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First Internet Bancorp

Nasdaq:INBK
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INBK
Nasdaq
$209M
Market Cap
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Last updated 2019/07/16 00:01
Company description

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The last earnings update was 69 days ago. More info.

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INBK Share Price and Events
7 Day Returns
-1%
NasdaqGS:INBK
0.3%
US Banks
0.8%
US Market
1 Year Returns
-38.7%
NasdaqGS:INBK
-2.5%
US Banks
4.8%
US Market
INBK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Internet Bancorp (INBK) -1% -1.7% -3.9% -38.7% -18% 9.9%
US Banks 0.3% 4% 2.2% -2.5% 47.8% 48.2%
US Market 0.8% 4.3% 2.8% 4.8% 37.9% 43.5%
1 Year Return vs Industry and Market
  • INBK underperformed the Banks industry which returned -2.5% over the past year.
  • INBK underperformed the Market in United States of America which returned 4.8% over the past year.
Price Volatility
INBK
Industry
5yr Volatility vs Market

INBK Value

 Is First Internet Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Internet Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Internet Bancorp.

NasdaqGS:INBK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $31.76 * 6.9% 		$2.19
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. $31.76
Discount Rate (Cost of Equity) See below 12%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:INBK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.597 (1 + (1- 21%) (263.39%)) 		1.562
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.56
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.562 * 5.96%) 		12.04%

Discounted Cash Flow Calculation for NasdaqGS:INBK using Excess Returns Model Model

The calculations below outline how an intrinsic value for First Internet Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:INBK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.9% – 12.04%) * $31.76) 		$-1.63
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-1.63 / (12.04% - 2.73%) 		$-17.55
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $31.76 + $-17.55 		$14.2
NasdaqGS:INBK Discount to Share Price
Calculation Result
Value per share (USD) From above. $14.20
Current discount Discount to share price of $20.71
= -1 x ($20.71 - $14.20) / $14.20 		-45.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of First Internet Bancorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Internet Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Internet Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:INBK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.17
NasdaqGS:INBK Share Price ** NasdaqGS (2019-07-15) in USD $20.71
United States of America Banks Industry PE Ratio Median Figure of 592 Publicly-Listed Banks Companies 12.88x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 18.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Internet Bancorp.

NasdaqGS:INBK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:INBK Share Price ÷ EPS (both in USD)

= 20.71 ÷ 2.17

 9.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Internet Bancorp is good value based on earnings compared to the US Banks industry average.
  • First Internet Bancorp is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First Internet Bancorp's expected growth come at a high price?
Raw Data
NasdaqGS:INBK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts		 10%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.28x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

NasdaqGS:INBK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.53x ÷ 10%

 0.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Internet Bancorp is good value based on expected growth next year.
Price based on value of assets
What value do investors place on First Internet Bancorp's assets?
Raw Data
NasdaqGS:INBK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $29.03
NasdaqGS:INBK Share Price * NasdaqGS (2019-07-15) in USD $20.71
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NasdaqGS:INBK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:INBK Share Price ÷ Book Value per Share (both in USD)

= 20.71 ÷ 29.03

 0.71x

* Primary Listing of First Internet Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Internet Bancorp is good value based on assets compared to the US Banks industry average.
Show me more potentially undervalued companies in the Banks industry
X
Value checks
We assess First Internet Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
    5. First Internet Bancorp has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

INBK Future Performance

 How is First Internet Bancorp expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Internet Bancorp expected to grow at an attractive rate?
  • First Internet Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First Internet Bancorp's earnings growth is positive but not above the United States of America market average.
  • First Internet Bancorp's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:INBK Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:INBK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 10%
NasdaqGS:INBK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 7.2%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:INBK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:INBK Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 85 32 1
2021-12-31 79 28 1
2020-12-31 76 28 3
2019-12-31 67 24 3
NasdaqGS:INBK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 67 9 22
2018-12-31 67 29 22
2018-09-30 68 21 22
2018-06-30 67 28 20
2018-03-31 64 19 18
2017-12-31 60 25 15
2017-09-30 56 38 15
2017-06-30 54 41 14
2017-03-31 51 39 12
2016-12-31 49 26 12
2016-09-30 46 9 11
2016-06-30 43 -1 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Internet Bancorp's earnings are expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
  • First Internet Bancorp's revenue is expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:INBK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from First Internet Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:INBK Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.82 2.82 2.82 1.00
2021-12-31 2.59 2.59 2.59 1.00
2020-12-31 2.77 3.06 2.31 5.00
2019-12-31 2.43 2.63 2.20 5.00
NasdaqGS:INBK Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.17
2018-12-31 2.31
2018-09-30 2.41
2018-06-30 2.49
2018-03-31 2.42
2017-12-31 2.14
2017-09-30 2.40
2017-06-30 2.23
2017-03-31 2.18
2016-12-31 2.32
2016-09-30 2.17
2016-06-30 2.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if First Internet Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess First Internet Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Internet Bancorp has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

INBK Past Performance

  How has First Internet Bancorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Internet Bancorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Internet Bancorp has delivered over 20% year on year earnings growth in the past 5 years.
  • First Internet Bancorp's 1-year earnings growth is less than its 5-year average (17.1% vs 34.3%)
  • First Internet Bancorp's earnings growth has not exceeded the US Banks industry average in the past year (17.1% vs 40.7%).
Earnings and Revenue History
First Internet Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Internet Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:INBK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 67.36 21.57 35.40
2018-12-31 67.14 21.90 34.93
2018-09-30 67.87 21.82 34.43
2018-06-30 66.79 20.43 33.97
2018-03-31 64.21 18.42 33.16
2017-12-31 59.65 15.23 31.80
2017-09-30 56.47 15.44 30.56
2017-06-30 53.51 13.64 29.58
2017-03-31 51.25 12.47 28.70
2016-12-31 49.44 12.07 27.18
2016-09-30 45.86 10.64 25.75
2016-06-30 42.59 9.87 24.03
2016-03-31 40.20 9.30 22.75
2015-12-31 38.95 8.93 22.19
2015-09-30 37.07 8.12 21.62
2015-06-30 35.04 7.08 21.20
2015-03-31 32.36 5.79 20.39
2014-12-31 29.11 4.32 19.64
2014-09-30 26.94 3.53 18.89
2014-06-30 25.26 2.97 18.28
2014-03-31 26.14 3.71 18.20
2013-12-31 26.64 4.59 17.37
2013-09-30 27.89 5.48 17.11
2013-06-30 28.19 6.38 16.09
2013-03-31 25.74 5.95 14.49
2012-12-31 24.41 5.61 13.92
2012-09-30 21.83 5.11 12.56

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Internet Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Internet Bancorp used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if First Internet Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess First Internet Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Internet Bancorp has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

INBK Health

 How is First Internet Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of First Internet Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Internet Bancorp Company Filings, last reported 3 months ago.

NasdaqGS:INBK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 294.01 549.90 131.28
2018-12-31 288.74 570.12 189.08
2018-09-30 287.74 459.07 94.33
2018-06-30 282.09 425.49 147.63
2018-03-31 224.82 451.43 67.41
2017-12-31 224.13 447.26 48.54
2017-09-30 220.87 401.87 126.66
2017-06-30 163.83 471.84 67.11
2017-03-31 157.49 326.79 53.99
2016-12-31 153.94 226.56 40.75
2016-09-30 137.15 184.98 70.11
2016-06-30 135.68 161.80 71.98
2016-03-31 107.83 164.09 103.23
2015-12-31 104.33 203.68 26.76
2015-09-30 102.91 154.23 22.80
2015-06-30 99.91 143.85 32.72
2015-03-31 99.36 110.22 42.49
2014-12-31 96.79 110.18 30.81
2014-09-30 94.77 89.74 42.00
2014-06-30 94.53 24.99 23.09
2014-03-31 91.64 24.63 60.16
2013-12-31 90.91 34.58 56.50
2013-09-30 61.87 35.37 29.69
2013-06-30 61.18 26.56 19.16
2013-03-31 62.64 25.71 35.91
2012-12-31 61.35 40.69 32.51
2012-09-30 60.70 40.66 24.07
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • First Internet Bancorp has an acceptable proportion of non-loan assets held.
  • First Internet Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at First Internet Bancorp are broadly funded by customer deposits.
  • First Internet Bancorp's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • First Internet Bancorp has a sufficient allowance for bad loans.
  • First Internet Bancorp has an acceptable level of bad loans (less than 2%).
Show me more healthy companies in the Banks industry
X
Financial health checks
We assess First Internet Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. First Internet Bancorp has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

INBK Dividends

 What is First Internet Bancorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.16%
Current annual income from First Internet Bancorp dividends. Estimated to be 1.16% next year.
If you bought $2,000 of First Internet Bancorp shares you are expected to receive $23 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Internet Bancorp's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.41%).
  • First Internet Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:INBK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2018 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:INBK Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.24 1.00
2021-12-31 0.24 1.00
2020-12-31 0.24 5.00
2019-12-31 0.24 5.00
NasdaqGS:INBK Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-18 0.240 1.163
2019-03-19 0.240 1.142
2018-12-18 0.240 1.138
2018-09-18 0.240 0.914
2018-06-19 0.240 0.745
2018-03-20 0.240 0.680
2017-12-18 0.240 0.626
2017-09-19 0.240 0.667
2017-06-20 0.240 0.801
2017-03-21 0.240 0.858
2017-03-14 0.240 0.801
2017-01-19 0.240 0.777
2016-09-20 0.240 0.891
2016-06-20 0.240 1.013
2016-03-22 0.240 0.995
2015-10-20 0.240 0.870
2015-07-21 0.240 0.771
2015-04-21 0.240 1.009
2015-01-21 0.240 1.409
2014-10-22 0.240 1.394
2014-07-22 0.240 1.426
2014-06-17 0.240 1.159
2014-03-18 0.240 1.107
2013-12-17 0.240 1.070
2013-09-26 0.240 0.982
2013-06-19 0.240 0.940
2013-03-20 0.160 0.946

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, First Internet Bancorp has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but First Internet Bancorp only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of First Internet Bancorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (9.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (11x coverage).
X
Income/ dividend checks
We assess First Internet Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Internet Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. First Internet Bancorp has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

INBK Management

 What is the CEO of First Internet Bancorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Becker
COMPENSATION $1,502,058
AGE 66
TENURE AS CEO 14.5 years
CEO Bio

Mr. David B. Becker is the Chairman, President and Chief Executive Officer of First Internet Bancorp (“Bancorp”) since 2006 and 2007 respectively. Mr. Becker is the founder of the First Internet Bank of Indiana and has served as an officer and director of the First Internet Bank of Indiana since 1998. He has a history of more than 35 years creating successful entrepreneurial companies in financial services and technology. He has created five Inc. 500 companies and sold three of them to public companies. He currently has an educational software firm, DyKnow and a retail software firm, RICS. He is deeply involved in advancing the interests of his community. He was the first Chairman and a Founding Member of TechPoint, a Change Agent for Indiana’s Technology industry. He is a past Chairman and Member of the Board of the TechPoint Foundation for Youth. He also served as Chairman of the Central Indiana Community Foundation (CICF). Today, he remains actively involved in several other Philanthropic organizations, including a role on the Board of the Central Indiana Corporate Partnership, an Alliance of CEOs and University President working to promote economic growth. He has supported a number of Indiana Universities and educational organizations. He is a Member of the Advisory Board for The Robert C. McDermond Center for Management and Entrepreneurship at DePauw University and is Councilor Emeritus for the Dean's Advisory Council for the School of Informatics at Indiana University (IUPUI). He has previously served on an Advisory Board for the IT Associates Program at DePauw University as well as the Board of Trustees at Vincennes University. He is a 2001 recipient of the Ernst & Young Entrepreneur of the Year award and a 2002 recipient of the INITA (later TechPoint) Trailblazer in Technology award. In 2004, he was named Sagamore of the Wabash by Indiana Governor Joe Kernan. In 2008, he was inducted into the Junior Achievement-sponsored Central Indiana Business Hall of Fame. In February 2015, he was granted the prestigious Lifetime Achievement Award in Mentoring by College Mentors for Kids. He is a 1975 graduate of DePauw University.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the First Internet Bancorp management team in years:

7.5
Average Tenure
57.5
Average Age
  • The average tenure for the First Internet Bancorp management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Becker

TITLE
Chairman
COMPENSATION
$2M
AGE
66
TENURE
14.5 yrs

Ken Lovik

TITLE
Executive VP & CFO
COMPENSATION
$565K
AGE
49
TENURE
4.9 yrs

Nicole Lorch

TITLE
Executive VP & COO
COMPENSATION
$552K
AGE
45
TENURE
2.5 yrs

C. Perfetti

TITLE
Executive VP & Corporate Secretary
COMPENSATION
$443K
AGE
75
TENURE
7.5 yrs

Paula Deemer

TITLE
Executive Assistant
TENURE
5.5 yrs

Steve Farrell

TITLE
Senior VP

Kevin Quinn

TITLE
Senior Vice President of Retail Lending - First Internet Bank
TENURE
8.5 yrs

Connie Shepherd

TITLE
Senior Vice President of Commercial Banking - First Internet Bank
TENURE
7.7 yrs

Christina Smith

TITLE
Vice President of First Internet Bank and Relationship Manager of First Internet Bank

Anne Sharkey

TITLE
Senior Vice President of Operations - First Internet Bank
Board of Directors Tenure

Average tenure and age of the First Internet Bancorp board of directors in years:

13.5
Average Tenure
67
Average Age
  • The average tenure for the First Internet Bancorp board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

David Lovejoy

TITLE
Vice Chairman of the Board & lead Independent Director
COMPENSATION
$75K
AGE
71
TENURE
13.5 yrs

David Becker

TITLE
Chairman
COMPENSATION
$2M
AGE
66
TENURE
13.5 yrs

Jean Wojtowicz

TITLE
Director
COMPENSATION
$73K
AGE
61
TENURE
13.5 yrs

Jerry Williams

TITLE
Director
COMPENSATION
$67K
AGE
77
TENURE
13.5 yrs

Roy Whitney

TITLE
Director
COMPENSATION
$68K
AGE
84
TENURE
13.5 yrs

John Keach

TITLE
Director
COMPENSATION
$63K
AGE
67
TENURE
6.7 yrs

Ann Murtlow

TITLE
Director
COMPENSATION
$58K
AGE
58
TENURE
6.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. Dec 18 Buy John Keach Individual 20. Dec 18 20. Dec 18 1,000 $20.09 $20,090
04. Dec 18 Buy Jerry Williams Individual 03. Dec 18 03. Dec 18 4,000 $25.10 $100,400
02. Nov 18 Buy Jerry Williams Individual 01. Nov 18 01. Nov 18 1,500 $25.88 $38,820
30. Jul 18 Buy David Becker Individual 27. Jul 18 27. Jul 18 2,500 $30.89 $77,225
27. Jul 18 Buy Jerry Williams Individual 26. Jul 18 26. Jul 18 3,000 $31.00 $93,000
X
Management checks
We assess First Internet Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. First Internet Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

INBK News

Simply Wall St News

Those Who Purchased First Internet Bancorp (NASDAQ:INBK) Shares A Year Ago Have A 39% Loss To Show For It

That downside risk was realized by First Internet Bancorp (NASDAQ:INBK) shareholders over the last year, as the share price declined 39%. … We've already covered First Internet Bancorp's share price action, but we should also mention its total shareholder return (TSR). … A Different Perspective First Internet Bancorp shareholders are down 38% for the year (even including dividends), but the market itself is up 6.4%.

Simply Wall St - –

Does First Internet Bancorp's (NASDAQ:INBK) CEO Pay Compare Well With Peers?

According to our data, First Internet Bancorp has a market capitalization of US$198m, and pays its CEO total annual compensation worth US$1.5m. … It would therefore appear that First Internet Bancorp pays David Becker more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at First Internet Bancorp with the amount paid at companies with a similar market capitalization.

Simply Wall St - –

Is First Internet Bancorp's (NASDAQ:INBK) CEO Being Overpaid?

See our latest analysis for First Internet Bancorp How Does David Becker's Compensation Compare With Similar Sized Companies? … It would therefore appear that First Internet Bancorp pays David Becker more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at First Internet Bancorp with the amount paid at companies with a similar market capitalization.

Simply Wall St - –

Have Insiders Been Buying First Internet Bancorp (NASDAQ:INBK) Shares?

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for First Internet Bancorp First Internet Bancorp Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Director Jerry Williams bought US$100k worth of shares at a price of US$25.10 per share. … In the last twelve months First Internet Bancorp insiders were buying shares, but not selling. … The transactions are fine but it'd be more encouraging if First Internet Bancorp insiders bought more shares in the company.

Simply Wall St - –

Here's How We Evaluate First Internet Bancorp's (NASDAQ:INBK) Dividend

Is First Internet Bancorp (NASDAQ:INBK) a good dividend stock? … With a 1.1% yield and a six-year payment history, investors probably think First Internet Bancorp looks like a reliable dividend stock. … First Internet Bancorp has been growing its dividend at a decent rate, and the payments have been stable despite the short payment history.

Simply Wall St - –

Is First Internet Bancorp's (NASDAQ:INBK) P/E Ratio Really That Good?

Looking at earnings over the last twelve months, First Internet Bancorp has a P/E ratio of 10.28. … Check out our latest analysis for First Internet Bancorp How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for First Internet Bancorp: P/E of 10.28 = $22.36 ÷ $2.17 (Based on the year to March 2019.) Is A High P/E Ratio Good?

Simply Wall St - –

Read This Before You Buy First Internet Bancorp (NASDAQ:INBK) Because Of Its P/E Ratio

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at First Internet Bancorp's (NASDAQ:INBK) P/E ratio and reflect on what it tells us about the company's share price. … First Internet Bancorp has a price to earnings ratio of 9.04, based on the last twelve months.

Simply Wall St - –

How Do Analysts See First Internet Bancorp (NASDAQ:INBK) Performing Over The Next Year?

On 31 December 2018, First Internet Bancorp (NASDAQ:INBK) announced its earnings update. … analyst forecasts seem fairly subdued, … the higher past 5-year average growth rate of 35%.

Simply Wall St - –

Volatility 101: Should First Internet Bancorp (NASDAQ:INBK) Shares Have Dropped 49%?

For example, the First Internet Bancorp (NASDAQ:INBK) share price is down 49% in the last year. … While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … During the unfortunate twelve months during which the First Internet Bancorp share price fell, it actually saw its earnings per share (EPS) improve by 7.9%.

Simply Wall St - –

What Kind Of Shareholder Owns Most First Internet Bancorp (NASDAQ:INBK) Stock?

If you want to know who really controls First Internet Bancorp (NASDAQ:INBK), then you'll have to look at the makeup of its share registry. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … First Internet Bancorp is not a large company by global standards.

Simply Wall St - –

INBK Company Info

Description

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit. It also provides commercial and industrial, owner-occupied commercial real estate, investor commercial real estate, construction, residential mortgage, term, small installment, home improvement, home equity, and other consumer loans, as well as single tenant lease financing, public and healthcare finance, lines of credit, and letters of credit to individuals and commercial customers. In addition, the company is involved in the purchase, manage, service, and safekeeping of municipal securities; and offers municipal lending and leasing products to government entities. In addition, it provides corporate credit card and treasury management services. The company offers its services through its Website, www.firstib.com. First Internet Bancorp was founded in 1999 and is based in Fishers, Indiana.

Details
Name: First Internet Bancorp
INBK
Exchange: NasdaqGS
Founded: 1999
$208,776,619
10,080,957
Website: http://www.firstinternetbancorp.com
Address: First Internet Bancorp
11201 USA Parkway,
Fishers,
Indiana, 46037,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS INBK Voting Common Stock Nasdaq Global Select US USD 28. Dec 2004
Number of employees
Current staff
Staff numbers
201
First Internet Bancorp employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 00:01
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/07
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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