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Quarterly Report (10-q)

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First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results Business Wire - 1/20/2021 4:28:00 PM
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Current Report Filing (8-k) Edgar (US Regulatory) - 12/21/2020 4:47:18 PM
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Quarterly Report (10-q) Edgar (US Regulatory) - 11/5/2020 5:01:25 PM
First Internet Bank Again Named “Best Bank” by American Banker Business Wire - 10/29/2020 10:55:00 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 10/21/2020 4:19:51 PM
First Internet Bancorp Reports Third Quarter 2020 Results Business Wire - 10/21/2020 4:14:00 PM
First Internet Bancorp to Announce Third Quarter 2020 Financial Results on Wednesday, October 21 Business Wire - 10/7/2020 4:13:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 9/21/2020 4:36:38 PM
First Internet Bancorp to Pay Cash Dividend Business Wire - 9/21/2020 4:30:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 9/8/2020 7:31:02 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 8/27/2020 5:11:37 PM
56Chevy Member Level  Saturday, 12/13/14 01:15:39 AM
Re: None
Post # of 40 
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

[....]

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.”

<page 38>

[....]

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







One of the things the government can't do is run anything. The only things our government runs are the post office and the railroads, and both of them are bankrupt. ~~ Lee Iacocca
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