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First Internet Bancorp

First Internet Bancorp (INBK)

37.01
1.15
(3.21%)
Closed July 23 4:00PM
37.01
0.00
( 0.00% )
Pre Market: 8:06AM

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Key stats and details

Current Price
37.01
Bid
14.82
Ask
59.20
Volume
-
0.00 Day's Range 0.00
14.11 52 Week Range 37.69
Market Cap
Previous Close
37.01
Open
-
Last Trade
Last Trade Time
-
Financial Volume
-
VWAP
-
Average Volume (3m)
66,546
Shares Outstanding
8,655,854
Dividend Yield
0.65%
PE Ratio
38.06
Earnings Per Share (EPS)
0.97
Revenue
101.03M
Net Profit
8.42M

About First Internet Bancorp

First Internet Bancorp is a bank holding company. Through its subsidiaries, it provides commercial real estate (CRE) lending, including nationwide single tenant lease financing and commercial and industrial (C&I) lending, including business banking/treasury management services. The company offers it... First Internet Bancorp is a bank holding company. Through its subsidiaries, it provides commercial real estate (CRE) lending, including nationwide single tenant lease financing and commercial and industrial (C&I) lending, including business banking/treasury management services. The company offers its products and services through the internet and does not have any branches. With operations organized into a single segment called the Commercial Banking segment, it also provides retail banking services. Show more

Sector
State Commercial Banks
Industry
State Commercial Banks
Headquarters
Fishers, Indiana, USA
Founded
1970
First Internet Bancorp is listed in the State Commercial Banks sector of the NASDAQ with ticker INBK. The last closing price for First Internet Bancorp was $37.01. Over the last year, First Internet Bancorp shares have traded in a share price range of $ 14.11 to $ 37.69.

First Internet Bancorp currently has 8,655,854 shares outstanding. The market capitalization of First Internet Bancorp is $320.35 million. First Internet Bancorp has a price to earnings ratio (PE ratio) of 38.06.

INBK Latest News

First Internet Bancorp to Announce Second Quarter 2024 Financial Results on Wednesday, July 24

Conference call and webcast to be held on Thursday, July 25 First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (www.firstib.com), announced today...

First Internet Bancorp to Pay Cash Dividend

The Board of Directors of First Internet Bancorp (the “Company”) (Nasdaq: INBK) has declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on July 15, 2024 to...

First Internet Bancorp Reports First Quarter 2024 Results

First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the first quarter ended March...

First Internet Bancorp to Announce First Quarter 2024 Financial Results on Wednesday, April 24

Conference call and webcast to be held on Thursday, April 25 First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (www.firstib.com), announced today...

First Internet Bancorp to Pay Cash Dividend

The Board of Directors of First Internet Bancorp (the “Company”) (Nasdaq: INBK) has declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on April 15, 2024 to...

First Internet Bank Continues to Expand Small Business Administration Team

First Internet Bank announced today that Craig Simon has joined the organization as Vice President, Senior Business Development Officer. Mr. Simon will bring additional financial expertise to...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
12.015.742857142863537.6934.365504935.82564769CS
412.1148.634538152624.937.6924.1811572428.59842346CS
12619.348597226731.0137.6924.186654628.72403406CS
269.8136.066176470627.237.6924.186193230.32615926CS
5218.84103.68739680818.1737.6914.114891526.67783407CS
1567.2324.278038952329.7853.569.685017927.28818804CS
26016.3479.051765844220.6753.569.684509925.86673273CS

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INBK Discussion

View Posts
WizardWizard55 WizardWizard55 5 months ago
INBK, or First Internet Bancorp, is a financial institution offering online banking services.<a href="
👍️0
56Chevy 56Chevy 1 year ago
Marker:
First Internet Banco (INBK)
$18.61 -4.27 (-18.66%)
Volume 63,137

*Post Silicon Valley bank collapse
👍️0
56Chevy 56Chevy 3 years ago
Marker;

First Internet Banco (INBK)
$44.68 up 0.26 (0.59%)
Volume: 27,619

*All-time highs

.
👍️0
56Chevy 56Chevy 3 years ago
Marker:
First Internet Banco (INBK)
$31.30 up 0.28 (0.90%)
Volume: 4,804

👍️0
56Chevy 56Chevy 3 years ago
First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results


Business Wire

Highlights for the fourth quarter and full year 2020 include:

· Record annual net income and diluted earnings per share of $29.5 million and $2.99, respectively

· Record quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019

·Record quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019

·Total quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019

·Net interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits

As of December 31, 2020, total shareholders’ equity was $330.9 million, an increase of $12.8 million, or 4.0%, compared to September 30, 2020, due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss. Book value per common share increased to $33.77 as of December 30, 2020, up from $32.46 as of September 30, 2020 and $31.30 as of December 31, 2019. Tangible book value per share increased to $33.29, up from $31.98 and $30.82, each as of the same reference dates.

Marker:
First Internet Banco (INBK)
$35.80 up 1.7 (5.26%)
Volume: 71,264

*This bank is a $4.2Billion dollar bank in assets and sells just a touch over 1XP/B...I see value.




👍️0
56Chevy 56Chevy 4 years ago
Marker:

First Internet Banco (INBK)
$31.37 up 1.17 (3.87%)
Volume: 17,801


* Up a whopping 67% since my last post < 3 months ago..and a staggering 100% move up in < 6 months!. Those are HUGE moves for a bank.!
👍️0
whytestocks whytestocks 4 years ago
Just In: $INBK First Internet Bancorp (INBK) Q3 2020 Earnings Call Transcript

Image source: The Motley Fool. First Internet Bancorp (NASDAQ: INBK) Q3 2020 Earnings Call Oct 22, 2020 , 12:00 p.m. ET Operator Continue reading For further details see: First Internet Bancorp (INBK) Q3 2020 Earnings Call Transcript

Got this from INBK - First Internet Bancorp (INBK) Q3 2020 Earnings Call Transcript
👍️0
56Chevy 56Chevy 4 years ago
First Internet Bancorp Reports Third Quarter 2020 Results
October 21 2020 - 04:14PM

Highlights for the third quarter include:

-Record quarterly net income of $8.4 million, and adjusted net income of $10.0 million when excluding a $2.1 million pre-tax write-down of legacy other real estate owned (“OREO”)

-Record quarterly diluted earnings per share of $0.86 and $1.03 adjusted diluted earnings per share, excluding the OREO write-down

-Total revenue of $28.7 million, a 48.1% increase from the second quarter, driven by record mortgage banking revenue, higher net interest income and increased SBA loan sales

-Net interest margin and fully-taxable equivalent net interest margin increased 16 and 17 basis points (“bps”), respectively, from the second quarter, driven by a 43 bp decrease in the cost of interest-bearing deposits

-As of October 16, 2020, loan balances of $20.8 million, or 0.7% of total loans, remained on deferral programs, down significantly from $365.8 million on July 17, 2020

Source:
https://ih.advfn.com/stock-market/NASDAQ/first-internet-bancorp-INBK/stock-news/83507871/first-internet-bancorp-reports-third-quarter-2020

First Internet Banco (INBK)
$20.95 up 3.36 (19.10%)
Volume: 19,651

BV: $32
MV: $21

P/B: 0.65%


* this bank remains "on sale".

.
👍️0
56Chevy 56Chevy 4 years ago
Marker:

First Internet Banco (INBK)
$17.32 down -0.32 (-1.81%)
Volume: 3,866

👍️0
56Chevy 56Chevy 4 years ago
Marker:
First Internet Banco (INBK)
$15.76 down -1.94 (-10.96%)
Volume: 10,312

*Marker indicative amidst COVID -19 market chaos.
👍️0
56Chevy 56Chevy 5 years ago
Marker:
First Internet Banco (INBK)
$24.24 up 0.76 (3.24%)
Volume: 8,577

👍️0
56Chevy 56Chevy 5 years ago
Marker:
First Internet Banco (INBK)
$21.54 up 1.64 (8.24%)
Volume: 105,639

👍️0
56Chevy 56Chevy 6 years ago
Marker:
First Internet Banco (INBK)
$25.64 up 0.81 (3.26%)
Volume: 22,140

*After a year long slide the bank imo is once again back on the bargain rack.




👍️0
56Chevy 56Chevy 6 years ago
Marker:
First Internet Banco (INBK)
$37.25 up 1.1 (3.04%)
Volume: 29,321

👍️0
56Chevy 56Chevy 7 years ago
Marker:
First Internet Banco (INBK)
$40.65 up 1.05 (2.65%)
Volume: 33,806

👍️0
56Chevy 56Chevy 7 years ago
Marker:
First Internet Banco (INBK)
$34.55 up 0.05 (0.14%)
Volume: 44,989

*Approaching a 5 year high.


👍️0
56Chevy 56Chevy 7 years ago
Marker:
First Internet Banco (INBK)
$29.05 up 0.4 (1.40%)
Volume: 6,240


👍️0
56Chevy 56Chevy 8 years ago
Marker;
First Internet Banco (INBK)
$33.00 up 2.0 (6.45%)
Volume: 46,915

*INBK is up 10% in the last 2 days. Ebanking is gaining traction rapidly. Consider the comparison to another "e" company like Amazon who is also experiencing robust organic growth.

Amazon.com, Inc. AMZN generated record sales during this year’s holiday season, primarily led by its devices strategy.

The leader wrestled market share from rivals such as Wal-Mart WMT, Best Buy BBY and Apple AAPL this holiday season.

More than 72% of Amazon’s customers worldwide shopped through mobiles. Worldwide shopping on the free Amazon mobile app increased 56%.

http://finance.yahoo.com/news/amazon-holiday-season-sales-turn-145302234.html

** I realise one of these company's is a retailer and one is a bank ...not exactly apples & oranges here.. these are 2 very different ships but their success is tied to the same dock.



👍️0
56Chevy 56Chevy 8 years ago
Marker:
First Internet Banco (INBK)
$30.00 up 0.95 (3.27%)
Volume: 31,022

👍️0
56Chevy 56Chevy 8 years ago
Marker:
First Internet Banco (INBK)
$29.40 up 0.15 (0.51%)
Volume: 16,324
👍️0
56Chevy 56Chevy 8 years ago
Quarterly Report (10-q)

Date : 05/04/2016 @ 5:01PM
Source : Edgar (US Regulatory)
Stock : First Internet Bancorp (MM) (INBK)
Quote : $25.64 0.43 (1.71%) @ 1:22PM

http://ih.advfn.com/p.php?pid=nmona&article=71359308&symbol=INBK

TBV: $23.98
P/B: 1.07





👍️0
56Chevy 56Chevy 9 years ago
And the beat goes on!

First Internet Banco (INBK)
$36.35 up 1.94 (5.64%)
Volume: 19,738








👍️0
56Chevy 56Chevy 9 years ago
*52 week high

Marker:
First Internet Bancorp (INBK)
$ 33.50 up 1.5101 (4.72%)
Volume: 26,771


👍️0
56Chevy 56Chevy 9 years ago
Marker:
First Internet Banco (INBK)
$31.71 up 3.9899 (14.39%)
Volume: 31,339

*Remarkable performance ..a double in 6 months!


👍️0
56Chevy 56Chevy 9 years ago
Marker:
First Internet Banco (INBK)
$25.34 up 1.58 (6.65%)
Volume: 20,154


👍️0
56Chevy 56Chevy 9 years ago
Marker:
First Internet Banco (INBK)
$24.239 up 0.2889 (1.21%)
Volume: 4,268

* ...now up 34% over the last 3 months.


👍️0
56Chevy 56Chevy 9 years ago
Quarterly Report (10-q)

Date : 05/07/2015 @ 5:35PM
Source : Edgar (US Regulatory)
Stock : First Internet Bancorp (MM) (INBK)
Quote : $23.50 0.0 (0.00%) @ 5:20PM

[....]

During the first quarter 2015, net income was $2.1 million, or $0.46 per diluted share, compared to first quarter 2014 net income of $0.6 million, or $0.13 per diluted share. The increase in net income of $1.5 million, or 243.8%, was due to increases in net interest income and noninterest income, partially offset by increases in the provision for loan losses and noninterest expense. Return on average assets (ROA) and return on average shareholders’ equity (ROE) were 0.84% and 8.55%, respectively, for the first quarter 2015 compared to 0.30% and 2.64%, respectively, for the first quarter 2014.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=66760051

O/S: 4,484,513

Equity: $99.362MM

BV: $22.15

EPS: .46

Dividend: .06

No Preferred shares outstanding

*value and growth found all in one!.

👍️0
56Chevy 56Chevy 9 years ago
Marker:
First Internet Bancorp (INBK)
$23.85 up 1.11 (4.88%)
Volume: 14,026


👍️0
Vegas Matt Vegas Matt 9 years ago
INBK First Internet Bancorp's 254% EPS-Growth Quarter
http://seekingalpha.com/article/3110466-first-internet-bancorps-254-percent-eps-growth-quarter?auth_param=6ojk:1ak1ud7:2deef00f5410158932713491d2947a46&uprof=45



In 1Q15, revenue grew 55.6% YoY, driven by 39.2% growth in net interest income and 108.3% growth in non-interest income.
Mortgage banking revenue grew 220.7% YoY.
Net income grew 244%, while EPS diluted grew 254%.
Efficiency ratio, now at 63.1%, has improved a combined 2,220 bps in the past four quarters (2Q14-1Q15). ROAE has improved to 8.55% in the quarter.
The company might deliver two more quarters of triple-digit growth or near-triple-digit EPS growth.

👍️0
56Chevy 56Chevy 9 years ago
Marker;
First Internet Banco (INBK)
$21.72 up 1.075 (5.21%)
Volume: 77,560

*Up 33% in 2015.


👍️0
56Chevy 56Chevy 9 years ago
"...tangible book value per share increased to $21.11 from $20.74 as of December 31, 2014". First Internet Banco (INBK)
$20.24 up 1.592 (8.54%)
Volume: 64,190

*It would not be out of range to see this bank sell at 1.5X ~ 2X P/B.


👍️0
Vegas Matt Vegas Matt 9 years ago
could be looking pretty good here
I have owned it awhile
just not followed by many so far...
There has to be some large old school brick n' mortar bank out there looking at INBK and wanting to bolt it onto their lineup of services. E-banking is here to stay and a bank like First Internet is proving they are the future.

I think INBK has to be considered a target bank.
👍️0
56Chevy 56Chevy 9 years ago
"...tangible book value per share increased to $21.11 from $20.74 as of December 31, 2014".

MV is: $18.66

P/TB is 0.88...or 12% discount to TBV.

The bank continues to organically grow at the unreal pace of $13.8MM assets @ month! They blow past their previous quarterly performances with impressive % gains.

Now over $1 Billion in assets under management.

There has to be some large old school brick n' mortar bank out there looking at INBK and wanting to bolt it onto their lineup of services. E-banking is here to stay and a bank like First Internet is proving they are the future.

I think INBK has to be considered a target bank.

Marker:
First Internet Banco (INBK)
$18.66 up 0.12 (0.65%)
Volume: 30,035
👍️0
Vegas Matt Vegas Matt 9 years ago
Breaking: INBK Earnings
SA Breaking News Team

First Internet Bancorp beats by $0.14, beats on revenue • 5:09 PM
Jignesh Mehta, SA News Editor

First Internet Bancorp (NASDAQ:INBK): Q1 EPS of $0.46 beats by $0.14.
NII of $6.77M (+39.0% Y/Y) beats by $0.17M
Press Release

http://seekingalpha.com/pr/13253806-first-internet-bancorp-reports-record-quarterly-net-income?app=n


First Internet Bancorp Reports Record Quarterly Net Income
Thu April 23, 2015 4:10 PM|Business Wire | About: INBK


Quarterly earnings per share of $0.46, up 43.8% from fourth quarter 2014 and up 253.8% from first quarter 2014

INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp (INBK), the parent company of First Internet Bank (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, announced today financial and operational results for the first quarter 2015.

First quarter net income was a record $2.1 million and diluted earnings per share were $0.46. This compares with fourth quarter 2014 net income of $1.5 million and diluted earnings per share of $0.32 and first quarter 2014 net income of $0.6 million and diluted earnings per share of $0.13.

David Becker, Chairman, President and Chief Executive Officer, commented, Thanks to the hard work and dedication of our talented teams, we produced earnings growth for the fourth consecutive quarter. With focus and shared vision, we reached two significant milestones during the quarter.

First, we surpassed $1.0 billion in total assets. As our organization grows, we expect to realize economies of scale that should allow us to generate higher returns. We continued our trend of strong loan growth as our commercial lending teams had another excellent quarter of production. Our investment in commercial lending is paying strong dividends, as commercial balances have increased $152.1 million, or 62.6%, over the past year and now represent more than 50% of our total loans. The commercial pipeline at the end of the first quarter is higher than it was at the end of the fourth quarter and looks extremely strong, leaving us optimistic about our ability to continue generating high quality assets. Furthermore, we generated strong deposit growth as balances increased $62.6 million, or 8.2%, and drove balance sheet expansion during the quarter.

Second, we achieved a record level of quarterly net income, with quarterly earnings per share growth of 43.8% and significantly improved profitability compared to the fourth quarter 2014. Loan growth drove net interest income higher while operating expenses, excluding seasonal and equity-related compensation costs, were essentially flat quarter-over-quarter.

Highlights for the first quarter 2015 included:

Diluted earnings per share increased $0.14, or 43.8%, compared to the linked quarter and $0.33, or 253.8%, compared to the first quarter 2014
Improved quarterly performance
Return on average assets of 0.84% compared to 0.62% in the linked quarter and 0.30% in the first quarter 2014
Return on average shareholders' equity of 8.55% compared to 6.07% in the linked quarter and 2.64% in the first quarter 2014
Return on average tangible common equity of 8.98% compared to 6.38% in the linked quarter and 2.79% in the first quarter 2014
Continued strong revenue growth
Net interest income increased $0.4 million, or 6.3%, compared to the linked quarter and $1.9 million, or 39.2%, compared to the first quarter 2014
Mortgage banking revenue increased $1.0 million, or 56.7%, compared to the linked quarter and $2.0 million, or 220.7%, compared to the first quarter 2014

more - see link above
👍️0
56Chevy 56Chevy 9 years ago
Marker:
First Internet Banco (INBK)
$18.9899 up 0.4799 (2.59%)
Volume: 351

*Rising steadily. Now selling at a 6% discount to TBV.


👍️0
56Chevy 56Chevy 9 years ago
P/B is 0.85...which is a 15% discount to book.

Marker:
First Internet Banco (INBK)
$17.159 down -0.111 (-0.64%)
Volume: 7,715 First Internet Banco (INBK)
$16.84 up 0.34 (2.06%)
Volume: 17,427

*INBK P/B is now: 0.812


👍️0
56Chevy 56Chevy 10 years ago
HOW HEALTHY IS THIS BANK?

http://banktracker.investigativereportingworkshop.org/banks/indiana/indianapolis/first-internet-bank-of-indiana/

*YoY asset growth is impressive. Troubled asset ratio is low...with deposits and loans growing at an enormous pace.





👍️0
56Chevy 56Chevy 10 years ago
Quarterly Report (10-q)

Date : 11/12/2014 @ 4:09PM
Source : Edgar (US Regulatory)
Stock : First Internet Bancorp (MM) (INBK)
Quote : $17.159 -0.111 (-0.64%) @ 8:10PM

[....]

Financial Condition

(dollar amounts in thousands except share and per share data)

Comparison of September 30, 2014 to December 31, 2013

• Total assets were $926,883 at September 30, 2014 compared to $802,342 at December 31, 2013, an increase of $124,541, or 16%. The increase was primarily due to a $194,776, or 39%, increase in loans receivable, partially offset by a $53,206, or 29%, decrease in securities available-for-sale.

• Loans receivable increased 39% from $501,153 at December 31, 2013 to $695,929 at September 30, 2014. Total commercial and industrial loan balances increased $16,931, or 31%, at September 30, 2014 versus December 31, 2013. Commercial real estate loans, which include owner-occupied loans, increased $93,449, or 66%, at September 30, 2014 compared to December 31, 2013. Credit tenant lease financing experienced the largest growth within the commercial real estate portfolio, increasing $81,565, or 97%, since December 31, 2013. In connection with the repositioning of the investment portfolio to provide increased liquidity, the Company deployed excess balance sheet capacity to acquire $106,480 of high quality adjustable rate mortgage assets during the period to complement its organic loan growth.

• Credit quality continues to remain strong as nonperforming loans to total loans receivable declined to 0.06% from 0.37% at December 31, 2013. Additionally, nonperforming assets to total assets declined to 0.55% from 0.90% at December 31, 2013. Compared to December 31, 2013, total nonperforming loans decreased $1,452, or 78%, due primarily to the resolution of a nonaccrual commercial real estate credit with a recorded value of $955. The Company recovered 100% of the unpaid principal balance, resulting in a recovery of $459.

• The allowance for loan losses was $5,464 as of September 30, 2014 compared to $5,426 as of December 31, 2013. The allowance as a percentage of total nonperforming loans increased to 1,366% at September 30, 2014 from 293% at December 31, 2013. Due to the improvement in credit quality, the allowance for loan losses to total loans receivable decreased to 0.79% at September 30, 2014 compared to 1.09% at December 31, 2013.

• Total deposits increased $64,875, or 10%, to $737,970 at September 30, 2014, compared to $673,095 at December 31, 2013. Certificates of deposit and money market accounts exhibited the strongest growth, increasing $41,951, or 14%, and $20,732, or 8%, respectively, from December 31, 2013.

• Tangible common equity increased $3,866 from $86,221 at December 31, 2013 to $90,087 at September 30, 2014. Tangible book value per common share increased 5% from $19.38 at December 31, 2013 to $20.29 at September 30, 2014. A reconciliation of tangible common equity and tangible book value per common share to the most directly comparable measure under U.S. GAAP appears later in this discussion under “Reconciliation of Non-GAAP Financial Measures.”

<page 38>

[....]

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109035582

FD: I do not own shares of INBK at this time...to be honest I'm not certain as an investor how to value a branchless bank...it's a new day...however I do think these type banks are worth considering for the future.

P/B is 0.85...which is a 15% discount to book.

Marker:
First Internet Banco (INBK)
$17.159 down -0.111 (-0.64%)
Volume: 7,715





👍️0
Renee Renee 11 years ago
FIBP uplisted and ticker changed to INBK.

http://www.otcbb.com/asp/dailylist_detail.asp?d=02/21/2013&mkt_ctg=NON-OTCBB
👍️0
10 bagger 10 bagger 13 years ago
FIPB.. $10.60 Earnings..

First Internet Bancorp Announces Record Year-End Earnings

INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("First IB"), parent company of First Internet Bank of Indiana ("Bank"), today announced record net income of $4,954,660, or $2.61 per share, for the year ended December 31, 2010. This compares favorably to the net loss of $2,118,028, or $1.12 per share, reported for the year ended December 31, 2009.

"Last year was our best year ever in terms of earnings, net interest income, and non-interest income," said David B. Becker, Chairman and CEO of First Internet Bancorp. "Through our asset/liability management initiatives, our mortgage loan origination activity, and our loan collection and recovery efforts, we increased value for our shareholders in 2010." As of December 31, 2010, First IB's net book value was $25.68 per share, up $2.05 compared to December 31, 2009.

For the year ending December 31, 2010, the net interest margin for the Bank equaled 3.29%, compared to 2.73% reported for 2009. The improvement in the net interest margin resulted in an increase of $762,989 (5.5%) in net interest income over the prior year. "We managed our balance sheet strategically while rates were low in 2010," Mr. Becker noted. "We lengthened our liabilities and shortened assets in order to protect our net interest margin should interest rates rise in the year ahead."

Non-interest income of $4,346,344 in 2010 increased $1,143,013 (35.7%), from $3,203,331 in 2009, and was driven by an increase of $1,271,295 in gains on mortgage loans sold into the secondary market.

Provision for loan losses in 2010 equaled $927,272, compared to $11,563,786 in 2009. The substantial reversal of one particular commercial credit charge, improvement in the level of loan charge-offs overall, and changes in the Bank's loan mix and outstanding balances contributed to the positive variance.

Earlier in 2010, management was able to obtain new collateral from a single commercial borrower. Based upon the new collateral, First IB made a first quarter reversal of $2,365,573 (78.9%) of the original $3,000,000 charge taken in the last quarter of 2009.

Net charge-offs of $4,178,669 in 2010 improved $1,904,310 (31.3%) from 2009 levels of $6,082,979.

Reserve balances represent 2.20% of total loans as of December 31, 2010, versus 3.13% at December 31, 2009. Total loans as of December 31, 2010, were $311,398,862 compared to $322,704,509 at December 31, 2009. "Throughout the year, we actively addressed existing loan portfolio delinquencies and charged-off questionable credit balances when appropriate," stated Mr. Becker. "We believe the remaining loan loss reserve is sufficient to address existing credit risks."

Non-interest expense, comprised primarily of compensation, data processing costs, occupancy and other operating expenses, increased $1,028,666 (11%) from $9,341,343 in 2009 to $10,370,009 in 2010.

The improved financial performance during 2010 allowed First IB to increase its tier one leverage ratio from 7.72% as of December 31, 2009, to 9.41% as of December 31, 2010. First IB remained well capitalized under all risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).


Selected Balance Sheet Information

December 31

2009 2010

Cash Equivalents 30,016,044 32,416,623

Investment Securities 133,583,840 136,936,295

Loans, net of Reserve 312,607,696 304,553,446

Bank owned life insurance 7,574,415 7,868,699

Goodwill 4,687,349 4,687,349

Other Assets 16,145,978 17,452,876

Total Assets 504,615,322 503,915,288

Deposits 411,627,338 422,702,556

FHLB Advances 47,000,000 30,454,832

Other Liabilities 1,224,136 1,860,255

Shareholder's Equity 44,763,848 48,897,645

Total Liabilities & Equity 504,615,322 503,915,288

Selected Income Statement Information

Year Ended December 31

2009 2010

Net Interest Income 13,748,059 14,511,048

Non-Interest Income 3,203,331 4,346,344

Other-than-temporary Impairment Loss (300,000) (909,563)

Provision for Loan and Lease Losses (11,563,786) (927,272)

Non-Interest Expense (9,341,343) (10,370,009)

Net Income (Loss) Before Taxes (4,253,739) 6,650,548

Tax Benefit (Provision) 2,135,711 (1,695,888)

Net Income (Loss) (2,118,028) 4,954,660

Income (Loss) per share:

Basic (1.12) 2.61

Diluted (1.12) 2.61

Weighted average of shares outstanding:

Basic 1,892,082 1,898,919

Diluted 1,892,082 1,898,919




About First Internet Bancorp

First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.

About First Internet Bank

With over $500 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.




CONTACT: First Internet Bancorp
Laurinda Swank, 317-532-7909

Source: First Internet Bancorp


👍️0
10 bagger 10 bagger 14 years ago
FIBP.. $11.50

Small amount of selling and we are down a dollar.. Banks are hard investmernts to make and this one is no different.. hank
👍️0
10 bagger 10 bagger 14 years ago
FIBP.. $12.45 Earnings

About First Internet Bank

With over $485 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.


First Internet Bancorp Announces Higher Third Quarter Earnings

Business Wire - Oct 29 at 13:07

Company Symbols: NASDAQ-OTCBB:FIBP


INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $1,006,684 for the quarter ended September 30, 2010, compared to a net loss of $208,806 for the same quarter in the previous year.

"Last quarter had been the most profitable quarter in Bancorp history that did not include a substantial one-time event - until now," said David Becker, Chairman and CEO of First Internet Bancorp. "We have built upon the positive momentum of the past quarter with another impressive performance in our core banking and mortgage operations. Net interest margin continued to improve, and we are taking advantage of the low rates in the mortgage market to generate significant non-interest income."

Becker continued, "If not for an adjustment in our securities portfolio, net income would have been nearly $1.3 million for the quarter." The Bancorp took an after-tax charge of $277,379 due to an other-than-temporary impairment adjustment.

As in the previous quarter, the earnings boost was the result of continued growth in net interest margin, an increase in non-interest income, and a further reduction in loan loss provision. Net interest margin widened to 3.28%, compared to 3.18% as of June 30, 2010, and 2.98% as of September 30, 2009. Non-interest income, derived primarily from online mortgage originations sold into the secondary market, added $1,324,246 to revenue in the third quarter, an increase of $551,569 over the third quarter in 2009.

Third quarter provision for loan loss was $626,796, a reduction of $147,065 over the prior quarter and $1,924,991 over the third quarter in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of September 30, 2010, the Bancorp held reserves equal to 2.43% of outstanding loan balances not held for sale, compared to 2.37% at June 30, 2010, and 1.82% as of September 30, 2009.

The Bancorp remained well capitalized under risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).


Selected Balance Sheet Information

September 30

2009 2010
(Unaudited1) (Unaudited1)

Cash Equivalents 3,012,674 24,384,474

Investment Securities 149,896,078 136,167,420

Loans, net of Reserve 331,693,243 299,188,572

Bank owned life insurance 7,497,196 7,794,546

Goodwill 4,687,349 4,687,349

Other Assets 10,633,214 14,854,277

Total Assets 507,419,754 487,076,638

Deposits 411,116,591 404,056,866

FHLB Advances 46,700,000 30,424,307

Other Liabilities 1,546,744 1,841,776

Shareholder's Equity 48,056,419 50,753,689

Total Liabilities & Equity 507,419,754 487,076,638

Selected Income Statement Information

Quarter Ended September 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 3,669,407 3,705,310

Non-Interest Income 772,677 1,324,246

Loss on assets including OTTI (238,084) (480,808)

Provision for Loan Losses (2,551,787) (626,796)

Non-Interest Expense (2,229,212) (2,612,879)

Net Income/(Loss) Before Taxes (576,999) 1,309,073

Tax (Expense)/Benefit 368,193 (302,389)

Net Income/(Loss) (208,806) 1,006,684

Nine Months Ended September 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 10,013,202 11,103,119

Non-Interest Income 2,655,464 2,709,551

Gain/(Loss) on assets including OTTI (461,078) (845,119)

Provision for Loan Losses (6,060,299) 369,762

Non-Interest Expense (7,133,363) (7,497,919)

Net Income/(Loss) Before Taxes (986,074) 5,839,394

Tax (Expense)/Benefit 831,570 (1,587,993)

Net Income/(Loss) (154,504) 4,251,401

Income/(Loss) per share:

Basic (0.08) 2.24

Weighted average of shares outstanding:

Basic 1,891,460 1,897,786




About First Internet Bancorp

First Internet Bancorp (OTCBB: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.

About First Internet Bank

With over $485 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.

1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.



Source: First Internet Bancorp


Copyright Business Wire 2010

👍️0
10 bagger 10 bagger 14 years ago
FIBP.. $12.45.. DD 08/02/10

First Internet Bank Launches New Line of Business, Welcomes New Executive

Business Wire - Aug 02 at 08:45

Company Symbols: NASDAQ-OTCBB:FIBP


INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bank today announced its entry into commercial lending, with an emphasis on commercial real estate in central Indiana.

Since its debut in 1999, First Internet Bank has focused primarily on consumer lending. The 2007 acquisition of Landmark Financial Corporation added residential mortgage lending to the Bank's product offering. With this latest endeavor, Bank management identified an opportunity to diversify further its loan portfolio while assisting creditworthy commercial borrowers in need of responsible financing alternatives.

To lead this undertaking, Michael E. Lewis, a 28 year veteran of the Indianapolis commercial banking community, has joined the Bank's management team as Vice President. Mr. Lewis has held senior management positions throughout his career with numerous financial institutions. While his responsibilities have involved all aspects of commercial lending, he has spent most of his career in the commercial real estate field, where he has assisted hundreds of local developers and property owners with financing solutions involving commercial income properties as well as residential development and construction activities.

"The Bank remains committed to offering a highly competitive, efficient residential mortgage and consumer lending program through its online channel," said David Becker, Chairman and CEO of First Internet Bank. "However, we see unmet demand for commercial loans in central Indiana. Mike Lewis's proven track record in establishing and successfully growing commercial lending departments make him a great choice to lead this initiative."

Regarding his new responsibilities, Mr. Lewis added, "First Internet Bank is well positioned for extraordinary success in commercial real estate lending. I'm excited to be a part of this dynamic management team and look forward to introducing the Bank's lending capabilities to the local business community."

About First Internet Bank

With over $480 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and, now, commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTC Bulletin Board: FIBP).



Source: First Internet Bancorp


👍️0
10 bagger 10 bagger 14 years ago
FIBP.. $12.45 DD 07/29/10 Earnings..

First Internet Bancorp Announces Record Second Quarter Earnings

Business Wire - Jul 29 at 08:24

Company Symbols: NASDAQ-OTCBB:FIBP


INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $944,750 for the quarter ended June 30, 2010, compared to net income of $263,747 for the same quarter in the previous year.

"To put the earnings results in perspective, this is the most profitable quarter we have ever had that did not include a significant one-time event," remarked David Becker, Chairman and CEO of First Internet Bancorp. Higher earnings were reported for first quarter 2010 and third quarter 2001 but included favorable one-time adjustments.

Mr. Becker noted the Bancorp has had strong success year-to-date. The adjusted first quarter 2010 net income of $771,645 ($2,299,967 prior to the reversal of loan loss expense related to a large commercial credit) also represented significant improvement over first quarter 2009.

Earnings improvement was the result of increased net interest margin, continued generation of non-interest income and a reduction in loan loss provision. Net interest margins widened due to increased loan yields and lower cost of funds. Second quarter net interest margin equaled 3.18% compared to 3.17% as of March 31, 2010, and 2.53% as of June 30, 2009. Non-interest income, derived primarily from online mortgage originations, continued to have a positive impact on earnings, adding $738,674 in the second quarter. Non-interest expenses remained below peer levels as a result of the Bancorp's efficient Internet banking platform.

Second quarter provision for loan loss was $773,861, a reduction of $706,327 over the same period in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of June 30, 2010, the Bancorp held reserves equal to 2.37% of outstanding loan balances not held for sale compared to 2.34% as of March 31, 2010 and 1.71% as of June 30, 2009.

"By remaining focused on areas we can control, such as loan and deposit pricing and selected non-interest expense items, we have continued to improve profitability," Mr. Becker said. "Loan losses are still elevated when compared to historic levels; however, they are trending lower in our portfolio, which is consistent with national consumer credit trends."

The Bancorp remained well capitalized under risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).


Selected Balance Sheet Information

June 30

2009 2010
(Unaudited1) (Unaudited1)

Cash Equivalents 38,858,690 25,004,068

Investment Securities 153,846,696 130,713,349

Loans, net of Reserve 327,743,929 301,151,163

Bank owned life insurance 7,419,684 7,720,357

Goodwill 4,687,349 4,687,349

Other Assets 11,945,545 13,870,019

Total Assets 544,501,893 483,146,305

Deposits 453,150,960 400,201,852

FHLB Advances 44,000,000 32,393,440

Other Liabilities 1,849,777 1,623,083

Shareholder's Equity 45,501,156 48,927,930

Total Liabilities & Equity 544,501,893 483,146,305





Selected Income Statement Information

Quarter Ended June 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 3,272,565 3,659,921

Non-Interest Income 1,051,454 738,674

Provision for Loan Losses (1,480,188 ) (773,861 )

FDIC Special Assessment (251,250 ) -

Non-Interest Expense (2,435,366 ) (2,407,216 )

Net Income Before Taxes 157,215 1,217,518

Tax (Expense)/Benefit 106,532 (272,768 )

Net Income 263,747 944,750

Income per share:

Basic 0.14 0.50

Weighted average of shares outstanding:

Basic 1,890,838 1,896,650

Six Months Ended June 30

2009 2010
(Unaudited1) (Unaudited1)

Net Interest Income 6,343,795 7,397,809

Non-Interest Income 1,658,728 1,020,994

Provision for Loan Losses (3,508,512 ) 996,558

FDIC Special Assessment (251,250 ) -

Non-Interest Expense (4,651,836 ) (4,885,041 )

Net Income/(Loss) Before Taxes (409,075 ) 4,530,320

Tax (Expense)/Benefit 463,377 (1,285,603 )

Net Income 54,302 3,244,717

Income per share:

Basic 0.03 1.71

Weighted average of shares outstanding:

Basic 1,890,838 1,896,650




About First Internet Bancorp

First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.

About First Internet Bank

With over $480 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, and home equity loans and lines of credit. First IB is a wholly owned subsidiary of First Internet Bancorp.

1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.



Source: First Internet Bancorp


Copyright Business Wire 2010

👍️0
10 bagger 10 bagger 14 years ago
FIBP.. $12.45 DD 05/27/10

First Internet Bank Expands Mobile Banking Services, Offers Text Message Banking

Business Wire - May 27 at 14:13

Company Symbols: NASDAQ-OTCBB:FIBP


INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bank ("First IB") today announced the release of its text message banking service, the latest addition to the bank's lineup of convenient account access services. Text message banking enables First IB customers to receive their current account balance and transaction history via text message in a matter of seconds.

Virtually anyone with a mobile phone can use text message banking. Customers may activate the service for their phones through the Bank's secure website. Once enrolled, customers simply text commands to a designated short code to get a real-time account balance report or receive an update on the most recent transactions on an account. Customers may also sign up to receive a weekly balance alert, sent each Friday. Standard text message fees apply.

Text message banking is the second component to First IB's mobile banking offering. In 2008, First IB introduced mobile web banking, a browser-based solution that allows customers to check balances, review transaction history, transfer funds, and pay bills. While mobile web banking enables customers to transact, text message banking, with its streamlined functionality and instantaneous response, is ideal for true on-the-go decision making.

"With text message banking, First Internet Bank fulfills its promise to empower its customers to manage their money more easily and make smarter financial choices," said David B. Becker, President and CEO of First Internet Bank. "In a matter of seconds, our customer can check her balance and know whether she has enough funds to make a debit card purchase or withdraw cash at an ATM. The speed and ease of use of text message banking will make our customers' everyday financial decisions a little easier."

First IB celebrated its eleventh anniversary in February, and in April, the bank launched a brand new website and logo. Visit www.firstib.com to navigate the new website and to activate text message banking.

About First Internet Bank

With over $480 million in assets, First Internet Bank is the first state-chartered FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, and home equity loans and lines of credit. First IB is a wholly owned subsidiary of First Internet Bancorp (OTCBB: FIBP).



Source: First Internet Bank

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