Business
First Internet Bancorp Reports Second Quarter 2022 Results
Highlights for the second quarter include: Quarterly net income of $9.5 million, compared to $11.2 million for the first quarter of 2022 and $13.1 million
About this update from First Internet Bancorp
[{"type":"text","content":"\nHighlights for the second quarter include:\n\n\nQuarterly net income of $9.5 million, compared to $11.2 million for the first quarter of 2022 and $13.1 million for the second quarter of 2021\n\n\nQuarterly diluted earnings per share of $0.99, compared to $1.14 for the first quarter of 2022 and $1.31 for the second quarter of 2021\n\n\nQuarterly adjusted net income of $10.3 million, or $1.06 per diluted share, when excluding nonrecurring expenses\n\n\nLoan growth of $201.3 million, a 7.0% increase from the first quarter of 2022 and a 4.2% increase from the second quarter of 2021\n\n\nNet interest margin and fully-taxable equivalent net interest margin increased 4 basis points (“bps”) and 5 bps, respectively, from the first quarter of 2022 to 2.60% and 2.74%, respectively\n\n\nRepurchased 294,464 shares at an average price of $37.77\n\n\n FISHERS, Ind.--(BUSINESS WIRE)--\nFirst Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2022. Net income for the second quarter of 2022 was $9.5 million, or $0.99 diluted earnings per share. This compares to net income of $11.2 million, or $1.14 diluted earnings per share, for the first quarter of 2022, and net income of $13.1 million, or $1.31 diluted earnings per share, for the second quarter of 2021.\n\n“Strong production in both our commercial and consumer lending businesses has driven our loan balances to an all-time high, fueling second quarter results and creating a revenue stream for future periods,” said David Becker, Chairman and Chief Executive Officer. “During the first half of 2022, portfolio loan origination yields were up 100 bps over the same time last year, allowing us to deploy existing liquidity and drive growth in net interest margin. Furthermore, loan pipelines remain healthy and we have maintained exceptional asset quality. We are well-positioned to capitalize on growth opportunities for the remainder of the year.”\n\nMr. Becker concluded, “To be ready to meet our current and future customers’ needs, it is imperative that we continue to attract and retain top talent. At First Internet Bank, we have long fostered a workplace culture that promotes innovation, collaboration and customer focus while supporting work-life balance. It wa...