First Internet Bancorp (INBK) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -57.73%. A quarter ago, it was expected that this internet bank would post earnings of $0.81 per share when it actually produced earnings of $0.80, delivering a surprise of -1.23%.Over the last four quarters ...

Financial Performance - Net income for Q4 2024 was $7.3 million, a 4.9% increase from Q3 2024, and full year net income reached $25.3 million, up 200.3% from 2023[4][5] - Diluted earnings per share for Q4 2024 was $0.83, a 3.8% increase from Q3 2024, and for the full year, it was $2.88, up 203.2% from 2023[4][5] - Net income for Q4 2024 was $7,330,000, an increase from $6,990,000 in Q3 2024 and $4,143,000 in Q4 2023[48] - Adjusted net income for Q4 2024 was $3,591,000, compared to $6,990,000 in Q3 2024 and $4,143,000 in Q4 2023[48] - Return on average assets for Q4 2024 was 0.50%, unchanged from Q3 2024 and up from 0.32% in Q4 2023[48] - Return on average shareholders' equity for Q4 2024 was 7.49%, compared to 7.32% in Q3 2024 and 4.66% in Q4 2023[48] - Return on average tangible common equity for Q4 2024 was 7.58%, an increase from 7.41% in Q3 2024 and 4.72% in Q4 2023[49] - Adjusted return on average tangible common equity for Q4 2024 was 3.72%, consistent with 7.41% in Q3 2024 and up from 4.72% in Q4 2023[49] Income and Expenses - Net interest income for Q4 2024 was $23.6 million, an 8.2% increase from Q3 2024, and for the full year, it was $87.4 million, up 16.7% from 2023[4][5] - Noninterest income for Q4 2024 was $15.9 million, up from $12.0 million in Q3 2024, and up from $7.4 million in Q4 2023[19] - Noninterest expense totaled $24.0 million for Q4 2024, a 5.1% increase from Q3 2024, and a 19.5% increase from Q4 2023[20] - Total noninterest expense for the twelve months ended December 31, 2024, was $90,110,000, an increase of 13.4% from $79,436,000 in 2023[42] - Noninterest income for the three months ended December 31, 2024, was $15,936,000, a significant increase of 115.4% from $7,401,000 in the same period of 2023[42] Loans and Deposits - Total loans as of December 31, 2024, were $4.2 billion, a 3.3% increase from Q3 2024, and an 8.6% increase from December 31, 2023[22] - Total deposits grew by $135.5 million, a 2.8% increase from Q3 2024, and for the full year, deposits increased by $866.2 million, a 21.3% increase from 2023[4][5] - Total commercial loan balances were $3.3 billion as of December 31, 2024, a 4.3% increase from Q3 2024, and an 11.2% increase from December 31, 2023[22] - Total loans reached $4,170,646 thousand as of December 31, 2024, a 3.3% increase from $4,035,880 thousand in September 2024 and a 8.6% increase from $3,840,220 thousand in December 2023[45] - Total deposits grew to $4,933,206 thousand in December 2024, up 2.8% from $4,797,710 thousand in September 2024 and a significant increase of 21.3% from $4,066,973 thousand in December 2023[45] Asset Quality - The allowance for credit losses to total loans was 1.07% as of December 31, 2024, with nonperforming loans to total loans at 0.68%[4] - Nonperforming loans were 0.68% of total loans as of December 31, 2024, up from 0.56% as of September 30, 2024, and 0.26% as of December 31, 2023, totaling $28.4 million[26] - The allowance for credit losses (ACL) as a percentage of total loans was 1.07% as of December 31, 2024, down from 1.13% as of September 30, 2024, and up from 1.01% as of December 31, 2023[27] - Net charge-offs for the fourth quarter of 2024 were $9.4 million, resulting in a net charge-off rate of 0.91%, compared to $1.5 million (0.15%) in Q3 2024 and $1.2 million (0.12%) in Q4 2023[28] - The provision for credit losses in Q4 2024 was $7.2 million, compared to $3.4 million in Q3 2024 and $3.6 million in Q4 2023[29] Capital and Equity - Total shareholders' equity was $384.1 million as of December 31, 2024, a decrease of $1.1 million (0.3%) from September 30, 2024, and an increase of $21.3 million (5.9%) from December 31, 2023[30] - Book value per common share was $44.31 as of December 31, 2024, down from $44.43 as of September 30, 2024, and up from $41.97 as of December 31, 2023[30] - Total risk-based capital ratio was 12.61% for the Company and 12.11% for the Bank as of December 31, 2024[32] - Total equity as of December 31, 2024, is $384,063,000, an increase from $362,795,000 year-over-year[46] - Total shareholders' equity to assets ratio improved to 6.69% as of December 31, 2024, compared to 7.02% a year earlier[46] Assets - The Company had total assets of $5.7 billion as of December 31, 2024[35] - Total assets as of December 31, 2024, were $5,737,859,000, compared to $5,823,259,000 in Q3 2024 and $5,167,572,000 in Q4 2023[41] - Total assets reached $5,737,859,000 as of December 31, 2024, compared to $5,167,572,000 a year earlier, reflecting a growth of approximately 10.99%[46] Future Outlook - The Company will host a conference call on January 23, 2025, to discuss its quarterly financial results[33] - Forward-looking statements indicate potential risks including economic conditions and credit quality that could impact future performance[36]

In its upcoming report, First Internet Bancorp (INBK) is predicted by Wall Street analysts to post quarterly earnings of $0.97 per share, reflecting an increase of 102.1% compared to the same period last year. Revenues are forecasted to be $35.65 million, representing a year-over-year increase of 31%.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of th ...

Core Viewpoint - First Internet Bancorp (INBK) has shown a downtrend recently, losing 5.2% over the past week, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest and support from bulls [1] Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with selling pressure likely subsiding, suggesting a bullish case for INBK [1] - A hammer pattern forms when there is a small candle body with a long lower wick, signaling that bears may be losing control during a downtrend [2] Fundamental Analysis - There has been a positive trend in earnings estimate revisions for INBK, with a 2.3% increase in the consensus EPS estimate over the last 30 days, indicating analysts expect better earnings [3] - INBK holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [3] - The Zacks Rank serves as a timing indicator, suggesting that INBK's prospects are improving, reinforcing the potential for a turnaround [3]

Financial Performance - For the third quarter 2024, net income was $7.0 million, or $0.80 diluted earnings per share, representing an increase of 105.0% in net income compared to $3.4 million, or $0.39 diluted earnings per share in the third quarter 2023[232]. - During the nine months ended September 30, 2024, net income was $17.9 million, or $2.05 diluted earnings per share, an increase of 319.9% compared to $4.3 million, or $0.48 per diluted share in the same period of 2023[232]. - The increase in net income for the third quarter 2024 was primarily due to a $4.6 million, or 62.4%, increase in noninterest income and a $4.4 million, or 25.2%, increase in net interest income[233]. - The Company recognized $0.5 million in IT termination fees and $0.1 million in anniversary expenses during the nine months ended September 30, 2024, leading to an adjusted net income of $18.4 million[236]. - Adjusted net income for the nine months ended September 30, 2023, excluding the impact of exiting consumer mortgage, was $12.1 million, with adjusted diluted earnings per share of $1.35[239]. - Net income for September 30, 2024, was $6,990,000, an increase of 21.5% from $5,775,000 in June 2024[327]. - Adjusted diluted earnings per share for September 30, 2024, was $0.80, up from $0.72 in June 2024, reflecting a growth of 11.1%[327]. Assets and Liabilities - As of September 30, 2024, the Company had consolidated assets of $5.8 billion, consolidated deposits of $4.8 billion, and stockholders' equity of $385.1 million[230]. - Total assets reached $5,523,910 as of September 30, 2024, compared to $5,332,776 in the previous quarter[242]. - Total liabilities were $5,143,849 as of September 30, 2024, compared to $4,962,951 in the previous quarter[242]. - Shareholders' equity totaled $380,061 as of September 30, 2024, compared to $369,825 in the previous quarter[242]. - Total assets as of September 30, 2024, were $5,823,259,000, an increase from $5,169,023,000 as of September 30, 2023, representing a growth of 12.6%[323]. - Tangible common equity as of September 30, 2024, was $380,442,000, up from $343,057,000 a year earlier, marking an increase of 10.9%[323]. Income and Expenses - Total interest income for Q3 2024 increased by $12.0 million, or 19.0%, to $75.0 million from $63.0 million in Q3 2023[248]. - Total interest expense for Q3 2024 rose by $7.6 million, or 16.6%, to $53.2 million from $45.6 million in Q3 2023[248]. - Total noninterest expense for Q3 2024 was $22.8 million, up 15.4% from $19.8 million in Q3 2023, mainly due to higher salaries and employee benefits[265]. - Noninterest income for Q3 2024 was $12.0 million, a 62.4% increase from $7.4 million in Q3 2023, primarily driven by gains on loan sales[260]. - The increase in salaries and employee benefits for Q3 2024 was primarily due to higher small business lending incentive compensation and staff additions[265]. - Noninterest expense for the three months ended September 30, 2024, was $22,794,000, a rise of 15.4% from $19,756,000 in the same quarter of 2023[326]. Loans and Credit Quality - Loans increased to $4.0 billion as of September 30, 2024, compared to $3.7 billion as of September 30, 2023[269]. - Total nonperforming loans increased by $12.5 million, or 125.6%, to $22.5 million as of September 30, 2024, compared to $10.0 million as of December 31, 2023[282]. - The allowance for credit losses - loans to total loans ratio was 1.13% as of September 30, 2024, up from 1.10% in the previous quarter[281]. - The total nonperforming loans to total loans ratio increased to 0.56% as of September 30, 2024, compared to 0.33% in the previous quarter[281]. - The company experienced a slight decrease in public finance and single tenant lease financing portfolios, along with continued runoff in the healthcare finance portfolio[277]. - The company experienced a partial charge-off of C&I participation loans amounting to $5,462,000[327]. Deposits and Funding - Total deposits increased by $730.7 million, or 18.0%, to $4.8 billion as of September 30, 2024, compared to $4.1 billion as of December 31, 2023[299]. - Certificates of deposits rose by $505.5 million, or 31.5%, driven by strong consumer and small business demand throughout 2024[299]. - Interest-bearing demand deposits increased by $135.5 million, or 33.6%, primarily from growth in fintech partnership deposits[299]. - The Company maintained a Common Equity Tier 1 capital ratio of 9.37% as of September 30, 2024, exceeding the minimum required ratio of 7.00%[307]. - The company can borrow an additional $1.4 billion from various funding sources, totaling $2.1 billion in liquidity, which is 230% of adjusted uninsured deposit balances[317]. Capital and Shareholder Returns - The company declared a cash dividend of $0.06 per share, payable on October 15, 2024, to shareholders of record as of September 30, 2024[310]. - The company repurchased 559,522 shares of common stock at an average price of $19.06, totaling an investment of $10.7 million under a $25.0 million stock repurchase program[313]. - The total capital to risk-weighted assets ratio for the consolidated entity was 13.23%, well above the minimum required ratio of 10.50%[309]. - The leverage ratio for the consolidated entity was 7.33%, significantly higher than the minimum requirement of 4.00%[309]. Future Outlook and Strategy - Future outlook includes continued focus on revenue growth and cost management strategies to enhance profitability[326]. - The company believes it has sufficient liquidity and capital resources to meet its cash and capital expenditure requirements for the next twelve months[312].

Group 1 - First Internet Bancorp (INBK) closed at $33.35, with a 0.1% gain over the past four weeks, and a mean price target of $41.70 suggests a 25% upside potential [1] - The mean estimate includes five short-term price targets with a standard deviation of $2.91, indicating variability among analysts; the lowest estimate is $38.50 (15.4% increase), while the highest is $45 (34.9% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [9][10] Group 2 - The Zacks Consensus Estimate for the current year has increased by 2.3%, with one estimate moving higher and no negative revisions [10] - INBK holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] - While the consensus price target may not be a reliable indicator, the direction of price movement implied by it appears to be a good guide for potential upside [11]

Financial Data and Key Metrics Changes - The company reported net income of $7 million, up 21% from the previous quarter, and diluted earnings per share of $0.80, up over 19% [7][8] - Total operating revenue grew over 4% compared to the prior quarter and increased over 36% year-over-year [6][10] - Net interest income was $21.8 million, up 2.1% from the second quarter, and net interest margin was 1.62%, a decrease of 5 basis points from the previous quarter [18][20] Business Line Data and Key Metrics Changes - The small business lending team reported a 35% increase in year-to-date SBA loan originations and a nearly 60% increase in sold loan volume compared to 2023 [9][10] - Non-interest income for the quarter was $12 million, up 9% from the second quarter, with gain on sale of loans totaling $9.9 million, a 20% increase [22][23] - The overall credit quality remains sound, with nonperforming loans to total loans at 56 basis points and nonperforming assets to total assets at 39 basis points [10][24] Market Data and Key Metrics Changes - Total deposits increased by almost $524 million, or 12% from the prior quarter, driven by growth in CD production and fintech partnership deposits [14][15] - Deposits from fintech partners were up 35% from the second quarter, totaling $507 million at quarter end [15] - The weighted average cost of new CDs was 4.45%, which is over 30 basis points lower than the average cost of maturing CDs [17][18] Company Strategy and Development Direction - The company aims to continue diversifying revenue and improving the composition of its loan portfolio, focusing on small business lending and construction loans [9][14] - There is a strong emphasis on maintaining balance sheet flexibility and liquidity, with a loan-to-deposit ratio declining to 84% from 93% [18][20] - The management is optimistic about achieving higher earnings and improved profitability in the fourth quarter and into 2025 [14][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued earnings momentum and the potential for net interest margin to rebound as liquidity is deployed [14][27] - The company anticipates a solid loan pipeline and expects loan balances to increase by 1.5% to 2% in the fourth quarter [26][49] - Management noted that the economic environment is stabilizing, with inflation slowing and interest rates expected to decline, which should benefit small business owners [34][36] Other Important Information - The tangible book value per share increased by 3.6% in the third quarter and is up almost 11% year-over-year [11] - The allowance for credit losses as a percentage of total loans was 1.13%, reflecting growth in the loan portfolio [24] - The company plans to invest in technology to enhance the digital experience and add product features for consumers and small businesses [27][51] Q&A Session Summary Question: Can you provide details on the franchise finance and small business loans that were past due? - Management indicated that there were a few delinquencies in franchise finance due to certain brand closures, and they are working with borrowers to restructure loans [29][30] Question: What are the expectations for SBA origination growth? - The company targets $600 million in SBA originations for next year, with a strong team in place to support this growth [40][41] Question: How should we think about the NIM trajectory for 2025? - Management expects significant net interest income growth next year, with potential margin expansion driven by the deployment of excess liquidity [44][46] Question: What are the preliminary thoughts on expense growth in 2025? - Expense growth is expected to be around 7% to 8%, with potential increases if SBA revenue ramps up significantly [54][55] Question: What is the outlook for the tax rate going forward? - The tax rate is expected to range from high 8% to 11% to 12% by the end of the year, depending on pre-tax earnings growth [56]

FIRST IN · . . Financial Results Third Quarter 2024 of and our and one and one and on and on ® Forward-Looking Statements & Non-GAAP Financial Measures 2 This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future per ...

First Internet Bancorp (INBK) reported $33.79 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 36.3%. EPS of $0.80 for the same period compares to $0.39 a year ago.The reported revenue represents a surprise of +3.98% over the Zacks Consensus Estimate of $32.5 million. With the consensus EPS estimate being $0.81, the EPS surprise was -1.23%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

First Internet Bancorp (INBK) came out with quarterly earnings of $0.80 per share, missing the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.23%. A quarter ago, it was expected that this internet bank would post earnings of $0.72 per share when it actually produced earnings of $0.72, delivering no surprise.Over the last four quarters, the comp ...