Mission Statement, Vision, & Core Values (2024) of First Internet Bancorp (INBK)

An Overview of First Internet Bancorp (INBK)

General Summary of First Internet Bancorp (INBK)

First Internet Bancorp, established in 1999, is a bank holding company headquartered in Fishers, Indiana. It operates primarily through its wholly-owned subsidiary, First Internet Bank of Indiana, which was the first state-chartered, FDIC-insured bank to operate exclusively online. The bank focuses on providing a wide range of financial products and services including commercial and consumer lending, deposit accounts, and treasury management services. As of 2024, the company reported total assets of approximately $5.82 billion and total loans of $4.04 billion.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, First Internet Bancorp achieved record-breaking financial results. Total interest income reached $75.0 million, marking a 19.0% increase compared to the same quarter in 2023. The net interest margin stood at 1.62%, with net interest income totaling $21.8 million, up from $17.4 million year-over-year. Noninterest income also saw significant growth, amounting to $12.0 million, compared to $7.4 million in the third quarter of 2023. This increase was largely driven by a gain on the sale of loans totaling $9.9 million.

As for the company's profitability, net income for the third quarter of 2024 was reported at $6.99 million, or $0.80 per diluted share, which represents a substantial increase from $3.41 million, or $0.39 per diluted share, in the same period last year. Moreover, the company’s total shareholders’ equity increased to $385.1 million, reflecting a 3.5% rise from the previous quarter. The return on average assets was recorded at 0.50%, while the return on average shareholders' equity was 7.32%.

Introduction to First Internet Bancorp as a Leader in the Industry

First Internet Bancorp stands out as a leader in the online banking sector, leveraging technology to offer competitive financial solutions. The company has successfully expanded its loan portfolio, particularly in commercial lending, which accounted for $3.2 billion as of September 30, 2024, reflecting a 10.2% year-over-year increase. The bank's commitment to innovation and efficiency has allowed it to optimize its operations, resulting in a robust liquidity position and a loans-to-deposits ratio of 82.2%.

Furthermore, the company's strategic partnerships, particularly in fintech, have contributed significantly to its growth trajectory, as evidenced by a 27.9% increase in fintech-brokered deposits. As First Internet Bancorp continues to enhance its service offerings and expand its market reach, it remains well-positioned to capitalize on emerging opportunities within the financial services landscape.

Mission Statement of First Internet Bancorp (INBK)

Company's Mission Statement Overview

The mission statement of First Internet Bancorp (INBK) emphasizes its commitment to providing high-quality banking solutions through innovative technology and exceptional customer service. This mission serves as a guiding principle for the company's strategic initiatives and long-term objectives.

Core Component 1: Customer Satisfaction

First Internet Bancorp prioritizes customer satisfaction by delivering tailored financial products that meet the diverse needs of its clients. The bank's focus on customer service is reflected in its high Net Promoter Score (NPS), which measures customer loyalty and satisfaction. In the latest quarter, the bank reported an NPS of 75, indicating strong customer advocacy.

Core Component 2: Innovation

Innovation plays a crucial role in First Internet Bancorp's mission. The bank continually invests in technology to enhance its digital banking capabilities, allowing for seamless customer experiences. As of Q3 2024, the bank's digital banking platform usage has increased by 30%, with over 200,000 active users.

Core Component 3: Financial Performance

First Internet Bancorp's mission statement reflects its commitment to achieving robust financial performance while maintaining ethical banking practices. For Q3 2024, the bank reported a net income of $6.99 million, representing a 21% increase compared to the same quarter in the previous year. The return on average assets (ROAA) was 0.50%, while the return on average equity (ROAE) was 7.32%.

Vision Statement of First Internet Bancorp (INBK)

Vision Statement Overview

First Internet Bancorp (INBK) aims to be a leader in providing innovative banking solutions that empower customers and enhance their financial well-being. The vision emphasizes customer service, community engagement, and technological advancement.

Customer Empowerment

The vision statement highlights the importance of empowering customers through tailored financial solutions. As of September 30, 2024, First Internet Bancorp reported total loans amounting to $4.0 billion, marking an increase of $300.8 million, or 8.1%, compared to the previous year. This growth reflects the bank's commitment to meeting diverse customer needs.

Technological Innovation

First Internet Bancorp places a strong emphasis on leveraging technology to enhance customer experience. The bank's digital banking platform has seen significant improvements, leading to a 27.9% increase in fintech-brokered deposits, which reached an average balance of $153.0 million. This growth indicates the bank's focus on integrating technology into its service offerings.

Community Engagement

Community engagement remains a core aspect of First Internet Bancorp's vision. The bank actively participates in local initiatives, contributing to economic development. In the third quarter of 2024, noninterest income increased to $12.0 million, up from $11.0 million in the previous quarter, showcasing the bank's commitment to supporting community growth through various financial services.

Financial Performance Metrics

The financial performance metrics of First Internet Bancorp further illustrate the effectiveness of its vision. The bank reported a net income of $6.99 million for the third quarter of 2024, compared to $5.78 million in the previous quarter, reflecting a strong operational performance. The return on average assets (ROA) was 0.50%, indicating efficient asset management.

Strategic Goals

First Internet Bancorp is focused on achieving strategic goals that align with its vision. The bank aims to maintain a strong capital position, with a common equity tier 1 (CET1) capital ratio of 9.37% as of September 30, 2024. This commitment to capital strength supports its ability to invest in customer-focused initiatives.

Conclusion

The vision statement of First Internet Bancorp encapsulates its commitment to customer empowerment, technological innovation, and community engagement. The financial metrics and strategic goals align with this vision, positioning the bank for continued growth and success in the competitive banking landscape.

Core Values of First Internet Bancorp (INBK)

Integrity

Integrity is the foundation of First Internet Bancorp's operations. It emphasizes transparency, honesty, and ethical behavior in all aspects of the business.

In 2024, the bank has reinforced its commitment to integrity through various initiatives, including the implementation of a robust compliance framework and regular training sessions for employees on ethical practices. The company has also established a whistleblower policy that encourages employees to report unethical behavior without fear of retaliation.

Customer Focus

Customer Focus signifies First Internet Bancorp's dedication to understanding and meeting the needs of its clients.

As of September 30, 2024, the bank reported a total of $4.0 billion in loans outstanding, a reflection of its commitment to providing tailored financial solutions. The company has enhanced its customer service capabilities through the introduction of digital tools that allow for personalized banking experiences, leading to a customer satisfaction score of 92% in recent surveys.

Innovation

Innovation drives First Internet Bancorp's strategy to remain competitive in the rapidly evolving banking landscape.

In 2024, the bank launched a new mobile banking app that features advanced security measures and user-friendly interfaces, resulting in a 25% increase in mobile transactions compared to the previous year. Additionally, the bank's focus on fintech partnerships has led to a 30% growth in fintech-brokered deposits, totaling $153 million as of September 30, 2024.

Community Engagement

Community Engagement reflects the bank's commitment to contributing positively to the communities it serves.

First Internet Bancorp has invested over $1 million in various community development projects throughout 2024. This includes funding for local educational programs and support for small businesses, which has resulted in the creation of approximately 300 jobs in the region. The bank also partners with local non-profits to facilitate financial literacy workshops for underserved populations.

Excellence

Excellence embodies First Internet Bancorp's pursuit of the highest standards in service delivery and operational efficiency.

The bank achieved a return on average assets of 0.50% and a return on average shareholders' equity of 7.32% for the third quarter of 2024, demonstrating strong financial performance. Continuous improvement initiatives have led to a 15% reduction in operational costs, enhancing overall efficiency.

Article updated on 8 Nov 2024

Resources:

• First Internet Bancorp (INBK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Internet Bancorp (INBK)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View First Internet Bancorp (INBK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.