First Internet Bancorp reports Q3 EPS 80c, consensus 83c

Reports Q3 NII $22.9M, consensus $23.5M. Reports Q3 net interest margin of 1.62% and fully-taxable equivalent net interest margin1 of 1.70%, vs. 1.67% and 1.76%, respectively, for Q2. Tangible book value per share was $43.89, a 3.6% increase from Q2 2024, and a 10.9% increase from Q3 2023. “Our Q3 results demonstrated strong performance virtually across the board,” said CEO David Becker. “Growth in net interest income, driven by higher earning asset yields and stable funding costs, along with record gain-on-sale revenue from the continued expansion of our national SBA platform, propelled an increase in operating revenues for the fifth consecutive quarter, resulting in significant positive operating leverage. Additionally, robust deposit growth and the ongoing strategic shift in loan mix have increased balance sheet flexibility, enhanced our interest rate risk profile, and improved our liquidity position to its strongest level in recent history, as indicated by our loans-to-deposits ratio. Looking ahead, we are well-positioned to deliver increased earnings and profitability by continuing to execute our core strategies of revenue diversification and balance sheet optimization. Our balance sheet and capital position are solid, and measures of asset quality remain sound.”