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FIRST INTERNET BANK OF INDIANA ANNOUNCES THIRD QUARTER EARNINGS
INDIANAPOLIS, IN October 27, 2003 - First Internet Bank of Indiana
(First IB) today announced net income of $165,484 for the quarter
ended September 30, 2003.
As in past quarters, net interest income represented the majority
of the Bank's revenue. Net interest margins for the Bank have declined
throughout the year, prompting Bank management to look to new ways
to offset the Bank's reliance on interest rate spreads. According
to David B. Becker, Chairman and CEO, "First IB is researching
value-added services for the customer to grow non-interest income
sources."
Additionally, Becker noted the Bank has continued to expand its
consumer loan origination abilities. Said Becker, "The Bank's
assets have grown by nearly 14% since year-end 2002, but our loan
portfolio has grown 27%. We are pleased with the growth, certainly,
but we will not deviate from our commitment to asset quality. We
remain focused on sound loan originations and building a strong
portfolio of assets."
Becker continued, "First IB will continue to develop its lending
efforts, primarily to consumers, in the months to come. Doing so
will take some time and carry with it associated expenses to ensure
we maintain a quality portfolio. We expect modest earnings during
this process, but we believe this approach is in the long term best
interest of the Bank and its stakeholders."
As of September 30, 2003, First IB held $272.7 million in deposits,
a 16% increase over deposits as of September 30, 2002. Despite the
increase in deposits, overhead expenses remained consistent with
prior quarters.
Selected Balance Sheet Information |
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September 30 |
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2002
(Unaudited) |
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2003
(Unaudited) |
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Cash Equivalents |
4,179,471 |
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30,921,490 |
Investment Securities |
121,433,179 |
|
122,824,706 |
Loans, net of Reserve |
149,635,392 |
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180,861,915 |
Other Assets |
3,755,371 |
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4,459,543 |
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Total Assets |
279,003,413 |
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339,067,654 |
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Deposits |
234,094,842 |
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272,678,279 |
FHLB Advances |
3,000,000 |
|
25,000,000 |
Other Liabilities |
804,491 |
|
959,933 |
Shareholder's Equity |
41,104,080 |
|
40,429,442 |
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Total Liabilities & Equity |
279,003,413 |
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339,067,654 |
Selected Income Statement Information |
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September 30 |
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2002
(Unaudited) |
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2003
(Unaudited) |
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Net Interest Income |
1,710,388 |
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1,224,961 |
Non-Interest Income |
227,523 |
|
225,884 |
Provision for Loan and Lease Losses |
(516,595) |
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(101,399) |
Non-Interest Expense |
(1,206,558) |
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(1,162,755) |
Gain on Sale of Investments |
8,662 |
|
22,658 |
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Net Income Before Taxes |
223,420 |
|
209,349 |
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Tax Benefit (Expense) |
713,159 |
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(43,865) |
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Net Income |
936,579 |
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165,484 |
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Income per share: |
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Basic |
0.47 |
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0.08 |
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Weighted average of shares outstanding: |
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Basic |
2,006,148 |
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2,010,156 |
With $339 million in assets, First Internet Bank of Indiana is
the first state-chartered, FDIC-insured institution to operate solely
via the Internet and has customers in all 50 states. Services include
interest-bearing checking accounts, regular and money market savings
accounts with industry-leading interest rates, CDs, IRAs, credit
cards, and check cards that can be used instead of cash or checks.
First IB also offers personal lines of credit, installment loans,
unique real-time transfers between accounts, and the ability to
display checking, savings and loan information on a single screen.
First IB is a privately capitalized institution with over 400 private
and corporate investors.
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