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First Internet Bancorp reports another record quarter

January 19, 2017

Fishers-based First Internet Bancorp on Thursday said it realized record earnings in the fourth quarter—the 10th time in 11 quarters it has seen rising earnings.

The parent of First Internet Bank reported $3.7 million in profit, or 64 cents per share, in the quarter ended Dec. 31, compared with profit of $2.3 million, or 50 cents, in the fourth quarter of 2015.

The bank’s loan portfolio grew to $1.3 billion and assets grew to $1.85 billion. Total deposits grew from $956 million to $1.46 billion over the past year.

The bank saw loan growth of $51.9 million, or 4.3 percent, over the quarter and  $296.9 million, or 31.1 percent, since Dec. 31, 2015

"Growing our loans by 31 percent in one year is evidence our teams deliver high-caliber performances and work in concert with one another,” CEO David Becker said in written remarks. “Our loan growth fueled a continued increase in interest income, and we had a strong finish to 2016: fourth quarter results represent our best period of the year—and in our 17-year history."

Commercial loan balances were $833.1 million as of Dec. 31, increasing 43 percent over the same date of 2015.

First Internet shares dipped 1.1 percent Thursday, to $29.30 each.

 

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