I would suggest that no new team member should automatically be the target of banter.
I am all for team banter. I'm probably the worst on my team for starting it but, when someone new comes in, I leave them out of it for a while. Let them get to know me first and decide if they want to be part of the banter second. They'll join in, if they're comfortable with it.
And when you do include them, keep it non-personal, unless they make it personal.
If there's any doubt in your mind that they're comfortable with a given situation, either don't do it or have a quiet word, make sure they understand that there is no ill intent.
Is there a risk of them feeling left out at first? I don't think so. Like I say, if they're comfortable with the banter, they'll join in pretty quickly. You can improve the situation by making good eye-contact when the rest of you are bantering, include them in the joke without making them the butt of it.
What will make them feel like outsiders is if they feel bullied by a team of people who know each other much better than the new teammate does.
Regardless of how sensitive an individual is, remember: You're all in your comfort zone, the new teammate isn't.