Last10K.com

First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

First Internet Bancorp

HISTORY TOOLS
CIK: 1562463 Ticker: INBK


fibancorplogoa72.jpg

First Internet Bancorp Reports Third Quarter 2021 Results

Highlights for the third quarter include:

•Net income of $12.1 million, an increase of 43.7% over the third quarter of 2020

•Diluted earnings per share of $1.21, an increase of 40.7% over the third quarter of 2020

•Adjusted net income of $12.7 million, or $1.27 per diluted share, when excluding $0.8 million of pre-tax costs associated with the redemption of subordinated notes

•Total revenue of $28.7 million and adjusted total revenue of $29.5 million, an increase of 2.8% over the third quarter of 2020

•New board authorization to repurchase up to $30.0 million of common stock through the end of 2022

Fishers, Indiana, October 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 third quarter of 2021. Net income for the third quarter of 2021 was $12.1 million, or $1.21 diluted earnings per share. This compares to net income of $13.1 million, or $1.31 diluted earnings per share, for the second quarter of 2021, and net income of $8.4 million, or $0.86 diluted earnings per share, for the third quarter of 2020.

“We produced strong operating results for the third quarter of 2021, driven by solid revenue generation and disciplined expense management,” said David Becker, Chairman and Chief Executive Officer. “Our strategies designed to build sustainable fee revenue continued to pay off as we generated a return on average assets in excess of 1.0% for the fourth straight quarter. Looking forward, pipelines in our SBA, construction, single tenant lease financing and our newly formed franchise finance lines of business are strong, giving us confidence in our ability to continue growing revenue and earnings for the remainder of the year and into 2022.

“Our new franchise finance business line is the third installment in a $300 million commitment we have made to small business owners in 2021,” Mr. Becker added. “We have teamed with ApplePie Capital, a company that sources and originates franchisee lending opportunities on a nationwide basis. Together, we are funding loans to proven businesses, fueling economic and job growth and building our loan portfolio. We expect to fund $100 million of franchise loans by year-end. Earlier this year, we originated $30 million in a second round of PPP, and we have secured an additional $172 million in SBA 7(a) approvals over the course of SBA’s most recently ended fiscal year. Looking ahead to 2022, we expect to expand our small business pledge by 20%. We anticipate funding up to $150 million in franchise finance and $215 million in SBA 7(a) loans. Furthermore, to provide our small business owners the upgraded digital experience that will empower them to manage their cash




The following information was filed by First Internet Bancorp (INBK) on Wednesday, October 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-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
M & A
Other
Filter Subcategory:
All
Shares
Product
Income
Expense
Earnings
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)
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)
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)
Premises And Equipment - Summary (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)
Subsequent Event
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: 0001562463-21-000090
Submitted to the SEC: Tue Nov 09 2021 4:27:26 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/inbk/0001562463-21-000090.htm