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TheStreet Open House

First Internet Bancorp Reports Record Earnings In 2012

Stocks in this article: FIBP

First Internet Bancorp (OTCQB:FIBP), parent company of First Internet Bank of Indiana ( www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, today announced unaudited financial results for the quarter and year ended December 31, 2012.

“We achieved our goal of consistent earnings growth throughout the year, continuing the strong trends of growing our mortgage origination business and building nationwide visibility of the First Internet franchise,” said David Becker, Chairman and CEO.

Highlights for the year ended December 31, 2012:

  • Net income increased to $5.61 million or $2.93 per diluted share, up 76% compared with $3.19 million or $1.67 per diluted share in 2011. Net income for the fourth quarter was $1.55 million or $0.81 per diluted share, compared with $1.06 million or $0.56 per diluted share in fourth quarter 2011.
  • Return on average assets increased to 0.91% from 0.59% in the prior year, and return on average equity rose to 9.56% in 2012 compared with 6.13% in 2011.
  • Total assets increased to $636.37 million, compared with $585.44 million at December 31, 2011. Commercial real estate and commercial & industrial loan portfolios grew to $107.45 million compared with $45.71 million at December 31, 2011.
  • Net interest income in 2012, primarily reflecting retail and commercial loan growth and lower interest expense, was $15.59 million, up 9% compared with net interest income of $14.32 million in 2011.
  • Non-interest income for the year ended December 31, 2012 was $11.74 million, compared with $3.56 million for the year ended December 31, 2011.
  • The company continued to build shareholder value, with tangible book value at December 31, 2012 of $29.46 per share, compared with $26.57 per share at December 31, 2011, a 10.8% increase. In the fourth quarter, the company paid a special dividend of $0.25, the first time in company history.
  • The company filed a Form 10 with the SEC and applied to list its common stock on the NASDAQ Capital Market.

“First Internet grew and diversified its sources of revenue while retaining strong capital ratios, high credit quality, and our efficient Internet banking model. We focused on increasing shareholder value in 2012 by strategically deploying resources to expand the First Internet Bank franchise. We strengthened our leadership team and launched new services.

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