First Internet Bancorp (INBK): restructuring charge — First Internet Bancorp Q4 net income $6.4M ($0.68 EPS); exits consumer mortgage business

First Internet Bancorp

Net income Q4 $6.4M ($0.68 diluted) vs $8.4M ($0.89) linked quarter and $12.5M ($1.25) year ago. Full year 2022 net income $35.5M ($3.70 EPS).
Total loans $3.5B, up 7.5% linked quarter and 21.2% YoY; net interest margin declined to 2.09% from 2.40%.
Exiting consumer mortgage business in Q1 2023; expects $6.8M annual expense reduction and $2.7M pre-tax income increase; $3.3M restructuring costs in H1 2023.
Repurchased 284,286 shares in Q4 at avg $25.16; tangible book value $39.74 per share.
Provision for loan losses $2.1M; CECL adoption in Q1 2023 with $2.5-$3.0M initial adjustment.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Internet Bancorp reported the quarter and year ended December 31, 2022 results: net income $6.4 million, EPS $0.68 diluted earnings per share.

Period: the quarter and year ended December 31, 2022
Net income: $6.4 million
EPS: $0.68 diluted earnings per share
Result: reported results

Exact text from the filing

Quarterly net income of $6.4 million and $0.68 diluted earnings per share

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

First Internet Bancorp announced a restructuring with charges of total pre-tax expense of approximately $3.3 million affecting consumer mortgage business ($3.1 million in severance and other employee-related costs).

Type: restructuring
Charge: total pre-tax expense of approximately $3.3 million
Affected area: consumer mortgage business
Headcount: $3.1 million in severance and other employee-related costs

Exact text from the filing

The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in the first and second quarters of 2023 associated with exiting the consumer mortgage business.

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Source: SEC EDGAR

accession 0001562463-23-000013

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