Anirban,
Thanks for pointing us to the 10K, I had been looking for it. I bought my first shares of INBK last week and will look to add more as I get a better feel for the company.
Anyone looking to buy shares needs to use limit orders to protect yourself, this is a very small company and if you place a market order, you alone could spike to the shares higher. It took me 3 days for my order to go through.
Notes from the 10K:
**For 2013 Total Assets grew 59% to $802.34M from $504.62M in 2012
**Total Loans increased to $495.73M from $305.44M
**Deposits grew to $673M from $411.63M
**INBK generated positive Net Income the past 4 yrs with $4.59M in 2013
**Nonperforming Assets to Total Assets was .9% with 1.06% allowance
**Average Size INBK checking account is $13K, nearly 4x national average
**Weighted average credit score of 772 for 2013
**They sell vast majority of conforming conventional loans (Fixed rate) to the secondary market, avoiding potential interest rate risks.
As management grows and learns, they have been able to make some major changes in the overall performance and financial health of the company:
**Allowance for loan losses in 2009 was $10,097 on $305,437 in loans.
For 2013 it was down to $5426 on loans of $495,727.
**Nonacccrual loans in 2009 was $10,300 and only $1,834 in 2013
**Charge offs in 2009 was $7,003 and $1,212 in 2013
**130 employees
**4,449,619 shares outstanding
**Pays an annual dividend of $0.24
In banking it is important to watch a banks Efficiency Ratio to truly understand the health of the company. As I am new at studying banks, I am not sure what levels we want our banks at…but I am pretty sure INBK is doing a good job.
2009 they had an efficiency ratio of 56.1%
20013 it had improved to 75.96%.
What say you?
David
MTH Ticker Guide