First Internet Bancorp (INBK) 10-K Annual Report March 2016

- First Internet Bancorp (the “Company”) (NASDAQ: INBK), the parent company of First Internet Bank (www.firstib.com), today announced record annual net income for the twelve month period ended December 31, 2015.

David Becker, Chairman, President and Chief Executive Officer, commented, “We had a tremendous 2015. Executing our growth strategy, we increased loans by 30% and deposits by 26%. This drove net interest income up 38% for the year. On the bottom line, 2015 net income was up 106% and EPS was up 104% over 2014.

“Commercial loans grew by $232 million, or 66%, for the year and now make up more than 60% of our loan portfolio. Net interest income and our efficiency ratio improved each quarter. As we enter 2016, credit quality is solid and our pipeline is strong.

“Across the organization, we have talented people, focused on building and expanding relationships with our customers. We have a strategy and the team to continue our efforts to deliver positive returns to our shareholders,” Becker concluded.

For the twelve month period ended December 31, 2015, net income was a record $8.9 million and diluted earnings per share were a record $1.96, compared to net income of $4.3 million and diluted earnings per share of $0.96 for the twelve month period ended December 31, 2014. Fourth quarter net income was $2.3 million and diluted earnings per share were $0.50. This compares with third quarter net income of $2.3 million and diluted earnings per share of $0.51 and fourth quarter 2014 net income of $1.5 million and diluted earnings per share of $0.32.

Highlights for the fourth quarter 2015 included:


▪	Diluted earnings per share of $0.50, decreasing $0.01, or 2.0%, compared to the linked quarter and increasing $0.18, or 56.3%, compared to the fourth quarter 2014


•	During the fourth quarter, the Company recognized $0.12 million of pre-tax compensation expenses associated with a discretionary bonus award and staffing-related changes which negatively impacted diluted earnings per share by $0.02


▪	Solid quarterly performance


•	Return on average assets of 0.74%


•	Return on average shareholders’ equity of 8.73%


•	Return on average tangible common equity of 9.14%


▪	Total loan growth of $77.3 million, or 8.8%, compared to September 30, 2015 and $221.4 million, or 30.2%, compared to December 31, 2014


▪	Continued strong growth in net interest income, increasing $0.7 million, or 9.3%, compared to the linked quarter and $2.2 million, or 34.4%, compared to the fourth quarter 2014


▪	Net interest margin of 2.85% compared to 2.84% for the linked quarter and 2.78% for the fourth quarter 2014

The following information was filed by First Internet Bancorp (INBK) on Thursday, January 21, 2016 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 10.15: Material Contract

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

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: 0001562463-16-000087
Submitted to the SEC: Thu Mar 10 2016 8:32:29 AM EST
Accepted by the SEC: Thu Mar 10 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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