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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

First Internet Bancorp

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CIK: 1562463 Ticker: INBK
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First Internet Bancorp Reports Fourth Quarter and Full Year 2019 Results

Highlights for the fourth quarter and full year 2019 include:

▪
Record annual net income and diluted earnings per share of $25.2 million and $2.51, respectively

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Record quarterly net income of $7.1 million, compared to $6.3 million for the third quarter of 2019 and $3.6 million for the fourth quarter of 2018

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Record quarterly diluted earnings per share of $0.72, compared to $0.63 diluted earnings per share for the third quarter of 2019 and $0.35 diluted earnings per share for the fourth quarter of 2018

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Total quarterly revenue of $20.8 million, consistent with the third quarter of 2019 and an 18.9% increase from the fourth quarter of 2018

Fishers, Indiana, January 22, 2020
- 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, 2019. Net income for the fourth quarter of 2019 was a record $7.1 million, or $0.72 diluted earnings per share. This compares to net income of $6.3 million, or $0.63 diluted earnings per share, for the third quarter of 2019, and net income of $3.6 million, or $0.35 diluted earnings per share, for the fourth quarter of 2018. The fourth quarter of 2018 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, or $0.53 adjusted diluted earnings per share.

For the twelve month period ended December 31, 2019, net income was a record $25.2 million and diluted earnings per share were a record $2.51 compared to net income of $21.9 million and diluted earnings per share of $2.30 for the twelve month period ended December 31, 2018. Excluding the OREO write-down described above, adjusted net income for the full year 2018 was $23.8 million, or $2.50 adjusted diluted earnings per share.

“First Internet Bancorp produced strong 2019 results, highlighted by record annual net income that was driven by full-year revenue growth of 12%, well-managed expenses and disciplined balance sheet management,” said David Becker, Chairman, President and Chief Executive Officer. “We generated strong production in both commercial and consumer loans, particularly in a number of our specialty lending areas, including single-tenant lease financing, healthcare finance and horse trailer and recreational vehicle lending. Additionally, we capitalized on the lower interest rate environment to drive strong origination growth in our direct-to-consumer mortgage business.

“Looking to 2020, we continue to see opportunities for growth within our collection of lending franchises and to further implement strategies to diversify our revenue and enhance margins in a capital efficient manner,” Becker added. “In 2019, we made significant progress with our expansion into small business banking, capitalizing on attractive opportunities on both sides of our balance sheet. During the fourth quarter, we completed our acquisition of the small business lending division of First Colorado National Bank. This transaction, combined with the experienced professionals we brought on board during the year, positions us to accelerate our efforts to build a nationwide platform that offers a full suite of services to small business entrepreneurs.”


The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 22, 2020 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 Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets [Parenthetical]
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity [Parenthetical]
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details Textual)
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Benefit Plans
Benefit Plans (Details Textual)
Benefit Plans (Tables)
Benefit Plans - Deferred Stock Rights (Details)
Benefit Plans - Restricted Stock (Details)
Cash And Cash Equivalents
Cash And Cash Equivalents (Details Textual)
Commitments And Credit Risk
Commitments And Credit Risk (Details)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Cash Flows (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Comprehensive Income (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Income (Details)
Deposits
Deposits (Details Textual)
Deposits (Details)
Deposits (Tables)
Deposits - Scheduled Maturities (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)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Value And Estimated Fair Value (Details)
Fair Value Of Financial Instruments - Recurring Fair Value Measurements Reconciliation (Details)
Fair Value Of Financial Instruments - Unobservable (Level 3) Inputs (Details)
Fhlb Advances
Fhlb Advances (Details Textual)
Fhlb Advances (Details)
Fhlb Advances (Tables)
Goodwill
Goodwill (Details)
Income Taxes
Income Taxes (Details Textual)
Income Taxes (Tables)
Income Taxes - Income Tax Reconciliation (Details)
Income Taxes - Net Deferred Taxes (Details)
Income Taxes - Provisions (Credit) For Income Taxes (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Balance Sheet Amounts (Details)
Leases - Maturity (Details)
Loans
Loans (Details)
Loans (Tables)
Loans - Allowance For Loan Losses And The Recorded Investment In Loans (Details)
Loans - Credit Risk Profile (Details)
Loans - Impaired Loans (Details)
Loans - Loan Portfolio Aging Analysis (Details)
Mortgage Banking Activities
Mortgage Banking Activities (Details)
Mortgage Banking Activities (Tables)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Regulatory Capital Requirements - Required Ratios (Details)
Related Party Transactions
Related Party Transactions (Details Textual)
Securities
Securities (Details Textual)
Securities (Details)
Securities (Tables)
Securities - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (Details)
Securities - Carrying Value Of Securities By Contractual Maturity Date (Details)
Securities - Gross Unrealized Losses And Fair Value (Details)
Shareholders' Equity
Shareholders' Equity (Details Textual)
Subordinated Debt
Subordinated Debt (Details Textual)
Subordinated Debt - Schedule Of Subordinated Debt (Details)
Subordinated Debt Subordinated Debt (Tables)
Ticker: INBK
CIK: 1562463
Form Type: 10-K Annual Report
Accession Number: 0001562463-20-000040
Submitted to the SEC: Thu Mar 12 2020 5:06:29 PM EST
Accepted by the SEC: Thu Mar 12 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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