First Internet Bancorp (INBK) Tops Q1 EPS by 10c

First Internet Bancorp (NASDAQ: INBK) reported Q1 EPS of $1.05, $0.10 better than the analyst estimate of $0.95.

“We produced strong earnings and solid momentum to start 2021, driven by net interest margin expansion, continued healthy production in our direct-to-consumer mortgage business and strong credit performance,” said David Becker, Chairman, President and Chief Executive Officer. “Growth in net interest income combined with our strategies designed to build sustainable fee revenue paid off as we generated an average return on assets of 1.02% for the second straight quarter and increased our tangible common equity to tangible assets ratio by 43 basis points to 8.12%.”

Mr. Becker concluded, “I am pleased with our first quarter financial performance and the consistently excellent work of the entire First Internet team. I want to thank all of them for their efforts in once again delivering on our goals. The high level of commitment throughout the organization remains the key to our ongoing success.”

For earnings history and earnings-related data on First Internet Bancorp (INBK) click here.

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