2024-04-28 03:58:25 ET
Summary
- First Internet Bancorp's Q1 2024 report beat expectations with higher GAAP EPS and revenue.
- The bank's deposits grew higher than expected, improving liquidity and Loan to Deposits ratio.
- The bank expects total loans to grow between 5% and 10% in 2024 and predicts a recovery of NIM by the end of the year.
After a sharp rise in price per share, First Internet ( INBK ) collapsed following the release of its Q1 2024 report. Yet, estimates were beaten:
- GAAP EPS of $0.59 beats by $0.05.
- Revenue of $29.08M beats by $6.85M.
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For further details see:
First Internet Bancorp: The Recovery Begins