from www.firstib.com/about/ where the tables look betterFIRST INTERNET BANK OF INDIANA ANNOUNCES FIRST QUARTER EARNINGS 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 31,2001(Unaudited) March 31,2002(Unaudited) 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 EndedMarch 31 2001(Unaudited) Quarter EndedMarch 31 2002(Unaudited) 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
I feel more and more confident about banking with First IB every day!
I feel more and more confident about banking with First IB every day! Too bad I can't buy shares....The Dreamer.
If you could have bought them, anyone could have, and they'd have been taken over long ago.
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