DAVID BECKER
FIRST INTERNET BANK | CHAIRMAN AND CHIEF EXECUTIVE OFFICER
TO BE RELEVANT NOT JUST TOMORROW BUT ALSO BEYOND, WE WILL CONTINUE TO INVEST IN OUR PEOPLE AND OUR TECHNOLOGY.
Change came. And thanks to those guiding principles, we have been able not only to adapt but to progress. To prosper. For the year ending December 31, 2021, net income was a record $48.1 million and diluted earnings per share were a record $4.82, compared to net income of $29.5 million and diluted earnings per share of $2.99 for the previous year.
We know there will be more change ahead. We planned for 2022 with the expectation that rates would rise in an effort to quell inflation. As I am writing this letter, geopolitical events have thrown the markets into tumult, intensifying the complexities of our economy. While the future is never certain, I feel confident the structural changes we have made to our business will serve us well, regardless of what may lie ahead:
In November 2021, we announced our intention to acquire the bank holding company and parent of First Century Bank, a technology-driven financial institution with attractive and scalable business lines. The opportunity looks favorable for growth, a further diversified revenue profile and access to a historically stable, low-cost deposit base. At press time, we are awaiting regulatory approval of the merger, and I thank the teams of both organizations diligently planning the integration of our respective organizations in a manner that we believe will allow us to drive meaningful growth in 2023 and beyond.
Beyond. As a lifelong entrepreneur, I am fascinated with the concept. It’s not about looking behind us, and it’s more than simply accepting what is immediately in front of us. Looking to the future and moving in that direction require courage and a healthy dose of imagination. Banking will never be the same again. Preferences have shifted, information and options have proliferated and tech-enabled transactions continue to increase exponentially.
To be relevant not just tomorrow but also beyond, we will continue to invest in our people and our technology. We must also remain committed to advancing a workplace culture that encourages a diverse range of thought. A broader spectrum of backgrounds and experiences produces more ideas, and more ideas lead to better outcomes. We speak to these aspirations and initiatives in our Environmental, Social & Governance (ESG) report, which we first published in 2021. I hope you’ll read it, and I look forward to sharing our annual progress in the years to come.
I am proud of what we have accomplished to date through the compassion, hard work and innovative ideas from our team members. On behalf of each of them, I’d like to share a sincere thanks to our shareholders for their continued support as we progress on our journey - where imagination leads.
DAVID B. BECKER
Chairman and Chief Executive Officer
