Highlights for the second quarter include:
- Total revenue of $19.4 million, net income of $3.9 million and diluted earnings per share of $0.40
- Cost of interest-bearing deposits decreased 30 bps from the first quarter
- Accelerated SBA platform build-out through further sales and operations hires
- As of July 17, 2020, loan balances of $365.8 million, or 12.6% of total loans, remained on deferral programs, down from a peak of $647.2 million, or 22.4%, in late May
FISHERS, Ind.--(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 second quarter of 2020. Net income for the second quarter of 2020 was $3.9 million, or $0.40 diluted earnings per share. This compares to net income of $6.0 million, or $0.62 diluted earnings per share, for the first quarter of 2020, and net income of $6.1 million, or $0.60 diluted earnings per share, for the second quarter of 2019.
“Throughout the COVID-19 pandemic, we have focused on our customers whose families and businesses have been impacted by the virus,” said David Becker, Chairman, President and Chief Executive Officer. “For many borrowers, we were able to provide peace of mind in uncertain times by deferring loan payments for 60-90 days. And, because we have always served our nationwide customer base remotely, we were able to assist our customers when they needed us most, without missing a beat, even as we worked to transition our associates to telework. We have already seen a significant reduction in deferrals, and all of our borrowers coming off deferrals have resumed normal payment schedules.
“In the second quarter, our overall credit quality remained solid. Our direct-to-consumer mortgage business produced another quarter of strong results and has a healthy pipeline as we begin the third quarter. We continue to expand our national SBA platform, adding to our already strong and talented team of professionals, and we are excited about the near-term outlook for this government-guaranteed lending business.
“In addition, our efforts on the deposit side of our balance sheet continued to produce results as we shifted the mix of our deposits while reducing interest expense. We believe that we still have significant opportunities to reprice our deposits lower while maintaining relatively stable asset yields, and these bode well for our net interest income and net interest margin in future periods.
“We are well-capitalized and have the financial strength to serve our clients during this public health crisis. I would like to thank the entire First Internet team for their resilience and hard work during this challenging time,” Becker concluded.
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2020 was $14.4 million, compared to $15.0 million for the first quarter of 2020 and $16.1 million for the second quarter of 2019. On a fully-taxable equivalent basis, net interest income for the second quarter was $15.9 million, compared to $16.6 million for the first quarter of 2020 and $17.7 million for the second quarter of 2019.
Total interest income for the second quarter of 2020 was $34.2 million, a decrease of 5.6%, compared to the first quarter of 2020, and a decrease of 7.1% compared to the second quarter of 2019. On a fully-taxable equivalent basis, total interest income for the second quarter was $35.7 million, a decrease of 5.6% compared to the first quarter of 2020, and a decrease of 7.3% compared to the second quarter of 2019.
Pandemic Impact: Interest income declined during the second quarter following the Federal Reserve rate cuts in the first quarter of 2020, which negatively impacted the yields earned on variable rate loans and securities as well as cash balances. Furthermore, market uncertainty encouraged a continued flight to safety for consumers and small businesses. Rapid growth in deposit balances led to an increase in average cash balances of $152.8 million quarter-over-quarter.
The decline in short term interest rates reduced the yield earned on the loan portfolio by 11 bps to 4.00% as compared to the prior quarter. In total, the yield on interest-earning assets for the second quarter of 2020 declined to 3.24% from 3.62% in the prior quarter.
Total interest expense for the second quarter of 2020 was $19.8 million, a decrease of 6.7% compared to the first quarter of 2020 and a decrease of 4.5% compared to the second quarter of 2019. The decrease compared to the linked quarter was due mainly to a decline of 30 bps in the cost of interest-bearing deposits, partially offset by an increase in the average balance of these deposits. The decrease in deposit costs reflects a continued decline in the rates paid on deposits as well as a shift in the deposit mix.
During the second quarter of 2020, the cost of money market deposits decreased by 43 bps while the average balance of these deposits grew $222.5 million, or 25.7%. The Company lowered money market rates 60-70 bps throughout the quarter.
Furthermore, the cost of certificates and brokered deposits decreased 18 bps while balances decreased by $62.2 million, or 3.0%. During the second quarter, new certificates and brokered deposits were originated at a weighted average cost of 1.08% while maturing deposits had a weighted average cost of 2.64%.
Net interest margin (“NIM”) was 1.37% for the second quarter of 2020, compared to 1.50% for the first quarter of 2020 and 1.73% for the second quarter of 2019. On a fully-taxable equivalent basis, NIM decreased 15 bps to 1.50% for the second quarter of 2020, from 1.65% for the first quarter of 2020, and was down 41 bps from 1.91% for the second quarter of 2019. The decrease in fully-taxable equivalent NIM compared to the linked quarter was due mainly to the decline in loan yields, which had a negative impact of 24 bps, as well as lower yields earned on securities and cash balances, which each had a negative impact of 7 bps. These were partially offset by deposit costs, which had a positive impact of 23 bps.
Noninterest Income
Noninterest income for the second quarter of 2020 was $5.0 million, down from $6.2 million for the first quarter of 2020, and up from $3.5 million for the second quarter of 2019. The decrease compared to the first quarter of 2020 was driven primarily by lower gain on sale of loans sold during the quarter and a modest decrease in revenue from mortgage banking activities.
Pandemic Impact: Due to market conditions, the Company did not sell any public finance, single tenant lease financing or portfolio residential mortgage loans in the second quarter. Secondary market volatility early in the quarter led to a modest decrease in mortgage banking revenue; however, the secondary market has stabilized and origination activity is strong going into the third quarter.
The Company sold $11.5 million of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans at a net gain of $0.8 million in the second quarter of 2020, representing continued growth in this line of business with a robust pipeline heading into the third quarter.
Noninterest Expense
Noninterest expense for the second quarter of 2020 was $13.2 million, compared to $13.5 million for the first quarter of 2020 and $11.7 million for the second quarter of 2019. The decrease from the first quarter of 2020 was due primarily to lower consulting and professional fees, loan expenses and deposit insurance premium, partially offset by an increase in other expense.
Pandemic Impact: In an effort to prevent the spread of COVID-19 in its facilities, the Company incurred costs in the second quarter to enable its employees to work remotely and to promote social distancing and enhanced disinfection for those employees who continued to work from the Company’s offices. The majority of these costs will be amortized over future periods. The Company also made a $250,000 charitable contribution to assist small businesses and nonprofits address the economic challenges of the COVID-19 pandemic.
Income Taxes
The Company reported an income tax benefit of $0.3 million for the second quarter of 2020 compared to income tax expense of $0.3 million and an effective tax rate of 4.2% for the first quarter of 2020 and income tax expense of $0.3 million and an effective tax rate of 5.3% for the second quarter of 2019. The income tax benefit was primarily due to the decrease in pre-tax earnings compared to the linked quarter.
Loans and Credit Quality
Total loans as of June 30, 2020 were $3.0 billion, an increase of $81.6 million, or 2.8%, compared to March 31, 2020, and an increase of $112.5 million, or 3.9%, compared to June 30, 2019. Total commercial loan balances were $2.4 billion as of June 30, 2020, an increase of $98.8 million, or 4.3%, compared to March 31, 2020, and an increase of $203.5 million, or 9.3%, compared to June 30, 2019.
Pandemic Impact: The Company originated 449 SBA Paycheck Protection Plan (“PPP”) loans totaling $58.9 million in the second quarter, accounting for a significant portion of the quarterly growth. Pursuant to terms in the CARES Act and the PPP Flexibility Act, payments on these loans are currently deferred. PPP loans are fully guaranteed by the SBA.
Total consumer loan balances were $523.0 million as of June 30, 2020, a decrease of $16.2 million, or 3.0%, compared to March 31, 2020, and a decrease of $116.8 million, or 18.3%, compared to June 30, 2019. The decline in consumer loan balances from March 31, 2020 was due primarily to increased prepayment activity in the residential mortgage loan portfolio.
Total delinquencies 30 days or more past due decreased to 0.25% of total loans as of June 30, 2020, down from 0.32% as of March 31, 2020 and up slightly from 0.24% as of June 30, 2019. The decrease in delinquencies compared to the linked quarter was due primarily to a decline in delinquent residential mortgage loans. Overall credit quality remained relatively stable as nonperforming loans to total loans was 0.28% as of June 30, 2020, compared to 0.26% at March 31, 2020 and 0.19% as of June 30, 2019.
The allowance for loan losses as a percentage of total loans was 0.82% as of June 30, 2020, or 0.84% when excluding SBA PPP loans, compared to 0.79% as of March 31, 2020 and 0.70% as of June 30, 2019.
Pandemic Impact: During the quarter, the Company made additional adjustments to qualitative factors in its allowance model to reflect the continued economic uncertainty resulting from the COVID-19 pandemic. As a result, both the amount of the allowance for loan losses and the allowance as a percentage of total loans increased compared to March 31, 2020.
Net charge-offs of $0.9 million were recognized during the second quarter of 2020, resulting in net charge-offs to average loans of 0.12%, compared to 0.06% for the first quarter of 2020 and 0.04% for the second quarter of 2019. Compared to the prior quarter, the increase in net charge-offs was due primarily to a $0.7 million charge-off in the healthcare finance portfolio, partially offset by an increase in recoveries.
The provision for loan losses in the second quarter of 2020 was $2.5 million, compared to $1.5 million for the first quarter of 2020 and $1.4 million for the second quarter of 2019. The increase of $1.0 million, or 70.5%, compared to the linked quarter was due primarily to the adjustments to the qualitative factors in the allowance model discussed above and, to a lesser extent, the charge-off in the healthcare finance portfolio.
Capital
As of June 30, 2020, total shareholders’ equity was $307.7 million, an increase of $2.6 million, or 0.8%, compared to March 31, 2020, primarily due to the net income earned during the quarter, partially offset by an increase in accumulated other comprehensive loss. Book value per common share increased to $31.40 as of June 30, 2020, up from $31.13 as of March 31, 2020, and up from $29.56 as of June 30, 2019. Tangible book value per share at June 30, 2020 was $30.92, up from $30.65 and up from $29.10, each as of the same reference dates.
The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of June 30, 2020.
As of June 30, 2020 |
||||
Company |
Bank |
|||
Total shareholders' equity to assets |
7.12% |
7.85% |
||
Tangible common equity to tangible assets 1 |
7.01% |
7.75% |
||
Tier 1 leverage ratio 2 |
7.50% |
8.22% |
||
Common equity tier 1 capital ratio 2 |
10.97% |
12.05% |
||
Tier 1 capital ratio 2 |
10.97% |
12.05% |
||
Total risk-based capital ratio 2 |
14.16% |
12.88% |
||
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 12:00 p.m. Eastern Time on Thursday, July 23, 2020 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 348-3664. A recorded replay can be accessed through August 23, 2020 by dialing (877) 344-7529; passcode: 10145915.
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 $4.3 billion as of June 30, 2020. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The Bank provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally as well as commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services in select geographies. 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 the Bank, including its products and services, is available at www.firstib.com.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to the financial condition, results of operations, trends in lending policies, plans, objectives, future performance or business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “will,” “would” 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. The COVID-19 pandemic crisis is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects remains uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. 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 real estate, commercial and industrial, public finance, SBA and healthcare finance loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; fluctuations in interest rates; general economic conditions; 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 and return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE and allowance for loan losses to loans, excluding PPP 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 |
Six Months Ended |
|||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
||||||||||||||||
2020 |
2020 |
2019 |
2020 |
2019 |
||||||||||||||||
| Net income | $ |
3,932 |
$ |
6,019 |
$ |
6,121 |
$ |
9,951 |
$ |
11,817 |
||||||||||
| Per share and share information | ||||||||||||||||||||
| Earnings per share - basic | $ |
0.40 |
$ |
0.62 |
$ |
0.60 |
$ |
1.02 |
$ |
1.16 |
||||||||||
| Earnings per share - diluted | 0.40 |
0.62 |
0.60 |
1.02 |
1.16 |
|||||||||||||||
| Dividends declared per share | 0.06 |
0.06 |
0.06 |
0.12 |
0.12 |
|||||||||||||||
| Book value per common share | 31.40 |
31.13 |
29.56 |
31.40 |
29.56 |
|||||||||||||||
| Tangible book value per common share 1 | 30.92 |
30.65 |
29.10 |
30.92 |
29.10 |
|||||||||||||||
| Common shares outstanding | 9,799,047 |
9,801,825 |
10,016,458 |
9,799,047 |
10,016,458 |
|||||||||||||||
| Average common shares outstanding: | ||||||||||||||||||||
| Basic | 9,768,227 |
9,721,485 |
10,148,285 |
9,798,528 |
10,182,770 |
|||||||||||||||
| Diluted | 9,768,227 |
9,750,528 |
10,148,285 |
9,802,427 |
10,186,833 |
|||||||||||||||
| Performance ratios | ||||||||||||||||||||
| Return on average assets | 0.37 |
% |
0.59 |
% |
0.65 |
% |
0.47 |
% |
0.64 |
% |
||||||||||
| Return on average shareholders' equity | 5.15 |
% |
7.78 |
% |
8.26 |
% |
6.48 |
% |
8.09 |
% |
||||||||||
| Return on average tangible common equity 1 | 5.23 |
% |
7.90 |
% |
8.39 |
% |
6.58 |
% |
8.22 |
% |
||||||||||
| Net interest margin | 1.37 |
% |
1.50 |
% |
1.73 |
% |
1.43 |
% |
1.79 |
% |
||||||||||
| Net interest margin - FTE 1,2 | 1.50 |
% |
1.65 |
% |
1.91 |
% |
1.58 |
% |
1.97 |
% |
||||||||||
| Capital ratios 3 | ||||||||||||||||||||
| Total shareholders' equity to assets | 7.12 |
% |
7.32 |
% |
7.48 |
% |
7.12 |
% |
7.48 |
% |
||||||||||
| Tangible common equity to tangible assets 1 | 7.01 |
% |
7.22 |
% |
7.37 |
% |
7.01 |
% |
7.37 |
% |
||||||||||
| Tier 1 leverage ratio | 7.50 |
% |
7.82 |
% |
8.06 |
% |
7.50 |
% |
8.06 |
% |
||||||||||
| Common equity tier 1 capital ratio | 10.97 |
% |
10.78 |
% |
11.08 |
% |
10.97 |
% |
11.08 |
% |
||||||||||
| Tier 1 capital ratio | 10.97 |
% |
10.78 |
% |
11.08 |
% |
10.97 |
% |
11.08 |
% |
||||||||||
| Total risk-based capital ratio | 14.16 |
% |
13.90 |
% |
14.31 |
% |
14.16 |
% |
14.31 |
% |
||||||||||
| Asset quality | ||||||||||||||||||||
| Nonperforming loans | $ |
8,195 |
$ |
7,443 |
$ |
5,386 |
$ |
8,195 |
$ |
5,386 |
||||||||||
| Nonperforming assets | 10,304 |
9,622 |
8,041 |
10,304 |
8,041 |
|||||||||||||||
| Nonperforming loans to loans | 0.28 |
% |
0.26 |
% |
0.19 |
% |
0.28 |
% |
0.19 |
% |
||||||||||
| Nonperforming assets to total assets | 0.24 |
% |
0.23 |
% |
0.20 |
% |
0.24 |
% |
0.20 |
% |
||||||||||
| Allowance for loan losses to: | ||||||||||||||||||||
| Loans | 0.82 |
% |
0.79 |
% |
0.70 |
% |
0.82 |
% |
0.70 |
% |
||||||||||
| Loans, excluding PPP loans | 0.84 |
% |
0.79 |
% |
0.70 |
% |
0.84 |
% |
0.70 |
% |
||||||||||
| Nonperforming loans | 298.5 |
% |
307.1 |
% |
370.9 |
% |
298.5 |
% |
370.9 |
% |
||||||||||
| Net charge-offs to average loans | 0.12 |
% |
0.06 |
% |
0.04 |
% |
0.09 |
% |
0.04 |
% |
||||||||||
| Average balance sheet information | ||||||||||||||||||||
| Loans | $ |
2,943,165 |
$ |
2,931,108 |
$ |
2,889,478 |
$ |
2,937,136 |
$ |
2,825,178 |
||||||||||
| Total securities | 657,622 |
630,879 |
558,352 |
644,251 |
540,905 |
|||||||||||||||
| Other earning assets | 594,296 |
415,927 |
248,996 |
505,111 |
247,871 |
|||||||||||||||
| Total interest-earning assets | 4,241,690 |
4,024,800 |
3,723,424 |
4,133,245 |
3,634,630 |
|||||||||||||||
| Total assets | 4,330,174 |
4,099,932 |
3,805,021 |
4,215,053 |
3,716,755 |
|||||||||||||||
| Noninterest-bearing deposits | 73,758 |
60,456 |
42,566 |
67,107 |
42,558 |
|||||||||||||||
| Interest-bearing deposits | 3,270,720 |
3,089,045 |
2,879,007 |
3,179,882 |
2,804,257 |
|||||||||||||||
| Total deposits | 3,344,478 |
3,149,501 |
2,921,573 |
3,246,989 |
2,846,815 |
|||||||||||||||
| Shareholders' equity | 306,868 |
311,005 |
297,148 |
308,937 |
294,530 |
|||||||||||||||
| 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) | ||||||||||||
| Amounts in thousands | ||||||||||||
June 30, |
March 31, |
June 30, |
||||||||||
2020 |
2020 |
2019 |
||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ |
7,016 |
$ |
5,726 |
$ |
5,638 |
||||||
| Interest-bearing deposits | 491,603 |
345,542 |
342,660 |
|||||||||
| Securities available-for-sale, at fair value | 589,017 |
608,682 |
522,334 |
|||||||||
| Securities held-to-maturity, at amortized cost | 68,295 |
66,331 |
35,826 |
|||||||||
| Loans held-for-sale | 38,813 |
52,394 |
30,642 |
|||||||||
| Loans | 2,973,674 |
2,892,093 |
2,861,156 |
|||||||||
| Allowance for loan losses | (24,465 |
) |
(22,857 |
) |
(19,976 |
) |
||||||
| Net loans | 2,949,209 |
2,869,236 |
2,841,180 |
|||||||||
| Accrued interest receivable | 21,093 |
16,960 |
18,887 |
|||||||||
| Federal Home Loan Bank of Indianapolis stock | 25,650 |
25,650 |
25,650 |
|||||||||
| Cash surrender value of bank-owned life insurance | 37,474 |
37,238 |
36,527 |
|||||||||
| Premises and equipment, net | 23,939 |
18,883 |
14,405 |
|||||||||
| Goodwill | 4,687 |
4,687 |
4,687 |
|||||||||
| Servicing asset | 2,522 |
2,415 |
- |
|||||||||
| Other real estate owned | 2,065 |
2,065 |
2,619 |
|||||||||
| Accrued income and other assets | 63,217 |
112,337 |
77,774 |
|||||||||
| Total assets | $ |
4,324,600 |
$ |
4,168,146 |
$ |
3,958,829 |
||||||
| Liabilities | ||||||||||||
| Noninterest-bearing deposits | $ |
82,864 |
$ |
70,562 |
$ |
44,040 |
||||||
| Interest-bearing deposits | 3,297,925 |
3,107,944 |
2,962,223 |
|||||||||
| Total deposits | 3,380,789 |
3,178,506 |
3,006,263 |
|||||||||
| Advances from Federal Home Loan Bank | 514,913 |
514,911 |
514,906 |
|||||||||
| Subordinated debt | 69,681 |
69,605 |
69,375 |
|||||||||
| Accrued interest payable | 1,073 |
3,293 |
2,930 |
|||||||||
| Accrued expenses and other liabilities | 50,433 |
96,704 |
69,235 |
|||||||||
| Total liabilities | 4,016,889 |
3,863,019 |
3,662,709 |
|||||||||
| Shareholders' equity | ||||||||||||
| Voting common stock | 220,418 |
219,893 |
224,244 |
|||||||||
| Retained earnings | 108,431 |
105,100 |
87,454 |
|||||||||
| Accumulated other comprehensive loss | (21,138 |
) |
(19,866 |
) |
(15,578 |
) |
||||||
| Total shareholders' equity | 307,711 |
305,127 |
296,120 |
|||||||||
| Total liabilities and shareholders' equity | $ |
4,324,600 |
$ |
4,168,146 |
$ |
3,958,829 |
||||||
| First Internet Bancorp | ||||||||||||||||||||
| Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
| Amounts in thousands, except per share data | ||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
||||||||||||||||
2020 |
2020 |
2019 |
2020 |
2019 |
||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans | $ |
29,730 |
$ |
30,408 |
$ |
30,842 |
$ |
60,138 |
$ |
60,060 |
||||||||||
| Securities - taxable | 3,276 |
3,619 |
3,540 |
6,895 |
6,864 |
|||||||||||||||
| Securities - non-taxable | 457 |
572 |
668 |
1,029 |
1,352 |
|||||||||||||||
| Other earning assets | 759 |
1,645 |
1,794 |
2,404 |
3,567 |
|||||||||||||||
| Total interest income | 34,222 |
36,244 |
36,844 |
70,466 |
71,843 |
|||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 15,763 |
17,208 |
17,147 |
32,971 |
32,533 |
|||||||||||||||
| Other borrowed funds | 4,033 |
4,018 |
3,592 |
8,051 |
6,961 |
|||||||||||||||
| Total interest expense | 19,796 |
21,226 |
20,739 |
41,022 |
39,494 |
|||||||||||||||
| Net interest income | 14,426 |
15,018 |
16,105 |
29,444 |
32,349 |
|||||||||||||||
| Provision for loan losses | 2,491 |
1,461 |
1,389 |
3,952 |
2,674 |
|||||||||||||||
| Net interest income after provision for loan losses | 11,935 |
13,557 |
14,716 |
25,492 |
29,675 |
|||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges and fees | 182 |
212 |
225 |
394 |
461 |
|||||||||||||||
| Loan servicing revenue | 255 |
251 |
- |
506 |
- |
|||||||||||||||
| Loan servicing asset revaluation | (90 |
) |
(179 |
) |
- |
(269 |
) |
- |
||||||||||||
| Mortgage banking activities | 3,408 |
3,668 |
2,664 |
7,076 |
4,281 |
|||||||||||||||
| Gain (loss) on sale of loans | 762 |
1,801 |
(66 |
) |
2,563 |
(170 |
) |
|||||||||||||
| Gain (loss) on sale of securities | - |
41 |
(458 |
) |
41 |
(458 |
) |
|||||||||||||
| Other | 456 |
417 |
1,089 |
873 |
1,712 |
|||||||||||||||
| Total noninterest income | 4,973 |
6,211 |
3,454 |
11,184 |
5,826 |
|||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 7,789 |
7,774 |
6,642 |
15,563 |
12,963 |
|||||||||||||||
| Marketing, advertising and promotion | 411 |
375 |
466 |
786 |
935 |
|||||||||||||||
| Consulting and professional fees | 932 |
1,177 |
835 |
2,109 |
1,649 |
|||||||||||||||
| Data processing | 339 |
375 |
328 |
714 |
645 |
|||||||||||||||
| Loan expenses | 399 |
599 |
292 |
998 |
606 |
|||||||||||||||
| Premises and equipment | 1,602 |
1,625 |
1,497 |
3,227 |
2,997 |
|||||||||||||||
| Deposit insurance premium | 435 |
485 |
747 |
920 |
1,302 |
|||||||||||||||
| Other | 1,337 |
1,076 |
902 |
2,413 |
1,721 |
|||||||||||||||
| Total noninterest expense | 13,244 |
13,486 |
11,709 |
26,730 |
22,818 |
|||||||||||||||
| Income before income taxes | 3,664 |
6,282 |
6,461 |
9,946 |
12,683 |
|||||||||||||||
| Income tax (benefit) provision | (268 |
) |
263 |
340 |
(5 |
) |
866 |
|||||||||||||
| Net income | $ |
3,932 |
$ |
6,019 |
$ |
6,121 |
$ |
9,951 |
$ |
11,817 |
||||||||||
| Per common share data | ||||||||||||||||||||
| Earnings per share - basic | $ |
0.40 |
$ |
0.62 |
$ |
0.60 |
$ |
1.02 |
$ |
1.16 |
||||||||||
| Earnings per share - diluted | $ |
0.40 |
$ |
0.62 |
$ |
0.60 |
$ |
1.02 |
$ |
1.16 |
||||||||||
| Dividends declared per share | $ |
0.06 |
$ |
0.06 |
$ |
0.06 |
$ |
0.12 |
$ |
0.12 |
||||||||||
| 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 | ||||||||||||||||||||||||||||||
June 30, 2020 |
March 31, 2020 |
June 30, 2019 |
||||||||||||||||||||||||||||
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 | $ |
2,989,772 |
$ |
29,730 |
4.00 |
% |
$ |
2,977,994 |
$ |
30,408 |
4.11 |
% |
$ |
2,916,076 |
$ |
30,842 |
4.24 |
% |
||||||||||||
| Securities - taxable | 560,947 |
3,276 |
2.35 |
% |
531,046 |
3,619 |
2.74 |
% |
460,816 |
$ |
3,540 |
3.08 |
% |
|||||||||||||||||
| Securities - non-taxable | 96,675 |
457 |
1.90 |
% |
99,833 |
572 |
2.30 |
% |
97,536 |
$ |
668 |
2.75 |
% |
|||||||||||||||||
| Other earning assets | 594,296 |
759 |
0.51 |
% |
415,927 |
1,645 |
1.59 |
% |
248,996 |
$ |
1,794 |
2.89 |
% |
|||||||||||||||||
| Total interest-earning assets | 4,241,690 |
34,222 |
3.24 |
% |
4,024,800 |
36,244 |
3.62 |
% |
3,723,424 |
36,844 |
3.97 |
% |
||||||||||||||||||
| Allowance for loan losses | (23,388 |
) |
(22,059 |
) |
(19,275 |
) |
||||||||||||||||||||||||
| Noninterest-earning assets | 111,872 |
97,191 |
100,872 |
|||||||||||||||||||||||||||
| Total assets | $ |
4,330,174 |
$ |
4,099,932 |
$ |
3,805,021 |
||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ |
137,487 |
$ |
237 |
0.69 |
% |
$ |
122,925 |
$ |
219 |
0.72 |
% |
$ |
117,665 |
$ |
214 |
0.73 |
% |
||||||||||||
| Savings accounts | 37,204 |
92 |
0.99 |
% |
30,345 |
78 |
1.03 |
% |
37,507 |
106 |
1.13 |
% |
||||||||||||||||||
| Money market accounts | 1,089,063 |
3,541 |
1.31 |
% |
866,605 |
3,743 |
1.74 |
% |
592,106 |
2,995 |
2.03 |
% |
||||||||||||||||||
| Certificates and brokered deposits | 2,006,966 |
11,893 |
2.38 |
% |
2,069,170 |
13,168 |
2.56 |
% |
2,131,729 |
13,832 |
2.60 |
% |
||||||||||||||||||
| Total interest-bearing deposits | 3,270,720 |
15,763 |
1.94 |
% |
3,089,045 |
17,208 |
2.24 |
% |
2,879,007 |
17,147 |
2.39 |
% |
||||||||||||||||||
| Other borrowed funds | 584,543 |
4,033 |
2.77 |
% |
584,465 |
4,018 |
2.76 |
% |
548,932 |
3,592 |
2.62 |
% |
||||||||||||||||||
| Total interest-bearing liabilities | 3,855,263 |
19,796 |
2.07 |
% |
3,673,510 |
21,226 |
2.32 |
% |
3,427,939 |
20,739 |
2.43 |
% |
||||||||||||||||||
| Noninterest-bearing deposits | 73,758 |
60,456 |
42,566 |
|||||||||||||||||||||||||||
| Other noninterest-bearing liabilities | 94,285 |
54,961 |
37,368 |
|||||||||||||||||||||||||||
| Total liabilities | 4,023,306 |
3,788,927 |
3,507,873 |
|||||||||||||||||||||||||||
| Shareholders' equity | 306,868 |
311,005 |
297,148 |
|||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
4,330,174 |
$ |
4,099,932 |
$ |
3,805,021 |
||||||||||||||||||||||||
| Net interest income | $ |
14,426 |
$ |
15,018 |
$ |
16,105 |
||||||||||||||||||||||||
| Interest rate spread | 1.17 |
% |
1.30 |
% |
1.54 |
% |
||||||||||||||||||||||||
| Net interest margin | 1.37 |
% |
1.50 |
% |
1.73 |
% |
||||||||||||||||||||||||
| Net interest margin - FTE 2,3 | 1.50 |
% |
1.65 |
% |
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 |
| First Internet Bancorp | ||||||||||||||||||||
| Average Balances and Rates (unaudited) | ||||||||||||||||||||
| Dollar amounts in thousands | ||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||
| June 30, 2020 | June 30, 2019 | |||||||||||||||||||
| Average | Interest / | Yield / | Average | Interest / | Yield / | |||||||||||||||
| Balance | Dividends | Cost | Balance | Dividends | Cost | |||||||||||||||
| Assets | ||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||
| Loans, including loans held-for-sale 1 | $ |
2,983,883 |
$ |
60,138 |
4.05 |
% |
$ |
2,845,854 |
$ |
60,060 |
4.26 |
% |
||||||||
| Securities - taxable | 545,997 |
6,895 |
2.54 |
% |
445,006 |
6,864 |
3.11 |
% |
||||||||||||
| Securities - non-taxable | 98,254 |
1,029 |
2.11 |
% |
95,899 |
1,352 |
2.84 |
% |
||||||||||||
| Other earning assets | 505,111 |
2,404 |
0.96 |
% |
247,871 |
3,567 |
2.90 |
% |
||||||||||||
| Total interest-earning assets | 4,133,245 |
70,466 |
3.43 |
% |
3,634,630 |
71,843 |
3.99 |
% |
||||||||||||
| Allowance for loan losses | (22,724 |
) |
(18,755 |
) |
||||||||||||||||
| Noninterest-earning assets | 104,532 |
100,880 |
||||||||||||||||||
| Total assets | $ |
4,215,053 |
$ |
3,716,755 |
||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||
| Interest-bearing demand deposits | $ |
130,206 |
$ |
456 |
0.70 |
% |
$ |
113,582 |
$ |
427 |
0.76 |
% |
||||||||
| Savings accounts | 33,774 |
170 |
1.01 |
% |
38,177 |
213 |
1.13 |
% |
||||||||||||
| Money market accounts | 977,834 |
7,284 |
1.50 |
% |
577,686 |
5,747 |
2.01 |
% |
||||||||||||
| Certificates and brokered deposits | 2,038,068 |
25,061 |
2.47 |
% |
2,074,812 |
26,146 |
2.54 |
% |
||||||||||||
| Total interest-bearing deposits | 3,179,882 |
32,971 |
2.09 |
% |
2,804,257 |
32,533 |
2.34 |
% |
||||||||||||
| Other borrowed funds | 584,504 |
8,051 |
2.77 |
% |
544,841 |
6,961 |
2.58 |
% |
||||||||||||
| Total interest-bearing liabilities | 3,764,386 |
41,022 |
2.19 |
% |
3,349,098 |
39,494 |
2.38 |
% |
||||||||||||
| Noninterest-bearing deposits | 67,107 |
42,558 |
||||||||||||||||||
| Other noninterest-bearing liabilities | 74,623 |
30,569 |
||||||||||||||||||
| Total liabilities | 3,906,116 |
3,422,225 |
||||||||||||||||||
| Shareholders' equity | 308,937 |
294,530 |
||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
4,215,053 |
$ |
3,716,755 |
||||||||||||||||
| Net interest income | $ |
29,444 |
$ |
32,349 |
||||||||||||||||
| Interest rate spread | 1.24 |
% |
1.61 |
% |
||||||||||||||||
| Net interest margin | 1.43 |
% |
1.79 |
% |
||||||||||||||||
| Net interest margin - FTE 2,3 | 1.58 |
% |
1.97 |
% |
||||||||||||||||
| 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 | ||||||||||||||||||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||
| Commercial loans | ||||||||||||||||||
| Commercial and industrial | $ |
81,687 |
2.7 |
% |
$ |
95,227 |
3.3 |
% |
$ |
106,517 |
3.7 |
% |
||||||
| Owner-occupied commercial real estate | 86,897 |
2.9 |
% |
87,956 |
3.0 |
% |
82,148 |
2.8 |
% |
|||||||||
| Investor commercial real estate | 13,286 |
0.4 |
% |
13,421 |
0.5 |
% |
21,179 |
0.7 |
% |
|||||||||
| Construction | 77,591 |
2.6 |
% |
64,581 |
2.2 |
% |
47,849 |
1.7 |
% |
|||||||||
| Single tenant lease financing | 980,292 |
33.0 |
% |
972,275 |
33.6 |
% |
1,001,196 |
35.1 |
% |
|||||||||
| Public finance | 647,107 |
21.8 |
% |
627,678 |
21.7 |
% |
706,161 |
24.7 |
% |
|||||||||
| Healthcare finance | 380,956 |
12.8 |
% |
372,266 |
12.9 |
% |
212,351 |
7.4 |
% |
|||||||||
| Small business lending | 118,526 |
4.0 |
% |
54,056 |
1.9 |
% |
5,457 |
0.2 |
% |
|||||||||
| Total commercial loans | 2,386,342 |
80.2 |
% |
2,287,460 |
79.1 |
% |
2,182,858 |
76.3 |
% |
|||||||||
| Consumer loans | ||||||||||||||||||
| Residential mortgage | 208,728 |
7.0 |
% |
218,730 |
7.6 |
% |
318,678 |
11.1 |
% |
|||||||||
| Home equity | 22,640 |
0.8 |
% |
23,855 |
0.8 |
% |
26,825 |
0.9 |
% |
|||||||||
| Trailers | 147,326 |
5.0 |
% |
148,700 |
5.1 |
% |
144,704 |
5.1 |
% |
|||||||||
| Recreational vehicles | 102,088 |
3.4 |
% |
103,868 |
3.6 |
% |
100,518 |
3.6 |
% |
|||||||||
| Other consumer loans | 42,218 |
1.4 |
% |
44,037 |
1.5 |
% |
49,029 |
1.7 |
% |
|||||||||
| Total consumer loans | 523,000 |
17.6 |
% |
539,190 |
18.6 |
% |
639,754 |
22.4 |
% |
|||||||||
| Net deferred loan fees, premiums, discounts and other 1 | 64,332 |
2.2 |
% |
65,443 |
2.3 |
% |
38,544 |
1.3 |
% |
|||||||||
| Total loans | $ |
2,973,674 |
100.0 |
% |
$ |
2,892,093 |
100.0 |
% |
$ |
2,861,156 |
100.0 |
% |
||||||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||
| Deposits | ||||||||||||||||||
| Noninterest-bearing deposits | $ |
82,864 |
2.5 |
% |
$ |
70,562 |
2.2 |
% |
$ |
44,040 |
1.5 |
% |
||||||
| Interest-bearing demand deposits | 152,391 |
4.5 |
% |
123,233 |
3.9 |
% |
126,669 |
4.2 |
% |
|||||||||
| Savings accounts | 43,366 |
1.3 |
% |
32,485 |
1.0 |
% |
31,445 |
1.0 |
% |
|||||||||
| Money market accounts | 1,241,874 |
36.7 |
% |
930,698 |
29.3 |
% |
607,849 |
20.3 |
% |
|||||||||
| Certificates of deposits | 1,470,905 |
43.5 |
% |
1,493,644 |
47.0 |
% |
1,629,886 |
54.2 |
% |
|||||||||
| Brokered deposits | 389,389 |
11.5 |
% |
527,884 |
16.6 |
% |
566,374 |
18.8 |
% |
|||||||||
| Total deposits | $ |
3,380,789 |
100.0 |
% |
$ |
3,178,506 |
100.0 |
% |
$ |
3,006,263 |
100.0 |
% |
||||||
| 1 Includes carrying value adjustments of $46.0 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2020, and $44.6 million and $22.2 million as of March 31, 2020 and June 30, 2019, respectively, related to interest rate swaps associated with public finance loans. |
| First Internet Bancorp | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| Dollar amounts in thousands, except per share data | ||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
||||||||||||||||
2020 |
2020 |
2019 |
2020 |
2019 |
||||||||||||||||
| Total equity - GAAP | $ |
307,711 |
$ |
305,127 |
$ |
296,120 |
$ |
307,711 |
$ |
296,120 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| Goodwill | (4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
||||||||||
| Tangible common equity | $ |
303,024 |
$ |
300,440 |
$ |
291,433 |
$ |
303,024 |
$ |
291,433 |
||||||||||
| Total assets - GAAP | $ |
4,324,600 |
$ |
4,168,146 |
$ |
3,958,829 |
$ |
4,324,600 |
$ |
3,958,829 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| Goodwill | (4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
||||||||||
| Tangible assets | $ |
4,319,913 |
$ |
4,163,459 |
$ |
3,954,142 |
$ |
4,319,913 |
$ |
3,954,142 |
||||||||||
| Common shares outstanding | 9,799,047 |
9,801,825 |
10,016,458 |
9,799,047 |
10,016,458 |
|||||||||||||||
| Book value per common share | $ |
31.40 |
$ |
31.13 |
$ |
29.56 |
$ |
31.40 |
$ |
29.56 |
||||||||||
| Effect of goodwill | (0.48 |
) |
(0.48 |
) |
(0.46 |
) |
(0.48 |
) |
(0.46 |
) |
||||||||||
| Tangible book value per common share | $ |
30.92 |
$ |
30.65 |
$ |
29.10 |
$ |
30.92 |
$ |
29.10 |
||||||||||
| Total shareholders' equity to assets | 7.12 |
% |
7.32 |
% |
7.48 |
% |
7.12 |
% |
7.48 |
% |
||||||||||
| Effect of goodwill | (0.11 |
%) |
(0.10 |
%) |
(0.11 |
%) |
(0.11 |
%) |
(0.11 |
%) |
||||||||||
| Tangible common equity to tangible assets | 7.01 |
% |
7.22 |
% |
7.37 |
% |
7.01 |
% |
7.37 |
% |
||||||||||
| Total average equity - GAAP | $ |
306,868 |
$ |
311,005 |
$ |
297,148 |
$ |
308,937 |
$ |
294,530 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| Average goodwill | (4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
(4,687 |
) |
||||||||||
| Average tangible common equity | $ |
302,181 |
$ |
306,318 |
$ |
292,461 |
$ |
304,250 |
$ |
289,843 |
||||||||||
| Return on average shareholders' equity | 5.15 |
% |
7.78 |
% |
8.26 |
% |
6.48 |
% |
8.09 |
% |
||||||||||
| Effect of goodwill | 0.08 |
% |
0.12 |
% |
0.13 |
% |
0.10 |
% |
0.13 |
% |
||||||||||
| Return on average tangible common equity | 5.23 |
% |
7.90 |
% |
8.39 |
% |
6.58 |
% |
8.22 |
% |
||||||||||
| Total interest income | $ |
34,222 |
$ |
36,244 |
$ |
36,844 |
$ |
70,466 |
$ |
71,843 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| Fully-taxable equivalent adjustments 1 | 1,437 |
1,535 |
1,612 |
2,972 |
3,169 |
|||||||||||||||
| Total interest income - FTE | $ |
35,659 |
$ |
37,779 |
$ |
38,456 |
$ |
73,438 |
$ |
75,012 |
||||||||||
| Net interest income | $ |
14,426 |
$ |
15,018 |
$ |
16,105 |
$ |
29,444 |
$ |
32,349 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| Fully-taxable equivalent adjustments 1 | 1,437 |
1,535 |
1,612 |
2,972 |
3,169 |
|||||||||||||||
| Net interest income - FTE | $ |
15,863 |
$ |
16,553 |
$ |
17,717 |
$ |
32,416 |
$ |
35,518 |
||||||||||
| Net interest margin | 1.37 |
% |
1.50 |
% |
1.73 |
% |
1.43 |
% |
1.79 |
% |
||||||||||
| Effect of fully-taxable equivalent adjustments 1 | 0.13 |
% |
0.15 |
% |
0.18 |
% |
0.15 |
% |
0.18 |
% |
||||||||||
| Net interest margin - FTE | 1.50 |
% |
1.65 |
% |
1.91 |
% |
1.58 |
% |
1.97 |
% |
||||||||||
| Allowance for loan losses | $ |
24,465 |
$ |
22,857 |
$ |
19,976 |
$ |
24,465 |
$ |
19,976 |
||||||||||
| Loans | $ |
2,973,674 |
$ |
2,892,093 |
$ |
2,861,156 |
$ |
2,973,674 |
$ |
2,861,156 |
||||||||||
| Adjustments: | ||||||||||||||||||||
| PPP loans | (58,948 |
) |
- |
- |
(58,948 |
) |
- |
|||||||||||||
| Loans, excluding PPP loans | $ |
2,914,726 |
$ |
2,892,093 |
$ |
2,861,156 |
$ |
2,914,726 |
$ |
2,861,156 |
||||||||||
| Allowance for loan losses to loans | 0.82 |
% |
0.79 |
% |
0.70 |
% |
0.82 |
% |
0.70 |
% |
||||||||||
| Effect of PPP loans | 0.02 |
% |
0.00 |
% |
0.00 |
% |
0.02 |
% |
0.00 |
% |
||||||||||
| Allowance for loan losses to loans, excluding PPP loans | 0.84 |
% |
0.79 |
% |
0.70 |
% |
0.84 |
% |
0.70 |
% |
||||||||||
| 1 Assuming a 21% tax rate |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200722005918/en/
Investors/Analysts Paula Deemer Director of Corporate Administration (317) 428-4628 investors@firstib.com
Media Nicole Lorch Executive Vice President & Chief Operating Officer (317) 532-7906 nlorch@firstib.com
Source: First Internet Bancorp