First Internet Bancorp (INBK) 10-Q Quarterly Report May 2022

•Quarterly adjusted net income of $12.0 million, or $1.22 per diluted share, when excluding nonrecurring consulting fees and acquisition-related expenses

•Total quarterly revenue of $32.6 million, a 4.4% increase from the fourth quarter of 2021 and a 12.7% increase from the first quarter of 2021

•Net interest margin and fully-taxable equivalent net interest margin increased 26 basis points (“bps”) from the fourth quarter of 2021 to 2.56% and 2.69%, respectively

•Repurchased 103,703 shares at an average price of $49.35

Fishers, Indiana, April 20, 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 first quarter ended March 31, 2022. Net income for the first quarter of 2022 was $11.2 million, or $1.14 diluted earnings per share. This compares to net income of $12.5 million, or $1.25 diluted earnings per share, for the fourth quarter of 2021, and net income of $10.5 million, or $1.05 diluted earnings per share, for the first quarter of 2021.

“We produced solid earnings and positive momentum to start 2022, driven by production in our franchise finance business, further success in driving lower cost deposits and continued excellent credit quality,” said David Becker, Chairman and Chief Executive Officer. “Pipelines in SBA and other key lines of business grew during the quarter, leaving us well-positioned to capitalize on loan growth opportunities for the year ahead.

“We also made significant progress with our Fintech initiatives, establishing our first Banking-as-a-Service deposit relationship during the quarter. We are engaged in a number of discussions with Fintechs to provide deposit and payments services as well as supplement our small business lending

The following information was filed by First Internet Bancorp (INBK) on Wednesday, April 20, 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-Q Quarterly 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-Q Quarterly Report:

Financial - Earnings Highlight
These adjusted profitability ratios improved in the 2022 period compared to the 2021 period, as increases in net income and adjusted net income outpaced average asset growth.

Financial - Earnings Highlight
The increase in the average balance of other earning assets was due primarily to higher cash balances.
Financial - Income Highlight
Interest income earned on other earning assets increased by less than $0.1 million, or 12.2%, due mainly to a 3 bp increase in the yield earned on these assets, as well as an increase of $9.9 million, or 2.2%, in the average balance of other earning assets.
Financial - Shares Highlight
The ratio of total shareholders' equity to total assets decreased to 8.87% as of March 31, 2022 from 9.03% as of December 31, 2021, and the ratio of tangible common equity to tangible assets decreased to 8.77% as of March 31, 2022 from 8.93% as of December 31, 2021.
Financial - Shares Highlight
The decline in both book value per common share and tangible book value per share reflects the decline in total shareholders' equity and tangible common equity.
Other - Other
Interest earned on securities increased...Read more
Revenue - Product
The decline in mortgage banking...Read more
Financial - Income
The increase in total interest...Read more
Financial - Earnings
39 Results of Operations During...Read more
Financial - Expense
The decrease in accrued expenses...Read more
Financial - Expense
Interest expense on certificates and...Read more
Financial - Earnings
We continue to scale up...Read more
Financial - Earnings
This was partially offset by...Read more
Financial - Shares
The Basel III Capital Rules...Read more
Financial - Expense
Overall, the cost of total...Read more
Financial - Expense
The increase in loan expenses...Read more
Other - Other
Average money market balances increased...Read more
Financial - Earnings
Net interest margin ("NIM") was...Read more
Financial - Expense
Declines in the cost of...Read more
Other - Other
Our commercial deposits and treasury...Read more
Other - Other
Reconciliations of these non-GAAP financial...Read more
Revenue - Product
We have hired and continue...Read more
Financial - Expense
The increase in salaries and...Read more
Financial - Income
Income tax provision was $1.8...Read more
M & A - Other
Merger Transaction On May 1,...Read more
Revenue - Product
The increase in gain on...Read more
Other - Other
Although the Company believes these...Read more
Financial - Income
Accrued Income and Other Assets...Read more
Financial - Expense
43 Noninterest Expense The following...Read more
Other - Other
57 58 1 Assuming a...Read more
Other - Other
The ratio of nonperforming loans...Read more
Other - Other
Total assets increased $14.4 million,...Read more
Financial - Shares
54 Shareholders' Dividends The Company's...Read more
Revenue - Product
Additionally, we enter into forward...Read more
Financial - Earnings
The $0.8 million increase in...Read more
Other - Other
49 Allowance for Loan Losses...Read more
Revenue - Product
The Company may explore strategic...Read more
Financial - Income
This is to recognize the...Read more
M & A - Other
The increase in consulting and...Read more
Other - Other
The Basel III Capital Rules...Read more
Other - Other
See "Reconciliation of Non-GAAP Financial...Read more
Financial - Expense
The increase in interest expense...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

First Internet Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

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: 0001562463-22-000073
Submitted to the SEC: Mon May 09 2022 4:30:43 PM EST
Accepted by the SEC: Mon May 09 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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