First Internet Bank Valuation Multiples

First Internet Bank Overview

About First Internet Bank

First Internet Bancorp is a bank holding company. Through its subsidiaries, it provides commercial real estate (CRE) lending, including nationwide single tenant lease financing and commercial and industrial (C&I) lending, including business banking or treasury management services. The company offers its products and services through the internet and does not have any branches. With operations organized into a single segment called the Commercial Banking segment, it also provides retail banking services.

Founded

2005

HQ

Employees

326

Website

firstinternetbancorp.com

Sectors

Commercial BankingNeobankingFinTech

Financials (LTM)

Revenue: $165M

Net Income: ($19M)

EV

$566M

Valuation Multiples

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First Internet Bank Financials

First Internet Bank reported last 12-month revenue of $165M.

In the same LTM period, First Internet Bank generated had net loss of ($19M).

First Internet Bank P&L

In the most recent fiscal year, First Internet Bank reported revenue of $155M and net income of ($35M).

First Internet Bank expects next 12-month revenue of XXX and NTM EBITDA of XXX

First Internet Bank Stock Performance

First Internet Bank has current market cap of $211M, and enterprise value of $566M.

First Internet Bank's stock price is $24.24.

First Internet Bank Valuation Multiples

First Internet Bank trades at 3.4x EV/Revenue multiple.

First Internet Bank Financial Valuation Multiples

As of April 20, 2026, First Internet Bank has market cap of $211M and EV of $566M.

Equity research analysts estimate First Internet Bank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Internet Bank has a P/E ratio of (11.2x).

First Internet Bank Margins & Growth Rates

First Internet Bank's revenue in the last 12 month grew by 19%.

First Internet Bank's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.

First Internet Bank Public Comps

See public comps and valuation multiples for other Commercial Banking and Neobanking comps.

First Internet Bank M&A Activity

First Internet Bank acquired XXX companies to date.

Last acquisition by First Internet Bank was on XXXXXXXX, XXXXX. First Internet Bank acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

First Internet Bank Investment Activity

First Internet Bank invested in XXX companies to date.

First Internet Bank made its latest investment on XXXXXXXX, XXXXX. First Internet Bank invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).