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First Internet Bancorp (INBK)
NASDAQ:INBK
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Earnings Data
Report Date
Jan 22, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.92Last Year’s EPS
$0.48Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 23, 2024
|% Change Since: 2.90%
|Next Earnings Date:Jan 22, 2025
Earnings Call Sentiment|Positive
The earnings call reflected strong financial performance with significant earnings growth, an increase in SBA loan originations, and robust deposit growth. However, challenges were noted with increased nonperforming loans and a decline in net interest margin. Despite these challenges, the overall sentiment remains optimistic with expectations of continued growth and profitability.Company Guidance
During the third quarter 2024 earnings call of First Internet Bancorp, the company reported a strong performance with consecutive quarters of double-digit earnings growth. Net income reached $7 million, a 21% increase from the previous quarter, and diluted earnings per share rose by over 19% to $0.80. The bank experienced a 25% year-over-year increase in net interest income and a 21 basis point expansion in net interest margin. The small business lending team played a significant role, with SBA loan originations up 35% year-to-date and sold loan volume up nearly 60%. The bank's total operating revenue grew by over 4% compared to the previous quarter and 36% year-over-year. Despite an increase in nonperforming loans, the company's credit quality remained sound, with net charge-offs at low levels of 15 basis points. The tangible book value per share increased by 3.6% in the quarter, reflecting prudent balance sheet management. Overall, First Internet Bancorp's strategic focus on loan growth, particularly in the SBA sector, and improved balance sheet flexibility position it well for continued profitability into 2025.Double-Digit Earnings Growth
First Internet Bancorp achieved its fourth consecutive quarter of double-digit earnings growth, with net income increasing by 21% and diluted earnings per share up by over 19% from the second quarter.
Strong Loan and Revenue Growth
Net interest income was up over 2% from the prior quarter, and 25% year-over-year. Total operating revenue grew over 4% compared to the prior quarter and up over 36% year-over-year.
Record SBA Loan Originations
SBA loan originations were up 35% year-to-date compared to 2023, and sold loan volume increased by almost 60%, with the company becoming the eighth largest SBA 7(a) lender in the country.
Strong Deposit Growth
Period-end deposits increased by almost $524 million or 12% from the prior quarter, driven by growth in CD production and fintech partnership deposits.
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INBK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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INBK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 23, 2024 | $36.52 | $34.94 | -4.33% |
| Jul 24, 2024 | $36.02 | $35.84 | -0.50% |
| Apr 24, 2024 | $33.13 | $30.58 | -7.70% |
| Jan 24, 2024 | $27.17 | $29.52 | +8.65% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First Internet Bancorp (INBK) report earnings?
First Internet Bancorp (INBK) is schdueled to report earning on Jan 22, 2025, TBA Not Confirmed.
What is First Internet Bancorp (INBK) earnings time?
First Internet Bancorp (INBK) earnings time is at Jan 22, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INBK EPS forecast?
INBK EPS forecast for the fiscal quarter 2024 (Q4) is $0.92.
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