First Internet Bancorp quarterly earnings up again

November 1, 2010

First Internet Bancorp realized one of the largest quarterly profits in the company’s history, the Indianapolis-based parent of First Internet Bank of Indiana announced Friday.

The company earned just over $1 million in the third quarter ended Sept. 30, compared to a loss of $208,806 for the same quarter of 2009.

“Last quarter had been the most profitable quarter in [company] history that did not include a substantial one-time event – until now,” said David Becker, chairman and CEO of First Internet Bancorp. “We have built upon the positive momentum of the past quarter with another impressive performance in our core banking and mortgage operations. Net interest margin continued to improve, and we are taking advantage of the low rates in the mortgage market to generate significant non-interest income.”

The earnings boost was the result of continued growth in net-interest margin, an increase in non-interest income, and a further reduction in loan-loss provision, the company said.

First Internet, however, reported lower deposit, loan and asset amounts.

As of Sept. 30, the bank’s deposits stood at $404.1 million, a decrease of 1.7 percent from a year ago. Loans fell 9.8 percent, to $299.2 million. And assets fell  nearly 5 percent, to $487.1 million.

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