First Internet Bancorp Announces Record Second Quarter Earnings
Business Wire - Jul 29 at 08:24
Company Symbols: NASDAQ-OTCBB:FIBP
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $944,750 for the quarter ended June 30, 2010, compared to net income of $263,747 for the same quarter in the previous year.
"To put the earnings results in perspective, this is the most profitable quarter we have ever had that did not include a significant one-time event," remarked David Becker, Chairman and CEO of First Internet Bancorp. Higher earnings were reported for first quarter 2010 and third quarter 2001 but included favorable one-time adjustments.
Mr. Becker noted the Bancorp has had strong success year-to-date. The adjusted first quarter 2010 net income of $771,645 ($2,299,967 prior to the reversal of loan loss expense related to a large commercial credit) also represented significant improvement over first quarter 2009.
Earnings improvement was the result of increased net interest margin, continued generation of non-interest income and a reduction in loan loss provision. Net interest margins widened due to increased loan yields and lower cost of funds. Second quarter net interest margin equaled 3.18% compared to 3.17% as of March 31, 2010, and 2.53% as of June 30, 2009. Non-interest income, derived primarily from online mortgage originations, continued to have a positive impact on earnings, adding $738,674 in the second quarter. Non-interest expenses remained below peer levels as a result of the Bancorp's efficient Internet banking platform.
Second quarter provision for loan loss was $773,861, a reduction of $706,327 over the same period in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of June 30, 2010, the Bancorp held reserves equal to 2.37% of outstanding loan balances not held for sale compared to 2.34% as of March 31, 2010 and 1.71% as of June 30, 2009.
"By remaining focused on areas we can control, such as loan and deposit pricing and selected non-interest expense items, we have continued to improve profitability," Mr. Becker said. "Loan losses are still elevated when compared to historic levels; however, they are trending lower in our portfolio, which is consistent with national consumer credit trends."
The Bancorp remained well capitalized under risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).
Selected Balance Sheet Information
June 30
2009 2010
(Unaudited1) (Unaudited1)
Cash Equivalents 38,858,690 25,004,068
Investment Securities 153,846,696 130,713,349
Loans, net of Reserve 327,743,929 301,151,163
Bank owned life insurance 7,419,684 7,720,357
Goodwill 4,687,349 4,687,349
Other Assets 11,945,545 13,870,019
Total Assets 544,501,893 483,146,305
Deposits 453,150,960 400,201,852
FHLB Advances 44,000,000 32,393,440
Other Liabilities 1,849,777 1,623,083
Shareholder's Equity 45,501,156 48,927,930
Total Liabilities & Equity 544,501,893 483,146,305
Selected Income Statement Information
Quarter Ended June 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 3,272,565 3,659,921
Non-Interest Income 1,051,454 738,674
Provision for Loan Losses (1,480,188 ) (773,861 )
FDIC Special Assessment (251,250 ) -
Non-Interest Expense (2,435,366 ) (2,407,216 )
Net Income Before Taxes 157,215 1,217,518
Tax (Expense)/Benefit 106,532 (272,768 )
Net Income 263,747 944,750
Income per share:
Basic 0.14 0.50
Weighted average of shares outstanding:
Basic 1,890,838 1,896,650
Six Months Ended June 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 6,343,795 7,397,809
Non-Interest Income 1,658,728 1,020,994
Provision for Loan Losses (3,508,512 ) 996,558
FDIC Special Assessment (251,250 ) -
Non-Interest Expense (4,651,836 ) (4,885,041 )
Net Income/(Loss) Before Taxes (409,075 ) 4,530,320
Tax (Expense)/Benefit 463,377 (1,285,603 )
Net Income 54,302 3,244,717
Income per share:
Basic 0.03 1.71
Weighted average of shares outstanding:
Basic 1,890,838 1,896,650
About First Internet Bancorp
First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.
About First Internet Bank
With over $480 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, and home equity loans and lines of credit. First IB is a wholly owned subsidiary of First Internet Bancorp.
1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.
Source: First Internet Bancorp
Copyright Business Wire 2010
Recent INBK News
- First Internet Bancorp to Pay Cash Dividend • Business Wire • 09/17/2024 08:18:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/24/2024 08:37:50 PM
- First Internet Bancorp Reports Second Quarter 2024 Results • Business Wire • 07/24/2024 08:34:00 PM
- First Internet Bancorp to Announce Second Quarter 2024 Financial Results on Wednesday, July 24 • Business Wire • 07/08/2024 08:21:00 PM
- First Internet Bancorp to Pay Cash Dividend • Business Wire • 06/18/2024 08:15:00 PM
- 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
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM