Guys - maybe I missed it but INBK results are out.
Looks like good growth even if they missed. Assets up 54%.
http://seekingalpha.com/news/3194981-first-internet-bancorp-…
http://seekingalpha.com/pr/16554756-first-internet-bancorp-q…
Ant
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Link to their PR
http://www.firstinternetbancorp.com/news.aspx?iid=4112285
Diluted eps reduced by three items listed below was $0.57 vs prior year $0.50
…During the second quarter, the Company recognized certain expenses associated with exiting its former headquarters location. Specifically, a lease impairment of $130,000 was recorded in noninterest expense and a loss on fixed assets of $45,000 related to the location was recorded as a reduction to noninterest income. In the aggregate, these items had a negative impact on diluted earnings per share of $0.02. Also during the second quarter, the provision for loan losses included a specific allowance of $0.5 million related to a commercial and industrial loan that was placed on nonaccrual status. Net of the impact of transferring the loan from the general reserve, this item negatively impacted pre-tax income by $0.4 million, or $0.05 per diluted share. Additionally, the Company recognized a gain on sale of investment securities of $177,000, or $0.02 per diluted share…
…Net interest margin (“NIM”) was 2.39% for the second quarter compared to 2.78% for the first quarter and 2.87% for the second quarter 2015. The effect of the decline in prepayment fees related to commercial real estate loans and accelerated premium amortization related to early payoffs of purchased residential mortgages combined with higher deposit costs contributed significantly to the quarterly decline in NIM, partially offset by the growth in the investment portfolio. Additionally, the Company carried excess liquidity during the quarter as cash inflows generated from year-to-date deposit activity and proceeds from the equity offerings outpaced loan growth and investment purchases, which also negatively impacted NIM…
…Tangible book value per share increased to $23.67 as of June 30, 2016 from $22.93 as of March 31, 2016 and $21.23 as of June 30, 2015…
JT
Place on upper rack at 300 degrees and bake for 5-10 years.
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