First Internet Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Internet Bancorp reported $4.91 billion in assets and $284.3 million in revenue for FY2023.</b>

AI Summary

First Internet Bancorp (INBKZ) filed a Annual Report (10-K) with the SEC on March 13, 2024. Total assets reached $4.91 billion for the fiscal year ending December 31, 2023. Total liabilities amounted to $4.51 billion for the fiscal year ending December 31, 2023. Total equity was $400 million for the fiscal year ending December 31, 2023. The company reported $284.3 million in revenue for the fiscal year 2023. Net income for the fiscal year 2023 was $513.3 million.

Why It Matters

For investors and stakeholders tracking First Internet Bancorp, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, offering insights into its operations and strategic direction. Key financial figures such as total assets, liabilities, equity, revenue, and net income are detailed, allowing investors to assess the bank's financial health and growth trajectory.

Risk Assessment

Risk Level: medium — First Internet Bancorp shows moderate risk based on this filing. The company operates in the highly regulated banking sector, facing risks related to economic downturns, interest rate fluctuations, and cybersecurity threats, as detailed in its risk factors.

Analyst Insight

Investors should review the detailed risk factors section to understand potential challenges and opportunities facing First Internet Bancorp in the coming fiscal year.

Financial Highlights

revenue

284,300,000

total Assets

4,913,779,000

total Debt

4,361,830,000

net Income

513,315,000

Key Numbers

• 4,913,779 — Total Assets (As of December 31, 2023)
• 284.3 — Revenue (Fiscal Year 2023)
• 513,315 — Net Income (Fiscal Year 2023)
• 436,183 — Total Liabilities (As of December 31, 2023)
• 207,572 — Total Equity (As of December 31, 2023)

Key Players & Entities

• First Internet Bancorp (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240313 (date) — Filed as of Date
• 8701 E. 116TH STREET (address) — Business Address
• FISHERS (location) — Business Address City
• IN (location) — Business Address State
• 46038 (postal_code) — Business Address Zip
• 317-532-7900 (phone_number) — Business Phone

FAQ

Risk Factors

• Extensive Regulation [high — regulatory]: The Company is subject to extensive regulation by federal and state agencies, which impacts its operations and profitability.
• Interest Rate Risk [medium — market]: Changes in interest rates can adversely affect the Company's net interest income, asset values, and overall profitability.
• Credit Risk [medium — financial]: The Company is exposed to credit risk from its loan portfolio, and a significant increase in loan defaults could negatively impact its financial condition.
• Cybersecurity and Data Security [medium — operational]: The Company faces risks associated with cybersecurity threats and data breaches, which could result in financial losses and reputational damage.

Key Financial Figures

• $416.1 million — ("SBA") 7(a) program, closing more than $416.1 million in SBA 7(a) loans during the 2023 calen
• $5.2 b — the Company had consolidated assets of $5.2 billion, consolidated deposits of $4.1 bi
• $4.1 billion — $5.2 billion, consolidated deposits of $4.1 billion and shareholders' equity of $362.8 mill
• $362.8 million — 4.1 billion and shareholders' equity of $362.8 million. Human Capital As of December 31, 2
• $10 billion — irements as financial institutions pass $10 billion in assets. The supervisory framework

Filing Documents

• inbk-20231231.htm (10-K) — 4907KB
• inbk-4q2023ex41.htm (EX-4.1) — 131KB
• inbk-4q2023ex211.htm (EX-21.1) — 6KB
• inbk-4q2023ex231.htm (EX-23.1) — 3KB
• inbk-4q2023ex241.htm (EX-24.1) — 24KB
• inbk-4q2023ex311.htm (EX-31.1) — 10KB
• inbk-4q2023ex312.htm (EX-31.2) — 10KB
• inbk-4q2023ex321.htm (EX-32.1) — 6KB
• compensationrecoupmentpoli.htm (EX-97) — 31KB
• image_0.jpg (GRAPHIC) — 17KB
• inbk-20231231_g1.jpg (GRAPHIC) — 99KB
• 0001562463-24-000019.txt (&nbsp;) — 24775KB
• inbk-20231231.xsd (EX-101.SCH) — 93KB
• inbk-20231231_cal.xml (EX-101.CAL) — 171KB
• inbk-20231231_def.xml (EX-101.DEF) — 747KB
• inbk-20231231_lab.xml (EX-101.LAB) — 1205KB
• inbk-20231231_pre.xml (EX-101.PRE) — 1021KB
• inbk-20231231_htm.xml (XML) — 5572KB

Risk Factors 12

Item 1A. Risk Factors 12

Unresolved Staff Comments 20

Item 1B. Unresolved Staff Comments 20

Cybersecurity 20

Item 1C. Cybersecurity 20

Properties 21

Item 2. Properties 21

Legal Proceedings 21

Item 3. Legal Proceedings 21

Mine Safety Disclosures 21

Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk 50

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data 51

Item 8. Financial Statements and Supplementary Data 51

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51

Controls and Procedures 51

Item 9A. Controls and Procedures 51

Other Information 52

Item 9B. Other Information 52

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III

Directors, Executive Officers and Corporate Governance 53

Item 10. Directors, Executive Officers and Corporate Governance 53

Executive Compensation 53

Item 11. Executive Compensation 53

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54

Certain Relationships and Related Transactions, and Director Independence 54

Item 13. Certain Relationships and Related Transactions, and Director Independence 54

Principal Accountant Fees and Services 54

Item 14. Principal Accountant Fees and Services 54 PART IV

Exhibits and Financial Statement Schedules 55

Item 15. Exhibits and Financial Statement Schedules 55

Form 10-K Summary 56

Item 16. Form 10-K Summary 56 SIGNATURES 57 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K 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 our 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, 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," "goal", "intend," "likely," "may," "objective," "optimistic," "pending," "plan," "position," "potential," "preliminary," "remain," "scale", "should," "will," "would" or other similar expressions. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers; 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 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 dependence on capital distributions from First Internet Bank of Indiana (the "Bank"); results of examinations of us by our regulators, including the poss

Business

Item 1. Business When we refer to "First Internet Bancorp," the "Company," "we," "us" and "our" in the remainder of this Annual Report on Form 10-K, we mean First Internet Bancorp and its consolidated subsidiaries, unless the context indicates otherwise. References to "First Internet Bank" or the "Bank" refer to First Internet Bank of Indiana, an Indiana chartered bank and wholly-owned subsidiary of the Company. Overview First Internet Bancorp is a financial holding company headquartered in Fishers, Indiana that conducts its primary business activities through its wholly-owned subsidiary, First Internet Bank of Indiana, an Indiana chartered bank. The Bank was the first state-chartered, Federal Deposit Insurance Corporation ("FDIC") insured Internet bank and commenced banking operations in 1999. First Internet Bancorp was incorporated under the laws of the State of Indiana on September 15, 2005. On March 21, 2006, we consummated a plan of exchange by which we acquired all of the outstanding shares of the Bank. The Bank has three wholly-owned subsidiaries: First Internet Public Finance Corp., an Indiana corporation that provides a range of public and municipal finance lending and leasing products to governmental entities throughout the United States and acquires securities issued by state and local governments and other municipalities; JKH Realty Services, LLC, a Delaware limited liability company that manages other real estate owned properties as needed; and SPF15, Inc., an Indiana corporation that owns real estate used primarily for the Bank's principal office. We offer a wide range of commercial, small business, consumer and municipal banking products and services. We conduct our consumer and small business deposit operations primarily through digital channels on a nationwide basis and have no traditional branch offices. Our consumer lending products are primarily originated on a nationwide basis through relationships with dealerships and financing partne

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