Indiana Banks and Banks and Banking & Finance and First Internet Bank and Online Banking

First Internet earnings surge on commercial loan growth

April 19, 2013

First Internet Bancorp saw earnings grow 30 percent in the first quarter as its assets and commercial loan portfolio surged.

The Indianapolis-based parent of First Internet Bank of Indiana said Thursday that earnings rose to $1.5 million, or 77 cents per share, in the quarter ended March 31, compared with $1.2 million, or 60 cents per share, in the same period of 2012.

Total assets reached a record $650.8 million, up 6.4 percent from a year ago.

The bank’s commercial loan portfolio grew to $109.1 million, a whopping rise of 62 percent compared with the first quarter of 2012. Commercial real estate loans rose 46 percent over that period, to $89.4 million.

First Internet also experienced year-over-year gains in net interest income and non-interest income.

“We are pleased to report another quarter of solid profitability and growth,” CEO David Becker said in a prepared statement.

Shares of First Internet, which began trading on the NASDAQ market in February, closed at $24.76 each Thursday, up 16.5 percent since the beginning of the year.

 

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