First Internet Bancorp reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $6.99 million for Q3 2024, a 105% increase from $3.41 million in Q3 2023. For the nine months, net income rose to $17.95 million, up 319.9% from $4.27 million in the prior year. Diluted earnings per share also saw substantial growth, reaching $0.80 for Q3 2024 and $2.05 for the nine months, compared to $0.39 and $0.48, respectively, in 2023.
Total interest income for Q3 2024 was $75.0 million, a 19% increase from $63.0 million in Q3 2023. For the nine months, total interest income rose to $214.1 million, up 23.6% from $173.2 million. Net interest income for Q3 2024 was $21.8 million, reflecting a 25.2% increase from $17.4 million in Q3 2023. The increase in interest income was attributed to a higher yield on loans and an increase in the average loan balance.
Noninterest income also increased significantly, with Q3 2024 reporting $12.0 million, a 62.4% rise from $7.4 million in Q3 2023. This growth was primarily driven by a gain on the sale of loans, which increased to $9.9 million, up 78.4% from the previous year. For the nine months, noninterest income totaled $31.4 million, a 67.7% increase from $18.7 million.
Total assets as of September 30, 2024, reached $5.82 billion, a 12.7% increase from $5.17 billion at the end of 2023. Total deposits also grew significantly, increasing by $730.7 million (18.0%) to $4.80 billion. The growth in deposits was driven by increases in certificates of deposits and fintech-brokered deposits.
The company’s allowance for credit losses (ACL) increased to $45.7 million as of September 30, 2024, up from $38.8 million at the end of 2023, reflecting a proactive approach to managing credit risk amid rising nonperforming loans, which increased to $22.5 million from $10.0 million.
Strategically, First Internet Bancorp exited the residential mortgage business in Q1 2023, which impacted its loan portfolio composition. The company continues to focus on its SBA lending and franchise finance initiatives, ranking as the 8th largest SBA 7(a) lender for the fiscal year 2024. The stock repurchase program, authorized for up to $25 million, has seen $10.7 million utilized to repurchase shares as of September 30, 2024.
About First Internet Bancorp
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