1 Cheap Stock to Buy Before 2021
There are only a few more days left in 2020 to buy stocks cheap before the new year. One bank stock that looks to be trading at a discount, but which also seems to have significant upside, is First Internet Bancorp (NASDAQ: INBK), a small $4.3-billion-asset bank in Indiana. As its name suggests, First Internet has no traditional branches. Instead, it offers a wide array of digital commercial, small business, consumer, and municipal banking products all over the country. Let's take a look at why this stock looks cheap right now.
In the third quarter of the year, First Internet reported record net income of $8.4 million. Almost all revenue items seemed to be firing at the bank. Net interest income in the quarter grew by more than $1 million on a year-over-year basis and more than nearly $2 million from the second quarter. While interest income did suffer from the low-rate environment, the lower repricing of deposits this year and reduction in interest expense more than offset the decline in interest income.
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Source Fool.com
