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First Internet Bancorp (INBK-1.61%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and detailed information on the company's operations, financial condition, and risk factors. Total assets increased by 11.0% to $5.7 billion, driven by a significant rise in deposits.
Net income for the year was $25.3 million, or $2.88 per diluted share, compared to $8.4 million in the previous year. This increase was primarily due to higher noninterest income and net interest income.
The company reported a return on average assets of 0.46% and a return on average equity of 6.70% for the year. The net interest margin was 1.65%, reflecting an increase from the prior year.
Total loans were $4.2 billion, an increase of 8.6% from the previous year, with the commercial loan portfolio showing significant growth. The allowance for credit losses was $44.8 million, representing 1.07% of total loans.
Nonperforming assets increased to $28.9 million, comprising 0.50% of total assets. The increase was largely due to higher nonperforming loans in the small business lending and franchise finance portfolios.
Shareholders' equity increased to $384.1 million, with a book value per common share of $44.31. The company declared dividends of $0.24 per share for the year.
The filing also discusses the company's liquidity and capital resources, noting a strong liquidity position with $1.1 billion in cash and securities available-for-sale.
First Internet Bancorp continues to focus on expanding its commercial and consumer loan portfolios while managing interest rate risk and maintaining strong capital ratios.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Internet Bancorp annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.