The Bank Slate


First Internet’s 1Q loss widens with extra chargeoff

First Internet Bancorp in Fishers, Ind., is reporting a larger first-quarter loss after recording an additional charge off for a commercial loan.

The $4.7 billion-asset company, which had previously announced a $4.7 million partial chargeoff for the participation loan, wrote off another $2.2 million after gathering more information about the relationship.

First Internet said in a regulatory filing that it expects to receive payment for the remaining balance of the participation loan this month.

The additional chargeoff increased the company’s net loss for the quarter from $1.3 million to $3 million.

On a positive note, the company disclosed in the filing that deposit balances rose 5% in April, to $3.8 billion. There have been no unusual deposit outflows through May 3.

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