First Internet Bancorp INBK
First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana that conducts its primary business activities through its wholly-owned subsidiary, First Internet Bank of Indiana, an Indiana chartered bank. The Bank was the first state-chartered, Federal Deposit Insurance Corporation ("FDIC") insured Internet bank and commenced banking operations in 1999. First Internet Bancorp was incorporated under the laws of the State of Indiana on September 15, 2005. On March 21, 2006, we consummated a plan of exchange by which we acquired all of the outstanding shares of the Bank.
The Bank has three wholly-owned subsidiaries: First Internet Public Finance Corp., an Indiana corporation that provides a range of public and municipal finance lending and leasing products to governmental entities throughout the United States and acquires securities issued by state and local governments and other municipalities; JKH Realty Services, LLC, a Delaware limited liability company that manages other real estate owned properties as needed; and SPF15, Inc., an Indiana corporation that owns real estate used primarily for the Bank's principal office.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $320.2M | $291.9M | $239.4M | $156.9M | $133.9M | $136.9M | $147.4M | $115.5M | $7.8M | $58.9M |
| Interest expense | $113.8M | $87.4M | $74.9M | $97.1M | $47.3M | $72.3M | $84.4M | $53.2M | $30.7M | $19.2M |
| Pre-tax income | -$50.9M | $27.5M | $4.9M | $40.1M | $56.6M | $33.9M | $27.2M | $24.0M | $22.9M | $18.0M |
| Income tax | $15.7M | $2.3M | $3.5M | $4.6M | $8.5M | $4.4M | $1.9M | $2.1M | $7.7M | $5.9M |
| Net income | -$35.2M | $25.3M | $8.4M | $35.5M | $48.1M | $29.5M | $25.2M | $21.9M | $15.2M | $12.1M |
| EPS, basic | -4.03 | 2.91 | 0.95 | 3.73 | 4.85 | 2.99 | 2.51 | 2.31 | 2.14 | 2.32 |
| EPS, diluted | -4.03 | 2.88 | 0.95 | 3.70 | 4.82 | 2.99 | 2.51 | 2.30 | 2.13 | 2.30 |
| Shares, diluted (wtd. avg.) | $8.7M | $8.8M | $8.9M | $9.6M | $10.0M | $9.8M | $10.0M | $9.5M | $7.1M | $5.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $456.8M | $466.4M | $405.9M | $256.6M | $443.0M | $419.8M | $327.4M | $188.7M | $48.0M | $39.5M |
| Property, plant and equipment | — | — | $73.5M | $72.7M | $59.8M | $37.6M | $14.6M | $10.7M | $10.1M | $10.0M |
| Goodwill | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M |
| Total assets | $5.57B | $5.74B | $5.17B | $4.54B | $4.21B | $4.25B | $4.10B | $3.54B | $2.77B | $1.85B |
| Long-term debt | $249.5M | $295.0M | $614.9M | $614.9M | $514.9M | $514.9M | $514.9M | $525.2M | $410.2M | $190.0M |
| Total liabilities | $5.21B | $5.35B | $4.80B | $4.18B | $3.83B | $3.92B | $3.80B | $3.25B | $2.54B | $1.70B |
| Retained earnings | $193.3M | $230.6M | $207.5M | $205.7M | $172.4M | $126.7M | $99.7M | $77.7M | $57.1M | $43.7M |
| Total equity | $359.8M | $384.1M | $362.8M | $365.0M | $380.3M | $330.9M | $304.9M | $288.7M | $224.1M | $153.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.4M | $13.0M | $11.7M | $82.7M | $54.8M | $13.1M | -$43.6M | $29.4M | $24.6M | $26.5M |
| Depreciation and amortisation | $6.2M | $8.5M | $5.7M | $8.7M | $8.8M | $7.8M | $6.9M | $5.7M | $5.3M | $3.8M |
| Stock-based compensation | $1.2M | $1.8M | $1.3M | $2.0M | $2.4M | $2.1M | $1.7M | $1.6M | $1.0M | $736.0K |
| Capital expenditure | $1.2M | $2.6M | $5.4M | $17.5M | $29.9M | $25.6M | $4.1M | $2.2M | $1.5M | $3.2M |
| Investing cash flow | $128.7M | -$496.2M | -$474.5M | -$601.0M | $43.9M | -$44.8M | -$313.3M | -$638.7M | -$908.2M | -$586.7M |
| Financing cash flow | -$141.8M | $543.7M | $612.2M | $331.9M | -$75.6M | $124.2M | $495.5M | $750.1M | $892.1M | $574.6M |
| Dividends paid | $2.1M | $2.1M | $2.2M | $2.3M | $2.4M | $2.3M | $2.4M | $2.2M | $1.7M | $1.2M |
| Buybacks | $521.0K | $283.0K | $9.3M | $27.8M | $4.4M | $0 | $9.8M | $216.0K | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001562463-26-000022.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |