Bad loans carve into Indy Web bank's profits
Indianapolis' First Internet Bancorp, a financial holding company with a mortgage division, today blamed bad loans for a 30 percent drop in net income for the third quarter.
First Internet, a state-chartered institution that operates solely over the Web, said it experienced "elevated levels" of loan charge-offs primarily in its consumer loan portfolio. It reported earning $461,867, down from $664,323 in the same period a year ago.
On its balance sheet, it said it has $327 million in loans, a 10 percent drop from the same point in 2007.
"Economic conditions have caused consumers who never have been delinquent in the past to suddenly cease making their loan payments and turn over the collateral or file for bankruptcy," said David B. Becker, chairman and CEO of the Bancorp.
First Internet is the parent of First Internet Bank and Landmark Mortgage Co.
landmark mortgage co, first internet bank, financial holding company, b becker, mortgage division, chartered institution, consumer loan, loan portfolio, charge offs, bancorp, loan payments, economic conditions, net income, balance sheet, collateral, Indianapolis, bankruptcy, ceo, consumers, loans, Business
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