Last10K.com

First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

First Internet Bancorp

HISTORY TOOLS
CIK: 1562463 Ticker: INBK

fibancorplogoa721a.jpg

First Internet Bancorp Reports First Quarter 2021 Results

Highlights for the first quarter include:

•Net income of $10.5 million, an increase of 73.6% over the first quarter of 2020

•Diluted earnings per share of $1.05, an increase of 69.4% over the first quarter of 2020

•Total quarterly revenue of $28.9 million, an increase of 36.1% over the first quarter of 2020

•Net interest margin and fully-taxable equivalent net interest margin increased 26 and 27 basis points (“bps”), respectively, from the fourth quarter of 2020, driven by a 17 bp decrease in the cost of interest-bearing deposits


Fishers, Indiana, April 21, 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 first quarter of 2021. Net income for the first quarter of 2021 was $10.5 million, or $1.05 diluted earnings per share. This compares to net income of $11.1 million, or $1.12 diluted earnings per share, for the fourth quarter of 2020, and net income of $6.0 million, or $0.62 diluted earnings per share, for the first quarter of 2020.

“We produced strong earnings and solid momentum to start 2021, driven by net interest margin expansion, continued healthy production in our direct-to-consumer mortgage business and strong credit performance,” said David Becker, Chairman, President and Chief Executive Officer. “Growth in net interest income combined with our strategies designed to build sustainable fee revenue paid off as we generated an average return on assets of 1.02% for the second straight quarter and increased our tangible common equity to tangible assets ratio by 43 basis points to 8.12%.”

Mr. Becker concluded, “I am pleased with our first quarter financial performance and the consistently excellent work of the entire First Internet team. I want to thank all of them for their efforts in once again delivering on our goals. The high level of commitment throughout the organization remains the key to our ongoing success.”

Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2021 was $20.5 million, compared to $18.9 million for the fourth quarter of 2020, and $15.0 million for the first quarter of 2020. On a fully-taxable equivalent basis, net interest income for the first quarter of 2021 was $21.9 million, compared to $20.3 million for the fourth quarter of 2020, and $16.6 million for the first quarter of 2020.

Total interest income for the first quarter of 2021 was $33.3 million, a decrease of 1.1%, compared to the fourth quarter of 2020, and a decrease of 8.2% compared to the first quarter of 2020. On a fully-taxable equivalent basis, total interest income for the first quarter of 2021 was $34.6 million, a decrease of 1.2% compared to the fourth quarter of 2020, and a decrease of 8.3% compared to the first quarter of 2020. The slight decrease in total interest income compared to the fourth quarter of 2020 was driven primarily by a decrease in day count as well as a 3.4% decrease in the average balance of interest-earning assets, which was partially offset by a 14 bp increase in the yield on those assets. The yield on interest-earning assets for the first quarter of 2021 increased to 3.31% from

The following information was filed by First Internet Bancorp (INBK) on Wednesday, April 21, 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-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 2021 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
Legal
Other
Filter Subcategory:
All
Earnings
Product
Shares
Income
Expense
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 - Deferrals (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)
Ticker: INBK
CIK: 1562463
Form Type: 10-Q Quarterly Report
Accession Number: 0001562463-21-000054
Submitted to the SEC: Mon May 10 2021 4:26:47 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/inbk/0001562463-21-000054.htm