secwatch.observer — SEC 8-K summary
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Issuer:     First Internet Bancorp (INBK)
CIK:        0001562463
Form:       8-K
Filed at:   2023-01-25T23:59:59+00:00
Accession:  0001562463-23-000013
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/0001562463-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1562463/000156246323000013/inbk-20230125.htm
  HTML page:      https://secwatch.observer/filing/0001562463-23-000013

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