- First Internet Bancorp (INBK, Financial) reports a net income of $0.9 million for Q1 2025.
- Net interest income increased to $25.1 million, with a net interest margin of 1.82%.
- Loan growth of $83.8 million was observed, marking a 2.0% increase from Q4 2024.
First Internet Bancorp (INBK), the parent company of First Internet Bank, announced its financial results for the first quarter of 2025, ending March 31. The company recorded a net income of $0.9 million, equating to diluted earnings per share of $0.11.
The company's net interest income rose to $25.1 million, reflecting a 6.6% increase from the previous quarter. The net interest margin improved to 1.82%, up 15 basis points from the fourth quarter of 2024. This increase was largely due to higher yields on earning assets and reduced funding costs, driven by ongoing expansions in their construction, commercial, and industrial, and national SBA programs.
Loan growth was also significant in the first quarter, with an increase of $83.8 million, or 2.0%, from Q4 2024. The loans-to-deposits ratio was recorded at 86.0%. Despite some credit challenges, nonperforming loans were at 0.80% of total loans, while the allowance for credit losses stood at 1.11% of total loans.
First Internet Bancorp's Chief Executive Officer, David Becker, highlighted the solid core revenue growth and net interest margin expansion as key achievements for the quarter. The company remains focused on diversifying revenue and optimizing its balance sheet to drive future earnings growth and profitability.
The company's conference call to discuss these results is scheduled for April 24, 2025, at 2:00 p.m. Eastern Time, accessible via their website or by phone.
