---
schema_version: "secwatch.filing_event.v1"
accession: "0001562463-23-000013"
form_type: "8-K"
ticker: "INBK"
cik: "0001562463"
company_name: "First Internet Bancorp"
filed_at: "2023-01-25T23:59:59+00:00"
generated_at: "2026-06-20T09:30:07.228481+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# First Internet Bancorp Q4 net income $6.4M ($0.68 EPS); exits consumer mortgage business

## Summary
- Net income Q4 $6.4M ($0.68 diluted) vs $8.4M ($0.89) linked quarter and $12.5M ($1.25) year ago. Full year 2022 net income $35.5M ($3.70 EPS).
- Total loans $3.5B, up 7.5% linked quarter and 21.2% YoY; net interest margin declined to 2.09% from 2.40%.
- Exiting consumer mortgage business in Q1 2023; expects $6.8M annual expense reduction and $2.7M pre-tax income increase; $3.3M restructuring costs in H1 2023.
- Repurchased 284,286 shares in Q4 at avg $25.16; tangible book value $39.74 per share.
- Provision for loan losses $2.1M; CECL adoption in Q1 2023 with $2.5-$3.0M initial adjustment.

## SEC filing metadata
- accession: 0001562463-23-000013
- form_type: 8-K
- ticker: INBK
- cik: 0001562463
- company_name: First Internet Bancorp
- filed_at: 2023-01-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/0001562463-23-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/inbk-20230125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001562463-23-000013
- JSON: https://secwatch.observer/filing/0001562463-23-000013.json
- Plain text: https://secwatch.observer/filing/0001562463-23-000013.txt

## Key facts
- Earnings Releases
  First Internet Bancorp reported the quarter and year ended December 31, 2022 results: net income $6.4 million, EPS $0.68 diluted earnings per share.
  - Period: the quarter and year ended December 31, 2022
  - Net income: $6.4 million
  - EPS: $0.68 diluted earnings per share
  - Result: reported results
  source text: Quarterly net income of $6.4 million and $0.68 diluted earnings per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/0001562463-23-000013-index.htm
- Restructurings & Charges
  First Internet Bancorp announced a restructuring with charges of total pre-tax expense of approximately $3.3 million affecting consumer mortgage business ($3.1 million in severance and other employee-related costs).
  - Type: restructuring
  - Charge: total pre-tax expense of approximately $3.3 million
  - Affected area: consumer mortgage business
  - Headcount: $3.1 million in severance and other employee-related costs
  source text: The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in the first and second quarters of 2023 associated with exiting the consumer mortgage business.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/0001562463-23-000013-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.