First Internet reports record year for earnings

First Internet Bancorp on Thursday reported a record year for earnings despite a small decrease in profit in the fourth quarter.

The Fishers-based parent of First Internet Bank turned a profit of $3.5 million, or 41 cents per share, in the fourth quarter, down from $3.7 million, or 64 cents per share, in the same period of 2016.

Annual earnings for 2017 were $15.2 million, or $2.13 per share, compared with $12.1 million, or $2.30 per share, in 2016.

Total loans as of Dec. 31 were $2.1 billion, increasing 11.9 percent since the end of the third quarter and 67 percent since Dec. 31, 2016.

Total commercial loan balances were $1.5 billion as of Dec. 31, increasing 15.6 percent in the quarter and 83.5 percent in the past year. The growth in commercial loan balances was driven largely by public finance, single-tenant lease financing and health care finance.

“I am proud to report our teams produced another year of balance sheet and earnings growth,” First Internet CEO David Becker said in written comments. “Our lending efforts, including the additions of public finance and healthcare finance in 2017, had a solid year, which fueled record net interest income.”

First Internet stock was up 1.1 percent Friday morning, to $40.60 per share.

First Internet Bancorp (INBK) on Thursday reported fourth-quarter earnings of $3.5 million.

The Fishers, Indiana-based bank said it had earnings of 41 cents per share. Earnings, adjusted for pretax expenses, were 63 cents per share.

The internet bank posted revenue of $27.2 million in the period. Its adjusted revenue was $17.9 million.

For the year, the company reported profit of $15.2 million, or $2.13 per share. Revenue was reported as $64.5 million.

First Internet shares have risen 5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $40.15, a rise of 35 percent in the last 12 months.