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First Internet Bancorp Reports Strong Earnings Growth In Second Quarter, Record First Half Results

First Internet Bancorp (NASDAQ: INBK), 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 three months and six months ended June 30, 2013.

“We are reporting strong second quarter results,” said David Becker, Chairman and CEO. “Year over year, second quarter net income rose 34%, our commercial loan portfolio grew 66%, and non-interest income increased 76%.”

Highlights for the quarter ended June 30, 2013:
  • Net income was a record $1.71 million or $0.59 per diluted share in the second quarter 2013 compared with $1.28 million or $0.45 per diluted share in the second quarter 2012.
  • Return on average assets in second quarter 2013 increased to 1.07% from 0.83% in the prior year’s second quarter, and return on average equity rose to 10.86% compared with 8.92% in second quarter 2012.
  • Total assets were $656.77 million at June 30, 2013, the highest in the company’s history, compared with $623.95 million at June 30, 2012.
  • Mortgage originations grew 25% to $232.54 million in second quarter 2013 compared to $186.06 in the second quarter 2012.
  • The company’s second quarter dividend of $0.06, following the company’s 3-for-2 stock split in second quarter 2013, was the equivalent of a 50% increase of its quarterly cash dividend paid in first quarter 2013.
  • First Internet Bancorp common stock was added to the Russell Microcap Index, the MSCI USA Micro Cap Index and the ABA NASDAQ Community Bank Index.

Highlights for the six months ended June 30, 2013:
  • For the six months ended June 30, 2013, net income was $3.20 million or $1.11 per diluted share, a company record for first half earnings.
  • Commercial real estate and commercial & industrial loan activity was strong, with $45.54 million in commercial loans closed in first half 2013 compared with $26.21 million in first half 2012.
  • Total non-interest income, driven by gain on loans sold, rose to $6.89 million in first half 2013 compared with $4.14 million in first half 2012.

“First Internet’s second quarter and first half results reflect the continuing expansion of the bank and progress toward our goal of being a strong national presence in retail and commercial banking,” said David Becker, Chairman and CEO. “We have added experienced talent to our retail and commercial lending teams and have also strengthened our finance and support teams to enhance efficiency, risk management and regulatory compliance.”

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