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First Internet sees record profit, big loan growth

October 19, 2017

First Internet Bancorp on Thursday reported another record quarter for earnings and a major increase in its loan portfolio.

The Fishers-based parent of First Internet Bank turned a profit of $4.9 million, or 71 cents per share, in the third quarter, up from $3.1 million, or 55 cents per share, in the same period of 2016.

Total loans as of Sept. 30 were $1.9 billion, increasing 10 percent since the end of the second quarter and 55.8 percent since Sept. 30, 2016.

Total commercial loan balances were $1.3 billion as of Sept. 30, increasing 13.9 percent in the quarter and 66.5 percent in the past year. The growth in commercial loan balances was driven largely by public finance and single-tenant lease financing.

The company saw total deposit growth of $264.9 million, or 15.3 percent, in the quarter and $503.4 million, or 33.7 percent, over the past year.

Net interest income in the quarter was $14.2 million, increasing $3.9 million over the same quarter of 2016.

First Internet shares closed at $34.25 Thursday before the quarterly financial announcement, an increase of 42 percent in the last year.

 

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