First Internet Bancorp(US:INBK)2024-07-25 14:21Financial Performance - Net income reached $5.8 million, with diluted EPS at $0.67, showing increases of 11.5% and 13.6% respectively compared to 1Q24 [6] - Adjusted net income was $6.2 million, a 20.2% increase from 1Q24 [6] - Adjusted diluted EPS increased by 22.0% to $0.72 [6] - Total revenue increased by 11.3% from 1Q24, reaching $32.4 million [6] Loan Portfolio - Total portfolio loan balances increased by 1.3% from 1Q24 [7, 10] - Commercial loan balances increased by $46.9 million, or 1.5%, from 1Q24 [10] - Consumer loan balances increased by $7.0 million, or 0.9%, from 1Q24 [10] - The weighted average yield on new loans funded in 2Q24 was 8.88% [7, 10] Deposits and Liquidity - Total deposits remained stable compared to 1Q24, reaching $4.3 billion as of June 30, 2024, and are up 10.9% from 2Q23 [12] - Cash and unused borrowing capacity totaled $1.7 billion at June 30, 2024 [20] - The loan to deposits ratio is 92.7% [7, 20] Asset Quality and Capital - NPAs to total assets ratio is 0.24% [7] - TCE / TA ratio is 6.88%, and the CET1 ratio is 9.47% [8] - Tangible book value per share increased by 1.3% to $42.37 [8] Net Interest Margin - Net interest margin was 1.67%, and FTE NIM was 1.76%, both improving by 1 bp from 1Q24 [7] - Deposit costs increased 4 bps from 1Q24 to 4.29% for 2Q24 [28] Noninterest Income and Expense - Noninterest income increased by 32.2% to $11.0 million from $8.3 million in 1Q24 [30] - Gain on sale of loans increased by 26.9% to $8.3 million from $6.5 million in 1Q24 [30] - Noninterest expense increased by 6.2% to $22.3 million from $21.0 million in 1Q24 [36]