First Internet Bancorp Full Year 2024 Earnings: EPS Misses Expectations

First Internet Bancorp (NASDAQ:INBK) Full Year 2024 Results

Key Financial Results

• Revenue: US$117.7m (up 39% from FY 2023).
• Net income: US$25.3m (up 200% from FY 2023).
• Profit margin: 22% (up from 10.0% in FY 2023). The increase in margin was driven by higher revenue.
• EPS: US$2.91 (up from US$0.95 in FY 2023).

INBK Banking Performance Indicators

• Net interest margin (NIM): 1.74% (up from 1.67% in FY 2023).
• Non-performing loans: 0.69% (up from 0.26% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Internet Bancorp EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%.

In the last 12 months, the only revenue segment was Commercial Banking contributing US$117.7m. The largest operating expense was General & Administrative costs, amounting to US$69.9m (76% of total expenses). Explore how INBK's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 8.2% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We've done some analysis and you can see our take on First Internet Bancorp's balance sheet.

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