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First Internet Bancorp Reports Fourth Quarter, Full Year 2013 Financial Results: Loan Growth, Strategic Initiatives Drive Success

Stocks in this article: INBK

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 and 12 months ended December 31, 2013.

David Becker, Chairman and CEO, commented: “For First Internet Bancorp, 2013 was another year of strong growth. With year-over-year net loans receivable increasing 41%, it is evident that efforts to expand our loan origination capabilities and diversify our revenue streams have been successful. Commercial loans receivable almost doubled, year over year, and now represent 40% of our loans receivable. Our expanding loan portfolio generated increased net interest income, which was up 10% in 2013. This partially offset a decrease in noninterest income caused by a nationwide slowing in mortgage refinancing activity.

“To support our positive momentum and enable continued growth, the company completed a public offering of common stock during the fourth quarter, which provided $29.1 million of new capital. Of course, the 58% year-over-year increase in common shares outstanding impacted our earnings per share ratio.”

Highlights for the Three Months ended December 31, 2013:

  • Net income was $666,000 or $0.19 per diluted share compared with $1.55 million or $0.54 per diluted share in the prior year period.
  • Net interest income increased 21% to $4.96 million compared to $4.09 million for the prior year period.
  • Net interest income after provision for loan losses increased 42% to $4.74 million compared to $3.35 million for the prior year period.
  • Net interest margin was 2.70%.
  • Nonperforming assets to total assets declined to 0.90% at December 31, 2013 compared with 1.62% at December 31, 2012.
  • The company established First Internet Bank Business Capital to expand the company’s commercial lending efforts by offering asset-based financing options.
  • First Internet Bank was named top Online Mortgage Originator for 2013 by Mortgage Technology.

Highlights for the Year Ended December 31, 2013:

  • Net income was $4.59 million or $1.51 per diluted share compared with $5.61 million or $1.95 per diluted share for 2012.
  • Net interest income increased 10% to $17.45 million compared to $15.84 million for 2012.
  • Net interest income after provision for loan losses increased 32% in 2013 to $17.12 million.
  • Total assets were a record $802.34 million at December 31, 2013 compared with $636.37 million at December 31, 2012, up 26%.
  • Net loans receivable were $495.73 million at December 31, 2013 compared with $352.33 million at December 31, 2012, an increase of 41%.
  • Total commercial loans increased to $197.60 million at December 31, 2013 compared with $99.19 million at December 31, 2012. Commercial Real Estate loans increased 68% and Commercial and Industrial loans increased 287% compared with December 31, 2012.
  • Total deposits increased to $673.10 million at December 31, 2013 compared with $530.69 million at December 31, 2012, up 27%.

Becker stated, “In 2013, we made investments to support the meaningful growth of our company. As a result, our deposits, loans and total assets all grew at double-digit levels. We expanded our infrastructure as well as our expertise to support growth as a larger, more diversified retail and commercial banking entity. Over the past year, we added experienced talent in commercial banking, mortgage lending and compliance. An experienced team specializing in asset-based lending also joined the company. This group will provide working capital to small to medium sized companies, enabling us to continue expanding our commercial loan platform.

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