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First Internet Bancorp (symbol: INBK) operates as the holding company for First Internet Bank of Indiana, delivering a blend of commercial and retail banking products across the United States. Established to cater to modern banking needs, the company offers a wide array of services including savings and money market accounts, non-interest and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.
First Internet Bancorp specializes in providing a diverse range of loan products designed to meet individual and business needs. This encompasses commercial and industrial loans, commercial real estate loans (both owner-occupied and investor-owned), construction loans, and residential mortgage loans. Additionally, the bank offers home equity loans, small installment loans, home improvement loans, and various other consumer loans. For businesses, the bank provides single tenant lease financing and has a strong presence in public and healthcare finance.
First Internet Bancorp's commitment extends to offering municipal securities and municipal lending and leasing products to government entities, underlining its role as a versatile financial institution. The bank also provides a suite of corporate services including corporate credit cards and treasury management services.
Known for its innovative approach, First Internet Bancorp operates entirely online, without any physical branches. This digital-first strategy enables it to efficiently serve a nationwide customer base while minimizing overhead costs. The company's operations are structured into a single segment known as the Commercial Banking segment, which consolidates its diverse offerings and streamlines its service delivery.
With a keen focus on customer satisfaction and financial stability, First Internet Bancorp continues to evolve and expand its services, ensuring it meets the ever-changing demands of the financial landscape.
First Internet Bank announces the addition of four new Senior Business Development Officers to its Small Business Administration (SBA) Lending team. The new members include Samuel Criales, Thomas Hurdman, Laurel McNamara, and Ben Woodward, each bringing extensive experience in SBA and commercial lending. The bank aims to enhance accessibility to capital for business owners across the nation. With $4.2 billion in assets as of March 31, 2021, First Internet Bank offers a range of financial services, including SBA financing, to support small businesses.
First Internet Bank has announced a $250,000 contribution to the Hamilton County Community Foundation's unrestricted endowment, which will support not-for-profits in the area. With support from the Lilly Endowment's GIFT VII Initiative, the total commitment rises to $750,000. This funding aims to address pressing needs through initiatives like inclusive economic growth, mental health support, and empowerment for families and youth. The contribution reflects First Internet Bank's commitment to local community development and equitable opportunities.
First Internet Bancorp (Nasdaq: INBK) reported a net income of $10.5 million for Q1 2021, equating to $1.05 diluted EPS, a slight decline from Q4 2020's $11.1 million but a significant increase from $6.0 million in Q1 2020. The bank's net interest income increased to $20.5 million, boosted by improved net interest margin of 2.04%, up from 1.78% in Q4 2020. Total loans stood at $3.1 billion, stable from the previous quarter but up 5.8% year-over-year. The bank experienced a slight rise in credit quality issues, but overall performance remains strong.
First Internet Bancorp (Nasdaq: INBK) announced it will release its Q1 2021 financial results on April 21, 2021, after market close. A conference call to discuss the results will take place on April 22, 2021, at 12:00 p.m. ET. Investors can access the call via telephone or through a webcast available on the company's website. First Internet Bancorp had assets of $4.2 billion as of December 31, 2020, and operates through its subsidiary, First Internet Bank, providing various banking services nationally.
First Internet Bank has joined the pilot program for the FedNow Service, the Federal Reserve's instant payments network, affirming its dedication to digital banking. The FedNow Service, set to launch in 2023 or 2024, aims to enhance payment experiences for consumers and small businesses, allowing for immediate funds transfer and improved cash flow. The bank will influence the pilot's development, ensuring readiness for its debut. As of December 31, 2020, First Internet Bank had assets totaling $4.2 billion.
The Board of Directors of First Internet Bancorp (Nasdaq: INBK) has announced a quarterly cash dividend of $0.06 per common share, payable on April 15, 2021. Shareholders of record by March 31, 2021 will benefit from this distribution. Future dividends will be determined at the Board's discretion and will consider various factors such as operational results and financial condition. As of December 31, 2020, the Company reported assets totaling $4.2 billion.
First Internet Bancorp (Nasdaq: INBK) reported record net income of $11.1 million, or $1.12 per share, for Q4 2020, up from $8.4 million in Q3 2020 and $7.1 million in Q4 2019. For the full year, net income reached $29.5 million, a 17% increase from $25.2 million in 2019. The results included a $2.1 million pre-tax write-down of commercial OREO. Total loans grew by 1.5% quarter-over-quarter to $3.1 billion, while credit quality remained stable with a nonperforming loan rate of 0.33%. Total shareholders' equity was $330.9 million, reflecting a 4% rise from Q3 2020.
First Internet Bancorp (Nasdaq: INBK) announced plans to release its fourth quarter 2020 financial results on January 20, 2021, after market close. A conference call is scheduled for January 21, 2021, at 12:00 p.m. Eastern Time to discuss the results. The company, a pioneer in branchless banking, has assets of $4.3 billion as of September 30, 2020. The webcast and presentation slides will be available on their website following the call. INBK is also part of the Russell 2000® Index.
The Board of Directors of First Internet Bancorp (Nasdaq: INBK) has declared a quarterly cash dividend of $0.06 per common share, payable on January 15, 2021, to shareholders on record as of the close of business on December 31, 2020. Future dividends will depend on the Company's financial performance, capital needs, and other factors evaluated by the Board. As of September 30, 2020, the Company held assets of $4.3 billion. First Internet Bancorp is a leader in branchless banking, offering a range of financial services nationally.
First Internet Bank has been recognized by Newsweek as offering the Best Small Business Checking Account in its America’s Best Banks 2021 report. This honor highlights the bank's commitment to providing small business owners with no monthly fees, unlimited transactions, and $10 in ATM fee reimbursements monthly. With assets of $4.3 billion as of September 30, 2020, First Internet Bank continues to grow as a leader in digital banking services.
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