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ITBC is the stock symbol for First Internet Bancorp, the holding company for First Internet Bank of Indiana. It is a publicly traded company listed on the NASDAQ stock exchange under the ticker symbol ITBC.
First Internet Bancorp is a bank holding company that was founded in 1999 and is headquartered in Fishers, Indiana. It operates First Internet Bank, a full-service bank that offers a range of banking products and services to individual and commercial clients.
As of December 31, 2022, First Internet Bancorp had total assets of $3.4 billion, total loans of $2.6 billion, and total deposits of $2.8 billion. The company has a strong capital position, with a Tier 1 leverage ratio of 8.5% and a total risk-based capital ratio of 12.4% as of December 31, 2022.
In terms of earnings, First Internet Bancorp reported net income of $13.2 million for the year ended December 31, 2022, compared to net income of $11.6 million for the same period in 2022. The company's net interest income, which is the difference between interest income and interest expense, was $68.4 million for the year ended December 31, 2022, compared to $59.8 million for the same period in 2022.
The company's growth has been supported by its expanding loan portfolio, which increased by 13.4% year over year as of December 31, 2022. Its net interest margin, which measures the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities, was 3.66% for the year ended December 31, 2022, compared to 3.46% for the same period in 2022.
First Internet Bancorp's stock price has fluctuated over the past year, but it has generally trended upwards. As of March 11, 2023, the stock was trading at around $27.50 per share, up from a low of around $16 per share in March 2023. The stock has a market capitalization of around $370 million.
First Internet Bancorp's dividend yield is currently around 2.7%, which is slightly higher than the industry average. The company has consistently paid dividends to its shareholders and has increased its dividend payout over the past few years.
The company's return on equity (ROE) was 9.21% for the year ended December 31, 2022, compared to 8.23% for the same period in 2022. Its return on assets (ROA) was 1.15% for the year ended December 31, 2022, compared to 1.07% for the same period in 2022.
First Internet Bancorp's valuation multiples are generally in line with those of its peers. As of March 11, 2023, the company's price-to-earnings (P/E) ratio was 17.9, which is slightly higher than the industry average. Its price-to-book (P/B) ratio was 1.3, which is also slightly higher than the industry average.
In terms of growth prospects, First Internet Bancorp has a solid track record of acquisitions and organic growth. In 2022, the company acquired FNet Holdings, Inc., which expanded its presence in the Midwest. The company has also been investing in technology and digital capabilities to enhance its customer experience and drive growth.
However, the company's growth has been partially slowed by the challenging interest rate environment and increased competition in the banking industry. The company's net interest income has been impacted by lower interest rates, which have compressed net interest margins. Additionally, the company faces competition from larger banks and financial technology companies that have greater resources and scale.
Overall, First Internet Bancorp is a well-established bank holding company with a strong track record of profitability and growth. Its focus on technology and digital capabilities has positioned it well for the future, although it faces challenges from the current interest rate environment and competition in the banking industry.
From an investment perspective, First Internet Bancorp's valuation multiples are reasonable compared to its peers, and its dividend yield is slightly higher than the industry average. However, investors should always conduct thorough research and consider their individual risk tolerance before making any investment decisions. It's also important to keep in mind that banking stocks can be volatile and subject to economic and regulatory changes.