First Internet Bancorp (INBK)
NASDAQ:INBK
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First Internet Bancorp
(NASDAQ:INBK)
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Rating:58Neutral
Price Target:
$25.00
â–²(3.22% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weakened profitability (recent net losses and negative ROE) despite improved revenue and cash flow. Technicals are supportive with the stock trading above major moving averages and positive MACD. Valuation is reasonable (P/E ~17.7) with a modest dividend, while the earnings call was balanced: positive margin/fintech trends but meaningful near-term credit-cost risk and macro-related guidance uncertainty.
Positive Factors
Fintech / BaaS Momentum
Rapid fintech and BaaS growth builds durable low‑cost funding and recurring fee streams. Large payments throughput and expanding fintech deposits diversify revenue beyond traditional lending, improve deposit stickiness, and support margin expansion and scale economics over the medium term.
Negative Factors
Elevated Credit Costs
Sustained elevated provisions and charge‑offs materially erode earnings capacity and consume capital if trends persist. With allowance coverage near 92% of NPLs, further deterioration could necessitate larger reserves, pressuring regulatory capital ratios and limiting growth capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Fintech / BaaS Momentum
Rapid fintech and BaaS growth builds durable low‑cost funding and recurring fee streams. Large payments throughput and expanding fintech deposits diversify revenue beyond traditional lending, improve deposit stickiness, and support margin expansion and scale economics over the medium term.
Read all positive factors
First Internet Bancorp (INBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$207.46M
Dividend Yield1.07%
Average Volume (3M)73.07K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth-7.72%
EPS Growth-258.34%
CountryUS
Employees323
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)-3.84
Shares Outstanding8,716,662
10 Day Avg. Volume54,354
30 Day Avg. Volume73,068
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.51
Price to Sales (P/S)0.56
P/FCF Ratio82.03
Enterprise Value/Market Cap2.63
Enterprise Value/Revenue1.71
Enterprise Value/Gross Profit12.38
Enterprise Value/Ebitda-12.12
Forecast
1Y Price Target
$26.00Price Target Upside7.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.24
Revenue Forecast (FY)$189.61M
First Internet Bancorp Business Overview & Revenue Model
Company Description
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-...
How the Company Makes Money
First Internet Bancorp generates earnings primarily through its banking subsidiary by (1) net interest income and (2) noninterest income. Net interest income is the spread between interest and fee income earned on interest-earning assets (such as ...
First Internet Bancorp Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: strong revenue growth (+21% YoY), robust net interest income growth (~26% YoY), meaningful margin expansion (+54 bps YoY), significant fintech/BaaS momentum (payments +260% YoY; fintech deposits +186% YoY) and solid capital metrics. These positives are tempered by near-term credit-related headwinds—elevated Q1 provisions and charge-offs, higher nonperforming loans, and an 11% YoY decline in loan balances—plus macro uncertainty and a deliberately slower SBA origination cadence that will depress near-term gain-on-sale revenue. Management expects credit costs to peak in the near term and improve in H2 2026, and they reiterated confidence in margin and revenue trajectory supported by deposit mix improvements and AI/technology investments.Positive Updates
Revenue Growth
Total revenue of $43.1 million in Q1 2026, up 21% year-over-year, reflecting diversified revenue streams and stronger lending yields.
Negative Updates
Elevated Credit Costs and Provision
Provision for credit losses of $16.3 million in Q1 and net charge-offs of $15.8 million. Management expects provisions to remain elevated in Q2 before improving in the second half of 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $43.1 million in Q1 2026, up 21% year-over-year, reflecting diversified revenue streams and stronger lending yields.
Read all positive updates
Company Guidance
Management said it is broadly maintaining the January outlook but is taking a more measured stance given macro uncertainty: prior targets referenced include net interest income of $155–$160 million, total fee income roughly $33–$35 million (gain-on-sale ~$19–$20 million), operating expenses of $111–$112 million and a 15–17% loan growth target (which they now deem potentially ambitious). They expect provision for credit losses to be roughly in line with the prior $50–$53 million view with the bulk back‑loaded to H2 (provision was $16.3M in Q1, net charge‑offs $15.8M), project NIM expansion of about 10–15 bps per quarter through year‑end, see the loan‑to‑deposit ratio rising from the mid‑70s to ~85–90% by Q4, and emphasized they’ll preserve capital and liquidity (total capital 12.5%, CET1 8.97%) while monitoring results.First Internet Bancorp Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 319.58M | 322.87M | 333.42M | 259.85M | 173.73M | 162.09M |
| Gross Profit | 44.01M | 44.16M | 111.70M | 78.62M | 108.94M | 113.73M |
| EBITDA | -44.96M | -50.87M | 36.00M | 10.69M | 48.83M | 65.35M |
| Net Income | -33.60M | -35.17M | 25.28M | 8.42M | 35.54M | 48.11M |
Balance Sheet | ||||||
| Total Assets | 5.71B | 5.57B | 5.74B | 5.17B | 4.54B | 4.21B |
| Cash, Cash Equivalents and Short-Term Investments | 782.56M | 1.07B | 879.71M | 880.75M | 646.94M | 1.05B |
| Total Debt | 345.05M | 354.96M | 400.15M | 719.77M | 719.46M | 619.15M |
| Total Liabilities | 5.35B | 5.21B | 5.35B | 4.80B | 4.18B | 3.83B |
| Stockholders Equity | 360.95M | 359.77M | 384.06M | 362.80M | 364.97M | 380.34M |
Cash Flow | ||||||
| Free Cash Flow | 45.13M | 2.22M | 10.40M | 6.31M | 65.21M | 24.95M |
| Operating Cash Flow | 46.17M | 3.45M | 12.99M | 11.68M | 82.72M | 54.84M |
| Investing Cash Flow | 283.48M | 128.68M | -496.17M | -474.50M | -601.03M | 43.87M |
| Financing Cash Flow | -122.30M | -141.76M | 543.69M | 612.17M | 331.90M | -75.56M |
First Internet Bancorp Technical Analysis
Positive
24.22
Price Trends
22.83
Positive
21.92
Positive
21.65
Positive
Market Momentum
0.23
Positive
54.93
Neutral
56.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INBK, the sentiment is Positive. The current price of 24.22 is above the 20-day moving average (MA) of 24.20, above the 50-day MA of 22.83, and above the 200-day MA of 21.65, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 54.93 is Neutral, neither overbought nor oversold. The STOCH value of 56.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INBK.
First Internet Bancorp Risk Analysis
First Internet Bancorp disclosed 34 risk factors in its most recent earnings report. First Internet Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Internet Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $232.68M | 11.60 | 11.15% | 3.41% | -0.10% | 12.01% | |
71 Outperform | $214.44M | 11.33 | 10.17% | 3.11% | 21.54% | 69.28% | |
70 Outperform | $210.31M | 7.66 | 12.20% | 3.32% | 7.88% | 29.20% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $253.15M | 12.06 | 11.51% | 2.49% | 16.73% | 184.08% | |
58 Neutral | $207.46M | -6.27 | -9.19% | 1.07% | -7.72% | -258.34% |
* Financial Sector Average
INBK
First Internet Bancorp
24.15
0.16
0.66%
OPBK
OP Bancorp
14.06
2.19
18.40%
FXNC
First National
28.04
8.24
41.60%
EFSI
Eagle Financial Services
39.55
9.12
29.99%
VABK
Virginia National Bankshares
42.97
6.92
19.19%
First Internet Bancorp Corporate Events
Executive/Board ChangesShareholder Meetings
First Internet Bancorp Shareholders Back Board, Pay and Auditor
Positive
May 20, 2026
At its annual meeting of shareholders held on May 18, 2026, First Internet Bancorp’s investors elected eight directors to serve one-year terms, with all board nominees receiving sufficient support despite some variation in withheld votes. Sh...
Dividends
First Internet Bancorp Declares Quarterly Cash Dividend Payment
Positive
Mar 17, 2026
On March 17, 2026, First Internet Bancorp announced that its board of directors declared a quarterly cash dividend of $0.06 per common share. The dividend is scheduled to be paid on April 15, 2026, to shareholders of record as of the close of busi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.