First Internet Bancorp Second Quarter 2024 Earnings: Misses Expectations

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

Key Financial Results

• Revenue: US$28.3m (up 27% from 2Q 2023).
• Net income: US$5.78m (up 49% from 2Q 2023).
• Profit margin: 20% (up from 17% in 2Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$0.67 (up from US$0.44 in 2Q 2023).

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 10%. Earnings per share (EPS) also missed analyst estimates by 5.6%.

Looking ahead, revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 4.1% 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've done some analysis and you can see our take on First Internet Bancorp's balance sheet.

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