First Internet Bancorp (INBK)

[56Chevy]

Quarterly Report (10-q)

Date : 11/12/2014 @ 4:09PM
Source : Edgar (US Regulatory)
Stock : First Internet Bancorp (MM) (INBK)
Quote : $17.159 -0.111 (-0.64%) @ 8:10PM

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Financial Condition

(dollar amounts in thousands except share and per share data)

Comparison of September 30, 2014 to December 31, 2013

• Total assets were $926,883 at September 30, 2014 compared to $802,342 at December 31, 2013, an increase of $124,541, or 16%. The increase was primarily due to a $194,776, or 39%, increase in loans receivable, partially offset by a $53,206, or 29%, decrease in securities available-for-sale.

• Loans receivable increased 39% from $501,153 at December 31, 2013 to $695,929 at September 30, 2014. Total commercial and industrial loan balances increased $16,931, or 31%, at September 30, 2014 versus December 31, 2013. Commercial real estate loans, which include owner-occupied loans, increased $93,449, or 66%, at September 30, 2014 compared to December 31, 2013. Credit tenant lease financing experienced the largest growth within the commercial real estate portfolio, increasing $81,565, or 97%, since December 31, 2013. In connection with the repositioning of the investment portfolio to provide increased liquidity, the Company deployed excess balance sheet capacity to acquire $106,480 of high quality adjustable rate mortgage assets during the period to complement its organic loan growth.

• Credit quality continues to remain strong as nonperforming loans to total loans receivable declined to 0.06% from 0.37% at December 31, 2013. Additionally, nonperforming assets to total assets declined to 0.55% from 0.90% at December 31, 2013. Compared to December 31, 2013, total nonperforming loans decreased $1,452, or 78%, due primarily to the resolution of a nonaccrual commercial real estate credit with a recorded value of $955. The Company recovered 100% of the unpaid principal balance, resulting in a recovery of $459.

• The allowance for loan losses was $5,464 as of September 30, 2014 compared to $5,426 as of December 31, 2013. The allowance as a percentage of total nonperforming loans increased to 1,366% at September 30, 2014 from 293% at December 31, 2013. Due to the improvement in credit quality, the allowance for loan losses to total loans receivable decreased to 0.79% at September 30, 2014 compared to 1.09% at December 31, 2013.

• Total deposits increased $64,875, or 10%, to $737,970 at September 30, 2014, compared to $673,095 at December 31, 2013. Certificates of deposit and money market accounts exhibited the strongest growth, increasing $41,951, or 14%, and $20,732, or 8%, respectively, from December 31, 2013.

• Tangible common equity increased $3,866 from $86,221 at December 31, 2013 to $90,087 at September 30, 2014. Tangible book value per common share increased 5% from $19.38 at December 31, 2013 to $20.29 at September 30, 2014. A reconciliation of tangible common equity and tangible book value per common share to the most directly comparable measure under U.S. GAAP appears later in this discussion under “Reconciliation of Non-GAAP Financial Measures.”

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http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109035582

FD: I do not own shares of INBK at this time...to be honest I'm not certain as an investor how to value a branchless bank...it's a new day...however I do think these type banks are worth considering for the future.

P/B is 0.85...which is a 15% discount to book.

Marker:
First Internet Banco (INBK)
$17.159 down -0.111 (-0.64%)
Volume: 7,715