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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

First Internet Bancorp

CIK: 1562463 Ticker: INBK

 

Exhibit 99.1

 

 

 

First Internet Bancorp Reports Fourth Quarter and

Full Year 2014 Financial Results

 

Quarterly earnings per share of $0.32, up over 68% from fourth quarter 2013;

loan growth of over 46% for the full year 2014

 

Indianapolis, Indiana, January 22, 2015

– First Internet Bancorp (NASDAQ: INBK), the parent company of First Internet Bank (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, announced today financial and operational results for the fourth quarter 2014 and for the twelve month period ended December 31, 2014.

 

Fourth quarter net income was $1.5 million and diluted earnings per share were $0.32. This compares with third quarter net income of $1.3 million and diluted earnings per share of $0.28 and fourth quarter 2013 net income of $0.7 million and diluted earnings per share of $0.19. For the twelve month period ended December 31, 2014, net income was $4.3 million and diluted earnings per share were $0.96 compared to net income of $4.6 million and diluted earnings per share of $1.51 for the twelve month period ended December 31, 2013. The comparability of diluted earnings per share between fourth quarter and twelve month periods in 2014 and 2013 is impacted by the effect on average diluted shares outstanding resulting from the Company’s offering of 1,587,000 shares of common stock occurring in the fourth quarter 2013.

 

§Diluted earnings per share increased $0.04, or 14.3%, compared to the linked quarter and $0.13, or 68.4%, compared to the fourth quarter 2013

 

§Continued strong revenue growth
·Net interest income increased $0.7 million, or 12.4%, quarter-over-quarter and $1.4 million, or 28.4%, compared to the fourth quarter 2013
·Mortgage banking revenue increased $0.2 million, or 12.5%, compared to the linked quarter and $0.9 million, or 101.3%, compared to the fourth quarter 2013

 

§Total loan growth of $36.5 million, or 5.2%, compared to the linked quarter and $231.3 million, or 46.1%, compared to December 31, 2013
·Strong performance in credit tenant lease financing with balances increasing 16.2% compared to the linked quarter and 128.8% year-over-year
·Continued growth in C&I / owner-occupied CRE, increasing on a combined basis 7.5% compared to the linked quarter and 52.1% compared to December 31, 2013
·Increased activity in construction real estate lending also contributed to the growth with balances increasing 38.7% compared to the linked quarter

 

§Net interest margin improved 10 bps to 2.78% compared to the linked quarter driven by a 12 bps decline in the cost of interest-bearing liabilities

 


The following information was filed by First Internet Bancorp (INBK) on Thursday, January 22, 2015 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets [parenthetical]
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity [parenthetical]
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details Textual)
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Benefit Plans
Benefit Plans (details Textual)
Benefit Plans (tables)
Benefit Plans - Deferred Stock Rights (details)
Benefit Plans - Restricted Stock (details)
Cash And Cash Equivalents
Cash And Cash Equivalents (details Textual)
Commitments And Credit Risk
Commitments And Credit Risk (details Textual)
Commitments And Credit Risk (details)
Commitments And Credit Risk (tables)
Condensed Financial Information (parent Company Only)
Condensed Financial Information (parent Company Only) (tables)
Condensed Financial Information (parent Company Only) - Condensed Balance Sheets (details)
Condensed Financial Information (parent Company Only) - Condensed Statements Of Cash Flows (details)
Condensed Financial Information (parent Company Only) - Condensed Statements Of Comprehensive Income (details)
Condensed Financial Information (parent Company Only) - Condensed Statements Of Income (details)
Deposits
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Deposits - Scheduled Maturities (details)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Gain (loss) Recognized (details)
Derivative Financial Instruments - Notional Amounts And Fair Value (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Carrying Value And Estimated Fair Value (details)
Fair Value Of Financial Instruments - Impaired Loans (details)
Fair Value Of Financial Instruments - Recurring Fair Value Measurements Reconciliation (details)
Fair Value Of Financial Instruments - Unobservable (level 3) Inputs (details)
Fhlb Advances
Fhlb Advances (details Textual)
Fhlb Advances (details)
Fhlb Advances (tables)
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (details Textual)
Income Taxes (tables)
Income Taxes - Income Tax Reconciliation (details)
Income Taxes - Net Deferred Taxes (details)
Income Taxes - Provisions (credit) For Income Taxes (details)
Loans Receivable
Loans Receivable (details)
Loans Receivable (tables)
Loans Receivable - Allowance For Loan Losses And The Recorded Investment In Loans (details)
Loans Receivable - Credit Risk Profile (details)
Loans Receivable - Impaired Loans (details)
Loans Receivable - Loan Modifications (details)
Loans Receivable - Loan Portfolio Aging Analysis (details)
Loans Receivable - Loans Classified As Tdr (details)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Recent Accounting Pronouncements
Regulatory Capital Requirements
Regulatory Capital Requirements (details)
Regulatory Capital Requirements (tables)
Related Party Transactions
Related Party Transactions (details Textual)
Securities
Securities (details Textual)
Securities (details)
Securities (tables)
Securities - Amounts Reclassified From Accumulated Other Comprehensive Income (loss) (details)
Securities - Carrying Value Of Securities By Contractual Maturity Date (details)
Securities - Credit Losses Recognized In Earnings (details)
Securities - Credit Losses Recognized On Investments (details)
Securities - Gross Unrealized Losses And Fair Value (details)
Shareholders' Equity
Shareholders' Equity (details Textual)
Subordinated Debenture
Subordinated Debenture (details Textual)
Ticker: INBK
CIK: 1562463
Form Type: 10-K Annual Report
Accession Number: 0001562463-15-000003
Submitted to the SEC: Fri Mar 13 2015 4:39:41 PM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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