First Internet Bancorp (INBK) Misses Q2 EPS by 9c

First Internet Bancorp (NASDAQ: INBK) reported Q2 EPS of $1.11, $0.09 worse than the analyst estimate of $1.20.

• Record net income of $13.1 million, an increase of 233.1% over the second quarter of 2020
• Record diluted earnings per share of $1.31, an increase of 227.5% over the second quarter of 2020
• Adjusted net income of $11.1 million, or $1.11 per diluted share, when excluding a $2.5 million pre-tax gain on the sale of the Company’s corporate headquarters
• Total revenue of $30.6 million, an increase of 57.6% over the second quarter of 2020
• Adjusted revenue of $28.0 million, an increase of 44.6% over the second quarter of 2020
• Net interest margin and fully-taxable equivalent net interest margin each increased 7 basis points (“bps”) from the first quarter of 2021, driven by a 13 bp decrease in the cost of interest-bearing deposits

“We produced strong operating results for the second quarter of 2021 driven by net interest margin expansion and disciplined expense management,” said David Becker, Chairman and Chief Executive Officer. “We also maintained excellent credit quality, as nonperforming loans declined during the quarter and delinquencies were at historically low levels. Additionally, our growing national SBA platform steadily gained momentum and drove higher gain-on-sale revenue. Looking forward, pipelines in SBA, as well as in other key lines of business, grew significantly during the quarter, leaving us well-positioned to capitalize on loan growth opportunities in the second half of 2021.

Mr. Becker concluded, “We continue to challenge ourselves to imagine more. First Internet Bank has fostered a workplace culture that promotes innovation, collaboration and customer focus. This is reflected in our being named one of the 'Top Workplaces in Central Indiana' for the eighth consecutive year. I would like to thank the entire First Internet Bank team for helping to deliver record earnings performance for the quarter.”

For earnings history and earnings-related data on First Internet Bancorp (INBK) click here.

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