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FIBP.. $12.45 Earnings

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10 bagger   Monday, 11/01/10 12:16:06 PM
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FIBP.. $12.45 Earnings

About First Internet Bank

With over $485 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, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.



First Internet Bancorp Announces Higher Third Quarter Earnings

Business Wire - Oct 29 at 13:07

Company Symbols: NASDAQ-OTCBB:FIBP


INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $1,006,684 for the quarter ended September 30, 2010, compared to a net loss of $208,806 for the same quarter in the previous year.

"Last quarter had been the most profitable quarter in Bancorp history that did not include a substantial one-time event - until now," said David Becker, Chairman and CEO of First Internet Bancorp. "We have built upon the positive momentum of the past quarter with another impressive performance in our core banking and mortgage operations. Net interest margin continued to improve, and we are taking advantage of the low rates in the mortgage market to generate significant non-interest income."

Becker continued, "If not for an adjustment in our securities portfolio, net income would have been nearly $1.3 million for the quarter." The Bancorp took an after-tax charge of $277,379 due to an other-than-temporary impairment adjustment.

As in the previous quarter, the earnings boost was the result of continued growth in net interest margin, an increase in non-interest income, and a further reduction in loan loss provision. Net interest margin widened to 3.28%, compared to 3.18% as of June 30, 2010, and 2.98% as of September 30, 2009. Non-interest income, derived primarily from online mortgage originations sold into the secondary market, added $1,324,246 to revenue in the third quarter, an increase of $551,569 over the third quarter in 2009.

Third quarter provision for loan loss was $626,796, a reduction of $147,065 over the prior quarter and $1,924,991 over the third quarter in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of September 30, 2010, the Bancorp held reserves equal to 2.43% of outstanding loan balances not held for sale, compared to 2.37% at June 30, 2010, and 1.82% as of September 30, 2009.

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

September 30

2009 2010
(Unaudited1) (Unaudited1)

Cash Equivalents 3,012,674 24,384,474

Investment Securities 149,896,078 136,167,420

Loans, net of Reserve 331,693,243 299,188,572

Bank owned life insurance 7,497,196 7,794,546

Goodwill 4,687,349 4,687,349

Other Assets 10,633,214 14,854,277

Total Assets 507,419,754 487,076,638

Deposits 411,116,591 404,056,866

FHLB Advances 46,700,000 30,424,307

Other Liabilities 1,546,744 1,841,776

Shareholder's Equity 48,056,419 50,753,689

Total Liabilities & Equity 507,419,754 487,076,638

Selected Income Statement Information

Quarter Ended September 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 3,669,407 3,705,310

Non-Interest Income 772,677 1,324,246

Loss on assets including OTTI (238,084) (480,808)

Provision for Loan Losses (2,551,787) (626,796)

Non-Interest Expense (2,229,212) (2,612,879)

Net Income/(Loss) Before Taxes (576,999) 1,309,073

Tax (Expense)/Benefit 368,193 (302,389)

Net Income/(Loss) (208,806) 1,006,684

Nine Months Ended September 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 10,013,202 11,103,119

Non-Interest Income 2,655,464 2,709,551

Gain/(Loss) on assets including OTTI (461,078) (845,119)

Provision for Loan Losses (6,060,299) 369,762

Non-Interest Expense (7,133,363) (7,497,919)

Net Income/(Loss) Before Taxes (986,074) 5,839,394

Tax (Expense)/Benefit 831,570 (1,587,993)

Net Income/(Loss) (154,504) 4,251,401

Income/(Loss) per share:

Basic (0.08) 2.24

Weighted average of shares outstanding:

Basic 1,891,460 1,897,786




About First Internet Bancorp

First Internet Bancorp (OTCBB: 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 $485 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, home equity loans and lines of credit, and commercial loans. 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



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