First Internet Bancorp Third Quarter 2024 Earnings: Misses Expectations

In This Article:

First Internet Bancorp (NASDAQ:INBK) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$30.4m (up 33% from 3Q 2023).

  • Net income: US$6.99m (up 105% from 3Q 2023).

  • Profit margin: 23% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue.

  • EPS: US$0.80 (up from US$0.39 in 3Q 2023).

earnings-and-revenue-growth
NasdaqGS:INBK Earnings and Revenue Growth October 25th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Internet Bancorp Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 2.7%.

Looking ahead, revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 8.6% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We have a graphic representation of First Internet Bancorp's balance sheet and an in-depth analysis of the company's financial position.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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