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Fintech Acquisition Corp. V Class a Common Shares and Warrants to Commence Trading Separately on January 25, 2021

PHILADELPHIA, PA, Jan. 20, 2021 (GLOBE NEWSWIRE) — FinTech Acquisition Corp. V (NASDAQ: FTCVU) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that the holders of the Company’s units may elect to separately trade the Class A common shares and warrants underlying the units commencing on January 25, 2021. Those units not separated will continue to trade on the NASDAQ Capital Market under the symbol “FTIVU” and the Class A common shares and warrants are expected to trade under the symbols “FTIV” and “FTIVW”, respectively.

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on December 3, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering was made by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022; Email: [email protected]. Copies of the registration statement can be accessed for free through the SEC’s website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Amanda Abrams
Cohen & Company, LLC
[email protected]
(215) 701-9693



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VOC Energy Trust Announces Trust Quarterly Distribution

VOC Energy Trust Announces Trust Quarterly Distribution

HOUSTON–(BUSINESS WIRE)–
VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the fourth quarterly payment period ended December 31, 2020.

Unitholders of record on February 1, 2021 will receive a distribution amounting to $510,000 or $0.03 per unit, payable February 12, 2021.

Volumes, average sales prices and net profits for the payment period were:

Sales volumes:

 

 

 

 

Oil (Bbl)

 

136,583

 

 

Natural gas (Mcf)

 

95,986

 

 

Total (BOE)

 

152,581

 

 

Average sales prices:

 

 

 

 

Oil (per Bbl)

 

$

36.26

 

Natural gas (per Mcf)

 

$

2.07

 

 

Gross proceeds:

 

 

 

 

 

Oil sales

 

$

4,952,685

 

 

Natural gas sales

 

 

199,136

 

 

Total gross proceeds

 

$

5,151,821

 

 

Costs:

 

 

 

 

Lease operating expenses

 

$

2,691,487

 

 

Production and property taxes

 

 

751,557

 

 

Development expenses

 

 

1,014,161

 

 

Total costs

 

$

4,457,205

 

 

Net proceeds

 

$

694,616

 

 

Percentage applicable to Trust’s Net Profits Interest

 

80%

 

 

Net profits interest

 

$

555,693

 

 

Increase in cash reserve held by VOC Brazos Energy Partners, L.P.

 

 

0

 

 

Total cash proceeds available for the Trust

 

$

555,693

 

 

Provision for estimated Trust expenses

 

 

(45,693)

 

 

Net cash proceeds available for distribution

 

$

510,000

 

 

This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. has advised the Trust that VOC Brazos Energy Partners, L.P. believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended December 31, 2020. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 2020 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.

VOC Energy Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Elaina Rodgers

(713) 483-6020

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Fourth Quarter and Full Year 2020 Conference Call Details
     
Toll Free (North America):  1-800-806-5484  
Toronto Local and International: 416-340-2217  
Toll Free (UK): 00-80042228835  
Passcode:  3993987#  
Webcast:  www.yamana.com  
     
Conference Call Replay
     
Toll Free (North America):  1-800-408-3053  
Toronto Local and International: 905-694-9451  
Toll Free (UK): 00-80033663052  
Passcode:  3289901#  

The conference call replay will be available from 12:00 p.m. ET on February 12, 2021 until 11:59 p.m. ET on March 12, 2021.

About Yamana

Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investor Relations

+416-815-0220
1-888-809-0925
Email: [email protected]

FTI Consulting (UK Public Relations)

Sara Powell / Ben Brewerton

+44 203 727 1000
Email: [email protected]

Credit Suisse (Joint UK Corporate Broker)

Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888

Joh. Berenberg Gossler & Co. KG (Joint UK Corporate Broker)

Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800

Peel Hunt LLP (Joint UK Corporate Broker)

Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to the Company’s strategy, plans or future financial or operating performance, changes to its dividend policy and dividend reporting, the implementation of a cash reserve fund in order to sustain dividend level independent of gold prices, the Company’s expectation that it will continue to generate cash flow and execute on monetization initiatives, some of which will support the cash reserve fund, or updates regarding mineral reserves and mineral resources. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include unforeseen impacts on cash flow, monetization initiatives, and available residual cash, an inability to maintain a cash reserve fund balance that can support current or future dividend increases, the outcome of various planned technical studies, production and exploration, development, optimizations and expansion plans at the Company’s projects, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, silver and zinc), currency exchange rates (such as the Brazilian Real, the Chilean Peso and the Argentine Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the Company’s hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risks related to asset dispositions, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks relating to joint venture or jointly owned operations, title disputes or claims, limitations on insurance coverage, timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company’s Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.



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American Financial Group, Inc. Announces Its Conference Call and Webcast to Discuss 2020 Fourth Quarter and Full Year Results

American Financial Group, Inc. Announces Its Conference Call and Webcast to Discuss 2020 Fourth Quarter and Full Year Results

CINCINNATI–(BUSINESS WIRE)–
American Financial Group, Inc. (NYSE: AFG) expects to release its 2020 fourth quarter and full year results after 5:00 p.m. (ET) on Wednesday, February 3, 2021. The release will be available shortly thereafter on AFG’s website at www.AFGinc.com.

In conjunction with its release, AFG will hold a conference call to discuss 2020 fourth quarter and full year results at 11:30 a.m. (ET) on Thursday, February 4, 2021. There are two communication modes available to listen to the call.

By Telephone

Toll-free access will be available by dialing 1-877-459-8719 (international dial-in 424-276-6843). The conference ID for the live call is 6976276. Please dial in five to ten minutes prior to the scheduled start time of the call. A replay will be available approximately two hours following the completion of the call and will remain available until 11:59 p.m. (ET) on February 11, 2021. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 6976276.

Via the Internet

The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click on the following link: https://www.AFGinc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.

An archived webcast will be available immediately after the call via the same link on our website until February 11, 2021 at 11:59 p.m. (ET).

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets of approximately $70 billion as of September 30, 2020. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions, broker-dealer, and registered investment advisor markets. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

Diane P. Weidner, IRC

Vice President – Investor & Media Relations

513-369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

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Franklin Street Properties Corp. Announces Tax Composition of 2020 Distributions

Franklin Street Properties Corp. Announces Tax Composition of 2020 Distributions

WAKEFIELD, Mass.–(BUSINESS WIRE)–
Franklin Street Properties Corp. (“FSP”) (NYSE American:FSP) announced today the tax composition of its 2020 distributions. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of FSP distributions.

Ticker Symbol: FSP
Common Stock (CUSIP # 35471R106)

 

 

 

 

 

 

2020

 

2020

 

2020 Total

 

 

 

 

 

 

 

 

Total

 

Taxable

 

Taxable

 

Capital

 

2020

 

 

Record

 

Payable

 

Distribution

 

Ordinary

 

Qualified

 

Gain

 

Return of

 

Section 199A

Date

 

Date

 

per Share

 

Dividend

 

Dividend (1)

 

Distribution

 

Capital

 

Distribution
1/24/20   2/13/20  

$

0.09

 

$

0.069758

 

$

–

 

$

0.015045

 

$

0.005197

 

$

0.069758

4/17/20   5/7/20  

$

0.09

 

$

0.069758

 

$

–

 

$

0.015045

 

$

0.005197

 

$

0.069758

7/17/20   8/6/20  

$

0.09

 

$

0.069758

 

$

–

 

$

0.015045

 

$

0.005197

 

$

0.069758

10/23/20   11/12/20  

$

0.09

 

$

0.069758

 

$

–

 

$

0.015045

 

$

0.005197

 

$

0.069758

Totals    

$

0.36

 

$

0.279032

 

$

–

 

$

0.060180

 

$

0.020788

 

$

0.279032

(1) Qualified Dividend is a subset of, and included in, the 2020 Total Ordinary Dividend amount.

This press release, along with other news about FSP, is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.

For Franklin Street Properties Corp.

Georgia Touma, 877-686-9496

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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Sotera Health Announces Successful Repricing of its First Lien Term Loan Facility

CLEVELAND, Jan. 20, 2021 (GLOBE NEWSWIRE) — Sotera Health Company (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions and lab testing and advisory services for the healthcare industry, today announced that it has closed on an amendment repricing its First Lien Term Loan facility. The interest rate spread over LIBOR on the facility was reduced from 450 basis points to 275 basis points, and the facility’s LIBOR floor was reduced from 100 basis points to 50 basis points. The changes result in an effective reduction in current interest rates of 2.25%.

“We are pleased with the results of this repricing transaction, which we believe to be a reflection of the recently announced steps that the company has taken towards reducing leverage and enhancing the company’s liquidity position, combined with our continued solid operational performance,” said Scott J. Leffler, Chief Financial Officer of Sotera Health. “At current LIBOR and debt levels, we expect that the improved pricing will result in approximately $40 million of annual cash interest savings and provide us with additional flexibility for investment in key strategic priorities, such as growth initiatives and further deleveraging.”

Sotera Health expects interest savings will be partially offset by cash and non-cash charges associated with the repricing amendment.

Forward-looking Statements:

Statements in this press release regarding the Company that are not historical facts are “forward-looking statements” that involve risks and uncertainties, including statements about the expected impact of the repricing of our debt and related charges, our financial condition, and our operational performance. The inclusion of these forward-looking statements should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements are subject to various risks, uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. For additional discussion of these risks and uncertainties, please refer to our filings with the SEC. Forward-looking statements made in this release speak only as of the date of this release, and the Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances, except as required by law.

About Sotera Health:

The name Sotera Health was inspired by Soteria, the Greek goddess of safety, and reflects the Company’s unwavering commitment to its mission, Safeguarding Global Health®. Sotera Health Company is a leading global provider of mission-critical sterilization and lab testing and advisory services for the healthcare industry. With a combined tenure across our businesses of nearly 200 years and our industry-recognized scientific and technological expertise, we help to ensure the safety of millions of patients and healthcare practitioners around the world every year. Across our 63 facilities worldwide, we have nearly 2,900 employees who are dedicated to safety and quality. We are a trusted partner to more than 5,800 customers in over 50 countries, including more than 40 of the top 50 medical device companies and 8 of the top 10 global pharmaceutical companies.

Sotera Health goes to market through its three best-in-class businesses – Sterigenics®, Nordion® and Nelson Labs®. Sterigenics is a leading global provider of outsourced terminal sterilization and irradiation services for the medical device, pharmaceutical, food safety and advanced applications markets. Nordion is the leading global provider of Co-60 and gamma irradiators, which are key components to the gamma sterilization process. Nelson Labs is a global leader in outsourced microbiological and analytical chemistry testing and advisory services for the medical device and pharmaceutical industries. Learn more about Sotera Health at soterahealth.com.

CONTACTS:

Sally J. Curley, IRC Jenny Kobin
Curley Global IR, LLC IR Advisory Solutions
[email protected] [email protected]

Kristin Gibbs
Chief Marketing Officer, Sotera Health
[email protected]

Source: Sotera Health Company



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Nutrien Announces Release Dates for Fourth Quarter 2020 Results and Conference Call

Nutrien Announces Release Dates for Fourth Quarter 2020 Results and Conference Call

SASKATOON, Saskatchewan–(BUSINESS WIRE)–
Nutrien Ltd (TSX and NYSE: NTR) announced today plans to release fourth quarter earnings results on Wednesday, February 17, 2021, after market close. Nutrien will host a conference call the following day, Thursday, February 18, 2021 at 10:00 a.m. EST to discuss and answer investor questions on fourth quarter results and the outlook.

The global pandemic has created an influx of callers dialing into conference lines individually from their home offices which has caused delays in getting participants into the requested calls. To avoid delays in accessing our Q4 Earnings conference call, Nutrien has implemented Direct Event which will require participants to pre-register for the call online through the following link; http://www.directeventreg.com/registration/event/5869929. Alternatively, callers can also pre-register by phone at 1-888-869-1189 and providing Conference ID 5869929. Once the registration is complete, a confirmation will be sent providing the dial in number and both the Direct Event Passcode and your unique Registrant ID to join this call. For security reasons, please do NOT share this information with anyone else. A webcast of the conference call and the presentation slides can be accessed by visiting Nutrien’s website, www.nutrien.com/investors/events. A replay of the webcast will be available for 90 days from the time of the call.

A recording of the conference call will also be available after the completion of the call by dialing 1-800-585-8367 and inputting the conference identification number 5869929. The recording will be available through May 19, 2021.

About Nutrien

Nutrien is the world’s largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner. We produce and distribute 25 million tonnes of potash, nitrogen and phosphate products world-wide. With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.

Investor Relations

Richard Downey

Vice President, Investor Relations

(403) 225-7357

Tim Mizuno

Director, Investor Relations

(306) 933-8548

Media Relations

Megan Fielding

Vice President, Brand & Culture Communications

(403) 797-3015

Contact us at: www.nutrien.com

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Agriculture Natural Resources

MEDIA:

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Q2 Holdings, Inc. Announces Investor Conference Call to Review Fourth Quarter and Full-Year 2020 Financial Results

Q2 Holdings, Inc. Announces Investor Conference Call to Review Fourth Quarter and Full-Year 2020 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital banking and lending solutions, will release its financial results for the fourth quarter and full-year 2020 after market close on Wednesday, February 17, 2021. Q2 will host a corresponding conference call at 8:30 a.m. EST on Thursday, February 18, 2021.

Conference Call Details

Date:

 

Thursday, February 18, 2021

Time:

 

8:30 a.m. EST

Hosts:

 

Matt Flake, CEO / David Mehok, CFO

Conference ID:

 

1397098

Registration:

 

http://www.directeventreg.com/registration/event/1397098

 

 

 

All participants must register using the link above to receive a toll-free dial-in number for the call. Upon completing the registration, participants will receive a unique registrant ID and passcode required to join the call. Participants should dial in at least 10 minutes prior to the start of the conference. A live webcast of the conference call and financial results will be accessible from the investor relations section of the Q2 website at http://investors.Q2.com/.

An archived replay of the webcast will be available on this website for a limited time after the call.

About Q2 Holdings, Inc.

Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

MEDIA CONTACT

Beth Williams

Q2 Holdings, Inc.

O: 1-512-293-6013

[email protected]

INVESTOR CONTACT

Josh Yankovich

Q2 Holdings, Inc.

O: 1-512-682-4463

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Software Technology Banking Professional Services

MEDIA:

Posted on

First Trust Senior Floating Rate Income Fund II Declares Its Monthly Common Share Distribution of $0.105 Per Share for February

First Trust Senior Floating Rate Income Fund II Declares Its Monthly Common Share Distribution of $0.105 Per Share for February

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Senior Floating Rate Income Fund II (the “Fund”) (NYSE: FCT) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.105 per share payable on February 16, 2021, to shareholders of record as of February 2, 2021. The ex-dividend date is expected to be February 1, 2021. The monthly distribution information for the Fund appears below.

First Trust Senior Floating Rate Income Fund II (FCT):

Distribution per share:

$0.105

Distribution Rate based on the January 19, 2021 NAV of $12.94:

9.74%

Distribution Rate based on the January 19, 2021 closing market price of $11.74:

10.73%

This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of net short-term realized capital gains. The final determination of the source and tax status of all 2021 distributions will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Fund will typically invest in senior loans rated below investment grade, which are commonly referred to as “junk” or “high-yield” securities and considered speculative because of the credit risk of their issuers. Such issuers are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a senior loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value.

The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions.

In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Manipulation of the LIBOR rate-setting process would raise the risk of adverse impacts to a fund if a fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation.

The Fund’s portfolio is also subject to credit risk, interest rate risk, liquidity risk, prepayment risk and reinvestment risk. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities. Liquidity risk is the risk that the fund may have difficulty disposing of senior loans if it seeks to repay debt, pay dividends or expenses, or take advantage of a new investment opportunity. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund’s portfolio’s current earnings rate.

A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans are typically secured by a second priority security interest or lien on specified collateral securing the Borrower’s obligation under the interest. Because second lien loans are second to first lien loans, they present a greater degree of investment risk. Specifically, these loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan may be insufficient to meet scheduled payments after giving effect to those loans with a higher priority. In addition, loans that have a lower than first lien priority on collateral of the Borrower generally have greater price volatility than those loans with a higher priority and may be less liquid.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Jeff Margolin 630-915-6784

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results

First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results

Highlights for the fourth quarter and full year 2020 include:

  • Record annual net income and diluted earnings per share of $29.5 million and $2.99, respectively
  • Record quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019
  • Record quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019
  • Total quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019
  • Net interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits

FISHERS, Ind.–(BUSINESS WIRE)–
First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2020. Net income for the fourth quarter of 2020 was a record $11.1 million, or $1.12 diluted earnings per share. This compares to net income of $8.4 million, or $0.86 diluted earnings per share, for the third quarter of 2020, and net income of $7.1 million, or $0.72 diluted earnings per share, for the fourth quarter of 2019.

For the full year ended December 31, 2020, net income was a record $29.5 million and diluted earnings per share were a record $2.99, compared to net income of $25.2 million and diluted earnings per share of $2.51 for the year ended December 31, 2019. The full year 2020 results included a $2.1 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the year was $31.1 million, or $3.16 adjusted diluted earnings per share.

“We generated record net income for the fourth quarter and for all of 2020, closing out our 21st year of operation with substantial momentum despite the challenges created by the pandemic,” said David Becker, Chairman, President and Chief Executive Officer. “Over the course of the year, we produced robust revenue growth, with our direct-to-consumer mortgage business delivering its best year in our history. Our bankers met the surge in demand brought on by low interest rates, winning business with a demonstrated commitment to consistent, excellent service. Our expanding national SBA platform also steadily gained momentum and drove higher gain-on-sale revenue, increasingly contributing to our success throughout the year. Our pipelines in these key business lines remain solid heading into 2021.

“We also maintained strong credit quality even as we took extraordinary steps in the form of loan deferrals to help our clients weather the initial shocks of the public health crisis early in the year,” Becker added. “Well before the year ended, nearly all of our borrowers who needed payment relief resumed making payments, and our continued low level of nonperforming loans reflects this. We deepened ties with our clients through this experience and remain optimistic in our customers’ collective ability to fully bounce back and succeed in the year ahead.

Mr. Becker concluded, “And of course, I want to thank the entire First Internet team for their exceptional work in an unforgettable year. Their unrelenting efforts allowed us to deliver our best-ever earnings results in a very difficult time for our country. Our employees are at the heart of our strong culture and workplace environment and are the reason First Internet was recognized by The Indianapolis Star for the seventh consecutive year as one of the ‘Top Workplaces in Central Indiana’.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2020 was $18.9 million, compared to $16.2 million for the third quarter of 2020, and $15.4 million for the fourth quarter of 2019. On a fully-taxable equivalent basis, net interest income for the fourth quarter was $20.3 million, compared to $17.7 million for the third quarter, and $16.9 million for the fourth quarter of 2019.

Total interest income for the fourth quarter of 2020 was $33.6 million, an increase of 2.7%, compared to the third quarter of 2020, and a decrease of 11.2% compared to the fourth quarter of 2019. On a fully-taxable equivalent basis, total interest income for the fourth quarter of 2020 was $35.0 million, an increase of 2.5% compared to the third quarter of 2020, and a decrease of 11.2% compared to the fourth quarter of 2019. The increase in total interest income compared to the third quarter of 2020 was driven primarily by an 8 bp increase in the yield on average interest-earning assets as the average balance of those assets was relatively stable between quarters. The yield on interest-earning assets for the fourth quarter of 2020 increased to 3.17% from 3.09% in the prior quarter due primarily to a shift in the earning asset mix and an increase in loan fee income, mostly related to prepayments. Average loan balances increased $73.2 million, or 2.4%, while the average balance of securities and other earning assets decreased $51.1 million and $19.6 million, respectively.

Total interest expense for the fourth quarter of 2020 was $14.8 million, a decrease of 10.5%, compared to the third quarter of 2020, and a decrease of 34.3% compared to the fourth quarter of 2019. The decrease in total interest expense compared to the linked quarter was due primarily to a 22 bp decline in the cost of interest-bearing deposits. The decrease in deposit costs reflects the continued decline in the rates paid on interest-bearing deposits as well as a shift in the deposit mix due to the growth in money market accounts and reduction in certificates and brokered deposits.

During the fourth quarter of 2020, the cost of money market deposits decreased by 27 bps while the average balance of these deposits grew $74.3 million, or 5.7%. Furthermore, the cost of certificates and brokered deposits decreased by 9 bps and average balances decreased $110.9 million, or 6.2%. During the fourth quarter, new certificates of deposit were originated at a weighted average cost of 50 bps while maturing deposits had a weighted average cost of 205 bps; a difference of 155 bps.

Net interest margin (“NIM”) improved to 1.78% for the fourth quarter of 2020, up from 1.53% for the third quarter of 2020 and 1.51% in the fourth quarter of 2019. Fully-taxable equivalent NIM (“FTE NIM”) increased by 24 bps to 1.91% for the fourth quarter of 2020, up from 1.67% for both the third quarter of 2020 and the fourth quarter of 2019. The increases in NIM and FTE NIM compared to the linked quarter were driven primarily by a combination of lower interest-bearing deposit costs and higher average loan yields, which more than offset the impact of lower yields on securities and the continued effect of elevated cash balances.

Noninterest Income

Noninterest income for the fourth quarter of 2020 was $12.7 million, compared to $12.5 million for the third quarter of 2020 and $5.4 million for the fourth quarter of 2019. The modest increase compared to the linked quarter was driven primarily by an increase in gain on sale of loans, partially offset by lower revenues from mortgage banking activities. Gain on sale of loans totaled $3.7 million for the quarter, increasing $1.7 million compared to the third quarter of 2020 driven by a higher amount of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loan sales in the quarter as well as a $0.2 million gain on the sale of $7.4 million of public finance loans. Mortgage banking revenue totaled $8.0 million for the fourth quarter of 2020, down $1.6 million from the record prior quarter due to a decrease in interest rate lock volume, which was partially offset by an increase in margins. On a historical basis, however, mortgage banking revenue remained strong as the low interest rate environment continued to drive purchase and refinance activity.

Noninterest Expense

Noninterest expense for the fourth quarter of 2020 was $14.5 million, compared to $16.4 million for the third quarter of 2020 and $12.6 million for the fourth quarter of 2019. The third quarter of 2020 included a $2.1 million write-down of two legacy commercial OREO properties. Excluding the impact of that write-down, noninterest expense increased slightly on a linked-quarter basis, driven primarily by a $0.2 million increase in loan expenses and a $0.2 million increase consulting and professional fees, but was partially offset by a $0.4 million decrease in salaries and employee benefits. The lower salaries and employee benefits expense was due mainly to the timing of incentive compensation in the Company’s small business lending division and lower incentive compensation in the mortgage banking division due to lower mortgage production quarter-over-quarter.

Income Taxes

The Company reported an income tax expense of $3.1 million for the fourth quarter of 2020 and an effective tax rate of 21.6%, compared to income tax expense of $1.4 million and an effective tax rate of 14.2% for the third quarter of 2020 and an income tax expense of $0.6 million and an effective tax rate of 7.8% for the fourth quarter of 2019. The increase in income taxes during the quarter was primarily due to the increase in pre-tax earnings driven by a higher proportion of taxable revenue and the timing of pre-tax earnings as performance significantly improved during the second half of 2020.

Loans and Credit Quality

Total loans as of December 31, 2020 were $3.1 billion, an increase of $46.3 million, or 1.5%, compared to September 30, 2020, and an increase of $95.7 million, or 3.2%, compared to December 31, 2019. Total commercial loan balances were $2.5 billion as of December 31, 2020, an increase of $73.1 million, or 3.0%, compared to September 30, 2020 and an increase of $229.1 million, or 10.0%, compared to December 31, 2019. Compared to the linked quarter, the growth in commercial loan balances was driven largely by production in healthcare finance and construction lending, which was partially offset by a decrease in single tenant lease financing balances.

Total consumer loan balances were $482.3 million as of December 31, 2020, a decrease of $25.4 million, or 5.0%, compared to September 30, 2020 and a decrease of $151.2 million, or 23.9%, compared to December 31, 2019. The decline in consumer loan balances from September 30, 2020 was due primarily to increased prepayment activity in the residential mortgage portfolio and seasonally lower production in the RV and trailer portfolios.

Total delinquencies 30 days or more past due decreased to 0.17% of total loans as of December 31, 2020, down from 0.22% as of September 30, 2020 and down from 0.24% as of December 31, 2019. Overall credit quality remained relatively stable as nonperforming loans to total loans was 0.33% as of December 31, 2020, compared to 0.32% at September 30, 2020 and 0.23% as of December 31, 2019.

The allowance for loan losses as a percentage of total loans was 0.96% as of December 31, 2020, or 0.98% when excluding SBA Paycheck Protection Program (“PPP”) loans, compared to 0.89% and 0.91%, respectively, as of September 30, 2020 and 0.74% as of December 31, 2019. During the quarter, the Company continued to make additional adjustments to qualitative factors in its allowance model to reflect the continued economic uncertainty resulting from the COVID-19 pandemic as well as increased the specific reserve by $1.1 million on an existing nonperforming single tenant lease financing relationship. As a result, both the amount of the allowance for loan losses and the allowance as a percentage of total loans increased compared to September 30, 2020.

Net charge-offs of $0.3 million were recognized during the fourth quarter of 2020, resulting in net charge-offs to average loans of 0.04%, compared to 0.01% for the third quarter and 0.04% for the fourth quarter of 2019. The provision for loan losses in the fourth quarter was $2.9 million, compared to $2.5 million for the third quarter and $0.5 million for the fourth quarter of 2019.

Capital

As of December 31, 2020, total shareholders’ equity was $330.9 million, an increase of $12.8 million, or 4.0%, compared to September 30, 2020, due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $33.77 as of December 30, 2020, up from $32.46 as of September 30, 2020 and $31.30 as of December 31, 2019. Tangible book value per share increased to $33.29, up from $31.98 and $30.82, each as of the same reference dates.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of December 31, 2020.

As of December 31, 2020

Company

Bank

 

Total shareholders’ equity to assets

7.79%

8.64%

Tangible common equity to tangible assets 1

7.69%

8.54%

Tier 1 leverage ratio 2

7.95%

8.78%

Common equity tier 1 capital ratio 2

11.31%

12.49%

Tier 1 capital ratio 2

11.31%

12.49%

Total risk-based capital ratio 2

14.91%

13.47%

 

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled “Non-GAAP Financial Measures.”

2 Regulatory capital ratios are preliminary pending filing of the Company’s and the Bank’s regulatory reports.

Conference Call and Webcast

The Company will host a conference call and webcast at 12:00 p.m. Eastern Time on Thursday, January 21, 2021 to discuss its quarterly financial results. The call can be accessed via telephone at (888) 348-3664. A recorded replay can be accessed through February 21, 2021 by dialing (877) 344-7529; passcode: 10151053.

Additionally, interested parties can listen to a live webcast of the call on Company’s website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About First Internet Bancorp

First Internet Bancorp is a bank holding company with assets of $4.2 billion as of December 31, 2020. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The Bank provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally as well as commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services in select geographies. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about the Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to the financial condition, results of operations, trends in lending policies, plans, objectives, future performance or business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “optimistic,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “will,” “would” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. The COVID-19 pandemic continues to impact general business and economic conditions as well as our customers, counterparties, employees, and third-party service providers. Continued uncertainty in market conditions could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. The ultimate magnitude and duration of the pandemic is still unknown at this time, therefore, the extent of the impact on our business, financial position, results of operations, liquidity and prospects remains uncertain. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial real estate, commercial and industrial, public finance, SBA and healthcare finance loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; fluctuations in interest rates; general economic conditions; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, allowance for loan losses to loans, excluding PPP loans, adjusted income before income taxes, adjusted income tax provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity and adjusted effective income tax rate are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
 
 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

 

 

2020

 

2020

 

2019

 

2020

 

2019
Net income

$

11,090

 

$

8,411

 

$

7,096

 

$

29,453

 

$

25,239

 

Per share and share information
Earnings per share – basic

$

1.12

 

$

0.86

 

$

0.72

 

$

2.99

 

$

2.51

 

Earnings per share – diluted

 

1.12

 

 

0.86

 

 

0.72

 

 

2.99

 

 

2.51

 

Dividends declared per share

 

0.06

 

 

0.06

 

 

0.06

 

 

0.24

 

 

0.24

 

Book value per common share

 

33.77

 

 

32.46

 

 

31.30

 

 

33.77

 

 

31.30

 

Tangible book value per common share 1

 

33.29

 

 

31.98

 

 

30.82

 

 

33.29

 

 

30.82

 

Common shares outstanding

 

9,800,569

 

 

9,800,569

 

 

9,741,800

 

 

9,800,569

 

 

9,741,800

 

Average common shares outstanding:
Basic

 

9,883,609

 

 

9,773,175

 

 

9,825,784

 

 

9,840,205

 

 

10,041,581

 

Diluted

 

9,914,022

 

 

9,773,224

 

 

9,843,829

 

 

9,842,425

 

 

10,044,483

 

Performance ratios
Return on average assets

 

1.02

%

 

0.78

%

 

0.69

%

 

0.69

%

 

0.65

%

Return on average shareholders’ equity

 

13.64

%

 

10.67

%

 

9.46

%

 

9.39

%

 

8.52

%

Return on average tangible common equity 1

 

13.84

%

 

10.83

%

 

9.61

%

 

9.53

%

 

8.65

%

Net interest margin

 

1.78

%

 

1.53

%

 

1.51

%

 

1.55

%

 

1.65

%

Net interest margin – FTE 1,2

 

1.91

%

 

1.67

%

 

1.67

%

 

1.68

%

 

1.82

%

Capital ratios 3
Total shareholders’ equity to assets

 

7.79

%

 

7.34

%

 

7.44

%

 

7.79

%

 

7.44

%

Tangible common equity to tangible assets 1

 

7.69

%

 

7.24

%

 

7.33

%

 

7.69

%

 

7.33

%

Tier 1 leverage ratio

 

7.95

%

 

7.72

%

 

7.64

%

 

7.95

%

 

7.64

%

Common equity tier 1 capital ratio

 

11.31

%

 

11.13

%

 

10.84

%

 

11.31

%

 

10.84

%

Tier 1 capital ratio

 

11.31

%

 

11.13

%

 

10.84

%

 

11.31

%

 

10.84

%

Total risk-based capital ratio

 

14.91

%

 

14.38

%

 

13.99

%

 

14.91

%

 

13.99

%

Asset quality
Nonperforming loans

$

10,183

 

$

9,774

 

$

6,732

 

$

10,183

 

$

6,732

 

Nonperforming assets

 

10,218

 

 

9,782

 

 

8,872

 

 

10,218

 

 

8,872

 

Nonperforming loans to loans

 

0.33

%

 

0.32

%

 

0.23

%

 

0.33

%

 

0.23

%

Nonperforming assets to total assets

 

0.24

%

 

0.23

%

 

0.22

%

 

0.24

%

 

0.22

%

Allowance for loan losses to:
Loans

 

0.96

%

 

0.89

%

 

0.74

%

 

0.96

%

 

0.74

%

Loans, excluding PPP loans 1

 

0.98

%

 

0.91

%

 

0.74

%

 

0.98

%

 

0.74

%

Nonperforming loans

 

289.5

%

 

275.4

%

 

324.4

%

 

289.5

%

 

324.4

%

Net charge-offs to average loans

 

0.04

%

 

0.01

%

 

0.04

%

 

0.06

%

 

0.07

%

Average balance sheet information
Loans

$

3,070,476

 

$

2,996,641

 

$

2,936,144

 

$

2,985,611

 

$

2,863,250

 

Total securities

 

582,425

 

 

633,552

 

 

597,049

 

 

626,022

 

 

560,317

 

Other earning assets

 

532,466

 

 

552,058

 

 

452,945

 

 

523,788

 

 

355,412

 

Total interest-earning assets

 

4,219,142

 

 

4,216,634

 

 

4,031,327

 

 

4,175,799

 

 

3,809,903

 

Total assets

 

4,316,207

 

 

4,307,819

 

 

4,108,216

 

 

4,263,798

 

 

3,890,708

 

Noninterest-bearing deposits

 

86,836

 

 

75,901

 

 

49,570

 

 

74,277

 

 

44,682

 

Interest-bearing deposits

 

3,258,269

 

 

3,279,621

 

 

3,110,501

 

 

3,224,657

 

 

2,938,622

 

Total deposits

 

3,345,105

 

 

3,355,522

 

 

3,160,071

 

 

3,298,934

 

 

2,983,304

 

Shareholders’ equity

 

323,464

 

 

313,611

 

 

297,623

 

 

313,763

 

 

296,382

 

1 Refer to “Non-GAAP Financial Measures” section above and “Reconciliation of Non-GAAP Financial Measures” below
2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company’s regulatory reports
First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2019)
Dollar amounts in thousands
 
 

December 31,

 

September 30,

 

December 31,

2020

 

2020

 

2019
Assets
Cash and due from banks

$

7,367

 

$

5,804

 

$

5,061

 

Interest-bearing deposits

 

412,439

 

 

482,649

 

 

322,300

 

Securities available-for-sale, at fair value

 

497,628

 

 

528,311

 

 

540,852

 

Securities held-to-maturity, at amortized cost

 

68,223

 

 

68,254

 

 

61,878

 

Loans held-for-sale

 

39,584

 

 

76,208

 

 

56,097

 

Loans

 

3,059,231

 

 

3,012,914

 

 

2,963,547

 

Allowance for loan losses

 

(29,484

)

 

(26,917

)

 

(21,840

)

Net loans

 

3,029,747

 

 

2,985,997

 

 

2,941,707

 

Accrued interest receivable

 

17,416

 

 

17,768

 

 

18,607

 

Federal Home Loan Bank of Indianapolis stock

 

25,650

 

 

25,650

 

 

25,650

 

Cash surrender value of bank-owned life insurance

 

37,952

 

 

37,714

 

 

37,002

 

Premises and equipment, net

 

37,590

 

 

31,262

 

 

14,630

 

Goodwill

 

4,687

 

 

4,687

 

 

4,687

 

Servicing asset

 

3,569

 

 

2,818

 

 

2,481

 

Other real estate owned

 

–

 

 

–

 

 

2,065

 

Accrued income and other assets

 

64,304

 

 

66,502

 

 

67,066

 

Total assets

$

4,246,156

 

$

4,333,624

 

$

4,100,083

 

 
Liabilities
Noninterest-bearing deposits

$

96,753

 

$

86,088

 

$

57,115

 

Interest-bearing deposits

 

3,174,132

 

 

3,286,303

 

 

3,096,848

 

Total deposits

 

3,270,885

 

 

3,372,391

 

 

3,153,963

 

Advances from Federal Home Loan Bank

 

514,916

 

 

514,914

 

 

514,910

 

Subordinated debt

 

79,603

 

 

69,758

 

 

69,528

 

Accrued interest payable

 

1,439

 

 

1,249

 

 

3,767

 

Accrued expenses and other liabilities

 

48,369

 

 

57,210

 

 

53,002

 

Total liabilities

 

3,915,212

 

 

4,015,522

 

 

3,795,170

 

Shareholders’ equity
Voting common stock

 

221,408

 

 

220,951

 

 

219,423

 

Retained earnings

 

126,732

 

 

116,241

 

 

99,681

 

Accumulated other comprehensive loss

 

(17,196

)

 

(19,090

)

 

(14,191

)

Total shareholders’ equity

 

330,944

 

 

318,102

 

 

304,913

 

Total liabilities and shareholders’ equity

$

4,246,156

 

$

4,333,624

 

$

4,100,083

 

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2019)
Dollar amounts in thousands, except per share data
 
 

Three Months Ended

 

Twelve Months Ended

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

2020

 

2020

 

2019

 

2020

 

2019
Interest income
Loans

$

30,930

 

$

29,560

 

$

31,574

$

120,628

 

$

122,228

 

Securities – taxable

 

1,988

 

 

2,240

 

 

3,475

 

11,123

 

 

13,807

 

Securities – non-taxable

 

318

 

 

381

 

 

604

 

1,728

 

 

2,595

 

Other earning assets

 

407

 

 

569

 

 

2,224

 

3,380

 

 

8,784

 

Total interest income

 

33,643

 

 

32,750

 

 

37,877

 

136,859

 

 

147,414

 

Interest expense
Deposits

 

10,577

 

 

12,428

 

 

18,417

 

55,976

 

 

69,313

 

Other borrowed funds

 

4,201

 

 

4,090

 

 

4,086

 

16,342

 

 

15,134

 

Total interest expense

 

14,778

 

 

16,518

 

 

22,503

 

72,318

 

 

84,447

 

Net interest income

 

18,865

 

 

16,232

 

 

15,374

 

64,541

 

 

62,967

 

Provision for loan losses

 

2,864

 

 

2,509

 

 

468

 

9,325

 

 

5,966

 

Net interest income after provision for loan losses

 

16,001

 

 

13,723

 

 

14,906

 

55,216

 

 

57,001

 

Noninterest income
Service charges and fees

 

206

 

 

224

 

 

213

 

824

 

 

885

 

Loan servicing revenue

 

379

 

 

274

 

 

166

 

1,159

 

 

166

 

Loan servicing asset revaluation

 

(60

)

 

(103

)

 

–

 

(432

)

 

–

 

Mortgage banking activities

 

7,987

 

 

9,630

 

 

2,953

 

24,693

 

 

11,541

 

Gain on sale of loans

 

3,702

 

 

2,033

 

 

1,721

 

8,298

 

 

2,074

 

Gain (loss) on sale of securities

 

–

 

 

98

 

 

–

 

139

 

 

(458

)

Other

 

443

 

 

339

 

 

352

 

1,655

 

 

2,581

 

Total noninterest income

 

12,657

 

 

12,495

 

 

5,405

 

36,336

 

 

16,789

 

Noninterest expense
Salaries and employee benefits

 

9,135

 

 

9,533

 

 

7,168

 

34,231

 

 

27,014

 

Marketing, advertising and promotion

 

443

 

 

426

 

 

409

 

1,654

 

 

1,800

 

Consulting and professional fees

 

788

 

 

614

 

 

1,242

 

3,511

 

 

3,669

 

Data processing

 

426

 

 

388

 

 

312

 

1,528

 

 

1,338

 

Loan expenses

 

630

 

 

408

 

 

289

 

2,036

 

 

1,142

 

Premises and equipment

 

1,601

 

 

1,568

 

 

1,556

 

6,396

 

 

6,059

 

Deposit insurance premium

 

450

 

 

440

 

 

601

 

1,810

 

 

1,903

 

Write-down of other real estate owned

 

–

 

 

2,065

 

 

–

 

2,065

 

 

–

 

Other

 

1,040

 

 

970

 

 

1,036

 

4,423

 

 

3,709

 

Total noninterest expense

 

14,513

 

 

16,412

 

 

12,613

 

57,654

 

 

46,634

 

Income before income taxes

 

14,145

 

 

9,806

 

 

7,698

 

33,898

 

 

27,156

 

Income tax provision

 

3,055

 

 

1,395

 

 

602

 

4,445

 

 

1,917

 

Net income

$

11,090

 

$

8,411

 

$

7,096

$

29,453

 

$

25,239

 

 
Per common share data
Earnings per share – basic

$

1.12

 

$

0.86

 

$

0.72

$

2.99

 

$

2.51

 

Earnings per share – diluted

$

1.12

 

$

0.86

 

$

0.72

$

2.99

 

$

2.51

 

Dividends declared per share

$

0.06

 

$

0.06

 

$

0.06

$

0.24

 

$

0.24

 

All periods presented have been reclassified to conform to the current period classification.
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
 
 

Three Months Ended

December 31, 2020

September 30, 2020

December 31, 2019

Average

Interest /

Yield /

Average

Interest /

Yield /

Average

Interest /

Yield /

Balance

Dividends

Cost

Balance

Dividends

Cost

Balance

Dividends

Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,104,251

 

$

30,930

3.96

%

$

3,031,024

 

$

29,560

3.88

%

$

2,981,333

 

$

31,574

4.20

%

Securities – taxable

 

492,573

 

 

1,988

1.61

%

 

539,154

 

 

2,240

1.65

%

 

497,739

 

$

3,475

2.77

%

Securities – non-taxable

 

89,852

 

 

318

1.41

%

 

94,398

 

 

381

1.61

%

 

99,310

 

$

604

2.41

%

Other earning assets

 

532,466

 

 

407

0.30

%

 

552,058

 

 

569

0.41

%

 

452,945

 

$

2,224

1.95

%

Total interest-earning assets

 

4,219,142

 

 

33,643

3.17

%

 

4,216,634

 

 

32,750

3.09

%

 

4,031,327

 

 

37,877

3.73

%

Allowance for loan losses

 

(27,805

)

 

(25,347

)

 

(21,967

)

Noninterest-earning assets

 

124,870

 

 

116,532

 

 

98,856

 

Total assets

$

4,316,207

 

$

4,307,819

 

$

4,108,216

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

165,815

 

$

156

0.37

%

$

154,275

 

$

228

0.59

%

$

122,031

 

$

223

0.73

%

Savings accounts

 

49,209

 

 

54

0.44

%

 

45,466

 

 

79

0.69

%

 

34,298

 

 

94

1.09

%

Money market accounts

 

1,369,543

 

 

1,655

0.48

%

 

1,295,249

 

 

2,442

0.75

%

 

752,941

 

 

3,653

1.92

%

Certificates and brokered deposits

 

1,673,702

 

 

8,712

2.07

%

 

1,784,631

 

 

9,679

2.16

%

 

2,201,231

 

 

14,447

2.60

%

Total interest-bearing deposits

 

3,258,269

 

 

10,577

1.29

%

 

3,279,621

 

 

12,428

1.51

%

 

3,110,501

 

 

18,417

2.35

%

Other borrowed funds

 

591,806

 

 

4,201

2.82

%

 

584,634

 

 

4,090

2.78

%

 

584,386

 

 

4,086

2.77

%

Total interest-bearing liabilities

 

3,850,075

 

 

14,778

1.53

%

 

3,864,255

 

 

16,518

1.70

%

 

3,694,887

 

 

22,503

2.42

%

Noninterest-bearing deposits

 

86,836

 

 

75,901

 

 

49,570

 

Other noninterest-bearing liabilities

 

55,832

 

 

54,052

 

 

66,136

 

Total liabilities

 

3,992,743

 

 

3,994,208

 

 

3,810,593

 

Shareholders’ equity

 

323,464

 

 

313,611

 

 

297,623

 

Total liabilities and shareholders’ equity

$

4,316,207

 

$

4,307,819

 

$

4,108,216

 

Net interest income

$

18,865

$

16,232

$

15,374

Interest rate spread

1.64

%

1.39

%

1.31

%

Net interest margin

1.78

%

1.53

%

1.51

%

Net interest margin – FTE 2,3

1.91

%

1.67

%

1.67

%

1 Includes nonaccrual loans
2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate
3 Refer to “Non-GAAP Financial Measures” section above and “Reconciliation of Non-GAAP Financial Measures” below
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
 
 

Twelve Months Ended

December 31, 2020

December 31, 2019

Average

Interest /

Yield /

Average

Interest /

Yield /

Balance

Dividends

Cost

Balance

Dividends

Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1

$

3,025,989

 

$

120,628

3.99

%

$

2,894,174

 

$

122,228

4.22

%

Securities – taxable

 

530,849

 

 

11,123

2.10

%

 

462,704

 

 

13,807

2.98

%

Securities – non-taxable

 

95,173

 

 

1,728

1.82

%

 

97,613

 

 

2,595

2.66

%

Other earning assets

 

523,788

 

 

3,380

0.65

%

 

355,412

 

 

8,784

2.47

%

Total interest-earning assets

 

4,175,799

 

 

136,859

3.28

%

 

3,809,903

 

 

147,414

3.87

%

Allowance for loan losses

 

(24,660

)

 

(19,891

)

Noninterest-earning assets

 

112,659

 

 

100,696

 

Total assets

$

4,263,798

 

$

3,890,708

 

 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits

$

145,207

 

$

840

0.58

%

$

118,874

 

$

882

0.74

%

Savings accounts

 

40,593

 

 

303

0.75

%

 

35,751

 

 

398

1.11

%

Money market accounts

 

1,156,084

 

 

11,381

0.98

%

 

637,360

 

 

12,661

1.99

%

Certificates and brokered deposits

 

1,882,773

 

 

43,452

2.31

%

 

2,146,637

 

 

55,372

2.58

%

Total interest-bearing deposits

 

3,224,657

 

 

55,976

1.74

%

 

2,938,622

 

 

69,313

2.36

%

Other borrowed funds

 

586,372

 

 

16,342

2.79

%

 

564,757

 

 

15,134

2.68

%

Total interest-bearing liabilities

 

3,811,029

 

 

72,318

1.90

%

 

3,503,379

 

 

84,447

2.41

%

Noninterest-bearing deposits

 

74,277

 

 

44,682

 

Other noninterest-bearing liabilities

 

64,729

 

 

46,265

 

Total liabilities

 

3,950,035

 

 

3,594,326

 

Shareholders’ equity

 

313,763

 

 

296,382

 

Total liabilities and shareholders’ equity

$

4,263,798

 

$

3,890,708

 

Net interest income

$

64,541

$

62,967

Interest rate spread

1.38

%

1.46

%

Net interest margin

1.55

%

1.65

%

Net interest margin – FTE 2,3

1.68

%

1.82

%

1 Includes nonaccrual loans
2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate
3 Refer to “Non-GAAP Financial Measures” section above and “Reconciliation of Non-GAAP Financial Measures” below
First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
 
 
December 31, 2020 September 30, 2020 December 31, 2019
Amount Percent Amount Percent Amount Percent
Commercial loans
Commercial and industrial

$

75,387

2.5

%

$

77,116

2.6

%

$

96,420

3.3

%

Owner-occupied commercial real estate

 

89,785

2.9

%

 

89,095

3.0

%

 

86,726

2.9

%

Investor commercial real estate

 

13,902

0.5

%

 

13,084

0.4

%

 

12,567

0.4

%

Construction

 

110,385

3.6

%

 

92,154

3.1

%

 

60,274

2.0

%

Single tenant lease financing

 

950,172

31.1

%

 

960,505

31.9

%

 

995,879

33.6

%

Public finance

 

622,257

20.3

%

 

625,638

20.8

%

 

687,094

23.2

%

Healthcare finance

 

528,154

17.3

%

 

461,740

15.3

%

 

300,612

10.1

%

Small business lending

 

125,589

4.1

%

 

123,168

4.1

%

 

46,945

1.6

%

Total commercial loans

 

2,515,631

82.3

%

 

2,442,500

81.2

%

 

2,286,517

77.1

%

 
Consumer loans
Residential mortgage

 

186,787

6.1

%

 

203,041

6.7

%

 

313,849

10.6

%

Home equity

 

19,857

0.6

%

 

22,169

0.7

%

 

24,306

0.8

%

Trailers

 

144,493

4.7

%

 

145,775

4.8

%

 

146,734

5.0

%

Recreational vehicles

 

94,405

3.1

%

 

96,910

3.2

%

 

102,702

3.5

%

Other consumer loans

 

36,794

1.2

%

 

39,765

1.3

%

 

45,873

1.5

%

Total consumer loans

 

482,336

15.7

%

 

507,660

16.7

%

 

633,464

21.4

%

Net deferred loan fees, premiums, discounts and other 1

 

61,264

2.0

%

 

62,754

2.1

%

 

43,566

1.5

%

Total loans

$

3,059,231

100.0

%

$

3,012,914

100.0

%

$

2,963,547

100.0

%

 
 
December 31, 2020 September 30, 2020 December 31, 2019
Amount Percent Amount Percent Amount Percent
Deposits
Noninterest-bearing deposits

$

96,753

3.0

%

$

86,088

2.6

%

$

57,115

1.8

%

Interest-bearing demand deposits

 

188,645

5.8

%

 

155,054

4.6

%

 

129,020

4.1

%

Savings accounts

 

43,200

1.3

%

 

49,890

1.5

%

 

29,616

0.9

%

Money market accounts

 

1,350,566

41.3

%

 

1,359,178

40.3

%

 

786,390

24.9

%

Certificates of deposits

 

1,289,319

39.4

%

 

1,360,575

40.3

%

 

1,613,453

51.2

%

Brokered deposits

 

302,402

9.2

%

 

361,606

10.7

%

 

538,369

17.1

%

Total deposits

$

3,270,885

100.0

%

$

3,372,391

100.0

%

$

3,153,963

100.0

%

1 Includes carrying value adjustments of $42.7 million and $44.3 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2020 and September 30, 2020, respectively, and $21.4 million as of December 31, 2019 related to interest rate swaps associated with public finance loans.
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 
 

Three Months Ended

 

Twelve Months Ended

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

2020

 

2020

 

2019

 

2020

 

2019
Total equity – GAAP

$

330,944

 

$

318,102

 

$

304,913

 

$

330,944

 

$

304,913

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible common equity

$

326,257

 

$

313,415

 

$

300,226

 

$

326,257

 

$

300,226

 

 
Total assets – GAAP

$

4,246,156

 

$

4,333,624

 

$

4,100,083

 

$

4,246,156

 

$

4,100,083

 

Adjustments:
Goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Tangible assets

$

4,241,469

 

$

4,328,937

 

$

4,095,396

 

$

4,241,469

 

$

4,095,396

 

 
Common shares outstanding

 

9,800,569

 

 

9,800,569

 

 

9,741,800

 

 

9,800,569

 

 

9,741,800

 

 
Book value per common share

$

33.77

 

$

32.46

 

$

31.30

 

$

33.77

 

$

31.30

 

Effect of goodwill

 

(0.48

)

 

(0.48

)

 

(0.48

)

 

(0.48

)

 

(0.48

)

Tangible book value per common share

$

33.29

 

$

31.98

 

$

30.82

 

$

33.29

 

$

30.82

 

 
Total shareholders’ equity to assets

 

7.79

%

 

7.34

%

 

7.44

%

 

7.79

%

 

7.44

%

Effect of goodwill

 

(0.10

%)

 

(0.10

%)

 

(0.11

%)

 

(0.10

%)

 

(0.11

%)

Tangible common equity to tangible assets

 

7.69

%

 

7.24

%

 

7.33

%

 

7.69

%

 

7.33

%

 
Total average equity – GAAP

$

323,464

 

$

313,611

 

$

297,623

 

$

313,763

 

$

296,382

 

Adjustments:
Average goodwill

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

 

(4,687

)

Average tangible common equity

$

318,777

 

$

308,924

 

$

292,936

 

$

309,076

 

$

291,695

 

 
Return on average shareholders’ equity

 

13.64

%

 

10.67

%

 

9.46

%

 

9.39

%

 

8.52

%

Effect of goodwill

 

0.20

%

 

0.16

%

 

0.15

%

 

0.14

%

 

0.13

%

Return on average tangible common equity

 

13.84

%

 

10.83

%

 

9.61

%

 

9.53

%

 

8.65

%

 
Total interest income

$

33,643

 

$

32,750

 

$

37,877

 

$

136,859

 

$

147,414

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,400

 

 

1,424

 

 

1,570

 

 

5,796

 

 

6,334

 

Total interest income – FTE

$

35,043

 

$

34,174

 

$

39,447

 

$

142,655

 

$

153,748

 

 
Net interest income

$

18,865

 

$

16,232

 

$

15,374

 

$

64,541

 

$

62,967

 

Adjustments:
Fully-taxable equivalent adjustments 1

 

1,400

 

 

1,424

 

 

1,570

 

 

5,796

 

 

6,334

 

Net interest income – FTE

$

20,265

 

$

17,656

 

$

16,944

 

$

70,337

 

$

69,301

 

 
Net interest margin

 

1.78

%

 

1.53

%

 

1.51

%

 

1.55

%

 

1.65

%

Effect of fully-taxable equivalent adjustments 1

 

0.13

%

 

0.14

%

 

0.16

%

 

0.13

%

 

0.17

%

Net interest margin – FTE

 

1.91

%

 

1.67

%

 

1.67

%

 

1.68

%

 

1.82

%

 
Allowance for loan losses

$

29,484

 

$

26,917

 

$

21,840

 

$

29,484

 

$

21,840

 

 
Loans

$

3,059,231

 

$

3,012,914

 

$

2,963,547

 

$

3,059,231

 

$

2,963,547

 

Adjustments:
PPP loans

 

(50,554

)

 

(58,337

)

 

–

 

 

(50,554

)

 

–

 

Loans, excluding PPP loans

$

3,008,677

 

$

2,954,577

 

$

2,963,547

 

$

3,008,677

 

$

2,963,547

 

 
Allowance for loan losses to loans

 

0.96

%

 

0.89

%

 

0.74

%

 

0.96

%

 

0.74

%

Effect of PPP loans

 

0.02

%

 

0.02

%

 

0.00

%

 

0.02

%

 

0.00

%

Allowance for loan losses to loans, excluding PPP loans

 

0.98

%

 

0.91

%

 

0.74

%

 

0.98

%

 

0.74

%

1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
 
 

Three Months Ended

 

Twelve Months Ended

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

2020

 

2020

 

2019

 

2020

 

2019
 
Income before income taxes – GAAP

$

14,145

 

$

9,806

 

$

7,698

 

$

33,898

 

$

27,156

 

Adjustments:
Write-down of other real estate owned

 

–

 

 

2,065

 

 

–

 

 

2,065

 

 

–

 

Adjusted income before income taxes

$

14,145

 

$

11,871

 

$

7,698

 

$

35,963

 

$

27,156

 

 
Income tax provision – GAAP

$

3,055

 

$

1,395

 

$

602

 

$

4,445

 

$

1,917

 

Adjustments:
Write-down of other real estate owned

 

–

 

 

434

 

 

–

 

 

434

 

 

–

 

Adjusted income tax provision

$

3,055

 

$

1,829

 

$

602

 

$

4,879

 

$

1,917

 

 
Net income – GAAP

$

11,090

 

$

8,411

 

$

7,096

 

$

29,453

 

$

25,239

 

Adjustments:
Write-down of other real estate owned

 

–

 

 

1,631

 

 

–

 

 

1,631

 

 

–

 

Adjusted net income

$

11,090

 

$

10,042

 

$

7,096

 

$

31,084

 

$

25,239

 

 
Diluted average common shares outstanding

 

9,914,022

 

 

9,773,224

 

 

9,843,829

 

 

9,842,425

 

 

10,044,483

 

 
Diluted earnings per share – GAAP

$

1.12

 

$

0.86

 

$

0.72

 

$

2.99

 

$

2.51

 

Adjustments:
Effect of write-down of other real estate owned

 

–

 

 

0.17

 

 

–

 

 

0.17

 

 

–

 

Adjusted diluted earnings per share

$

1.12

 

$

1.03

 

$

0.72

 

$

3.16

 

$

2.51

 

 
Return on average assets

 

1.02

%

 

0.78

%

 

0.69

%

 

0.69

%

 

0.65

%

Effect of write-down of other real estate owned

 

0.00

%

 

0.15

%

 

0.00

%

 

0.04

%

 

0.00

%

Adjusted return on average assets

 

1.02

%

 

0.93

%

 

0.69

%

 

0.73

%

 

0.65

%

 
Return on average shareholders’ equity

 

13.64

%

 

10.67

%

 

9.46

%

 

9.39

%

 

8.52

%

Effect of write-down of other real estate owned

 

0.00

%

 

2.07

%

 

0.00

%

 

0.52

%

 

0.00

%

Adjusted return on average shareholders’ equity

 

13.64

%

 

12.74

%

 

9.46

%

 

9.91

%

 

8.52

%

 
Return on average tangible common equity

 

13.84

%

 

10.83

%

 

9.61

%

 

9.53

%

 

8.65

%

Effect of write-down of other real estate owned

 

0.00

%

 

2.10

%

 

0.00

%

 

0.53

%

 

0.00

%

Adjusted return on average tangible common equity

 

13.84

%

 

12.93

%

 

9.61

%

 

10.06

%

 

8.65

%

 
Effective income tax rate

 

21.6

%

 

14.2

%

 

7.8

%

 

13.1

%

 

7.1

%

Effect of write-down of other real estate owned

 

0.0

%

 

1.2

%

 

0.0

%

 

0.5

%

 

0.0

%

Adjusted effective income tax rate

 

21.6

%

 

15.4

%

 

7.8

%

 

13.6

%

 

7.1

%

 

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

[email protected]

Media

Nicole Lorch

Executive Vice President & Chief Operating Officer

(317) 532-7906

[email protected]

KEYWORDS: United States North America Indiana

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

MEDIA:

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