First Internet Bank of Indiana
Analysis


Ari Socolow profile image Written by Ari Socolow | Lacra Burg profile image Edited by Lacra Burg | Updated November 3, 2024

General

First Internet Bank of Indiana was established in 1998 (hence the silly name) and currently offers some of the most competitve online CD rates to residents of all 50 US states.

Advantages

  • First Internet offers some competitive online CD and money market rates.
  • Most accounts carry no monthly fees or are easy to waive, although the money market account requires a $4,000 balance to avoid fees.

Disadvantages

  • Even though the bank has branches in Indiana, this bank is effectively an online only bank without branch services.
  • The bank is not a member of any major ATM network and out-of-network ATM fees are never reimbursed.

Financial Details

First Internet Bank of Indiana Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Internet Bank of Indiana. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
First Internet Bank of Indiana U.S. Bank Average
2.63% 4.48%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2024, First Internet Bank of Indiana had $12,978,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $449,687,000 in equity and $43,405,000 in loans loss reserves. That gives it a Texas Ratio of 2.63%.

Return on Equity
First Internet Bank of Indiana U.S. Bank Average
6.31% 10.46%

First Internet Bank of Indiana has a Return on Equity of 6.31% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
First Internet Bank of Indiana U.S. Bank Average
8.45% 10.84%

First Internet Bank of Indiana has a Capitalization of 8.45% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Internet Bank of Indiana Balance Sheet Analysis

As of June 30, 2024, First Internet Bank of Indiana had assets of $5,322,250,000, loans of $3,937,125,000, and deposits of $4,282,106,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2024
ASSETS
Cash & Balances due from depository institutions $ 396.79 million
Interest-bearing balances $ 390.62 million
Total securities $ 761.51 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 3.94 billion
Loan loss allowance $ 43.41 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 17.77 million
All other assets $ 105.91 million
     Total Assets $ 4.87 billion
LIABILITIES
Total deposits $ 4.28 billion
      Interest-bearing deposits $ 4.15 billion
      Deposits held in domestic offices $ 4.28 billion
      % insured (estimated) 73.77%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 464.93 million
Subordinated debt N.A.
All other liabilities $ 11.07 million
      Total Liabilities $ 4.87 billion
      Shareholders’ Equity $ 449.69 million

Summary Income Statement

June 30, 2024
INCOME AND EXPENSES
Total Interest Income $ 139.13 million
Total Interest Expense $ 94.38 million
Net interest income $ 44.75 million
Provision for loan and lease losses $ 6.48 million
Total non interest income $ 19.20 million
Total non interest expense $ 41.61 million
Pre-tax Net Operating Income $ 28.65 million

Bank Loan Profile?

The top three loan types in First Internet Bank of Indiana’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Indiana, First Internet Bank of Indiana has a significantly higher percent of 1-4 Family Residential Loans, Credit Card Loans, Consumer Auto Loans, Small Business Loans, Construction and Development Loans, Commercial Real Estate, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 7.31
Multifamily
Mortgages
0.00
Credit Card Loans 0.02
Consumer Auto Loans 0.01
Small Business Loans 4.98
Construction and Development Loans 4.93
Commercial Real Estate 27.01
Commercial and Industrial Loans 15.55
Farm Loans 0.00

Savings Fees


Fee Type
Non Sufficient Funds $0.00
Maintenance $0.00
Out-of-network ATM $0.00
Excessive Transaction $0.00
Incoming Wires $0.00

First Internet Bank of Indiana Reviews


  • January 30, 2024

    Online CDs 60 Month Rates

    Have an IRA rollover, they don't take IRAs any longer.


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