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First Internet Bancorp (INBK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

First Internet Bancorp

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CIK: 1562463 Ticker: INBK

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First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results

Highlights for the fourth quarter and full year 2020 include:

•Record annual net income and diluted earnings per share of $29.5 million and $2.99, respectively

•Record quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019

•Record quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019

•Total quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019

•Net interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits

Fishers, Indiana, January 20, 2021
– 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, 2020. Net income for the fourth quarter of 2020 was a record $11.1 million, or $1.12 diluted earnings per share. This compares to net income of $8.4 million, or $0.86 diluted earnings per share, for the third quarter of 2020, and net income of $7.1 million, or $0.72 diluted earnings per share, for the fourth quarter of 2019.

For the full year ended December 31, 2020, net income was a record $29.5 million and diluted earnings per share were a record $2.99, compared to net income of $25.2 million and diluted earnings per share of $2.51 for the year ended December 31, 2019. The full year 2020 results included a $2.1 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the year was $31.1 million, or $3.16 adjusted diluted earnings per share.

“We generated record net income for the fourth quarter and for all of 2020, closing out our 21st year of operation with substantial momentum despite the challenges created by the pandemic,” said David Becker, Chairman, President and Chief Executive Officer. “Over the course of the year, we produced robust revenue growth, with our direct-to-consumer mortgage business delivering its best year in our history. Our bankers met the surge in demand brought on by low interest rates, winning business with a demonstrated commitment to consistent, excellent service. Our expanding national SBA platform also steadily gained momentum and drove higher gain-on-sale revenue, increasingly contributing to our success throughout the year. Our pipelines in these key business lines remain solid heading into 2021.

“We also maintained strong credit quality even as we took extraordinary steps in the form of loan deferrals to help our clients weather the initial shocks of the public health crisis early in the year,” Becker added. “Well before the year ended, nearly all of our borrowers who needed payment relief resumed making payments, and our continued low level of nonperforming loans reflects this. We deepened ties with our clients through this experience and remain optimistic in our customers’ collective ability to fully bounce back and succeed in the year ahead.

Mr. Becker concluded, “And of course, I want to thank the entire First Internet team for their exceptional work in an unforgettable year. Their unrelenting efforts allowed us to deliver our best-ever earnings results in a

The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 20, 2021 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

Cover
Recent Accounting Pronouncements
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 (Loss)
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 - Fair Value Roll Forward (Details)
Fair Value Of Financial Instruments - Quantative Information About Unobservable 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)
Loans - Non-Tdr Loan Modifications Due To Covid-19 (Details)
Loans - U.S. Small Business Administration Paycheck Protection Program (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)
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)
Securities (Tables)
Securities - Additional Information (Details Textual)
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)
Servicing Asset
Servicing Asset (Details)
Servicing Asset (Tables)
Servicing Asset - Narrative (Details)
Servicing Asset - Unpaid Principal Balance (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: 0001562463-21-000038
Submitted to the SEC: Mon Mar 15 2021 4:55:40 PM EST
Accepted by the SEC: Mon Mar 15 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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