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Section 1: 10-Q (10-Q)

inbk-20200630
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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, 2020
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 or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
   
11201 USA Parkway
Fishers, IN
 46037
(Address of Principal Executive Offices) (Zip Code)
(317) 532-7900
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, without par valueINBKThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2026INBKLThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029INBKZThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ¨
Accelerated Filer þ
Non-accelerated Filer ¨
Smaller Reporting Company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
 
As of July 31, 2020, the registrant had 9,799,047 shares of common stock issued and outstanding.



Cautionary Note Regarding Forward-Looking Statements
  
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the current expectations of First Internet Bancorp and its consolidated subsidiaries (“we,” “our,” “us” or the “Company”) regarding its business strategies, intended results and future performance. Forward-looking statements are generally preceded by terms such as “anticipate,” “attempt,” “believe,” “can,” “continue,” “could,” “effort,” “estimate,” “expect,” “indicate,” “intend,” “likely,” “may,” “objective,” “optimistic,” “pending,” “plan,” “position,” “potential,” “preliminary,” “remain,” “should,” “will,” “would” and other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. The COVID-19 pandemic crisis is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects remains uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. Other factors that may cause such differences include: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans; failures or breaches of or interruptions in the communication and information systems on which we rely to conduct our business that could reduce our revenues, increase our costs or lead to disruptions in our business; our plans to grow our commercial real estate, commercial and industrial, public finance, U.S. Small Business Administration and healthcare finance loan portfolios, which may carry greater risks of non-payment or other unfavorable consequences; our dependence on capital distributions from First Internet Bank of Indiana (the “Bank”); results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for loan losses or to write-down assets; changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Bank in particular; more restrictive regulatory capital requirements; increased costs, including deposit insurance premiums; regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; changes in market rates and prices that may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our balance sheet; our liquidity requirements being adversely affected by changes in our assets and liabilities; the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry; competitive factors among financial services organizations, including product and pricing pressures and our ability to attract, develop and retain qualified banking professionals; execution of future acquisition, reorganization or disposition transactions, including without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings and other anticipated benefits from such transactions; changes in applicable tax laws; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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PART I

ITEM 1. FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
 June 30, 2020December 31, 2019
 (Unaudited) 
Assets  
Cash and due from banks$7,016  $5,061  
Interest-bearing deposits491,603  322,300  
Total cash and cash equivalents498,619  327,361  
Securities available-for-sale, at fair value (amortized cost of $590,046 and $546,640 in 2020 and 2019, respectively)589,017  540,852  
Securities held-to-maturity, at amortized cost (fair value of $69,152 and $62,560 in 2020 and 2019, respectively)68,295  61,878  
Loans held-for-sale, at fair value38,813  56,097  
Loans2,973,674  2,963,547  
Allowance for loan losses(24,465) (21,840) 
Net loans2,949,209  2,941,707  
Accrued interest receivable21,093  18,607  
Federal Home Loan Bank of Indianapolis stock25,650  25,650  
Cash surrender value of bank-owned life insurance37,474  37,002  
Premises and equipment, net23,939  14,630  
Goodwill4,687  4,687  
Servicing asset, at fair value2,522  2,481  
Other real estate owned2,065  2,065  
Accrued income and other assets63,217  67,066  
Total assets$4,324,600  $4,100,083  
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$82,864  $57,115  
Interest-bearing deposits3,297,925  3,096,848  
Total deposits3,380,789  3,153,963  
Advances from Federal Home Loan Bank514,913  514,910  
Subordinated debt, net of unamortized debt issuance costs of $2,319 and $2,472 in 2020 and 2019, respectively69,681  69,528  
Accrued interest payable1,073  3,767  
Accrued expenses and other liabilities50,433  53,002  
Total liabilities4,016,889  3,795,170  
Commitments and Contingencies
Shareholders’ Equity  
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none    
Voting common stock, no par value; 45,000,000 shares authorized; 9,799,047 and 9,741,800 shares issued and outstanding in 2020 and 2019, respectively220,418  219,423  
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none    
Retained earnings108,431  99,681  
Accumulated other comprehensive loss(21,138) (14,191) 
Total shareholders’ equity307,711  304,913  
Total liabilities and shareholders’ equity$4,324,600  $4,100,083  

See Notes to Condensed Consolidated Financial Statements
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First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
 Three Months Ended Six Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Interest Income   
Loans$29,730  $30,842  $60,138  $60,060  
Securities – taxable3,276  3,540  6,895  6,864  
Securities – non-taxable457  668  1,029  1,352  
Other earning assets759  1,794  2,404  3,567  
Total interest income34,222  36,844  70,466  71,843  
Interest Expense   
Deposits15,763  17,147  32,971  32,533  
Other borrowed funds4,033  3,592  8,051  6,961  
Total interest expense19,796  20,739  41,022  39,494  
Net Interest Income14,426  16,105  29,444  32,349  
Provision for Loan Losses2,491  1,389  3,952  2,674  
Net Interest Income After Provision for Loan Losses11,935  14,716  25,492  29,675  
Noninterest Income   
Service charges and fees182  225  394  461  
Loan servicing revenue255    506    
Loan servicing asset revaluation(90)   (269)   
Mortgage banking activities3,408  2,664  7,076  4,281  
Gain (loss) on sale of loans762  (66) 2,563  (170) 
(Loss) gain on sale of securities  (458) 41  (458) 
Other456  1,089  873  1,712  
Total noninterest income4,973  3,454  11,184  5,826  
Noninterest Expense   
Salaries and employee benefits7,789  6,642  15,563  12,963  
Marketing, advertising and promotion411  466  786  935  
Consulting and professional services932  835  2,109  1,649  
Data processing339  328  714  645  
Loan expenses399  292  998  606  
Premises and equipment1,602  1,497  3,227  2,997  
Deposit insurance premium435  747  920  1,302  
Other1,337  902  2,413  1,721  
Total noninterest expense13,244  11,709  26,730  22,818  
Income Before Income Taxes3,664  6,461  9,946  12,683  
Income Tax (Benefit) Provision(268) 340  (5) 866  
Net Income$3,932  $6,121  $9,951  $11,817  
Income Per Share of Common Stock   
Basic$0.40  $0.60  $1.02  $1.16  
Diluted$0.40  $0.60  $1.02  $1.16  
Weighted-Average Number of Common Shares Outstanding   
Basic9,768,227  10,148,285  9,798,528  10,182,770  
Diluted9,768,227  10,148,285  9,802,427  10,186,833  
Dividends Declared Per Share$0.06  $0.06  $0.12  $0.12  

See Notes to Condensed Consolidated Financial Statements
2


First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$3,932  $6,121  $9,951  $11,817  
Other comprehensive (loss) income
Net unrealized holding (losses) gains on securities available-for-sale recorded within other comprehensive (loss) income before income tax(1,498) 3,667  4,801  10,577  
Reclassification adjustment for gains (losses) realized  458  (41) 458  
Net unrealized holding losses on cash flow hedging derivatives recorded within other comprehensive (loss) income before tax(509) (5,892) (13,967) (9,464) 
Other comprehensive (loss) income before income tax(2,007) (1,767) (9,207) 1,571  
Income tax (benefit) provision(735) (357) (2,260) 608  
Other comprehensive (loss) income(1,272) (1,410) (6,947) 963  
Comprehensive income$2,660  $4,711  $3,004  $12,780  
 
 See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Six Months Ended June 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, January 1, 2020$219,423  $99,681  $(14,191) $304,913  
Net income—  9,951  —  9,951  
Other comprehensive loss—  —  (6,947) (6,947) 
Dividends declared ($0.12 per share)—  (1,201) —  (1,201) 
Recognition of the fair value of share-based compensation1,073  —  —  1,073  
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units15  —  —  15  
Common stock redeemed for the net settlement of share-based awards(93) —  —  (93) 
Balance, June 30, 2020$220,418  $108,431  $(21,138) $307,711  
Balance, January 1, 2019$227,587  $77,689  $(16,541) $288,735  
Impact of adoption of new accounting standards (1)
—  (821) —  (821) 
Net income—  11,817  —  11,817  
Other comprehensive income—  —  963  963  
Dividends declared ($0.12 per share)—  (1,231) —  (1,231) 
Recognition of the fair value of share-based compensation862  —  —  862  
Repurchase of common stock(4,133) (4,133) 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units22  —  —  22  
Common stock redeemed for the net settlement of share-based awards(94) —  —  (94) 
Balance, June 30, 2019$224,244  $87,454  $(15,578) $296,120  

(1) Represents the impact of adopting Accounting Standards Update (“ASU”) 2017-08.

See Notes to Condensed Consolidated Financial Statements
3



First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended June 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, April 1, 2020$219,893  $105,100  $(19,866) $305,127  
Net income—  3,932  —  3,932  
Other comprehensive loss—  —  (1,272) (1,272) 
Dividends declared ($0.06 per share)—  (601) —  (601) 
Recognition of the fair value of share-based compensation517  —  —  517  
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units8  —  —  8  
Balance, June 30, 2020$220,418  $108,431  $(21,138) $307,711  
Balance, April 1, 2019$226,235  $81,946  $(14,168) $294,013  
Net income—  6,121  —  6,121  
Other comprehensive loss—  —  (1,410) (1,410) 
Dividends declared ($0.06 per share)—  (613) —  (613) 
Recognition of the fair value of share-based compensation383  —  —  383  
Repurchase of common stock(2,387) (2,387) 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units13  —  —  13  
Balance, June 30, 2019$224,244  $87,454  $(15,578) $296,120  

See Notes to Condensed Consolidated Financial Statements





4


First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands)