First Internet Bancorp  (INBK)
Other Ticker:  
    Sector  Financial    Industry Regional Banks
   Industry Regional Banks
   Sector  Financial
Price: $31.3200 $0.15 0.481%
Day's High: $31.48 Week Perf: -4.92 %
Day's Low: $ 30.68 30 Day Perf: -5.03 %
Volume (M): 40 52 Wk High: $ 34.27
Volume (M$): $ 1,253 52 Wk Avg: $19.58
Open: $31.17 52 Wk Low: $9.68

 Market Capitalization (Millions $) 274,589
 Shares Outstanding (Millions) 8,767
 Employees 152
 Revenues (TTM) (Millions $) 86
 Net Income (TTM) (Millions $) 11
 Cash Flow (TTM) (Millions $) 487
 Capital Exp. (TTM) (Millions $) 5

First Internet Bancorp
First Internet Bancorp is a bank holding company that conducts its business activities through its wholly-owned subsidiary, First Internet Bank of Indiana, an Indiana chartered bank. First Internet Bank of Indiana 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.

We offer a full complement of products and services on a nationwide basis. We conduct our deposit operations primarily over the Internet and have no traditional branch offices. We have diversified our operations by adding commercial real estate (“CRE”) lending, including nationwide single tenant lease financing and commercial and industrial (“C&I”) lending, including business banking/treasury management services to meet the needs of high-quality commercial borrowers and depositors. We have no significant customer concentrations within our loan portfolio.

Our business model is significantly different from that of a typical community bank. We do not have a conventional brick and mortar branch system, but instead operate through our scalable Internet banking platform. The market area for our residential real estate lending, consumer lending, and deposit gathering activities is the entire United States. We also offer single tenant lease financing on a nationwide basis. Our other commercial banking activities, including CRE and C&I loans, corporate credit cards, and corporate treasury management services, are offered by our commercial banking team to businesses primarily within Central Indiana, Phoenix, Arizona and adjacent markets.

We operate on a national basis through our scalable Internet banking platform to gather deposits and offer residential mortgage and consumer lending products rather than relying on a conventional brick and mortar branch system. We also primarily conduct commercial banking and related activities on a local basis, except for single tenant lease financing which is offered nationwide. Our overriding strategic focus is enhancing franchise and shareholder value while maintaining strong risk management policies and procedures. We believe the continued creation of franchise and shareholder value will be driven by profitable growth in consumer and commercial banking, effective underwriting, strong asset quality and efficient technology-driven operations.

National Focus on Deposit and Consumer Banking Growth. Our first product offerings were basic deposit accounts, certificates of deposit, electronic bill pay and credit cards. Within 90 days of opening, we had accounts with consumers in all 50 states. Over the years, we added consumer loans, lines of credit, home equity loans and single-family mortgages. Our footprint for deposit gathering and these consumer lending activities is the entire nation. With the use of our Internet-based technology platform, we do not face geographic boundaries that traditional banks must overcome for customer acquisition. Armed with smart phones, tablets and computers, our customers can access our online banking system, bill pay, and remote deposit capture 24 hours a day, seven days a week, on a real-time basis. In addition, we have dedicated banking specialists who can service customer needs via telephone, email or online chat. We intend to continue to expand our deposit base by leveraging technology and through cross-selling capabilities as well as targeted marketing efforts.

Commercial Banking Growth. We have continued to diversify our operations by adding commercial banking to complement our consumer platform. We offer traditional CRE loans, single tenant lease financing, C&I loans, corporate credit cards and treasury management services. Our commercial lending teams consist of seasoned commercial bankers, most of whom have had extensive careers with larger money center, super-regional or regional banks. These lenders leverage deep market knowledge and experience to serve commercial borrowers with a relationship-based approach. We are continuing to develop new products and services for this market which is expected to produce additional revenue. We also intend to grow and expand our commercial banking platform by hiring additional seasoned loan officers and relationship managers with specialized market or product expertise.

Experience. Our management team and our Board of Directors are integral to our success. Our management team and Board of Directors are led by David B. Becker, the founder of First Internet Bank of Indiana. Mr. Becker is a seasoned business executive and entrepreneur with over three decades of management experience in the financial services and financial technology space, and has served as Chief Executive Officer since 2005. Mr. Becker has been the recipient of numerous business awards, including Ernst & Young Entrepreneur of the Year in 2001, and was inducted into the Central Indiana Business Hall of Fame in 2008. The senior management team consists of individuals with backgrounds in both regional and community banking and financial technology services. The senior management team is complemented by a dedicated Board of Directors with a wide range of experience from careers in financial services, legal and regulatory services, and industrial services.
Profitability. We intend to continue to leverage our technology, our long-term customer relationships and our noninterest income sources to drive profitability. As we continue to grow, we believe that our model will produce a greater level of efficiency than more traditional community banks, with the goal of higher returns on assets and shareholders’ equity.

Maintain Asset Quality, Diversified Loan Portfolio and Effective Underwriting. We place an emphasis on our strong credit culture and strict underwriting standards of diverse loan products to maintain our excellent credit quality.

Efficiency Through Technology. To date, we have pursued growth in a prudent and disciplined fashion. We will continue to monitor our efficiency ratio and intend to invest in and utilize technology to compete more effectively as we grow in the future. Through our online account access services, augmented by our team of dedicated banking specialists, we can satisfy the needs of our retail and commercial customers in an efficient manner. Our data processing systems run on a “real-time” basis, unlike many banks that run a “batch system,” so customers benefit from an up-to-the-minute picture of their financial position, particularly our commercial customers who complete numerous transactions in a single day. We believe we have built a scalable banking infrastructure based upon technology, rather than a traditional branch network, and that our Internet banking processes are capable of supporting continued growth while improving operational efficiencies.
Expand Market Share Through Disciplined Acquisition Strategy. We may expand through acquisitions on an opportunistic basis, primarily as a means of securing additional asset generation capabilities and product or geographic expertise.

Lending Activities
We earn interest income on loans as well as fee income from the origination of loans. Lending activities include loans to individuals, which primarily consist of residential real estate loans, home equity loans and lines of credit, and consumer loans, and loans to commercial clients, which include commercial loans, commercial real estate loans, lines of credit, letters of credit, and single tenant lease financing. Residential real estate loans are either kept in our loan portfolio or sold to secondary investors, with gains or losses from the sales being recognized within noninterest income. Refer to Note 4 of the financial statements for further discussion of each loan portfolio segment.

   Company Address: 8701 East 116th Street Fishers 46038 IN
   Company Phone Number: 532-7900   Stock Exchange / Ticker: NASDAQ INBK
   INBK is expected to report next financial results on March 13, 2024.

Customers Net Income fell by INBK's Customers Net Profit Margin fell to

-5.91 %

12.76 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


Stock Performances by Major Competitors

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NTRS        4.89% 
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First Internet Bancorp

Headline: First Internet Bancorp's Revenue Softens, Experiences Significant Decline in Q3 2023

First Internet Bancorp (INBK), a prominent player in the banking sector, recently disclosed its financial results for the period of July to September 30, 2023. Unfortunately, the report featured a decline in both the top and bottom line, as income per share plummeted by -56.18% and revenue by -16.701% year on year. This underwhelming performance stands in sharp contrast to the rest of the Regional Banks sector, which experienced a revenue rise during the same period.
Financial Results:
Compared to the corresponding time-frame a year before, First Internet Bancorp's revenue dropped to $22.84 million from $27.42 million, while the earnings per share (EPS) declined to $0.39 from $0.89. These figures starkly highlight the erosion in the company's financial position.
Furthermore, when compared to the previous fiscal period, First Internet Bancorp witnessed an -11.36% decrease in profits and a 2.334% increase in revenue.
The third quarter of 2022 saw the net earnings fall by a staggering -59.59% to $3.409 million from $8.436 million in the corresponding period a year before.
Operational Margins and Receivables:
Analyzing the profitability of First Internet Bancorp during the fiscal third quarter of 2022, we observe a mitigated operating margin of 13.5% and a shrunken net margin of 14.93%. This decline in profitability is concerning, as the operating earnings fell by -67.28% to $3.083 million, thereby reducing the operating margin from 34.37% in the third quarter of 2022 to 13.5%.
Additionally, it is worth noting that while the accounts receivable declined to $23.8 million from the previous quarter, this figure remains higher than during the same period a year ago.

First Internet Bancorp

First Internet Bancorp Faces Revenue Setback of -22.53%, But Shows Potential for Future Growth

First Internet Bancorp Faces Challenging Second Quarter, but Future Outlook Remains Uncertain
Indianapolis-based financial institution, First Internet Bancorp, reported a significant decline in net profit per share for the April to June 30, 2023 fiscal interval. The company's net profit per share plummeted by -55.56% to $0.44 per share, compared to $0.99 per share the previous year. However, it is worth noting that the company managed to turn its net profit per share positive, improving from -$0.33 per share in the prior reporting period.
On the revenue front, First Internet Bancorp witnessed a 22.53% decline to $22.32 million from $28.81 million in the same reporting period the previous year. Despite this alarming decrease, there was a sequential revenue surge of 43.018% from $15.61 million. Regrettably, this deterioration in top-line performance stands in stark contrast to the overall growth seen in the Regional Banks industry during a similar period.

First Internet Bancorp

First Internet Bancorp Plunges into Losses as Financial Performance Dips in Q3 of 20222.

First Internet Bancorp reports sharp decline in financial Q3 of 2022
First Internet Bancorp, a leading digital bank, reported a significant drop in financial performance for the third quarter of 2022. The company's earnings per share (EPS) fell from $1.14 per share in the same reporting period the previous year to a shortfall of $0.33 per share. Additionally, revenue took a sharp hit, tumbling by 50.895% to $15.61 million from $31.78 million in the same reporting period a year beforeSequentially, revenue fell by 38.483% from $25.37 million, indicating a significant drop in First Internet Bancorp's financial performance during the quarter. The company logged a net shortfall of $-3.017 million, compared to net earnings of $11.209 million seen in the same reporting period a year before.
This significant decline in financial performance signals a challenging quarter for First Internet Bancorp and raises concerns over its future earnings. The company is slated to report its next financial earnings on August 08, 2023.
Despite its digitalisation efforts, First Internet Bancorp has been unable to escape the growing concerns in the banking industry. With new competitors entering the market and changing consumer habits, the company needs to find ways to stay relevant and adapt to the changing market landscape.
Investors and industry experts are now watching closely to see how First Internet Bancorp will respond to the latest earnings results and what steps they will take to address the drops in revenue and earnings. The company's future success may depend on its ability to navigate the competitive banking industry while maintaining profitability and growth.


First Internet Bancorp's Segments
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