Breaking: INBK Earnings
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