INBK

First Internet Bancorp posted a FY2025 net loss of $35.2M (-$4.03 diluted EPS) versus $25.3M of net income in 2024, but the headline is distorted by a deliberate cleanup. Per the MD&A, the Company sold $851.2M of single-tenant lease financing loans at a $38.2M pre-tax loss to strengthen regulatory capital and cut interest-rate risk; management pegs the *adjusted* net loss at $5.7M (-$0.66 EPS). So the franchise is not hemorrhaging cash — it took a one-time hit — but even normalized it did not earn its keep this year (adjusted ROAE -1.49%). The one lens that matters for a bank flags value: at a $245M market cap against $360M of stockholders' equity, INBK trades near 0.68x book (~$41/share book value), a real discount that limits downside if the balance sheet is clean. Note the provided P/S of 21.2x is meaningless here — the 'revenue' figure is a stale FY2019 $11.5M line, not bank revenue — so ignore it and anchor on book and earnings power.

The forward case rests on the self-help working. Net interest income rose $26.4M (+30.2%) as loan yields repriced to 6.15%, and management explicitly expects the loan sale to lift net interest margin and return on average assets 'in future periods.' The Board maintained the $0.24 dividend and re-authorized a $25M buyback in October 2025 — signaling confidence and a floor. The legal-proceedings and cyber-governance disclosures are clean and unremarkable.