First Internet Bancorp (INBK) Tops Q1 EPS by 7c, Revenues Beat

First Internet Bancorp (NASDAQ: INBK) reported Q1 EPS of $0.62, $0.07 better than the analyst estimate of $0.55. Revenue for the quarter came in at $21.2 million versus the consensus estimate of $16.18 million.

Highlights for the first quarter include:

• Diluted earnings per share of $0.62, an increase of 10.7% over first quarter of 2019
• Net income of $6.0 million, an increase of 5.7% over first quarter of 2019
• Total revenue of $21.2 million, an increase of 14.0% over first quarter of 2019, driven by strong mortgage banking activity
• Total loans of $2.9 billion, up 1.8% from the first quarter of 2019

COVID-19 Response:

• Ensuring the health and safety of our employees through alternative work practices, expanded benefits and enhanced engagement programs
• Supporting our customers through payment deferral programs
• Enrolling customers in the SBA Paycheck Protection Program
  • As of April 16, 2020, have received approvals from the SBA for 268 loans totaling $45.0 million

“The current public health crisis confronting our country has required a dramatic shift in our operations as well as in those of our customers,” said David Becker, Chairman, President and Chief Executive Officer. “Our most important priority in this unprecedented environment is the health of our team, customers and shareholders.

“While the duration of the coronavirus pandemic still remains unknown, we have the financial strength to serve our valued customers throughout this difficult period.

“We have proactively implemented a payment deferral program that allows impacted clients to preserve cash and liquidity. Additionally, our lending teams have been enrolling small business clients in the SBA Paycheck Protection Program, which will provide much needed capital and liquidity to many of our small business entrepreneurs. As of April 16, we had received approvals from the SBA for 268 loans totaling $45.0 million. This was accomplished in 10 days through an all-hands-on-deck effort by the First Internet team, who have been working tirelessly for our customers.

Chairman Becker added, “I am pleased with our first quarter financial performance as well as our efforts to date in April. I thank the entire First Internet team for their resilience and dedication during these challenging times. The high level of engagement throughout the organization remains the key to our ongoing success.”

For earnings history and earnings-related data on First Internet Bancorp (INBK) click here.

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