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First Internet Bancorp reports record annual profit

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First Internet Bancorp, parent of Indianapolis-based First Internet Bank, said on Friday it earned record annual profit last year.

The company earned $4.9 million for the year ended Dec. 31, or $2.61 per share, compared with a loss in 2009 of $2.1 million, or $1.12 per share.

“Last year was our best year ever in terms of earnings, net interest income, and non-interest income,” David Becker, chairman and CEO of First Internet Bancorp, said in a prepared statement. “Through our asset/liability management initiatives, our mortgage loan origination activity, and our loan collection and recovery efforts, we increased value for our shareholders in 2010.”

First Internet also reported higher deposits, though asset and loan amounts fell.

As of Dec. 31, the bank’s deposits stood at $422.7 million, an increase of 2.7 percent from 2009.

Assets dipped by less than 1 percent, to $503.9 million, and loans fell 2.6 percent, to $304.6 percent.
 

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  1. I could be wrong, but I don't think Butler views the new dorm as mere replacements for Schwitzer and or Ross.

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