Indianapolis-based First Internet Bancorp on Thursday said second quarter profit fell 42.5 percent on a decline in mortgage-banking income.
The parent of First Internet Bank of Indiana reported profit of $977,000, or 22 cents per share, in the quarter ended June 30, compared with $1.71 million, or 59 cents per share, in the second quarter of 2013.
The company saw a 64-percent drop in mortgage banking income from the year-ago quarter, attributable to a nationwide slowing in mortgage refinancing.
Per-share income was affected by a 1.62 million increase in company shares following a fourth quarter public offering.
Other quarterly results were more positive. Net-interest income rose 27 percent, to $5.4 million, on a 74-percent increase in net loans receivable.
Total commercial loans increased 114 percent, to $273.6 million. Total deposits jumped 33 percent, to $744.2 million. And total assets rose 32 percent, to $868.1 million.
First Internet shares were down 1.2 percent Thursday morning, to $19 each.