Last10K.com

First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

First Internet Bancorp

HISTORY TOOLS
CIK: 1562463 Ticker: INBK

fibancorplogoa721.jpg

First Internet Bancorp Reports Second Quarter 2020 Results

Highlights for the second quarter include:

•Total revenue of $19.4 million, net income of $3.9 million and diluted earnings per share of $0.40

•Cost of interest-bearing deposits decreased 30 bps from the first quarter

•Accelerated SBA platform build-out through further sales and operations hires
•
•As of July 17, 2020, loan balances of $365.8 million, or 12.6% of total loans, remained on deferral programs, down from a peak of $647.2 million, or 22.4%, in late May

Fishers, Indiana, July 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 second quarter of 2020. Net income for the second quarter of 2020 was $3.9 million, or $0.40 diluted earnings per share. This compares to net income of $6.0 million, or $0.62 diluted earnings per share, for the first quarter of 2020, and net income of $6.1 million, or $0.60 diluted earnings per share, for the second quarter of 2019.

“Throughout the COVID-19 pandemic, we have focused on our customers whose families and businesses have been impacted by the virus,” said David Becker, Chairman, President and Chief Executive Officer. “For many borrowers, we were able to provide peace of mind in uncertain times by deferring loan payments for 60-90 days. And, because we have always served our nationwide customer base remotely, we were able to assist our customers when they needed us most, without missing a beat, even as we worked to transition our associates to telework. We have already seen a significant reduction in deferrals, and all of our borrowers coming off deferrals have resumed normal payment schedules.

“In the second quarter, our overall credit quality remained solid. Our direct-to-consumer mortgage business produced another quarter of strong results and has a healthy pipeline as we begin the third quarter. We continue to expand our national SBA platform, adding to our already strong and talented team of professionals, and we are excited about the near-term outlook for this government-guaranteed lending business.

“In addition, our efforts on the deposit side of our balance sheet continued to produce results as we shifted the mix of our deposits while reducing interest expense. We believe that we still have significant opportunities to reprice our deposits lower while maintaining relatively stable asset yields, and these bode well for our net interest income and net interest margin in future periods.

“We are well-capitalized and have the financial strength to serve our clients during this public health crisis. I would like to thank the entire First Internet team for their resilience and hard work during this challenging time,” Becker concluded.

Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2020 was $14.4 million, compared to $15.0 million for the first quarter of 2020 and $16.1 million for the second quarter of 2019. On a fully-taxable equivalent basis, net interest income for the second quarter was $15.9 million, compared to $16.6 million for the first quarter of 2020 and $17.7 million for the second quarter of 2019.

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

View differences made from one quarter to another to evaluate First Internet Bancorp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by First Internet Bancorp.

Continue

Assess how First Internet Bancorp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

First Internet Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Earnings
Expense
Income
Product
Shares
Geography
Other
Inside First Internet Bancorp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Benefit Plans
Cover
Derivative Financial Instruments
Goodwill
Premises And Equipment
Subordinated Debt
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
- Summary (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Benefit Plans (Details Textual)
Benefit Plans (Tables)
Benefit Plans - Activity (Details)
Benefit Plans - Deferred Stock Rights (Details)
Commitments And Credit Risk
Commitments And Credit Risk (Details)
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 (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 (Tables)
Premises And Equipment - Narrative (Details)
Recent Accounting Pronouncements
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)
Servicing Asset
Servicing Asset (Details)
Servicing Asset (Tables)
Servicing Asset - Narrative (Details)
Servicing Asset - Unpaid Principal Balance (Details)
Subordinated Debt (Details Textual)
Subordinated Debt (Tables)
Subordinated Debt - Schedule Of Subordinated Debt (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: 0001562463-20-000079
Submitted to the SEC: Thu Aug 06 2020 4:22:54 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/inbk/0001562463-20-000079.htm