Earnings ·
First Internet Bancorp reports Q3 diluted EPS of $0.54 on record revenue of $43.9 million
INBKFirst Internet Bancorp
First Internet Bancorp reported third-quarter net income of $4.8 million, or diluted earnings per share of $0.54, driven by a 7% quarter-over-quarter increase in total revenue to a record $43.9 million. Net interest margin expanded 8 basis points to 2.47%, while the provision for credit losses declined 13% to $11.6 million as net charge-offs fell to 0.82% of average loans. The company also announced fourth-quarter guidance, projecting diluted EPS between $1.02 and $1.07 and a fully-taxable equivalent net interest margin of 2.75% to 2.80%. First Internet Bancorp operates as a bank holding company providing digital banking, commercial lending, and fintech partnership services.