First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results
Highlights for the fourth quarter and full year 2020 include:
•Record annual net income and diluted earnings per share of $29.5 million and $2.99, respectively
•Record quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019
•Record quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019
•Total quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019
•Net interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits
Fishers, Indiana, January 20, 2021 – 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, 2020. Net income for the fourth quarter of 2020 was a record $11.1 million, or $1.12 diluted earnings per share. This compares to net income of $8.4 million, or $0.86 diluted earnings per share, for the third quarter of 2020, and net income of $7.1 million, or $0.72 diluted earnings per share, for the fourth quarter of 2019.
For the full year ended December 31, 2020, net income was a record $29.5 million and diluted earnings per share were a record $2.99, compared to net income of $25.2 million and diluted earnings per share of $2.51 for the year ended December 31, 2019. The full year 2020 results included a $2.1 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the year was $31.1 million, or $3.16 adjusted diluted earnings per share.
“We generated record net income for the fourth quarter and for all of 2020, closing out our 21st year of operation with substantial momentum despite the challenges created by the pandemic,” said David Becker, Chairman, President and Chief Executive Officer. “Over the course of the year, we produced robust revenue growth, with our direct-to-consumer mortgage business delivering its best year in our history. Our bankers met the surge in demand brought on by low interest rates, winning business with a demonstrated commitment to consistent, excellent service. Our expanding national SBA platform also steadily gained momentum and drove higher gain-on-sale revenue, increasingly contributing to our success throughout the year. Our pipelines in these key business lines remain solid heading into 2021.
“We also maintained strong credit quality even as we took extraordinary steps in the form of loan deferrals to help our clients weather the initial shocks of the public health crisis early in the year,” Becker added. “Well before the year ended, nearly all of our borrowers who needed payment relief resumed making payments, and our continued low level of nonperforming loans reflects this. We deepened ties with our clients through this experience and remain optimistic in our customers’ collective ability to fully bounce back and succeed in the year ahead.
Mr. Becker concluded, “And of course, I want to thank the entire First Internet team for their exceptional work in an unforgettable year. Their unrelenting efforts allowed us to deliver our best-ever earnings results in a
The following information was filed by First Internet Bancorp (INBK) on Wednesday, January 20, 2021 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.