First Internet Bancorp (INBK)
NASDAQ:INBK
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First Internet Bancorp
(NASDAQ:INBK)
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Rating:48Neutral
Price Target:
$19.00
▼(-8.70% Downside)
Action:ReiteratedDate:03/18/26
The score is held down primarily by the sharp 2025 profitability decline and weakening cash-flow trend, reinforced by a bearish technical setup (below major moving averages with negative momentum). Offsetting factors include a low P/E and management’s 2026 improvement guidance, though elevated credit costs and near-term provisioning remain a key risk.
Positive Factors
Banking-as-a-Service scale
Large BaaS and payments scale is a durable structural advantage: partner-driven deposit acquisition and high payments volumes create diversified funding sources, recurring fee opportunities and cross-sell potential. This fosters sticky relationships and scale economics that support margin recovery over quarters.
Negative Factors
Concentrated credit stress
Concentration in SBA and franchise portfolios raises structural credit volatility: problem vintages and portfolio-specific stress can produce sustained elevated charge-offs and provisions. This concentration limits earnings predictability and requires ongoing reserve builds and closer underwriting remediation over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Banking-as-a-Service scale
Large BaaS and payments scale is a durable structural advantage: partner-driven deposit acquisition and high payments volumes create diversified funding sources, recurring fee opportunities and cross-sell potential. This fosters sticky relationships and scale economics that support margin recovery over quarters.
Read all positive factors
First Internet Bancorp (INBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$181.39M
Dividend Yield1.07%
Average Volume (3M)73.07K
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth2.49%
EPS Growth-248.43%
CountryUS
Employees323
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.64
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 Ratio4.76
Enterprise Value/Market Cap2.89
Enterprise Value/Revenue1.65
Enterprise Value/Gross Profit13.37
Enterprise Value/Ebitda-11.50
Forecast
1Y Price Target
$26.38Price Target Upside26.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)2.17
Revenue Forecast (FY)$190.32M
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:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong top-line growth, margin expansion, significant fintech/BaaS momentum, solid capital metrics and clear strategic actions to optimize the balance sheet, balanced against material and concentrated credit issues in the SBA and franchise finance portfolios that require elevated provisions in 2026. Management emphasized the credit problems are isolated and outlined specific remediation, analytics and staffing measures; however, the near-term earnings impact from higher provisions and reduced gain-on-sale revenue is notable. Overall, the company portrays resilient core operations and a path to improvement but with meaningful near-term credit headwinds.Positive Updates
Strong Quarterly and Annual Revenue Growth
Adjusted total revenue for Q4 was $42.1M, a 21% increase year-over-year; adjusted pre-provision net revenue was $17.9M, up 66% YoY. Full-year net interest income grew ~30% YoY.
Negative Updates
Credit Pressure Concentrated in SBA and Franchise Finance
Management identified isolated but material credit issues in two portfolios (SBA and franchise finance). Q4 net charge-offs were ~$16M, provision for credit losses in Q4 was $12M, and nonperforming loans rose to $58.5M (1.56% of loans).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Annual Revenue Growth
Adjusted total revenue for Q4 was $42.1M, a 21% increase year-over-year; adjusted pre-provision net revenue was $17.9M, up 66% YoY. Full-year net interest income grew ~30% YoY.
Read all positive updates
Company Guidance
Management guided 2026 toward substantive balance-sheet and margin improvement, forecasting loan growth of 15%–17%, net interest margin expanding to 2.75%–2.80% by year-end (about 10–15 bps of expansion per quarter), and fully taxable-equivalent net interest income of $155M–$160M; they expect noninterest income of $33M–$35M, operating expenses of $111M–$112M, and full-year provision for credit losses of $50M–$53M (with Q1 provision $17M–$19M and Q2 $14M–$16M) that should moderate in H2 as credit stabilizes. Management also expects 2026 EPS of $2.35–$2.45 (midpoint ~$2.40), plans to produce roughly $500M of SBA originations (retaining a larger share on balance sheet) with gain-on-sale revenue of $19M–$20M (vs. $29.4M in 2025), and highlighted funding tailwinds from declining deposit costs and CD rolloffs (≈$850M of CDs maturing in six months at a 4.15% WA cost, with current new CD pricing near 3.65%) to help fund the growth.First Internet Bancorp Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 322.87M | 333.42M | 259.85M | 173.73M | 162.09M |
| Gross Profit | 44.16M | 111.70M | 78.62M | 108.94M | 113.73M |
| EBITDA | -50.87M | 36.00M | 10.69M | 48.83M | 65.35M |
| Net Income | -35.17M | 25.28M | 8.42M | 35.54M | 48.11M |
Balance Sheet | |||||
| Total Assets | 5.57B | 5.74B | 5.17B | 4.54B | 4.21B |
| Cash, Cash Equivalents and Short-Term Investments | 784.83M | 879.71M | 880.75M | 646.94M | 1.05B |
| Total Debt | 354.96M | 400.15M | 719.77M | 719.46M | 619.15M |
| Total Liabilities | 5.21B | 5.35B | 4.80B | 4.18B | 3.83B |
| Stockholders Equity | 359.77M | 384.06M | 362.80M | 364.97M | 380.34M |
Cash Flow | |||||
| Free Cash Flow | 38.30M | 10.40M | 6.31M | 65.21M | 24.95M |
| Operating Cash Flow | 39.53M | 12.99M | 11.68M | 82.72M | 54.84M |
| Investing Cash Flow | -7.72M | -496.17M | -474.50M | -601.03M | 43.87M |
| Financing Cash Flow | -2.87M | 543.69M | 612.17M | 331.90M | -75.56M |
First Internet Bancorp Technical Analysis
Positive
20.81
Price Trends
20.97
Negative
20.35
Positive
22.14
Negative
Market Momentum
-0.18
Negative
56.85
Neutral
72.04
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 20.81 is above the 20-day moving average (MA) of 20.07, below the 50-day MA of 20.97, and below the 200-day MA of 22.14, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 56.85 is Neutral, neither overbought nor oversold. The STOCH value of 72.04 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $196.71M | 7.44 | 11.75% | 3.32% | 9.10% | 12.36% | |
69 Neutral | $211.90M | 11.15 | 11.02% | 3.41% | 1.11% | 14.44% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $237.25M | 12.82 | 9.98% | 2.49% | 48.94% | 11.61% | |
58 Neutral | $185.75M | 26.01 | 6.63% | 3.11% | -1.45% | -31.32% | |
54 Neutral | $267.82M | -24.20 | -2.84% | ― | 9.02% | 17.85% | |
48 Neutral | $181.39M | -5.18 | -9.44% | 1.07% | 2.49% | -248.43% |
* Financial Sector Average
INBK
First Internet Bancorp
20.81
-6.15
-22.80%
OPBK
OP Bancorp
13.21
1.49
12.74%
FXNC
First National
26.47
4.17
18.70%
EFSI
Eagle Financial Services
34.32
2.50
7.85%
VABK
Virginia National Bankshares
38.75
3.84
11.01%
BLFY
Blue Foundry
12.94
3.64
39.14%
First Internet Bancorp Corporate Events
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.