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from our ceo

DEAR FELLOW SHAREHOLDER,

The sky is the limit, I told my team when we launched First Internet Bank in 1999. As we continue to pioneer our branchless banking model, we look past artificial constraints and reach to achieve new heights. Through the entrepreneurial culture instilled in our team, we consistently deliver the financial freedom our customers deserve and expect from a banking partner—so they, too, can see the sky.

First Internet Bancorp’s 2018 results are a testament to the energy that drives our customer-focused approach and the adaptability we displayed in a changing economy, regulatory environment and competitive landscape. The execution of our business strategy produced a record $21.9 million in net income, driven by full-year loan growth of 30%, excellent credit quality and well-managed expenses.


“Our success in 2018 is a credit to the entire First Internet Bank team who worked diligently and tirelessly to achieve such outstanding results for our shareholders, customers and the communities in which we operate.”

We continue to enjoy consistent and sustained balance sheet growth. Over the last five years, we have delivered compound annual growth rates of 40% in total loans, 32% in total deposits, and 26% in shareholders’ equity. During the year, we surpassed the $3 billion mark in total assets and ended the year at $3.5 billion, which represents a 35% compounded annual growth rate for the last five years. Earnings growth was highlighted by capital deployments into new loan verticals, resulting in diluted earnings per share of $2.30 compared to $2.13 in 2017. Our active balance sheet management continues to ensure that both growth and capital are prudently and efficiently administered.

Our inclusion in Fortune Magazine’s 2018 list of 100 Fastest-Growing Companies is further evidence of our ever-expanding products and services, propelled by a collective commitment to solving customers’ unique banking challenges. The financial expertise at First Internet Bank is a true point of pride, and our team members’ thought leadership was witnessed across a wide variety of media platforms throughout the year.

Our culture is one that champions an innovative spirit, and the recognition we continue to receive for a positive workplace environment and company leadership only serves to reinforce our foundational approach to business. Looking ahead, we remain dedicated to continuing to strengthen, grow and diversify our asset-generation channels with our collection of specialty lending franchises on both a nationwide and regional basis, all with a view toward increasing shareholder value. As consumers and small businesses continue to eschew traditional bank branches, our 20 years of experience uniquely positions us to gain market share by delivering customer satisfaction traditional banks simply cannot match.

Our success in 2018 is a credit to the entire First Internet Bank team who worked diligently and tirelessly to achieve such outstanding results for our shareholders, customers and the communities in which we operate. On behalf of the Board of Directors and the leadership team, I thank you for your continued support.

Sincerly,

David B. Becker
Chairman, President and Chief Executive Officer