First Internet Bancorp reports record quarterly profit

First Internet Bancorp, the parent of First Internet Bank, reported record earnings in its first quarter.

The Indianapolis-based company had a profit of $2.1 million, or 46 cents per share, up from $600,000, or 13 cents per share, in the same period of 2014. The quarterly results were reported Thursday after the market closed.

It was the fourth straight quarter of earnings growth for First Internet, which passed the $1 billion mark in assets during the quarter.

The bank built its loan portfolio by 4.8 percent, or $35.3 million, during the quarter, to $767.7 million. Commercial loans rose by 12.5 percent, or $43.9 million, and now make up more than 50 percent of the bank’s loans.

First Internet shares were up 6.5 percent Monday, to $21.84 each, and have risen 30 percent since the beginning of the year.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.