** 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
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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