Business
First Internet Bancorp Reports Fourth Quarter and Full Year 2020 Results
Highlights for the fourth quarter and full year 2020 include: Record annual net income and diluted earnings per share of $29.5 million and $2.99,
About this update from First Internet Bancorp
[{"type":"text","content":"\nHighlights for the fourth quarter and full year 2020 include:\n\n\nRecord annual net income and diluted earnings per share of $29.5 million and $2.99, respectively\n\n\nRecord quarterly net income of $11.1 million, compared to $8.4 million for the third quarter of 2020 and $7.1 million for the fourth quarter of 2019 \n\n\nRecord quarterly diluted earnings per share of $1.12, up 30.2% over the third quarter of 2020 and 55.6% over the fourth quarter of 2019\n\n\nTotal quarterly revenue of $31.5 million, a 9.7% increase from the third quarter of 2020 and a 51.7% increase from the fourth quarter of 2019\n\n\nNet interest margin and fully-taxable equivalent net interest margin increased 25 and 24 basis points (“bps”), respectively, from the third quarter, driven by a 22 bp decrease in the cost of interest-bearing deposits\n\n\n FISHERS, Ind.--(BUSINESS WIRE)--\nFirst Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2020. Net income for the fourth quarter of 2020 was a record $11.1 million, or $1.12 diluted earnings per share. This compares to net income of $8.4 million, or $0.86 diluted earnings per share, for the third quarter of 2020, and net income of $7.1 million, or $0.72 diluted earnings per share, for the fourth quarter of 2019.\n\nFor the full year ended December 31, 2020, net income was a record $29.5 million and diluted earnings per share were a record $2.99, compared to net income of $25.2 million and diluted earnings per share of $2.51 for the year ended December 31, 2019. The full year 2020 results included a $2.1 million pre-tax write-down of commercial other real estate owned (“OREO”). Excluding this charge, adjusted net income for the year was $31.1 million, or $3.16 adjusted diluted earnings per share.\n\n“We generated record net income for the fourth quarter and for all of 2020, closing out our 21st year of operation with substantial momentum despite the challenges created by the pandemic,” said David Becker, Chairman, President and Chief Executive Officer. “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...