First Internet Bancorp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data First Internet Bancorp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue		7.84	5.72	11.5
Selling and marketing	1.82	2.39	2.47	1.8	1.65	3.26	3.55	2.57	2.59	2.48
Interest expense	19.2	30.7	53.2	84.4	72.3	47.3	59.8	165
Interest income	0.66	1.41	2.95	8.78	3.38	1.43	3.83	26.4	27.5	22.7
Pre-tax income	18	22.9	24	27.2	33.9	56.6	40.1	4.94	27.5	-50.9
Income tax	5.91	7.7	2.05	1.92	4.45	8.46	4.56	-3.48	2.27	-15.7
Net income	12.1	15.2	21.9	25.2	29.5	48.1	35.5	8.42	25.3	-35.2
EPS, basic	2.32	2.14	2.31	2.51	2.99	4.85	3.73	0.95	2.91	-4.03
EPS, diluted	2.30	2.13	2.30	2.51	2.99	4.82	3.70	0.95	2.88	-4.03
Shares, basic (weighted)	5.21	7.12	9.49	10	9.84	9.92	9.53	8.84	8.69	8.73
Shares, diluted (weighted)	5.24	7.15	9.51	10	9.84	9.98	9.6	8.86	8.77	8.73
Dividend per share	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.5	48	189	327	420	443	257	406	466	457
Property, plant and equipment	10	10.1	10.7	14.6	37.6	59.8	72.7	73.5	71.5	67.9
Lease right-of-use assets			0	1.6	0.82
Goodwill	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69
Total assets	1,854	2,768	3,542	4,100	4,246	4,211	4,543	5,168	5,738	5,572
Total liabilities	1,700	2,544	3,253	3,795	3,915	3,831	4,178	4,805	5,354	5,212
Total debt	190	410	525	515	515	515	615	615	295	250
Retained earnings	43.7	57.1	77.7	99.7	127	172	206	207	231	193
Other comprehensive income	-9.27	-5.02	-16.5	-14.2	-17.2	-11	-33.6	-29.4	-32.7	-20.1
Shareholders' equity	154	224	289	305	331	380	365	363	384	360
Total equity	154	224	289	305	331	380	365	363	384	360
Total liabilities and equity	1,854	2,768	3,542	4,100	4,246	4,211	4,543	5,168	5,738	5,572

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	12.1	15.2	21.9	25.2	29.5	48.1	35.5	8.42	25.3	-35.2
Depreciation and amortization	3.8	5.3	5.67	6.93	7.83	8.78	8.73	5.75	8.46	6.19
Stock-based compensation	0.74	1.04	1.6	1.68	2.11	2.39	2.04	1.26	1.81	1.22
Deferred income tax	3.54	-3.3	0.98	-4.4	-4.12	2.43	4.63	-4.35	-1.36	-18.1
Cash from operations	26.5	24.6	29.4	-43.6	13.1	54.8	82.7	11.7	13	3.45
Capital expenditures	-3.17	-1.52	-2.22	-4.11	-25.6	-29.9	-17.5	-5.37	-2.59	-1.23
Purchases of investments				-172	-144	-282	-13	-131	-194	-312
Sales and maturities of investments	42.6	68.3	62.5	92.6	180	166	80.2	53.1	78.4	135
Cash from investing	-587	-908	-639	-313	-44.8	43.9	-601	-475	-496	129
Debt repaid	0	0	-3	0
Stock issued	46.2	51.6	54.3	0	0
Share buybacks	0	0	-0.22	-9.78	0	-4.44	-27.8	-9.34	-0.28	-0.52
Dividends paid	-1.2	-1.68	-2.23	-2.42	-2.35	-2.42	-2.32	-2.16	-2.08	-2.09
Cash from financing	575	892	750	495	124	-75.6	332	612	544	-142
Net change in cash	14.3	8.53	141	139	92.4	23.2	-186	149	60.5	-9.63
Free cash flow	23.3	23.1	27.1	-47.7	-12.5	24.9	65.2	6.31	10.4	2.22
Interest paid	19.2	30.5	52.4	81.8	74.6	46.7	58.9	164	206	207
Income taxes paid	5.89	6.57	0.49	4.56	5.91	7.05	2.01	0.94	0.68	0.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-239.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-239.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-73.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-65.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-23.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-78.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-67.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	93.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$358.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$18.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.21	Cash from operations / diluted weighted shares.
Book value per share	$41.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.68	Tangible book value / shares outstanding.
Cash per share	$46.58	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	1.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$230.5M	Share price x shares outstanding.
Enterprise value	-$180.5M	Market cap + total debt - cash - short-term investments.
P/B	0.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.64x	Market cap / tangible book value, when positive.
P/FCF	1.44x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.43x	Market cap / cash from operations, when positive.
FCF yield	69.4%	Free cash flow / market cap.
Earnings yield	-13.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

Was First Internet Bancorp profitable in fiscal 2025?

No. It reported a net loss of $35.2M.

How much free cash flow did First Internet Bancorp generate in fiscal 2025?

Cash from operations of $3.4M minus capital expenditures of $1.2M left free cash flow of $2.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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