First Internet Bancorp (INBK) Tops Q1 EPS by 2c

First Internet Bancorp (NASDAQ: INBK) reported Q1 EPS of $0.71, $0.02 better than the analyst estimate of $0.69.

Highlights for the first quarter include:

• Record net income of $6.0 million, increasing $2.5 million, or 72.3%, compared to the linked quarter and $3.2 million, or 112.9%, compared to first quarter 2017
• Diluted earnings per share of $0.71, increasing $0.30, or 73.2%, compared to the linked quarter and $0.28, or 65.1%, compared to first quarter 2017
• Diluted earnings per share increased $0.08, or 12.7%, and net income increased $0.7 million, or 12.8%, compared to fourth quarter 2017 results adjusted for the net DTA revaluation
• Total loan growth of $118.2 million, or 5.7%, compared to December 31, 2017 and $776.2 million, or 54.2%, compared to March 31, 2017
• Net interest income of $15.4 million, increasing $0.1 million, or 0.4%, compared to the linked quarter and $4.0 million, or 34.5%, compared to first quarter 2017
• Solid quarterly performance
  • Return on average assets of 0.87%
  • Return on average shareholders’ equity of 10.96%
  • Return on average tangible common equity of 11.19%
• Capital levels continued to support the strong balance sheet growth

David Becker, Chairman, President and Chief Executive Officer, commented, “We are off to a strong start in 2018, with record quarterly net income and earnings per share. Our results reflect solid contributions from all of our lending teams; we grew loan balances nearly 6% in the first quarter and 54% compared to this period last year.

“Even in this intensely competitive environment, we have stayed true to our credit discipline. We will not sacrifice price or credit for the sake of loan growth. As we move into the second quarter, our loan pipelines remain healthy.”

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

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