First Internet Bancorp (INBK) opened 2026 with Q1 revenue of US$26.8 million and basic EPS of US$0.29, while trailing twelve month figures show total revenue of US$47.4 million and a basic EPS loss of US$3.84. Over the past reported quarters, revenue has moved from US$32.3 million in Q4 2024 to US$23.6 million in Q1 2025, US$19.9 million in Q2 2025, US$29.1 million in Q3 2025, US$29.7 million in Q4 2025, and now US$26.8 million in Q1 2026. EPS shifted from US$0.84 in Q4 2024 to US$0.11, US$0.02, a loss of US$4.76, US$0.61, and then US$0.29 over the same stretch. Taken together, the latest quarter points to a business where revenues are holding in a relatively tight band, while profitability and margins remain the key swing factors to watch.

See our full analysis for First Internet Bancorp.

With the headline numbers on the table, the next step is to see how this set of results lines up with the widely followed bullish and bearish narratives around First Internet Bancorp and where those stories might need updating.

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Trailing-year loss contrasts with recent profitable quarters

• On a trailing twelve month basis First Internet Bancorp reports a basic EPS loss of US$3.84 and net income loss of US$33.6 million, even though the last three reported quarters individually show positive basic EPS figures of US$0.29, US$0.61 and US$0.11.
• What stands out for the bearish narrative is that the trailing loss and the very weak Q3 2025 result, with basic EPS of a US$4.76 loss and net income loss of US$41.6 million on revenue of US$29.1 million, sit alongside more recent profitable quarters. As a result, any argument that earnings are on a smooth recovery path has to contend with that history.
  • Bears highlight that losses have grown at about 46.8% per year over five years, which is consistent with the trailing twelve month net loss of US$33.6 million despite Q4 2025 and Q1 2026 both posting positive net income.
  • This pattern supports the cautious view that even if current quarters look better than that Q3 2025 low point, the overall earnings profile over the last year still reflects elevated risk to the stability of profits.

Skeptics point to the swing from the Q3 2025 loss to recent profits as a key stress test for the business model, and they examine whether that volatility could repeat before any longer term recovery is firmly in place 🐻 First Internet Bancorp Bear Case

Loan quality and reserves leave a modest cushion

• Non performing loans in the quarterly data rise from US$28.4 million in Q4 2024 to US$58.5 million by Q4 2025, and the risk summary notes the allowance for bad loans at 95% of bad loans, which is flagged as a low allowance rather than full coverage.
• That backdrop partly challenges the bullish view that credit costs will ease quickly, because while bulls expect credit quality improvements to support earnings, the combination of higher non performing loans through 2025 and an allowance below 100% means credit provisioning remains a live swing factor.
  • Bullish commentary leans on expectations that tightening underwriting in areas like SBA and franchise finance will help, yet the data set still shows trailing twelve month losses and a rising non performing loan balance between Q4 2024 and Q4 2025.
  • This creates a clear check point for bullish investors who see credit normalization as a driver, since future results will need to show that those problem loans and coverage levels are moving in the direction that view assumes.

Mixed valuation signals with low P/B and DCF gap

• The stock trades at a P/B of about 0.6x, compared with a peer average near 1.0x and a US Banks industry average of 1.1x. The trailing twelve month DCF fair value in the data is US$9.12 against a current share price of US$23.72, and the indicated analyst price target to compare in this framework is US$25.25.
• That combination gives the bullish camp and the cautious camp different reference points, because bulls tend to focus on the low P/B and forecasts for revenue growth of 57.3% per year and earnings growth of 132.52% per year. Bears can point to the DCF fair value sitting well below the current price and to the company being unprofitable over the last twelve months.
  • Supporters of the bullish narrative argue that if those growth forecasts and an expected move back to profitability within three years are met, today’s book based multiple could look inexpensive, but the trailing net loss of US$33.6 million means that thesis is heavily dependent on forward estimates.
  • Critics counter that the DCF value of US$9.12, which is far below both the US$23.72 share price and the reference target of US$25.25, underlines how sensitive any upside case is to the growth path actually delivered versus the forecasts embedded in the data.

For anyone weighing those growth forecasts against the current loss making twelve month record, it helps to see how bullish analysts connect the recent numbers to their longer term story 🐂 First Internet Bancorp Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for First Internet Bancorp on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After weighing both the cautious and optimistic angles in this article, it is worth moving quickly to review the figures yourself and test how they align with your own expectations, then decide where you stand by checking the balance of 1 key reward and 1 important warning sign

See What Else Is Out There

First Internet Bancorp’s trailing twelve month loss of US$33.6 million, volatile EPS and rising non performing loans highlight pressure on both earnings stability and credit quality.

If you want ideas where balance sheets and earnings look more resilient right now, check out the solid balance sheet and fundamentals stocks screener (45 results) to quickly compare alternatives that may better fit your risk comfort.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.