First Internet Bancorp reports Q1 EPS 29c, consensus 8c

Reports Q1 revenue $43.1M, two estimates $34.15M. “We kicked off the new year with strong first quarter results, demonstrating the resilience of our diversified business model and the solid foundation we’ve built to navigate an uncertain macroeconomic environment from a position of strength,” said David Becker, Chairman and CEO of First Internet Bancorp (INBK). “We generated 21% revenue growth, 51% growth in pre-provision net revenue, and expanded our net interest margin 54 basis points year-over-year to 2.45%, reflecting years of disciplined balance sheet repositioning and proactive liability management. We’re also seeing tangible evidence that our enhanced underwriting standards and risk management initiatives are yielding favorable results, particularly in our SBA portfolio where unguaranteed nonperforming loans and delinquencies have improved both sequentially and year-over-year.”