First Internet Bancorp (INBK) 10-K Annual Report March 2018

- First Internet Bancorp (the “Company”) (NASDAQ: INBK), the parent company of First Internet Bank (the “Bank”) (www.firstib.com), announced today financial and operational results for the fourth quarter 2017 and for the twelve month period ended December 31, 2017.

David Becker, Chairman, President and Chief Executive Officer, commented, “I am proud to report our teams produced another year of balance sheet and earnings growth. Our lending efforts, including the additions of public finance and healthcare finance in 2017, had a solid year, which fueled record net interest income. In total, we grew loans by $840 million, or 67%, on a year-over-year basis.

“Credit quality remains very strong. Additionally, our capital, following a common stock offering completed in the third quarter, positions us well to continue to win new customer relationships across the organization in 2018.”

Fourth quarter net income was $3.5 million and diluted earnings per share were $0.41. This compares with third quarter net income of $4.9 million and diluted earnings per share of $0.71 and fourth quarter 2016 net income of $3.7 million and diluted earnings per share of $0.64.

For the twelve month period ended December 31, 2017, net income was a record $15.2 million and diluted earnings per share were $2.13 compared to net income of $12.1 million and diluted earnings per share of $2.30 for the twelve month period ended December 31, 2016.

As a result of the “Tax Cuts and Jobs Act Bill of 2017,” the Company’s net deferred tax asset (“net DTA”) was revalued as of December 31, 2017. The value of the net DTA was reduced by $1.8 million with the amount of the reduction recognized as additional income tax expense in the fourth quarter.

Consequently, this revaluation decreased fourth quarter diluted earnings per share by $0.22 and full year 2017 diluted earnings per share by $0.26.

Adjusted for the net DTA revaluation, fourth quarter net income was $5.3 million and diluted earnings per share were $0.63 and full year 2017 net income was $17.1 million and diluted earnings per share were $2.39.

The Company completed its first sale of single tenant lease financing loans during the fourth quarter which included $24.7 million of loans. The Company is in the process of executing additional single tenant lease financing loan sales with approximately $27.8 million of loans transferred to loans-held-for- sale as of December 31, 2017 in anticipation of these transactions closing during the first quarter 2018.

The loan sales provide the Company an additional strategy to manage balance sheet growth and capital while providing additional liquidity and further diversifying revenue channels.

Highlights for the fourth quarter include:


▪	Total loan growth of $222.7 million, or 11.9%, compared to September 30, 2017 and $840.4 million, or 67.2%, compared to December 31, 2016

The following information was filed by First Internet Bancorp (INBK) on Thursday, January 18, 2018 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

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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 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: 0001562463-18-000035
Submitted to the SEC: Thu Mar 08 2018 4:17:21 PM EST
Accepted by the SEC: Thu Mar 08 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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