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First Internet Bancorp reports higher earnings

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First Internet Bancorp, parent of Indianapolis-based First Internet Bank, said Thursday that profit rose 55 percent in the second quarter compared with the year-ago period.

The company earned $1.3 million for the quarter ended June 30, or 67 cents per share, compared with $828,000, or 43 cents per share, during the same period last year.

First Internet attributed the increase to gains on loans sold and growth in deposits.

Loans held for sale totaled $35 million as of June 30, compared with $9.5 million at the same time in 2011.

“We are generating tremendous growth while maintaining a very acceptable net interest margin in an environment with significant margin pressure,” Chairman and CEO David Becker said in a prepared statement. “Because we don’t have to support a bricks-and-mortar network, we can accept lower margins than community banks and still generate strong profits.”

Total deposits in the second quarter grew 18 percent, to $522 million.

Assets increased 16 percent, to a record $624 million.

Through the first six months the bank reported profit of $2.4 million, or $1.27 per share, compared with $1.4 million, or 72 cents per share, in the first six months of 2011.

 

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