First Internet Bank Of Indiana Announces 2002 Second Quarter Earnings

First Internet Bank of Indiana ( today announced net income of $470,529 for the quarter ended June 30, 2002, representing its sixth consecutive quarter of profitability. Operating income – interest and non-interest income less non-interest expense and a provision for loan and lease losses – for the quarter was $722,999, up 36% from $530,285 for the quarter ended March 31, 2002.

Net income for the quarter ended June 30, 2002 includes a tax benefit of $545,591 and a specific charge against earnings of $871,777 ($566,655 net of tax) taken due to the significant decline in the market value of a $1 million par value investment in WorldCom, Inc.. WorldCom, Inc. represents less than one percent of the total par value in the Bank’s security investment portfolio.

Selected Balance Sheet Information
June 30
June 30,
Cash Equivalents 16,050,344 14,937,510
Investment Securities 117,052,221 119,396,848
Loans, net of Reserve 100,053,252 122,565,161
Other Assets 2,390,716 3,363,604
Total Assets 235,546,533 260,263,123
Deposits 198,342,917 213,623,912
FHLB Advances 4,500,000
Other Liabilities 1,111,853 2,529,304
Shareholder’s Equity 36,091,763 39,609,906
Total Liabilities & Equity 235,546,533 260,263,122


Selected Income Statement Information
Quarter Ended
June 30
Net Interest Income 1,427,352 1,782,306
Non-Interest Income 161,357 218,794
Provision for Loan and Lease Losses (305,209) (99,534)
Non-Interest Expense (1,143,020) (1,178,567)
Gain/(Loss) on Sale of Investments



Net Income/(Loss) Before Taxes 151,260 (75,062)
Tax Benefit 545,591
Net Income 151,260 470,529
Income per share:
Basic 0.08 0.23
Weighted average of shares outstanding:
Basic 1,984,888 2,005,608

With $260 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.