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First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

First Internet Bancorp

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CIK: 1562463 Ticker: INBK
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First Internet Bancorp Reports Third Quarter 2019 Results

Highlights for the third quarter include:

▪
Diluted earnings per share of $0.63, an increase of 5.0% from the second quarter

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Record quarterly net income of $6.3 million, an increase of 3.3% from the second quarter

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Total revenue of $20.8 million, a 6.4% increase from the second quarter driven by increased mortgage banking activity

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Completed the stock repurchase program purchasing 274,658 shares during the quarter at an average price of $20.57 per share

Fishers, Indiana, October 23, 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 third quarter of 2019. Net income for the third quarter of 2019 was a record $6.3 million, or $0.63 diluted earnings per share. This compares to net income of $6.1 million, or $0.60 diluted earnings per share, for the second quarter of 2019, and net income of $6.3 million, or $0.61 diluted earnings per share, for the third quarter of 2018.

David Becker, Chairman, President and Chief Executive Officer, commented, “We are very pleased with our results in the third quarter, driven by continued revenue growth, well-managed expenses and strong balance sheet management. These balance sheet strategies, which included the sale of lower-yielding loans, reflect our disciplined approach to capital deployment. The loan sales enabled us to enhance our profitability through additional fee revenue, and support our loan origination teams as they redeployed capital into higher-yielding new production. Additionally, our direct-to-consumer mortgage business had a stellar quarter, posting a 62% increase in revenue compared to the second quarter.

“We continue to make progress with our expansion into small business banking with attractive opportunities on both sides of our balance sheet. During the third quarter, the pipeline of new lending opportunities grew again and our efforts on the deposit side continued to produce results as business money market and checking accounts increased over $41 million. We recently appointed new leadership to run our expanding national SBA program and we are also excited that our previously announced acquisition of the small business lending division of First Colorado National Bank is expected to close next month.

“While certain factors weighed on our net interest margin during the quarter, we expect to benefit from lower deposit costs in future quarters, particularly as higher cost CDs continue to mature and we work to build on our success in generating small business deposits.”

Mr. Becker concluded, “Our continued ability to win new business and grow existing relationships is the direct result of our employees’ dedication to the success of our customers and our Company. Our high level of employee engagement has contributed to our unique culture, which was recognized again by American Banker, naming us one of the “Best Banks to Work For” for the seventh consecutive year. As always, I would like to thank the entire First Internet team who have worked very hard to deliver our strong results and whose commitment and efforts remain the keys to our continued success.”

The following information was filed by First Internet Bancorp (INBK) on Wednesday, October 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Details)
Benefit Plans
Benefit Plans (Details Textual)
Benefit Plans (Tables)
Benefit Plans - Activity (Details)
Benefit Plans - Deferred Stock Rights (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Carrying Amount And Adjustment (Details)
Derivative Financial Instruments - Effect Of Derivatives On Income (Details)
Derivative Financial Instruments - Gain (Loss) Recognized (Details)
Derivative Financial Instruments - Interest Swap Derivatives (Details)
Derivative Financial Instruments - Notional Amounts And Fair Value (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Value And Estimated Fair Value (Details)
Fair Value Of Financial Instruments - Fair Value Hierarchy (Details)
Fair Value Of Financial Instruments - Fair Value Roll Forward (Details)
Fair Value Of Financial Instruments - Quantative Information About Unobservable Inputs (Details)
Goodwill
Goodwill (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Balance Sheet Amounts (Details)
Leases - Maturity (Details)
Loans
Loans (Tables)
Loans - Categories (Details)
Loans - Change In The Balances Of The Alll (Details)
Loans - Impaired Loans (Details)
Loans - Loan Portfolio Aging (Details)
Loans - Nonaccrual Loans (Details)
Loans - Recorded Investments In Loans (Details)
Loans Loans - Internal Credit Assessment (Details)
Mortgage Banking Activities
Mortgage Banking Activities (Details)
Mortgage Banking Activities (Tables)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Recent Accounting Pronouncements Recent Accounting Pronouncements (Policies)
Securities
Securities (Details Textual)
Securities (Details)
Securities (Tables)
Securities - Carrying Value (Details)
Securities - Gross Unrealized Losses And Fair Value (Details)
Securities Securities - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (Details)
Subordinated Debt
Subordinated Debt (Details Textual)
Subordinated Debt (Tables)
Subordinated Debt - Schedule Of Subordinated Debt (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

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: 0001562463-19-000077
Submitted to the SEC: Fri Nov 08 2019 11:27:58 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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