First Internet Reports Record Year

(IIB Photo/Alex Brown)

Fishers-based First Internet Bancorp (Nasdaq: INBK) is reporting record fourth quarter and full year net income. The bank says it has seen substantial momentum in the face of COVID-related challenges.

The parent of First Internet Bank recorded Q4 net income of $11.1 million, compared to $7.1 million during the same period a year ago.

For the full year, the bank reported net income of $29.5 million, compared to $25.2 million the previous year.

“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,” said David Becker, First Internet chairman and chief executive officer.

Becker says the firm maintained strong credit quality even as it dealt with loan deferrals in the early stages of the pandemic.

“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,” said Becker.

Click here to view the full financial report.