INBK Stock Forecast & Price Target

First Internet is well-positioned for growth in the coming years, with a strong commercial lending business and a growing fintech partnership that is expected to bring in additional deposits. The company's net interest margin (NIM) may see some fluctuations in the near term, but is still expected to expand over the longer term. Additionally, the bank's focus on organic growth and its efficient cost controls should support profitability and drive shareholder value in the future.

First Internet is expected to continue facing challenges in the near term, as elevated credit costs are likely to persist through the second quarter and potentially impact management's original guidance for 2026. While the company's FinTech partnerships may enhance long-term value, there is a lack of visibility for short-term standalone catalysts. The reduction in earnings per share for 2026 and 2027 reflect a more conservative outlook for net interest income and a smaller assets earning asset base, which could result in suboptimal profitability. As a result, a neutral stance is recommended, with a price target of $24 based on a 0.55x one-year forward tangible book value estimate.