First Internet Bancorp

NasdaqGS:INBK Stock Report

Market Cap: US$173.0m

First Internet Bancorp Valuation

Is INBK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of INBK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$4.57
Fair Value
334.0% overvalued intrinsic discount
5
Number of Analysts

Below Fair Value: INBK ($19.86) is trading above our estimate of fair value ($4.57)

Significantly Below Fair Value: INBK is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INBK?

Key metric: As INBK is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for INBK. This is calculated by dividing INBK's market cap by their current book value.
What is INBK's PB Ratio?
PB Ratio0.5x
BookUS$352.17m
Market CapUS$173.00m

Price to Book Ratio vs Peers

How does INBK's PB Ratio compare to its peers?

The above table shows the PB ratio for INBK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1x
CBFV CB Financial Services
1.1x149.86%US$168.0m
CZWI Citizens Community Bancorp
0.9x17.86%US$157.1m
MRBK Meridian
0.9xn/aUS$176.7m
FFMH First Farmers and Merchants
1.1xn/aUS$175.1m
INBK First Internet Bancorp
0.5x112.59%US$173.0m

Price-To-Book vs Peers: INBK is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (1x).

Price to Book Ratio vs Industry

How does INBK's PB Ratio compare vs other companies in the US Banks Industry?

6 CompaniesPrice / BookEstimated GrowthMarket Cap
CBCY Central Bancompany
0.03xn/aUS$81.20m
FRCB First Republic Bank
0.002xn/aUS$27.98m
OCNB Oconomowoc Bancshares
0.06xn/aUS$9.93m
SBNY Signature Bank
0.0003xn/aUS$2.18m
INBK 0.5xIndustry Avg. 1.0xNo. of Companies150PB00.61.21.82.43+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: INBK is good value based on its Price-To-Book Ratio (0.5x) compared to the US Banks industry average (1x).

Price to Book Ratio vs Fair Ratio

What is INBK's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INBK PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate INBK's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst INBK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$19.86
US$26.10
+31.45%
17.99%US$35.00US$22.00n/a5
Oct ’26US$22.01
US$28.30
+28.58%
12.82%US$35.00US$25.00n/a5
Sep ’26US$25.12
US$28.40
+13.08%
12.52%US$35.00US$25.00n/a5
Aug ’26US$21.46
US$28.40
+32.34%
12.52%US$35.00US$25.00n/a5
Jul ’26US$27.72
US$29.60
+6.80%
12.93%US$35.00US$24.00n/a5
Jun ’26US$24.25
US$28.20
+16.29%
14.60%US$35.00US$24.00n/a5
May ’26US$21.21
US$28.20
+32.96%
14.60%US$35.00US$24.00n/a5
Apr ’26US$26.97
US$39.60
+46.83%
12.02%US$45.00US$32.00n/a5
Mar ’26US$29.67
US$40.80
+37.51%
7.81%US$45.00US$37.00n/a5
Feb ’26US$32.57
US$40.80
+25.27%
7.81%US$45.00US$37.00n/a5
Jan ’26US$35.99
US$43.70
+21.42%
6.29%US$47.00US$39.00n/a5
Dec ’25US$41.93
US$42.10
+0.41%
7.96%US$47.00US$38.50n/a5
Nov ’25US$34.68
US$41.60
+19.95%
6.51%US$45.00US$38.50n/a5
Oct ’25US$33.21
US$41.50
+24.96%
6.28%US$45.00US$38.50US$22.015
Sep ’25US$36.29
US$42.70
+17.66%
3.75%US$45.00US$40.50US$25.125
Aug ’25US$36.39
US$42.70
+17.34%
3.75%US$45.00US$40.50US$21.465
Jul ’25US$27.51
US$35.60
+29.41%
9.67%US$40.00US$30.00US$27.725
Jun ’25US$29.46
US$36.40
+23.56%
6.41%US$40.00US$34.00US$24.255
May ’25US$31.11
US$36.40
+17.00%
6.41%US$40.00US$34.00US$21.215
Apr ’25US$33.76
US$36.10
+6.93%
7.45%US$40.00US$33.00US$26.975
Mar ’25US$31.32
US$35.70
+13.98%
8.29%US$40.00US$33.00US$29.675
Feb ’25US$30.39
US$35.70
+17.47%
8.29%US$40.00US$33.00US$32.575
Jan ’25US$24.19
US$25.60
+5.83%
20.42%US$35.00US$19.00US$35.995
Dec ’24US$22.79
US$21.30
-6.54%
15.26%US$25.50US$18.00US$41.935
Nov ’24US$16.26
US$21.30
+31.00%
15.26%US$25.50US$18.00US$34.685
Oct ’24US$16.21
US$23.70
+46.21%
13.32%US$28.50US$19.00US$33.215
US$26.1
Fair Value
23.9% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/27 13:07
End of Day Share Price 2025/10/24 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Internet Bancorp is covered by 6 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
George SuttonCraig-Hallum Capital Group LLC
Brett RabatinHovde Group, LLC
John RodisJanney Montgomery Scott LLC