First Internet Bancorp (NASDAQ:INBK) Q3 2018 Earnings Conference Call Transcript

Oct 25, 2018 • 12:00 pm ET


First Internet Bancorp (NASDAQ:INBK) Q3 2018 Earnings Conference Call Transcript


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Good afternoon, and welcome to the First Internet Bancorp Third Quarter 2018 Financial Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Allyson Pooley of Financial Profiles. Please go ahead.

Allyson Pooley

Thank you, Kate, and good afternoon, everyone. Thank you for joining us to discuss First Internet Bancorp's financial results for the third quarter ended September 30th, 2018. Joining us today from the management team are Chairman, President and CEO, David Becker, and EVP and CFO, Ken Lovik. David and Ken will discuss the third quarter results and then we'll open the call to your questions.

(Forward-looking Cautionary Statement) Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute the most directly comparable GAAP measures. The press release available on the website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures.

I'd now like to turn the call over to David.

David Becker

Thank you, Allyson. Good afternoon, everyone, and thank you for joining us today. Since this is our first earnings conference call, I'd like to begin with a brief overview of our company and our strategy, and then I will discuss our quarter performance. Ken will then provide some additional details on our financial results.

First Internet Bank opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. Our mission from the start has been to service customers in the digital economy, providing them with customer-centric digital banking solutions, including real-time capabilities for both payments and lending, while maintaining the personal touch of relationship banking.

Over nearly 20 years in business, we have come to understand our customers' preferences for anywhere, anytime access. Our ability to meet their needs has created a tremendous amount of customer loyalty. Today, an increasing number of consumers and businesses prefer digital banking over traditional branch banking. Our national, online and mobile deposit gathering and asset generation platforms capitalize on advancing technology and are highly scalable. Our business model uniquely positions us to build relationships with our customers by using technology to modernize delivery channel of an industry deeply rooted in tradition and by offering the combination of products, services and value that they find compelling.

We believe that we are well positioned to flourish within this digital banking ecosystem, which is still in the early stages of a powerful secular trend. We have built a $2.4 billion nationwide branchless deposit franchise that provides consumers, small businesses, commercial clients and municipalities with the innovative technology, convenient access, high-touch customer service and competitive deposit rates. Our national footprint also enables us to focus our marketing efforts on geographies that are more tech savvy, increasing our overall deposit capture. The success of our deposit gathering activities is borne out by the fact