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

First Internet Bancorp

CIK: 1562463 Ticker: INBK




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First Internet Bancorp Reports First Quarter 2022 Results

Highlights for the first quarter include:

Quarterly net income of $11.2 million, compared to $12.5 million for the fourth quarter of 2021 and $10.5 million for the first quarter of 2021

Quarterly diluted earnings per share of $1.14, compared to $1.25 for the fourth quarter of 2021 and $1.05 for the first quarter of 2021

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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Assess how First Internet Bancorp's management team is paid from their Annual Proxy

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First Internet Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
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  • Executive Team
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  • Peers / Competitors

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Inside First Internet Bancorp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
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
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
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 - Quantitative Information About Unobservable Inputs (Details)
Goodwill
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
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)
Servicing Asset
Servicing Asset (Details)
Servicing Asset (Tables)
Servicing Asset - Narrative (Details)
Servicing Asset - Unpaid Principal Balance (Details)
Subordinated Debt
Subordinated Debt (Details Textual)
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Subsequent Event
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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