First Internet Bancorp
Runs a branchless bank across digital deposits, commercial lending, and fintech partnerships.
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Profile
Operates First Internet Bank of Indiana as a branchless bank with digital deposits, commercial lending, consumer lending, treasury management, and selected fintech partnerships. Reporting is consolidated into one commercial banking segment, with funding quality, credit performance, and bank-capital rules shaping the model.
Runs through First Internet Bank of Indiana, a branchless, Indiana-chartered bank built around nationwide digital deposit gathering rather than traditional branches. The holding company reports a single commercial banking segment even though the product set spans deposits, lending, treasury management, and partner-bank activity.
Commercial banking includes C&I lending, construction and investor commercial real estate, single-tenant lease financing, public finance, specialty finance, SBA and small-business lending, franchise finance, and commercial deposits. Consumer activity adds residential mortgage, home equity, other consumer loans, and digital small-business deposits.
Execution depends on digital funding, fintech-partnership deposit quality, net interest margin, regulatory capital, and credit discipline. Recent operating context centers on branchless customer acquisition, fintech-deposit growth, and tighter small-business and franchise-finance underwriting as core operating variables.
Company facts
Categories
Key statistics
Year to date +36.7% · Average volume (30d) 48.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jun 26, 2026 | Piper Sandler | Reiterate | Neutral | $24 | $26 |
| Jun 24, 2026 | Benchmark Co. | Target | $33 | ||
| Jun 24, 2026 | Benchmark | Initiate | Buy | ||
| May 1, 2026 | Piper Sandler | Reiterate | Neutral | $23.50 | $24 |
| Jan 30, 2026 | Piper Sandler | Reiterate | Neutral | $22 | $23.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.15 | $0.27 | +80.0% | $43.8M | $41.1M | −6.2% | +12.06% |
| Apr 30, 2026Q1 FY26 | $0.08 | $0.29 | +262.5% | $45.7M | $43.1M | −5.6% | +3.49% |
| Jan 29, 2026Q4 FY25 | $0.59 | $0.64 | +8.5% | $43.5M | $42.1M | −3.2% | −2.02% |
| Oct 22, 2025Q3 FY25 | $0.66 | −$1.43 | −316.7% | $33.0M | $57.9M | +75.3% | −9.68% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $85.7M | $84.9M | $57.9M | $89.4M | $87.3M | $85.3M | |
| Gross profit | $22.1M | $18.4M | −$30.9M | $29.7M | $26.8M | $27.7M | |
| Operating income | $34.0K | −$1.9M | −$54.5M | $5.5M | $1.8M | $1.6M | |
| Net income | $943.0K | $193.0K | −$41.6M | $5.3M | $2.5M | $2.4M | |
| Diluted EPS | $0.11 | $0.02 | −$4.76 | $0.60 | $0.29 | $0.27 | |
| Gross margin | 25.7% | 21.7% | -53.4% | 33.2% | 30.7% | 32.5% | |
| Operating margin | 0.0% | -2.2% | -94.2% | 6.2% | 2.0% | 1.9% |
Fiscal years (4-quarter sums)FY21 $162.1M · FY22 $173.7M · FY23 $259.9M · FY24 $333.4M · FY25 $318.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $8.7M · Total debt $345.1M · Total assets $5.56B · Shareholders' equity $363.5M
Dividends
Raised for 12 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.06 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.06 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.06 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.06 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.06 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.06 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.06 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.06 |
Ownership
Shares outstanding 8.72M · Float 7.50M · 86.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 726.9K | 8.34% | 13F | Aug 7, 2026 |
| David B. Becker · director, officer: Chairman and CEO | 432.8K | 4.97% | Form 4 | Jan 21, 2026 |
| Heartland Advisors Inc | 375.9K | 4.31% | 13F | Aug 11, 2026 |
| Aegis Financial Corp | 354.3K | 4.06% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 346.4K | 3.97% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 24, 2026 | Joseph A. Fenech | director | +1,000 | $19.83 |
| Nov 17, 2025 | Nicole S. Lorch | officer: President & COO | +2,000 | $17.96 |
| Oct 30, 2025 | Ann C. Dee | director | +1,110 | $17.94 |
| Oct 29, 2025 | David B. Becker | director, officer: Chairman and CEO | +5,000 | $18.67 |
| Oct 28, 2025 | John K. Jr Keach | director | +2,000 | $19.34 |
Peers
- Axos Financial
Digital-bank peer with national deposits and commercial lending
- Live Oak Bancshares
Small-business banking peer with SBA and commercial lending
- The Bancorp
Fintech partner-bank rival for deposits, payments, and specialty credit
- Customers Bancorp
Commercial and fintech-enabled bank with BaaS and specialty lending
- Byline Bancorp
Chicago commercial bank with national SBA lending overlap
- Coastal Financial
BaaS-focused community bank with partner-sourced deposits and loans
- Lakeland Financial
Indiana commercial-bank peer for deposits, C&I, CRE, and treasury
- Enterprise Financial Services
Midwest-Southwest commercial bank with SBA and specialty lending
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Internet Bancorp | $28.01 | +0.32% | $244.2M | — | 6.8 | 0.8 | +28.3% |
| Axos Financial | $97.85 | +0.01% | $5.57B | 11.6 | 10.1 | 2.5 | +19.7% |
| Live Oak Bancshares | $40.13 | −0.04% | $1.86B | 14.1 | 11.1 | 1.7 | +10.0% |
| The Bancorp | $65.70 | −0.05% | $2.74B | 12.3 | 9.5 | 3.6 | −24.0% |
| Customers Bancorp | $78.58 | 0.00% | $2.66B | 9.6 | 8.7 | 1.8 | +12.4% |
| Byline Bancorp | $38.30 | −0.10% | $1.74B | 11.6 | 11.6 | 2.7 | +7.4% |
| Coastal Financial | $48.48 | +0.23% | $739.3M | — | 10.0 | 0.9 | +54.6% |
| Lakeland Financial | $59.61 | +0.08% | $1.49B | 13.7 | 13.5 | 3.5 | +6.8% |
| Enterprise Financial Services | $63.59 | +0.05% | $2.30B | 12.6 | 11.2 | 2.3 | +30.9% |
| Median | 12.3 | 10.6 | 2.4 | +11.2% |