First Internet Bank Of Indiana Announces Third Quarter Earnings

Released on October 22, 2004

Posted in:

First Internet Bank of Indiana (First IB) today announced net income of $495,998 for the quarter ended September 30, 2004, up 200% from the same quarter in the previous year.

“First IB has experienced profitable growth throughout 2004, Net Interest Income has increased each quarter and Non-Interest Expenses have been held to modest increases,” said David B. Becker, Chairman and CEO of First IB. “The result is significant improvement in Net Income over 2003 levels. We remain focused on improving performance and increasing shareholder value.”

As of September 30, 2004, First IB held $313.1 million in deposits, a 15% increase over deposits as of September 30, 2003. The Bank’s loan portfolio grew by $84.1 million, or 47%, as compared to the same quarter in the previous year as First IB continued to build its consumer installment portfolio. Changes in the Bank’s asset mix and continued loan growth required a corresponding increase in the Provision for Loan and Lease Losses, which increased expenses by $543,019 over the same quarter in the prior year but remained in line with management expectations.

Selected Balance Sheet Information

September 30, 2003
(Unaudited)
September 30, 2004 (Unaudited)
Cash Equivalents 30,921,490 22,403,799
Investment Securities 122,824,706 100,380,823
Loans, net of Reserve 180,861,915 264,975,687
Other Assets 4,459,543 4,174,147
Total Assets 339,067,654 391,934,456
Deposits 272,678,279 313,128,104
FHLB Advances 25,000,000 36,200,000
Other Liabilities 959,933 1,020,477
Shareholder’s Equity 40,429,442 41,585,875
Total Liabilities & Equity 339,067,654 391,934,456

 

Selected Income Statement Information
Quarter Ended Sept 30, 2003
(Unaudited)
Quarter Ended Sept 30, 2004 (Unaudited) Nine Months Ended Sept 30, 2004 (Unaudited)
Net Interest Income 1,224,961 2,393,030 6,400,334
Non-Interest Income 225,884 181,661 567,319
Provision for Loan and Lease Losses (101,399) (644,418) (1,392,167)
Non-Interest Expense (1,140,097) (1,215,221) (3,527,769)
Net Income Before Taxes 209,349 715,052 2,047,717
Tax Expense (43,865) (219,054) (637,506)
Net Income 165,484 495,998 1,410,211
Income per share:
Basic 0.08 0.25 0.70
Weighted average of shares outstanding:
Basic 2,010,156 2,015,018 2,015,018

With $392 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.

X

It's Different Here!

X

Save Money on Your Mortgage!

Get Your FREE Custom Rate Quote in 3 Simple Steps

CUSTOM RATE QUOTE

Step 1

Step 2

Step 3

Get Your Quote

Save Money on Your Mortgage!

Get Your FREE Custom Rate Quote in 3 Simple Steps

Highly likely to recommend

Seamless Experience - John, Arkansas

“I found First IB online. I was a little skeptical at first, but I couldn't have been more wrong! We were moving from MI to AR, working with a different realtor on each end, and First IB made the purchase of our new home seamless. The...mortgage we received is piece of mind for the future and we couldn't be more satisfied with the service... “

Highly likely to recommend

Worked Around My Schedule - Sean, Missouri

“My experience with First Internet Bank was amazing. Everything was done as quickly as possible and there was help every step of the way. I was busy traveling for work and they were able to keep me updated and work around my schedule. I would highly recommend First Internet Bank.”

Highly likely to recommend

Best Lender Experience - Ryan, Arizona

“This was the first time I've used an online lender and I would definitely use First IB again...The local lenders warned that I wouldn't get personal service using an online lender and warned me against it. I'm glad I ignored them because my experience was one of the best I've had with a lender. I wouldn't hesitate to use this lender again!“

Get Your Free Personalized Rate Quote

Step 1

Step 2

Step 3

Credit Profile

Property Use

Home Value

Current Mortgage
Balance

Down Payment

Desired Loan Amount

Get Your Free Personalized Rate Quote

Step 1

Step 2

Step 3

Contact Information

* Indicates a required field.

Thanks for your request from First IB

Thanks for requesting a rate quote from First Internet Bank! We will contact you shortly to provide your personalized rate quote and one-on-one consultation.

To speak with a mortgage expert immediately, call us toll-free at 1-855-707-2775. You can also check the latest rates on our website.

We look forward to speaking with you soon!

Return To Website