The First Internet Bank reported a net loss of $41.6 million in the third quarter, excluding a pre-tax loss on the loan sale of $37.8 million. However, adjusted net loss was $12.5 million. The net interest margin improved to 2.04%, with net interest income at $30.4 million. The bank expects to see continued expansion in the portfolio yield in future periods. The bank also strategically moved over $700 million of fintech deposits off-balance sheet to optimize its balance sheet size following the loan sale. This move gives them more flexibility to manage their balance sheet and potentially capitalize on further declines in deposit costs. The bank also announced that it may consider buying back stock if share prices remain in the teens for an extended period of time. This move would provide the bank with more flexibility and potentially benefit shareholders in the long run.

Read more at Yahoo Finance: First Internet INBK Earnings Call Transcript