First Internet Bancorp (INBK): restructuring charge — First Internet Bancorp adds $2.2M charge-off, posts Q1 net loss $3.0M; deposits up 5%

First Internet Bancorp

Additional partial charge-off of $2.2M on a participation loan; total impairment of $6.9M.
Q1 net loss of $3.0M, diluted EPS loss $0.33; shareholders' equity $355.6M.
Deposit balances of $3.8B as of Apr 30, up $182.2M (5.0%) from Mar 31.
Loans-to-deposits ratio 95.5% at Apr 30, down from 99.6% at Mar 31.
Nonperforming loans to loans 0.26%, nonperforming assets to assets 0.19%.

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 first quarter ended March 31, 2023 results: net income net loss for the first quarter was $3.0 million, EPS diluted loss per share was $0.33.

Period: the first quarter ended March 31, 2023
Net income: net loss for the first quarter was $3.0 million
EPS: diluted loss per share was $0.33
Result: reported results

Exact text from the filing

After accounting for the additional partial charge-off, our net loss for the first quarter was $3.0 million and diluted loss per share was $0.33.

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

First Internet Bancorp announced a impairment.

Type: impairment

Exact text from the filing

The information set forth in Item 2.02 above regarding the material impairment resulting from the additional partial charge-off of the participation loan is incorporated into this Item 2.06 by reference. We do not expect any future cash expenditures related to the impairment.

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First Internet Bancorp filing history →

Source: SEC EDGAR

accession 0001562463-23-000048

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