Fishers-based First Internet Bancorp (Nasdaq: INBK), the parent of First Internet Bank, is reporting record full-year net income of $12.1 million, up from $9 million the previous year. Chief Executive Officer David Becker says the record earnings are due, in part, to a 31 percent increase in loans in 2016.
The bank is also reporting fourth quarter net income of $3.7 million, up from nearly $2.3 million during the same period in 2015. Becker says the fourth quarter was saw the best results of any quarter in the company’s 17-year history.
"Our loan growth fueled a continued increase in interest income, and we had a strong finish to 2016." said Becker. "Our consistent execution gives us confidence in our asset-generating capabilities as we move into 2017. Throughout the year, we’ve worked to communicate our differentiated model and value proposition to the market. In 2016, we strengthened our capital base and our balance sheet is well-positioned to support continued growth"
In May, First Internet Bancorp raised more than $20 million through an offering of common stock. The company said some of the money raised may be used to repay existing debt.