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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 March 31, 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 May 6, 2022, the registrant had 9,655,480 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 its 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 the COVID-19 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 war 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 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 continue originating and growing our commercial real estate, commercial and industrial, public finance, U.S. Small Business Administration (“SBA”), healthcare finance and franchise 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; 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 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)
 March 31, 2022December 31, 2021
 (Unaudited) 
Assets  
Cash and due from banks$20,976 $7,492 
Interest-bearing deposits496,573 435,468 
Total cash and cash equivalents517,549 442,960 
Securities available-for-sale, at fair value (amortized cost of $486,632 and $606,507 in 2022 and 2021, respectively)465,288 603,044 
Securities held-to-maturity, at amortized cost (fair value of $159,971 and $61,468 in 2022 and 2021, respectively)163,370 59,565 
Loans held-for-sale (includes $17,364 and $23,233 at fair value in 2022 and 2021, respectively)33,991 47,745 
Loans2,880,780 2,887,662 
Allowance for loan losses(28,251)(27,841)
Net loans2,852,529 2,859,821 
Accrued interest receivable15,263 16,037 
Federal Home Loan Bank of Indianapolis stock25,219 25,650 
Cash surrender value of bank-owned life insurance39,133 38,900 
Premises and equipment, net68,632 59,842 
Goodwill4,687 4,687 
Servicing asset, at fair value5,249 4,702 
Other real estate owned 1,188 
Accrued income and other assets34,487 46,853 
Total assets$4,225,397 $4,210,994 
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$119,196 $117,531 
Interest-bearing deposits3,098,783 3,061,428 
Total deposits3,217,979 3,178,959 
Advances from Federal Home Loan Bank514,923 514,922 
Subordinated debt, net of unamortized debt issuance costs of $2,694 and $2,769 in 2022 and 2021, respectively104,306 104,231 
Accrued interest payable1,532 2,018 
Accrued expenses and other liabilities12,002 30,526 
Total liabilities3,850,742 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; 9,683,727 and 9,754,455 shares issued and outstanding in 2022 and 2021, respectively214,473 218,946 
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none  
Retained earnings183,043 172,431 
Accumulated other comprehensive loss(22,861)(11,039)
Total shareholders’ equity374,655 380,338 
Total liabilities and shareholders’ equity$4,225,397 $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 Ended
 March 31, 2022March 31, 2021
Interest Income  
Loans$33,188 $30,885 
Securities – taxable2,221 1,779 
Securities – non-taxable249 281 
Other earning assets376 335 
Total interest income36,034 33,280 
Interest Expense  
Deposits6,097 8,628 
Other borrowed funds4,187 4,127 
Total interest expense10,284 12,755 
Net Interest Income25,750 20,525 
Provision for Loan Losses791 1,276 
Net Interest Income After Provision for Loan Losses24,959 19,249 
Noninterest Income  
Service charges and fees316 266 
Loan servicing revenue585 422 
Loan servicing asset revaluation(297)(155)
Mortgage banking activities1,873 5,750 
Gain on sale of loans3,845 1,723 
Other498 369 
Total noninterest income6,820 8,375 
Noninterest Expense  
Salaries and employee benefits9,878 9,492 
Marketing, advertising and promotion756 680 
Consulting and professional services1,925 986 
Data processing449 462 
Loan expenses1,582 534 
Premises and equipment2,540 1,601 
Deposit insurance premium281 425 
Other1,369 1,137 
Total noninterest expense18,780 15,317 
Income Before Income Taxes12,999 12,307 
Income Tax Provision1,790 1,857 
Net Income$11,209 $10,450 
Income Per Share of Common Stock  
Basic$1.14 $1.06 
Diluted$1.14 $1.05 
Weighted-Average Number of Common Shares Outstanding  
Basic9,790,122 9,899,230 
Diluted9,870,394 9,963,036 
Dividends Declared Per Share$0.06 $0.06 

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 March 31,
 20222021
Net income$11,209 $10,450 
Other comprehensive (loss) income
Securities available-for-sale
Net unrealized holding losses recorded within other comprehensive income before income tax(17,881)(2,195)
Income tax benefit(4,077)(508)
Net effect on other comprehensive (loss) income(13,804)(1,687)
Securities held-to-maturity
Reclassification of securities from available-for-sale to held-to-maturity(5,402) 
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity119  
Income tax benefit(1,249) 
Net effect on other comprehensive (loss) income(4,034) 
Cash flow hedges
Net unrealized holding gains on cash flow hedging derivatives recorded within other comprehensive income before income tax9,334 6,280 
Income tax provision3,318 1,317 
Net effect on other comprehensive (loss) income6,016 4,963 
Total other comprehensive (loss) income(11,822)3,276 
Comprehensive (loss) income$(613)$13,726 
 
 See Notes to Condensed Consolidated Financial Statements

3



First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended March 31, 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— 11,209 — 11,209 
Other comprehensive loss— — (11,822)(11,822)
Dividends declared ($0.06 per share)
— (597)— (597)
Recognition of the fair value of share-based compensation640 — — 640 
Repurchase of common stock(5,118)— — (5,118)
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, March 31, 2022$214,473 $183,043 $(22,861)$374,655 
Balance, January 1, 2021$221,408 $126,732 $(17,196)$330,944 
Net income— 10,450 — 10,450 
Other comprehensive income— — 3,276 3,276 
Dividends declared ($0.06 per share)
— (607)— (607)
Recognition of the fair value of share-based compensation692 — — 692 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units6 — — 6 
Common stock redeemed for the net settlement of share-based awards(195)— — (195)
Balance, March 31, 2021$221,911 $136,575 $(13,920)$344,566 


See Notes to Condensed Consolidated Financial Statements

4



First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands except per share data)
 Three Months Ended March 31,
 20222021
Operating Activities  
Net income$11,209 $10,450 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization7,721 283 
Increase in cash surrender value of bank-owned life insurance(233)(233)
Provision for loan losses791 1,276 
Share-based compensation expense640 692 
Loans originated for sale(184,067)(223,880)
Proceeds from sale of loans202,011 241,589 
Gain on loans sold(5,907)(9,222)
Decrease in fair value of loans held-for-sale489 862 
(Gain) loss on derivatives(2,565)881 
Loan servicing asset revaluation297 (248)
Net change in accrued income and other assets10,399 10,695 
Net change in accrued expenses and other liabilities(7,999)(2,012)
Net cash provided by operating activities32,786 31,133 
Investing Activities
Net loan activity, excluding purchases32,510 47,653 
Proceeds from sale of other real estate owned1,188  
Maturities and calls of securities available-for-sale27,848 55,901 
Purchase of securities available-for-sale(16,453)(21,279)
Purchase of securities held-to-maturity(2,000) 
Redemption of Federal Home Loan Bank of Indianapolis stock431  
Purchase of premises and equipment(9,808)(5,697)
Loans purchased(40,059)(47,234)
Net proceeds from sale of portfolio loans14,466  
Other investing activities374  
Net cash provided by investing activities8,497 29,344 
Financing Activities
Net increase (decrease) in deposits39,020 (53,282)
Cash dividends paid(596)(601)
Repayment of subordinated debt (10,000)
Repurchase of common stock(5,118) 
Proceeds from advances from Federal Home Loan Bank110,000 110,000 
Repayment of advances from Federal Home Loan Bank(110,000)(110,000)
Other, net (195)
Net cash provided by (used in) financing activities33,306 (64,078)
Net Increase (Decrease) in Cash and Cash Equivalents74,589 (3,601)
Cash and Cash Equivalents, Beginning of Period442,960 419,806 
Cash and Cash Equivalents, End of Period$517,549 $416,205 
Supplemental Disclosures
Cash paid during the period for interest10,770 12,777 
Cash paid during the period for taxes50 10 
Loans transferred to held-for-sale from portfolio14,049  
Cash dividends declared, paid in subsequent period581 592 
Securities purchased during the period, settled in subsequent period 2,035 
Transfer of available-for-sale mortgage-backed securities to held-to-maturity mortgage-backed securities107,168  
See Notes to Condensed Consolidated Financial Statements
5



First Internet Bancorp
Notes to Condensed Consolidated Financial Statements – Unaudited
(Table amounts in thousands except share and per share data)
  
Note 1:        Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the year ending December 31, 2022 or any other period. The March 31, 2022 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2021.
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The determination of the allowance for loan losses, valuations and impairments of investment securities, valuation of the servicing asset and the accounting for income tax expense are highly dependent upon management’s estimates, judgments, and assumptions, and changes in any of these could have a significant impact on the condensed consolidated financial statements.

The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
 
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.




    



6



Note 2:        Earnings Per Share
 
Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.
 
The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three months ended March 31, 2022 and 2021. 
(dollars in thousands, except per share data)Three Months Ended March 31,
 20222021
Basic earnings per share  
Net income$11,209 $10,450 
Weighted-average common shares9,790,122 9,899,230 
Basic earnings per common share$1.14 $1.06 
Diluted earnings per share  
Net income$11,209 $10,450 
Weighted-average common shares9,790,122 9,899,230 
Dilutive effect of equity compensation80,272 63,806 
     Weighted-average common and incremental shares9,870,394 9,963,036 
Diluted earnings per common share (1)
$1.14 $1.05 
(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 661 for the three months ended March 31, 2022. There were no weighted-average antidilutive shares for the three months ended March 31, 2021.
  
Note 3:         Securities
 
The following tables summarize securities available-for-sale and securities held-to-maturity as of March 31, 2022 and December 31, 2021.
 March 31, 2022
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$45,335 $ $(1,488)$43,847 
Municipal securities72,420 557 (173)72,804 
Agency mortgage-backed securities - residential276,392 88 (18,798)257,682 
Agency mortgage-backed securities - commercial24,815 6 (665)24,156 
Private label mortgage-backed securities - residential15,090 6 (278)14,818 
Asset-backed securities5,000  (14)4,986 
Corporate securities47,580 299 (884)46,995 
Total available-for-sale$486,632 $956 $(22,300)$465,288 

 March 31, 2022
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities held-to-maturity    
Municipal securities$13,981 $157 $(45)$14,093 
Mortgage-backed securities - residential95,982  (3,043)92,939 
Mortgage-backed securities - commercial5,847  (427)5,420 
Corporate securities47,560 338 (379)47,519 
Total held-to-maturity$163,370 $495 $(3,894)$159,971 
7



 December 31, 2021
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$50,013 $164 $(1,137)$49,040 
Municipal securities75,158 1,940 (65)77,033 
Agency mortgage-backed securities - residential377,928 960 (5,652)373,236 
Agency mortgage-backed securities - commercial36,024 441 (139)36,326 
Private label mortgage-backed securities - residential15,902 122 (3)16,021 
Asset-backed securities
5,000 4  5,004 
Corporate securities46,482 597 (695)46,384 
Total available-for-sale$606,507 $4,228 $(7,691)$603,044 

 December 31, 2021
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities held-to-maturity    
Municipal securities$13,992 $717 $ $14,709 
Corporate securities45,573 1,186  46,759 
Total held-to-maturity$59,565 $