First Internet Bancorp (NASDAQ:INBK) Q4 2023 Earnings Call Transcript

David Becker: I think on the staffing side, we’re up probably in the range of 20% to 25% on a year-over-year basis. We added a number of folks at the end of the year and it’s going to go up and it’s in the earnings release or the numbers from Ken about the biggest expense we’re going to have in costs next year is still going to be in the employee queue. And a big chunk of that is going to be for SBA and compliance issues within the BaaS world. So, that’s where most of the employee growth is coming from through 2024. And I think that’s going to put us somewhere in the 68% bump in salaries and/or employee expense.

Ken Lovik: We gave total non-interest income in the range of 8% to 10%.

Nathan Race: Total non-interest income of 8% to 10%.

Ken Lovik: I’m sorry, non-interest expense. Sorry. Non-interest income is going to go up higher then.

David Becker: It’s going up 30.

Nathan Race: Right. Yes. That’s what I thought. Okay, great. I appreciate you guys taking the questions and all the colors. Thank you.

David Becker: Great. Thanks, Nate.

Ken Lovik: Thank you.

Operator: Thank you. There are no further questions at this time. I will now hand the call back to Mr. Becker for the closing remarks.

David Becker: Great. Thank you, Jenny. I thank all of you for joining us on today’s call. The anniversary gives us an opportunity to reflect, and it is really remarkable. The storms we’ve weathered in our first 25 years from the dot-com bubble burst in the early days. The mortgage meltdown of ’07 and ’08, a global pandemic followed by the steepest, fastest rate increase in history. We have survived them all. We have lived to find another day. And as we look forward to 2024 and our next 25 years, we’re extremely optimistic about our outlook. The strong performance of our commercial and consumer lending team, including our growth in small business and construction lending, can drive greater revenue growth, throw in the stabilized deposit costs, and it paints a real favorable picture for earnings.

As fellow shareholders, we remain committed to driving improved profitability and enhanced shareholder value. We thank you for all your support and wish you a good afternoon. Thanks, everyone.

Operator: Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.