Skip to main content
No. of Recommendations: 1
from where the tables look better


INDIANAPOLIS, IN May 14, 2002 — First Internet Bank of Indiana today announced record net income of $798,735 for the quarter ended March 31, 2002. This is the fifth consecutive quarter of profitability First IB has reported.

Net income has increased fourfold over the same quarter in the previous year and includes a tax benefit of $268,450. Net income for the quarter ended December 31, 2001 was $782,760, which included a tax benefit of $212,735.

"We have maintained the efficiencies and economies of scale we have achieved in our operations over the past year," said David B. Becker, Chairman and CEO of First IB. "We continue to control costs and focus on the type of relationships we have formed with customers, rather than the sheer number of relationships. Ultimately, this strategy allows us to provide better service to our customers and greater value to our shareholders."

As of March 31, 2002, First IB held $209.5 million in deposits, a 7% increase over deposits as of March 31, 2001. Bank management attributed the modest deposit growth to a deliberate decision to grow core transaction - online banking customers with checking and savings accounts - rather than CD-only relationships.

Selected Balance Sheet Information

March 31,
(Unaudited) March 31,

Cash Equivalents 50,033,011 7,365,523
Investment Securities 107,955,564 132,711,523
Loans, net of Reserve 73,363,325 108,960,299
Other Assets 1,972,627 3,542,984

Total Assets 233,324,527 252,580,329

Deposits 196,060,909 209,490,804
FHLB Advances - 3,500,000
Other Liabilities 933,221 1,150,779
Shareholder's Equity 36,330,397 38,438,746

Total Liabilities & Equity 233,324,527 252,580,329

Selected Income Statement Information
Quarter Ended
March 31 2001

Quarter Ended
March 31 2002

Net Interest Income 1,223,535 1,747,197
Non-Interest Incomes 132,421 174,794
Provision for Loan and Lease Losses (309,831) (144,496)
Non-Interest Expense (1,140,188) (1,247,210)

Gain/(Loss) on Sale of Investments 242,702 -

Net Income Before Taxes 148,639 530,285

Tax Benefit - 268,450

Net Income 148,639 798,735

Income Per Share:
Basic 0.08 0.40

Weighted average number of shares outstanding:
Basic 1,967,494 2,005,079
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.