First Internet Bancorp Financials
This page shows First Internet Bancorp (INBKZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
An asset-heavy financial business is posting higher revenue, but funding drag and weak cash conversion dominate the economics.
From FY2023 through FY2025, operating cash flow stayed in the low tens of millions and ended at$3.4M even as revenue kept rising, while FY2025 net income swung to-$35.2M . That pairing suggests earnings quality is fragile in a spread-driven model: adding earning assets may lift revenue, but it is not consistently turning into cash once funding costs and other balance-sheet effects run through results.
The company carries
Long-term debt was cut from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of First Internet Bancorp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
First Internet Bancorp's revenue grew 9.7% year-over-year to $320.2M, a solid pace of expansion. This earns a growth score of 59/100.
First Internet Bancorp carries a low D/E ratio of 0.69, meaning only $0.69 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
First Internet Bancorp has a free cash flow margin of 0.7%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.
First Internet Bancorp generates a -9.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 6/100. This is down from 6.6% the prior year.
First Internet Bancorp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, First Internet Bancorp generates $-0.10 in operating cash flow ($3.4M OCF vs -$35.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
First Internet Bancorp generated $320.2M in revenue in fiscal year 2025. This represents an increase of 9.7% from the prior year.
First Internet Bancorp reported -$35.2M in net income in fiscal year 2025. This represents a decrease of 239.1% from the prior year.
First Internet Bancorp earned $-4.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 239.9% from the prior year.
Cash & Balance Sheet
First Internet Bancorp generated $2.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 78.6% from the prior year.
First Internet Bancorp held $456.8M in cash against $249.5M in long-term debt as of fiscal year 2025.
First Internet Bancorp paid $0.24 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
First Internet Bancorp's net profit margin was -11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 19.6 percentage points from the prior year.
First Internet Bancorp's ROE was -9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.4 percentage points from the prior year.
Capital Allocation
First Internet Bancorp spent $521K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 84.1% from the prior year.
First Internet Bancorp invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 52.6% from the prior year.
INBKZ Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75.8M-2.9% | $78.1M-7.5% | $84.4M+4.3% | $80.9M+5.3% | $76.8M-1.2% | $77.8M+3.7% | $75.0M+5.7% | $71.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $13.2M+4.5% | $12.7M-11.9% | $14.4M+32.4% | $10.9M-17.1% | $13.1M-6.7% | $14.0M+4.4% | $13.5M+8.0% | $12.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $44.2M-7.4% | $47.7M-11.7% | $54.0M+2.2% | $52.9M+2.2% | $51.7M-4.6% | $54.2M+1.9% | $53.2M+7.2% | $49.6M |
| Income Tax | -$725K-442.0% | $212K+101.6% | -$12.9M-530.5% | -$2.1M-126.0% | -$909K-191.0% | $999K+61.1% | $620K+184.4% | $218K |
| Net Income | $2.5M-52.6% | $5.3M+112.7% | -$41.6M-21650.8% | $193K-79.5% | $943K-87.1% | $7.3M+4.9% | $7.0M+21.0% | $5.8M |
| EPS (Diluted) | $0.29 | N/A | $-4.76-23900.0% | $0.02-81.8% | $0.11 | N/A | $0.80+19.4% | $0.67 |
INBKZ Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.7B+2.5% | $5.6B-1.2% | $5.6B-7.1% | $6.1B+3.8% | $5.9B+2.0% | $5.7B-1.5% | $5.8B+9.0% | $5.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $601.8M+31.8% | $456.8M-42.0% | $787.7M+76.5% | $446.4M+13.2% | $394.5M-15.4% | $466.4M-34.5% | $712.5M+79.6% | $396.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $4.7M0.0% | $4.7M0.0% | $4.7M0.0% | $4.7M0.0% | $4.7M0.0% | $4.7M0.0% | $4.7M0.0% | $4.7M |
| Total Liabilities | $5.4B+2.7% | $5.2B-1.4% | $5.3B-7.0% | $5.7B+4.0% | $5.5B+2.1% | $5.4B-1.6% | $5.4B+9.4% | $5.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $249.5M | N/A | N/A | N/A | $295.0M | N/A | N/A |
| Total Equity | $361.0M+0.3% | $359.8M+2.2% | $352.2M-9.8% | $390.2M+0.6% | $387.7M+1.0% | $384.1M-0.3% | $385.1M+3.5% | $372.0M |
| Retained Earnings | $195.3M+1.0% | $193.3M+2.5% | $188.6M-18.3% | $230.7M-0.1% | $231.0M+0.2% | $230.6M+3.0% | $223.8M+3.0% | $217.4M |
INBKZ Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $75.5M+218.5% | $23.7M-36.0% | $37.1M+141.1% | -$90.2M-374.7% | $32.8M+633.3% | -$6.2M-1959.5% | $331K-97.9% | $16.0M |
| Capital Expenditures | $299K+3.8% | $288K+171.7% | $106K-83.7% | $650K+253.3% | $184K-62.8% | $495K-17.6% | $601K+8.1% | $556K |
| Free Cash Flow | $75.3M+221.1% | $23.4M-36.6% | $37.0M+140.7% | -$90.8M-378.2% | $32.6M+590.8% | -$6.7M-2363.0% | -$270K-101.7% | $15.5M |
| Investing Cash Flow | -$61.7M+77.8% | -$277.9M-139.5% | $703.1M+978.3% | -$80.1M+63.0% | -$216.4M-39.7% | -$154.9M-4.7% | -$147.9M-47.7% | -$100.1M |
| Financing Cash Flow | $131.1M+271.0% | -$76.7M+80.8% | -$398.9M-279.6% | $222.1M+98.9% | $111.7M+231.3% | -$85.0M-118.4% | $463.3M+122331.7% | -$379K |
| Dividends Paid | $521K+1.0% | $516K-0.2% | $517K-3.2% | $534K+2.7% | $520K+4.4% | $498K-6.2% | $531K+0.2% | $530K |
| Share Buybacks | N/A | $521K | $0 | $0 | $0 | $0 | $0 | $0 |
INBKZ Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 3.3%-3.5pp | 6.8%+56.1pp | -49.3%-49.5pp | 0.2%-1.0pp | 1.2%-8.2pp | 9.4%+0.1pp | 9.3%+1.2pp | 8.1% |
| Return on Equity | 0.7%-0.8pp | 1.5%+13.3pp | -11.8%-11.9pp | 0.1%-0.2pp | 0.2%-1.7pp | 1.9%+0.1pp | 1.8%+0.3pp | 1.6% |
| Return on Assets | 0.0%-0.1pp | 0.1%+0.8pp | -0.7%-0.7pp | 0.0%-0.0pp | 0.0%-0.1pp | 0.1%+0.0pp | 0.1%0.0pp | 0.1% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 14.82+14.1 | 0.69-14.3 | 15.01+0.5 | 14.56+0.5 | 14.09+13.3 | 0.77-13.4 | 14.12+0.8 | 13.37 |
| FCF Margin | 99.3%+69.2pp | 30.0%-13.8pp | 43.8%+156.1pp | -112.3%-154.8pp | 42.5%+51.0pp | -8.6%-8.2pp | -0.4%-22.2pp | 21.8% |
Frequently Asked Questions
What is First Internet Bancorp's annual revenue?
First Internet Bancorp (INBKZ) reported $320.2M in total revenue for fiscal year 2025. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is First Internet Bancorp's revenue growing?
First Internet Bancorp (INBKZ) revenue grew by 9.7% year-over-year, from $291.9M to $320.2M in fiscal year 2025.
Is First Internet Bancorp profitable?
No, First Internet Bancorp (INBKZ) reported a net income of -$35.2M in fiscal year 2025, with a net profit margin of -11.0%.
How much debt does First Internet Bancorp have?
As of fiscal year 2025, First Internet Bancorp (INBKZ) had $456.8M in cash and equivalents against $249.5M in long-term debt.
What is First Internet Bancorp's net profit margin?
First Internet Bancorp (INBKZ) had a net profit margin of -11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does First Internet Bancorp pay dividends?
Yes, First Internet Bancorp (INBKZ) paid $0.24 per share in dividends during fiscal year 2025.
What is First Internet Bancorp's return on equity (ROE)?
First Internet Bancorp (INBKZ) has a return on equity of -9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is First Internet Bancorp's free cash flow?
First Internet Bancorp (INBKZ) generated $2.2M in free cash flow during fiscal year 2025. This represents a -78.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is First Internet Bancorp's operating cash flow?
First Internet Bancorp (INBKZ) generated $3.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are First Internet Bancorp's total assets?
First Internet Bancorp (INBKZ) had $5.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are First Internet Bancorp's capital expenditures?
First Internet Bancorp (INBKZ) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is First Internet Bancorp's debt-to-equity ratio?
First Internet Bancorp (INBKZ) had a debt-to-equity ratio of 0.69 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is First Internet Bancorp's return on assets (ROA)?
First Internet Bancorp (INBKZ) had a return on assets of -0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is First Internet Bancorp's Piotroski F-Score?
First Internet Bancorp (INBKZ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are First Internet Bancorp's earnings high quality?
First Internet Bancorp (INBKZ) has an earnings quality ratio of -0.10x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is First Internet Bancorp?
First Internet Bancorp (INBKZ) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.