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First Internet Bancorp: On Track To Return To Growth And The Stock Is A No-Brainer
- Q2 result featured a 63% sequential growth in net income. Book value increased to $21.25, while tangible book value increased to $20.19 per share.
- Net loans grew by $100 million, or 74% year-over-year and 19% quarter-over-quarter.
- The company will return to double-digit growth in both revenue and net income in 3Q14. In 4Q14, we might see 71% net income growth.
- Stock is trading at 0.82x book value and 0.86x tangible book value. It is a no-brainer and one of the rare bargains in the entire market.
- Insiders are buying shares again! This and return of growth in the second half of the year should serve as near-term catalysts for the stock in the next few months.
First Internet Bancorp: At Least 70% Upside By The End Of 2015
- INBK is riding the secular online banking wave to rapidly grow deposit base as well as consumer and residential real estate loans.
- INBK is rapidly growing commercial loans at the right time of business cycle. This will enable it to reap superior returns in the next few years.
- INBK is well positioned for the rising-rate environment, with a huge base of variable rate loans, underutilized deposit base, and management track record in handling rising rate.
- 3Q14 will be the inflection point when revenue and net income growth returns. It will be followed by gangbuster growth in 4Q14 and FY15.
- INBK has at least 70% upside by the end of 2015. It is trading at below book value while growing at 10 times the rate of peers.
The Long-Term Bull Case For First Internet Bancorp
- INBK's only subsidiary First Internet Bank of Indiana (FIB) has a proven record of operating excellence in its fifteen years of history.
- FIB has entered a new stage of exponential growth in its core lending business. Only the growth is being masked by the transient mortgage banking weakness.
- Underlying the new stage of growth is an expansion initiative that has unleashed a triple-digit growth in C&I loans and total net loans growth of 41%.
- In a couple of quarters the phenomenal net interest income growth will present itself more clearly, once the mortgage banking weakness is less a drag.
- Near-term and longer-term price targets for the stock is $31 and $51, respectively. Investors might have begun to realize INBK's real underlying growth.
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