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August 5, 2014
07:42 EDTINBKFirst Internet Bancorp appoints Lovik CFO to succeed Whitaker
First Internet Bancorp announced that Kenneth Lovik has been named the company’s new Senior Vice President and CFO, effective August 18. He will succeed Kay Whitaker, SVP and CFO. It is expected that Whitaker will assist the company in the transition until her departure, which is expected to be September 30. Whitaker’s departure is unrelated to the company’s financial condition, financial reporting practices or investments. Lovik comes to First Internet Bancorp following four years at First Financial Bancorp.
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October 23, 2014
16:45 EDTINBKFirst Internet Bancorp reports Q3 EPS 28c, consensus 19c
Net interest income for the third quarter was $5.7M compared to $5.4Mn for the second quarter and $4.4M for the third quarter 2013. Compared to the linked quarter, total interest income increased $0.3M, or 4.4%, and total interest expense increased less than $0.1 million, or 1.6%. The increase in total interest income was driven by a $69.8M increase, or 12.4%, in average loan balances, partially offset by a decline in the yield earned on the loan portfolio. Additionally, the impact of the loan growth was offset by a decline of $55.1M or 28.3%, in the average balance of the investment portfolio. The decline in investment balances was the result of continued efforts to increase the liquidity profile and reduce the interest rate risk and duration of the portfolio. The increase in expense during the quarter was due primarily to an increase of 1.3% in average interest-bearing deposits.

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