INBK
I have been actively buying INBK Today in the mid 21's. here is what I like.
1) INBK Deal with Blackstone although it seems like a negative in the short-term is all about repositioning the balance sheet and income statement in q4 and beyond, to higher nims, which will make them more profitable in the long run, improving capital ratios which means they can invest in future growth with much better returns. Now the negative is there will be a one time charge on the loss on the sale of these loans, and because of that there will be a hit to book value, but I believe this is the right move in the long run to unlock better results going forward.
2) INBK even with deal, proforma book value will still be $40.41 after the loss which is almost a unbelievable double current prices. hence the stock is outrageously cheap from a book value stand point.
3) INBK in the last quarter seemed to get a handle of the bad loans, which is a huge plus. As delinquencies which gives a bit of a look into the future declined on a % basis from 0.77% to 0.62% quarter over quarter which is an amazing plus.
4) INBK Continue to show growth in deposits, loans, and Interest earning assets which is yet another plus.
5) INBK Q4 Guidance even with the deal, should get us eps north of $1.00 in q4. I expect about $5+ in fy 26 which if that is the case the stock could double and still be cheap. This is all thanks to a focus on improving NIMS which will dramatically help profitability.
Conclusion: I like INBK A lot here and think it is very attractive at current levels, trades at a steep discount to book, assets are growing (albeit minus what they are selling), could trade at like 4 times next years earnings with improving asset quality, and improving NIMS and capital ratios which is also a plus. All is just my opinion, and I could always be wrong though.
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