First Internet Doubles Annual Profit

First Internet Bancorp was established in 1999 as the first state-chartered, FDIC-insured institution in the U.S. to operate exclusively online. First Internet Bancorp was established in 1999 as the first state-chartered, FDIC-insured institution in the U.S. to operate exclusively online.

Indianapolis-based First Internet Bancorp (Nasdaq: INBK) has announced record annual net income of $8.9 million in 2015, compared to $4.3 million the previous year. Chief Executive Officer David Becker calls the performance "tremendous" and says loans and deposits were each up by more than 25 percent.

"Executing our growth strategy, we increased loans by 30 percent and deposits by 26 percent. This drove net interest income up 38 percent for the year. On the bottom line, 2015 net income was up 106 percent and EPS was up 104% over 2014. Commercial loans grew by $232 million, or 66 percent, for the year and now make up more than 60 percent of our loan portfolio. Net interest income and our efficiency ratio improved each quarter. As we enter 2016, credit quality is solid and our pipeline is strong. Across the organization, we have talented people, focused on building and expanding relationships with our customers. We have a strategy and the team to continue our efforts to deliver positive returns to our shareholders," Becker said.

Fourth quarter net income was $2.3 million, compared to $1.5 million during the same period in 2014. The parent company of First Internet Bank has customers in all 50 states.

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