Welcome to our dedicated page for First Internet Bancorp news (Ticker: INBK), a resource for investors and traders seeking the latest updates and insights on First Internet Bancorp stock.
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 Bancorp (Nasdaq: INBK) reported a net loss of $1.3 million for Q1 2023, resulting in a diluted loss per share of $0.14. Despite this, the bank saw a deposit growth of $181 million, equating to a 5.3% increase from the previous quarter. The company’s net interest income was $19.6 million, down from $21.7 million in Q4 2022, with a net interest margin of 1.76%. Total loans increased by 3.1% to $3.6 billion, driven by commercial loans. The bank's capital ratios remain strong, with a CET1 ratio of 10.35% and tangible book value per share at $39.43. Although there were unrealized securities losses impacting tangible equity, management emphasized proactive liquidity and capital management during market changes. The bank repurchased 161,691 shares in Q1 as part of its stock repurchase program.
First Internet Bank has appointed Lorraine Ortiz as its new Chief People Officer. In her role, she will focus on enhancing the company’s employee experience, diversity and inclusion initiatives, and talent development strategies. Nicole Lorch, President and COO, expressed confidence in Ortiz's expertise, noting the bank's award-winning workplace culture. Ortiz brings nearly 25 years of HR leadership experience from institutions such as Butler University and Riley Children’s Health. First Internet Bank, an industry leader in branchless banking, had $4.5 billion in assets as of December 31, 2022, and continues to provide a range of financial services. For more details, visit firstib.com.
First Internet Bancorp (NASDAQ: INBK) is set to release its first quarter 2023 financial results after market close on April 26, 2023. A conference call to discuss these results will occur on April 27, 2023, at 2:00 p.m. ET. Investors can access the call via telephone or through a webcast on the company's website. First Internet Bancorp boasts assets of $4.5 billion as of December 31, 2022, providing various banking services nationwide, including consumer and small business financing. The company's stock is part of the Russell 2000® Index, highlighting its size and market relevance.
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