Overview
First Internet Bancorp (INBK), founded in 1999, is a branchless internet bank. SA Contributor Stephen Simpson wrote a good general overview article of the company last year, which I recommend for investors new to the story.
I have been somewhat following INBK since 2016, when its tangible book value was roughly $23.50. Since then, the company has continued posting profitable growth, and tangible book value has risen to $28.57 as of Q1'19.
INBK has generally traded somewhat around its tangible book value, but is currently underpriced by nearly 30%. For many