First Internet Bancorp Stock Research

Market Summary

USD17.04-0.52

Delayed

-2.96%

INBK Alerts

4 major insider buys recently.
Big jump in Revenue (Y/Y)
Big fall in earnings (Y/Y)

INBK Stock Price

INBK RSI Chart

INBK Valuation

Market Cap

161.2B

Price/Earnings (Trailing)

4.5K

Price/Sales (Trailing)

1.0K

EV/EBITDA

1.1K

Price/Free Cashflow

2.5K

INBK Price/Sales (Trailing)

INBK Profitability

EBT Margin

32.82%

Return on Equity

11.55%

Return on Assets

0.98%

Free Cashflow Yield

0.04%

INBK Fundamentals

INBK Revenue

Revenue (TTM)

156.9M

Revenue Y/Y

33.57%

Revenue Q/Q

16.8%

INBK Earnings

Earnings (TTM)

35.5M

Earnings Y/Y

-49.1%

Earnings Q/Q

-24.72%

Price Action

52 Week Range

16.9646.39

(Low)(High)

Last 7 days

-13.6%

Last 30 days

-37.9%

Last 90 days

-30.7%

Trailing 12 Months

-62.2%

INBK Financial Health

Debt/Equity

1.63

Debt/Cashflow

0.17

INBK Investor Care

Dividend Yield

1.41%

Dividend/Share (TTM)

0.24

Buy Backs (1Y)

4.81%

Diluted EPS (TTM)

3.7

Peers (Alternatives to First Internet Bancorp)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	-8.98%	-31.24%	5.3	1.79	34.99%	-10.60%
MTB	20.1B	6.2B	-25.47%	-35.61%	14.56	3.21	58.61%	-25.85%
CFG	15.3B	7.1B	-25.67%	-34.02%	7.39	2.17	45.54%	-10.61%
MID-CAP
EWBC	7.7B	2.3B	-27.78%	-31.39%	6.84	3.32	43.40%	29.22%
CBSH	6.9B	999.0M	-12.47%	-19.22%	14.12	6.9	17.76%	-7.98%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
UMPQ	3.8B	1.1B	-0.34%	-14.19%	11.38	3.34	19.33%	-19.88%
WAL	3.6B	2.7B	-54.27%	-60.94%	3.36	1.32	62.28%	17.58%
BKU	1.7B	1.2B	-36.14%	-46.05%	5.96	1.38	28.25%	-31.33%
SMALL-CAP
OCFC	1.1B	431.2M	-21.04%	-5.46%	7.71	2.62	26.04%	33.18%
BHLB	1.1B	413.5M	-15.00%	-12.73%	12.03	2.69	-1.43%	-22.02%
BRKL	810.0M	345.2M	-19.47%	-31.98%	7.38	2.35	10.80%	-4.93%
HFWA	781.5M	227.5M	-21.29%	-9.70%	9.54	3.44	6.87%	-16.48%
FFIC	434.5M	316.6M	-25.03%	-36.19%	5.65	1.37	9.73%	-5.93%

Financials for First Internet Bancorp

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	7.9%	157	145	139	137	134
EBITDA	-1.4%	156	158	165	152	-
EBITDA Margin	-5.6%	1.07*	1.13*	1.21*	1.13*	-
Earnings Before Taxes	-16.0%	40.00	48.00	53.00	57.00	57.00
EBT Margin	-13.1%	0.33*	0.38*	0.42*	0.42*	-
Interest Expenses	3.2%	99.00	96.00	92.00	87.00	-
Net Income	-14.7%	36.00	42.00	45.00	49.00	48.00
Net Income Margin	-11.9%	0.29*	0.33*	0.36*	0.36*	-
Free Cahsflow	80.4%	77.00	42.00	25.00	61.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	6.5%	4,543	4,264	4,100	4,225	4,211
Cash Equivalents	16.1%	257	221	208	518	443
Net PPE	2.8%	73.00	71.00	70.00	69.00	60.00
Goodwill	-0.3%	5.00	5.00	5.00	5.00	5.00
Liabilities	7.0%	4,178	3,904	3,734	3,851	3,831
Long Term Debt	26.9%	590	465	515	515	-
Shareholder's Equity	1.1%	365	361	365	375	380
Retained Earnings	2.9%	206	200	192	183	172
Accumulated Depreciation	12.0%	10.00	9.00	8.00	7.00	-
Shares Outstanding	-1.5%	9,458	9,600	9,790	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-3.4%	83.00	86.00	65.00	56.00	55.00
Share Based Compensation	-19.6%	2.00	3.00	3.00	2.00	2.00
Cashflow From Investing	-109.2%	-601	-287	-92.32	23.00	44.00
Cashflow From Financing	2081.4%	332	15.00	-93.87	22.00	-75.56
Dividend Payments	-1.2%	2.00	2.00	2.00	2.00	2.00
Buy Backs	10.8%	28.00	25.00	21.00	10.00	4.00

Risks for INBK

What is the probability of a big loss on INBK?

90.8%

Probability that First Internet Bancorp stock will be more than 20% underwater in next one year

56.1%

Probability that First Internet Bancorp stock will be more than 30% underwater in next one year.

45.8%

Probability that First Internet Bancorp stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INBK drawdown profile look like?

Y-axis is the maximum loss one would have experienced if First Internet Bancorp was unfortunately bought at previous high price.

Drawdowns

Returns for INBK

Cumulative Returns on INBK

1.6%

10-Year Cumulative Returns

-3.6%

7-Year Cumulative Returns

-13.1%

5-Year Cumulative Returns

7.9%

3-Year Cumulative Returns

What are the long-term rolling returns for INBK?

FIve years rolling returns for First Internet Bancorp.

Annualized Returns

Which funds bought or sold INBK recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	12.62	-226,579	949,421	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	unchanged	-	-4,288	9,712	-%
2023-02-15	SALEM INVESTMENT COUNSELORS INC	unchanged	-	-1,227	3,773	-%
2023-02-15	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	reduced	-18.49	-56,000	78,000	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	sold off	-100	-203,000	-	-%
2023-02-15	Metropolitan Life Insurance Co/NY	unchanged	-	-5,655	15,345	-%
2023-02-15	MetLife Investment Management, LLC	unchanged	-	-50,976	129,024	-%
2023-02-15	CONNORS INVESTOR SERVICES INC	reduced	-0.24	-1,087,460	2,732,540	0.34%
2023-02-14	BRIDGEWAY CAPITAL MANAGEMENT, LLC	unchanged	-	-985,016	2,495,980	0.06%
2023-02-14	INNOVIS ASSET MANAGEMENT LLC	new	-	546,179	546,179	0.25%

Latest Funds Activity

Are funds buying INBK calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INBK

No. of Funds

First Internet Bancorp News

Schedule 13G FIlings of First Internet Bancorp

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 01, 2023	blackrock inc.	6.2%	571,532	SC 13G/A
Jan 19, 2023	stieven capital advisors, l.p.	3.70%	341,899	SC 13G/A
Feb 08, 2022	dimensional fund advisors lp	6.1%	599,997	SC 13G/A
Feb 03, 2022	blackrock inc.	5.8%	570,919	SC 13G/A
Jan 19, 2022	stieven capital advisors, l.p.	5.41%	532,691	SC 13G/A
Feb 12, 2021	dimensional fund advisors lp	6.2%	606,460	SC 13G/A
Feb 10, 2021	vanguard group inc	5.24%	513,377	SC 13G
Jan 29, 2021	blackrock inc.	6.4%	631,409	SC 13G/A
Jan 22, 2021	stieven capital advisors, l.p.	6.61%	647,865	SC 13G/A
Feb 12, 2020	dimensional fund advisors lp	5.67%	552,347	SC 13G

INBK Fair Value

First Internet Bancorp fair value in different scenarios

The table shows the Fair Value estimates for First Internet Bancorp for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.02 -99.88%	0.03 -99.82%	0.07 -99.59%	0.20 -98.83%	0.29 -98.30%
Current Inflation	0.02 -99.88%	0.03 -99.82%	0.06 -99.65%	0.17 -99.00%	0.24 -98.59%
Very High Inflation	0.01 -99.94%	0.02 -99.88%	0.05 -99.71%	0.14 -99.18%	0.20 -98.83%

Historical First Internet Bancorp Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of First Internet Bancorp

View All Filings

Date Filed	Form Type	Document
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 21, 2023	8-K	Current Report
Mar 20, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 14, 2023	10-K	Annual Report
Feb 24, 2023	4	Insider Trading
Feb 10, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for INBK

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-20	Lorch Nicole S.	sold (taxes)	-27,074	19.08	-1,419	president & coo
2023-03-20	Lovik Kenneth J.	acquired	-	-	4,811	executive vice president & cfo
2023-03-20	Lovik Kenneth J.	sold (taxes)	-26,254	19.08	-1,376	executive vice president & cfo
2023-03-20	Lorch Nicole S.	acquired	-	-	4,961	president & coo
2023-03-20	BECKER DAVID B	acquired	-	-	15,033	chairman and ceo
2023-03-16	BECKER DAVID B	bought	93,600	18.72	5,000	chairman and ceo
2023-03-16	Lorch Nicole S.	bought	19,460	19.46	1,000	president & coo
2023-03-15	Christian Justin P.	bought	149,271	18.1	8,247	-
2023-02-23	Dee Ann C.	bought	27,430	27.43	1,000	-
2023-01-06	Lorch Nicole S.	acquired	-	-	6,178	president & coo

About First Internet Bancorp

David B. Becker

www.firstinternetbancorp.com

290

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-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.

INBK Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income
Loans	$ 140,600	$ 123,467	$ 120,628
Securities – taxable	10,711	7,970	11,123
Securities – non-taxable	1,767	1,017	1,728
Other earning assets	3,830	1,429	3,380
Total interest income	156,908	133,883	136,859
Interest expense
Deposits	41,832	29,822	55,976
Other borrowed funds	17,983	17,505	16,342
Total interest expense	59,815	47,327	72,318
Net interest income	97,093	86,556	64,541
Provision for loan losses	4,977	1,030	9,325
Net interest income after provision for loan losses	92,116	85,526	55,216
Noninterest income
Gain on sale of loans	11,372	11,598	8,298
Gain on sale of securities	0	0	139
Gain on sale of premises and equipment	0	2,523	0
Other	2,416	1,694	1,655
Total noninterest income	21,257	32,844	36,336
Noninterest expense
Salaries and employee benefits	41,553	38,223	34,231
Marketing, advertising and promotion	3,554	3,261	1,654
Consulting and professional fees	4,826	4,054	3,511
Data processing	1,989	1,649	1,528
Loan expenses	4,435	2,112	2,036
Premises and equipment	10,688	7,063	6,396
Deposit insurance premium	1,152	1,213	1,810
Write-down of other real estate owned	0	0	2,065
Other	5,076	4,223	4,423
Total noninterest expense	73,273	61,798	57,654
Income before income taxes	40,100	56,572	33,898
Income tax provision	4,559	8,458	4,445
Net income	$ 35,541	$ 48,114	$ 29,453
Income Per Share of Common Stock (in dollars per share)
Basic (in dollars per share)	$ 3.73	$ 4.85	$ 2.99
Diluted (in dollars per share)	$ 3.70	$ 4.82	$ 2.99
Weighted-average number of common shares outstanding
Basic (shares)	9,530,921	9,918,083	9,840,205
Diluted (shares)	9,595,115	9,976,261	9,842,425
Dividends Declared Per Share (in dollars per share)	$ 0.24	$ 0.24	$ 0.24
Service charges and fees
Noninterest income
Noninterest income	$ 1,071	$ 1,114	$ 824
Loan servicing revenue
Noninterest income
Noninterest income	2,573	1,934	1,159
Mortgage banking activities
Noninterest income
Noninterest income	5,464	15,050	24,693
Loan Servicing Asset Revaluation
Noninterest income
Noninterest income	$ (1,639)	$ (1,069)	$ (432)

INBK Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 17,426	$ 7,492
Interest-bearing demand deposits	239,126	435,468
Total cash and cash equivalents	256,552	442,960
Securities available-for-sale - at fair value (amortized cost of $436,183 in 2022 and $606,507 in 2021)	390,384	603,044
Securities held-to-maturity - at amortized cost (fair value of $168,483 in 2022 and $61,468 in 2021)	189,168	59,565
Loans held-for-sale (includes $9,110 in 2022 and $23,233 in 2021 at fair value)	21,511	47,745
Loans	3,499,401	2,887,662
Allowance for loan losses	(31,737)	(27,841)
Net loans	3,467,664	2,859,821
Accrued interest receivable	21,069	16,037
Federal Home Loan Bank of Indianapolis stock	28,350	25,650
Cash surrender value of bank-owned life insurance	39,859	38,900
Premises and equipment, net	72,711	59,842
Goodwill	4,687	4,687
Servicing asset, at fair value	6,255	4,702
Other real estate owned	0	1,188
Accrued income and other assets	44,894	46,853
Total assets	4,543,104	4,210,994
Liabilities
Noninterest-bearing deposits	175,315	117,531
Interest-bearing deposits	3,265,930	3,061,428
Total deposits	3,441,245	3,178,959
Advances from Federal Home Loan Bank	614,928	514,922
Subordinated debt, net of unamortized discounts and debt issuance costs of $2,468 in 2022 and $2,769 in 2021	104,532	104,231
Accrued interest payable	2,913	2,018
Accrued expenses and other liabilities	14,512	30,526
Total liabilities	4,178,130	3,830,656
Commitments and Contingencies
Shareholders’ equity
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none	0	0
Retained earnings	205,675	172,431
Accumulated other comprehensive loss	(33,636)	(11,039)
Total shareholders’ equity	364,974	380,338
Total liabilities and shareholders’ equity	4,543,104	4,210,994
Significant Unobservable Inputs (Level 3)
Assets
Securities available-for-sale - at fair value (amortized cost of $436,183 in 2022 and $606,507 in 2021)	0	0
Servicing asset, at fair value	6,255	4,702
Significant Unobservable Inputs (Level 3) \| Servicing asset
Assets
Servicing asset, at fair value	6,255	4,702
Voting Common Stock
Shareholders’ equity
Voting and nonvoting common stock	192,935	218,946
Nonvoting Common Stock
Shareholders’ equity
Voting and nonvoting common stock	$ 0	$ 0