Vegas Matt
10年前
Breaking: INBK Earnings
SA Breaking News Team
First Internet Bancorp beats by $0.14, beats on revenue • 5:09 PM
Jignesh Mehta, SA News Editor
First Internet Bancorp (NASDAQ:INBK): Q1 EPS of $0.46 beats by $0.14.
NII of $6.77M (+39.0% Y/Y) beats by $0.17M
Press Release
http://seekingalpha.com/pr/13253806-first-internet-bancorp-reports-record-quarterly-net-income?app=n
First Internet Bancorp Reports Record Quarterly Net Income
Thu April 23, 2015 4:10 PM|Business Wire | About: INBK
Quarterly earnings per share of $0.46, up 43.8% from fourth quarter 2014 and up 253.8% from first quarter 2014
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp (INBK), the parent company of First Internet Bank (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, announced today financial and operational results for the first quarter 2015.
First quarter net income was a record $2.1 million and diluted earnings per share were $0.46. This compares with fourth quarter 2014 net income of $1.5 million and diluted earnings per share of $0.32 and first quarter 2014 net income of $0.6 million and diluted earnings per share of $0.13.
David Becker, Chairman, President and Chief Executive Officer, commented, Thanks to the hard work and dedication of our talented teams, we produced earnings growth for the fourth consecutive quarter. With focus and shared vision, we reached two significant milestones during the quarter.
First, we surpassed $1.0 billion in total assets. As our organization grows, we expect to realize economies of scale that should allow us to generate higher returns. We continued our trend of strong loan growth as our commercial lending teams had another excellent quarter of production. Our investment in commercial lending is paying strong dividends, as commercial balances have increased $152.1 million, or 62.6%, over the past year and now represent more than 50% of our total loans. The commercial pipeline at the end of the first quarter is higher than it was at the end of the fourth quarter and looks extremely strong, leaving us optimistic about our ability to continue generating high quality assets. Furthermore, we generated strong deposit growth as balances increased $62.6 million, or 8.2%, and drove balance sheet expansion during the quarter.
Second, we achieved a record level of quarterly net income, with quarterly earnings per share growth of 43.8% and significantly improved profitability compared to the fourth quarter 2014. Loan growth drove net interest income higher while operating expenses, excluding seasonal and equity-related compensation costs, were essentially flat quarter-over-quarter.
Highlights for the first quarter 2015 included:
Diluted earnings per share increased $0.14, or 43.8%, compared to the linked quarter and $0.33, or 253.8%, compared to the first quarter 2014
Improved quarterly performance
Return on average assets of 0.84% compared to 0.62% in the linked quarter and 0.30% in the first quarter 2014
Return on average shareholders' equity of 8.55% compared to 6.07% in the linked quarter and 2.64% in the first quarter 2014
Return on average tangible common equity of 8.98% compared to 6.38% in the linked quarter and 2.79% in the first quarter 2014
Continued strong revenue growth
Net interest income increased $0.4 million, or 6.3%, compared to the linked quarter and $1.9 million, or 39.2%, compared to the first quarter 2014
Mortgage banking revenue increased $1.0 million, or 56.7%, compared to the linked quarter and $2.0 million, or 220.7%, compared to the first quarter 2014
more - see link above
56Chevy
10年前
Quarterly Report (10-q)
Date : 11/12/2014 @ 4:09PM
Source : Edgar (US Regulatory)
Stock : First Internet Bancorp (MM) (INBK)
Quote : $17.159 -0.111 (-0.64%) @ 8:10PM
[....]
Financial Condition
(dollar amounts in thousands except share and per share data)
Comparison of September 30, 2014 to December 31, 2013
• Total assets were $926,883 at September 30, 2014 compared to $802,342 at December 31, 2013, an increase of $124,541, or 16%. The increase was primarily due to a $194,776, or 39%, increase in loans receivable, partially offset by a $53,206, or 29%, decrease in securities available-for-sale.
• Loans receivable increased 39% from $501,153 at December 31, 2013 to $695,929 at September 30, 2014. Total commercial and industrial loan balances increased $16,931, or 31%, at September 30, 2014 versus December 31, 2013. Commercial real estate loans, which include owner-occupied loans, increased $93,449, or 66%, at September 30, 2014 compared to December 31, 2013. Credit tenant lease financing experienced the largest growth within the commercial real estate portfolio, increasing $81,565, or 97%, since December 31, 2013. In connection with the repositioning of the investment portfolio to provide increased liquidity, the Company deployed excess balance sheet capacity to acquire $106,480 of high quality adjustable rate mortgage assets during the period to complement its organic loan growth.
• Credit quality continues to remain strong as nonperforming loans to total loans receivable declined to 0.06% from 0.37% at December 31, 2013. Additionally, nonperforming assets to total assets declined to 0.55% from 0.90% at December 31, 2013. Compared to December 31, 2013, total nonperforming loans decreased $1,452, or 78%, due primarily to the resolution of a nonaccrual commercial real estate credit with a recorded value of $955. The Company recovered 100% of the unpaid principal balance, resulting in a recovery of $459.
• The allowance for loan losses was $5,464 as of September 30, 2014 compared to $5,426 as of December 31, 2013. The allowance as a percentage of total nonperforming loans increased to 1,366% at September 30, 2014 from 293% at December 31, 2013. Due to the improvement in credit quality, the allowance for loan losses to total loans receivable decreased to 0.79% at September 30, 2014 compared to 1.09% at December 31, 2013.
• Total deposits increased $64,875, or 10%, to $737,970 at September 30, 2014, compared to $673,095 at December 31, 2013. Certificates of deposit and money market accounts exhibited the strongest growth, increasing $41,951, or 14%, and $20,732, or 8%, respectively, from December 31, 2013.
• Tangible common equity increased $3,866 from $86,221 at December 31, 2013 to $90,087 at September 30, 2014. Tangible book value per common share increased 5% from $19.38 at December 31, 2013 to $20.29 at September 30, 2014. A reconciliation of tangible common equity and tangible book value per common share to the most directly comparable measure under U.S. GAAP appears later in this discussion under “Reconciliation of Non-GAAP Financial Measures.”
<page 38>
[....]
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109035582
FD: I do not own shares of INBK at this time...to be honest I'm not certain as an investor how to value a branchless bank...it's a new day...however I do think these type banks are worth considering for the future.
P/B is 0.85...which is a 15% discount to book.
Marker:
First Internet Banco (INBK)
$17.159 down -0.111 (-0.64%)
Volume: 7,715
10 bagger
14年前
FIPB.. $10.60 Earnings..
First Internet Bancorp Announces Record Year-End Earnings
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("First IB"), parent company of First Internet Bank of Indiana ("Bank"), today announced record net income of $4,954,660, or $2.61 per share, for the year ended December 31, 2010. This compares favorably to the net loss of $2,118,028, or $1.12 per share, reported for the year ended December 31, 2009.
"Last year was our best year ever in terms of earnings, net interest income, and non-interest income," said David B. Becker, Chairman and CEO of First Internet Bancorp. "Through our asset/liability management initiatives, our mortgage loan origination activity, and our loan collection and recovery efforts, we increased value for our shareholders in 2010." As of December 31, 2010, First IB's net book value was $25.68 per share, up $2.05 compared to December 31, 2009.
For the year ending December 31, 2010, the net interest margin for the Bank equaled 3.29%, compared to 2.73% reported for 2009. The improvement in the net interest margin resulted in an increase of $762,989 (5.5%) in net interest income over the prior year. "We managed our balance sheet strategically while rates were low in 2010," Mr. Becker noted. "We lengthened our liabilities and shortened assets in order to protect our net interest margin should interest rates rise in the year ahead."
Non-interest income of $4,346,344 in 2010 increased $1,143,013 (35.7%), from $3,203,331 in 2009, and was driven by an increase of $1,271,295 in gains on mortgage loans sold into the secondary market.
Provision for loan losses in 2010 equaled $927,272, compared to $11,563,786 in 2009. The substantial reversal of one particular commercial credit charge, improvement in the level of loan charge-offs overall, and changes in the Bank's loan mix and outstanding balances contributed to the positive variance.
Earlier in 2010, management was able to obtain new collateral from a single commercial borrower. Based upon the new collateral, First IB made a first quarter reversal of $2,365,573 (78.9%) of the original $3,000,000 charge taken in the last quarter of 2009.
Net charge-offs of $4,178,669 in 2010 improved $1,904,310 (31.3%) from 2009 levels of $6,082,979.
Reserve balances represent 2.20% of total loans as of December 31, 2010, versus 3.13% at December 31, 2009. Total loans as of December 31, 2010, were $311,398,862 compared to $322,704,509 at December 31, 2009. "Throughout the year, we actively addressed existing loan portfolio delinquencies and charged-off questionable credit balances when appropriate," stated Mr. Becker. "We believe the remaining loan loss reserve is sufficient to address existing credit risks."
Non-interest expense, comprised primarily of compensation, data processing costs, occupancy and other operating expenses, increased $1,028,666 (11%) from $9,341,343 in 2009 to $10,370,009 in 2010.
The improved financial performance during 2010 allowed First IB to increase its tier one leverage ratio from 7.72% as of December 31, 2009, to 9.41% as of December 31, 2010. First IB remained well capitalized under all risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).
Selected Balance Sheet Information
December 31
2009 2010
Cash Equivalents 30,016,044 32,416,623
Investment Securities 133,583,840 136,936,295
Loans, net of Reserve 312,607,696 304,553,446
Bank owned life insurance 7,574,415 7,868,699
Goodwill 4,687,349 4,687,349
Other Assets 16,145,978 17,452,876
Total Assets 504,615,322 503,915,288
Deposits 411,627,338 422,702,556
FHLB Advances 47,000,000 30,454,832
Other Liabilities 1,224,136 1,860,255
Shareholder's Equity 44,763,848 48,897,645
Total Liabilities & Equity 504,615,322 503,915,288
Selected Income Statement Information
Year Ended December 31
2009 2010
Net Interest Income 13,748,059 14,511,048
Non-Interest Income 3,203,331 4,346,344
Other-than-temporary Impairment Loss (300,000) (909,563)
Provision for Loan and Lease Losses (11,563,786) (927,272)
Non-Interest Expense (9,341,343) (10,370,009)
Net Income (Loss) Before Taxes (4,253,739) 6,650,548
Tax Benefit (Provision) 2,135,711 (1,695,888)
Net Income (Loss) (2,118,028) 4,954,660
Income (Loss) per share:
Basic (1.12) 2.61
Diluted (1.12) 2.61
Weighted average of shares outstanding:
Basic 1,892,082 1,898,919
Diluted 1,892,082 1,898,919
About First Internet Bancorp
First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.
About First Internet Bank
With over $500 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.
CONTACT: First Internet Bancorp
Laurinda Swank, 317-532-7909
Source: First Internet Bancorp
10 bagger
14年前
FIBP.. $12.45 Earnings
About First Internet Bank
With over $485 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.
First Internet Bancorp Announces Higher Third Quarter Earnings
Business Wire - Oct 29 at 13:07
Company Symbols: NASDAQ-OTCBB:FIBP
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $1,006,684 for the quarter ended September 30, 2010, compared to a net loss of $208,806 for the same quarter in the previous year.
"Last quarter had been the most profitable quarter in Bancorp history that did not include a substantial one-time event - until now," said David Becker, Chairman and CEO of First Internet Bancorp. "We have built upon the positive momentum of the past quarter with another impressive performance in our core banking and mortgage operations. Net interest margin continued to improve, and we are taking advantage of the low rates in the mortgage market to generate significant non-interest income."
Becker continued, "If not for an adjustment in our securities portfolio, net income would have been nearly $1.3 million for the quarter." The Bancorp took an after-tax charge of $277,379 due to an other-than-temporary impairment adjustment.
As in the previous quarter, the earnings boost was the result of continued growth in net interest margin, an increase in non-interest income, and a further reduction in loan loss provision. Net interest margin widened to 3.28%, compared to 3.18% as of June 30, 2010, and 2.98% as of September 30, 2009. Non-interest income, derived primarily from online mortgage originations sold into the secondary market, added $1,324,246 to revenue in the third quarter, an increase of $551,569 over the third quarter in 2009.
Third quarter provision for loan loss was $626,796, a reduction of $147,065 over the prior quarter and $1,924,991 over the third quarter in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of September 30, 2010, the Bancorp held reserves equal to 2.43% of outstanding loan balances not held for sale, compared to 2.37% at June 30, 2010, and 1.82% as of September 30, 2009.
The Bancorp remained well capitalized under risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).
Selected Balance Sheet Information
September 30
2009 2010
(Unaudited1) (Unaudited1)
Cash Equivalents 3,012,674 24,384,474
Investment Securities 149,896,078 136,167,420
Loans, net of Reserve 331,693,243 299,188,572
Bank owned life insurance 7,497,196 7,794,546
Goodwill 4,687,349 4,687,349
Other Assets 10,633,214 14,854,277
Total Assets 507,419,754 487,076,638
Deposits 411,116,591 404,056,866
FHLB Advances 46,700,000 30,424,307
Other Liabilities 1,546,744 1,841,776
Shareholder's Equity 48,056,419 50,753,689
Total Liabilities & Equity 507,419,754 487,076,638
Selected Income Statement Information
Quarter Ended September 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 3,669,407 3,705,310
Non-Interest Income 772,677 1,324,246
Loss on assets including OTTI (238,084) (480,808)
Provision for Loan Losses (2,551,787) (626,796)
Non-Interest Expense (2,229,212) (2,612,879)
Net Income/(Loss) Before Taxes (576,999) 1,309,073
Tax (Expense)/Benefit 368,193 (302,389)
Net Income/(Loss) (208,806) 1,006,684
Nine Months Ended September 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 10,013,202 11,103,119
Non-Interest Income 2,655,464 2,709,551
Gain/(Loss) on assets including OTTI (461,078) (845,119)
Provision for Loan Losses (6,060,299) 369,762
Non-Interest Expense (7,133,363) (7,497,919)
Net Income/(Loss) Before Taxes (986,074) 5,839,394
Tax (Expense)/Benefit 831,570 (1,587,993)
Net Income/(Loss) (154,504) 4,251,401
Income/(Loss) per share:
Basic (0.08) 2.24
Weighted average of shares outstanding:
Basic 1,891,460 1,897,786
About First Internet Bancorp
First Internet Bancorp (OTCBB: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.
About First Internet Bank
With over $485 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.
1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.
Source: First Internet Bancorp
Copyright Business Wire 2010
10 bagger
14年前
FIBP.. $12.45 DD 07/29/10 Earnings..
First Internet Bancorp Announces Record Second Quarter Earnings
Business Wire - Jul 29 at 08:24
Company Symbols: NASDAQ-OTCBB:FIBP
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bancorp ("Bancorp") today reported net income of $944,750 for the quarter ended June 30, 2010, compared to net income of $263,747 for the same quarter in the previous year.
"To put the earnings results in perspective, this is the most profitable quarter we have ever had that did not include a significant one-time event," remarked David Becker, Chairman and CEO of First Internet Bancorp. Higher earnings were reported for first quarter 2010 and third quarter 2001 but included favorable one-time adjustments.
Mr. Becker noted the Bancorp has had strong success year-to-date. The adjusted first quarter 2010 net income of $771,645 ($2,299,967 prior to the reversal of loan loss expense related to a large commercial credit) also represented significant improvement over first quarter 2009.
Earnings improvement was the result of increased net interest margin, continued generation of non-interest income and a reduction in loan loss provision. Net interest margins widened due to increased loan yields and lower cost of funds. Second quarter net interest margin equaled 3.18% compared to 3.17% as of March 31, 2010, and 2.53% as of June 30, 2009. Non-interest income, derived primarily from online mortgage originations, continued to have a positive impact on earnings, adding $738,674 in the second quarter. Non-interest expenses remained below peer levels as a result of the Bancorp's efficient Internet banking platform.
Second quarter provision for loan loss was $773,861, a reduction of $706,327 over the same period in 2009; however, the Bancorp continued to maintain a robust allowance for loan and lease loss. As of June 30, 2010, the Bancorp held reserves equal to 2.37% of outstanding loan balances not held for sale compared to 2.34% as of March 31, 2010 and 1.71% as of June 30, 2009.
"By remaining focused on areas we can control, such as loan and deposit pricing and selected non-interest expense items, we have continued to improve profitability," Mr. Becker said. "Loan losses are still elevated when compared to historic levels; however, they are trending lower in our portfolio, which is consistent with national consumer credit trends."
The Bancorp remained well capitalized under risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System (FRB).
Selected Balance Sheet Information
June 30
2009 2010
(Unaudited1) (Unaudited1)
Cash Equivalents 38,858,690 25,004,068
Investment Securities 153,846,696 130,713,349
Loans, net of Reserve 327,743,929 301,151,163
Bank owned life insurance 7,419,684 7,720,357
Goodwill 4,687,349 4,687,349
Other Assets 11,945,545 13,870,019
Total Assets 544,501,893 483,146,305
Deposits 453,150,960 400,201,852
FHLB Advances 44,000,000 32,393,440
Other Liabilities 1,849,777 1,623,083
Shareholder's Equity 45,501,156 48,927,930
Total Liabilities & Equity 544,501,893 483,146,305
Selected Income Statement Information
Quarter Ended June 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 3,272,565 3,659,921
Non-Interest Income 1,051,454 738,674
Provision for Loan Losses (1,480,188 ) (773,861 )
FDIC Special Assessment (251,250 ) -
Non-Interest Expense (2,435,366 ) (2,407,216 )
Net Income Before Taxes 157,215 1,217,518
Tax (Expense)/Benefit 106,532 (272,768 )
Net Income 263,747 944,750
Income per share:
Basic 0.14 0.50
Weighted average of shares outstanding:
Basic 1,890,838 1,896,650
Six Months Ended June 30
2009 2010
(Unaudited1) (Unaudited1)
Net Interest Income 6,343,795 7,397,809
Non-Interest Income 1,658,728 1,020,994
Provision for Loan Losses (3,508,512 ) 996,558
FDIC Special Assessment (251,250 ) -
Non-Interest Expense (4,651,836 ) (4,885,041 )
Net Income/(Loss) Before Taxes (409,075 ) 4,530,320
Tax (Expense)/Benefit 463,377 (1,285,603 )
Net Income 54,302 3,244,717
Income per share:
Basic 0.03 1.71
Weighted average of shares outstanding:
Basic 1,890,838 1,896,650
About First Internet Bancorp
First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006.
About First Internet Bank
With over $480 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First IB also offers consumer loans, conforming mortgages, jumbo mortgages, and home equity loans and lines of credit. First IB is a wholly owned subsidiary of First Internet Bancorp.
1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.
Source: First Internet Bancorp
Copyright Business Wire 2010
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