First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results
Business Wire
Highlights for the fourth quarter and full year 2020 include:
· Record annual net income and diluted earnings per share of $29.5 million and $2.99, respectively
· Record quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019
·Record quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019
·Total quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019
·Net interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits
As of December 31, 2020, total shareholders’ equity was $330.9 million, an increase of $12.8 million, or 4.0%, compared to September 30, 2020, due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $33.77 as of December 30, 2020, up from $32.46 as of September 30, 2020 and $31.30 as of December 31, 2019. Tangible book value per share increased to $33.29, up from $31.98 and $30.82, each as of the same reference dates.
Marker:
First Internet Banco (INBK)
$35.80 up 1.7 (5.26%)
Volume: 71,264
*This bank is a $4.2Billion dollar bank in assets and sells just a touch over 1XP/B...I see value.
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