First Internet Bancorp (INBK) is an internet-based bank with a significant retail operation. The bank provides a variety of traditional consumer and commercial banking services, leveraging the internet to minimize operating costs with a branchless bank operation. The company has experienced significant loan growth over the last few years due to an increasing focus on health care and single tenant lease lending.
First Internet has several appealing features despite its rather unusual nature, including a high rate of growth in deposits and loans. The valuation is notably modest with shares, after the recent