First Internet Bancorp Reports Fourth Quarter and Full Year 2018 Results
Highlights for the fourth quarter include:
Net income of $3.6 million, including a $2.4 million pre-tax write-down of legacy OREO, compared to $3.5 million in the fourth quarter of 2017
Diluted earnings per share of $0.35, or adjusted diluted earnings per share of $0.53 excluding the OREO write-down
Total loans increased $625 million from December 31, 2017, or 29.9%, and $223 million from September 30, 2018, or 8.9%
Fishers, Indiana, January 23, 2019 - First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2018. Net income for the fourth quarter of 2018 was $3.6 million, or $0.35 diluted earnings per share. This compares to net income of $6.3 million, or $0.61 diluted earnings per share, for the third quarter of 2018, and net income of $3.5 million, or $0.41 diluted earnings per share, for the fourth quarter of 2017.
The fourth quarter’s results included a $2.4 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the quarter was $5.5 million and adjusted diluted earnings per share was $0.53.
For the twelve month period ended December 31, 2018, net income was a record $21.9 million and diluted earnings per share were $2.30 compared to net income of $15.2 million and diluted earnings per share of $2.13 for the twelve month period ended December 31, 2017.
“First Internet Bancorp had another successful year during 2018 as we reported record annual net income, driven by full year loan growth of 30%, excellent credit quality and well-managed expenses,” said David Becker, Chairman, President and Chief Executive Officer. “We generated strong growth in both commercial and consumer loans, particularly in a number of our specialty lending areas, including single tenant lease financing, public finance, healthcare finance and horse trailer and recreational vehicle lending.
“Looking to 2019, we continue to see opportunities to expand our market share across our collection of specialty lending franchises, as well as adding new areas of lending to further diversify and improve our revenue mix. We continue to take a disciplined approach to capital deployment and will actively manage the balance sheet to drive profitable growth,” Becker added. “As always, I would like to thank the entire First Internet team who worked very hard to deliver these record 2018 results. Their dedication and efforts will continue to be the key to our ongoing growth and success.”
Net Interest Income and Net Interest Margin
Net interest income for the fourth quarter of 2018 was $15.4 million, compared to $16.0 million for the third quarter of 2018. On a fully-taxable equivalent basis, net interest income for the fourth quarter was $16.9 million, compared to $17.3 million for the third quarter. Net interest income was flat on a reported and fully-taxable equivalent basis, when compared to the fourth quarter of 2017.
The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.