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.
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Selected Balance Sheet Information |
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| 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.