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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 September 30, 2022
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.)
   
8701 East 116th Street
Fishers, IN
 46038
(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 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 November 4, 2022, the registrant had 9,240,151 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 (the “Company,” “we,” “our,” or “us”) regarding our business strategies, intended results and future performance, including without limitation statements concerning the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally preceded by terms such as “anticipate,” “attempt,” “believe,” “can,” “continue,” “could,” “effort,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “optimistic,” “pending,” “plan,” “position,” “potential,” “preliminary,” “remain,” “should,” “will,” “would” or other similar expressions. Such statements are subject to certain risks and uncertainties including: the continued or potential effects of a global pandemic and related variants and mutations and other adverse public health developments on the economy, our business and operations and the business and operations of our vendors and customers; the conflict in Ukraine and potential adverse global economic effects; other 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 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 continue originating and growing loan portfolio, 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; 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 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.

i

PART I

ITEM 1.    FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
 September 30, 2022December 31, 2021
 (Unaudited) 
Assets  
Cash and due from banks$14,743 $7,492 
Interest-bearing deposits206,309 435,468 
Total cash and cash equivalents221,052 442,960 
Securities available-for-sale, at fair value (amortized cost of $448,710 and $606,507 in 2022 and 2021, respectively)393,565 603,044 
Securities held-to-maturity, at amortized cost (fair value of $169,977 and $61,468 in 2022 and 2021, respectively)191,057 59,565 
Loans held-for-sale (includes $9,677 and $23,233 at fair value in 2022 and 2021, respectively)23,103 47,745 
Loans3,255,906 2,887,662 
Allowance for loan losses(29,866)(27,841)
Net loans3,226,040 2,859,821 
Accrued interest receivable16,918 16,037 
Federal Home Loan Bank of Indianapolis stock28,350 25,650 
Cash surrender value of bank-owned life insurance39,612 38,900 
Premises and equipment, net70,747 59,842 
Goodwill4,687 4,687 
Servicing asset, at fair value5,795 4,702 
Other real estate owned— 1,188 
Accrued income and other assets43,498 46,853 
Total assets$4,264,424 $4,210,994 
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$142,875 $117,531 
Interest-bearing deposits3,049,769 3,061,428 
Total deposits3,192,644 3,178,959 
Advances from Federal Home Loan Bank589,926 514,922 
Subordinated debt, net of unamortized debt issuance costs of $2,544 and $2,769 in 2022 and 2021, respectively104,456 104,231 
Accrued interest payable1,887 2,018 
Accrued expenses and other liabilities14,654 30,526 
Total liabilities3,903,567 3,830,656 
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; 9,290,885 and 9,754,455 shares issued and outstanding in 2022 and 2021, respectively200,123 218,946 
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none— — 
Retained earnings199,877 172,431 
Accumulated other comprehensive loss(39,143)(11,039)
Total shareholders’ equity360,857 380,338 
Total liabilities and shareholders’ equity$4,264,424 $4,210,994 

See Notes to Condensed Consolidated Financial Statements
1

First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest Income   
Loans$34,643 $30,126 $100,246 $91,846 
Securities – taxable2,701 2,297 7,489 5,997 
Securities – non-taxable491 241 1,068 781 
Other earning assets1,264 370 2,436 1,067 
Total interest income39,099 33,034 111,239 99,691 
Interest Expense   
Deposits10,520 7,090 23,025 23,423 
Other borrowed funds4,585 5,025 12,790 13,217 
Total interest expense15,105 12,115 35,815 36,640 
Net Interest Income23,994 20,919 75,424 63,051 
Provision for Loan Losses892 (29)2,868 1,268 
Net Interest Income After Provision for Loan Losses23,102 20,948 72,556 61,783 
Noninterest Income   
Service charges and fees248 276 845 822 
Loan servicing revenue653 511 1,858 1,390 
Loan servicing asset revaluation(333)(274)(1,100)(669)
Mortgage banking activities871 3,850 4,454 12,274 
Gain on sale of loans2,713 2,719 8,510 7,461 
Gain on sale of premises and equipment— — — 2,523 
Other164 731 883 1,349 
Total noninterest income4,316 7,813 15,450 25,150 
Noninterest Expense   
Salaries and employee benefits10,439 9,316 31,149 28,040 
Marketing, advertising and promotion1,041 813 2,717 2,365 
Consulting and professional services790 728 3,912 2,792 
Data processing483 380 1,422 1,224 
Loan expenses1,142 383 3,417 1,458 
Premises and equipment2,808 1,687 7,767 4,875 
Deposit insurance premium229 230 797 930 
Other1,063 914 3,579 3,159 
Total noninterest expense17,995 14,451 54,760 44,843 
Income Before Income Taxes9,423 14,310 33,246 42,090 
Income Tax Provision987 2,220 4,056 6,454 
Net Income$8,436 $12,090 $29,190 $35,636 
Income Per Share of Common Stock   
Basic$0.89 $1.22 $3.04 $3.59 
Diluted$0.89 $1.21 $3.01 $3.57 
Weighted-Average Number of Common Shares Outstanding   
Basic9,458,259 9,936,237 9,615,039 9,922,877 
Diluted9,525,855 9,988,102 9,681,742 9,974,071 
Dividends Declared Per Share$0.06 $0.06 $0.18 $0.18 

See Notes to Condensed Consolidated Financial Statements
2

First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$8,436 $12,090 $29,190 $35,636 
Other comprehensive (loss) income
Securities available-for-sale
Net unrealized holding losses recorded within other comprehensive income before income tax(18,406)(1,789)(51,682)(2,596)
Income tax benefit(5,121)(441)(13,384)(616)
Net effect on other comprehensive (loss) income(13,285)(1,348)(38,298)(1,980)
Securities held-to-maturity
Reclassification of securities from available-for-sale to held-to-maturity— — (5,402)— 
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity296 — 608 — 
Income tax provision (benefit)69 — (1,203)— 
Net effect on other comprehensive (loss) income227 — (3,591)— 
Cash flow hedges
Net unrealized holding gains on cash flow hedging derivatives recorded within other comprehensive income before income tax6,058 1,439 19,424 7,665 
Income tax provision1,393 348 5,639 1,657 
Net effect on other comprehensive (loss) income4,665 1,091 13,785 6,008 
Total other comprehensive (loss) income(8,393)(257)(28,104)4,028 
Comprehensive income$43 $11,833 $1,086 $39,664 
 
 See Notes to Condensed Consolidated Financial Statements

3

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Nine Months Ended September 30, 2022 and 2021
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Shareholders’
Equity
Balance, January 1, 2022$218,946 $172,431 $(11,039)$380,338 
Net income— 29,190 — 29,190 
Other comprehensive loss— — (28,104)(28,104)
Dividends declared ($0.18 per share)
— (1,744)— (1,744)
Recognition of the fair value of share-based compensation1,967 — — 1,967 
Repurchased shares of common stock (518,167)
(20,626)— — (20,626)
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(179)— — (179)
Balance, September 30, 2022$200,123 $199,877 $(39,143)$360,857 
Balance, January 1, 2021$221,408 $126,732 $(17,196)$330,944 
Net income— 35,636 — 35,636 
Other comprehensive income— — 4,028 4,028 
Dividends declared ($0.18 per share)
— (1,817)— (1,817)
Recognition of the fair value of share-based compensation1,830 — — 1,830 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units16 — — 16 
Common stock redeemed for the net settlement of share-based awards(195)— — (195)
Balance, September 30, 2021$223,059 $160,551 $(13,168)$370,442 
See Notes to Condensed Consolidated Financial Statements


4

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended September 30, 2022 and 2021
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Shareholders’
Equity
Balance July 1, 2022$204,071 $192,011 $(30,750)$365,332 
Net income— 8,436 — 8,436 
Other comprehensive loss— — (8,393)(8,393)
Dividends declared ($0.06 per share)
— (570)— (570)
Recognition of the fair value of share-based compensation434 — — 434 
Repurchased shares of common stock (120,000)
(4,387)— — (4,387)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units5 — — 5 
Balance, September 30, 2022$200,123 $199,877 $(39,143)$360,857 
Balance July 1, 2021$222,486 $149,066 $(12,911)$358,641 
Net income— 12,090 — 12,090 
Other comprehensive loss— — (257)(257)
Dividends declared ($0.06 per share)
— (605)— (605)
Recognition of the fair value of share-based compensation568 — — 568 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units5 — — 5 
Balance, September 30, 2021$223,059 $160,551 $(13,168)$370,442 


See Notes to Condensed Consolidated Financial Statements

5

First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands except per share data)
 Nine Months Ended September 30,
 20222021
Operating Activities  
Net income$29,190 $35,636 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization6,745 6,649 
Increase in cash surrender value of bank-owned life insurance(712)(708)
Provision for loan losses2,868 1,268 
Share-based compensation expense1,967 1,830 
Loans originated for sale(431,053)(645,620)
Proceeds from sale of loans466,148 662,390 
Gain on loans sold(13,629)(23,522)
Decrease in fair value of loans held-for-sale599 854 
(Gain) loss on derivatives(3,625)1,870 
Settlement of derivatives— (1,859)
Loan servicing asset revaluation1,100 669 
Net change in accrued income and other assets19,262 3,114 
Net change in accrued expenses and other liabilities(5,084)372 
Net cash provided by operating activities73,776 42,943 
Investing Activities
Net loan activity, excluding purchases(87,883)156,670 
Proceeds from sale of other real estate owned1,188 — 
Maturities and calls of securities available-for-sale