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First Internet Bancorp (INBK) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

First Internet Bancorp

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CIK: 1562463 Ticker: INBK



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First Internet Bancorp Reports Third Quarter 2022 Results

Highlights for the third quarter include:

•Quarterly net income of $8.4 million, compared to $9.5 million for the second quarter of 2022 and $12.1 million for the third quarter of 2021

•Quarterly diluted earnings per share of $0.89, compared to $0.99 for the second quarter of 2022 and $1.21 for the third quarter of 2021

•Quarterly adjusted net income of $8.5 million, or $0.90 adjusted diluted earnings per share, when excluding nonrecurring expenses

•Loan growth of $173.8 million, a 5.6% increase from the second quarter of 2022 and a 10.9% increase from the third quarter of 2021

•Net interest margin of 2.40% and fully-taxable equivalent net interest margin of 2.53%

•Repurchased 120,000 shares at an average price of $36.56; aggregate purchase price under the authorized repurchase program has been increased to $35.0 million

Fishers, Indiana, October 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 third quarter ended September 30, 2022. Net income for the third quarter of 2022 was $8.4 million, or $0.89 diluted earnings per share. This compares to net income of $9.5 million, or $0.99 diluted earnings per share, for the second quarter of 2022, and net income of $12.1 million, or $1.21 diluted earnings per share, for the third quarter of 2021.

“Loan originations were up 47% over the prior quarter, demonstrating continued consumer and business confidence,” said David Becker, Chairman and Chief Executive Officer. “We continue to execute on our lending strategies, including our specialized areas of focus in commercial construction lending, SBA lending, franchise finance, and consumer lending. Given construction and SBA loans are typically variable rate products, and other fixed-rate product is coming on at higher rates, this growth sets the stage for future increases in average loan yields. We are taking a disciplined approach to capital deployment, maintaining our focus on the sound underwriting that has defined our bank for more than 20 years. Consequently, ongoing strong credit quality was a key contributor to our performance this quarter.

“We remain focused on our Fintech and Banking-as-a-Service initiatives as a way to grow lower cost deposit relationships and enhance noninterest income through payments processing. We have entered into agreements with two platforms and are piloting three Fintech partner programs.






The following information was filed by First Internet Bancorp (INBK) on Wednesday, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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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 - 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)
Subordinated Debt (Tables)
Subordinated Debt - Schedule Of Subordinated Debt (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: 0001562463-22-000122
Submitted to the SEC: Wed Nov 09 2022 5:01:21 PM EST
Accepted by the SEC: Wed Nov 09 2022
Period: Friday, September 30, 2022
Industry: State Commercial Banks

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