First Internet Bancorp (INBK)


Market Price (11/6/2026): $25.65 | Market Cap: $224.0 MilSector: Financials | Industry: Regional Banks

First Internet Bancorp (INBK)


Market Price (11/6/2026): $25.65
Market Cap: $224.0 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, FCF Yield is 67%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -425%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 95%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 94%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.

Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -22%

Key risks
INBK key risks include [1] deteriorating asset quality, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, FCF Yield is 67%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -425%
2 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 95%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 94%
4 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
5 Low stock price volatility
Vol 12M is 39%
6 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.
7 Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -22%
8 Key risks
INBK key risks include [1] deteriorating asset quality, Show more.

INBK in ETFs

Weight = INBK's share of each fund

VTI0.00%
IWM0.01%
IWN0.01%
VTWO0.01%
DFAS0.01%
ONEQ0.00%
AVUV0.00%
DFAC0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

First Internet Bancorp (INBK) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Earnings Miss in Fiscal Q3 2026. First Internet Bancorp (INBK) reported diluted earnings per share of $0.54 for fiscal Q3 2026 (ending September 30, 2026), significantly missing analyst consensus estimates, which ranged from $0.73 to $0.80 per share. This represents an earnings surprise of approximately -28.75% against the Zacks Consensus Estimate of $0.80 per share. The announced results on October 29, 2026, likely triggered a negative market reaction, contributing to the stock's decline.

2. Increase in Credit-Related Charges and Non-Performing Loans. The company's fiscal Q3 2026 results were impacted by a credit-related charge, specifically tied to a franchise finance borrower. Non-performing loans increased due to additional franchise finance balances moving to non-accrual, including a large relationship that resulted in $2.6 million of specific reserves being taken late in the quarter. The provision for credit losses for the quarter stood at $11.6 million.

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Updated on 11/1/2026

First Internet Bancorp (INBK) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Earnings Miss in Fiscal Q3 2026. First Internet Bancorp (INBK) reported diluted earnings per share of $0.54 for fiscal Q3 2026 (ending September 30, 2026), significantly missing analyst consensus estimates, which ranged from $0.73 to $0.80 per share. This represents an earnings surprise of approximately -28.75% against the Zacks Consensus Estimate of $0.80 per share. The announced results on October 29, 2026, likely triggered a negative market reaction, contributing to the stock's decline.

2. Increase in Credit-Related Charges and Non-Performing Loans. The company's fiscal Q3 2026 results were impacted by a credit-related charge, specifically tied to a franchise finance borrower. Non-performing loans increased due to additional franchise finance balances moving to non-accrual, including a large relationship that resulted in $2.6 million of specific reserves being taken late in the quarter. The provision for credit losses for the quarter stood at $11.6 million.

3. Macroeconomic Headwinds from Elevated Interest Rates and Inflation. During fiscal Q3 2026, the broader banking sector faced pressure from a challenging macroeconomic environment characterized by elevated interest rates and persistent inflation. The Federal Reserve's rate hike in Q3 2026, the first since 2023, impacted long-term bond funds and interest-sensitive equities, including small-cap stocks like INBK, which is a component of the Russell 2000® Index. Concerns about higher borrowing costs and continued inflation weighed on investor sentiment for regional banks.

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Stock Movement Drivers

Fundamental Drivers

The -12.3% change in INBK stock from 7/31/2026 to 11/5/2026 was primarily driven by a -36.4% change in the company's P/S Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)29.3925.77-12.3%
Change Contribution By: 
Total Revenues ($ Mil)11716138.3%
P/S Multiple2.21.4-36.4%
Shares Outstanding (Mil)99-0.3%
Cumulative Contribution-12.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
INBK-12.3% 
Market (SPY)-1.9%25.0%
Sector (XLF)1.0%42.6%

Fundamental Drivers

The 12.9% change in INBK stock from 4/30/2026 to 11/5/2026 was primarily driven by a 47.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611052026Change
Stock Price ($)22.8225.7712.9%
Change Contribution By: 
Total Revenues ($ Mil)11016147.0%
P/S Multiple1.81.4-22.9%
Shares Outstanding (Mil)99-0.4%
Cumulative Contribution12.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
INBK12.9% 
Market (SPY)2.3%21.9%
Sector (XLF)10.7%35.2%

Fundamental Drivers

The 46.8% change in INBK stock from 10/31/2025 to 11/5/2026 was primarily driven by a 51.9% change in the company's P/E Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)17.5625.7746.8%
Change Contribution By: 
Total Revenues ($ Mil)13716118.3%
Net Income Margin (%)11.3%9.3%-18.0%
P/E Multiple9.915.151.9%
Shares Outstanding (Mil)99-0.3%
Cumulative Contribution46.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
INBK46.8% 
Market (SPY)8.4%20.6%
Sector (XLF)11.1%35.2%

Fundamental Drivers

The 61.8% change in INBK stock from 10/31/2023 to 11/5/2026 was primarily driven by a 66.4% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)15.9325.7761.8%
Change Contribution By: 
Total Revenues ($ Mil)10016162.1%
Net Income Margin (%)15.7%9.3%-40.9%
P/E Multiple9.115.166.4%
Shares Outstanding (Mil)991.6%
Cumulative Contribution61.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
INBK61.8% 
Market (SPY)81.3%36.0%
Sector (XLF)85.5%51.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
INBK Return65%-48%1%50%-41%24%-5%
Peers Return91%-54%73%12%32%-6%111%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
INBK Win Rate58%33%58%42%42%55% 
Peers Win Rate63%35%57%52%62%45% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
INBK Max Drawdown-27%-57%-65%-28%-52%-20% 
Peers Max Drawdown-25%-61%-42%-30%-33%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AX, ALLY, SOFI, LOB, CUBI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventINBKS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.4%-9.5%
  % Gain to Breakeven32.3%10.5%
  Time to Breakeven30 days24 days
2023 SVB Regional Banking Crisis
  % Loss-64.4%-6.7%
  % Gain to Breakeven181.2%7.1%
  Time to Breakeven258 days31 days
2020 COVID-19 Crash
  % Loss-55.6%-33.7%
  % Gain to Breakeven125.1%50.9%
  Time to Breakeven265 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.6%-19.2%
  % Gain to Breakeven60.3%23.8%
  Time to Breakeven745 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-36.0%-12.2%
  % Gain to Breakeven56.2%13.9%
  Time to Breakeven589 days62 days
2014-2016 Oil Price Collapse
  % Loss-14.5%-6.8%
  % Gain to Breakeven17.0%7.3%
  Time to Breakeven51 days15 days

Compare to AX, ALLY, SOFI, LOB, CUBI

In The Past

First Internet Bancorp's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventINBKS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.4%-9.5%
  % Gain to Breakeven32.3%10.5%
  Time to Breakeven30 days24 days
2023 SVB Regional Banking Crisis
  % Loss-64.4%-6.7%
  % Gain to Breakeven181.2%7.1%
  Time to Breakeven258 days31 days
2020 COVID-19 Crash
  % Loss-55.6%-33.7%
  % Gain to Breakeven125.1%50.9%
  Time to Breakeven265 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.6%-19.2%
  % Gain to Breakeven60.3%23.8%
  Time to Breakeven745 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-36.0%-12.2%
  % Gain to Breakeven56.2%13.9%
  Time to Breakeven589 days62 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-21.6%-15.4%
  % Gain to Breakeven27.6%18.2%
  Time to Breakeven7 days125 days
2008-2009 Global Financial Crisis
  % Loss-39.6%-53.4%
  % Gain to Breakeven65.6%114.4%
  Time to Breakeven1096 days1085 days

Compare to AX, ALLY, SOFI, LOB, CUBI

In The Past

First Internet Bancorp's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About First Internet Bancorp (INBK)

First Internet Bancorp (INBK) is the bank holding company for First Internet Bank of Indiana, a digital-first financial institution providing a comprehensive suite of commercial and retail banking products and services to customers throughout the United States. Leveraging its online platform, firstib.com, the company serves individual consumers as well as a diverse base of commercial clients, including businesses and government entities.

The company offers a full range of deposit products, including non-interest bearing and interest-bearing demand accounts, savings, money market, and brokered deposit accounts, alongside certificates of deposit. Its lending portfolio is extensive, covering commercial and industrial loans, owner-occupied and investor commercial real estate loans, construction financing, residential mortgages, home equity loans, and various small installment and consumer loans.

INBK also specializes in niche financing solutions such as single tenant lease financing, public and healthcare finance, franchise finance, and small business lending. Furthermore, it engages in the purchase, management, and servicing of municipal securities, and provides municipal finance lending and leasing products to government bodies. Complementing these offerings, the company delivers corporate credit card and treasury management services to meet the operational needs of its business customers, all accessible through its robust online banking platform.

AI Analysis | Feedback

Here are 1-3 brief analogies for First Internet Bancorp (INBK):

  1. The Amazon.com of banking.

  2. Ally Bank, but for businesses as well as consumers.

  3. A regional bank, like PNC or KeyBank, but operating entirely online without physical branches.

AI Analysis | Feedback

  • Deposit Accounts: The company offers various deposit products including checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
  • Commercial Loans: First Internet Bancorp provides loans for commercial and industrial purposes, owner-occupied and investor commercial real estate, and construction projects.
  • Consumer Loans: It offers residential mortgage, home equity, home improvement, small installment, and other consumer loans.
  • Specialized Lending & Leasing: The bank provides single tenant lease financing, public and healthcare finance, franchise finance, and small business lending solutions.
  • Municipal Securities & Finance: Services include the purchase, management, and safekeeping of municipal securities, alongside municipal finance lending and leasing to government entities.
  • Business Banking Services: The company offers corporate credit cards and treasury management services to commercial clients.

AI Analysis | Feedback

First Internet Bancorp (INBK) serves a diverse customer base, encompassing both individual retail clients and various segments of commercial and governmental entities. Due to the nature of banking, the company does not have a few "major customers" in the sense of large, identifiable corporate clients that can be listed by name. Instead, its customer base is highly fragmented across different categories.

Based on the services offered, First Internet Bancorp primarily serves the following categories of customers:

  1. Individual Retail Customers: This category includes everyday consumers and households who utilize First Internet Bank's retail banking products and services. These offerings include various deposit accounts (such as non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit), residential mortgage loans, home equity and improvement loans, small installment loans, term loans, and other consumer loans.
  2. Small to Medium-Sized Businesses (SMBs) and Franchise Operators: This broad commercial segment leverages a comprehensive suite of commercial banking products. These customers include general commercial and industrial businesses, owner-occupied and investor commercial real estate clients, construction developers, and franchise operators. They utilize commercial and industrial loans, owner-occupied and investor commercial real estate loans, construction loans, single tenant lease financing, small business lending, franchise finance, corporate credit cards, and treasury management services.
  3. Government and Healthcare Entities: First Internet Bancorp also provides specialized financial products and services to public sector bodies and healthcare providers. This includes public and healthcare finance, municipal finance lending and leasing products to government entities, and services related to the purchase, management, servicing, and safekeeping of municipal securities.

AI Analysis | Feedback

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David B. Becker, Chairman and Chief Executive Officer

David B. Becker founded First Internet Bank over 25 years ago, reimagining the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online. He has a 40-year career creating successful entrepreneurial companies in financial services technology ("fintech") and software-as-a-service ("SaaS"), having created and sold five Inc. 500 companies. He founded re:Member Data Services in 1981, serving as CEO until its acquisition by Open Solutions Inc. in 2004. In 1995, he founded VIFI, which was acquired by Digital Insight Corporation in 2002. Mr. Becker also founded, and remains actively involved as CEO of, three other Indianapolis-based companies: OneBridge, DyKnow, and RICS.

Nicole S. Lorch, President and Chief Operating Officer

Nicole S. Lorch joined First Internet Bank at its launch in February 1999 as Director of Marketing. She was appointed President in July 2021 and has held the title of Chief Operating Officer since January 2017. Throughout her tenure, she has held roles of progressive responsibility within the company, including Executive Vice President. Prior to joining First Internet Bank, Ms. Lorch worked for a financial services technology company also founded by David Becker.

Kenneth J. Lovik, Executive Vice President and Chief Financial Officer

Kenneth J. Lovik joined First Internet Bank in August 2014. He previously served as Senior Vice President, Investor Relations and Corporate Development for First Financial Bancorp, a publicly-traded bank holding company. Before that, Mr. Lovik worked as an investment banker at firms including Milestone Advisors, LLC, Howe Barnes Hoefer & Arnett, Inc., and A.G. Edwards & Sons, Inc., where he advised clients in the financial institutions sector. Earlier in his career, he worked at the public accounting firm of Price Waterhouse, LLP.

Craig Fortner, Senior Vice President, Chief Information Officer

Craig Fortner serves as the Senior Vice President, Chief Information Officer for First Internet Bancorp.

Anne Sharkey, Senior Vice President, Chief Risk Officer

Anne Sharkey holds the position of Senior Vice President, Chief Risk Officer at First Internet Bancorp.

AI Analysis | Feedback

The key risks for First Internet Bancorp (INBK) include challenges related to credit quality, sensitivity to interest rate fluctuations, and intense competition within the digital banking landscape.

1. Credit Risk and Asset Quality Deterioration: First Internet Bancorp faces significant credit risk, particularly within its Small Business Administration (SBA) and franchise finance portfolios. Management has indicated isolated credit issues in these areas, leading to expectations of higher provisions for credit losses in 2026. Recent annual filings also highlight an increase in loans classified as "special mention" and "substandard" across commercial real estate and franchise finance segments, signaling potential future increases in credit losses and requiring close monitoring. Additionally, the company's investment portfolio contains lower-rated securities (BBB and below), which exposes it to higher volatility and credit risk in the event of adverse market conditions.

2. Interest Rate Risk: As a bank, First Internet Bancorp is inherently exposed to interest rate risk. A notable concern stems from a portion of its funding originating from Certificates of Deposit (CDs). In an environment of rising interest rates, the bank may need to increase the rates offered on these deposits to retain customers, which could lead to higher interest costs, potentially weighing on net interest margin and limiting the ability to grow its loan portfolio.

3. Intense Competition and Challenges to Scale: First Internet Bancorp operates in a highly competitive digital banking market. The company finds itself positioned between larger, more established digital banks with significant balance sheets and brand recognition, and innovative, venture-backed neo-banks focused on aggressive customer acquisition. This competitive landscape, coupled with potential overdependence on its online-only platform and limited geographic reach for certain lending segments, could constrain customer growth, revenue potential, and overall profitability.

AI Analysis | Feedback

The clear emerging threat for First Internet Bancorp is the rapid proliferation and increasing market share of next-generation digital-only financial service providers, often referred to as neobanks or challenger banks. While First Internet Bancorp itself operates online and was an early mover in internet banking, these newer entrants leverage advanced mobile-first technology, sophisticated data analytics, and hyper-personalized user experiences to offer banking products and services. They often possess greater agility, lower operating costs (due to a purely app-centric model and lack of legacy infrastructure), and innovative features that can attract customers seeking a more modern and seamless digital banking experience, potentially eroding First Internet Bancorp's customer base and competitive position.

AI Analysis | Feedback

First Internet Bancorp (INBK) operates in the United States, providing a range of commercial and retail banking products and services. The addressable markets for its main products and services in the U.S. are sized as follows: * Healthcare Finance Solutions: The U.S. healthcare finance solutions market was valued at approximately USD 56.68 billion in 2025 and is projected to reach around USD 121.24 billion by 2035. * Home Equity Lending: The United States home equity lending market was valued at USD 179.21 billion in 2025 and is estimated to grow to USD 228.25 billion by 2031. * Residential Mortgage Loans: The U.S. home loan market size is estimated at USD 2.42 trillion in 2026 and is projected to grow to USD 3.17 trillion by 2031. * Municipal Securities: The total outstanding municipal bond market in the U.S. was approximately USD 4.4 trillion as of the third quarter of 2025. * Corporate Credit Cards: The corporate card market in the U.S. was valued at USD 150 billion in 2025 and is projected to reach USD 280 billion by 2033. * Treasury Management Services: The Treasury Management Market (implied U.S. or North America dominated by U.S.) was valued at USD 5.20 billion in 2023 and is projected to reach USD 16.77 billion by 2032. * Small Business Lending: The U.S. small business loan market was valued at USD 245.39 billion in 2023 and is projected to reach USD 349.64 billion by 2033. Banks in the U.S. made over $328 billion in loans to small businesses in 2023. * Commercial Real Estate Loans: Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. is estimated to have totaled USD 498 billion in 2024. The outstanding balance of commercial real estate loans at all commercial banks in the U.S. was USD 3,026.06 billion in July 2025. * Consumer Loans: Americans owed USD 276 billion in personal loan debt as of the fourth quarter of 2025. * Franchise Finance: The North American regional market for franchise finance accounted for approximately USD 26.1 billion in 2024.

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Expected Drivers of Future Revenue Growth for First Internet Bancorp (INBK)

Over the next 2-3 years, First Internet Bancorp (INBK) anticipates several key drivers to fuel its revenue growth:

  1. Loan Growth: First Internet Bancorp projects significant loan growth, with a guidance of 15%-17% for 2026. This expansion is expected to be driven by robust pipelines in commercial, construction, commercial and industrial (C&I), and wealth advisory lending.
  2. Net Interest Margin (NIM) Expansion: The company forecasts its net interest margin to expand to 2.75%-2.8% by the end of 2026. This improvement is attributed to ongoing deposit repricing initiatives and strategic optimization of its asset mix.
  3. Growth in Banking-as-a-Service (BaaS) and Fintech-driven Revenue: First Internet Bancorp has demonstrated strong growth in its BaaS initiatives, generating over $1.3 billion in new deposits in 2025, more than tripling the previous year's figures. Additionally, fintech fee revenue was identified as a key contributor to noninterest income in Q4 2025, indicating continued revenue generation from these partnerships.
  4. Optimization of Loan Portfolio towards Higher-Yielding Assets: The company has seen an increase in the yield on its interest-earning assets, reaching 5.71% in Q4 2025, supported by higher rates on new loan originations. This strategic focus on originating higher-yielding loans is expected to enhance profitability through margin expansion.
  5. Lower Cost of Deposits: Management anticipates further declines in the cost of interest-bearing deposits, building on the decrease to 3.68% in Q4 2025 from 4.3% a year prior. This reduction is expected from continued CD repricing and lower rates on fintech-generated deposits, which will contribute positively to net interest income and overall revenue.

AI Analysis | Feedback

Here is a summary of First Internet Bancorp's capital allocation decisions over the last 3-5 years:

Share Repurchases

  • In October 2021, First Internet Bancorp's Board of Directors approved a stock repurchase program, initially authorizing up to $30.0 million, later increased to $35.0 million. Under this program, the company repurchased $31.1 million worth of common stock (855,956 shares at an average price of $36.31) before the program expired on December 31, 2022.
  • During the first quarter of 2023, the company repurchased 161,691 shares of its common stock at an average price of $24.50 per share, contributing to a total of $36.2 million in repurchases under authorized programs to date.
  • On October 20, 2025, the Board of Directors authorized a new stock repurchase program allowing for the repurchase of up to $25.0 million of outstanding common stock, which is scheduled to expire on September 30, 2027.

Share Issuance

  • Between 2022 and 2023, the number of issued and outstanding common shares decreased from 9,065,883 to 8,644,451, indicating a net reduction in shares outstanding rather than significant new issuance for capital raising during this period.
  • In January 2026, the company granted Restricted Stock Units (RSUs) to executives, including 12,566 shares to the CEO, 4,620 shares to the CFO, and 8,084 shares to the President and COO, under the 2022 Equity Incentive Plan, with vesting scheduled through 2029.

Outbound Investments

  • In July 2021, First Internet Bancorp established its franchise finance business, collaborating with ApplePie Capital to provide financing to franchisees, representing a strategic investment in this business segment.
  • The company's 2025 annual report noted ongoing investments in private equity, venture capital funds, hedge funds, Small Business Investment Companies (SBICs), and affordable housing projects.

Capital Expenditures

  • Capital expenditures for the third quarter of 2025 were reported as $106,000.
  • Operating expenses for 2025 included higher premises and software maintenance costs, as well as fintech program expenses, indicating a focus on maintaining and upgrading its digital banking infrastructure and physical premises.
  • As of December 31, 2023, the company owned its headquarters building and property through its wholly-owned subsidiary, SPF15, Inc.

Peer Outperformance in Regional Banks

INBK has trailed 96% of its 262 Regional Banks peers over 5Y. Among the peers that beat it are FCNCA, AX and WSBC. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that INBK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
76%
of 281 industry peers · 42.6% return
3Y
19%
of 273 industry peers · 55.4% return
5Y
4%
of 262 industry peers · -38.1% return
Regional Banks peers with revenue growth within 4pp of INBK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
INBK First Internet Bancorp 21.2% 15.1x 42.6%55.4%-38.1% —
FCNCA First Citizens BancShares 18.0% 11.3x 28.5%63.3%175.5% +214pp
AX Axos Financial 18.0% 10.7x 14.5%140.2%53.6% +92pp
WSBC Wesbanco 22.6% 10.3x 31.9%69.3%34.6% +73pp
BUSE First Busey 21.1% 10.5x 29.1%55.6%29.5% +68pp
RNST Renasant 19.9% 10.8x 18.6%60.9%15.3% +53pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is INBK's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

INBKAXALLYSOFILOBCUBIMedian
NameFirst In.Axos Fin.Ally Fin.SoFi Tec.Live Oak.Customer. 
Mkt Price25.6592.6338.3916.1033.8684.4336.12
Mkt Cap0.25.311.720.71.62.94.1
Rev LTM1611,4639,8394,3066059061,185
Op Inc LTM-------
FCF LTM1522912,177-8,800297229260
FCF 3Y Avg51332747-4,88368172120
CFO LTM1535584,959-8,502314381347
CFO 3Y Avg534514,151-4,66798267183

Growth & Margins

INBKAXALLYSOFILOBCUBIMedian
NameFirst In.Axos Fin.Ally Fin.SoFi Tec.Live Oak.Customer. 
Rev Chg LTM49.4%17.8%13.8%41.0%18.5%38.3%28.4%
Rev Chg 3Y Avg21.2%18.0%2.5%32.7%12.4%16.2%17.1%
Rev Chg Q978.3%18.3%8.9%42.5%22.3%10.6%20.3%
QoQ Delta Rev Chg LTM30.5%4.1%2.2%9.2%5.4%2.4%4.8%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM94.7%38.1%50.4%-197.5%51.9%42.0%46.2%
CFO/Rev 3Y Avg32.4%35.4%45.2%-135.1%15.0%35.3%33.9%
FCF/Rev LTM94.3%19.9%22.1%-204.4%49.1%25.3%23.7%
FCF/Rev 3Y Avg31.1%26.7%7.6%-141.7%8.6%23.3%16.0%

Valuation

INBKAXALLYSOFILOBCUBIMedian
NameFirst In.Axos Fin.Ally Fin.SoFi Tec.Live Oak.Customer. 
Mkt Cap0.25.311.720.71.62.94.1
P/S1.43.61.24.82.63.12.9
P/Op Inc-------
P/EBIT-------
P/E15.010.77.932.511.39.811.0
P/CFO1.59.42.4-2.45.07.53.7
Total Yield7.6%9.3%15.8%3.1%9.2%10.2%9.3%
Dividend Yield0.9%0.0%3.2%0.0%0.4%0.0%0.2%
FCF Yield 3Y Avg20.5%7.5%6.6%-31.2%5.1%7.4%7.0%
D/E1.60.22.10.20.10.80.5
Net D/E-4.3-0.0-0.2-0.2-1.3-0.9-0.5

Returns

INBKAXALLYSOFILOBCUBIMedian
NameFirst In.Axos Fin.Ally Fin.SoFi Tec.Live Oak.Customer. 
1M Rtn-4.0%4.0%3.0%2.2%-7.2%12.6%2.6%
3M Rtn-12.1%-9.1%-12.1%-11.0%-20.3%2.9%-11.6%
6M Rtn1.0%5.7%-10.9%0.6%-9.9%8.4%0.8%
12M Rtn41.9%14.7%-1.0%-46.5%7.6%24.9%11.2%
3Y Rtn54.6%140.7%58.9%115.0%9.4%90.8%74.8%
1M Excs Rtn-1.7%7.1%5.1%4.3%0.3%15.3%4.7%
3M Excs Rtn-11.1%-6.5%-10.5%-11.5%-19.6%3.8%-10.8%
6M Excs Rtn-3.8%0.9%-15.6%-4.2%-14.7%3.6%-4.0%
12M Excs Rtn31.9%3.6%-13.5%-58.8%-4.3%12.6%-0.3%
3Y Excs Rtn-21.9%73.6%-8.1%29.6%-64.7%26.5%9.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment11012995114115
Total11012995114115


Price Behavior

Price Behavior
Market Price$25.77 
Market Cap ($ Bil)0.2 
First Trading Date04/05/2006 
Distance from 52W High-13.7% 
   50 Days200 Days
DMA Price$26.99$24.74
DMA Trenddownup
Distance from DMA-4.5%4.1%
 3M1YR
Volatility34.2%38.7%
Downside Capture72.0551.30
Upside Capture31.4694.36
Correlation (S&P 500)16.4%16.6%
INBK Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.790.590.300.450.531.08
Up Beta-5.43-2.11-0.77-0.790.261.15
Down Beta2.042.041.750.680.091.19
Up Capture47%35%-12%73%93%79%
Bmk +ve Days12182862130427
Stock +ve Days8182659121364
Down Capture69%76%65%67%65%99%
Bmk -ve Days10253664121325
Stock -ve Days14253867127385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INBK
INBK46.3%38.7%1.05-
Sector ETF (XLF)11.1%15.2%0.4736.0%
Equity (SPY)9.5%13.6%0.4120.0%
Gold (GLD)3.6%28.7%0.11-0.4%
Commodities (DBC)37.7%21.2%1.40-17.1%
Real Estate (VNQ)12.0%14.2%0.5521.9%
Bitcoin (BTCUSD)-20.8%43.3%-0.424.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INBK
INBK-4.5%49.2%0.08-
Sector ETF (XLF)9.1%18.4%0.3651.7%
Equity (SPY)11.3%17.3%0.4837.5%
Gold (GLD)17.5%19.1%0.74-2.3%
Commodities (DBC)8.0%19.6%0.29-0.2%
Real Estate (VNQ)1.2%18.9%-0.0537.2%
Bitcoin (BTCUSD)5.9%51.5%0.2916.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INBK
INBK1.1%48.2%0.20-
Sector ETF (XLF)13.3%22.1%0.5458.9%
Equity (SPY)14.9%18.0%0.7045.9%
Gold (GLD)12.0%16.5%0.59-3.1%
Commodities (DBC)7.6%18.1%0.3311.2%
Real Estate (VNQ)5.7%20.7%0.2343.3%
Bitcoin (BTCUSD)61.3%66.2%1.0112.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 9302026-8.1%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest5.2 days
Basic Shares Quantity8.8 Mil
Short % of Basic Shares2.0%

Earnings Returns History

Updated 11/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/2026-5.4%-5.5% 
7/30/202612.1%11.3%6.5%
4/30/20263.5%11.3%4.7%
1/29/2026-2.0%-4.0%-8.2%
10/22/2025-9.7%-19.8%-14.7%
7/23/2025-11.8%-18.7%-14.4%
4/23/2025-20.8%-17.3%-7.8%
1/22/2025-5.6%-5.2%-13.8%
...
SUMMARY STATS   
# Positive10109
# Negative141414
Median Positive3.8%7.8%8.8%
Median Negative-5.5%-8.7%-8.0%
Max Positive12.1%20.7%36.5%
Max Negative-20.8%-23.6%-19.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/2026-5.4%-5.5% 
7/30/202612.1%11.3%6.5%
4/30/20263.5%11.3%4.7%
1/29/2026-2.0%-4.0%-8.2%
10/22/2025-9.7%-19.8%-14.7%
7/23/2025-11.8%-18.7%-14.4%
4/23/2025-20.8%-17.3%-7.8%
1/22/2025-5.6%-5.2%-13.8%
10/23/2024-4.3%-2.7%11.6%
7/24/2024-0.5%2.7%-6.5%
4/24/2024-7.7%-6.5%-7.8%
1/24/20248.7%20.7%18.7%
10/25/20239.8%11.6%36.5%
7/26/20233.3%7.8%-4.4%
4/26/20230.9%-23.6%-19.7%
1/25/2023-1.8%7.8%8.8%
10/19/2022-20.3%-21.3%-19.0%
7/20/2022-5.9%-11.0%-0.9%
4/20/2022-3.3%-13.5%-16.8%
1/19/20223.2%-2.0%-0.7%
10/20/20217.4%2.7%33.9%
7/21/2021-2.7%-1.8%-4.7%
4/21/20211.4%0.8%2.7%
1/20/20214.0%1.6%7.8%
SUMMARY STATS   
# Positive10109
# Negative141414
Median Positive3.8%7.8%8.8%
Median Negative-5.5%-8.7%-8.0%
Max Positive12.1%20.7%36.5%
Max Negative-20.8%-23.6%-19.7%

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 10/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Provision for Credit LossesReported7.50 Mil7.75 Mil8.00 Mil   
Q4 2026 FTE Net Interest MarginReported2.75%2.78%2.8% 0.0%AffirmedGuidance: 2.78% for Q4 2026
Q4 2026 FTE Net Interest IncomeReported 38.50 Mil    
Q4 2026 Noninterest IncomeReported 7.50 Mil    
Q4 2026 Noninterest ExpenseReported 26.50 Mil    
Q4 2026 Diluted Earnings Per ShareReported1.021.051.07   


Prior: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 FTE net interest marginReported2.75%2.78%2.8%   
2026 Loan growthReported4.0%5.0%6.0% -11.0%LoweredGuidance: 16.0% for 2026
2026 Provision for credit lossesReported47.00 Mil47.50 Mil48.00 Mil   
2026 FTE net interest incomeReported141.00 Mil141.50 Mil142.00 Mil   
2026 Noninterest incomeReported40.50 Mil40.75 Mil41.00 Mil   
2026 Noninterest expenseReported106.00 Mil106.50 Mil107.00 Mil   
2026 Diluted earnings per shareReported2.352.42.45   

Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Loan GrowthReported15.0%16.0%17.0% 0.0%AffirmedGuidance: 16.0% for 2026

Q4 2025 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Provision for Credit LossesReported17.00 Mil18.00 Mil19.00 Mil   
Q2 2026 Provision for Credit LossesReported14.00 Mil15.00 Mil16.00 Mil   
Q4 2026 FTE Net Interest MarginReported2.75%2.78%2.8%   
2026 Loan GrowthReported15.0%16.0%17.0%   
2026 Provision for Credit LossesReported50.00 Mil51.50 Mil53.00 Mil   
2026 Operating ExpensesReported111.00 Mil111.50 Mil112.00 Mil   
2026 FTE Net Interest IncomeReported155.00 Mil157.50 Mil160.00 Mil   
2026 Noninterest IncomeReported33.00 Mil34.00 Mil35.00 Mil   
2026 Diluted EPSReported2.352.42.45   

Insider Activity

Updated 5/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fenech, Joseph A DirectBuy226202619.831,00019,830200,323Form
2Lorch, Nicole SPresident & COODirectBuy1118202517.962,00035,9201,260,900Form
3Dee, Ann C DirectBuy1103202517.941,11019,913306,236Form
4Becker, David BChairman and CEODirectBuy1030202518.675,00093,3507,826,352Form
5Keach, John K JR DirectBuy1030202519.342,00038,680716,470Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fenech, Joseph A DirectBuy226202619.831,00019,830200,323Form
2Lorch, Nicole SPresident & COODirectBuy1118202517.962,00035,9201,260,900Form
3Dee, Ann C DirectBuy1103202517.941,11019,913306,236Form
4Becker, David BChairman and CEODirectBuy1030202518.675,00093,3507,826,352Form
5Keach, John K JR DirectBuy1030202519.342,00038,680716,470Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$7.2 Mil1.2%37ADD +41.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$7.2 Mil1.2%37ADD +41.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$7.2 Mil1.2%37ADD +41.5%13F
Core Cache Last Updated: 11/5/2026