income – GAAP |
$ |
11,518 |
|
$ |
11,375 |
$ |
10,427 |
|
|||
|
Adjustments: |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
411 |
|
– |
|
|||
|
Adjusted noninterest income |
$ |
11,518 |
|
$ |
11,786 |
$ |
10,427 |
|
|||
|
|
|||||||||||
|
Income before income taxes – GAAP |
$ |
1,784 |
|
$ |
5,502 |
$ |
34 |
|
|||
|
Adjustments: |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
411 |
|
– |
|
|||
|
Adjusted income before income taxes |
$ |
1,784 |
|
$ |
5,913 |
$ |
34 |
|
|||
|
|
|||||||||||
|
Income tax (benefit) provision – GAAP |
$ |
(725 |
) |
$ |
213 |
$ |
(909 |
) |
|||
|
Adjustments:1 |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
86 |
|
– |
|
|||
|
Adjusted income tax (benefit) provision |
$ |
(725 |
) |
$ |
299 |
$ |
(909 |
) |
|||
|
|
|||||||||||
|
Net income – GAAP |
$ |
2,509 |
|
$ |
5,289 |
$ |
943 |
|
|||
|
Adjustments: |
|||||||||||
|
Loss on sale of loans |
|
– |
|
|
325 |
|
– |
|
|||
|
Adjusted net income |
$ |
2,509 |
|
$ |
5,614 |
$ |
943 |
|
|||
|
|
|||||||||||
|
1 Assuming a 21% tax rate |
|||||||||||
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Provision for credit losses
Income tax (benefit) provision
Adjusted pre-provision net revenue
Adjusted noninterest income
Income before income taxes – GAAP
Adjusted income before income taxes
Income tax (benefit) provision – GAAP
Adjusted income tax (benefit) provision
|
First Internet Bancorp |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
Dollar amounts in thousands, except per share data |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
Three Months Ended |
||||||||||||
|
|
||||||||||||
|
March 31 |
|
December 31 |
|
March 31 |
||||||||
|
2026 |
|
2025 |
|
2025 |
||||||||
|
|
||||||||||||
|
Diluted average common shares outstanding |
|
8,774,111 |
|
|
8,769,456 |
|
|
8,784,970 |
|
|||
|
|
||||||||||||
|
Diluted earnings per share – GAAP |
$ |
0.29 |
|
$ |
0.60 |
|
$ |
0.11 |
|
|||
|
Adjustments: |
||||||||||||
|
Effect of loss on sale of loans |
|
– |
|
|
0.04 |
|
|
– |
|
|||
|
Adjusted diluted earnings per share |
$ |
0.29 |
|
$ |
0.64 |
|
$ |
0.11 |
|
|||
|
|
||||||||||||
|
Return on average assets |
|
0.18 |
% |
|
0.37 |
% |
|
0.07 |
% |
|||
|
Effect of loss on sale of loans |
|
0.00 |
% |
|
0.02 |
% |
|
0.00 |
% |
|||
|
Adjusted return on average assets |
|
0.18 |
% |
|
0.39 |
% |
|
0.07 |
% |
|||
|
|
||||||||||||
|
Return on average shareholders’ equity |
|
2.72 |
% |
|
5.79 |
% |
|
0.98 |
% |
|||
|
Effect of loss on sale of loans |
|
0.00 |
% |
|
0.36 |
% |
|
0.00 |
% |
|||
|
Adjusted return on average shareholders’ equity |
|
2.72 |
% |
|
6.15 |
% |
|
0.98 |
% |
|||
|
|
||||||||||||
|
Return on average tangible common equity |
|
2.75 |
% |
|
5.87 |
% |
|
0.99 |
% |
|||
|
Effect of loss on sale of loans |
|
0.00 |
% |
|
0.36 |
% |
|
0.00 |
% |
|||
|
Adjusted return on average tangible common equity |
|
2.75 |
% |
|
6.23 |
% |
|
0.99 |
% |
|||
|
|
||||||||||||
|
Tangible common equity |
$ |
356,267 |
|
$ |
355,080 |
|
$ |
383,060 |
|
|||
|
Adjustments: |
||||||||||||
|
Accumulated other comprehensive loss |
|
21,305 |
|
|
20,130 |
|
|
29,157 |
|
|||
|
Adjusted tangible common equity |
$ |
377,572 |
|
$ |
375,210 |
|
$ |
412,217 |
|
|||
|
|
||||||||||||
|
Tangible assets |
$ |
5,707,001 |
|
$ |
5,566,960 |
|
$ |
5,846,921 |
|
|||
|
Adjustments: |
||||||||||||
|
Cash in excess of $300 million |
|
(301,805 |
) |
|
(156,777 |
) |
|
(94,454 |
) |
|||
|
Adjusted tangible assets |
$ |
5,405,196 |
|
$ |
5,410,183 |
|
$ |
5,752,467 |
|
|||
|
|
||||||||||||
|
Adjusted tangible common equity |
$ |
377,572 |
|
$ |
375,210 |
|
$ |
412,217 |
|
|||
|
Adjusted tangible assets |
|
5,405,196 |
|
|
5,410,183 |
|
|
5,752,467 |
|
|||
|
Adjusted tangible common equity to adjusted tangible assets |
|
6.99 |
% |
|
6.94 |
% |
|
7.17 |
% |
|||
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Diluted average common shares outstanding
Diluted earnings per share – GAAP
Effect of loss on sale of loans
Adjusted diluted earnings per share
Effect of loss on sale of loans
Adjusted return on average assets
Return on average shareholders’ equity
Effect of loss on sale of loans
Adjusted return on average shareholders’ equity
Return on average tangible common equity
Effect of loss on sale of loans
Adjusted return on average tangible common equity
Accumulated other comprehensive loss
Adjusted tangible common equity
Cash in excess of $300 million
Adjusted tangible common equity
Adjusted tangible common equity to adjusted tangible assets
|
First Internet Bancorp |
||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||
|
Dollar amounts in thousands, except per share data |
||||||||
|
|
||||||||
|
Three Months Ended |
||||||||
|
|
|
|
|
|
||||
|
March 31 |
|
December 31 |
|
March 31 |
||||
|
2026 |
|
2025 |
|
2025 |
||||
|
Nonperforming loans to total loans |
1.63 |
% |
1.56 |
% |
0.80 |
% |
||
|
Adjustments: |
||||||||
|
Fully guaranteed balances |
(0.41 |
%) |
(0.36 |
%) |
(0.12 |
%) |
||
|
Adjusted nonperforming loans to total loans |
1.22 |
% |
1.20 |
% |
0.68 |
% |
||
|
|
||||||||
|
Allowance for credit losses – loans to nonperforming loans |
91.72 |
% |
95.13 |
% |
137.95 |
% |
||
|
Adjustments: |
||||||||
|
Fully guaranteed balances |
30.73 |
% |
28.84 |
% |
24.87 |
% |
||
|
Adjusted allowance for credit losses – loans to nonperforming loans |
122.45 |
% |
123.97 |
% |
162.82 |
% |
||
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Nonperforming loans to total loans
Adjusted nonperforming loans to total loans
Allowance for credit losses – loans to nonperforming loans
Adjusted allowance for credit losses – loans to nonperforming loans
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428063339/en/
Investors/Analysts Paula DeemerDirector of Corporate Administration(317) [email protected]
Media PANBlastZach [email protected]