First Internet Bancorp (INBK) 10-K Annual Report March 2017

- First Internet Bancorp (the “Company”) (NASDAQ: INBK), the parent company of First Internet Bank (www.firstib.com), announced today record quarterly net income and diluted earnings per share for the fourth quarter and record annual net income and diluted earnings per share for the twelve month period ended December 31, 2016.

“Growing our loans by 31% in one year is evidence our teams deliver high caliber performances and work in concert with one another. Our loan growth fueled a continued increase in interest income, and we had a strong finish to 2016: fourth quarter results represent our best period of the year - and in our seventeen-year history. Our consistent execution gives us confidence in our asset-generating capabilities as we move into 2017,” said David Becker, Chairman, President and Chief Executive Officer.

“Throughout the year, we’ve worked to communicate our differentiated model and value proposition to the market. In 2016, we strengthened our capital base and our balance sheet is well-positioned to support continued growth. We are very pleased to post these results to the investors who have cheered for our sustained success,” Becker concluded.

Fourth quarter net income was a record $3.7 million and diluted earnings per share were a record $0.64. This compares with third quarter net income of $3.1 million and diluted earnings per share of $0.55 and fourth quarter 2015 net income of $2.3 million and diluted earnings per share of $0.50. For the twelve month period ended December 31, 2016, net income was a record $12.1 million and diluted earnings per share were a record $2.30 compared to net income of $8.9 million and diluted earnings per share of $1.96 for the twelve month period ended December 31, 2015.

Highlights for the fourth quarter 2016 include:


▪	Diluted earnings per share of $0.64, increasing $0.09, or 16.4%, compared to the linked quarter and increasing $0.14, or 28.0%, compared to the fourth quarter 2015


▪	Improved quarterly performance


•	Return on average assets of 0.81%


•	Return on average shareholders’ equity of 10.85%


•	Return on average tangible common equity of 11.24%


▪	Total loan growth of $51.9 million, or 4.3%, compared to September 30, 2016 and $296.9 million, or 31.1%, compared to December 31, 2015


▪	Net interest income of $10.9 million, increasing $0.6 million, or 5.5%, compared to the linked quarter and $2.3 million, or 27.3%, compared to the fourth quarter 2015


▪	Enhanced capital levels following an equity offering


•	Tangible common equity to tangible assets of 8.07%


•	Tier 1 leverage ratio of 8.65%


•	Common equity tier 1 capital ratio of 11.54%


•	Tier 1 capital ratio of 11.54%


•	Total risk-based capital ratio of 15.01%

The following information was filed by First Internet Bancorp (INBK) on Thursday, January 19, 2017 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 10.14: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

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: 0001562463-17-000032
Submitted to the SEC: Tue Mar 14 2017 4:14:55 PM EST
Accepted by the SEC: Tue Mar 14 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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