Indianapolis-based First Internet Bancorp (Nasdaq: INBK) is reporting record third quarter profit of $2.3 million, compared to $1.3 million in the same quarter last year. The parent of First Internet Bank says it has racked up six straight quarters of earnings growth.
Chief Executive Officer David Becker says "we have been able to generate significant organic growth as we prudently manage risk and asset quality. Net interest income continues to grow as we attract more customers to the Bank. What’s more, nearly half of the commercial loan balances we added during the quarter funded in September. We expect these loans to have an even greater impact on interest income in future periods."
Becker says the positive results are being driven by factors including diversity in loan origination and revenue sources, as well as the company’s nationwide platforms.
In April, First Internet Bancorp announced it had topped $1 billion in assets for the first time.