First Internet Bancorp (INBK) Earnings Call Transcript & Summary

Good afternoon. And welcome to the 2020 Annual Meeting of Shareholders of First Internet Bancorp. Most shareholders have already voted by proxy, and the proxy votes have been talliated. If you are a shareholder of record or a beneficial shareholder processing a legal proxy from your bank or broker, and you want to vote your shares now or change your vote, you may do so during the meeting by clicking on the vote here button at the bottom right corner of the webcast screen. Shareholders may submit questions electronically during the meeting by typing the question in the box located at the bottom left corner of the website -- of the webcast screen. Your questions will be -- will not be visible to other participants. Questions received during the meeting may not be answered live, but instead, the company may respond to such questions directly or through a posting on the company's website following the conclusion of this meeting. Shareholders were also able to submit questions in advance to today's meeting via the voting website. I will now turn the floor over to David Becker. Please go ahead, sir.

Thank you. And good afternoon, ladies and gentlemen. As Chairman and Chief Executive Officer of First Internet Bancorp, it is my privilege to serve as chair of the 2020 Annual Meeting of Shareholders. C.P. Perfetti, our Executive Vice President and Corporate Secretary, will serve as Secretary of the meeting. The meeting is now called to order, and the polls are open. In light of the ongoing health concerns related to the spread of COVID-19, this meeting is being held virtually for the first time. We hope that we will be able to gather together for future meetings. Our thoughts are with those who have suffered during the pandemic. All current members of First Internet's Board of Directors as well as both Director nominees are attending today's meeting virtually. Those who have served with me on our Board this past year, include: John Keach; David Lovejoy; Roy Whitney; Jerry Williams; and Jean Wojtowicz. Director Nominees are; Ana Dutra; and Mike Smith. Also attending virtually are members of the First Internet Bank senior leadership team; Nicole Lorch, Chief Operating Officer; Ken Lovik, Chief Financial Officer; and Steve Farrell, Chief Credit Officer. We have with us today leaders of our lending teams, Neil Barna, Commercial Banking, Arizona region; Tim Dusing, Public Finance; Morris Kent, Single-tenant lease financing; Kevin Quinn, Retail lending; and Tom Smith, Commercial Banking Indiana region. We are also joined by leaders of our operational units, including Craig Fortner, IT; Justin Karbowski, Finance; Bill Cryder, Special projects; Ginger Wright; Human Resources; Anna Sharkey, Servicing and Account risk; and Nick Simulia, marketing. Also attending today are Chad Garber of BKD LLP, the company's independent registered public accounting firm; and Pete Sablich, who has been appointed to act as speak -- inspector for the meeting. I will now ask the operator to open the line for Mr. Papetti, who will report the details of today's meeting.

Thank you, David. This meeting is being held pursuant to proper notice. As of March 23, 2020, the record date for this meeting, there were 9,754,964 shares of common stock outstanding. The holders of the majority of the outstanding shares entitled to vote at this meeting are present in person or by proxy. Therefore, a quorum is present and the meeting can begin. I will now turn the meeting back to you, Mr. Chairman.

Thank you, C.P. For all in attendance today, please note that the polls will be closed shortly. We have 4 items of business to address at this meeting: first, to elect 8 directors to serve until the next annual meeting of shareholders, each was introduced a moment ago and was also identified in the proxy statement for this meeting; second, an advisory nonbinding vote to approve the compensation paid to our named executive officers; and third, to ratify the appointment of BKD, LLP as our auditor for 2020; and fourth, an amendment to our articles of incorporation to allow shareholders to amend our bylaws. Our bylaws require advanced notice of nominations as well as any other items of business to be brought before this meeting. We did not receive notice of any other matters for the consideration by shareholders. [Voting]

The polls are now closed. C.P, will you announce the preliminary results?

Thank you. Each of the Director nominees received the plurality of the votes cast. The advisory vote to approve the compensation of our named executive officers received more votes for than against. The proposal to ratify the appointment of BKD LLP received more votes for than against, finally, the proposal to amend the articles incorporation to allow shareholders to amend our bylaws received more votes for than against. Mr. Chairman.

Thank you. Based on these preliminary results, I declare that all 8 nominees have been elected. The shareholders have approved our executive compensation on an advisory basis. The shareholders have ratified the appointment of BKD for 2020, and the shareholders have approved the amendment to our articles in the corporation. We expect to report the final voting results and tallies on a current report on Form 8-K. All SEC filings can be found at www.firstinternetbankcorp.com. I encourage all of you to visit the site to stay up-to-date with our company's quarterly performance, our digital annual report and other current news. I also welcome each of you to attend our quarterly webcast, in which we discuss our financial results and other operational highlights. Dates and times are posted on our website in advance and the replay of the calls will be available on our site if you're not able to attend live. We have received no additional questions from shareholders before or during this meeting. So with no further business, having been properly brought before the meeting, this meeting is hereby adjourned. I thank each of you for attending today. I wish continued health and safety for you and your families. And I look forward to seeing you at a future meeting. Our contact information is on the screen. Please feel free to reach out if you would like any assistance, and Paula Deemer will run it down for you. Thank you very much for attending today.

Ladies and gentlemen, this does conclude the program, and you may all disconnect. Everyone, have a great day.