First Internet Bancorp (INBK) 10-Year Financial Performance & Capital Metrics

INBK • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingDigital Banking Platforms

AboutFirst 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-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit. It also offers commercial and industrial, owner-occupied and investor commercial real estate, construction, residential mortgage, home equity and improvement, small installment, term, and other consumer loans, as well as single tenant lease financing, and public and healthcare finance; franchise finance; and small business lending. In addition, the company is involved in the purchase, manage, service, and safekeeping of municipal securities; and provision of municipal finance lending and leasing products to government entities. In addition, it offers corporate credit card and treasury management services. The company provides its services through its firstib.com Website. First Internet Bancorp was founded in 1999 and is headquartered in Fishers, Indiana.Show more

Net Interest Income $87M +16.7%
Total Revenue $333M +28.3%
Net Income $25M +200.3%
Return on Equity 6.77% +192.6%
Net Interest Margin 1.52% +5.1%
Efficiency Ratio 25.24% -11.0%
ROA 0.46% +167.3%
Equity / Assets 6.69% -4.7%
Book Value per Share 43.81 +7.0%
Tangible BV/Share 43.28 +7.1%
Debt/Equity 1.04 -47.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 25.2% efficiency ratio
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak NIM of 1.5%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.31%

5Y15.38%

3Y27.18%

TTM-

Profit (Net Income) CAGR

10Y19.31%

5Y0.03%

3Y-19.31%

TTM-249.97%

EPS CAGR

10Y11.61%

5Y2.79%

3Y-15.77%

TTM-249.53%

ROCE

10Y Avg3.8%

5Y Avg3.36%

3Y Avg2.4%

Latest2.9%

Peer Comparison

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Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	14.12B	166.09	205.05	22.64%	7.23%	6%	2.09%	0.49
DAVEDave Inc.	2.34B	192.06	45.84	33.96%	29.87%	50.37%	5.33%	0.41
INTUIntuit Inc.	154.33B	554.58	40.57	15.63%	21.19%	21.31%	3.94%	0.34
CCBCoastal Financial Corporation	1.72B	113.69	34.98	30.92%	7.84%	10.04%	14.54%	0.12
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
SSNCSS&C Technologies Holdings, Inc.	21B	86.05	28.68	6.89%	13.86%	12.2%	6.32%	1.09
TBBKThe Bancorp, Inc.	3.09B	70.39	16.41	16.11%	30.63%	29.28%	7.2%	0.16
CWANClearwater Analytics Holdings, Inc.	6.98B	24.19	14.40	22.72%	61.25%	19.6%	0.99%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	30.75M	39.69M	53.98M	62.27M	62.97M	64.54M	86.56M	97.09M	74.9M	87.38M
NII Growth %	0.38%	0.29%	0.36%	0.15%	0.01%	0.02%	0.34%	0.12%	-0.23%	0.17%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	41.45M	58.9M	84.7M	115.47M	147.41M	136.86M	133.88M	156.91M	239.44M	291.89M
Interest Expense	10.69M	19.21M	30.71M	53.2M	84.45M	72.32M	47.33M	59.81M	164.54M	204.51M
Loan Loss Provision	1.95M	4.33M	4.87M	3.89M	5.97M	9.32M	1.03M	4.98M	16.7M	17.21M
Non-Interest Income+	9.51M	13.19M	9.51M	7.82M	15.65M	34.3M	28.21M	16.82M	20.41M	41.54M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	50.96M	72.08M	94.21M	123.28M	163.06M	171.16M	162.09M	173.73M	259.85M	333.42M
Revenue Growth %	0.35%	0.41%	0.31%	0.31%	0.32%	0.05%	-0.05%	0.07%	0.5%	0.28%
Non-Interest Expense	24.65M	30.56M	35.7M	42.24M	45.49M	55.62M	57.16M	68.84M	73.68M	84.16M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	13.66M	17.98M	22.93M	23.95M	27.16M	33.9M	56.57M	40.1M	4.94M	27.54M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.12%	0.32%	0.27%	0.04%	0.13%	0.25%	0.67%	-0.29%	-0.88%	4.58%
Pretax Income+	13.66M	17.98M	22.93M	23.95M	27.16M	33.9M	56.57M	40.1M	4.94M	27.54M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.74M	5.91M	7.7M	2.05M	1.92M	4.45M	8.46M	4.56M	-3.48M	2.27M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	8.93M	12.07M	15.23M	21.9M	25.24M	29.45M	48.11M	35.54M	8.42M	25.28M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.06%	0.35%	0.26%	0.44%	0.15%	0.17%	0.63%	-0.26%	-0.76%	2%
Net Income (Continuing)	8.93M	12.07M	15.23M	21.9M	25.24M	29.45M	48.11M	35.54M	8.42M	25.28M
EPS (Diluted)+	1.96	2.30	2.13	2.30	2.51	2.99	4.82	3.70	0.95	2.88
EPS Growth %	1.04%	0.17%	-0.07%	0.08%	0.09%	0.19%	0.61%	-0.23%	-0.74%	2.03%
EPS (Basic)	1.97	2.32	2.14	2.31	2.51	2.99	4.85	3.73	0.95	2.91
Diluted Shares Outstanding	4.55M	5.24M	7.15M	9.51M	10.04M	9.84M	9.98M	9.6M	8.86M	8.77M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	26.15M	39.7M	47.98M	188.71M	327.36M	419.81M	442.96M	256.55M	405.9M	466.41M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	821.38M	1.13B	1.82B	2.3B	2.6B	2.69B	2.7B	3.14B	3.6B	4.07B
Investments Growth %	0.16%	0.38%	0.6%	0.27%	0.13%	0.03%	0.01%	0.16%	0.15%	0.13%
Long-Term Investments	607.68M	677.01M	1.34B	1.82B	2.06B	2.19B	2.1B	2.75B	3.12B	3.66B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	4.69M	4.69M	4.69M	4.69M	4.69M	4.69M	4.69M	4.69M	4.69M	4.69M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	8.52M	10.04M	10.06M	10.7M	14.63M	37.59M	59.84M	72.71M	73.46M	71.45M
Other Assets	30.68M	52.91M	72.9M	100.02M	134.26M	131.47M	117.29M	119.36M	131.27M	149.41M
Total Current Assets	618.3M	1.11B	1.34B	1.61B	1.88B	1.89B	1.93B	1.6B	1.84B	1.85B
Total Non-Current Assets	651.57M	744.66M	1.43B	1.94B	2.22B	2.36B	2.28B	2.95B	3.33B	3.89B
Total Assets+	1.27B	1.85B	2.77B	3.54B	4.1B	4.25B	4.21B	4.54B	5.17B	5.74B
Asset Growth %	0.31%	0.46%	0.49%	0.28%	0.16%	0.04%	-0.01%	0.08%	0.14%	0.11%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%
Accounts Payable	117K	112K	311K	1.11M	3.77M	1.44M	2.02M	2.91M	3.85M	2.5M
Total Debt+	203.68M	226.56M	446.9M	559.03M	584.44M	594.52M	619.15M	719.46M	719.77M	400.15M
Net Debt	177.53M	186.86M	398.92M	370.32M	257.08M	174.71M	176.19M	462.91M	313.87M	-66.26M
Long-Term Debt	203.68M	226.56M	446.9M	559.03M	584.44M	594.52M	619.15M	719.46M	719.77M	400.15M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	0	0	0	14.18M	17.95M
Total Current Liabilities	961.86M	1.47B	2.1B	2.69B	3.21B	3.32B	3.21B	3.46B	4.07B	4.94B
Total Non-Current Liabilities	203.68M	226.56M	446.9M	559.03M	584.44M	594.52M	619.15M	719.46M	733.96M	418.1M
Total Liabilities	1.17B	1.7B	2.54B	3.25B	3.8B	3.92B	3.83B	4.18B	4.8B	5.35B
Total Equity+	104.33M	153.94M	224.13M	288.74M	304.91M	330.94M	380.34M	364.97M	362.8M	384.06M
Equity Growth %	0.08%	0.48%	0.46%	0.29%	0.06%	0.09%	0.15%	-0.04%	-0.01%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.08%	0.09%	0.09%	0.09%	0.14%	0.1%	0.02%	0.07%
Book Value per Share	22.91	29.38	31.35	30.36	30.36	33.63	38.13	38.04	40.95	43.81
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	72.56M	119.51M	172.04M	227.59M	219.42M	221.41M	218.95M	192.94M	184.7M	186.09M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	32.98M	43.7M	57.1M	77.69M	99.68M	126.73M	172.43M	205.68M	207.47M	230.62M
Accumulated OCI	-1.21M	-9.27M	-5.02M	-16.54M	-14.19M	-17.2M	-11.04M	-33.64M	-29.38M	-32.65M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.91M	26.47M	24.62M	29.36M	-43.58M	13.07M	54.84M	82.72M	11.68M	12.99M
Operating CF Growth %	4.51%	1.43%	-0.07%	0.19%	-2.48%	1.3%	3.2%	0.51%	-0.86%	0.11%
Net Income	8.93M	12.07M	15.23M	21.9M	25.24M	29.45M	48.11M	35.54M	8.42M	25.28M
Depreciation & Amortization	1.94M	3.8M	5.3M	5.67M	6.93M	7.83M	8.78M	8.73M	5.75M	8.46M
Deferred Taxes	443K	3.54M	-3.3M	978K	-4.4M	-4.12M	2.43M	4.63M	-4.35M	-1.36M
Other Non-Cash Items	-397K	13.13M	8.99M	12.12M	-33.52M	-22.35M	-13.1M	25.07M	9.95M	-25.17M
Working Capital Changes	-771K	-6.82M	-2.63M	-12.84M	-39.5M	142K	6.23M	6.72M	-9.34M	3.97M
Cash from Investing+	-304.19M	-586.72M	-908.15M	-638.71M	-313.27M	-44.81M	43.87M	-601.03M	-474.5M	-496.17M
Purchase of Investments	-100.33M	-366.36M	-94.01M	-91.55M	-211.21M	-146.09M	-282.23M	-57.73M	-188.81M	-261.5M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-223.07M	-309.24M	-890.15M	-607.45M	-220.71M	-69.87M	181.21M	-613.92M	-352.57M	-343.03M
Cash from Financing+	290.15M	574.55M	892.06M	750.09M	495.5M	124.19M	-75.56M	331.9M	612.17M	543.69M
Dividends Paid	-1.09M	-1.2M	-1.68M	-2.23M	-2.42M	-2.35M	-2.42M	-2.32M	-2.16M	-2.08M
Share Repurchases	0	0	0	-216K	-9.78M	0	-4.44M	-27.78M	-9.34M	-283K
Stock Issued	0	46.22M	51.64M	54.33M	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	-1000K
Other Financing	197.48M	506.77M	621.9M	586.2M	482.28M	116.77M	-92.37M	262M	623.66M	866.05M
Net Change in Cash+	-3.14M	14.3M	8.53M	140.73M	138.65M	92.44M	23.15M	-186.41M	149.35M	60.51M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	28.29M	25.15M	39.45M	47.98M	188.71M	327.36M	419.81M	442.96M	256.55M	405.9M
Cash at End	25.15M	39.45M	47.98M	188.71M	327.36M	419.81M	442.96M	256.55M	405.9M	466.41M
Interest Paid	10.67M	19.21M	30.52M	52.4M	81.79M	74.65M	46.75M	58.92M	163.6M	205.86M
Income Taxes Paid	3.79M	5.89M	6.57M	485K	4.56M	5.91M	7.04M	2M	939K	684K
Free Cash Flow+	8.37M	23.3M	23.11M	27.14M	-47.68M	-12.49M	24.95M	65.21M	6.31M	10.4M
FCF Growth %	6.85%	1.79%	-0.01%	0.17%	-2.76%	0.74%	3%	1.61%	-0.9%	0.65%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.88%	9.35%	8.05%	8.54%	8.5%	9.26%	13.53%	9.54%	2.31%	6.77%
Return on Assets (ROA)	0.8%	0.77%	0.66%	0.69%	0.66%	0.71%	1.14%	0.81%	0.17%	0.46%
Net Interest Margin	2.42%	2.14%	1.95%	1.76%	1.54%	1.52%	2.06%	2.14%	1.45%	1.52%
Efficiency Ratio	48.38%	42.39%	37.89%	34.26%	27.9%	32.49%	35.27%	39.62%	28.35%	25.24%
Equity / Assets	8.22%	8.3%	8.1%	8.15%	7.44%	7.79%	9.03%	8.03%	7.02%	6.69%
Book Value / Share	22.91	29.38	31.35	30.36	30.36	33.63	38.13	38.04	40.95	43.81
NII Growth	37.99%	29.06%	36.01%	15.35%	1.12%	2.5%	34.11%	12.17%	-22.85%	16.65%
Dividend Payout	12.24%	9.93%	11%	10.18%	9.58%	7.98%	5.02%	6.52%	25.61%	8.22%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Loan Servicing	166K	1.16M	1.93M	2.57M	3.83M	6.19M
Loan Servicing Growth	-	598.19%	66.87%	33.04%	48.97%	61.44%
Bank Servicing	885K	824K	1.11M	1.07M	851K	959K
Bank Servicing Growth	-	-6.89%	35.19%	-3.86%	-20.54%	12.69%
Loan Servicing Asset Revaluation	-	-432K	-1.07M	-1.64M	-1.46M	-2.54M
Loan Servicing Asset Revaluation Growth	-	-	-147.45%	-53.32%	10.74%	-73.41%
Mortgage Banking	11.54M	24.69M	15.05M	5.46M	76K	-
Mortgage Banking Growth	-	113.96%	-39.05%	-63.69%	-98.61%	-

Frequently Asked Questions

Valuation & Price

First Internet Bancorp (INBK) has a price-to-earnings (P/E) ratio of 7.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

First Internet Bancorp (INBK) grew revenue by 28.3% over the past year. This is strong growth.

First Internet Bancorp (INBK) reported a net loss of $33.1M for fiscal year 2024.

Dividend & Returns

Yes, First Internet Bancorp (INBK) pays a dividend with a yield of 1.06%. This makes it attractive for income-focused investors.

First Internet Bancorp (INBK) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Industry Metrics

First Internet Bancorp (INBK) has a net interest margin (NIM) of 1.5%. NIM has been under pressure due to interest rate environment.

First Internet Bancorp (INBK) has an efficiency ratio of 25.2%. This is excellent, indicating strong cost control.

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