Fishers-based First Internet Bancorp (Nasdaq: INBK) is reporting third-quarter net income of $8.4 million, compared to $6.3 million during the same period a year ago.
The bank says the record profit is the result of strong revenue growth and moderate loan growth.
“We are very pleased with our ability to navigate the challenges imposed by the pandemic and deliver for our customers and shareholders,” said David Becker, chairman and chief executive officer.
Becker says First Internet saw a significant reduction in loan deferrals. He says over 99% of borrowers who needed payment relief early in the pandemic had resumed making payments.
First Internet says the bank’s consumer mortgage sector has been doing record business as mortgage rates are at historic lows, nearly tripling revenue from Q2.
“We capitalized on the ongoing market strength created by historically low mortgage rates, and our mortgage pipeline remains strong heading into the fourth quarter,” said Becker.
Becker says loans through the U.S. Small Business Administration have been robust.
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