What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-15 compared with 2020-03-12 · 4 added, 78 removed, 10 unchanged (89% of the section changed)

7 unchanged sentences

however, the declaration and amount of any future cash dividends will be subject to the sole discretion of the Board of Directors and will depend upon many factors, including our results of operations, financial condition, capital requirements, regulatory and contractual restrictions (including with respect to the Company’s outstanding subordinated debt), business strategy and other factors deemed relevant by the Board of Directors.

Because the Company is a holding company and does not engage directly in business activities of a material nature, its ability to pay dividends to shareholders depends, in large part, upon the receipt of distributions from the Bank, which is also subject to numerous limitations on the payment of dividends under federal and state banking laws, regulations and policies.

Because the Company is a holding company and does not engage directly in business activities of a material nature, its ability to pay dividends to shareholders may depend, in large part, upon the receipt of distributions from the Bank, which is also subject to numerous limitations on the payment of dividends under federal and state banking laws, regulations and policies.

The present and future ability of the Bank to distribute funds to the Company are subject to the discretion of the Board of the Directors of the Bank and the Bank is not obligated to pay any distributions to the Company.

Issuer Purchases of Equity Securities

On December 18, 2018 the Company's Board of Directors approved a stock repurchase program authorizing the repurchase of up to $10.0 million of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions.

The stock repurchase program was scheduled to expire on December 31, 2019.

Under this program, the Company repurchased 482,970 shares of common stock through September 30, 2019, at an average price of $20.70, for a total repurchase amount of $10.0 million, thus repurchasing the maximum amount of stock authorized by the Company's Board of Directors under this program.

Stock Performance Graph

The following graph compares the five-year cumulative total return to shareholders of First Internet Bancorp common stock with that of the Nasdaq Composite Index and the SNL Small Cap U.S.

The SNL Small Cap U.S.

Bank Index is comprised of publicly traded banking institutions with market capitalizations between $250 million and $1 billion and total assets in a range comparable to the Company.

The following table assumes $100 was invested on December 31, 2014 in First Internet Bancorp, the Nasdaq Composite Index and the SNL Small Cap U.S.

Bank Index, and assumes that dividends are reinvested.

First Internet Bancorp

Nasdaq Composite Index

SNL Small Cap U.S.

Selected Financial Data

Five Year Selected Financial and Other Data

The following selected consolidated financial and other data is qualified in its entirety by, and should be read in conjunction with, Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and the notes thereto contained in this annual report on Form 10-K.

Certain reclassifications have been made to prior period financial information as discussed in Note 1 to the consolidated financial statements.

(dollars in thousands, except per share data)

At Or For The Twelve Months Ended December 31,

Balance Sheet Data:

Cash and cash equivalents

Loans held-for-sale

Total securities

Tangible common equity 1

Total shareholders’ equity

Income Statement Data:

Interest income

Interest expense

Net interest income

Provision for loan losses

Net interest income after provision for loan losses

Noninterest income

Noninterest expense

Income before income taxes

Income tax provision

Per Share Data:

Book value per common share

Tangible book value per common share 1

Weighted average common shares outstanding

Common shares outstanding at end of period

Dividends declared per share

Dividend payout ratio 2

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Refer to the “Reconciliation of Non-GAAP Financial Measures” section of Item 7 of Part II of this report, Management's Discussion and Analysis of Financial Condition and Results of Operations.

Dividends per share divided by diluted earnings per share.

At Or For The Twelve Months Ended December 31,

Performance Ratios:

Return on average assets

Return on average shareholders ’ equity

Return on average tangible common equity 1

Net interest margin 2

Net interest margin FTE 1, 3

Noninterest expense to average assets

Asset Quality Ratios:

Nonperforming loans to total loans

Nonperforming assets to total assets

Nonperforming assets (including performing troubled debt restructurings) to total assets

Allowance for loan losses to total loans

Net charge-offs (recoveries) to average loans

Allowance for loan losses to nonperforming loans

Capital Ratios:

Total shareholders' equity to assets

Tangible common equity to tangible assets 1

Tier 1 leverage ratio 4

Common equity tier 1 capital ratio 4, 5

Tier 1 capital ratio 4

Total risk-based capital ratio 4

Full-time equivalent employees

Number of banking and loan production offices

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Refer to the “Reconciliation of Non-GAAP Financial Measures” section of Item 7 of Part II of this report, Management's Discussion and Analysis of Financial Condition and Results of Operations.

Net interest margin is net interest income divided by average earning assets.

On an FTE basis assuming a 21% tax rate in 2019 and 2018 and a 35% tax rate in 2017, 2016 and 2015.

Net interest income is adjusted to reflect income from assets such as municipal loans and securities that are exempt from Federal income taxes.

This is to recognize the income tax savings that facilitates a comparison between taxable and tax-exempt assets.

The Company believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully-taxable equivalent basis as these measures provide useful information to make peer comparisons.

Capital ratios are calculated in accordance with regulatory guidelines specified by our primary federal banking regulatory authority.

Introduced as part of the final implementation of the “Basel III” regulatory capital reforms as of January 1, 2015.

Selected Financial Data for this Item is not required.

Information regarding the Company’s financial condition, results of operations and ratios can be found in “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity