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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 2020
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.)
   
11201 USA Parkway
Fishers, IN
 46037
(Address of Principal Executive Offices) (Zip Code)
(317) 532-7900
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, without par valueINBKThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2026INBKLThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029INBKZThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ¨
Accelerated Filer þ
Non-accelerated Filer ¨
Smaller Reporting Company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
 
As of October 30, 2020, the registrant had 9,800,569 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 (“we,” “our,” “us” or the “Company”) regarding its business strategies, intended results and future performance. 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” and other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements.  The COVID-19 pandemic has resulted in deterioration of general business and economic conditions and continued to impact us, our customers, counterparties, employees, and third-party service providers. Sustained deterioration in market conditions could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. The ultimate magnitude and duration of the pandemic is still unknown at this time, therefore, the extent of the impact on our business, financial position, results of operations, liquidity and prospects remains uncertain. Other factors that may cause such differences include: 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 grow our commercial real estate, commercial and industrial, public finance, U.S. Small Business Administration and healthcare 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; execution of future acquisition, reorganization or disposition transactions, including without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings and other anticipated benefits from such transactions; changes in applicable tax laws; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

i


PART I

ITEM 1.    FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
 September 30, 2020December 31, 2019
 (Unaudited) 
Assets  
Cash and due from banks$5,804 $5,061 
Interest-bearing deposits482,649 322,300 
Total cash and cash equivalents488,453 327,361 
Securities available-for-sale, at fair value (amortized cost of $528,052 and $546,640 in 2020 and 2019, respectively)528,311 540,852 
Securities held-to-maturity, at amortized cost (fair value of $69,176 and $62,560 in 2020 and 2019, respectively)68,254 61,878 
Loans held-for-sale (includes 35,321 and 56,097 at fair value in 2020 and 2019, respectively)76,208 56,097 
Loans3,012,914 2,963,547 
Allowance for loan losses(26,917)(21,840)
Net loans2,985,997 2,941,707 
Accrued interest receivable17,768 18,607 
Federal Home Loan Bank of Indianapolis stock25,650 25,650 
Cash surrender value of bank-owned life insurance37,714 37,002 
Premises and equipment, net31,262 14,630 
Goodwill4,687 4,687 
Servicing asset, at fair value2,818 2,481 
Other real estate owned 2,065 
Accrued income and other assets66,502 67,066 
Total assets$4,333,624 $4,100,083 
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$86,088 $57,115 
Interest-bearing deposits3,286,303 3,096,848 
Total deposits3,372,391 3,153,963 
Advances from Federal Home Loan Bank514,914 514,910 
Subordinated debt, net of unamortized debt issuance costs of $2,242 and $2,472 in 2020 and 2019, respectively69,758 69,528 
Accrued interest payable1,249 3,767 
Accrued expenses and other liabilities57,210 53,002 
Total liabilities4,015,522 3,795,170 
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; 9,800,569 and 9,741,800 shares issued and outstanding in 2020 and 2019, respectively220,951 219,423 
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none  
Retained earnings116,241 99,681 
Accumulated other comprehensive loss(19,090)(14,191)
Total shareholders’ equity318,102 304,913 
Total liabilities and shareholders’ equity$4,333,624 $4,100,083 

See Notes to Condensed Consolidated Financial Statements
1


First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
 Three Months Ended Nine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Interest Income   
Loans$29,560 $30,594 $89,698 $90,654 
Securities – taxable2,240 3,468 9,135 10,332 
Securities – non-taxable381 639 1,410 1,991 
Other earning assets569 2,993 2,973 6,560 
Total interest income32,750 37,694 103,216 109,537 
Interest Expense   
Deposits12,428 18,363 45,399 50,896 
Other borrowed funds4,090 4,087 12,141 11,048 
Total interest expense16,518 22,450 57,540 61,944 
Net Interest Income16,232 15,244 45,676 47,593 
Provision for Loan Losses2,509 2,824 6,461 5,498 
Net Interest Income After Provision for Loan Losses13,723 12,420 39,215 42,095 
Noninterest Income   
Service charges and fees224 211 618 672 
Loan servicing revenue274  780  
Loan servicing asset revaluation(103) (372) 
Mortgage banking activities9,630 4,307 16,706 8,588 
Gain on sale of loans2,033 523 4,596 353 
Gain (loss) on sale of securities98  139 (458)
Other339 517 1,212 2,229 
Total noninterest income12,495 5,558 23,679 11,384 
Noninterest Expense   
Salaries and employee benefits9,533 6,883 25,096 19,846 
Marketing, advertising and promotion426 456 1,212 1,391 
Consulting and professional services614 778 2,723 2,427 
Data processing388 381 1,102 1,026 
Loan expenses408 247 1,406 853 
Premises and equipment1,568 1,506 4,795 4,503 
Deposit insurance premium440  1,360 1,302 
Write-down of other real estate owned2,065  2,065  
Other970 952 3,383 2,673 
Total noninterest expense16,412 11,203 43,142 34,021 
Income Before Income Taxes9,806 6,775 19,752 19,458 
Income Tax Provision1,395 449 1,390 1,315 
Net Income$8,411 $6,326 $18,362 $18,143 
Income Per Share of Common Stock   
Basic$0.86 $0.63 $1.87 $1.79 
Diluted$0.86 $0.63 $1.87 $1.79 
Weighted-Average Number of Common Shares Outstanding   
Basic9,773,175 9,979,603 9,825,683 10,114,303 
Diluted9,773,224 9,980,612 9,827,182 10,116,507 
Dividends Declared Per Share$0.06 $0.06 $0.18 $0.18 

See Notes to Condensed Consolidated Financial Statements
2


First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net income$8,411 $6,326 $18,362 $18,143 
Other comprehensive income (loss)
Net unrealized holding gains on securities available-for-sale recorded within other comprehensive (loss) income before income tax1,386 1,266 6,187 11,843 
Reclassification adjustment for (gains) losses realized(98) (139)458 
Net unrealized holding gains (losses) on cash flow hedging derivatives recorded within other comprehensive income (loss) before income tax1,514 (3,225)(12,453)(12,689)
Other comprehensive income (loss) before income tax2,802 (1,959)(6,405)(388)
Income tax provision (benefit)754 (482)(1,506)126 
Other comprehensive income (loss)2,048 (1,477)(4,899)(514)
Comprehensive income$10,459 $4,849 $13,463 $17,629 
 
 See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Nine Months Ended September 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, January 1, 2020$219,423 $99,681 $(14,191)$304,913 
Net income— 18,362 — 18,362 
Other comprehensive loss— — (4,899)(4,899)
Dividends declared ($0.18 per share)
— (1,802)— (1,802)
Recognition of the fair value of share-based compensation1,600 — — 1,600 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units21 — — 21 
Common stock redeemed for the net settlement of share-based awards(93)— — (93)
Balance, September 30, 2020$220,951 $116,241 $(19,090)$318,102 
Balance, January 1, 2019$227,587 $77,689 $(16,541)$288,735 
Impact of adoption of new accounting standards (1)
— (821)— (821)
Net income— 18,143 — 18,143 
Other comprehensive loss— — (514)(514)
Dividends declared ($0.18 per share)
— (1,829)— (1,829)
Recognition of the fair value of share-based compensation1,278 — — 1,278 
Repurchase of common stock(9,784)(9,784)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units26 — — 26 
Common stock redeemed for the net settlement of share-based awards(94)— — (94)
Balance, September 30, 2019$219,013 $93,182 $(17,055)$295,140 

(1) Represents the impact of adopting Accounting Standards Update (“ASU”) 2017-08.

See Notes to Condensed Consolidated Financial Statements
3



First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended September 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, July 1, 2020$220,418 $108,431 $(21,138)$307,711 
Net income— 8,411 — 8,411 
Other comprehensive income— — 2,048 2,048 
Dividends declared ($0.06 per share)
— (601)— (601)
Recognition of the fair value of share-based compensation527 — — 527 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units6 — — 6 
Balance, September 30, 2020$220,951 $116,241 $(19,090)$318,102 
Balance, July 1, 2019$224,244 $87,454 $(15,578)$296,120 
Net income— 6,326 — 6,326 
Other comprehensive loss— — (1,477)(1,477)
Dividends declared ($0.06 per share)
— (598)— (598)
Recognition of the fair value of share-based compensation416 — — 416 
Repurchase of common stock(5,651)(5,651)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units4 — — 4 
Balance, September 30, 2019$219,013 $93,182 $(17,055)$295,140 

See Notes to Condensed Consolidated Financial Statements





4


First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands)
 Nine Months Ended September 30,
 20202019
Operating Activities  
Net income$18,362 $18,143 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization5,699 5,300 
Increase in cash surrender value of bank-owned life insurance(712)(705)
Provision for loan losses6,461 5,498 
Share-based compensation expense1,600 1,278 
Write-down of other real estate owned2,065  
Gain (loss) on sale of available-for-sale securities(139)458 
Loans originated for sale(431,384)(430,453)
Proceeds from sale of loans429,284 415,171 
Gain on loans sold(19,544)(7,057)
Decrease (increase) in fair value of loans held-for-sale116 (452)
Gain on derivatives(1,974)(1,295)
Settlement of derivatives(46,109) 
Net change in servicing asset(337) 
Net change in accrued income and other assets491 (49,036)
Net change in accrued expenses and other liabilities1,098 2,297 
Net cash used in operating activities(35,023)(40,853)
Investing Activities
Net loan activity, excluding purchases2,284 (173,220)
Maturities and calls of securities available-for-sale142,432 58,106 
Proceeds from sale of securities available-for-sale893 30,137 
Purchase of securities available-for-sale(119,263)(136,602)
Purchase of securities held-to-maturity(2,000)(24,116)
Purchase of Federal Home Loan Bank of Indianapolis stock (2,025)
Purchase of premises and equipment(18,571)(3,581)
Loans purchased(260,841)(208,795)
Net proceeds from sale of portfolio loans234,619 238,016 
Net cash used in investing activities(20,447)(222,080)
Financing Activities
Net increase in deposits218,428 476,891 
Cash dividends paid(1,773)(1,808)
Net proceeds from issuance of subordinated debt 35,418 
Repurchase of common stock (9,784)
Proceeds from advances from Federal Home Loan Bank330,000 485,000 
Repayment of advances from Federal Home Loan Bank(330,000)(495,000)
Other, net(93)(94)
Net cash provided by financing activities216,562 490,623 
Net Increase in Cash and Cash Equivalents161,092 227,690 
Cash and Cash Equivalents, Beginning of Period327,361 188,712 
Cash and Cash Equivalents, End of Period$488,453 $416,402 
Supplemental Disclosures
Initial recognition of right-of-use asset$ $2,096 
Initial recognition of operating lease liabilities 2,096 
Cash paid during the period for interest60,058 60,417 
Cash paid during the period for taxes2,516 4,527 
Loans transferred to held-for-sale from portfolio185,797 237,942 
Cash dividends declared, paid in subsequent period588 585 
Securities purchased during the period, settled in subsequent period5,547 3,000 
Transfer of available-for-sale municipal securities to held-to-maturity municipal securities4,479  
See Notes to Condensed Consolidated Financial Statements
5


First Internet Bancorp
Notes to Condensed Consolidated Financial Statements – Unaudited
(Table amounts in thousands except share and per share data)
  
Note 1:        Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results expected for the year ending December 31, 2020 or any other period. The September 30, 2020 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, 2019.
 
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.
 
Certain reclassifications have been made to the 2019 financial statements to conform to the presentation of the 2020 financial statements. These reclassifications had no effect on net income.



    



6


Note 2:        Earnings Per Share
 
Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.
 
The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and nine months ended September 30, 2020 and 2019. 
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