FIRST INTERNET BANCORP ANNOUNCES THIRD QUARTER EARNINGS
INDIANAPOLIS, IN (October 22, 2007) - First Internet Bancorp (“Bancorp”) today announced net income of $664,325 for the quarter ended September 30, 2007, a 63% increase from the same quarter in the previous year. Year to date earnings of $2.2 million exceed prior year levels by $489,148, or 29%.
Net interest income for the quarter increased 35% to $3.2 million as compared to the same quarter in the previous year. The net interest income increase is attributed to loan growth. Additionally, high credit quality and well secured collateral positions allowed for a decrease in the provision for loan losses by $52,905 (7%) during the quarter.
Non-interest expenses increased from the same quarter in the previous year due to the additional operating expenses for the mortgage division acquired in the Landmark Financial Corporation transaction closed on January 1, 2007.
“At a time when mortgage lenders and financial institutions are challenged by loan volume and credit quality issues, we are pleased with the combined operations of First Internet Bank and Landmark Mortgage Company,” said Mr. David B. Becker, Chairman and CEO of the Bancorp.
As of September 30, 2007, the Bancorp held $442.6 million in deposits, a 24% increase over deposits as of September 30, 2006. Total loans of $365.5 million increased by 18%, and total assets of $541.6 million increased by 18% over September 30, 2006 balances. The increase in cash equivalents and investment securities provides flexibility to capitalize on opportunities that may arise.
Selected Balance Sheet Information |
|
|
September 30 |
|
2006
(Unaudited1) |
|
2007
(Unaudited1) |
|
Cash Equivalents |
19,240,511 |
|
44,487,308 |
Investment Securities |
117,551,593 |
|
113,626,251 |
Loans, net of Reserve |
309,486,237 |
|
365,480,773 |
Bank owned life insurance |
6,622,718 |
|
6,896,497 |
Goodwill |
0 |
|
4,687,349 |
Other Assets |
5,526,679 |
|
6,377,304 |
|
Total Assets |
458,427,738 |
|
541,555,482 |
|
|
Deposits |
355,805,512 |
|
442,611,820 |
FHLB Advances |
58,700,000 |
|
51,700,000 |
Other Liabilities |
1,820,090 |
|
2,227,816 |
Shareholder's Equity |
42,102,136 |
|
45,015,846 |
|
Total Liabilities & Equity |
458,427,738 |
|
541,555,482 |
|
Total shares issued and outstanding |
1,843,081 |
|
1,850,584 |
Selected Income Statement Information |
|
Quarter Ended September 30 |
|
2006
(Unaudited1) |
|
2007
(Unaudited1) |
|
Net Interest Income |
2,373,292 |
|
3,193,627 |
Non-Interest Income |
345,421 |
|
355,535 |
Provision for Loan Losses |
(705,578) |
|
(652,673) |
Non-Interest Expense |
(1,500,918) |
|
(2,011,023) |
|
Net Income Before Taxes |
512,217 |
|
885,466 |
|
Tax Expense |
(105,777) |
|
(221,141) |
|
Net Income |
406,440 |
|
664,325 |
|
|
|
|
Income per share: |
|
|
|
Basic |
0.21 |
|
0.36 |
|
|
|
|
Weighted average of shares outstanding: |
|
|
|
Basic |
1,931,031 |
|
1,866,122 |
About First Internet Bancorp
First Internet Bancorp, the parent company of First Internet Bank of Indiana and Landmark Mortgage Company, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006, and is listed on the OTC Bulletin Board (www.otcbb.com) under the symbol of "FIBP".
About First Internet Bank
With $541 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. Services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, and IRAs. First IB also offers credit cards, personal lines of credit, and installment loans. First IB is a wholly owned subsidiary of First Internet Bancorp.
About Landmark Mortgage Company
Landmark Mortgage Company operates from two locations in the metropolitan Indianapolis area providing various mortgage products and services to clients in central Indiana and beyond. Landmark Mortgage Company 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.
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