First Internet Bancorp (INBK) 10-K Annual Report March 2019

- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2018. Net income for the fourth quarter of 2018 was $3.6 million, or $0.35 diluted earnings per share. This compares to net income of $6.3 million, or $0.61 diluted earnings per share, for the third quarter of 2018, and net income of $3.5 million, or $0.41 diluted earnings per share, for the fourth quarter of 2017.

The fourth quarter’s results included a $2.4 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the quarter was $5.5 million and adjusted diluted earnings per share was $0.53.

For the twelve month period ended December 31, 2018, net income was a record $21.9 million and diluted earnings per share were $2.30 compared to net income of $15.2 million and diluted earnings per share of $2.13 for the twelve month period ended December 31, 2017.

“First Internet Bancorp had another successful year during 2018 as we reported record annual net income, driven by full year loan growth of 30%, excellent credit quality and well-managed expenses,” said David Becker, Chairman, President and Chief Executive Officer. “We generated strong growth in both commercial and consumer loans, particularly in a number of our specialty lending areas, including single tenant lease financing, public finance, healthcare finance and horse trailer and recreational vehicle lending.

“Looking to 2019, we continue to see opportunities to expand our market share across our collection of specialty lending franchises, as well as adding new areas of lending to further diversify and improve our revenue mix. We continue to take a disciplined approach to capital deployment and will actively manage the balance sheet to drive profitable growth,” Becker added. “As always, I would like to thank the entire First Internet team who worked very hard to deliver these record 2018 results. Their dedication and efforts will continue to be the key to our ongoing growth and success.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2018 was $15.4 million, compared to $16.0 million for the third quarter of 2018. On a fully-taxable equivalent basis, net interest income for the fourth quarter was $16.9 million, compared to $17.3 million for the third quarter. Net interest income was flat on a reported and fully-taxable equivalent basis, when compared to the fourth quarter of 2017.

The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 23, 2019 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 First Internet Bancorp's 10-K Annual Report:

Financial - Shares Highlight
Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, average tangible common equity, return on average tangible common equity and the ratio of tangible common equity to tangible assets, net interest income - FTE, net interest margin - FTE, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity, adjusted return on average tangible common equity, adjusted income tax provision and adjusted effective income tax rate are used by management to measure the strength of the Company's capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders.

Financial - Expense Highlight
The allowance for loan losses is increased by the provision for loan losses charged to expense and reduced by loans charged off, net of recoveries.
Financial - Income Highlight
The increase in total interest income was due primarily to an increase in interest earned on loans resulting from an increase of $700.3 million, or 41.6%, in the average balance of loans, including loans held-for-sale, for the twelve months ended December 31, 2018 compared to the twelve months ended December 31, 2017, as well as an increase of $36.6 million in the average balance of other earning assets and a 77 basis point ("bp") increase in the yield earned on other earning assets.
Financial - Income Highlight
The increase in total interest income was due primarily to an increase in interest earned on loans resulting from an increase of $537.6 million, or 47.0%, in the average balance of loans, including loans held-for-sale, as well as an increase in interest earned on securities resulting from an increase of $115.6 million, or 30.4%, in the average balance of securities for the twelve months ended December 31, 2017 compared to the twelve months ended December 31, 2016.
Revenue - Product Highlight
The decrease in revenue from mortgage banking activities was due primarily to decreases in mortgage held-for-sale ("HFS") origination and sales volumes, due to a decline in mortgage refinance activity, and a decrease in gain on sale margin.
Other - Other
Allowance for Loan Losses The...Read more
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Interest expense related to other...Read more
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If it is determined that...Read more
Financial - Expense
The increase in total interest...Read more
Financial - Expense
The increase in total interest...Read more
Revenue - Product
During 2017, portfolio mortgage originations...Read more
Financial - Earnings
The $6.7 million increase in...Read more
Other - Other
The decline in other securities...Read more
Revenue - Product
The Company completed sales of...Read more
Financial - Earnings
In managing the Company?s investment...Read more
Financial - Income
2018 v. 2017 The Company...Read more
Financial - Income
2017 v. 2016 The Company...Read more
Other - Other
Our commercial deposits and treasury...Read more
Financial - Earnings
As a result, this write-down...Read more
Other - Other
Reconciliations of these non-GAAP financial...Read more
Other - Other
Notwithstanding these procedures, there still...Read more
Financial - Cash Flow
An estimate of potential losses...Read more
Financial - Income
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Financial - Dividend
While the Company believes it...Read more
Other - Other
Generally, the Company believes that...Read more
Revenue - Geography
Additionally, we enter into forward...Read more
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Other - Other
Although the Company believes these...Read more
Legal - Other
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Financial - Expense
The increase in premises and...Read more
Financial - Income
The increase in total interest...Read more
Revenue - Product
The increase in gain on...Read more
Financial - Income
The increase in other noninterest...Read more
Other - Other
Total assets increased $774.0 million,...Read more
Revenue - Product
These sales totaled $42.3 million...Read more
Other - Other
The decrease in the allowance...Read more
Other - Other
We believe the allowance for...Read more
Revenue - Product
Securities that we intend to...Read more
Other - Other
A loan is designated as...Read more
Other - Other
In 2018, both of these...Read more
Financial - Expense
The Company received net proceeds...Read more
Other - Other
If quoted market prices are...Read more
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The allowance for loan losses...Read more
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The decrease in U.S. Government-sponsored...Read more
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During 2018, the Bank's subsidiary,...Read more

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 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: 0001562463-19-000034
Submitted to the SEC: Thu Mar 14 2019 12:15:29 PM EST
Accepted by the SEC: Thu Mar 14 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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