First Internet Bancorp Achieves Robust 2024 Financial Growth

First Internet Bancorp ( (INBK) ) has released its Q4 earnings. Here is a breakdown of the information First Internet Bancorp presented to its investors.

First Internet Bancorp is a bank holding company that operates primarily through its subsidiary, First Internet Bank, offering a range of banking services including consumer and small business deposit services, SBA financing, and specialty finance services nationwide. The company is recognized for its pioneering role in branchless banking.

In its latest earnings report for the fourth quarter and full year of 2024, First Internet Bancorp posted notable financial improvements. The company reported a full-year net income of $25.3 million, a significant growth of over 200% compared to the previous year. This robust growth was driven by increased net interest income and gains from its small business lending activities.

Key financial metrics highlighted in the report include a 4.9% increase in net income for the fourth quarter, reaching $7.3 million, and a 3.8% rise in diluted earnings per share to $0.83. The company also saw a healthy loan growth of $134.8 million, alongside a deposit growth of $135.5 million for the fourth quarter. Nonperforming loans were reported at 0.68% of total loans, reflecting a slight increase from the previous quarter.

First Internet Bancorp continues to enjoy a strong capital position, with a tangible common equity to tangible assets ratio of 6.62% and a CET1 ratio of 9.30%. The company remains optimistic about its prospects for 2025, expecting continued expansion in net interest margin and profitability due to favorable market conditions.

As the company moves forward, it is well-positioned to capitalize on emerging opportunities within its core business sectors. Management anticipates sustained growth and increased earnings, buoyed by a solid capital and liquidity foundation along with a promising interest rate environment.