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EX - 99.1 2 inbk - 2q2021xex991.htm EX - 99.1 FIRST INTERNET BANCORP First Internet Bancorp Reports Second Quarter 2021 Results Highlights for the second quarter include : • 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 Fishers , Indiana , July 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 second quarter of 2021 . Net income for the second quarter of 2021 was $ 13.1 million , or $ 1.31 diluted earnings per share . This compares to net income of $ 10.5 million , or $ 1.05 diluted earnings per share , for the first quarter of 2021 , and net income of $ 3.9 million , or $ 0.40 diluted earnings per share , for the second quarter of 2020 . " 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 . " Net Interest Income and Net Interest Margin Net interest income for the second quarter of 2021 was $ 21.6 million , compared to $ 20.5 million for the first quarter of 2021 and $ 14.4 million for the second quarter of 2020. On a fully - taxable equivalent