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EX - 99.1 2 inbk - 1q2021xex991.htm EX - 99.1 FIRST INTERNET BANCORP First Internet Bancorp Reports First Quarter 2021 Results Highlights for the first quarter include : • Net income of $ 10.5 million , an increase of 73.6 % over the first quarter of 2020 • Diluted earnings per share of $ 1.05 , an increase of 69.4 % over the first quarter of 2020 • Total quarterly revenue of $ 28.9 million , an increase of 36.1 % over the first quarter of 2020 • Net interest margin and fully - taxable equivalent net interest margin increased 26 and 27 basis points ( “ bps ” ) , respectively , from the fourth quarter of 2020 , driven by a 17 bp decrease in the cost of interest - bearing deposits Fishers , Indiana , April 21 , 2021 – First Internet Bancorp ( the “ Company ” ) ( Nasdaq : INBK ) , the parent company of First Internet Bank ( the " Bank ” ) , announced today financial and operational results for the first quarter of 2021 . Net income for the first quarter of 2021 was $ 10.5 million , or $ 1.05 diluted earnings per share . This compares to net income of $ 11.1 million , or $ 1.12 diluted earnings per share , for the fourth quarter of 2020 , and net income of $ 6.0 million , or $ 0.62 diluted earnings per share , for the first quarter of 2020 . " We produced strong earnings and solid momentum to start 2021 , driven by net interest margin expansion , continued healthy production in our direct - to - consumer mortgage business and strong credit performance , ” said David Becker , Chairman , President and Chief Executive Officer . " Growth in net interest income combined with our strategies designed to build sustainable fee revenue paid off as we generated an average return on assets of 1.02 % for the second straight quarter and increased our tangible common equity to tangible assets ratio by 43 basis points to 8.12 % . " Mr. Becker concluded , “ I am pleased with our first quarter financial performance and the consistently excellent work of the entire First Internet team . I want to thank all of them for their efforts in once again delivering on our goals . The high level of commitment throughout the organization remains the key to our ongoing success . " Net Interest Income and Net Interest Margin Net interest income for the first quarter of 2021 was $ 20.5 million , compared to $ 18.9 million for the fourth quarter of 2020 , and $ 15.0 million for the first quarter of 2020. On a fully - taxable equivalent basis , net interest income for the first quarter of 2021 was $ 21.9 million , compared to $ 20.3 million for the fourth quarter of 2020 , and $ 16.6 million for the first quarter of 2020 . Total interest income for the first quarter of 2021 was $ 33.3 million , a decrease of 1.1 % , compared to the fourth quarter of 2020 , and a decrease of 8.2 % compared to the first quarter of 2020. On a fully - taxable equivalent basis , total interest income for the first quarter of 2021 was $ 34.6 million , a decrease of 1.2 % compared to the fourth quarter of 2020 , and a decrease of 8.3 % compared to the first quarter of 2020. The slight decrease in total interest income compared to the fourth quarter of 2020 was driven primarily by a decrease in day count as well as a 3.4 % decrease in the average balance of interest - earning assets , which was partially offset by a 14 bp increase in the yield on those assets . The yield on interest - earning assets for the first quarter of 2021 increased to 3.31 % from