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what it is
First Internet Bancorp is the holding company for First Internet Bank — branchless deposits online, lending across consumer, small business, SBA, franchise, and commercial lines.
how it gets paid
On a GAAP basis, FY2025 total revenue was about $116.5 million (down from about $134.7 million in FY2024). Most of that stack is net interest income; noninterest lines swing with servicing fees and loan-sale impacts.
why it's growing
The company said net interest income grew about 30% vs. prior year in 2025. GAAP totals still fell vs. prior year after major balance-sheet moves (including the large single-tenant lease financing sale). Q4 posted about $5.3 million of net income.
what just happened
Fourth-quarter diluted EPS came in at $0.60, and that topped the $0.59 consensus cited in market reports.
At a glance
C+ balance sheet — struggling to keep the lights on
25/100 earnings predictability — expect surprises
1.2% dividend yield — cash in your pocket every quarter
-$4.03 fy2025 diluted eps (GAAP)
~$2.88 fy2024 diluted eps (GAAP)
xvary composite: 30/100 — weak
What they do
First Internet Bancorp runs a branchless bank that gathers deposits online and lends nationally and regionally across several specialty books.
INBK's edge is simple: no branches. Branchless delivery (lower physical overhead → more flexibility on loan and deposit pricing) supports about $5.6 billion of assets with about 317 employees. If you bank online anyway, that cost structure matters — but it does not remove credit or funding risk.
How they make money
~$116.5M
FY2025 GAAP total revenue · down ~13% vs. prior year from ~$134.7M (FY2024) per Q4/FY2025 materials
FY2025 GAAP total revenue
~$116.5M
~−13% vs. prior year
Q4 2025 GAAP total revenue
~$41.7M
~+6% vs. prior year
Net interest income (trend)
~+30% vs. prior year
company cited (FY2025)
Adjusted Q4 revenue (non-GAAP)
~$42.1M
~+21% vs. prior year
The products that matter
consumer and commercial accounts
digital banking
$5.6B in assets
it is the core branchless banking model sitting on $5.6B in assets, and it still ended 2025 with a $35.2M loss.
core franchise
embedded finance platform
banking-as-a-service
q4 2025 focus area
management highlighted BaaS on the Q4 2025 call; contribution is not broken out separately in the GAAP revenue tables.
growth narrative
small business lending
sba lending
15%–17% loan growth target
this book matters because 2026 guidance leans on 15%–17% loan growth while credit quality in SBA lending is still under scrutiny.
risk watch
Key numbers
-$4.03
fy2025 diluted eps (GAAP)
$116.5M
fy2025 GAAP revenue
$134.7M
fy2024 GAAP revenue
1.2%
dividend yield
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- wholesale borrowings avg. other borrowed funds ~$349M in 2025 (company tables) — material vs. equity
C+ — balance sheet grade and wholesale funding are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for INBK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Fourth-quarter diluted EPS came in at $0.60, and that topped the $0.59 consensus cited in market reports.
The quarter showed real improvement, with net income of about $5.3 million. Full-year GAAP was still red: about $116.5 million of total revenue (about $41.7 million in Q4) and about a $35.2 million net loss, with diluted EPS about $(4.03).
$116.5M
2025 GAAP revenue
$0.60
q4 diluted eps
$5.3M
q4 net income
the number that mattered
$0.60 in fourth-quarter EPS mattered because it showed the bank can still produce profit, even after a full year that ended in a loss.
source: First Internet Bancorp Q4/FY2025 earnings materials (Jan 29, 2026)
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What could go wrong
the #1 risk is sba credit deterioration while profitability is still fragile.
high
profitability is not proven
The bank lost about $35.2 million in 2025 on about $116.5 million of GAAP revenue — roughly a −30% net margin, not a typo. One profitable quarter does not fix a full-year earnings hole by itself.
If losses return, capital flexibility shrinks fast.
high
sba credit keeps the turnaround on a short leash
Management tied the 2026 setup to stabilizing credit in SBA lending while also targeting 15%–17% loan growth. When growth and credit quality have to improve together, execution risk goes up.
A weaker SBA book would pressure earnings and confidence at the same time.
med
balance sheet pressure is real
A C+ balance sheet plus material wholesale borrowings (average other borrowed funds about $349 million in 2025 in company tables) leaves less room for mistakes than you would want in a small bank.
Funding stress would make a recovery harder and more expensive.
low
there is no moat if customers can leave with a few taps
The digital-only model competes on convenience in a crowded market. Low switching costs limit pricing power and make deposits and customers less sticky.
Without clear differentiation, revenue growth has to work harder to matter.
A ~$35.2M annual GAAP loss, material wholesale funding, and a C+ balance sheet leave very little room for another credit surprise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
Estimated for april 29, 2026. You want to see whether the Q4 profit held up or vanished after one quarter.
metric
loan growth versus actual earnings
Management is targeting 15%–17% loan growth. Growth is not enough if EPS slips back below zero.
risk
sba credit stabilization
This is the risk management itself put near the center of the 2026 story. If the SBA book weakens again, the turnaround case weakens with it.
trend
dividend discipline
The yield is 1.2% and the quarterly dividend is $0.06 per share. Watch whether capital returns still make sense if profitability stays uneven.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not have a clean read on the next few quarters.
risk rank
4
That means it scores as safer than only a minority of stocks in the broader universe.
price stability
20 / 100
This is not a bunker stock. It trades like a small-cap turnaround with unresolved questions.
source: institutional data
Institutional activity
institutional ownership data for INBK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21.76
current price
n/a
target midpoint · n/a from current
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