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INBK

First Internet Bancorp

INBK

First Internet Bancorp • NASDAQ
$19.05 ▲ 0.21% (+0.04)
Market Cap $165.85 M
52w High $42.75
52w Low $17.05
Dividend Yield 0.24%
P/E -5.01
Volume 29.95K
Outstanding Shares 8.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $57.891M ▼ $23.609M ▲ $-41.593M ▼ -71.847% ▼ $-4.76 ▼ $-52.295M ▼
Q2-2025 $84.935M ▼ $20.28M ▼ $193K ▼ 0.227% ▼ $0.022 ▼ $51K ▼
Q1-2025 $85.745M ▼ $22.025M ▼ $943K ▼ 1.1% ▼ $0.11 ▼ $1.104M ▼
Q4-2024 $92.372M ▲ $22.576M ▲ $7.33M ▲ 7.935% ▼ $0.84 ▲ $10.759M ▲
Q3-2024 $85.524M $21.27M $6.99M 8.173% $0.8 $9.794M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.259B ▲ $5.639B ▼ $5.287B ▼ $352.168M ▼
Q2-2025 $925.197M ▲ $6.073B ▲ $5.682B ▲ $390.239M ▲
Q1-2025 $904.78M ▲ $5.852B ▲ $5.464B ▲ $387.747M ▲
Q4-2024 $879.708M ▼ $5.738B ▼ $5.354B ▼ $384.063M ▼
Q3-2024 $1.288B $5.823B $5.438B $385.129M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-41.593M ▼ $37.073M ▲ $703.113M ▲ $-398.886M ▼ $341.3M ▲ $36.967M ▲
Q2-2025 $193K ▼ $-90.172M ▼ $-80.052M ▲ $222.131M ▲ $51.907M ▲ $-90.822M ▼
Q1-2025 $943K ▼ $32.825M ▲ $-216.446M ▼ $111.665M ▲ $-71.956M ▲ $32.641M ▲
Q4-2024 $7.33M ▲ $-6.155M ▼ $-154.883M ▼ $-85.031M ▼ $-246.069M ▼ $-6.65M ▼
Q3-2024 $6.99M $331K $-147.896M $463.258M $315.693M $-270K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank Servicing
Bank Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Loan Servicing
Loan Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Loan Servicing Asset Revaluation
Loan Servicing Asset Revaluation
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, showing that the business is expanding its banking activities. Profitability, however, has been more up‑and‑down. Earnings were strong earlier in the period, dipped meaningfully in 2023, and then recovered in 2024. That pattern suggests the bank is sensitive to interest‑rate swings and funding costs, but has been able to adjust and restore profits. Overall, the income statement shows a bank that can generate solid earnings but is exposed to the usual banking cycle pressures and margin volatility.

Balance Sheet

Balance Sheet The balance sheet has expanded, with total assets and cash levels both climbing over time, which is consistent with a growing bank. Equity has also inched up, indicating that the company has been able to retain some of its earnings and support growth. Debt rose earlier in the period and then came down, which points to active balance sheet management and some de‑leveraging recently. The structure looks reasonably balanced for a regional bank, but the usual risks around loan quality and deposit stability still apply and are not visible in this high‑level data.

Cash Flow

Cash Flow Operating cash flow has generally been positive but not large relative to the size of the balance sheet, which is typical for banks where cash flows are heavily influenced by movements in loans and deposits. Free cash flow was slightly negative at the start of the period and then turned modestly positive, helped by disciplined investment spending. Capital expenditure appears contained, implying a focus on efficiency and technology rather than heavy physical build‑out. Overall, cash generation looks adequate but not a standout strength, and investors would need to look deeper into loan and deposit flows for a full picture.

Competitive Edge

Competitive Edge First Internet Bancorp competes as a fully digital, branchless bank, which gives it a structural cost advantage over traditional branch‑based peers. It concentrates on specific niches—such as SBA lending, franchise finance, and certain commercial real estate segments—where it can build expertise and relationships rather than trying to be all things to all customers. Its early start in online banking, combined with strong regulatory know‑how and a focus on service for business clients, creates a meaningful but not unassailable moat. Competition from both large banks and newer fintechs remains a key ongoing pressure point.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of the strategy. The bank has rolled out advanced payment tools like an enhanced ACH platform, invested in AI‑driven lending technology for its SBA business, and streamlined digital account opening for business customers. It also participates in Banking‑as‑a‑Service via partnerships, effectively renting out its banking infrastructure to fintechs. These initiatives aim to boost efficiency, improve customer experience, and open up new fee‑based revenue streams. The main risks are execution, regulatory scrutiny around BaaS, and the need to keep pace with rapid technology change.

Summary

First Internet Bancorp combines a growth‑oriented, digital‑only banking model with a focus on specialized commercial lending. Revenue has moved steadily higher, but earnings have shown some year‑to‑year swings, underscoring sensitivity to the rate and credit environment. The balance sheet has grown and modestly strengthened, with increasing cash and equity and somewhat lower reliance on debt. Cash flow is generally positive but not especially robust, which is typical for a bank of this type. Competitively, the company benefits from a lean cost structure, niche focus, and long digital track record, while facing intense competition from both banks and fintechs. Its push into AI‑enabled lending and Banking‑as‑a‑Service offers meaningful long‑term opportunity, balanced by execution and regulatory risks that will be important to monitor.

NEWS

October 22, 2025 · 4:51 PM UTC

First Internet Bancorp Reports Third Quarter 2025 Results

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October 16, 2025 · 10:00 AM UTC

Parlay Finance and First Internet Bank Join Forces to Modernize SBA Lending

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October 8, 2025 · 4:16 PM UTC

First Internet Bancorp to Announce Third Quarter 2025 Financial Results on Wednesday, October 22

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September 16, 2025 · 4:14 PM UTC

First Internet Bancorp to Pay Cash Dividend

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September 10, 2025 · 4:35 PM UTC

First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone

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