First Internet Bancorp Reports First Quarter 2025 Results

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FISHERS, Ind., April 23, 2025--(BUSINESS WIRE)--First Internet Bancorp (the "Company") (Nasdaq: INBK), the parent company of First Internet Bank (the "Bank"), announced today financial and operational results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

  • Net income of $0.9 million and diluted earnings per share of $0.11

  • Pre-tax, pre-provision income ("PTPP") of $12.0 million1

    • An increase of 10.8% from adjusted PTPP1 for the fourth quarter of 2024

    • An increase of 48.5% from PTPP1 for the first quarter of 2024

  • Net interest income of $25.1 million and fully taxable net interest income of $26.3 million1, increases of 6.6% and 6.3%, respectively, from the fourth quarter of 2024

  • Net interest margin of 1.82% and fully taxable equivalent net interest margin of 1.91%1, increases of 15 and 16 basis points ("bps"), respectively, from the fourth quarter of 2024

  • Loan growth of $83.8 million, a 2.0% increase from the fourth quarter of 2024; deposit growth of $12.4 million, a 0.3% increase from the fourth quarter of 2024; loans to deposits ratio of 86.0%

  • Nonperforming loans to total loans of 0.80%; net charge-offs to average loans of 0.92%; allowance for credit losses to total loans of 1.11%

  • Tangible common equity to tangible assets of 6.55%1, and 7.17%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 9.16%

  • Tangible book value per share of $44.041, a 0.6% increase from the fourth quarter of 2024

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."

"Our first quarter performance was highlighted by solid core revenue growth and net interest margin expansion," said David Becker, Chairman and Chief Executive Officer. "We saw continued momentum in operating revenues for the sixth consecutive quarter from growth in net interest income. This was fueled by higher yields on earning assets and reduced funding costs, due to the ongoing expansion of our construction, commercial and industrial and national SBA programs, which delivered meaningful positive operating leverage."

"We also achieved strong fintech deposit growth and made strategic enhancements to our loan mix, which have strengthened our balance sheet flexibility and bolstered interest income. At the same time, we’ve maintained excellent liquidity as reflected in our loans-to-deposits ratio."

"Despite credit challenges in certain portfolios, our asset quality and capital positions remain strong. Looking ahead, we are well-positioned to drive future earnings growth and profitability by staying focused on our core strategies of diversifying revenue and optimizing our balance sheet. I am grateful to our team for their commitment and hard work in delivering long-term value for our stakeholders."