First Internet Bancorp Q1 2022 net income $11.2M ($1.14 EPS); NIM 2.56%, acquisition expected May

First Internet Bancorp

2022-Q1 EPS reported $1.14

Q1 net income $11.2M ($1.14 EPS) vs $12.5M ($1.25) in Q4 2021 and $10.5M ($1.05) in Q1 2021.
Adjusted net income $12.0M ($1.22 EPS) excluding $0.9M consulting fees and $0.2M acquisition costs.
Net interest margin 2.56% (FTE 2.69%), up 26 bps from Q4 2021; revenue $32.6M (+4.4% linked qtr, +12.7% YoY).
Repurchased 103,703 shares at avg $49.35; book value per share $38.69, tangible book $38.21.
Pending acquisition of First Century; regulatory approvals needed, discussions to extend outside date; expects May closing.

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