First Internet Bancorp(INBK) - 2024 Q4 - Annual Results

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]