First Internet reports record quarterly earnings

Fishers-based First Internet Bancorp on Thursday said it realized record earnings in the third quarter—the ninth time in 10 quarters it has seen rising earnings.

The parent of First Internet Bank reported $3.1 million in profit, or 55 cents per share, compared with profit of $2.3 million, or 51 cents, in the third quarter of 2015.

“Once again, we produced record quarterly net income as we continue to deliver on our growth strategy,” First Internet CEO David Becker said in a written statement. “Our execution has been impressive: loans are up over 36 percent and assets are up over 56 percent compared to this period last year.”

The bank’s loan portfolio grew to $1.2 billion and assets grew to $1.82 billion. Total deposits grew by $593.9 million over the past year.

Commercial loan balances were $793.9 million as of Sept. 30, increasing 56.1 percent over the same date of 2015.

First Internet shares rose 3.1 percent Friday morning, to $24.91 each.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.