First Internet earnings surge on commercial loan growth

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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