First Internet Bancorp hits over 1-year low after credit weakness drives Q1 profit miss

Community lender First Internet Bancorp's INBK.O shares plunge as much as 22.1%, hitting their lowest since November 2023

Stock last down 18.7% at $20.90

INBK late Wednesday reported Q1 profit far below Wall Street expectations driven by credit weakness

Bank has now missed profit expectations for the last four quarters, per LSEG

Nonperforming loans and net charge-offs, or debts that are unlikely to be recovered, continued to be elevated during Q1

Hovde Group analyst Brett Rabatin says the bank's valuation suggests a capital raise could be necessary

2 of 5 brokerages rate the stock "buy" and 3 "hold"; median PT $37 - data compiled by LSEG

As of last close, INBK stock down 28.6% YTD