Business
First Internet Bancorp Reports Second Quarter 2024 Results
FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced
About this update from First Internet Bancorp
[{"type":"text","content":" FISHERS, Ind.--(BUSINESS WIRE)--\nFirst Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nNet income of $5.8 million and adjusted net income1 of $6.2 million, increases of 11.5% and 20.2%, respectively, from the first quarter of 2024\n\n\n\nDiluted earnings per share of $0.67 and adjusted diluted earnings per share1 of $0.72, increases of 13.6% and 22.0%, respectively, from the first quarter of 2024\n\n\n\nNet interest income of $21.3 million and fully-taxable equivalent net interest income1 of $22.5 million, increases of 2.9% and 2.6%, respectively, from the first quarter of 2024\n\n\n\nNet interest margin of 1.67% and fully-taxable equivalent net interest margin1 of 1.76%, both increases of 1 basis point from the first quarter of 2024\n\n\n\nNoninterest income of $11.0 million, a 32.2% increase from the first quarter of 2024\n\n\n\nRelative to the first quarter of 2024, total revenue growth of 11.3% outpaced noninterest expense growth and adjusted noninterest expense1 growth of 6.2% and 3.5%, respectively, resulting in positive operating leverage\n\n\n\nLoan growth of $51.3 million, a 1.3% increase from the first quarter of 2024\n\n\n\nNonperforming loans to total loans of 0.33%; net charge-offs to average loans of 0.14%; allowance for credit losses to total loans of 1.10%\n\n\n\nTangible book value per share1 of $42.37, a 1.3% increase from the first quarter of 2024, and a 6.3% increase from the second quarter of 2023\n\n\n\n“Our strong upward earnings trajectory continued in the second quarter of 2024, driven by an increasingly diversified revenue base,” said David Becker, Chairman and Chief Executive Officer. “The optimization of our loan portfolio, solid loan growth, increasing asset yields, and stabilization of funding costs have led to improved net interest income.”\n\n\n“At the same time, the continued growth of our SBA business, alongside other strategic initiatives, has helped drive improvement in noninterest income, which represented nearly one-third of total revenues during the first half of 2024, up from just under one-quarter of revenues for the comparable period a year ago.”\n\n\nMr. Becker concluded, “Entering th...