Thursday, April 23, 2015 6:33:32 PM
SA Breaking News Team
First Internet Bancorp beats by $0.14, beats on revenue • 5:09 PM
Jignesh Mehta, SA News Editor
First Internet Bancorp (NASDAQ:INBK): Q1 EPS of $0.46 beats by $0.14.
NII of $6.77M (+39.0% Y/Y) beats by $0.17M
Press Release
http://seekingalpha.com/pr/13253806-first-internet-bancorp-reports-record-quarterly-net-income?app=n
First Internet Bancorp Reports Record Quarterly Net Income
Thu April 23, 2015 4:10 PM|Business Wire | About: INBK
Quarterly earnings per share of $0.46, up 43.8% from fourth quarter 2014 and up 253.8% from first quarter 2014
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp (INBK), the parent company of First Internet Bank (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, announced today financial and operational results for the first quarter 2015.
First quarter net income was a record $2.1 million and diluted earnings per share were $0.46. This compares with fourth quarter 2014 net income of $1.5 million and diluted earnings per share of $0.32 and first quarter 2014 net income of $0.6 million and diluted earnings per share of $0.13.
David Becker, Chairman, President and Chief Executive Officer, commented, Thanks to the hard work and dedication of our talented teams, we produced earnings growth for the fourth consecutive quarter. With focus and shared vision, we reached two significant milestones during the quarter.
First, we surpassed $1.0 billion in total assets. As our organization grows, we expect to realize economies of scale that should allow us to generate higher returns. We continued our trend of strong loan growth as our commercial lending teams had another excellent quarter of production. Our investment in commercial lending is paying strong dividends, as commercial balances have increased $152.1 million, or 62.6%, over the past year and now represent more than 50% of our total loans. The commercial pipeline at the end of the first quarter is higher than it was at the end of the fourth quarter and looks extremely strong, leaving us optimistic about our ability to continue generating high quality assets. Furthermore, we generated strong deposit growth as balances increased $62.6 million, or 8.2%, and drove balance sheet expansion during the quarter.
Second, we achieved a record level of quarterly net income, with quarterly earnings per share growth of 43.8% and significantly improved profitability compared to the fourth quarter 2014. Loan growth drove net interest income higher while operating expenses, excluding seasonal and equity-related compensation costs, were essentially flat quarter-over-quarter.
Highlights for the first quarter 2015 included:
Diluted earnings per share increased $0.14, or 43.8%, compared to the linked quarter and $0.33, or 253.8%, compared to the first quarter 2014
Improved quarterly performance
Return on average assets of 0.84% compared to 0.62% in the linked quarter and 0.30% in the first quarter 2014
Return on average shareholders' equity of 8.55% compared to 6.07% in the linked quarter and 2.64% in the first quarter 2014
Return on average tangible common equity of 8.98% compared to 6.38% in the linked quarter and 2.79% in the first quarter 2014
Continued strong revenue growth
Net interest income increased $0.4 million, or 6.3%, compared to the linked quarter and $1.9 million, or 39.2%, compared to the first quarter 2014
Mortgage banking revenue increased $1.0 million, or 56.7%, compared to the linked quarter and $2.0 million, or 220.7%, compared to the first quarter 2014
more - see link above
Diversify. We invest to make profits. You need to take profits when you have large spikes in stocks, especially if you are up over 100%.
At least sell half, and ride some free shares.
Have some stocks, EM, bonds, real estate, etc.
Recent INBK News
- First Internet Bancorp Reports First Quarter 2024 Results • Business Wire • 04/24/2024 08:39:00 PM
- First Internet Bancorp to Announce First Quarter 2024 Financial Results on Wednesday, April 24 • Business Wire • 04/03/2024 08:21:00 PM
- First Internet Bancorp to Pay Cash Dividend • Business Wire • 03/18/2024 08:24:00 PM
- First Internet Bank Continues to Expand Small Business Administration Team • Business Wire • 03/07/2024 02:25:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:20:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 09:32:53 PM
- First Internet Bancorp Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 01/24/2024 09:31:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 01:39:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 01:32:12 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 01/04/2024 05:15:14 AM
- First Internet Bancorp to Announce Fourth Quarter 2023 Financial Results on Wednesday, January 24 • Business Wire • 01/03/2024 09:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 08:35:26 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 12/19/2023 10:27:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/19/2023 09:27:11 PM
- First Internet Bancorp to Pay Cash Dividend; Extends Stock Repurchase Program • Business Wire • 12/19/2023 09:24:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/08/2023 10:19:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/25/2023 08:31:10 PM
- First Internet Bancorp Reports Third Quarter 2023 Results • Business Wire • 10/25/2023 08:29:00 PM
- First Internet Bank Adds to Growing Small Business Administration Team • Business Wire • 10/24/2023 01:08:00 PM
- First Internet Bank “Optimizes” Do More Business Checking • Business Wire • 10/12/2023 01:10:00 PM
- First Internet Bancorp to Announce Third Quarter 2023 Financial Results on Wednesday, October 25 • Business Wire • 10/04/2023 08:18:00 PM
- First Internet Bank Introduces Cash Flow Analysis to Do More Business™ Checking • Business Wire • 09/25/2023 12:50:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/19/2023 08:17:55 PM
- First Internet Bancorp to Pay Cash Dividend • Business Wire • 09/19/2023 08:16:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2023 08:11:21 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM