inbk-20220331000156246312/31falseQ12022486,632606,507159,97161,46819,18123,2332,6942,769NoNo4,913,7794,913,779NoneNoneNoneNoneNoNo45,000,00045,000,0009,683,7279,754,4559,683,7279,754,455NoNo86,22186,221NoneNoneNoneNone00015624632022-01-012022-03-310001562463us-gaap:CommonStockMember2022-01-012022-03-310001562463inbk:A60FixedToFloatingSubordinatedNotesDue2029Member2022-01-012022-03-3100015624632022-05-02xbrli:shares00015624632022-03-31iso4217:USD00015624632021-12-310001562463inbk:VotingCommonStockMember2022-03-310001562463inbk:VotingCommonStockMember2021-12-310001562463us-gaap:NonvotingCommonStockMember2022-03-310001562463us-gaap:NonvotingCommonStockMember2021-12-31iso4217:USDxbrli:shares00015624632021-01-012021-03-310001562463us-gaap:BankServicingMember2022-01-012022-03-310001562463us-gaap:BankServicingMember2021-01-012021-03-310001562463inbk:LoanServicingMember2022-01-012022-03-310001562463inbk:LoanServicingMember2021-01-012021-03-310001562463inbk:LoanServicingAssetRevaluationMember2022-01-012022-03-310001562463inbk:LoanServicingAssetRevaluationMember2021-01-012021-03-310001562463us-gaap:MortgageBankingMember2022-01-012022-03-310001562463us-gaap:MortgageBankingMember2021-01-012021-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2021-12-310001562463us-gaap:RetainedEarningsMember2021-12-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001562463us-gaap:RetainedEarningsMember2022-01-012022-03-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2022-01-012022-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2022-03-310001562463us-gaap:RetainedEarningsMember2022-03-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2020-12-310001562463us-gaap:RetainedEarningsMember2020-12-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-3100015624632020-12-310001562463us-gaap:RetainedEarningsMember2021-01-012021-03-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2021-01-012021-03-310001562463inbk:VotingAndNonVotingCommonStockMemberus-gaap:CommonStockMember2021-03-310001562463us-gaap:RetainedEarningsMember2021-03-310001562463us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100015624632021-03-31inbk:subsidiary0001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-310001562463us-gaap:MunicipalBondsMember2022-03-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-310001562463us-gaap:CommercialMortgageBackedSecuritiesMember2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-03-310001562463us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-03-310001562463us-gaap:AssetBackedSecuritiesMember2022-03-310001562463us-gaap:CorporateDebtSecuritiesMember2022-03-310001562463us-gaap:ResidentialMortgageBackedSecuritiesMember2022-03-310001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310001562463us-gaap:MunicipalBondsMember2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001562463us-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-310001562463us-gaap:AssetBackedSecuritiesMember2021-12-310001562463us-gaap:CorporateDebtSecuritiesMember2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2022-03-31xbrli:pure00015624632020-01-012020-12-31inbk:security0001562463us-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialRealEstateMember2022-01-012022-03-310001562463us-gaap:CommercialRealEstateMember2022-03-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2022-01-012022-03-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:RealEstateMember2021-12-310001562463us-gaap:RealEstateMember2022-01-012022-03-310001562463us-gaap:RealEstateMember2022-03-310001562463us-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:ConstructionLoansMember2022-01-012022-03-310001562463us-gaap:ConstructionLoansMember2022-03-310001562463inbk:SingleTenantLeaseMember2021-12-310001562463inbk:SingleTenantLeaseMember2022-01-012022-03-310001562463inbk:SingleTenantLeaseMember2022-03-310001562463inbk:PublicFinanceMember2021-12-310001562463inbk:PublicFinanceMember2022-01-012022-03-310001562463inbk:PublicFinanceMember2022-03-310001562463inbk:HealthcareFinanceMember2021-12-310001562463inbk:HealthcareFinanceMember2022-01-012022-03-310001562463inbk:HealthcareFinanceMember2022-03-310001562463inbk:SmallBusinessLendingMember2021-12-310001562463inbk:SmallBusinessLendingMember2022-01-012022-03-310001562463inbk:SmallBusinessLendingMember2022-03-310001562463inbk:FranchiseFinanceMember2021-12-310001562463inbk:FranchiseFinanceMember2022-01-012022-03-310001562463inbk:FranchiseFinanceMember2022-03-310001562463us-gaap:ResidentialMortgageMember2021-12-310001562463us-gaap:ResidentialMortgageMember2022-01-012022-03-310001562463us-gaap:ResidentialMortgageMember2022-03-310001562463us-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:HomeEquityLoanMember2022-01-012022-03-310001562463us-gaap:HomeEquityLoanMember2022-03-310001562463inbk:OtherConsumerLoansMember2021-12-310001562463inbk:OtherConsumerLoansMember2022-01-012022-03-310001562463inbk:OtherConsumerLoansMember2022-03-310001562463inbk:TaxRefundAdvanceLoansMember2021-12-310001562463inbk:TaxRefundAdvanceLoansMember2022-01-012022-03-310001562463inbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:CommercialRealEstateMember2020-12-310001562463us-gaap:CommercialRealEstateMember2021-01-012021-03-310001562463us-gaap:CommercialRealEstateMember2021-03-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2020-12-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2021-01-012021-03-310001562463inbk:OwnerOccupiedCommercialRealEstateMember2021-03-310001562463us-gaap:RealEstateMember2020-12-310001562463us-gaap:RealEstateMember2021-01-012021-03-310001562463us-gaap:RealEstateMember2021-03-310001562463us-gaap:ConstructionLoansMember2020-12-310001562463us-gaap:ConstructionLoansMember2021-01-012021-03-310001562463us-gaap:ConstructionLoansMember2021-03-310001562463inbk:SingleTenantLeaseMember2020-12-310001562463inbk:SingleTenantLeaseMember2021-01-012021-03-310001562463inbk:SingleTenantLeaseMember2021-03-310001562463inbk:PublicFinanceMember2020-12-310001562463inbk:PublicFinanceMember2021-01-012021-03-310001562463inbk:PublicFinanceMember2021-03-310001562463inbk:HealthcareFinanceMember2020-12-310001562463inbk:HealthcareFinanceMember2021-01-012021-03-310001562463inbk:HealthcareFinanceMember2021-03-310001562463inbk:SmallBusinessLendingMember2020-12-310001562463inbk:SmallBusinessLendingMember2021-01-012021-03-310001562463inbk:SmallBusinessLendingMember2021-03-310001562463us-gaap:ResidentialMortgageMember2020-12-310001562463us-gaap:ResidentialMortgageMember2021-01-012021-03-310001562463us-gaap:ResidentialMortgageMember2021-03-310001562463us-gaap:HomeEquityLoanMember2020-12-310001562463us-gaap:HomeEquityLoanMember2021-01-012021-03-310001562463us-gaap:HomeEquityLoanMember2021-03-310001562463inbk:OtherConsumerLoansMember2020-12-310001562463inbk:OtherConsumerLoansMember2021-01-012021-03-310001562463inbk:OtherConsumerLoansMember2021-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:PassMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-03-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMemberus-gaap:PassMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:PassMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310001562463us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2022-03-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:NonperformingFinancingReceivableMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463inbk:FranchiseFinanceMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberinbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberinbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberinbk:TaxRefundAdvanceLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:OwnerOccupiedCommercialRealEstateMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:SingleTenantLeaseMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:PublicFinanceMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2021-12-310001562463us-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMemberinbk:HealthcareFinanceMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMemberinbk:SmallBusinessLendingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463inbk:FranchiseFinanceMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMemberinbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:FinancialAssetPastDueMemberinbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001562463inbk:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001562463us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001562463us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001562463us-gaap:FinancialAssetPastDueMember2021-12-310001562463us-gaap:FinancialAssetNotPastDueMember2021-12-310001562463us-gaap:NonperformingFinancingReceivableMember2021-12-3100015624632021-01-012021-12-31inbk:loan0001562463inbk:COVID19ModificationMemberus-gaap:PaymentDeferralMember2022-03-310001562463us-gaap:LandMember2022-03-310001562463us-gaap:LandMember2021-12-310001562463us-gaap:ConstructionInProgressMember2022-03-310001562463us-gaap:ConstructionInProgressMember2021-12-310001562463inbk:RightOfUseLeasedAssetMember2022-03-310001562463inbk:RightOfUseLeasedAssetMember2021-12-310001562463us-gaap:BuildingImprovementsMember2022-03-310001562463us-gaap:BuildingImprovementsMember2021-12-310001562463us-gaap:FurnitureAndFixturesMember2022-03-310001562463us-gaap:FurnitureAndFixturesMember2021-12-3100015624632021-04-162021-04-160001562463inbk:LoanServicingMemberinbk:SBAGuaranteedLoansMember2022-03-310001562463inbk:LoanServicingMemberinbk:SBAGuaranteedLoansMember2021-12-310001562463inbk:LoanServicingMember2022-03-310001562463inbk:LoanServicingMember2021-12-310001562463us-gaap:SubordinatedDebtMemberinbk:A60FixedToFloatingRateSubordinatedNotesDue2026Member2016-12-310001562463us-gaap:SubordinatedDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberinbk:A60FixedToFloatingRateSubordinatedNotesDue2026Member2016-09-012016-09-300001562463inbk:A6PercentFixedToFloatingRateSubordinatedNotesDue2029Memberus-gaap:SubordinatedDebtMember2022-03-310001562463inbk:A6PercentFixedToFloatingRateSubordinatedNotesDue2029Memberus-gaap:SubordinatedDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-06-012019-06-300001562463us-gaap:SubordinatedDebtMemberinbk:A60TermNoteDue2030Member2020-10-310001562463us-gaap:SubordinatedDebtMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberinbk:A60TermNoteDue2030Member2020-10-012020-10-310001562463us-gaap:SubordinatedDebtMemberinbk:A375NotesDue2031Member2021-08-310001562463us-gaap:SubordinatedDebtMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberinbk:A375NotesDue2031Member2021-08-012021-08-310001562463us-gaap:SubordinatedDebtMemberinbk:Unregistered2031NotesMember2021-12-310001562463us-gaap:SubordinatedDebtMemberinbk:A6.4375PercentNotesDue2025Member2022-03-310001562463us-gaap:SubordinatedDebtMemberinbk:A6.4375PercentNotesDue2025Member2021-12-310001562463us-gaap:SubordinatedDebtMemberinbk:A6PercentNotesDue2021Member2022-03-310001562463us-gaap:SubordinatedDebtMemberinbk:A6PercentNotesDue2021Member2021-12-310001562463inbk:A6PercentFixedToFloatingRateSubordinatedNotesDue2029Memberus-gaap:SubordinatedDebtMember2021-12-310001562463us-gaap:SubordinatedDebtMember2022-03-310001562463us-gaap:SubordinatedDebtMember2021-12-310001562463inbk:Plan2013Member2021-12-310001562463us-gaap:RestrictedStockUnitsRSUMember2021-12-310001562463us-gaap:RestrictedStockMember2021-12-310001562463inbk:DeferredStockUnitsMember2021-12-310001562463us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001562463us-gaap:RestrictedStockMember2022-01-012022-03-310001562463inbk:DeferredStockUnitsMember2022-01-012022-03-310001562463us-gaap:RestrictedStockUnitsRSUMember2022-03-310001562463us-gaap:RestrictedStockMember2022-03-310001562463inbk:DeferredStockUnitsMember2022-03-310001562463srt:DirectorMember2022-01-012022-03-310001562463us-gaap:CapitalAdditionsMember2022-03-310001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-310001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-03-310001562463us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-03-310001562463us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-03-310001562463us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Member2022-03-310001562463us-gaap:FairValueInputsLevel3Member2022-03-310001562463inbk:LoansHeldForSaleMember2022-03-310001562463inbk:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Memberinbk:LoansHeldForSaleMember2022-03-310001562463inbk:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestRateSwapMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:InterestRateLockCommitmentsMember2022-03-310001562463us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2022-03-310001562463us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310001562463us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001562463us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310001562463us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-310001562463us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2021-12-310001562463us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310001562463us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Member2021-12-310001562463us-gaap:FairValueInputsLevel3Member2021-12-310001562463inbk:LoansHeldForSaleMember2021-12-310001562463inbk:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberinbk:LoansHeldForSaleMember2021-12-310001562463inbk:LoansHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestRateSwapMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:InterestRateLockCommitmentsMember2021-12-310001562463us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2021-12-310001562463us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463inbk:ServicingAssetMember2021-12-310001562463inbk:ServicingAssetMember2022-01-012022-03-310001562463us-gaap:InterestRateLockCommitmentsMember2022-01-012022-03-310001562463inbk:ServicingAssetMember2022-03-310001562463inbk:ServicingAssetMember2020-12-310001562463us-gaap:InterestRateLockCommitmentsMember2020-12-310001562463inbk:ServicingAssetMember2021-01-012021-03-310001562463us-gaap:InterestRateLockCommitmentsMember2021-01-012021-03-310001562463inbk:ServicingAssetMember2021-03-310001562463us-gaap:InterestRateLockCommitmentsMember2021-03-310001562463us-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2021-12-310001562463us-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2022-03-310001562463inbk:MeasurementInputDiscountForTypeOfPropertyAndCurrentMarketConditionsMemberinbk:ValuationTechniqueFairValueOfCollateralMemberus-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2022-03-310001562463inbk:MeasurementInputDiscountForTypeOfPropertyAndCurrentMarketConditionsMemberinbk:ValuationTechniqueFairValueOfCollateralMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2022-03-310001562463inbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-01-012022-03-310001562463srt:MaximumMemberinbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463inbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463inbk:ServicingAssetMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-01-012022-03-310001562463srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463inbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463us-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463inbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001562463inbk:MeasurementInputDiscountForTypeOfPropertyAndCurrentMarketConditionsMemberinbk:ValuationTechniqueFairValueOfCollateralMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberinbk:ImpairedLoansMember2021-12-310001562463srt:MaximumMemberinbk:MeasurementInputDiscountForTypeOfPropertyAndCurrentMarketConditionsMemberinbk:ValuationTechniqueFairValueOfCollateralMemberus-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2021-12-310001562463inbk:MeasurementInputDiscountForTypeOfPropertyAndCurrentMarketConditionsMemberinbk:ValuationTechniqueFairValueOfCollateralMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberinbk:ImpairedLoansMember2021-12-310001562463inbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-01-012021-12-310001562463srt:MaximumMemberinbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463inbk:MeasurementInputLoanClosingRatesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463inbk:ServicingAssetMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-01-012021-12-310001562463srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463inbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463us-gaap:MeasurementInputPrepaymentRateMemberinbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463inbk:ServicingAssetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001562463us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-03-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-310001562463us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310001562463us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001562463us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2022-03-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2022-01-012022-03-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2021-01-012021-12-310001562463us-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2021-01-012021-06-300001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMember2021-03-012021-03-3100015624632020-06-012020-06-300001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2021-01-012021-03-310001562463inbk:A3MonthLIBORMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001562463inbk:A3MonthLIBORMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberinbk:A1MonthLIBORMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberinbk:A1MonthLIBORMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FederalFundsEffectiveSwapRateMember2022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FederalFundsEffectiveSwapRateMember2022-01-012022-03-310001562463inbk:A3MonthLIBORMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001562463inbk:A3MonthLIBORMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberinbk:A1MonthLIBORMember2021-12-310001562463us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberinbk:A1MonthLIBORMember2021-01-012021-06-300001562463us-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2022-03-310001562463us-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310001562463us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-03-310001562463us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-12-310001562463us-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2022-03-310001562463us-gaap:NondesignatedMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310001562463us-gaap:InterestRateSwapMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMember2021-01-012021-03-310001562463us-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-01-012022-03-310001562463us-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-01-012021-03-310001562463us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMember2022-01-012022-03-310001562463us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberinbk:SecuritiesTaxableMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberinbk:SecuritiesTaxableMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberinbk:SecuritiesNonTaxableMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberinbk:SecuritiesNonTaxableMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestIncomeMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestIncomeMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DepositsMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:DepositsMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberinbk:OtherBorrowedFundsMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberinbk:OtherBorrowedFundsMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001562463us-gaap:InterestRateSwapMemberinbk:InterestIncomeNetMember2022-01-012022-03-310001562463us-gaap:InterestRateSwapMemberinbk:InterestIncomeNetMember2021-01-012021-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001562463inbk:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2021-12-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001562463inbk:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2022-01-012022-03-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001562463inbk:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2022-03-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001562463us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001562463us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-31
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 class | | Trading Symbols | | Name of each exchange on which registered |
Common Stock, without par value | | INBK | | The Nasdaq Stock Market LLC |
6.0% Fixed to Floating Subordinated Notes due 2029 | | INBKZ | | The 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.
PART I
ITEM 1. FINANCIAL STATEMENTS
First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
| | | | | | | | | | | | | | | | |
| | March 31, 2022 | | December 31, 2021 | | |
| | (Unaudited) | | | | |
Assets | | | | | | |
Cash and due from banks | | $ | 20,976 | | | $ | 7,492 | | | |
Interest-bearing deposits | | 496,573 | | | 435,468 | | | |
Total cash and cash equivalents | | 517,549 | | | 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 | | | |
Loans | | 2,880,780 | | | 2,887,662 | | | |
Allowance for loan losses | | (28,251) | | | (27,841) | | | |
Net loans | | 2,852,529 | | | 2,859,821 | | | |
Accrued interest receivable | | 15,263 | | | 16,037 | | | |
Federal Home Loan Bank of Indianapolis stock | | 25,219 | | | 25,650 | | | |
Cash surrender value of bank-owned life insurance | | 39,133 | | | 38,900 | | | |
Premises and equipment, net | | 68,632 | | | 59,842 | | | |
Goodwill | | 4,687 | | | 4,687 | | | |
Servicing asset, at fair value | | 5,249 | | | 4,702 | | | |
Other real estate owned | | — | | | 1,188 | | | |
Accrued income and other assets | | 34,487 | | | 46,853 | | | |
Total assets | | $ | 4,225,397 | | | $ | 4,210,994 | | | |
Liabilities and Shareholders’ Equity | | | | | | |
Liabilities | | | | | | |
Noninterest-bearing deposits | | $ | 119,196 | | | $ | 117,531 | | | |
Interest-bearing deposits | | 3,098,783 | | | 3,061,428 | | | |
Total deposits | | 3,217,979 | | | 3,178,959 | | | |
Advances from Federal Home Loan Bank | | 514,923 | | | 514,922 | | | |
Subordinated debt, net of unamortized debt issuance costs of $2,694 and $2,769 in 2022 and 2021, respectively | | 104,306 | | | 104,231 | | | |
Accrued interest payable | | 1,532 | | | 2,018 | | | |
Accrued expenses and other liabilities | | 12,002 | | | 30,526 | | | |
Total liabilities | | 3,850,742 | | | 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, respectively | | 214,473 | | | 218,946 | | | |
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none | | — | | | — | | | |
Retained earnings | | 183,043 | | | 172,431 | | | |
Accumulated other comprehensive loss | | (22,861) | | | (11,039) | | | |
Total shareholders’ equity | | 374,655 | | | 380,338 | | | |
Total liabilities and shareholders’ equity | | $ | 4,225,397 | | | $ | 4,210,994 | | | |
See Notes to Condensed Consolidated Financial Statements
First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | March 31, 2022 | | March 31, 2021 | | | | |
Interest Income | | | | | | | | |
Loans | | $ | 33,188 | | | $ | 30,885 | | | | | |
Securities – taxable | | 2,221 | | | 1,779 | | | | | |
Securities – non-taxable | | 249 | | | 281 | | | | | |
Other earning assets | | 376 | | | 335 | | | | | |
Total interest income | | 36,034 | | | 33,280 | | | | | |
Interest Expense | | | | | | | | |
Deposits | | 6,097 | | | 8,628 | | | | | |
Other borrowed funds | | 4,187 | | | 4,127 | | | | | |
Total interest expense | | 10,284 | | | 12,755 | | | | | |
Net Interest Income | | 25,750 | | | 20,525 | | | | | |
Provision for Loan Losses | | 791 | | | 1,276 | | | | | |
Net Interest Income After Provision for Loan Losses | | 24,959 | | | 19,249 | | | | | |
Noninterest Income | | | | | | | | |
Service charges and fees | | 316 | | | 266 | | | | | |
Loan servicing revenue | | 585 | | | 422 | | | | | |
Loan servicing asset revaluation | | (297) | | | (155) | | | | | |
Mortgage banking activities | | 1,873 | | | 5,750 | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Gain on sale of loans | | 3,845 | | | 1,723 | | | | | |
| | | | | | | | |
| | | | | | | | |
Other | | 498 | | | 369 | | | | | |
Total noninterest income | | 6,820 | | | 8,375 | | | | | |
Noninterest Expense | | | | | | | | |
Salaries and employee benefits | | 9,878 | | | 9,492 | | | | | |
Marketing, advertising and promotion | | 756 | | | 680 | | | | | |
Consulting and professional services | | 1,925 | | | 986 | | | | | |
Data processing | | 449 | | | 462 | | | | | |
Loan expenses | | 1,582 | | | 534 | | | | | |
Premises and equipment | | 2,540 | | | 1,601 | | | | | |
Deposit insurance premium | | 281 | | | 425 | | | | | |
| | | | | | | | |
Other | | 1,369 | | | 1,137 | | | | | |
Total noninterest expense | | 18,780 | | | 15,317 | | | | | |
Income Before Income Taxes | | 12,999 | | | 12,307 | | | | | |
Income Tax Provision | | 1,790 | | | 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 | | | | | | | | |
Basic | | 9,790,122 | | | 9,899,230 | | | | | |
Diluted | | 9,870,394 | | | 9,963,036 | | | | | |
Dividends Declared Per Share | | $ | 0.06 | | | $ | 0.06 | | | | | |
See Notes to Condensed Consolidated Financial Statements
First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands except per share data)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2022 | | 2021 | | | | |
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-maturity | | 119 | | | — | | | | | |
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 tax | | 9,334 | | | 6,280 | | | | | |
Income tax provision | | 3,318 | | | 1,317 | | | | | |
Net effect on other comprehensive (loss) income | | 6,016 | | | 4,963 | | | | | |
| | | | | | | | |
Total other comprehensive (loss) income | | (11,822) | | | 3,276 | | | | | |
Comprehensive (loss) income | | $ | (613) | | | $ | 13,726 | | | | | |
See Notes to Condensed Consolidated Financial Statements
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 compensation | | 640 | | | — | | | — | | | 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 units | | 5 | | | — | | | — | | | 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 compensation | | 692 | | | — | | | — | | | 692 | |
| | | | | | | | |
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units | | 6 | | | — | | | — | | | 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
First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands except per share data)
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2022 | | 2021 |
Operating Activities | | | | |
Net income | | $ | 11,209 | | | $ | 10,450 | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | |
Depreciation and amortization | | 7,721 | | | 283 | |
Increase in cash surrender value of bank-owned life insurance | | (233) | | | (233) | |
Provision for loan losses | | 791 | | | 1,276 | |
Share-based compensation expense | | 640 | | | 692 | |
| | | | |
| | | | |
Loans originated for sale | | (184,067) | | | (223,880) | |
Proceeds from sale of loans | | 202,011 | | | 241,589 | |
Gain on loans sold | | (5,907) | | | (9,222) | |
| | | | |
Decrease in fair value of loans held-for-sale | | 489 | | | 862 | |
(Gain) loss on derivatives | | (2,565) | | | 881 | |
| | | | |
Loan servicing asset revaluation | | 297 | | | (248) | |
| | | | |
Net change in accrued income and other assets | | 10,399 | | | 10,695 | |
Net change in accrued expenses and other liabilities | | (7,999) | | | (2,012) | |
Net cash provided by operating activities | | 32,786 | | | 31,133 | |
Investing Activities | | | | |
Net loan activity, excluding purchases | | 32,510 | | | 47,653 | |
Proceeds from sale of other real estate owned | | 1,188 | | | — | |
| | | | |
Maturities and calls of securities available-for-sale | | 27,848 | | | 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 stock | | 431 | | | — | |
| | | | |
Purchase of premises and equipment | | (9,808) | | | (5,697) | |
| | | | |
Loans purchased | | (40,059) | | | (47,234) | |
Net proceeds from sale of portfolio loans | | 14,466 | | | — | |
Other investing activities | | 374 | | | — | |
Net cash provided by investing activities | | 8,497 | | | 29,344 | |
Financing Activities | | | | |
Net increase (decrease) in deposits | | 39,020 | | | (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 Bank | | 110,000 | | | 110,000 | |
Repayment of advances from Federal Home Loan Bank | | (110,000) | | | (110,000) | |
| | | | |
Other, net | | — | | | (195) | |
Net cash provided by (used in) financing activities | | 33,306 | | | (64,078) | |
Net Increase (Decrease) in Cash and Cash Equivalents | | 74,589 | | | (3,601) | |
Cash and Cash Equivalents, Beginning of Period | | 442,960 | | | 419,806 | |
Cash and Cash Equivalents, End of Period | | $ | 517,549 | | | $ | 416,205 | |
Supplemental Disclosures | | | | |
| | | | |
| | | | |
Cash paid during the period for interest | | 10,770 | | | 12,777 | |
Cash paid during the period for taxes | | 50 | | | 10 | |
| | | | |
Loans transferred to held-for-sale from portfolio | | 14,049 | | | — | |
Cash dividends declared, paid in subsequent period | | 581 | | | 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 securities | | 107,168 | | | — | |
| | | | |
See Notes to Condensed Consolidated Financial Statements
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.
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, | | |
| | 2022 | | 2021 | | | | |
Basic earnings per share | | | | | | | | |
Net income | | $ | 11,209 | | | $ | 10,450 | | | | | |
Weighted-average common shares | | 9,790,122 | | | 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 shares | | 9,790,122 | | | 9,899,230 | | | | | |
| | | | | | | | |
Dilutive effect of equity compensation | | 80,272 | | | 63,806 | | | | | |
Weighted-average common and incremental shares | | 9,870,394 | | | 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 |
| | Amortized | | Gross Unrealized | | Fair |
(in thousands) | | Cost | | Gains | | Losses | | Value |
Securities available-for-sale | | | | | | | | |
U.S. Government-sponsored agencies | | $ | 45,335 | | | $ | — | | | $ | (1,488) | | | $ | 43,847 | |
Municipal securities | | 72,420 | | | 557 | | | (173) | | | 72,804 | |
Agency mortgage-backed securities - residential | | 276,392 | | | 88 | | | (18,798) | | | 257,682 | |
Agency mortgage-backed securities - commercial | | 24,815 | | | 6 | | | (665) | | | 24,156 | |
Private label mortgage-backed securities - residential | | 15,090 | | | 6 | | | (278) | | | 14,818 | |
Asset-backed securities | | 5,000 | | | — | | | (14) | | | 4,986 | |
Corporate securities | | 47,580 | | | 299 | | | (884) | | | 46,995 | |
| | | | | | | | |
Total available-for-sale | | $ | 486,632 | | | $ | 956 | | | $ | (22,300) | | | $ | 465,288 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2022 |
| | Amortized | | Gross Unrealized | | Fair |
(in thousands) | | Cost | | Gains | | Losses | | Value |
Securities held-to-maturity | | | | | | | | |
Municipal securities | | $ | 13,981 | | | $ | 157 | | | $ | (45) | | | $ | 14,093 | |
Mortgage-backed securities - residential | | 95,982 | | | — | | | (3,043) | | | 92,939 | |
Mortgage-backed securities - commercial | | 5,847 | | | — | | | (427) | | | 5,420 | |
Corporate securities | | 47,560 | | | 338 | | | (379) | | | 47,519 | |
Total held-to-maturity | | $ | 163,370 | | | $ | 495 | | | $ | (3,894) | | | $ | 159,971 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2021 |
| | Amortized | | Gross Unrealized | | Fair |
(in thousands) | | Cost | | Gains | | Losses | | Value |
Securities available-for-sale | | | | | | | | |
U.S. Government-sponsored agencies | | $ | 50,013 | | | $ | 164 | | | $ | (1,137) | | | $ | 49,040 | |
Municipal securities | | 75,158 | | | 1,940 | | | (65) | | | 77,033 | |
Agency mortgage-backed securities - residential | | 377,928 | | | 960 | | | (5,652) | | | 373,236 | |
Agency mortgage-backed securities - commercial | | 36,024 | | | 441 | | | (139) | | | 36,326 | |
Private label mortgage-backed securities - residential | | 15,902 | | | 122 | | | (3) | | | 16,021 | |
Asset-backed securities | | 5,000 | | | 4 | | | — | | | 5,004 | |
Corporate securities | | 46,482 | | | 597 | | | (695) | | | 46,384 | |
| | | | | | | | |
Total available-for-sale | | $ | 606,507 | | | $ | 4,228 | | | $ | (7,691) | | | $ | 603,044 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2021 |
| | Amortized | | Gross Unrealized | | Fair |
(in thousands) | | Cost | | Gains | | Losses | | Value |
Securities held-to-maturity | | | | | | | | |
Municipal securities | | $ | 13,992 | | | $ | 717 | | | $ | — | | | $ | 14,709 | |
Corporate securities | | 45,573 | | | 1,186 | | | — | | | 46,759 | |
Total held-to-maturity | | $ | 59,565 | | | $ | |