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First Internet Bancorp reports lower quarterly profit

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First Internet Bancorp, parent of Indianapolis-based First Internet Bank, said on Wednesday that profit fell in the third quarter due to unsold mortgage loans.

The company earned $765,000 for the period ended Sept. 30, or 40 cents per share, compared with $1 million, or 53 cents per share, in the year-ago period.

First Internet attributed the decline in profit to the timing of gains from closed but not-yet-sold mortgages to the secondary market.

Loans held for sale totaled $44.4 million as of Sept. 30, compared with $19.5 million at the same time in 2010.

“We enjoyed a tremendously active third quarter in our mortgage lending and mortgage-origination business,” David Becker, chairman and CEO of First Internet Bancorp, said in a prepared statement. “Our ability to tap into a nationwide audience of borrowers has enabled First Internet to seek out the best lending opportunities from coast to coast without being tied to a particular geography.”

Profit through the first nine months of 2011 also is down. First Internet reported earnings of $2.1 million, or $1.12 per share, compared with $4.3 million, or $2.24 per share, in the first nine months of last year.

The bank, however, reported higher deposits, assets and loan amounts.

Total deposits year-over year through Sept. 30 grew 15 percent, from $404.1 million to $464.1 million.  

Assets also increased 15 percent, to a record $561.3 million, and loans rose 18 percent, to $331 million.

 

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