First Internet Bank Hits Record Profit

Fishers-based First Internet Bancorp (Nasdaq: INBK) is reporting record third quarter net income of $6.3 million, up slightly from the same period last year. Chief Executive Officer David Becker says the results were driven by continued revenue growth, well-managed expenses and a strong balance sheet.

The parent of First Internet Bank says net income for the first nine months of the year dipped slightly. The bank reported $18.1 million for 2019, down from $18.3 million through the same period in 2018.

"We continue to make progress with our expansion into small business banking with attractive opportunities on both sides of our balance sheet," Becker said in a news release. "During the third quarter, the pipeline of new lending opportunities grew again and our efforts on the deposit side continued to produce results as business money market and checking accounts increased over $41 million. We recently appointed new leadership to run our expanding national SBA program and we are also excited that our previously announced acquisition of the small business lending division of First Colorado National Bank is expected to close next month."

You can view the full earnings report by clicking here.