First Internet Bancorp Reports Second Quarter 2024 Results
Second Quarter 2024 Financial Highlights
-
Net income of
$5.8 million and adjusted net income1 of$6.2 million , increases of 11.5% and 20.2%, respectively, from the first quarter of 2024 -
Diluted earnings per share of
$0.67 and adjusted diluted earnings per share1 of$0.72 , increases of 13.6% and 22.0%, respectively, from the first quarter of 2024 -
Net interest income of
$21.3 million and fully-taxable equivalent net interest income1 of$22.5 million , increases of 2.9% and 2.6%, respectively, from the first quarter of 2024 - Net interest margin of 1.67% and fully-taxable equivalent net interest margin1 of 1.76%, both increases of 1 basis point from the first quarter of 2024
-
Noninterest income of
$11.0 million , a 32.2% increase from the first quarter of 2024 - Relative to the first quarter of 2024, total revenue growth of 11.3% outpaced noninterest expense growth and adjusted noninterest expense1 growth of 6.2% and 3.5%, respectively, resulting in positive operating leverage
-
Loan growth of
$51.3 million , a 1.3% increase from the first quarter of 2024 - Nonperforming loans to total loans of 0.33%; net charge-offs to average loans of 0.14%; allowance for credit losses to total loans of 1.10%
-
Tangible book value per share1 of
$42.37 , a 1.3% increase from the first quarter of 2024, and a 6.3% increase from the second quarter of 2023
“Our strong upward earnings trajectory continued in the second quarter of 2024, driven by an increasingly diversified revenue base,” said
“At the same time, the continued growth of our SBA business, alongside other strategic initiatives, has helped drive improvement in noninterest income, which represented nearly one-third of total revenues during the first half of 2024, up from just under one-quarter of revenues for the comparable period a year ago.”
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."
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2024 was
Total interest income for the second quarter of 2024 was
Interest income earned on commercial loans was higher due primarily to increased average balances within the construction, small business lending and franchise finance portfolios. This was partially offset by lower average balances in the investor commercial real estate, public finance and healthcare finance portfolios. The continued shift in the loan mix reflects the Company’s focus on variable rate and higher-yielding products, in part, to help improve the interest rate risk profile of the balance sheet.
In the consumer loan portfolio, interest income was up due to the combination of slightly higher average balances and higher yields in the trailers, recreational vehicles and other consumer loan portfolios.
The yield on funded portfolio loan originations was 8.88% in the second quarter of 2024, an increase of 4 bps compared to the first quarter of 2024, and an increase of 46 bps compared to the second quarter of 2023.
Interest income earned on securities during the second quarter of 2024 increased
Total interest expense for the second quarter of 2024 was
Average CD balances increased
The average balance of interest-bearing demand deposits increased
These increases were partially offset by lower average brokered deposit balances, which decreased
Net interest margin (“NIM”) was 1.67% for the second quarter of 2024, up from 1.66% for the first quarter of 2024 and up from 1.53% for the second quarter of 2023. Fully-taxable equivalent NIM (“FTE NIM”) was 1.76% for the second quarter of 2024, up from 1.75% for the first quarter of 2024 and up from 1.64% for the second quarter of 2023. The pace of increase in NIM and FTE NIM was down compared to the last two quarters due primarily to lower growth in average loan balances as the Company experienced both early payoffs and later-than-anticipated funding of larger-balance loans.
Noninterest Income
Noninterest income for the second quarter of 2024 was
Noninterest Expense
Noninterest expense totaled
The increase in recurring salaries and employee benefits was
Income Taxes
The Company recorded income tax expense of
Loans and Credit Quality
Total loans as of
Total consumer loan balances were
Total delinquencies 30 days or more past due were 0.56% of total loans as of
Nonperforming loans were 0.33% of total loans as of
The allowance for credit losses (“ACL”) as a percentage of total loans was 1.10% as of
Net charge-offs of
The provision for credit losses in the second quarter of 2024 was
Capital
As of
The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of
As of |
||||
Company |
Bank |
|||
Total shareholders' equity to assets |
6.96% |
8.45% |
||
Tangible common equity to tangible assets 1 |
6.88% |
8.37% |
||
Tier 1 leverage ratio 2 |
7.24% |
8.77% |
||
Common equity tier 1 capital ratio 2 |
9.47% |
11.47% |
||
Tier 1 capital ratio 2 |
9.47% |
11.47% |
||
Total risk-based capital ratio 2 |
13.13% |
12.58% |
||
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
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
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,” “continue,” “could,” “estimate,” “expect,” “growth,” ”improve,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “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 any 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
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with
|
||||||||||||||||||||
Summary Financial Information (unaudited) | ||||||||||||||||||||
Dollar amounts in thousands, except per share data | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||
2024 |
2024 |
2023 |
2024 |
2023 |
||||||||||||||||
Net income |
$ |
5,775 |
|
$ |
5,181 |
|
$ |
3,882 |
|
$ |
10,956 |
|
$ |
865 |
|
|||||
Per share and share information | ||||||||||||||||||||
Earnings per share - basic |
$ |
0.67 |
|
$ |
0.60 |
|
$ |
0.44 |
|
$ |
1.26 |
|
$ |
0.10 |
|
|||||
Earnings per share - diluted |
|
0.67 |
|
|
0.59 |
|
|
0.44 |
|
|
1.25 |
|
|
0.10 |
|
|||||
Dividends declared per share |
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.12 |
|
|
0.12 |
|
|||||
Book value per common share |
|
42.91 |
|
|
42.37 |
|
|
40.38 |
|
|
42.91 |
|
|
40.38 |
|
|||||
Tangible book value per common share 1 |
|
42.37 |
|
|
41.83 |
|
|
39.85 |
|
|
42.37 |
|
|
39.85 |
|
|||||
Common shares outstanding |
|
8,667,894 |
|
|
8,655,854 |
|
|
8,774,507 |
|
|
8,667,894 |
|
|
8,774,507 |
|
|||||
Average common shares outstanding: | ||||||||||||||||||||
Basic |
|
8,594,315 |
|
|
8,679,429 |
|
|
8,903,213 |
|
|
8,684,093 |
|
|
8,963,308 |
|
|||||
Diluted |
|
8,656,215 |
|
|
8,750,297 |
|
|
8,908,180 |
|
|
8,750,017 |
|
|
8,980,262 |
|
|||||
Performance ratios | ||||||||||||||||||||
Return on average assets |
|
0.44 |
% |
|
0.40 |
% |
|
0.32 |
% |
|
0.42 |
% |
|
0.04 |
% |
|||||
Return on average shareholders' equity |
|
6.28 |
% |
|
5.64 |
% |
|
4.35 |
% |
|
5.96 |
% |
|
0.48 |
% |
|||||
Return on average tangible common equity 1 |
|
6.36 |
% |
|
5.71 |
% |
|
4.40 |
% |
|
6.04 |
% |
|
0.49 |
% |
|||||
Net interest margin |
|
1.67 |
% |
|
1.66 |
% |
|
1.53 |
% |
|
1.67 |
% |
|
1.64 |
% |
|||||
Net interest margin - FTE 1,2 |
|
1.76 |
% |
|
1.75 |
% |
|
1.64 |
% |
|
1.76 |
% |
|
1.76 |
% |
|||||
Capital ratios 3 | ||||||||||||||||||||
Total shareholders' equity to assets |
|
6.96 |
% |
|
6.87 |
% |
|
7.16 |
% |
|
6.96 |
% |
|
7.16 |
% |
|||||
Tangible common equity to tangible assets 1 |
|
6.88 |
% |
|
6.79 |
% |
|
7.07 |
% |
|
6.88 |
% |
|
7.07 |
% |
|||||
Tier 1 leverage ratio |
|
7.24 |
% |
|
7.33 |
% |
|
7.63 |
% |
|
7.24 |
% |
|
7.63 |
% |
|||||
Common equity tier 1 capital ratio |
|
9.47 |
% |
|
9.52 |
% |
|
10.10 |
% |
|
9.47 |
% |
|
10.10 |
% |
|||||
Tier 1 capital ratio |
|
9.47 |
% |
|
9.52 |
% |
|
10.10 |
% |
|
9.47 |
% |
|
10.10 |
% |
|||||
Total risk-based capital ratio |
|
13.13 |
% |
|
13.18 |
% |
|
13.87 |
% |
|
13.13 |
% |
|
13.87 |
% |
|||||
Asset quality | ||||||||||||||||||||
Nonperforming loans |
$ |
12,978 |
|
$ |
13,050 |
|
$ |
6,227 |
|
$ |
12,978 |
|
$ |
6,227 |
|
|||||
Nonperforming assets |
|
13,055 |
|
|
13,425 |
|
|
6,397 |
|
|
13,055 |
|
|
6,397 |
|
|||||
Nonperforming loans to loans |
|
0.33 |
% |
|
0.33 |
% |
|
0.17 |
% |
|
0.33 |
% |
|
0.17 |
% |
|||||
Nonperforming assets to total assets |
|
0.24 |
% |
|
0.25 |
% |
|
0.13 |
% |
|
0.24 |
% |
|
0.13 |
% |
|||||
Allowance for credit losses - loans to: | ||||||||||||||||||||
Loans |
|
1.10 |
% |
|
1.05 |
% |
|
0.99 |
% |
|
1.10 |
% |
|
0.99 |
% |
|||||
Nonperforming loans |
|
334.5 |
% |
|
313.3 |
% |
|
579.1 |
% |
|
334.5 |
% |
|
579.1 |
% |
|||||
Net charge-offs to average loans |
|
0.14 |
% |
|
0.05 |
% |
|
0.17 |
% |
|
0.10 |
% |
|
0.49 |
% |
|||||
Average balance sheet information | ||||||||||||||||||||
Loans |
$ |
3,930,976 |
|
$ |
3,899,667 |
|
$ |
3,653,839 |
|
$ |
3,910,322 |
|
$ |
3,614,054 |
|
|||||
Total securities |
|
744,537 |
|
703,509 |
|
604,182 |
|
|
724,023 |
|
|
594,777 |
|
|||||||
Other earning assets |
|
469,045 |
|
434,118 |
|
511,295 |
|
|
451,582 |
|
|
421,793 |
|
|||||||
Total interest-earning assets |
|
5,150,305 |
|
5,030,216 |
|
4,771,623 |
|
|
5,090,261 |
|
|
4,636,453 |
|
|||||||
Total assets |
|
5,332,776 |
|
5,207,936 |
|
4,927,712 |
|
|
5,270,356 |
|
|
4,788,209 |
|
|||||||
Noninterest-bearing deposits |
|
116,939 |
|
113,341 |
|
117,496 |
|
|
115,140 |
|
|
126,194 |
|
|||||||
Interest-bearing deposits |
|
4,172,976 |
|
3,987,009 |
|
3,713,086 |
|
|
4,079,992 |
|
|
3,563,359 |
|
|||||||
Total deposits |
|
4,289,915 |
|
4,100,350 |
|
3,830,582 |
|
|
4,195,132 |
|
|
3,689,553 |
|
|||||||
Shareholders' equity |
|
369,825 |
|
369,371 |
|
358,312 |
|
|
369,598 |
|
|
360,779 |
|
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 |
|
||||||||||||
Condensed Consolidated Balance Sheets (unaudited) | ||||||||||||
Dollar amounts in thousands | ||||||||||||
|
|
|
||||||||||
2024 |
2024 |
2023 |
||||||||||
Assets | ||||||||||||
Cash and due from banks |
$ |
6,162 |
|
$ |
6,638 |
|
$ |
9,503 |
|
|||
Interest-bearing deposits |
|
390,624 |
|
|
474,626 |
|
|
456,128 |
|
|||
Securities available-for-sale, at fair value |
|
488,572 |
|
|
482,431 |
|
|
379,394 |
|
|||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses |
|
270,349 |
|
|
235,738 |
|
|
230,605 |
|
|||
Loans held-for-sale |
|
19,384 |
|
|
22,589 |
|
|
32,001 |
|
|||
Loans |
|
3,961,146 |
|
|
3,909,804 |
|
|
3,646,832 |
|
|||
Allowance for credit losses - loans |
|
(43,405 |
) |
|
(40,891 |
) |
|
(36,058 |
) |
|||
Net loans |
|
3,917,741 |
|
|
3,868,913 |
|
|
3,610,774 |
|
|||
Accrued interest receivable |
|
28,118 |
|
|
26,809 |
|
|
24,101 |
|
|||
|
|
28,350 |
|
|
28,350 |
|
|
28,350 |
|
|||
Cash surrender value of bank-owned life insurance |
|
40,834 |
|
|
41,154 |
|
|
40,357 |
|
|||
Premises and equipment, net |
|
72,516 |
|
|
73,231 |
|
|
73,525 |
|
|||
|
|
4,687 |
|
|
4,687 |
|
|
4,687 |
|
|||
Servicing asset |
|
13,009 |
|
|
11,760 |
|
|
8,252 |
|
|||
Other real estate owned |
|
- |
|
|
375 |
|
|
106 |
|
|||
Accrued income and other assets |
|
62,956 |
|
|
63,366 |
|
|
49,266 |
|
|||
Total assets |
$ |
5,343,302 |
|
$ |
5,340,667 |
|
$ |
4,947,049 |
|
|||
Liabilities | ||||||||||||
Noninterest-bearing deposits |
$ |
126,438 |
|
$ |
130,760 |
|
$ |
119,291 |
|
|||
Interest-bearing deposits |
|
4,147,484 |
|
|
4,143,008 |
|
|
3,735,017 |
|
|||
Total deposits |
|
4,273,922 |
|
|
4,273,768 |
|
|
3,854,308 |
|
|||
Advances from |
|
575,000 |
|
|
574,936 |
|
|
614,931 |
|
|||
Subordinated debt |
|
104,993 |
|
|
104,915 |
|
|
104,684 |
|
|||
Accrued interest payable |
|
3,419 |
|
|
3,382 |
|
|
3,338 |
|
|||
Accrued expenses and other liabilities |
|
14,015 |
|
|
16,927 |
|
|
15,456 |
|
|||
Total liabilities |
|
4,971,349 |
|
|
4,973,928 |
|
|
4,592,717 |
|
|||
Shareholders' equity | ||||||||||||
Voting common stock |
|
185,175 |
|
|
184,720 |
|
|
186,545 |
|
|||
Retained earnings |
|
217,365 |
|
|
212,121 |
|
|
200,973 |
|
|||
Accumulated other comprehensive loss |
|
(30,587 |
) |
|
(30,102 |
) |
|
(33,186 |
) |
|||
Total shareholders' equity |
|
371,953 |
|
|
366,739 |
|
|
354,332 |
|
|||
Total liabilities and shareholders' equity |
$ |
5,343,302 |
|
$ |
5,340,667 |
|
$ |
4,947,049 |
|
|
||||||||||||||||||||
Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
Dollar amounts in thousands, except per share data | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||
2024 |
2024 |
2023 |
2024 |
2023 |
||||||||||||||||
Interest income | ||||||||||||||||||||
Loans |
$ |
57,094 |
|
$ |
55,435 |
|
$ |
46,906 |
|
$ |
112,529 |
|
$ |
90,749 |
|
|||||
Securities - taxable |
|
6,476 |
|
|
5,694 |
|
|
3,835 |
|
|
12,170 |
|
|
7,441 |
|
|||||
Securities - non-taxable |
|
970 |
|
|
969 |
|
|
860 |
|
|
1,939 |
|
|
1,658 |
|
|||||
Other earning assets |
|
6,421 |
|
|
6,067 |
|
|
6,521 |
|
|
12,488 |
|
|
10,307 |
|
|||||
Total interest income |
|
70,961 |
|
|
68,165 |
|
|
58,122 |
|
|
139,126 |
|
|
110,155 |
|
|||||
Interest expense | ||||||||||||||||||||
Deposits |
|
44,495 |
|
|
42,129 |
|
|
34,676 |
|
|
86,624 |
|
|
61,946 |
|
|||||
Other borrowed funds |
|
5,139 |
|
|
5,302 |
|
|
5,301 |
|
|
10,441 |
|
|
10,490 |
|
|||||
Total interest expense |
|
49,634 |
|
|
47,431 |
|
|
39,977 |
|
|
97,065 |
|
|
72,436 |
|
|||||
Net interest income |
|
21,327 |
|
|
20,734 |
|
|
18,145 |
|
|
42,061 |
|
|
37,719 |
|
|||||
Provision for credit losses |
|
4,031 |
|
|
2,448 |
|
|
1,698 |
|
|
6,479 |
|
|
11,113 |
|
|||||
Net interest income after provision | ||||||||||||||||||||
for credit losses |
|
17,296 |
|
|
18,286 |
|
|
16,447 |
|
|
35,582 |
|
|
26,606 |
|
|||||
Noninterest income | ||||||||||||||||||||
Service charges and fees |
|
246 |
|
|
220 |
|
|
218 |
|
|
466 |
|
|
427 |
|
|||||
Loan servicing revenue |
|
1,470 |
|
|
1,323 |
|
|
850 |
|
|
2,793 |
|
|
1,635 |
|
|||||
Loan servicing asset revaluation |
|
(829 |
) |
|
(434 |
) |
|
(358 |
) |
|
(1,263 |
) |
|
(413 |
) |
|||||
Mortgage banking activities |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
76 |
|
|||||
Gain on sale of loans |
|
8,292 |
|
|
6,536 |
|
|
4,868 |
|
|
14,828 |
|
|
8,929 |
|
|||||
Other |
|
1,854 |
|
|
702 |
|
|
293 |
|
|
2,556 |
|
|
663 |
|
|||||
Total noninterest income |
|
11,033 |
|
|
8,347 |
|
|
5,871 |
|
|
19,380 |
|
|
11,317 |
|
|||||
Noninterest expense | ||||||||||||||||||||
Salaries and employee benefits |
|
12,462 |
|
|
11,796 |
|
|
10,706 |
|
|
24,258 |
|
|
22,500 |
|
|||||
Marketing, advertising and promotion |
|
609 |
|
|
736 |
|
|
705 |
|
|
1,345 |
|
|
1,549 |
|
|||||
Consulting and professional fees |
|
1,022 |
|
|
853 |
|
|
711 |
|
|
1,875 |
|
|
1,637 |
|
|||||
Data processing |
|
606 |
|
|
564 |
|
|
520 |
|
|
1,170 |
|
|
1,179 |
|
|||||
Loan expenses |
|
1,597 |
|
|
1,445 |
|
|
1,072 |
|
|
3,042 |
|
|
3,049 |
|
|||||
Premises and equipment |
|
3,154 |
|
|
2,826 |
|
|
2,661 |
|
|
5,980 |
|
|
5,438 |
|
|||||
Deposit insurance premium |
|
1,172 |
|
|
1,145 |
|
|
936 |
|
|
2,317 |
|
|
1,479 |
|
|||||
Other |
|
1,714 |
|
|
1,658 |
|
|
1,359 |
|
|
3,372 |
|
|
2,793 |
|
|||||
Total noninterest expense |
|
22,336 |
|
|
21,023 |
|
|
18,670 |
|
|
43,359 |
|
|
39,624 |
|
|||||
Income (loss) before income taxes |
|
5,993 |
|
|
5,610 |
|
|
3,648 |
|
|
11,603 |
|
|
(1,701 |
) |
|||||
Income tax provision (benefit) |
|
218 |
|
|
429 |
|
|
(234 |
) |
|
647 |
|
|
(2,566 |
) |
|||||
Net income |
$ |
5,775 |
|
$ |
5,181 |
|
$ |
3,882 |
|
$ |
10,956 |
|
$ |
865 |
|
|||||
Per common share data | ||||||||||||||||||||
Earnings per share - basic |
$ |
0.67 |
|
$ |
0.60 |
|
$ |
0.44 |
|
$ |
1.26 |
|
$ |
0.10 |
|
|||||
Earnings per share - diluted |
$ |
0.67 |
|
$ |
0.59 |
|
$ |
0.44 |
|
$ |
1.25 |
|
$ |
0.10 |
|
|||||
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 |
|
||||||||||||||||||||||||||||||
Average Balances and Rates (unaudited) | ||||||||||||||||||||||||||||||
Dollar amounts in thousands | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
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 |
$ |
3,936,723 |
|
$ |
57,094 |
5.83 |
% |
$ |
3,892,589 |
|
$ |
55,435 |
5.73 |
% |
$ |
3,656,146 |
|
$ |
46,906 |
5.15 |
% |
|||||||||
Securities - taxable |
|
670,502 |
|
|
6,476 |
3.88 |
% |
|
627,216 |
|
|
5,694 |
3.65 |
% |
|
531,040 |
|
|
3,835 |
2.90 |
% |
|||||||||
Securities - non-taxable |
|
74,035 |
|
|
970 |
5.27 |
% |
|
76,293 |
|
|
969 |
5.11 |
% |
|
73,142 |
|
|
860 |
4.72 |
% |
|||||||||
Other earning assets |
|
469,045 |
|
|
6,421 |
5.51 |
% |
|
434,118 |
|
|
6,067 |
5.62 |
% |
|
511,295 |
|
|
6,521 |
5.12 |
% |
|||||||||
Total interest-earning assets |
|
5,150,305 |
|
|
70,961 |
5.54 |
% |
|
5,030,216 |
|
|
68,165 |
5.45 |
% |
|
4,771,623 |
|
|
58,122 |
4.89 |
% |
|||||||||
Allowance for credit losses - loans |
|
(41,362 |
) |
|
(38,611 |
) |
|
(36,671 |
) |
|||||||||||||||||||||
Noninterest-earning assets |
|
223,833 |
|
|
216,331 |
|
|
192,760 |
|
|||||||||||||||||||||
Total assets |
$ |
5,332,776 |
|
$ |
5,207,936 |
|
$ |
4,927,712 |
|
|||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||
Interest-bearing demand deposits |
$ |
474,124 |
|
$ |
2,567 |
2.18 |
% |
$ |
415,106 |
|
$ |
2,091 |
2.03 |
% |
$ |
359,969 |
|
$ |
1,509 |
1.68 |
% |
|||||||||
Savings accounts |
|
22,987 |
|
|
48 |
0.84 |
% |
|
22,521 |
|
|
48 |
0.86 |
% |
|
29,915 |
|
|
64 |
0.86 |
% |
|||||||||
Money market accounts |
|
1,243,011 |
|
|
13,075 |
4.23 |
% |
|
1,217,966 |
|
|
12,671 |
4.18 |
% |
|
1,274,453 |
|
|
12,314 |
3.88 |
% |
|||||||||
BaaS - brokered deposits |
|
119,662 |
|
|
1,299 |
4.37 |
% |
|
85,366 |
|
|
931 |
4.39 |
% |
|
22,918 |
|
|
230 |
4.03 |
% |
|||||||||
Certificates and brokered deposits |
|
2,313,192 |
|
|
27,506 |
4.78 |
% |
|
2,246,050 |
|
|
26,388 |
4.73 |
% |
|
2,025,831 |
|
|
20,559 |
4.07 |
% |
|||||||||
Total interest-bearing deposits |
|
4,172,976 |
|
|
44,495 |
4.29 |
% |
|
3,987,009 |
|
|
42,129 |
4.25 |
% |
|
3,713,086 |
|
|
34,676 |
3.75 |
% |
|||||||||
Other borrowed funds |
|
652,176 |
|
|
5,139 |
3.17 |
% |
|
716,735 |
|
|
5,302 |
2.98 |
% |
|
719,577 |
|
|
5,301 |
2.95 |
% |
|||||||||
Total interest-bearing liabilities |
|
4,825,152 |
|
|
49,634 |
4.14 |
% |
|
4,703,744 |
|
|
47,431 |
4.06 |
% |
|
4,432,663 |
|
|
39,977 |
3.62 |
% |
|||||||||
Noninterest-bearing deposits |
|
116,939 |
|
|
113,341 |
|
|
117,496 |
|
|||||||||||||||||||||
Other noninterest-bearing liabilities |
|
20,860 |
|
|
21,480 |
|
|
19,241 |
|
|||||||||||||||||||||
Total liabilities |
|
4,962,951 |
|
|
4,838,565 |
|
|
4,569,400 |
|
|||||||||||||||||||||
Shareholders' equity |
|
369,825 |
|
|
369,371 |
|
|
358,312 |
|
|||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
5,332,776 |
|
$ |
5,207,936 |
|
$ |
4,927,712 |
|
|||||||||||||||||||||
Net interest income |
$ |
21,327 |
$ |
20,734 |
$ |
18,145 |
||||||||||||||||||||||||
Interest rate spread |
1.40 |
% |
1.39 |
% |
1.27 |
% |
||||||||||||||||||||||||
Net interest margin |
1.67 |
% |
1.66 |
% |
1.53 |
% |
||||||||||||||||||||||||
Net interest margin - FTE 2,3 |
1.76 |
% |
1.75 |
% |
1.64 |
% |
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 | ||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||
|
|
|||||||||||||||||||
Average | Interest / | Yield / | Average | Interest / | Yield / | |||||||||||||||
Balance | Dividends | Cost | Balance | Dividends | Cost | |||||||||||||||
Assets | ||||||||||||||||||||
Interest-earning assets | ||||||||||||||||||||
Loans, including loans held-for-sale 1 |
$ |
3,914,656 |
|
$ |
112,529 |
5.78 |
% |
$ |
3,619,883 |
|
$ |
90,749 |
5.06 |
% |
||||||
Securities - taxable |
|
648,860 |
|
|
12,170 |
3.77 |
% |
|
521,533 |
|
|
7,441 |
2.88 |
% |
||||||
Securities - non-taxable |
|
75,163 |
|
|
1,939 |
5.19 |
% |
|
73,244 |
|
|
1,658 |
4.56 |
% |
||||||
Other earning assets |
|
451,582 |
|
|
12,488 |
5.56 |
% |
|
421,793 |
|
|
10,307 |
4.93 |
% |
||||||
Total interest-earning assets |
|
5,090,261 |
|
|
139,126 |
5.50 |
% |
|
4,636,453 |
|
|
110,155 |
4.79 |
% |
||||||
|
|
|||||||||||||||||||
Allowance for credit losses |
|
(39,986 |
) |
|
(35,877 |
) |
||||||||||||||
Noninterest-earning assets |
|
220,081 |
|
|
187,633 |
|
||||||||||||||
Total assets |
$ |
5,270,356 |
|
$ |
4,788,209 |
|
||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest-bearing demand deposits |
$ |
444,615 |
|
$ |
4,658 |
2.11 |
% |
$ |
346,878 |
|
$ |
2,409 |
1.40 |
% |
||||||
Savings accounts |
|
22,754 |
|
|
96 |
0.85 |
% |
|
34,175 |
|
|
145 |
0.86 |
% |
||||||
Money market accounts |
|
1,230,488 |
|
|
25,746 |
4.21 |
% |
|
1,325,741 |
|
|
24,614 |
3.74 |
% |
||||||
BaaS - brokered deposits |
|
102,514 |
|
|
2,230 |
4.37 |
% |
|
18,852 |
|
|
368 |
3.94 |
% |
||||||
Certificates and brokered deposits |
|
2,279,621 |
|
|
53,894 |
4.75 |
% |
|
1,837,713 |
|
|
34,410 |
3.78 |
% |
||||||
Total interest-bearing deposits |
|
4,079,992 |
|
|
86,624 |
4.27 |
% |
|
3,563,359 |
|
|
61,946 |
3.51 |
% |
||||||
Other borrowed funds |
|
684,456 |
|
|
10,441 |
3.07 |
% |
|
719,538 |
|
|
10,490 |
2.94 |
% |
||||||
Total interest-bearing liabilities |
|
4,764,448 |
|
|
97,065 |
4.10 |
% |
|
4,282,897 |
|
|
72,436 |
3.41 |
% |
||||||
Noninterest-bearing deposits |
|
115,140 |
|
|
126,194 |
|
||||||||||||||
Other noninterest-bearing liabilities |
|
21,170 |
|
|
18,339 |
|
||||||||||||||
Total liabilities |
|
4,900,758 |
|
|
4,427,430 |
|
||||||||||||||
Shareholders' equity |
|
369,598 |
|
|
360,779 |
|
||||||||||||||
Total liabilities and shareholders' equity |
$ |
5,270,356 |
|
$ |
4,788,209 |
|
||||||||||||||
Net interest income |
$ |
42,061 |
$ |
37,719 |
||||||||||||||||
Interest rate spread |
1.40 |
% |
1.38 |
% |
||||||||||||||||
Net interest margin |
1.67 |
% |
1.64 |
% |
||||||||||||||||
Net interest margin - FTE 2,3 |
1.76 |
% |
1.76 |
% |
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 |
|
||||||||||||||||||
Loans and Deposits (unaudited) | ||||||||||||||||||
Dollar amounts in thousands | ||||||||||||||||||
|
|
|
||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||
Commercial loans | ||||||||||||||||||
Commercial and industrial |
$ |
115,585 |
2.9 |
% |
$ |
133,897 |
3.4 |
% |
$ |
112,423 |
3.1 |
% |
||||||
Owner-occupied commercial real estate |
|
58,089 |
1.5 |
% |
|
57,787 |
1.5 |
% |
|
59,564 |
1.6 |
% |
||||||
Investor commercial real estate |
|
188,409 |
4.8 |
% |
|
128,276 |
3.3 |
% |
|
137,504 |
3.8 |
% |
||||||
Construction |
|
328,922 |
8.3 |
% |
|
325,597 |
8.3 |
% |
|
192,453 |
5.3 |
% |
||||||
Single tenant lease financing |
|
927,462 |
23.4 |
% |
|
941,597 |
24.1 |
% |
|
947,466 |
25.9 |
% |
||||||
Public finance |
|
486,200 |
12.3 |
% |
|
498,262 |
12.7 |
% |
|
575,541 |
15.8 |
% |
||||||
Healthcare finance |
|
202,079 |
5.1 |
% |
|
213,332 |
5.5 |
% |
|
245,072 |
6.7 |
% |
||||||
Small business lending |
|
270,129 |
6.8 |
% |
|
239,263 |
6.1 |
% |
|
170,550 |
4.7 |
% |
||||||
Franchise finance |
|
551,133 |
13.9 |
% |
|
543,122 |
13.9 |
% |
|
390,479 |
10.6 |
% |
||||||
Total commercial loans |
|
3,128,008 |
79.0 |
% |
|
3,081,133 |
78.8 |
% |
|
2,831,052 |
77.5 |
% |
||||||
Consumer loans | ||||||||||||||||||
Residential mortgage |
|
382,549 |
9.7 |
% |
|
390,009 |
10.0 |
% |
|
396,154 |
10.9 |
% |
||||||
Home equity |
|
21,405 |
0.5 |
% |
|
22,753 |
0.6 |
% |
|
24,375 |
0.7 |
% |
||||||
Trailers |
|
197,738 |
5.0 |
% |
|
191,353 |
4.9 |
% |
|
178,035 |
4.9 |
% |
||||||
Recreational vehicles |
|
150,151 |
3.8 |
% |
|
145,475 |
3.7 |
% |
|
133,283 |
3.7 |
% |
||||||
Other consumer loans |
|
48,638 |
1.2 |
% |
|
43,847 |
1.1 |
% |
|
40,806 |
1.1 |
% |
||||||
Total consumer loans |
|
800,481 |
20.2 |
% |
|
793,437 |
20.3 |
% |
|
772,653 |
21.3 |
% |
||||||
Net deferred loan fees, premiums, discounts and other 1 |
|
32,657 |
0.8 |
% |
|
35,234 |
0.9 |
% |
|
43,127 |
1.2 |
% |
||||||
Total loans |
$ |
3,961,146 |
100.0 |
% |
$ |
3,909,804 |
100.0 |
% |
$ |
3,646,832 |
100.0 |
% |
||||||
|
|
|
||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||
Deposits | ||||||||||||||||||
Noninterest-bearing deposits |
$ |
126,438 |
3.0 |
% |
$ |
130,760 |
3.1 |
% |
$ |
119,291 |
3.1 |
% |
||||||
Interest-bearing demand deposits |
|
480,141 |
11.2 |
% |
|
423,529 |
9.9 |
% |
|
398,899 |
10.3 |
% |
||||||
Savings accounts |
|
22,619 |
0.5 |
% |
|
23,554 |
0.6 |
% |
|
28,239 |
0.7 |
% |
||||||
Money market accounts |
|
1,222,197 |
28.6 |
% |
|
1,251,230 |
29.2 |
% |
|
1,232,719 |
32.0 |
% |
||||||
BaaS - brokered deposits |
|
140,180 |
3.3 |
% |
|
107,911 |
2.5 |
% |
|
25,549 |
0.7 |
% |
||||||
Certificates of deposits |
|
1,829,644 |
42.8 |
% |
|
1,738,996 |
40.7 |
% |
|
1,366,409 |
35.5 |
% |
||||||
Brokered deposits |
|
452,703 |
10.6 |
% |
|
597,788 |
14.0 |
% |
|
683,202 |
17.7 |
% |
||||||
Total deposits |
$ |
4,273,922 |
100.0 |
% |
$ |
4,273,768 |
100.0 |
% |
$ |
3,854,308 |
100.0 |
% |
1 Includes carrying value adjustments of |
|
||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
Dollar amounts in thousands, except per share data | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Total equity - GAAP |
$ |
371,953 |
|
$ |
366,739 |
|
$ |
354,332 |
|
$ |
371,953 |
|
$ |
354,332 |
|
|||||
Adjustments: | ||||||||||||||||||||
|
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||||
Tangible common equity |
$ |
367,266 |
|
$ |
362,052 |
|
$ |
349,645 |
|
$ |
367,266 |
|
$ |
349,645 |
|
|||||
Total assets - GAAP |
$ |
5,343,302 |
|
$ |
5,340,667 |
|
$ |
4,947,049 |
|
$ |
5,343,302 |
|
$ |
4,947,049 |
|
|||||
Adjustments: | ||||||||||||||||||||
|
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||||
Tangible assets |
$ |
5,338,615 |
|
$ |
5,335,980 |
|
$ |
4,942,362 |
|
$ |
5,338,615 |
|
$ |
4,942,362 |
|
|||||
Common shares outstanding |
|
8,667,894 |
|
|
8,655,854 |
|
|
8,774,507 |
|
|
8,667,894 |
|
|
8,774,507 |
|
|||||
Book value per common share |
$ |
42.91 |
|
$ |
42.37 |
|
$ |
40.38 |
|
$ |
42.91 |
|
$ |
40.38 |
|
|||||
Effect of goodwill |
|
(0.54 |
) |
|
(0.54 |
) |
|
(0.53 |
) |
|
(0.54 |
) |
|
(0.53 |
) |
|||||
Tangible book value per common share |
$ |
42.37 |
|
$ |
41.83 |
|
$ |
39.85 |
|
$ |
42.37 |
|
$ |
39.85 |
|
|||||
Total shareholders' equity to assets |
|
6.96 |
% |
|
6.87 |
% |
|
7.16 |
% |
|
6.96 |
% |
|
7.16 |
% |
|||||
Effect of goodwill |
|
(0.08 |
%) |
|
(0.08 |
%) |
|
(0.09 |
%) |
|
(0.08 |
%) |
|
(0.09 |
%) |
|||||
Tangible common equity to tangible assets |
|
6.88 |
% |
|
6.79 |
% |
|
7.07 |
% |
|
6.88 |
% |
|
7.07 |
% |
|||||
Total average equity - GAAP |
$ |
369,825 |
|
$ |
369,371 |
|
$ |
358,312 |
|
$ |
369,598 |
|
$ |
360,779 |
|
|||||
Adjustments: | ||||||||||||||||||||
Average goodwill |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|
(4,687 |
) |
|||||
Average tangible common equity |
$ |
365,138 |
|
$ |
364,684 |
|
$ |
353,625 |
|
$ |
364,911 |
|
$ |
356,092 |
|
|||||
Return on average shareholders' equity |
|
6.28 |
% |
|
5.64 |
% |
|
4.35 |
% |
|
5.96 |
% |
|
0.48 |
% |
|||||
Effect of goodwill |
|
0.08 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.08 |
% |
|
0.01 |
% |
|||||
Return on average tangible common equity |
|
6.36 |
% |
|
5.71 |
% |
|
4.40 |
% |
|
6.04 |
% |
|
0.49 |
% |
|||||
Total interest income |
$ |
70,961 |
|
$ |
68,165 |
|
$ |
58,122 |
|
$ |
139,126 |
|
$ |
110,155 |
|
|||||
Adjustments: | ||||||||||||||||||||
Fully-taxable equivalent adjustments 1 |
|
1,175 |
|
|
1,190 |
|
|
1,347 |
|
|
2,365 |
|
|
2,731 |
|
|||||
Total interest income - FTE |
$ |
72,136 |
|
$ |
69,355 |
|
$ |
59,469 |
|
$ |
141,491 |
|
$ |
112,886 |
|
|||||
Net interest income |
$ |
21,327 |
|
$ |
20,734 |
|
$ |
18,145 |
|
$ |
42,061 |
|
$ |
37,719 |
|
|||||
Adjustments: | ||||||||||||||||||||
Fully-taxable equivalent adjustments 1 |
|
1,175 |
|
|
1,190 |
|
|
1,347 |
|
|
2,365 |
|
|
2,731 |
|
|||||
Net interest income - FTE |
$ |
22,502 |
|
$ |
21,924 |
|
$ |
19,492 |
|
$ |
44,426 |
|
$ |
40,450 |
|
|||||
Net interest margin |
|
1.67 |
% |
|
1.66 |
% |
|
1.53 |
% |
|
1.67 |
% |
|
1.64 |
% |
|||||
Effect of fully-taxable equivalent adjustments 1 |
|
0.09 |
% |
|
0.09 |
% |
|
0.11 |
% |
|
0.09 |
% |
|
0.12 |
% |
|||||
Net interest margin - FTE |
|
1.76 |
% |
|
1.75 |
% |
|
1.64 |
% |
|
1.76 |
% |
|
1.76 |
% |
1 Assuming a 21% tax rate |
|
|||||||||||||||||||
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, | |||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Total revenue - GAAP |
$ |
32,360 |
|
$ |
29,081 |
$ |
24,016 |
|
$ |
61,441 |
|
$ |
49,036 |
|
|||||
Adjustments: | |||||||||||||||||||
Mortgage-related revenue |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(65 |
) |
|||||
Adjusted total revenue |
$ |
32,360 |
|
$ |
29,081 |
$ |
24,016 |
|
$ |
61,441 |
|
$ |
48,971 |
|
|||||
Noninterest income - GAAP |
$ |
11,033 |
|
$ |
8,347 |
$ |
5,871 |
|
$ |
19,380 |
|
$ |
11,317 |
|
|||||
Adjustments: | |||||||||||||||||||
Mortgage-related revenue |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(65 |
) |
|||||
Adjusted noninterest income |
$ |
11,033 |
|
$ |
8,347 |
$ |
5,871 |
|
$ |
19,380 |
|
$ |
11,252 |
|
|||||
Noninterest expense - GAAP |
$ |
22,336 |
|
$ |
21,023 |
$ |
18,670 |
|
$ |
43,359 |
|
$ |
39,624 |
|
|||||
Adjustments: | |||||||||||||||||||
Mortgage-related costs |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(3,052 |
) |
|||||
IT Termination fees |
|
(452 |
) |
|
- |
|
- |
|
|
(452 |
) |
|
- |
|
|||||
Anniversary expenses |
|
(120 |
) |
|
- |
|
- |
|
|
(120 |
) |
|
- |
|
|||||
Adjusted noninterest expense |
$ |
21,764 |
|
$ |
21,023 |
$ |
18,670 |
|
$ |
42,787 |
|
$ |
36,572 |
|
|||||
Income (loss) before income taxes - GAAP |
$ |
5,993 |
|
$ |
5,610 |
$ |
3,648 |
|
$ |
11,603 |
|
$ |
(1,701 |
) |
|||||
Adjustments:1 | |||||||||||||||||||
Mortgage-related revenue |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(65 |
) |
|||||
Mortgage-related costs |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
3,052 |
|
|||||
Partial charge-off of C&I participation loan |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
6,914 |
|
|||||
IT Termination fees |
|
452 |
|
|
- |
|
- |
|
|
452 |
|
|
- |
|
|||||
Anniversary expenses |
|
120 |
|
|
- |
|
- |
|
|
120 |
|
|
- |
|
|||||
Adjusted income before income taxes |
$ |
6,565 |
|
$ |
5,610 |
$ |
3,648 |
|
$ |
12,175 |
|
$ |
8,200 |
|
|||||
Income tax provision (benefit) - GAAP |
$ |
218 |
|
$ |
429 |
$ |
(234 |
) |
$ |
647 |
|
$ |
(2,566 |
) |
|||||
Adjustments:1 | |||||||||||||||||||
Mortgage-related revenue |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(14 |
) |
|||||
Mortgage-related costs |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
641 |
|
|||||
Partial charge-off of C&I participation loan |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
1,452 |
|
|||||
IT Termination fees |
|
95 |
|
|
- |
|
- |
|
|
95 |
|
|
- |
|
|||||
Anniversary expenses |
|
25 |
|
|
- |
|
- |
|
|
25 |
|
|
- |
|
|||||
Adjusted income tax provision (benefit) |
$ |
338 |
|
$ |
429 |
$ |
(234 |
) |
$ |
767 |
|
$ |
(487 |
) |
|||||
Net income - GAAP |
$ |
5,775 |
|
$ |
5,181 |
$ |
3,882 |
|
$ |
10,956 |
|
$ |
865 |
|
|||||
Adjustments: | |||||||||||||||||||
Mortgage-related revenue |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(51 |
) |
|||||
Mortgage-related costs |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
2,411 |
|
|||||
Partial charge-off of C&I participation loan |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
5,462 |
|
|||||
IT Termination fees |
|
357 |
|
|
- |
|
- |
|
|
357 |
|
|
- |
|
|||||
Anniversary expenses |
|
95 |
|
|
- |
|
- |
|
|
95 |
|
|
- |
|
|||||
Adjusted net income |
$ |
6,227 |
|
$ |
5,181 |
$ |
3,882 |
|
$ |
11,408 |
|
$ |
8,687 |
|
1 Assuming a 21% tax rate |
|
||||||||||||||||||||
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, | ||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Diluted average common shares outstanding |
|
8,656,215 |
|
|
8,750,297 |
|
|
8,908,180 |
|
|
8,750,017 |
|
|
8,980,262 |
|
|||||
Diluted earnings per share - GAAP |
$ |
0.67 |
|
$ |
0.59 |
|
$ |
0.44 |
|
$ |
1.25 |
|
$ |
0.10 |
|
|||||
Adjustments: | ||||||||||||||||||||
Effect of mortgage-related revenue |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.01 |
) |
|||||
Effect of mortgage-related costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.27 |
|
|||||
Effect of partial charge-off of C&I participation loan |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.61 |
|
|||||
Effect of IT termination fees |
|
0.04 |
|
|
- |
|
|
- |
|
|
0.04 |
|
|
- |
|
|||||
Effect of anniversary expenses |
|
0.01 |
|
|
- |
|
|
- |
|
|
0.01 |
|
|
- |
|
|||||
Adjusted diluted earnings per share |
$ |
0.72 |
|
$ |
0.59 |
|
$ |
0.44 |
|
$ |
1.30 |
|
$ |
0.97 |
|
|||||
Return on average assets |
|
0.44 |
% |
|
0.40 |
% |
|
0.32 |
% |
|
0.42 |
% |
|
0.04 |
% |
|||||
Effect of mortgage-related revenue |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
Effect of mortgage-related costs |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.10 |
% |
|||||
Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.23 |
% |
|||||
Effect of IT termination fees |
|
0.03 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
% |
|||||
Effect of anniversary expenses |
|
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
Adjusted return on average assets |
|
0.48 |
% |
|
0.40 |
% |
|
0.32 |
% |
|
0.43 |
% |
|
0.37 |
% |
|||||
Return on average shareholders' equity |
|
6.28 |
% |
|
5.64 |
% |
|
4.35 |
% |
|
5.96 |
% |
|
0.48 |
% |
|||||
Effect of mortgage-related revenue |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.03 |
%) |
|||||
Effect of mortgage-related costs |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
1.35 |
% |
|||||
Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
3.05 |
% |
|||||
Effect of IT termination fees |
|
0.39 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.19 |
% |
|
0.00 |
% |
|||||
Effect of anniversary expenses |
|
0.10 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.05 |
% |
|
0.00 |
% |
|||||
Adjusted return on average shareholders' equity |
|
6.77 |
% |
|
5.64 |
% |
|
4.35 |
% |
|
6.20 |
% |
|
4.85 |
% |
|||||
Return on average tangible common equity |
|
6.36 |
% |
|
5.71 |
% |
|
4.40 |
% |
|
6.04 |
% |
|
0.49 |
% |
|||||
Effect of mortgage-related revenue |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.03 |
%) |
|||||
Effect of mortgage-related costs |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
1.37 |
% |
|||||
Effect of partial charge-off of C&I participation loan |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
3.09 |
% |
|||||
Effect of IT termination fees |
|
0.39 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.20 |
% |
|
0.00 |
% |
|||||
Effect of anniversary expenses |
|
0.10 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.05 |
% |
|
0.00 |
% |
|||||
Adjusted return on average tangible common equity |
|
6.85 |
% |
|
5.71 |
% |
|
4.40 |
% |
|
6.29 |
% |
|
4.92 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722098263/en/
Investors/Analysts
Director of Corporate Administration
(317) 428-4628
investors@firstib.com
Media
BLASTmedia for First Internet Bank
firstib@blastmedia.com
Source: