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): $25.65Market Cap: $224.0 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal 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 capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -425% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% Attractive cash flow generationCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -22% | Key risksINBK key risks include [1] deteriorating asset quality, Show more. |
| Attractive yieldTotal 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 capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -425% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive cash flow generationCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -22% |
| Key risksINBK key risks include [1] deteriorating asset quality, Show more. |
Qualitative Assessment
AI Analysis | Feedback
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.
Show more
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 $11.6 million.
3. Macroeconomic Headwinds from Elevated Interest Rates and Inflation. During fiscal Q3 2026, the broader banking sector faced pressure from a challenging macroeconomic environment characterized by elevated interest rates and persistent inflation. The Federal Reserve's rate hike in Q3 2026, the first since 2023, impacted long-term bond funds and interest-sensitive equities, including small-cap stocks like INBK, which is a component of the Russell 2000® Index. Concerns about higher borrowing costs and continued inflation weighed on investor sentiment for regional banks.
Show less
Stock Movement Drivers
Fundamental Drivers
The -12.3% change in INBK stock from 7/31/2026 to 11/5/2026 was primarily driven by a -36.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.39 | 25.77 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 117 | 161 | 38.3% |
| P/S Multiple | 2.2 | 1.4 | -36.4% |
| Shares Outstanding (Mil) | 9 | 9 | -0.3% |
| Cumulative Contribution | -12.3% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| 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) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.82 | 25.77 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 110 | 161 | 47.0% |
| P/S Multiple | 1.8 | 1.4 | -22.9% |
| Shares Outstanding (Mil) | 9 | 9 | -0.4% |
| Cumulative Contribution | 12.9% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INBK | 12.9% | |
| 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) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.56 | 25.77 | 46.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137 | 161 | 18.3% |
| Net Income Margin (%) | 11.3% | 9.3% | -18.0% |
| P/E Multiple | 9.9 | 15.1 | 51.9% |
| Shares Outstanding (Mil) | 9 | 9 | -0.3% |
| Cumulative Contribution | 46.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INBK | 46.8% | |
| 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) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.93 | 25.77 | 61.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 100 | 161 | 62.1% |
| Net Income Margin (%) | 15.7% | 9.3% | -40.9% |
| P/E Multiple | 9.1 | 15.1 | 66.4% |
| Shares Outstanding (Mil) | 9 | 9 | 1.6% |
| Cumulative Contribution | 61.8% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| INBK | 61.8% | |
| Market (SPY) | 81.3% | 36.0% |
| Sector (XLF) | 85.5% | 51.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INBK Return | 65% | -48% | 1% | 50% | -41% | 24% | -5% |
| Peers Return | 91% | -54% | 73% | 12% | 32% | -6% | 111% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| INBK Win Rate | 58% | 33% | 58% | 42% | 42% | 55% | |
| Peers Win Rate | 63% | 35% | 57% | 52% | 62% | 45% | |
| S&P 500 Win Rate | 75% | 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
| Event | INBK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -64.4% | -6.7% |
| % Gain to Breakeven | 181.2% | 7.1% |
| Time to Breakeven | 258 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.6% | -33.7% |
| % Gain to Breakeven | 125.1% | 50.9% |
| Time to Breakeven | 265 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.6% | -19.2% |
| % Gain to Breakeven | 60.3% | 23.8% |
| Time to Breakeven | 745 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.2% | 13.9% |
| Time to Breakeven | 589 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -14.5% | -6.8% |
| % Gain to Breakeven | 17.0% | 7.3% |
| Time to Breakeven | 51 days | 15 days |
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.
| Event | INBK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -64.4% | -6.7% |
| % Gain to Breakeven | 181.2% | 7.1% |
| Time to Breakeven | 258 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.6% | -33.7% |
| % Gain to Breakeven | 125.1% | 50.9% |
| Time to Breakeven | 265 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.6% | -19.2% |
| % Gain to Breakeven | 60.3% | 23.8% |
| Time to Breakeven | 745 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.2% | 13.9% |
| Time to Breakeven | 589 days | 62 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.6% | -15.4% |
| % Gain to Breakeven | 27.6% | 18.2% |
| Time to Breakeven | 7 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -39.6% | -53.4% |
| % Gain to Breakeven | 65.6% | 114.4% |
| Time to Breakeven | 1096 days | 1085 days |
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):
The Amazon.com of banking.
Ally Bank, but for businesses as well as consumers.
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:
- 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.
- 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.
- 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
AI Analysis | Feedback
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
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
AI Analysis | Feedback
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:
- 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.
- 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.
- 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.
- 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.
- 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
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
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 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 |
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| First Internet Bancorp Stock Dropped 13% - Have You Assessed the Risk | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.12 |
| Mkt Cap | 4.1 |
| Rev LTM | 1,185 |
| Op Inc LTM | - |
| FCF LTM | 260 |
| FCF 3Y Avg | 120 |
| CFO LTM | 347 |
| CFO 3Y Avg | 183 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 28.4% |
| Rev Chg 3Y Avg | 17.1% |
| Rev Chg Q | 20.3% |
| QoQ Delta Rev Chg LTM | 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 LTM | 46.2% |
| CFO/Rev 3Y Avg | 33.9% |
| FCF/Rev LTM | 23.7% |
| FCF/Rev 3Y Avg | 16.0% |
Price Behavior
| Market Price | $25.77 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/05/2006 | |
| Distance from 52W High | -13.7% | |
| 50 Days | 200 Days | |
| DMA Price | $26.99 | $24.74 |
| DMA Trend | down | up |
| Distance from DMA | -4.5% | 4.1% |
| 3M | 1YR | |
| Volatility | 34.2% | 38.7% |
| Downside Capture | 72.05 | 51.30 |
| Upside Capture | 31.46 | 94.36 |
| Correlation (S&P 500) | 16.4% | 16.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.79 | 0.59 | 0.30 | 0.45 | 0.53 | 1.08 |
| Up Beta | -5.43 | -2.11 | -0.77 | -0.79 | 0.26 | 1.15 |
| Down Beta | 2.04 | 2.04 | 1.75 | 0.68 | 0.09 | 1.19 |
| Up Capture | 47% | 35% | -12% | 73% | 93% | 79% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 18 | 26 | 59 | 121 | 364 |
| Down Capture | 69% | 76% | 65% | 67% | 65% | 99% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 25 | 38 | 67 | 127 | 385 |
[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 | |
|---|---|---|---|---|
| INBK | 46.3% | 38.7% | 1.05 | - |
| Sector ETF (XLF) | 11.1% | 15.2% | 0.47 | 36.0% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 20.0% |
| 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% | 0.55 | 21.9% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 4.2% |
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% | 0.36 | 51.7% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 37.5% |
| 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% | -0.05 | 37.2% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 16.1% |
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 | |
|---|---|---|---|---|
| INBK | 1.1% | 48.2% | 0.20 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.54 | 58.9% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 45.9% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -3.1% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 11.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 43.3% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -5.4% | -5.5% | |
| 7/30/2026 | 12.1% | 11.3% | 6.5% |
| 4/30/2026 | 3.5% | 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 | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 3.8% | 7.8% | 8.8% |
| Median Negative | -5.5% | -8.7% | -8.0% |
| Max Positive | 12.1% | 20.7% | 36.5% |
| Max Negative | -20.8% | -23.6% | -19.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -5.4% | -5.5% | |
| 7/30/2026 | 12.1% | 11.3% | 6.5% |
| 4/30/2026 | 3.5% | 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% |
| 1/24/2024 | 8.7% | 20.7% | 18.7% |
| 10/25/2023 | 9.8% | 11.6% | 36.5% |
| 7/26/2023 | 3.3% | 7.8% | -4.4% |
| 4/26/2023 | 0.9% | -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% |
| 1/19/2022 | 3.2% | -2.0% | -0.7% |
| 10/20/2021 | 7.4% | 2.7% | 33.9% |
| 7/21/2021 | -2.7% | -1.8% | -4.7% |
| 4/21/2021 | 1.4% | 0.8% | 2.7% |
| 1/20/2021 | 4.0% | 1.6% | 7.8% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 3.8% | 7.8% | 8.8% |
| Median Negative | -5.5% | -8.7% | -8.0% |
| Max Positive | 12.1% | 20.7% | 36.5% |
| Max Negative | -20.8% | -23.6% | -19.7% |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Provision for Credit Losses | Reported | 7.50 Mil | 7.75 Mil | 8.00 Mil | ||||
| Q4 2026 FTE Net Interest Margin | Reported | 2.75% | 2.78% | 2.8% | 0.0% | Affirmed | Guidance: 2.78% for Q4 2026 | |
| Q4 2026 FTE Net Interest Income | Reported | 38.50 Mil | ||||||
| Q4 2026 Noninterest Income | Reported | 7.50 Mil | ||||||
| Q4 2026 Noninterest Expense | Reported | 26.50 Mil | ||||||
| Q4 2026 Diluted Earnings Per Share | Reported | 1.02 | 1.05 | 1.07 | ||||
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 FTE net interest margin | Reported | 2.75% | 2.78% | 2.8% | ||||
| 2026 Loan growth | Reported | 4.0% | 5.0% | 6.0% | -11.0% | Lowered | Guidance: 16.0% for 2026 | |
| 2026 Provision for credit losses | Reported | 47.00 Mil | 47.50 Mil | 48.00 Mil | ||||
| 2026 FTE net interest income | Reported | 141.00 Mil | 141.50 Mil | 142.00 Mil | ||||
| 2026 Noninterest income | Reported | 40.50 Mil | 40.75 Mil | 41.00 Mil | ||||
| 2026 Noninterest expense | Reported | 106.00 Mil | 106.50 Mil | 107.00 Mil | ||||
| 2026 Diluted earnings per share | Reported | 2.35 | 2.4 | 2.45 | ||||
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Loan Growth | Reported | 15.0% | 16.0% | 17.0% | 0.0% | Affirmed | Guidance: 16.0% for 2026 | |
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Provision for Credit Losses | Reported | 17.00 Mil | 18.00 Mil | 19.00 Mil | ||||
| Q2 2026 Provision for Credit Losses | Reported | 14.00 Mil | 15.00 Mil | 16.00 Mil | ||||
| Q4 2026 FTE Net Interest Margin | Reported | 2.75% | 2.78% | 2.8% | ||||
| 2026 Loan Growth | Reported | 15.0% | 16.0% | 17.0% | ||||
| 2026 Provision for Credit Losses | Reported | 50.00 Mil | 51.50 Mil | 53.00 Mil | ||||
| 2026 Operating Expenses | Reported | 111.00 Mil | 111.50 Mil | 112.00 Mil | ||||
| 2026 FTE Net Interest Income | Reported | 155.00 Mil | 157.50 Mil | 160.00 Mil | ||||
| 2026 Noninterest Income | Reported | 33.00 Mil | 34.00 Mil | 35.00 Mil | ||||
| 2026 Diluted EPS | Reported | 2.35 | 2.4 | 2.45 | ||||
Insider Activity
Updated 5/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fenech, Joseph A | Direct | Buy | 2262026 | 19.83 | 1,000 | 19,830 | 200,323 | Form | |
| 2 | Lorch, Nicole S | President & COO | Direct | Buy | 11182025 | 17.96 | 2,000 | 35,920 | 1,260,900 | Form |
| 3 | Dee, Ann C | Direct | Buy | 11032025 | 17.94 | 1,110 | 19,913 | 306,236 | Form | |
| 4 | Becker, David B | Chairman and CEO | Direct | Buy | 10302025 | 18.67 | 5,000 | 93,350 | 7,826,352 | Form |
| 5 | Keach, John K JR | Direct | Buy | 10302025 | 19.34 | 2,000 | 38,680 | 716,470 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fenech, Joseph A | Direct | Buy | 2262026 | 19.83 | 1,000 | 19,830 | 200,323 | Form | |
| 2 | Lorch, Nicole S | President & COO | Direct | Buy | 11182025 | 17.96 | 2,000 | 35,920 | 1,260,900 | Form |
| 3 | Dee, Ann C | Direct | Buy | 11032025 | 17.94 | 1,110 | 19,913 | 306,236 | Form | |
| 4 | Becker, David B | Chairman and CEO | Direct | Buy | 10302025 | 18.67 | 5,000 | 93,350 | 7,826,352 | Form |
| 5 | Keach, John K JR | Direct | Buy | 10302025 | 19.34 | 2,000 | 38,680 | 716,470 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active 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 Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.