A Business at a Glance
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First Internet Bancorp
INBK
$231M
Mkt Cap
$26.45
+1.65%
First Internet Bancorp (INBK) has a 5-year average return on invested capital (ROIC) of 1.6%. This is below average and may indicate limited pricing power.
First Internet Bancorp (INBK) has a market capitalization of $232M. It is classified as a small-cap stock.
Yes, First Internet Bancorp (INBK) pays a dividend with a trailing twelve-month yield of 0.90%. The company also returns capital through share buybacks, with a buyback yield of 0.22%.
First Internet Bancorp (INBK) operates in the State Commercial Banks industry, within the Financials sector.
First Internet Bancorp (INBK) reported annual revenue of $323 million in its most recent fiscal year, based on SEC EDGAR filings.
First Internet Bancorp (INBK) has a net profit margin of -10.9%. The company is currently unprofitable.
First Internet Bancorp (INBK) generated $2 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
When we refer to “First Internet Bancorp,” the “Company,” “we,” “us” and “our” in the remainder of this Annual Report on Form 10-K, we mean First Internet Bancorp and its consolidated subsidiaries, unless the context indicates otherwise. References to “First Internet Bank” or the “Bank” refer to First Internet Bank of Indiana, an Indiana chartered bank and wholly-owned subsidiary of the Company. First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana that conducts its primary business activities through its wholly-owned subsidiary, First Internet Bank of Indiana, an Indiana chartered bank. The Bank was the first state-chartered, Federal Deposit Insurance Corporation (“FDIC”) insured Internet bank and commenced banking operations in 1999. First Internet Bancorp was incorporated under the laws of the State of Indiana on September 15, 2005. On March 21, 2006, we consummated a plan of exchange by which we acquired all of the outstanding shares of the Bank.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 124M | 323M | 339M | 266M | 178M | 167M |
| Net Income | -34M | -35M | 25M | 8.4M | 36M | 48M |
| EPS | $-3.85 | $-4.03 | $2.88 | $0.95 | $3.70 | $4.82 |
| Free Cash Flow | 45M | 2.2M | 10M | 6.3M | 65M | 25M |
| ROIC | 0.1% | -5.5% | 3.1% | 0.9% | 3.8% | 5.5% |
| Gross Margin | - | 0.0% | - | - | - | - |
| Debt/Equity | 0.67 | 0.69 | 0.77 | 3.52 | 2.93 | 2.88 |
| Dividends/Share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 |
| Operating Income | 7.2M | 6.4M | 9.4M | 2.3M | 2.4M | 57M |
| Operating Margin | 5.8% | 2.0% | 2.8% | 0.9% | 1.4% | 33.9% |
| ROE | -9.3% | -9.5% | 6.8% | 2.3% | 9.5% | 13.5% |
| Shares Outstanding | 9M | 9M | 9M | 9M | 10M | 10M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 38M | 52M | 73M | 95M | 124M | 164M | 173M | 167M | 178M | 266M | 339M | 323M | 124M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12M | 14M | 17M | 21M | 23M | 27M | 34M | 38M | 42M | 45M | 52M | 51M | 51M |
| EBIT | 398K | 14M | 861K | 1.4M | 1.6M | 2.6M | 1.7M | 57M | 2.4M | 2.3M | 9.4M | 6.4M | 7.2M |
| Op. Margin | 1.0% | 26.5% | 1.2% | 1.5% | 1.3% | 1.6% | 1.0% | 33.9% | 1.4% | 0.9% | 2.8% | 2.0% | 5.8% |
| Net Income | 4.3M | 8.9M | 12M | 15M | 22M | 25M | 29M | 48M | 36M | 8.4M | 25M | -35M | -34M |
| Net Margin | 11.3% | 17.3% | 16.5% | 16.0% | 17.6% | 15.4% | 17.0% | 28.9% | 19.9% | 3.2% | 7.5% | -10.9% | -27.1% |
| Non-Recurring | -78K | -34K | -63K | 0 | 0 | 0 | 0 | 2.5M | 0 | 0 | 149K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 2.6% | 3.6% | 3.8% | 3.1% | 3.0% | 3.1% | 3.5% | 5.5% | 3.8% | 0.9% | 3.1% | -5.5% | 0.1% |
| ROE | 4.6% | 8.9% | 9.3% | 8.1% | 8.5% | 8.5% | 9.3% | 13.5% | 9.5% | 2.3% | 6.8% | -9.5% | -9.3% |
| ROA | 0.5% | 0.8% | 0.8% | 0.7% | 0.7% | 0.7% | 0.7% | 1.1% | 0.8% | 0.2% | 0.5% | -0.6% | -0.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.0M | 11M | 26M | 25M | 29M | -44M | 13M | 55M | 83M | 12M | 13M | 3.4M | 46M |
| Free Cash Flow | 1.1M | 8.4M | 23M | 23M | 27M | -48M | -12M | 25M | 65M | 6.3M | 10M | 2.2M | 45M |
| Owner Earnings | -2.3M | 5.4M | 21M | 17M | 20M | -54M | -15K | 46M | 70M | -4.4M | -8.3M | -4.0M | 19M |
| CapEx | 915K | 2.5M | 3.2M | 1.5M | 2.2M | 4.1M | 26M | 30M | 18M | 5.4M | 2.6M | 1.2M | 1.3M |
| Maint. CapEx | 3.7M | 4.8M | 5.0M | 6.5M | 7.6M | 9.2M | 11M | 6.7M | 11M | 15M | 19M | 6.2M | 26M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 23M | 6.6M | 0 | 0 | 0 | 0 |
| D&A | 3.7M | 4.8M | 5.0M | 6.5M | 7.6M | 9.2M | 11M | 6.7M | 11M | 15M | 19M | 6.2M | 26M |
| CapEx/OCF | 46.2% | 23.3% | 12.0% | 6.2% | 7.6% | N/A | 195.6% | 54.5% | 21.2% | 46.0% | 20.0% | N/A | 2.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.1M | 1.1M | 1.2M | 1.7M | 2.2M | 2.4M | 2.3M | 2.4M | 2.3M | 2.2M | 2.1M | 2.1M | 2.1M |
| Dividend Yield | 1.4% | 1.1% | 1.0% | 0.8% | 0.8% | 1.2% | 1.3% | 0.7% | 0.7% | 1.3% | 0.7% | N/A | 0.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 216K | 9.8M | 0 | 4.4M | 28M | 9.3M | 283K | 521K | 521K |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.1% | 4.3% | N/A | 1.0% | 12.5% | 4.3% | 0.1% | 0.0% | 0.2% |
| Stock-Based Comp | 507K | 762K | 736K | 1.0M | 1.6M | 1.7M | 2.1M | 2.4M | 2.0M | 1.3M | 1.8M | 1.2M | 1.8M |
| Debt Repayment | 0 | 0 | 0 | 0 | 3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 65M | 87M | -52M | 397M | 349M | 143M | 72M | 49M | 424M | 397M | -759M | -986M | -1.1B |
| Cash & Equiv. | 28M | 25M | 39M | 48M | 189M | 327M | 420M | 443M | 257M | 406M | 466M | 457M | 1.4B |
| Long-Term Debt | 107M | 191M | 190M | 410M | 525M | 515M | 515M | 515M | 615M | 615M | 295M | 250M | 241M |
| Debt/Equity | 1.10 | 1.83 | 1.23 | 4.10 | 3.53 | 3.32 | 2.99 | 2.88 | 2.93 | 3.52 | 0.77 | 0.69 | 0.67 |
| Interest Coverage | 0.0 | 2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.2 | 0.0 | 0.0 | 0.1 | 0.0 | 0.4 |
| Equity | 97M | 104M | 154M | 224M | 289M | 305M | 331M | 380M | 365M | 363M | 384M | 360M | 361M |
| Total Assets | 971M | 1.3B | 1.9B | 2.8B | 3.5B | 4.1B | 4.2B | 4.2B | 4.5B | 5.2B | 5.7B | 5.6B | 5.7B |
| Total Liabilities | 874M | 1.2B | 1.7B | 2.5B | 3.3B | 3.8B | 3.9B | 3.8B | 4.2B | 4.8B | 5.4B | 5.2B | 5.4B |
| Intangibles | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 4.7M | 0 | 0 |
| Retained Earnings | 25M | 33M | 44M | 57M | 78M | 100M | 127M | 172M | 206M | 207M | 231M | 193M | 195M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 0.96 | 1.96 | 2.30 | 2.13 | 2.30 | 2.51 | 2.99 | 4.82 | 3.70 | 0.95 | 2.88 | -4.03 | -3.85 |
| Owner EPS | -0.50 | 1.18 | 3.95 | 2.39 | 2.11 | -5.41 | -0.00 | 4.58 | 7.27 | -0.50 | -0.94 | -0.45 | 2.14 |
| Book Value | 21.49 | 22.90 | 29.32 | 31.35 | 30.32 | 30.32 | 33.60 | 38.10 | 38.00 | 40.95 | 43.76 | 41.23 | 41.14 |
| Cash Flow/Share | 0.44 | 2.39 | 5.04 | 3.44 | 3.08 | -4.33 | 1.33 | 5.49 | 8.61 | 1.32 | 1.48 | 0.40 | -0.91 |
| Dividends/Share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Shares Out. | 4.5M | 4.6M | 5.2M | 7.1M | 9.5M | 10.1M | 9.9M | 10.0M | 9.6M | 8.9M | 8.8M | 8.7M | 8.8M |
| Valuation | |||||||||||||
| P/E Ratio | 15.6 | 13.1 | 13.0 | 17.0 | 8.2 | 9.0 | 9.2 | 9.2 | 6.2 | 25.7 | 12.5 | N/A | -6.9 |
| P/FCF | 63.5 | 14.0 | 6.8 | 11.2 | 6.6 | N/A | N/A | 17.8 | 3.4 | 34.3 | 30.5 | N/A | 5.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -125.4 |
| Price/Book | 0.7 | 1.1 | 1.0 | 1.2 | 0.6 | 0.7 | 0.8 | 1.2 | 0.6 | 0.6 | 0.8 | N/A | 0.6 |
| Price/Sales | 2.7 | 2.5 | 2.2 | 3.2 | N/A | 2.5 | 1.8 | 2.7 | 2.9 | 1.6 | 2.1 | N/A | 1.9 |
| FCF Yield | 1.6% | 7.1% | 14.8% | 8.9% | 15.1% | -20.9% | -4.6% | 5.6% | 29.5% | 2.9% | 3.3% | N/A | 19.3% |
| Market Cap | 68M | 117M | 157M | 259M | 180M | 228M | 270M | 445M | 221M | 216M | 317M | 0 | 232M |
| Avg. Price | 17.65 | 22.52 | 22.82 | 29.03 | 30.15 | 20.03 | 18.40 | 32.86 | 36.28 | 18.60 | 32.58 | 0.00 | 26.45 |
| Year-End Price | 15.01 | 25.77 | 29.99 | 36.27 | 18.93 | 22.66 | 27.44 | 44.55 | 23.05 | 24.42 | 36.14 | 0.00 | 26.45 |
First Internet Bancorp passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 1.6%. Total shareholder yield (dividends + buybacks) is 1.1%. At current prices, the estimated annualized return to fair value is -4.1%.
First Internet Bancorp (INBK) has a debt-to-equity ratio of 0.69. This indicates moderate leverage.
First Internet Bancorp (INBK) reported earnings per share (EPS) of $-4.03 in its most recent fiscal year.
First Internet Bancorp (INBK) has a return on equity (ROE) of -9.5%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 14 years of financial data for First Internet Bancorp (INBK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
First Internet Bancorp (INBK) has a book value per share of $41.23, based on its most recent annual SEC filing.