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First Internet Bancorp Reports Second Quarter 2023 Results
FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced
About this update from First Internet Bancorp
[{"type":"text","content":" 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, 2023.\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nNet income of $3.9 million and diluted earnings per share of $0.44\n\n\n\nDeposit growth of $232.0 million, a 6.4% increase from the first quarter of 2023\n\n\n\nLoan growth of $39.6 million, a 1.1% increase from the first quarter of 2023\n\n\n\nThe loans to deposits ratio was 94.6%, compared to 99.6% in the first quarter of 2023\n\n\n\nNet interest margin of 1.53% and fully-taxable equivalent net interest margin of 1.64%, compared to 1.76% and 1.89%, respectively, for the first quarter of 2023\n\n\n\nNonperforming loans declined to 0.17% of total loans\n\n\n\nRepurchased 203,000 common shares at an average price of $13.52 per share\n\n\n\nTangible common equity to tangible assets of 7.07%; CET1 ratio of 10.10%; tangible book value per share of $39.85, a 1.6% increase from the first quarter of 2023\n\n\n\n“Following the events in the banking sector that occurred in March, we responded quickly to further enhance our balance sheet liquidity,” said David Becker, Chairman and Chief Executive Officer. “These actions resulted in higher deposit costs and cash balances, which impacted our earnings, but further solidified our strong foundation. Moreover, credit measures improved during the second quarter, asset quality overall remains sound, and our capital position is strong, leaving us well-positioned for the road ahead. At the same time, we continued to execute our strategy of optimizing the loan portfolio composition through funding high quality variable rate and higher yielding loans. New origination yields continued to meaningfully improve during the quarter, and our SBA team delivered strong results, setting the stage for us to achieve stronger earnings and profitability as deposit costs stabilize.”\n\n\nNet Interest Income and Net Interest Margin\n\n\nNet interest income for the second quarter of 2023 was $18.1 million, compared to $19.6 million for the first quarter of 2023, and $25.7 million for the second quarter of 2022. On a fully-taxable equivalent basis, net interest income for the second quarter of 2023 was $19.5 million, compared to ...