First Internet Bancorp (INBK) 10-K Annual Report March 2014

– First Internet Bancorp (NASDAQ: INBK), parent company of First Internet Bank of Indiana (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, today announced unaudited financial results for the three and 12 months ended December 31, 2013.

David Becker, Chairman and CEO, commented: “For First Internet Bancorp, 2013 was another year of strong growth. With year-over-year net loans receivable increasing 41%, it is evident that efforts to expand our loan origination capabilities and diversify our revenue streams have been successful. Commercial loans receivable almost doubled, year over year, and now represent 40% of our loans receivable. Our expanding loan portfolio generated increased net interest income, which was up 10% in 2013. This partially offset a decrease in noninterest income caused by a nationwide slowing in mortgage refinancing activity.

“To support our positive momentum and enable continued growth, the company completed a public offering of common stock during the fourth quarter, which provided $29.1 million of new capital. Of course, the 58% year-over-year increase in common shares outstanding impacted our earnings per share ratio.”

Highlights for the Three Months ended December 31, 2013:

Net income was $666,000 or $0.19 per diluted share compared with $1.55 million or $0.54 per diluted share in the prior year period.

Net interest income increased 21% to $4.96 million compared to $4.09 million for the prior year period.

Net interest income after provision for loan losses increased 42% to $4.74 million compared to $3.35 million for the prior year period.

Net interest margin was 2.70%.

Nonperforming assets to total assets declined to 0.90% at December 31, 2013 compared with 1.62% at December 31, 2012.

The company established First Internet Bank Business Capital to expand the company’s commercial lending efforts by offering asset-based financing options.

First Internet Bank was named top Online Mortgage Originator for 2013 by Mortgage Technology.

Highlights for the Year Ended December 31, 2013:

Net interest income after provision for loan losses increased 32% in 2013 to $17.12 million.

Total assets were a record $802.34 million at December 31, 2013 compared with $636.37 million at December 31, 2012, up 26%.

Net loans receivable were $495.73 million at December 31, 2013 compared with $352.33 million at December 31, 2012, an increase of 41%.

Total commercial loans increased to $197.60 million at December 31, 2013 compared with $99.19 million at December 31, 2012. Commercial Real Estate loans increased 68% and Commercial and Industrial loans increased 287% compared with December 31, 2012.

Total deposits increased to $673.10 million at December 31, 2013 compared with $530.69 million at December 31, 2012, up 27%.

The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 29, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

First Internet Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: INBK
CIK: 1562463
Form Type: 10-K Annual Report
Accession Number: 0001144204-14-019240
Submitted to the SEC: Mon Mar 31 2014 2:00:34 PM EST
Accepted by the SEC: Mon Mar 31 2014
Period: Tuesday, December 31, 2013
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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