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Benefit Plans | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans Employment Agreements The Company is party to certain employment agreements with each of its Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer. The employment agreements each provide for annual base salaries and annual bonuses, if any, as determined from time to time by the Compensation Committee of our Board of Directors. The annual bonuses are to be determined with reference to the achievement of annual performance objectives established by the Compensation Committee. The agreements also provide that each of the Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer, may be awarded additional compensation, benefits, or consideration as the Compensation Committee may determine. The agreements also provide for the continuation of salary and certain other benefits for a specified period of time upon termination of employment under certain circumstances, including resignation for “good reason,” termination by the Company without “cause” at any time or any termination of employment within twelve months following a “change in control,” along with other specific conditions. 2022 Equity Incentive Plan The First Internet Bancorp 2022 Equity Incentive Plan (the “2022 Plan”) was approved by our Board of Directors and ratified by our shareholders on May 16, 2022. The 2022 Plan permits awards of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, stock unit awards, performance awards and other stock-based awards. All employees, consultants, and advisors of the Company or any subsidiary, as well as all non-employee directors of the Company, are eligible to receive awards under the 2022 Plan. The 2022 Plan initially authorized the issuance of 400,000 new shares of the Company’s common stock plus all shares of common stock that remained available for future grants under the First Internet Bancorp 2013 Equity Incentive Plan (the “2013 Plan”). Award Activity Under 2022 Plan The Company recorded $0.2 million and $0.6 million o f share-based compensation expense for the three and nine months ended September 30, 2023, related to stock-based awards under the 2022 Plan. The Company recorded less than $0.1 million o f share-based compensation expense for both the three and nine months ended September 30, 2022, related to stock-based awards under the 2022 Plan The following table summarizes the stock-based award activity under the 2022 Plan for the nine months ended September 30, 2023.
| Restricted Stock Units |  | Weighted-Average Grant Date Fair Value Per Share |  | Restricted Stock Awards |  | Weighted-Average Grant Date Fair Value Per Share |  | Deferred Stock Units |  | Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2022 | — |  |  | $ | — |  |  | 3,558 |  |  | $ | 36.84 |  |  | — |  |  | $ | — |
Granted | 72,354 |  |  | 24.61 |  |  | 30,030 |  |  | 11.18 |  |  | — |  |  | — |
Cancelled/Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | — |  |  | — |  |  | (3,558) |  |  | 36.84 |  |  | — |  |  | — |
Unvested at September 30, 2023 | 72,354 |  |  | $ | 24.61 |  |  | 30,030 |  |  | $ | 11.18 |  |  | — |  |  | $ | — |
At September 30, 2023, the total unrecognized compensation cost related to unvested stock-based awards under the 2022 Plan was $1.6 million with a weighted-average expense recognition period of 2.1 years. 2013 Equity Incentive Plan The 2013 Plan authorized the issuance of 750,000 shares of the Company’s common stock in the form of stock-based awards to employees, directors, and other eligible persons. Although outstanding stock-based awards under the 2013 Plan remain in place according to their terms, our authority to grant new awards under the 2013 Plan terminated upon shareholder approval of the 2022 Plan. Award Activity Under 2013 Plan The Company recorded $0.2 million and $0.3 million of share-based compensation expense for the three and nine months ended September 30, 2023, related to stock-based awards under the 2013 Plan. The Company recorded $0.4 million and $2.0 million of share-based compensation expense for the three and nine months ended September 30, 2022, related to stock-based awards under the 2013 Plan. The following table summarizes the stock-based award activity under the 2013 Plan for the nine months ended September 30, 2023.
| Restricted Stock Units |  | Weighted-Average Grant Date Fair Value Per Share |  | Restricted Stock Awards |  | Weighted-Average Grant Date Fair Value Per Share |  | Deferred Stock Units |  | Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2022 | 101,734 |  |  | $ | 35.93 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cancelled/Forfeited | (278) |  |  | 27.56 |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | (35,808) |  |  | 31.87 |  |  | — |  |  | — |  |  | — |  |  | — |
Unvested at September 30, 2023 | 65,648 |  |  | $ | 38.18 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
At September 30, 2023, the total unrecognized compensation cost related to unvested stock-based awards under the 2013 Plan was $0.8 million with a weighted-average expense recognition period of 1.2 years. Directors Deferred Stock Plan Until January 2014, the Company had a practice of granting awards under a stock compensation plan for members of the Board of Directors (“Directors Deferred Stock Plan”). The Company reserved 180,000 shares of common stock that could have been issued pursuant to the Directors Deferred Stock Plan. The plan provided directors the option to elect to receive up to 100% of their annual retainer in either common stock or deferred stock rights. Deferred stock rights were to be settled in common stock following the end of the deferral period payable on the basis of one share of common stock for each deferred stock right. The following table summarizes the status of deferred stock rights related to the Directors Deferred Stock Plan for the nine months ended September 30, 2023.
|  | Deferred Stock Rights |
Outstanding, beginning of period |  | 40,414 |  |
Granted |  | 301 |  |
Outstanding, end of period |  | 40,715 |  |
All deferred stock rights granted during the 2023 period were additional rights issued in lieu of cash dividends payable on outstanding deferred stock rights.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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