First Internet Bancorp(INBK) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Financial Performance This section provides an overview of the company's financial results for Q2 2025, including CEO commentary and key financial metrics CEO Statement CEO David Becker noted ongoing credit issue resolution, sound asset quality, rising net interest income, and robust fintech deposit growth - Continued efforts to address credit issues in franchise finance and small business loan portfolios, with encouraging signs for Q3 2025[3] - Overall asset quality and capital levels remain sound[3] - Delivered seven straight quarters of rising net interest income, driven by increased yields on earning assets and lower funding costs[5] - Experienced robust growth in fintech deposits, maintaining solid balance sheet liquidity[6] Key Financial Metrics Q2 2025 saw net income of $0.2 million, diluted EPS of $0.02, 17.2% YoY PTPP growth, and improved net interest margin Key Financial Metrics (in millions, except EPS and percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net income | $0.2 million | $0.9 million | $5.8 million | -77.8% | -96.6% | | Diluted EPS | $0.02 | $0.11 | $0.67 | -81.8% | -97.0% | | Pre-tax, pre-provision income (PTPP) | $11.7 million | $11.9 million | $10.0 million | -1.8% | +17.2% | | Net interest income | $28.0 million | $25.1 million | $21.3 million | +11.5% | +31.5% | | Fully-taxable net interest income | $29.1 million | $26.3 million | $22.5 million | +10.6% | +29.3% | | Net interest margin | 1.96% | 1.82% | 1.67% | +14 bps | +29 bps | | Fully-taxable equivalent net interest margin | 2.04% | 1.91% | 1.76% | +13 bps | +28 bps | | Loan growth (QoQ) | $108.2 million | - | - | +2.5% | - | | Deposit growth (QoQ) | $353.2 million | - | - | +7.1% | - | | Loans to deposits ratio | 82.3% | - | - | - | - | | Nonperforming loans to total loans | 1.00% | - | - | - | - | | Net charge-offs to average loans | 1.31% | - | - | - | - | | Allowance for credit losses to total loans | 1.07% | - | - | - | - | | Tangible common equity to tangible assets | 6.35% | - | - | - | - | | CET1 ratio | 8.90% | - | - | - | - | | Tangible book value per share | $44.25 | $44.04 | $42.37 | +0.5% | +4.4% | Credit Update This section details the company's credit performance, focusing on charge-offs, nonperforming loans, and specific portfolio updates Overall Credit Performance Q2 2025 net charge-offs were $14.3 million, nonperforming loans rose to $43.5 million, but total delinquencies improved - Net charge-offs of $14.3 million in Q2 2025, primarily in small business lending and franchise finance, with $7.3 million of specific reserves[9] - Nonperforming loans increased $9.3 million from Q1 2025 to $43.5 million (1.00% of total loans) as of June 30, 2025, in line with banking industry-wide NPLs[9] - Total delinquencies 30 days or more past due (excluding nonperforming loans) declined to 0.62% of total performing loans, down from 0.77% as of March 31, 2025[9] Franchise Finance Update Franchise finance saw $12.6 million in nonaccruals, modest delinquency increase, and no loans on deferral by Q2 2025 - Moved $12.6 million in franchise finance loans to nonaccrual in Q2 2025 with related specific reserves of $4.5 million[9] - Delinquencies up modestly from March 31, 2025, but loan count is low (9 loans out of 633 total in the portfolio)[9] - No loans on deferral as of June 30, 2025, down from 22 loans at the end of 2024, indicating a positive trend in problem loan indicators[9] Small Business Lending Update Small business lending credit performance aligns with SBA 7(a) data, with 2022-2023 vintages elevated but recent improvements noted - Credit experience in the Company's portfolio is consistent with publicly disclosed data regarding the SBA 7(a) program portfolio for all lenders[9] - Nonaccrual loans and net charge-offs elevated in the 2022-2023 vintages, with select industries underperforming[9] - Successive refinements to credit approval criteria and processes since 2023 have led to improved performance, with nonaccrual loans appearing to have plateaued and delinquencies significantly reduced[9] Financial Outlook This section presents the company's financial projections for Q3 2025, Q4 2025, and FY 2026, covering key performance indicators Financial Outlook Summary The company projects continued loan growth, expanding net interest income and margin, and stable noninterest income and expense through FY 2026 Financial Outlook (in millions, except percentages) | Metric | 3Q25 Outlook | 4Q25 Outlook | FY 2026 Outlook | | :------------------------ | :----------- | :----------- | :-------------- | | Loan growth | ~2% (not annualized) | ~2% (not annualized) | 5% - 7% | | Net interest income (FTE) | ~$33.5 million | ~$35.5 million | $158 - $163 million | | Net interest margin (FTE) | 2.20% - 2.25% | 2.30% - 2.35% | 2.50% - 2.60% | | Noninterest income | ~$13.25 million | ~$13.25 million | $51 - $54 million | | Noninterest expense | ~$27 million | ~$27 million | $108 - $112 million | | Provision for credit losses | $10 - $11 million | $10 - $11 million | $37 - $40 million | - Continued uncertainty around global and domestic economic policy may impact outlook[10] Detailed Financial Performance This section provides an in-depth analysis of the company's income statement components, including net interest income, noninterest income, and expenses Net Interest Income and Net Interest Margin Net interest income rose 11.5% QoQ to $28.0 million, with NIM improving to 1.96% due to higher yields and lower deposit costs Net Interest Income and Net Interest Margin (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net interest income | $28.0 million | $25.1 million | $21.3 million | +11.5% | +31.5% | | Fully-taxable equivalent net interest income | $29.1 million | $26.3 million | $22.5 million | +10.6% | +29.3% | | Net interest margin | 1.96% | 1.82% | 1.67% | +14 bps | +29 bps | | Fully-taxable equivalent net interest margin | 2.04% | 1.91% | 1.76% | +13 bps | +28 bps | - NIM and FTE NIM increases reflect deploying cash balances into higher-yielding loans and securities, and continued improvement in the cost of deposits[21] - Company has delivered seven straight quarters of rising net interest income[5] Interest Income Analysis Interest income increased to $80.9 million, with yield on average interest-earning assets rising to 5.65% Interest Income Analysis (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | | Total interest income | $80.9 million | $76.8 million | $71.0 million | +5.3% | +14.0% | | FTE total interest income | $82.0 million | $78.0 million | $72.1 million | +5.2% | +13.7% | | Yield on average interest-earning assets | 5.65% | 5.57% | 5.54% | +8 bps | +11 bps | | Average loan balances (incl. HFS) | +3.9% QoQ | - | - | - | - | | Average securities balances | +3.7% QoQ | - | - | - | - | | Yield on funded portfolio loan originations | 7.55% | 7.78% | 8.88% | -23 bps | -133 bps | - Commercial loan interest income increased due to growth in small business lending, construction, single tenant lease financing, commercial and industrial, and investor commercial real estate portfolios[13] - Consumer loan interest income was up modestly due to higher average balances in the trailers portfolio[15] Interest Expense Analysis Total interest expense was $52.9 million, while the cost of interest-bearing liabilities and deposits decreased Interest Expense Analysis (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | | Total interest expense | $52.9 million | $51.7 million | $49.6 million | +2.2% | +6.7% | | Cost of interest-bearing liabilities | 3.96% | 4.02% | 4.14% | -6 bps | -18 bps | | Interest expense on deposits | $46.8 million | $47.6 million | $44.5 million | -1.7% | +5.2% | | Cost of interest-bearing deposits | 3.92% | 4.01% | 4.29% | -9 bps | -37 bps | | Average interest-bearing demand deposits | +28.2% QoQ | - | - | - | - | | Average brokered deposits | -$206.7 million | - | - | -38.2% | - | - Growth in fintech deposits drove a 28.2% increase in average interest-bearing demand deposits[19] - Strong deposit growth later in the quarter allowed the Company to pay down all short term FHLB advances prior to quarter end[20] Noninterest Income Noninterest income fell 46.5% QoQ to $5.6 million, mainly due to a temporary decline in gain on sale of loans Noninterest Income (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | | Total noninterest income | $5.6 million | $10.4 million | $11.0 million | -46.5% | -49.1% | | Gain on sale of loans | $1.7 million | $8.6 million | $8.3 million | -80.7% | -79.5% | | Other noninterest income | +$2.1 million | - | - | +289.9% | - | - Decline in gain on sale of loans was due to a temporary process change to hold SBA loans held-for-sale longer, expected to revert to normalized levels in Q3 2025[23] - Increase in other noninterest income was primarily due to a planned distribution from a fund investment[23] Noninterest Expense Noninterest expense decreased 7.5% QoQ to $21.8 million, driven by lower compensation and professional fees Noninterest Expense (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | | Total noninterest expense | $21.8 million | $23.6 million | $22.3 million | -7.5% | -2.2% | - Decrease in salaries and employee benefits driven primarily by a reduction in incentive compensation[24] - Decrease in consulting and professional fees due mainly to lower outsourced audit fees and seasonally higher legal expense in the linked quarter[24] - Increase in other noninterest expense due primarily to higher fintech volume activity[24] Income Taxes Q2 2025 saw an income tax benefit of $2.1 million, an increase from the prior quarter's benefit Income Tax (Benefit) Provision (in millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :------------------------ | :------ | :------ | :------ | :--------- | :--------- | | Income tax (benefit) provision | $(2.1) million | $(0.9) million | $0.2 million | +127.8% | -1150.0% | Loans and Credit Quality This section analyzes the company's loan portfolio composition, delinquency trends, nonperforming assets, and credit loss allowances Loan Portfolio Composition Total loans grew 2.5% QoQ to $4.4 billion, with commercial loan growth in real estate and small business lending Loan Portfolio Composition (in billions/millions, except percentages) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change QoQ | Change YoY | | :------------------------ | :------------ | :------------- | :------------ | :--------- | :--------- | | Total loans | $4.4 billion | $4.3 billion | $4.0 billion | +2.5% | +10.1% | | Commercial loans | $3.5 billion | $3.4 billion | $3.1 billion | +3.2% | +13.2% | | Consumer loans | $797.2 million | $797.7 million | $800.5 million | -0.1% | -0.4% | - Commercial loan growth driven primarily by investor commercial real estate, commercial and industrial, and small business lending balances[26] - Decrease in construction balances due to projects completed and transferred to investor commercial real estate[26] Delinquencies and Nonperforming Loans Total delinquencies decreased to 0.62%, but nonperforming loans increased to $43.5 million, primarily from franchise and small business lending Delinquencies and Nonperforming Loans (in millions, except percentages) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------------ | :------------- | :------------ | :--------- | :--------- | | Total delinquencies (30+ days past due, excl. NPLs) | 0.62% | 0.77% | 0.56% | -15 bps | +6 bps | | Nonperforming loans | $43.5 million | $34.2 million | $13.0 million | +27.2% | +234.6% | | Nonperforming loans to total loans | 1.00% | 0.80% | 0.33% | +20 bps | +67 bps | - Increase in nonperforming loans due primarily to franchise finance and small business lending loans placed on nonaccrual[30] - Specific reserves of $8.9 million held against nonperforming loans as of June 30, 2025[30] Allowance for Credit Losses and Net Charge-offs ACL decreased to 1.07%, while net charge-offs were elevated at $14.3 million due to problem loan resolutions Allowance for Credit Losses and Net Charge-offs (in millions, except percentages) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------------ | :------------- | :------------ | :--------- | :--------- | | Allowance for credit losses (ACL) to total loans | 1.07% | 1.11% | 1.10% | -4 bps | -3 bps | | Net charge-offs | $14.3 million | $9.7 million | $1.4 million | +47.4% | +921.4% | | Net charge-offs to average loans | 1.31% | 0.92% | 0.14% | +39 bps | +117 bps | | Provision for credit losses | $13.6 million | $11.9 million | $4.0 million | +14.3% | +240.0% | - ACL decrease reflects removal of $7.4 million in specific reserves related to small business and franchise finance charge-offs, partially offset by new specific reserves and loan growth[31] - Net charge-offs were elevated as the Company continued to take action to resolve problem loans in the small business lending and franchise finance portfolios[32] Capital This section reviews the company's capital structure, including shareholders' equity, book value, and regulatory capital ratios Shareholders' Equity and Book Value Shareholders' equity increased to $390.2 million, with book value and tangible book value per share also rising Shareholders' Equity and Book Value (in millions, except per share amounts and percentages) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change QoQ | Change YoY | | :------------------------ | :------------ | :------------- | :------------ | :--------- | :--------- | | Total shareholders' equity | $390.2 million | $387.7 million | $372.0 million | +0.6% | +4.9% | | Book value per common share | $44.79 | $44.58 | $42.91 | +0.5% | +4.4% | | Tangible book value per share | $44.25 | $44.04 | $42.37 | +0.5% | +4.4% | - Increase in total shareholders' equity primarily due to the decrease in accumulated other comprehensive loss[34] Regulatory Capital Ratios The company maintained strong regulatory capital ratios, with CET1 at 8.90% and total risk-based capital at 12.16% Regulatory Capital Ratios (in percentages) | Capital Ratio | Company (June 30, 2025) | Bank (June 30, 2025) | | :-------------------------------- | :---------------------- | :------------------- | | Total shareholders' equity to assets | 6.43% | 7.60% | | Tangible common equity to tangible assets | 6.35% | 7.53% | | Tier 1 leverage ratio | 6.77% | 8.02% | | Common equity tier 1 capital ratio | 8.90% | 10.56% | | Tier 1 capital ratio | 8.90% | 10.56% | | Total risk-based capital ratio | 12.16% | 11.63% | - Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports[36] Corporate Information This section provides details on the company's conference call, background, forward-looking statements, non-GAAP measures, and contact information Conference Call and Webcast A conference call and webcast are scheduled for July 24, 2025, to discuss quarterly financial results - Conference call and webcast scheduled for Thursday, July 24, 2025, at 2:00 p.m. ET[37] - Access via telephone at (800) 549-8228 (access code: 77870) or live webcast on www.firstinternetbancorp.com[37](index=37&type=chunk)[38] About First Internet Bancorp First Internet Bancorp, with $6.1 billion in assets, pioneered branchless banking and offers diverse financial services nationally - Bank holding company with assets of $6.1 billion as of June 30, 2025[39] - Subsidiary, First Internet Bank, opened in 1999 as an industry pioneer in branchless banking services[39] - Provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally, plus commercial real estate, construction, C&I, and treasury management services regionally[39] Forward-Looking Statements Forward-looking statements are subject to various known and unknown risks, including economic conditions and regulatory changes - Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially[40] - Risks include general economic conditions, credit quality, operational failures, competition, loss of key management, inflation, rising interest rates, and regulatory changes[40] Non-GAAP Financial Measures Non-GAAP financial measures are used for capital and profitability assessment, with reconciliations provided for investor clarity - Non-GAAP financial measures are used by management to measure capital strength and analyze profitability[41][42] - These measures should not be considered a substitute for GAAP financial measures and may not be comparable to those presented by other companies[42] - Reconciliations of non-GAAP financial measures to comparable GAAP measures are included in the release[42] Contact Information Contact information is provided for investor/analyst and media inquiries - Investors/Analysts contact: Paula Deemer, Director of Corporate Administration, (317) 428-4628, investors@firstib.com[43] - Media contact: Zach Weismiller, PANBlast, firstib@panblastpr.com[43] Unaudited Financial Statements and Reconciliations This section presents unaudited financial statements and reconciliations of non-GAAP measures to GAAP, offering detailed financial data Summary Financial Information This table summarizes key financial metrics, including net income, EPS, book values, and performance ratios for Q2 2025 and comparable periods Summary Financial Information (in thousands, except EPS and percentages) | Metric | June 30, 2025 (3 Months) | March 31, 2025 (3 Months) | June 30, 2024 (3 Months) | June 30, 2025 (6 Months) | June 30, 2024 (6 Months) | | :-------------------------------- | :----------------------- | :------------------------ | :----------------------- | :----------------------- | :----------------------- | | Net income | $193 | $943 | $5,775 | $1,136 | $10,956 | | Earnings per share - diluted | $0.02 | $0.11 | $0.67 | $0.13 | $1.25 | | Book value per common share | $44.79 | $44.58 | $42.91 | $44.79 | $42.91 | | Tangible book value per common share | $44.25 | $44.04 | $42.37 | $44.25 | $42.37 | | Return on average assets | 0.01% | 0.07% | 0.44% | 0.04% | 0.42% | | Net interest margin | 1.96% | 1.82% | 1.67% | 1.89% | 1.67% | | Nonperforming loans to loans | 1.00% | 0.80% | 0.33% | 1.00% | 0.33% | | Net charge-offs to average loans | 1.31% | 0.92% | 0.14% | 1.12% | 0.10% | | Total assets (average) | $5,924,144 | $5,770,380 | $5,332,776 | $5,847,687 | $5,270,356 | | Total deposits (average) | $4,945,955 | $4,951,856 | $4,289,915 | $4,948,890 | $4,195,132 | Condensed Consolidated Balance Sheets This table presents condensed consolidated balance sheets, detailing assets, liabilities, and equity as of June 30, 2025, and prior periods Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :------------ | | Total assets | $6,072,573 | $5,851,608 | $5,343,302 | | Loans held-for-sale | $126,533 | $31,738 | $19,384 | | Net loans | $4,316,045 | $4,207,174 | $3,917,741 | | Total deposits | $5,298,789 | $4,945,625 | $4,273,922 | | Advances from Federal Home Loan Bank | $264,500 | $395,000 | $575,000 | | Total liabilities | $5,682,334 | $5,463,861 | $4,971,349 | | Total shareholders' equity | $390,239 | $387,747 | $371,953 | Condensed Consolidated Statements of Income This table outlines condensed consolidated statements of income, showing revenue, expenses, and net income for Q2 2025 and comparable periods Condensed Consolidated Statements of Income (in thousands, except per share amounts) | Metric | June 30, 2025 (3 Months) | March 31, 2025 (3 Months) | June 30, 2024 (3 Months) | June 30, 2025 (6 Months) | June 30, 2024 (6 Months) | | :-------------------------------- | :----------------------- | :------------------------ | :----------------------- | :----------------------- | :----------------------- | | Total interest income | $80,886 | $76,829 | $70,961 | $157,715 | $139,126 | | Total interest expense | $52,896 | $51,733 | $49,634 | $104,629 | $97,065 | | Net interest income | $27,990 | $25,096 | $21,327 | $53,086 | $42,061 | | Provision for credit losses | $13,608 | $11,933 | $4,031 | $25,541 | $6,479 | | Total noninterest income | $5,557 | $10,427 | $11,033 | $15,984 | $19,380 | | Total noninterest expense | $21,800 | $23,556 | $22,336 | $45,357 | $43,359 | | Net income | $193 | $943 | $5,775 | $1,136 | $10,956 | | Diluted earnings per share | $0.02 | $0.11 | $0.67 | $0.13 | $1.25 | Average Balances and Rates These tables detail average balances and rates for interest-earning assets and interest-bearing liabilities, illustrating net interest income drivers Average Balances and Rates (in thousands, except percentages) | Metric | June 30, 2025 (3 Months) | March 31, 2025 (3 Months) | June 30, 2024 (3 Months) | | :-------------------------------- | :----------------------- | :------------------------ | :----------------------- | | Average interest-earning assets | $5,739,019 | $5,590,131 | $5,150,305 | | Yield on interest-earning assets | 5.65% | 5.57% | 5.54% | | Average loans (incl. HFS) | $4,407,196 | $4,242,933 | $3,936,723 | | Yield on loans | 6.07% | 5.99% | 5.83% | | Average interest-bearing liabilities | $5,360,514 | $5,217,278 | $4,825,152 | | Cost of interest-bearing liabilities | 3.96% | 4.02% | 4.14% | | Average interest-bearing deposits | $4,792,939 | $4,815,978 | $4,172,976 | | Cost of interest-bearing deposits | 3.92% | 4.01% | 4.29% | | Net interest margin | 1.96% | 1.82% | 1.67% | Loans and Deposits This table provides a detailed breakdown of loan and deposit portfolios by type and percentage for recent periods Loans and Deposits (in thousands, except percentages) | Loan Type | June 30, 2025 (Amount) | June 30, 2025 (Percent) | March 31, 2025 (Amount) | March 31, 2025 (Percent) | June 30, 2024 (Amount) | June 30, 2024 (Percent) | | :-------------------------------- | :----------------------- | :---------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Commercial loans: | | | | | | | | Commercial and industrial | $174,475 | 4.0% | $140,239 | 3.3% | $115,585 | 2.9% | | Investor commercial real estate | $513,411 | 11.8% | $297,874 | 7.0% | $188,409 | 4.8% | | Construction | $332,658 | 7.6% | $471,082 | 11.1% | $328,922 | 8.3% | | Single tenant lease financing | $970,042 | 22.3% | $950,814 | 22.4% | $927,462 | 23.4% | | Small business lending | $383,455 | 8.8% | $353,408 | 8.3% | $270,129 | 6.8% | | Franchise finance | $479,757 | 11.0% | $514,700 | 12.1% | $551,133 | 13.9% | | Consumer loans: | | | | | | | | Residential mortgage | $358,922 | 8.2% | $367,722 | 8.6% | $382,549 | 9.7% | | Trailers | $228,786 | 5.2% | $220,012 | 5.2% | $197,738 | 5.0% | | Total loans | $4,362,562 | 100.0% | $4,254,412 | 100.0% | $3,961,146 | 100.0% | | Deposit Type | June 30, 2025 (Amount) | June 30, 2025 (Percent) | March 31, 2025 (Amount) | March 31, 2025 (Percent) | June 30, 2024 (Amount) | June 30, 2024 (Percent) | | :-------------------------------- | :----------------------- | :---------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Noninterest-bearing deposits | $145,166 | 2.7% | $151,815 | 3.1% | $126,438 | 3.0% | | Interest-bearing demand deposits | $1,458,123 | 27.5% | $1,103,540 | 22.3% | $480,141 | 11.2% | | Certificates of deposits | $2,146,356 | 40.5% | $2,029,801 | 41.0% | $1,829,644 | 42.8% | | Brokered deposits | $317,282 | 6.0% | $346,602 | 7.0% | $452,703 | 10.6% | | Total deposits | $5,298,789 | 100.0% | $4,945,625 | 100.0% | $4,273,922 | 100.0% | Reconciliation of Non-GAAP Financial Measures These tables reconcile non-GAAP financial measures like tangible common equity and pre-tax, pre-provision income to GAAP equivalents Reconciliation of Non-GAAP Financial Measures (in thousands, except per share amounts and percentages) | Metric | June 30, 2025 (3 Months) | March 31, 2025 (3 Months) | June 30, 2024 (3 Months) | June 30, 2025 (6 Months) | June 30, 2024 (6 Months) | | :-------------------------------- | :----------------------- | :------------------------ | :----------------------- | :----------------------- | :----------------------- | | Total equity - GAAP | $390,239 | $387,747 | $371,953 | $390,239 | $371,953 | | Tangible common equity | $385,552 | $383,060 | $367,266 | $385,552 | $367,266 | | Total assets - GAAP | $6,072,573 | $5,851,608 | $5,343,302 | $6,072,573 | $5,343,302 | | Tangible assets | $6,067,886 | $5,846,921 | $5,338,615 | $6,067,886 | $5,338,615 | | Book value per common share | $44.79 | $44.58 | $42.91 | $44.79 | $42.91 | | Tangible book value per common share | $44.25 | $44.04 | $42.37 | $44.25 | $42.37 | | Net interest income - FTE | $29,147 | $26,265 | $22,502 | $55,412 | $44,426 | | Pre-tax, pre-provision income | $11,747 | $11,967 | $10,024 | $23,713 | $18,082 | | Adjusted net income | $193 | $943 | $6,227 | $1,136 | $11,408 | - Reconciliations are provided for non-GAAP measures such as tangible common equity, tangible assets, tangible book value per common share, and pre-tax, pre-provision income[50][51] - Fully-taxable equivalent adjustments are applied assuming a 21% tax rate for interest income and net interest income[50]