First Internet Bancorp reports Q1 EPS 59c, consensus 54c

Q1 provision for credit losses was $2.4M vs. $3.6M for 4Q023, and $9.4M for 1Q023. Tangible book value per share was $41.83 as of March 31, 2024, up from $41.43 as of December 31, 2023, and $39.23 as of March 31, 2023. “On our Q3 2023 earnings conference call, we indicated that net interest margin and net interest income had likely bottomed and would soon trend higher,” said CEO David Becker. “Since then, while the rate environment has remained quite volatile, our net interest margin and net interest income have improved by 27 basis points and 19%, respectively, over the past two quarters, driving higher earnings and improved profitability. At the same time, we’ve improved the risk profile of our balance sheet by optimizing our loan portfolio, and further diversifying our revenue and earnings streams. Our balance sheet liquidity position has strengthened, our capital position remains sturdy, and asset quality has been maintained. This strong foundation has also positioned us to remain on offense, as we continue to drive positive momentum in our SBA business, with strong production and another record level of gain on sale income during the first quarter. Amidst continued macroeconomic uncertainty, these developments leave us confident in our ability to drive further improvement in earnings and profitability over the remainder of the year.”