First Internet Bancorp (INBK)

[56Chevy]

First Internet Bancorp Reports Third Quarter 2020 Results
October 21 2020 - 04:14PM

Highlights for the third quarter include:

-Record quarterly net income of $8.4 million, and adjusted net income of $10.0 million when excluding a $2.1 million pre-tax write-down of legacy other real estate owned (“OREO”)

-Record quarterly diluted earnings per share of $0.86 and $1.03 adjusted diluted earnings per share, excluding the OREO write-down

-Total revenue of $28.7 million, a 48.1% increase from the second quarter, driven by record mortgage banking revenue, higher net interest income and increased SBA loan sales

-Net interest margin and fully-taxable equivalent net interest margin increased 16 and 17 basis points (“bps”), respectively, from the second quarter, driven by a 43 bp decrease in the cost of interest-bearing deposits

-As of October 16, 2020, loan balances of $20.8 million, or 0.7% of total loans, remained on deferral programs, down significantly from $365.8 million on July 17, 2020

Source:
https://ih.advfn.com/stock-market/NASDAQ/first-internet-bancorp-INBK/stock-news/83507871/first-internet-bancorp-reports-third-quarter-2020

First Internet Banco (INBK)
$20.95 up 3.36 (19.10%)
Volume: 19,651

BV: $32
MV: $21

P/B: 0.65%


* this bank remains "on sale".

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