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First Internet earnings surge on commercial loan growth

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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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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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