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First Internet continues run of profit increases

October 23, 2015

First Internet Bancorp, the parent of First Internet Bank, reported increased earnings for the sixth straight quarter.

The Indianapolis-based company said it realized a record profit of $2.32 million, or 51 cents per share, in the third quarter, up from $1.28 million, or 28 cents per share, in the same period of 2014.

The quarterly results were reported Thursday after the market closed.

“To produce six consecutive quarters of earnings growth requires a commitment throughout the organization to execute our growth strategy,” First Internet CEO David Becker said in written remarks. “Our diverse platform of loan origination capabilities and revenue sources has allowed us to produce this consistent earnings growth and mitigate risk.”

Becker founded the company in 1999.

The bank built its loan portfolio by 7.7 percent, or $62.3 million, during the quarter, to $876.6 million. Commercial loans rose by 13.3 percent, or $59.8 million, to $508.7 million.

First Internet shares were up 6 cents Friday morning, to $32 each. They have risen 91 percent since the beginning of the year.

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