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First Internet Bancorp

INBK on Nasdaq. First Internet Bancorp sells banking and lending services to people, businesses, and governments. Market value $234m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
6.8%five-year median

Yearly profit per dollar of owners' money: 7 cents. Above 10 is good.

Price to book
quarterly report to June 2026
0.6×

What you pay for each dollar of net assets: $0.64.

Earnings yield
past 12 months to June 2026
-13.5%

Profit per $100 you pay: $-13.46.

Quality score: 49 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$26.73 a share, 57% above its 1-year low

Over the past year the price has ranged from $17.05 to $31.09.

Dividend: 0.9% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
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n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 5% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $2 million, up 1126% on a year ago.
  • Spare cash over the past 12 months: $160 million. A year earlier it spent $65 million more than it brought in.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$7m
December 2024$7m
March 2025$943,000
June 2025$193,000
September 2025-$42m
December 2025$5m
March 2026$3m
June 2026$2m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 120 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    6.2%
    Since 31 March 2025
  • 5.0%
    Since 31 December 2025
  • John C. Lame IRA
    Passive investor
    at least 1.7%
    (filed with 5 related holders)
    Since 6 April 2026
    What they said

    The Shares covered by this Schedule 13D were acquired for investment purposes in the ordinary course of business. The Reporting Persons purchased shares based on their belief that the value of the Issuer is in excess of the current market price. The Reporting Persons' investment…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 5 insiders bought $207,693 of shares on the open market.

  • Fenech Joseph A.
    Director
    Bought
    Date
    24 February 2026
    Shares
    1,000
    Price
    $19.83
    Value
    $19,830
  • Lorch Nicole S.
    President & COO
    Bought
    Date
    17 November 2025
    Shares
    2,000
    Price
    $17.96
    Value
    $35,920
  • Dee Ann C.
    Director
    Bought
    Date
    30 October 2025
    Shares
    1,110
    Price
    $17.94
    Value
    $19,913
  • BECKER DAVID B
    Chairman and CEO, Director
    Bought
    Date
    29 October 2025
    Shares
    5,000
    Price
    $18.67
    Value
    $93,350
  • KEACH JOHN K JR
    Director
    Bought
    Date
    28 October 2025
    Shares
    2,000
    Price
    $19.34
    Value
    $38,680

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

We couldn’t fully check First Internet Bancorp’s latest annual report.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We couldn't fully read the 10-K filed 11 Mar 2026, so we can't say there are no warning signs.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.