First Internet Bancorp (INBK) 10-Q Quarterly Report August 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 second quarter 2018.

David Becker, Chairman, President and Chief Executive Officer, commented, “To look at what we have accomplished in the span of one year - passing the $3 billion mark, growing net income by 50% - it’s remarkable. I am pleased with the results of the second quarter as our teams’ execution is clearly showcased.

“Loan growth picked up in the second quarter, up more than 7% over the prior quarter and nearly 40% over this time last year. Our lending teams gained momentum over the quarter and enter the third quarter with robust pipelines.

“Winning and growing relationships at the rate we have over the past several years has been possible because our employees are genuinely invested in the success of our customers and our Company. We have highly engaged employees, and it is evident they love what they do as once again this quarter, they have voted us among the very best workplaces in two separate highly recognized surveys. In the service industry, people make the difference. I thank ours for their tireless dedication.”

Second quarter net income was $6.0 million and diluted earnings per share were $0.67. This compares with first quarter net income of $6.0 million and diluted earnings per share of $0.71 and second quarter 2017 net income of $4.0 million and diluted earnings per share of $0.61.

Highlights for the second quarter include:


▪	Net income increased $2.0 million, or 50.2%, compared to second quarter 2017


▪	Diluted earnings per share increased $0.06, or 9.8%, compared to second quarter 2017


▪	Total loan growth of $675.6 million, or 39.8%, compared to June 30, 2017


▪	Net interest income of $15.5 million, increasing $2.5 million, or 19.2%, compared to second quarter 2017


▪	Solid quarterly performance


•	Return on average assets of 0.82%


•	Return on average shareholders’ equity of 10.11%


•	Return on average tangible common equity of 10.31%

The following information was filed by First Internet Bancorp (INBK) on Thursday, July 19, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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-Q Quarterly Report
Accession Number: 0001562463-18-000075
Submitted to the SEC: Wed Aug 08 2018 4:13:09 PM EST
Accepted by the SEC: Wed Aug 08 2018
Period: Saturday, June 30, 2018
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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