First Internet Bancorp (INBK) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.27%. A quarter ago, it was expected that this internet bank would post earnings of $0.24 per share when it actually produced earnings of $0.48, delivering a surprise of 100%.Over the last four quarters, th ...

First Internet Bancorp Reports First Quarter 2024 Results Fishers, Indiana, April 24, 2024 – 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, 2024. First Quarter 2024 Financial Highlights "On our third quarter 2023 earnings conference call, we indicated that net interest margin and net interest income had likely bottomed and would soon trend higher," said Davi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023. or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) Unaudited financial statements show decreased net income from compressed margins and higher credit loss provisions, with asset growth funded by deposits and a $4.5 million CECL impact [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Unaudited financials show decreased net income from compressed margins and higher credit loss provisions, with asset growth funded by deposits and a $4.5 million CECL impact - The company adopted the new CECL accounting standard (ASU 2016-13) on January 1, 2023, which replaced the incurred loss methodology with an expected credit loss model, resulting in a net decrease to retained earnings of **$4.5 million**[31](index=31&type=chunk)[32](index=32&type=chunk) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (as of September 30, 2023 vs. December 31, 2022) | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$5,169,023** | **$4,543,104** | **+13.8%** | | Net Loans | $3,698,616 | $3,467,664 | +6.7% | | Total Securities (AFS & HTM) | $682,755 | $579,552 | +17.8% | | Total Deposits | $4,083,545 | $3,441,245 | +18.7% | | Total Liabilities | $4,821,279 | $4,178,130 | +15.4% | | **Total Shareholders' Equity** | **$347,744** | **$364,974** | **-4.7%** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Income Statement Highlights (Unaudited) | Metric (in thousands) | Q3 2023 | Q3 2022 | YoY Change (%) | Nine Months 2023 | Nine Months 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $17,378 | $23,994 | -27.6% | $55,097 | $75,424 | -27.0% | | Provision for credit losses | $1,850 | $892 | +107.4% | $11,976 | $2,868 | +317.6% | | Total noninterest income | $7,407 | $4,316 | +71.6% | $18,724 | $15,450 | +21.2% | | Total noninterest expense | $19,756 | $17,995 | +9.8% | $59,380 | $54,760 | +8.4% | | **Net Income** | **$3,409** | **$8,436** | **-59.6%** | **$4,274** | **$29,190** | **-85.4%** | Earnings Per Share (Diluted) | Period | Diluted EPS 2023 | Diluted EPS 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Three Months Ended Sep 30 | $0.39 | $0.89 | -56.2% | | Nine Months Ended Sep 30 | $0.48 | $3.01 | -84.1% | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) - Shareholders' equity decreased from **$365.0 million** at the start of 2023 to **$347.7 million** at September 30, 2023, driven by a **$4.5 million** impact from adopting new accounting standards (CECL), **$7.6 million** in other comprehensive loss, **$1.6 million** in dividends, and **$8.5 million** in common stock repurchases, partially offset by **$4.3 million** in net income[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended Sep 30) | Activity (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $(624) | $73,776 | | Net cash used in investing activities | $(364,744) | $(361,831) | | Net cash provided by financing activities | $630,021 | $66,147 | | **Net Increase (Decrease) in Cash** | **$264,653** | **$(221,908)** | - The significant increase in cash for the first nine months of 2023 was primarily driven by a **$640.4 million** net increase in deposits, reflected in financing activities[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's loan portfolio grew to **$3.74 billion** as of September 30, 2023, up from **$3.50 billion** at year-end 2022, with commercial loans constituting the majority at **$2.91 billion**[70](index=70&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$36.5 million** from **$31.7 million** at year-end 2022, reflecting CECL adoption, loan growth, and a **$6.9 million** partial charge-off on a commercial and industrial loan in Q1 2023[93](index=93&type=chunk)[239](index=239&type=chunk) - Nonperforming loans decreased to **$5.9 million** (**0.16%** of total loans) as of September 30, 2023, from **$7.5 million** (**0.22%** of total loans) at year-end 2022[273](index=273&type=chunk) [Management's Discussion and Analysis (MD&A)](index=53&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A attributes net income decline to margin compression, higher credit losses, and mortgage exit costs; assets grew 13.8% from deposits - The company exited its consumer mortgage business in Q1 2023 due to declining volumes and a negative outlook, incurring **$3.1 million** in exit costs[237](index=237&type=chunk) - A significant driver of the increased provision for credit losses was a **$6.9 million** partial charge-off related to a single commercial and industrial participation loan during the first nine months of 2023[239](index=239&type=chunk) - The company is a fast-growing SBA 7(a) program lender, closing over **$308.5 million** in loans during the first nine months of 2023 and ranking as the 9th largest lender for the SBA's 2023 fiscal year[231](index=231&type=chunk) [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Key Performance Ratios | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Return on Average Assets (ROAA) | 0.26% | 0.82% | 0.12% | 0.94% | | Return on Average Equity (ROAE) | 3.79% | 9.01% | 1.59% | 10.40% | | Net Interest Margin (NIM) | 1.39% | 2.40% | 1.55% | 2.52% | - Net interest income for Q3 2023 decreased **27.6%** YoY to **$17.4 million**, caused by a **202.1%** increase in interest expense outpacing the **61.2%** increase in interest income, reflecting the rapid rise in interest rates[249](index=249&type=chunk) - Noninterest income in Q3 2023 increased **71.6%** YoY to **$7.4 million**, primarily due to a **$2.9 million** increase in gain on sale of loans from higher SBA 7(a) loan sale volumes[259](index=259&type=chunk) [Financial Condition](index=63&type=section&id=Financial%20Condition) - Total assets grew by **$625.9 million** (**13.8%**) to **$5.2 billion** since year-end 2022, primarily funded by a **$642.3 million** (**18.7%**) increase in total deposits[266](index=266&type=chunk) - Tangible book value per share decreased slightly by **0.4%** to **$39.57** as of September 30, 2023, from **$39.74** at year-end 2022, reflecting declines in equity partially offset by stock repurchases[268](index=268&type=chunk) - Uninsured deposit balances decreased to **23%** of total deposits at September 30, 2023, down from **33%** at December 31, 2022, with the ratio falling to **17%** when adjusting for certain secured municipal deposits[291](index=291&type=chunk) [Regulatory Capital Requirements](index=70&type=section&id=Regulatory%20Capital%20Requirements) Consolidated Capital Ratios (as of September 30, 2023) | Ratio | Actual | Minimum Required (with buffer) | | :--- | :--- | :--- | | Common equity tier 1 capital | 9.56% | 7.00% | | Tier 1 capital | 9.56% | 8.50% | | Total capital | 13.13% | 10.50% | | Leverage ratio | 7.32% | 4.00% | - The company and the bank remain well-capitalized, with all regulatory capital ratios exceeding the minimum requirements under Basel III rules as of September 30, 2023[297](index=297&type=chunk)[299](index=299&type=chunk) [Liquidity](index=73&type=section&id=Liquidity) - As of September 30, 2023, the company had total available liquidity of **$1.7 billion**, comprising cash balances and additional borrowing capacity from the FHLB and other sources, representing **182%** of adjusted uninsured deposit balances[308](index=308&type=chunk) [PART II - OTHER INFORMATION](index=81&type=section&id=PART%20II) [Risk Factors](index=81&type=section&id=ITEM%201A.%20RISK%20FACTORS) New material risk factors include market volatility, decreased customer confidence, increased deposit costs, and heightened regulatory scrutiny - The company identified a new material risk factor related to recent bank failures and negative media attention, which has caused market volatility and could negatively impact customer confidence, deposit costs, and lead to increased regulatory scrutiny[333](index=333&type=chunk)[334](index=334&type=chunk) [Share Repurchases](index=81&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased 97,834 shares in Q3 2023 under its $25.0 million program, with **$15.4 million** remaining available Common Stock Repurchases (Q3 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | 55,100 | $17.34 | | August 2023 | 23,000 | $21.00 | | September 2023 | 19,734 | $17.77 | | **Total Q3 2023** | **97,834** | **-** | - Through September 30, 2023, the company has repurchased a total of **509,022 shares** for **$9.6 million** under its current **$25.0 million** repurchase program, which expires December 31, 2023[335](index=335&type=chunk)

First Internet Bancorp (NASDAQ:INBK) Q3 2023 Earnings Conference Call October 26, 2023 2:00 PM ET Company Participants Larry Clark – Senior Vice President, Financial Profiles, Inc. David Becker – Chairman and Chief Executive Officer Ken Lovik – Executive Vice President and Chief Financial Officer Conference Call Participants Nathan Race – Piper Sandler George Sutton – Craig-Hallum John Rodis – Janney Brett Rabatin – Hovde Group Operator Good day, ladies and gentlemen, and welcome to the First Internet Banco ...

Financial Performance - The company reported net income of $34 million[8] - Total revenue increased to $248 million[8] - Diluted earnings per share reached $039[18] Balance Sheet and Capitalization - Tangible book value per share stood at $3957[8] - Total deposits increased by 59% from 2Q23[8], representing an increase of $2292 million[12], and are up 279% from 3Q22[12] - Adjusted tangible common equity to adjusted tangible assets was 777%, excluding AOCI and adjusting for normalized cash balances[8] - The loans to deposits ratio declined to 915%[18] Loan Portfolio - Commercial loan balances increased by $772 million, or 27%, compared to 2Q23[10] - Yield on loans funded in 3Q23 increased to 892%, up 50 bps from 2Q23[8] - Office CRE exposure remains less than 1% of total loan balances[8, 18] Deposits - Estimated uninsured deposit balances represent 23% of total deposits, down from 24% in 2Q23[25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in Its Charter) Indiana 20-3489991 (State ...

First Internet Bancorp (NASDAQ:INBK) Q2 2023 Earnings Conference Call July 27, 2023 2:00 PM ET Company Participants Larry Clark – Financial Profiles, Inc. David Becker – Chairman and Chief Executive Officer Ken Lovik – Executive Vice President and Chief Financial Officer Conference Call Participants Michael Perito – KBW Brett Rabatin – Hovde Group Nathan Race – Piper Sandler John Rodis – Janney George Sutton – Craig-Hallum Operator Good day, everyone, and welcome to the First Internet Bancorp Earnings Confe ...

V Loan Portfolio Composition 25 Current C&I LOC utilization of 43% Average loan sizes C&I: $708,000 Owner-occupied CRE: $831,000 Minimal office exposure; 2.0% of combined loan balances consisting of suburban office space | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-----------------------|----------|-------|-------|-------|-------|------------------------------------| | | | | | | | | | | | | | | | | IN | 7% | | Other | | 17% | | C&I - Term Loans | 17% 4% | | AZ | 12% | 26% | Cons ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in Its Charter) Indiana 20-3489991 (State ...