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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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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

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