First Internet Bancorp Reports Strong Q3 2024 Financial Results

First Internet Bancorp has released its financial results for the third quarter of 2024, showing notable improvements in several key metrics. The company reported a total GAAP revenue of $33.794 million for the three months ending September 30, 2024, compared to $24.785 million for the same period in 2023. Adjusted total revenue also reflected this increase, maintaining the same figures as GAAP revenue.

Noninterest income under GAAP was reported at $12.029 million for the third quarter of 2024, up from $7.407 million in the third quarter of 2023. Adjusted noninterest income matched the GAAP figures, indicating no adjustments were necessary for mortgage-related revenue during this period.

GAAP noninterest expenses stood at $22.794 million, with adjusted noninterest expenses slightly lower at $21.764 million due to adjustments for IT termination fees and anniversary expenses. This adjustment reflects a strategic move to streamline operations and reduce costs.

Income before income taxes under GAAP was $7.610 million for the third quarter of 2024, significantly higher than the $3.083 million reported for the same period in 2023. Adjusted income before taxes was $6.565 million, accounting for specific adjustments including IT termination fees and anniversary expenses.

Net income under GAAP was reported at $6.990 million, up from $3.409 million in the previous year. Adjusted net income was slightly higher at $6.227 million, reflecting the aforementioned adjustments.

The diluted earnings per share (EPS) on a GAAP basis was $0.80 for the third quarter of 2024, compared to $0.39 in the third quarter of 2023. Adjusted diluted EPS was $0.72, taking into account the adjustments for IT termination fees and anniversary expenses.

Return on average assets was 0.50% for the third quarter of 2024, with an adjusted return of 0.48%. Return on average shareholders' equity increased to 7.32%, with an adjusted return of 6.77%. Similarly, the return on average tangible common equity was 7.41%, with an adjusted figure of 6.85%.

These financial results highlight First Internet Bancorp's strong performance and strategic cost management, positioning the company for continued growth.

Evaluation of Impact: The financial results indicate a positive trajectory for First Internet Bancorp, with significant increases in revenue, net income, and earnings per share. The adjustments made for noninterest expenses suggest effective cost management strategies, which could enhance the company's profitability and shareholder value. The improved returns on assets and equity further suggest a strengthened financial position, potentially attracting more investors and boosting market confidence.