The following is a summary of the First Internet Bancorp (INBK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• First Internet Bancorp reported Q1'24 net income of $5.2 million, increasing by 25% with earnings per share of $0.59, 23% up from Q4 2023.

• A rise in net interest margin noted by 27 basis points, and an increase in net interest income by 19% since Q3 2023.

• New funded loan origination yields were at 8.84%, up 108 basis points from Q1'23, and the yield on the overall loan portfolio increased 23 basis points from Q4 of 2023.

• Deposit balance growth of $206.8 million or 5.1% from the previous quarter was reported with a non-maturity deposits rise over $66 million or 3.6%.

Business Progress:

• Strong commercial lending during the quarter led to a balance increase of $75 million from year-end, a record quarter of gain from Small Business Administration (SBA) business.

• Solid performance noted in consumer lending and FinTech partnerships, with the latter seeing a 47% revenue increase over the linked quarter.

• The bank forecasted for the FinTech revenue for the year to be almost 3 times the amount recognized last year.

• First Internet Bancorp is focusing on investing in new technology tools, building up capital ratios, and expanding variable-rate assets, striking record revenue in the first quarter.

More details: First Internet Bancorp IR

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