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 the current quarter, 3Q14. In 4Q14 we might even see triple-digit 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.