First Internet Bank of Indiana (https://www.firstib.com/) 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 2001 (Unaudited) |
June 30, 2002 (Unaudited) |
||
| 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 |
|||
| 2001 (Unaudited) |
2002 (Unaudited) |
||
| 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 |
10,780 |
(798,061) |
|
| 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.