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First Internet Bancorp (INBK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

First Internet Bancorp

CIK: 1562463 Ticker: INBK

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First Internet Bancorp Reports Fourth Quarter and Full Year 2021 Results

Highlights for the fourth quarter and full year 2021 include:

Record annual net income and diluted earnings per share of $48.1 million and $4.82, respectively

Quarterly net income of $12.5 million, compared to $12.1 million for the third quarter of 2021 and $11.1 million for the fourth quarter of 2020

Quarterly diluted earnings per share of $1.25, up 3.3% over the third quarter of 2021 and 11.6% over the fourth quarter of 2020

Quarterly adjusted net income of $13.0 million, or $1.30 per diluted share, when excluding an IT contract termination fee and acquisition-related expenses

Total quarterly revenue of $31.2 million, an 8.6% increase from the third quarter of 2021 and a 1.0% decrease from the fourth quarter of 2020

Net interest margin and fully-taxable equivalent net interest margin both increased 30 basis points (“bps”)from the third quarter of 2021

Repurchased 100,000 shares at an average price of $44.36 during the quarter

Fishers, Indiana, January 19, 2022
– 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, 2021. Net income for the fourth quarter of 2021 was $12.5 million, or $1.25 diluted earnings per share. This compares to net income of $12.1 million, or $1.21 diluted earnings per share, for the third quarter of 2021, and net income of $11.1 million, or $1.12 diluted earnings per share, for the fourth quarter of 2020.

For the full year ended December 31, 2021, net income was a record $48.1 million and diluted earnings per share were a record $4.82, compared to net income of $29.5 million and diluted earnings per share of $2.99 for the year ended December 31, 2020.

“We generated record annual net income for 2021, closing out our 22nd year on a high note and paving the path for a bright future ahead,” said David Becker, Chairman and Chief Executive Officer. “Over the course of the year, we built momentum on several fronts. Our expanding national SBA platform steadily gained traction and contributed to our year-over-year revenue growth, while our recently formed franchise finance business funded over $80 million in loans in conjunction with our partner ApplePie Capital. Solid pipelines in SBA, franchise finance, construction and other key business lines position us well for the year ahead.

“With respect to our strategies designed to build sustainable fee revenue, our transformational acquisition of First Century Bancorp, announced in November, will add several attractive and scalable business lines,


The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 19, 2022 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

Audit Information
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)
Acquisition
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)
Business Combinations And Asset Acquisitions (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 (Tables)
Income Taxes - Income Tax Reconciliation (Details)
Income Taxes - Net Deferred Taxes (Details)
Income Taxes - Provisions (Credit) For Income Taxes (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)
Mortgage Banking Activities
Mortgage Banking Activities (Details)
Mortgage Banking Activities (Tables)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (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: 0001562463-22-000039
Submitted to the SEC: Tue Mar 15 2022 4:41:59 PM EST
Accepted by the SEC: Tue Mar 15 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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