Q1 2026 First Internet Bancorp Earnings Call Transcript
Key Points
- First Internet Bancorp (INBK) reported a 21% year-over-year increase in total revenue for the first quarter, reaching $43.1 million.
- Net interest margin expanded to 2.45%, a 54-basis-point improvement from the previous year, reflecting effective balance sheet management.
- The company saw a 51% year-over-year growth in pre-provision net revenue, highlighting strong operating leverage and disciplined expense management.
- Total deposits increased to $5 billion, with significant growth in lower-cost fintech deposits, enhancing funding flexibility.
- Investments in technology and AI are enhancing customer experience and operational efficiency, positioning the company for long-term growth.
- Provision for credit losses was $16.3 million in the first quarter, indicating ongoing credit challenges.
- Nonperforming loans increased to $61.6 million, representing 1.63% of total loans, although some are mitigated by government guarantees.
- The SBA and Franchise portfolios continue to face credit issues, with elevated net charge-offs impacting financial performance.
- Loan growth targets for the year may be ambitious due to higher-than-expected loan payoffs and macroeconomic headwinds.
- The company faces heightened macroeconomic uncertainty, including volatile energy prices and potential geopolitical developments, which could impact future performance.
Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Internet Bancorp earnings conference call for the first-quarter 2026. (Operator Instructions) Please note this event is being recorded.
It is now my pleasure to turn the call over to Julia Ferrara from ICR. You may begin your conference.
Thank you, operator. Hello, everyone, and thank you for joining us to discuss First Internet Bancorp's first-quarter 2026 financial results.
The company issued its earnings press release earlier this afternoon, and it is available on the company's website at www.firstinternetbancorp.com. In addition, the company has included a slide presentation that you can refer to during the call. You can also access these slides on the website.
Joining us from the management team today are Chairman and CEO, David Becker; President and
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