First Internet reports smaller quarterly profit

July 24, 2014

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.


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