Market Overview

First Internet Bancorp Reports Earnings Up 18% Year-over-Year, 7% over Prior Quarter

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FISHERS, Ind.--(BUSINESS WIRE)--

First Internet Bancorp (the "Company") (NASDAQ: INBK), the parent company of First Internet Bank (www.firstib.com), announced today financial and operational results for the first quarter 2016.

David Becker, Chairman, President and Chief Executive Officer, commented, "Our teams continued to execute our growth strategy, with both loans and deposits surpassing the billion dollar mark. With strong contributions from our lending groups, we increased our loan portfolio 9.1% during the first quarter.

"As a result of our growth initiative, net interest income rose 34.9% over the first quarter 2015 and 6.7% over the linked quarter. I am proud of the effort our teams put forth to deliver another quarter of record net income."

First quarter net income was a record $2.4 million and diluted earnings per share were $0.53. This compares with fourth quarter 2015 net income of $2.3 million and diluted earnings per share of $0.50 and first quarter 2015 net income of $2.1 million and diluted earnings per share of $0.46.

Highlights for the first quarter 2016 included:

  • Diluted earnings per share of $0.53, increasing $0.03, or 6.0%, compared to the linked quarter and increasing $0.07, or 15.2%, compared to the first quarter 2015
  • Solid quarterly performance
    • Return on average assets of 0.72%
    • Return on average shareholders' equity of 9.20%
    • Return on average tangible common equity of 9.63%
  • Total loan growth of $86.8 million, or 9.1%, compared to December 31, 2015 and $273.0 million, or 35.6%, compared to March 31, 2015
  • Continued growth in net interest income, increasing $0.6 million, or 6.7%, compared to the linked quarter and $2.4 million, or 34.9%, compared to the first quarter 2015
  • Net interest margin of 2.78% compared to 2.85% for the linked quarter and 2.84% for the first quarter 2015
  • Capital levels continue to support loan and balance sheet growth
    • Tangible common equity to tangible assets of 6.77%
    • Tier 1 leverage ratio of 7.65%
    • Common equity tier 1 capital ratio of 9.38%
    • Tier 1 capital ratio of 9.38%
    • Total risk-based capital ratio of 11.38%
  • Strong asset quality
    • Nonperforming loans to total loans receivable totaled 0.04% as of March 31, 2016
    • Nonperforming assets to total assets totaled 0.32% as of March 31, 2016

Net Interest Income and Net Interest Margin

Net interest income for the first quarter was $9.1 million compared to $8.6 million for the fourth quarter 2015 and $6.8 million for the first quarter 2015. Total interest income for the first quarter was $12.7 million, increasing $1.1 million, or 9.5%, compared to the fourth quarter 2015 and $3.5 million, or 38.2%, compared to the first quarter 2015. The increase in total interest income compared to the linked quarter was driven by a $79.4 million, or 8.7%, increase in average loans receivable and a $17.2 million, or 8.3%, increase in average investment balances. Additionally, during the first quarter, the yield earned on the loan portfolio increased 7 bps to 4.43% from 4.36% for the fourth quarter 2015 and the yield earned on the investment portfolio increased 8 bps to 2.38% from 2.30% for the fourth quarter 2015.

Total interest expense for the first quarter was $3.6 million, increasing $0.5 million, or 17.4%, compared to the fourth quarter 2015 and $1.1 million, or 47.2%, compared to the first quarter 2015. Average interest-bearing deposit balances increased $117.1 million, or 12.8%, compared to the linked quarter with the related cost of funds increasing 8 bps from 1.04% in the fourth quarter 2015 to 1.12% in the first quarter. The average interest-bearing deposit balance growth was driven primarily by an increase in average certificates of deposit balances of $109.0 million, or 24.0%, compared to the linked quarter. During the first quarter, the Company produced over $255 million of new CD balances, which significantly enhanced liquidity and asset/liability management. Most of the new CDs were in longer duration products as the weighted average term of the new production was approximately 38 months. As a result, the cost of funds related to CDs increased 10 bps during the quarter to 1.43% from 1.33% for the fourth quarter 2015.

Net interest margin was 2.78% for the first quarter compared to 2.85% for the fourth quarter 2015 and 2.84% for the first quarter 2015. As deposit inflows outpaced loan growth and investment purchases during the quarter, the Company carried excess cash balances which were estimated to negatively impact net interest margin by 7 bps.

Noninterest Income

Noninterest income for the first quarter was $2.5 million compared to $2.1 million for the fourth quarter 2015 and $3.1 million for the first quarter 2015. The increase of $0.4 million, or 18.5%, compared to the linked quarter was driven by an increase of $0.4 million, or 24.9%, in mortgage banking revenue resulting from higher origination volumes.

Noninterest Expense

Noninterest expense for the first quarter was $7.0 million compared to $6.5 million for the fourth quarter 2015 and $6.3 million for the first quarter 2015. The increase of $0.5 million, or 7.9%, compared to the linked quarter was due primarily to higher salaries and employee benefits expenses resulting from increased staffing, including seasoned operations, credit and lending personnel to assist in managing the Company's strong balance sheet growth, and seasonal resets on payroll taxes, employee benefits and other compensation plans.

Income Taxes

Income tax expense was $1.3 million for the first quarter, resulting in an effective tax rate of 34.8%, compared to $1.2 million and an effective tax rate of 34.4% for the linked quarter and $1.2 million and an effective tax rate of 36.0% for the first quarter 2015.

Loans and Credit Quality

Total loans as of March 31, 2016 were $1.0 billion, increasing $86.8 million, or 9.1%, compared to December 31, 2015 and $273.0 million, or 35.6%, compared to March 31, 2015. Total commercial loan balances were $666.3 million as of March 31, 2016, increasing $83.4 million, or 14.3%, compared to December 31, 2015 and $271.4 million, or 68.7%, compared to March 31, 2015. Continued strong production in single tenant lease financing balances contributed significantly to the growth as balances increased $71.2 million, or 19.0%, compared to December 31, 2015 and $218.3 million, or 96.1%, compared to March 31, 2015. Commercial and industrial and owner-occupied commercial real estate production was solid as balances increased $7.0 million on a combined basis, or 4.8%, compared to December 31, 2015 and $31.1 million, or 25.4%, compared to March 31, 2015. Construction loan originations also continued to grow during the first quarter as balances increased $6.7 million, or 14.6%, compared to December 31, 2015 and $25.7 million, or 95.9%, compared to March 31, 2015.

Total consumer loan balances were $370.0 million as of March 31, 2016, increasing $3.8 million, or 1.0%, compared to December 31, 2015 and $2.0 million, or 0.5%, compared to March 31, 2015. During the first quarter, the Company began financing home improvement loans which drove the $7.9 million increase in other consumer loans. The borrower characteristics in the home improvement channel are similar to the high-FICO borrowers in the Company's recreation vehicle and trailer portfolios. Additionally, recreational vehicle balances increased $2.6 million, or 6.8%, and trailer balances increased $2.5 million, or 3.7%, during the first quarter. Partially offsetting this growth were declines of $5.9 million, or 2.8%, in residential mortgages and $3.3 million, or 7.6%, in home equity loans.

Credit quality continued to remain strong as nonperforming loans to total loans receivable were 0.04% as of March 31, 2016, increasing 2 bps from the prior quarter and 1 bp from March 31, 2015. Nonperforming assets to total assets declined to 0.32% as of March 31, 2016 from 0.37% as of December 31, 2015 and 0.47% as of March 31, 2015. The allowance for loan losses was $9.2 million as of March 31, 2016 compared to $8.4 million as of December 31, 2015 and $6.4 million as of March 31, 2015. The allowance as a percentage of total nonperforming loans was 2,512.3% as of March 31, 2016 compared to 5,000.6% as of December 31, 2015 and 2,592.7% as of March 31, 2015. The allowance as a percentage of total loans receivable was 0.89% as of March 31, 2016 compared to 0.88% as of December 31, 2015 and 0.83% as of March 31, 2015.

Net charge-offs of $0.1 million were recognized during the first quarter, resulting in net charge-offs to average loans of 0.03%, which was consistent with the prior quarter and compared to net recoveries of 0.07% for the first quarter 2015. The provision for loan losses in the first quarter was $0.9 million compared to $0.7 million for the fourth quarter 2015 and $0.4 million for the first quarter 2015. The increase of $0.2 million, or 26.8%, compared to the linked quarter was primarily due to the continued strong commercial loan growth experienced in the first quarter.

Capital

During the first quarter, total shareholders' equity increased $3.5 million, due primarily to net income earned during the quarter and by the change in the unrealized gain/loss related to the investment portfolio, partially offset by declared dividends. As of March 31, 2016, the Company's tier 1 leverage, common equity tier 1, tier 1 and total risk-based capital ratios were 7.65%, 9.38%, 9.38% and 11.38% compared to 8.28%, 10.11%, 10.11% and 12.25% as of December 31, 2015, respectively. The decline in the tier 1 leverage ratio was due to an increase in average assets driven primarily by deposit growth during the quarter. The declines in the common equity tier 1, tier 1 and total risk-based capital ratios were due to an increase in risk-weighted assets resulting primarily from commercial loan growth for the quarter. Tangible common equity to tangible assets declined 111 bps during the first quarter to 6.77% due primarily to strong balance sheet growth. Tangible book value per share increased to $22.93 as of March 31, 2016 from $22.24 as of December 31, 2015 and $21.11 as of March, 2015.

About First Internet Bancorp

First Internet Bancorp is the parent company of First Internet Bank, which opened for business in 1999 as the nation's first state-chartered, FDIC-insured institution to operate solely via the Internet. With customers in all 50 states, First Internet Bank offers consumers services including checking, savings, money market, certificates of deposit and IRA accounts as well as consumer loans, residential mortgages, residential construction loans and home equity products. For commercial clients, it provides commercial real estate loans, commercial and industrial loans and treasury management services. First Internet Bank has been recognized as one of the "Best Banks to Work For" by American Banker Magazine, a "Best Place to Work in Indiana" by a consortium of statewide resources, and a "Top Workplace" by The Indianapolis Star. 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.

Safe Harbor Statement

This press release may contain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance or business of the Company. Forward-looking statements are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" 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. Factors that may cause such differences include: failures 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 and commercial and industrial 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, return on average tangible common equity and tangible common equity to tangible assets are used by the Company's management to measure the strength of its capital and its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures provide 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)
Amounts in thousands, except per share data
         
Three Months Ended
 
March 31, December 31, March 31,
2016 2015 2015
 
Net income $ 2,432 $ 2,278 $ 2,063
 
Per share and share information
Earnings per share - basic $ 0.54 $ 0.50 $ 0.46
Earnings per share - diluted 0.53 0.50 0.46
Dividends declared per share 0.06 0.06 0.06
Book value per common share 23.98 23.28 22.16
Tangible book value per common share 22.93 22.24 21.11
Common shares outstanding 4,497,284 4,481,347 4,484,513
Average common shares outstanding:
Basic 4,541,728 4,534,910 4,516,776
Diluted 4,575,555 4,580,353 4,523,246
Performance ratios
Return on average assets 0.72 % 0.74 % 0.84 %
Return on average shareholders' equity 9.20 % 8.73 % 8.55 %
Return on average tangible common equity 9.63 % 9.14 % 8.98 %
Net interest margin 2.78 % 2.85 % 2.84 %
Capital ratios 1
Tangible common equity to tangible assets 6.77

%

7.88 % 9.18 %
Tier 1 leverage ratio 7.65 % 8.28 % 9.52 %
Common equity tier 1 capital ratio

9.38

%

10.11 % 11.99 %
Tier 1 capital ratio

9.38

%

10.11 % 11.99 %
Total risk-based capital ratio

11.38

%

12.25 % 13.18 %
Asset quality
Nonperforming loans $ 367 $ 167 $ 246
Nonperforming assets 4,930 4,740 4,818
Nonperforming loans to loans receivable 0.04 % 0.02 % 0.03 %
Nonperforming assets to total assets 0.32 % 0.37 % 0.47 %
Allowance for loan losses to:
Loans receivable 0.89 % 0.88 % 0.83 %
Nonperforming loans 2,512.3 % 5,000.6 % 2,592.7 %

Net charge-offs (recoveries) to average loans receivable

0.03 % 0.03 % (0.07 %)
Average balance sheet information
Loans receivable $ 991,614 $ 912,233 $ 745,454
Securities available-for-sale 225,077 207,848 145,241
Other earning assets 78,291 41,274 41,643
Total interest-earning assets 1,323,536 1,191,923 967,186
Total assets 1,352,832 1,221,517 995,851
Noninterest-bearing deposits 22,899 25,198 22,265
Interest-bearing deposits 1,033,144 916,006 761,917
Total deposits 1,056,043 941,204 784,182
Shareholders' equity 106,278 103,583 97,844
1 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, 2015)
Amounts in thousands
         
 
March 31, December 31, March 31,
2016 2015 2015
 
Assets
Cash and due from banks $ 2,411 $ 1,063 $ 1,472
Interest-bearing demand deposits 98,533 24,089 38,100
Interest-bearing time deposits 1,000 1,000 2,000
Securities available-for-sale, at fair value 315,311 213,698 163,676
Loans held-for-sale 29,491 36,518 27,584
Loans receivable 1,040,683 953,859 767,682
Allowance for loan losses   (9,220 )   (8,351 )   (6,378 )
Net loans receivable 1,031,463 945,508 761,304
Accrued interest receivable 4,528 4,105 3,040
Federal Home Loan Bank of Indianapolis stock 8,595 8,595 5,350
Cash surrender value of bank-owned life insurance 12,826 12,727 12,423
Premises and equipment, net 8,485 8,521 7,040
Goodwill 4,687 4,687 4,687
Other real estate owned 4,488 4,488 4,488
Accrued income and other assets   5,901     4,871     4,513  
Total assets $ 1,527,719   $ 1,269,870   $ 1,035,677  
 
Liabilities
Noninterest-bearing deposits $ 28,945 $ 23,700 $ 19,178
Interest-bearing deposits   1,214,233     932,354     801,991  
Total deposits 1,243,178 956,054 821,169
Advances from Federal Home Loan Bank 150,969 190,957 106,921
Subordinated debt 12,751 12,724 2,894
Accrued interest payable 108 117 104
Accrued expenses and other liabilities   12,883     5,688     5,227  
Total liabilities   1,419,889     1,165,540     936,315  
Shareholders' equity
Voting common stock 72,697 72,559 72,032
Retained earnings 35,135 32,980 26,938
Accumulated other comprehensive income (loss)   (2 )   (1,209 )   392  
Total shareholders' equity   107,830     104,330     99,362  
Total liabilities and shareholders' equity $ 1,527,719   $ 1,269,870   $ 1,035,677  
 
 
First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Amounts in thousands, except per share data
           
 
Three Months Ended
 
March 31, December 31, March 31,
2016 2015 2015
 
Interest income
Loans $ 11,189 $ 10,290 $ 8,390
Securities - taxable 1,169 1,067 722
Securities - non-taxable 165 137 -
Other earning assets   170     100   75  
Total interest income   12,693     11,594   9,187  
Interest expense
Deposits 2,888 2,405 1,953
Other borrowed funds   664     621   460  
Total interest expense   3,552     3,026   2,413  
Net interest income 9,141 8,568 6,774
Provision for loan losses   946     746   442  

Net interest income after provision for loan losses

  8,195     7,822   6,332  
Noninterest income
Service charges and fees 200 193 176
Mortgage banking activities 2,254 1,805 2,886
Gain (loss) on asset disposals (16 ) 40 (14 )
Other   102     105   100  
Total noninterest income   2,540     2,143   3,148  
Noninterest expense
Salaries and employee benefits 3,898 3,460 3,578
Marketing, advertising and promotion 464 426 452
Consulting and professional fees 638 674 592
Data processing 274 287 248
Loan expenses 184 172 181
Premises and equipment 798 759 642
Deposit insurance premium 180 170 150
Other   569     544   414  
Total noninterest expense   7,005     6,492   6,257  
Income before income taxes 3,730 3,473 3,223
Income tax provision   1,298     1,195   1,160  
Net income $ 2,432   $ 2,278 $ 2,063  
 
Per common share data
Earnings per share - basic $ 0.54 $ 0.50 $ 0.46
Earnings per share - diluted $ 0.53 $ 0.50 $ 0.46
Dividends declared per share $ 0.06 $ 0.06 $ 0.06
All periods presented have been reclassified to conform to the current period classification.
 
First Internet Bancorp                
Average Balances and Rates (unaudited)
Amounts in thousands                                    
     
Three Months Ended
 
March 31, 2016 December 31, 2015 March 31, 2015
 
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 $ 1,020,168 $ 11,189 4.41 % $ 942,801 $ 10,290 4.33 % $ 780,302 $ 8,390 4.36 %
Securities - taxable 202,898 1,169 2.32 % 189,447 1,067 2.23 % 145,241 722 2.02 %
Securities - non-taxable 22,179 165 2.99 % 18,401 137 2.95 % - - 0.00 %
Other earning assets   78,291     170 0.87 %   41,274     100 0.96 %   41,643     75 0.73 %
Total interest-earning assets 1,323,536 12,693 3.86 % 1,191,923 11,594 3.86 % 967,186 9,187 3.85 %
 
Allowance for loan losses (8,655 ) (7,947 ) (5,883 )

Noninterest-earning assets

  37,951     37,541     34,548  
Total assets $ 1,352,832   $ 1,221,517   $ 995,851  
 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits $ 81,338 $ 111 0.55 % $ 77,096 $ 107 0.55 % $ 75,405 $ 102 0.55 %
Regular savings accounts 25,021 36 0.58 % 26,239 38 0.57 % 22,099 32 0.59 %
Money market accounts 350,809 616 0.71 % 345,337 608 0.70 % 274,312 492 0.73 %
Certificates and brokered deposits   575,976     2,125 1.48 %   467,334     1,652 1.40 %   390,101     1,327 1.38 %
Total interest-bearing deposits 1,033,144 2,888 1.12 % 916,006 2,405 1.04 % 761,917 1,953 1.04 %
Other borrowed funds   185,618     664 1.44 %   171,169     621 1.44 %   109,787     460 1.70 %
Total interest-bearing liabilities 1,218,762 3,552 1.17 % 1,087,175 3,026 1.10 % 871,704 2,413 1.12 %
 
Noninterest-bearing deposits 22,899 25,198 22,265
Other noninterest-bearing liabilities   4,893     5,561     4,038  
Total liabilities 1,246,554 1,117,934 898,007
 
Shareholders' equity   106,278     103,583     97,844  
Total liabilities and shareholders' equity $ 1,352,832   $ 1,221,517   $ 995,851  
     
Net interest income $ 9,141 $ 8,568 $ 6,774
 
Interest rate spread 2.69 % 2.76 % 2.73 %
 
Net interest margin 2.78 % 2.85 % 2.84 %
 
           
First Internet Bancorp
Loans and Deposits (unaudited)
Amounts in thousands
     
March 31, 2016 December 31, 2015 March 31, 2015
 
Amount Percent Amount Percent Amount Percent
 
Commercial loans
Commercial and industrial $ 106,431 10.2 % $ 102,000 10.7 % $ 83,849 11.0 %
Owner-occupied commercial real estate 47,010 4.5 % 44,462 4.7 % 38,536 5.0 %
Investor commercial real estate 14,756 1.4 % 16,184 1.7 % 18,491 2.4 %
Construction 52,591 5.1 % 45,898 4.8 % 26,847 3.5 %
Single tenant lease financing   445,534 42.8 %   374,344 39.2 %   227,229 29.6 %
Total commercial loans 666,322 64.0 % 582,888 61.1 % 394,952 51.5 %
 
Consumer loans
Residential mortgage 208,636 20.1 % 214,559 22.5 % 215,910 28.1 %
Home equity 40,000 3.8 % 43,279 4.5 % 54,838 7.2 %
Trailers 69,845 6.7 % 67,326 7.1 % 63,638 8.3 %
Recreational vehicles 41,227 4.0 % 38,597 4.0 % 31,023 4.0 %
Other consumer loans   10,251 1.0 %   2,389 0.3 %   2,531 0.3 %
Total consumer loans 369,959 35.6 % 366,150 38.4 % 367,940 47.9 %
 
Net deferred loan fees, premiums and discounts 4,402 0.4 % 4,821 0.5 % 4,790 0.6 %
           
Total loans receivable $ 1,040,683 100.0 % $ 953,859 100.0 % $ 767,682 100.0 %
 
 
March 31, 2016 December 31, 2015 March 31, 2015
 
Amount Percent Amount Percent Amount Percent
 
Deposits
Noninterest-bearing deposits $ 28,945 2.3 % $ 23,700 2.5 % $ 19,178 2.3 %
Interest-bearing demand deposits 89,180 7.2 % 84,241 8.8 % 82,982 10.1 %
Regular savings accounts 27,279 2.2 % 22,808 2.4 % 23,367 2.8 %
Money market accounts 366,195 29.5 % 341,732 35.7 % 280,740 34.2 %
Certificates of deposits 718,733 57.8 % 470,736 49.2 % 401,347 48.9 %
Brokered deposits 12,846 1.0 % 12,837 1.4 % 13,555 1.7 %
           
Total deposits $ 1,243,178 100.0 % $ 956,054 100.0 % $ 821,169 100.0 %
 
   
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Amounts in thousands, except per share data
   
 
Three Months Ended
 
March 31, December 31, March 31,
2016 2015 2015
 
Total equity - GAAP $ 107,830 $ 104,330 $ 99,362
Adjustments:
Goodwill   (4,687 )   (4,687 )   (4,687 )
Tangible common equity $ 103,143   $ 99,643   $ 94,675  
 
Total assets - GAAP $ 1,527,719 $ 1,269,870 $ 1,035,677
Adjustments:
Goodwill   (4,687 )   (4,687 )   (4,687 )
Tangible assets $ 1,523,032   $ 1,265,183   $ 1,030,990  
 
Common shares outstanding 4,497,284 4,481,347 4,484,513
 
Book value per common share $ 23.98 $ 23.28 $ 22.16
Effect of goodwill   (1.05 )   (1.04 )   (1.05 )
Tangible book value per common share $ 22.93   $ 22.24   $ 21.11  
 
Total shareholders' equity to assets ratio 7.06 % 8.22 % 9.59 %
Effect of goodwill   (0.29 %)   (0.34 %)   (0.41 %)
Tangible common equity to tangible assets ratio   6.77 %   7.88 %   9.18 %
 
Total average equity - GAAP $ 106,278 $ 103,583 $ 97,844
Adjustments:
Average goodwill   (4,687 )   (4,687 )   (4,687 )
Average tangible common equity $ 101,591   $ 98,896   $ 93,157  
 
Return on average shareholders' equity 9.20 % 8.73 % 8.55 %
Effect of goodwill   0.43 %   0.41 %   0.43 %
Return on average tangible common equity   9.63 %   9.14 %   8.98 %
 

First Internet Bancorp
Investors/Analysts
Paula Deemer, 317-428-4628
investors@firstib.com
or
Media
Nicole Lorch, 317-532-7906
Senior Vice President, Retail Banking
nlorch@firstib.com

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