filters a big file quickly with bash

filter_file.sh

#!/bin/bash
set -euo pipefail
IFS=$'\n\t'

input_file="in.csv"
output_file="out.csv"

NUMOFLINES=$(wc -l < ${input_file})

it=0

if [ -f ${output_file} ]
then
    rm ${output_file}
fi
while IFS= read line
do
    it=$((it+1))
    # display $line or do somthing with $line
    filtered=$(echo "$line" | cut -d '"' -f2)
    echo "$filtered" >> ${output_file}
    (( it % 500 == 0 )) && echo "Iteration $it/$NUMOFLINES"
done <"$input_file"