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First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides various commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company offers noninterest-bearing and interest-bearing demand deposits, savings accounts, and money market accounts, as well as certificates of deposit and brokered deposits. It also provides commercial and industrial, owner-occupied commercial real estate, investor commercial real estate, construction, single tenant lease financing, single tenant lease, public, specialty, healthcare and finance, small business lending, commercial deposits and treasury management, franchise finance, residential mortgage, home equity, and other consumer loans. In addition, the company is involved in the provision of municipal finance lending and leasing products to government entities, as well as treasury management services; purchase, manage, service, and safekeeping of municipal securities; and offers corporate credit cards. First Internet Bancorp was founded in 1998 and is headquartered in Fishers, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $110M | - | $-35M | $2M | -9.8% | -14.8% | -239.1% |
| 2024 | $129M | - | $25M | $10M | 6.6% | 35.3% | 200.3% |
| 2023 | $95M | - | $8M | $6M | 2.3% | -16.3% | -76.3% |
| 2022 | $114M | - | $36M | $65M | 9.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 113.92 | 95.31 | 128.91 | 109.81 |
| Pretax Income | 40.10 | 4.94 | 27.54 | -50.87 |
| Tax Provision | 4.56 | -3.48 | 2.27 | -15.70 |
| Net Income | 35.54 | 8.42 | 25.28 | -35.17 |
| Net Income Common Stockholders | 35.54 | 8.42 | 25.28 | -35.17 |
| Interest Expense | 59.81 | 164.54 | 204.51 | 206.40 |
| Interest Income | 156.91 | 239.44 | 291.89 | 320.16 |
| Selling General And Administration | 46.26 | 51.77 | 59.34 | 59.61 |
| Normalized Income | 35.54 | 8.42 | 25.28 | -35.17 |
| Basic EPS | 3.73 | 0.95 | 2.91 | 0 |
| Diluted EPS | 3.70 | 0.95 | 2.88 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.11 | 0.21 | 0.08 | 0.31 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 35.54 | 8.42 | 25.28 | -35.17 |
| Reconciled Depreciation | 8.73 | 5.75 | 8.46 | 6.19 |
| Net Interest Income | 97.09 | 74.90 | 87.38 | 113.76 |
| Net Income From Continuing And Discontinued Operation | 35.54 | 8.42 | 25.28 | -35.17 |
| Diluted Average Shares | 9.60 | 8.86 | 8.77 | 0 |
| Basic Average Shares | 9.53 | 8.84 | 8.69 | 0 |
| Diluted NI Availto Com Stockholders | 35.54 | 8.42 | 25.28 | -35.17 |
| Net Income Including Noncontrolling Interests | 35.54 | 8.42 | 25.28 | -35.17 |
| Net Income Continuous Operations | 35.54 | 8.42 | 25.28 | -35.17 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Write Off | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0 | 0.04 | 0.14 | 0.05 |
| Selling And Marketing Expense | 3.55 | 2.57 | 2.59 | 2.48 |
| General And Administrative Expense | 42.70 | 49.20 | 56.76 | 57.13 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.15 | 3.88 | 5 | 6.11 |
| Salaries And Wages | 41.55 | 45.32 | 51.76 | 51.03 |
| Operating Revenue | 113.92 | 95.31 | 128.91 | 109.81 |
| Occupancy And Equipment | 10.69 | 10.60 | 11.90 | 13.67 |
| Professional Expense And Contract Services Expense | 4.83 | 3.08 | 3.74 | 4.33 |
| Other Non Interest Expense | 7.07 | 8.23 | 9.17 | 10.70 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Internet Bancorpthis co. | INBK | $197M | - | 0.55 | -9.8% | - |
| Peoples Bancorp of North Carolina, Inc. | PEBK | $208M | 10.76 | 1.32 | 12.6% | - |
| Eagle Financial Services, Inc. | EFSI | $205M | 9.95 | 1.06 | 4.3% | - |
| Citizens Community Bancorp, Inc. | CZWI | $201M | 13.61 | 1.65 | 7.7% | - |
| Octave Specialty Group, Inc. | OSG |
| $199M |
| - |
| 0.28 |
| -24.1% |
| -35.44 |
| Consumer Portfolio Services, Inc. | CPSS | $198M | 11.40 | 0.64 | 6.2% | - |
| CPI Card Group Inc. | PMTS | $194M | 13.55 | -11.20 | -86.3% | 6.60 |
| FB Bancorp, Inc. | FBLA | $193M | 63.86 | 0.74 | 0.4% | - |
| CF Bankshares Inc. | CFBK | $191M | 10.90 | 1.02 | 9.5% | - |
| Peer Median | - | 11.40 | 0.88 | 5.3% | -14.42 | |