** 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;))