First Internet Bancorp - INBK STOCK NEWS

First Internet Bank has renewed its participation in the IntraFi® deposit network to provide access to ICS® and CDARS® products, enhancing customer deposit safety with FDIC insurance. This initiative allows customers to secure more than $250,000 through network banks. Nicole Lorch, President and COO, emphasized the increased peace of mind for customers due to this strategic alliance. As of December 31, 2022, the bank reported assets of $4.5 billion, providing a range of financial services including consumer and small business loans.

First Internet Bancorp (Nasdaq: INBK) announced its financial results for Q4 and the full year of 2022, highlighting a 21.2% year-over-year loan growth despite increased interest expenses impacting net interest margin.

Total annual net income was $35.5 million with diluted earnings per share of $3.70, down from $48.1 million and $4.82 respectively in 2021. The company is exiting its consumer mortgage business, aiming for a $6.8 million reduction in noninterest expenses. Share repurchases totaled over 800,000 shares at an average of $25.16, raising tangible book value to $39.74.

First Internet Bank has appointed Alan Peterson as Vice President, Senior Business Development Officer, enhancing its SBA lending team. With a decade of experience in the SBA sector, Peterson aims to provide personalized support to small business clients. His prior roles include SVP at BayFirst National Bank and various positions at Golden Mile Funding and Citizens Bank. As of September 30, 2022, First Internet Bank holds $4.3 billion in assets, offering a range of financial services including SBA financing and commercial loans.

First Internet Bancorp (Nasdaq: INBK) will announce its fourth quarter 2022 financial results after market close on January 25, 2023. A conference call and webcast to discuss the results is scheduled for January 26, 2023, at 2:00 p.m. ET. The bank, which has assets of $4.3 billion, has been a pioneer in branchless banking since 1999. Investors can access the webcast and presentation slides on the company's website.

The Board of Directors of First Internet Bancorp (Nasdaq: INBK) has authorized a new stock repurchase program with a total buyback amount of $25.0 million, set to expire on December 31, 2023. This program replaces the previous repurchase plan and allows for the acquisition of common stock at management's discretion. Any repurchases will be influenced by market conditions and the Company's financial health, with no obligation to repurchase shares. The Company aims to enhance shareholder value through this initiative.

The Board of Directors of First Internet Bancorp (NASDAQ: INBK) has declared a quarterly cash dividend of $0.06 per common share. This dividend will be payable on January 17, 2023 to shareholders of record as of December 30, 2022. Future cash dividends will depend on various factors including the Company’s financial condition and operational results. As of September 30, 2022, First Internet Bancorp has assets totaling $4.3 billion.

First Internet Bank has appointed Ben Rosensweet as Vice President, Senior Business Development Officer. Rosensweet brings extensive experience in finance and business development, particularly in the Small Business Administration (SBA) sector. His addition aims to enhance the bank's capabilities in supporting small business clients through government lending initiatives. The bank's assets total $4.3 billion as of September 30, 2022, indicating a strong financial position to deliver consumer and business financing solutions.

First Internet Bank has launched a $16 million home loan purchase agreement with Greater Indy Habitat for Humanity to facilitate affordable housing in Indiana. This partnership aims to complete 100 homes across Marion, Hancock, Hendricks, and Hamilton counties from 2023 to 2025, addressing the housing crisis affecting local residents. With assets of $4.3 billion as of September 30, 2022, First Internet Bank continues to play a crucial role in promoting homeownership, demonstrating its commitment to community development and financial stability.

First Internet Bancorp (Nasdaq: INBK) reported a quarterly net income of $8.4 million for Q3 2022, down from $9.5 million in Q2 2022 and $12.1 million in Q3 2021. Diluted earnings per share decreased to $0.89 from $0.99 and $1.21 in the previous quarters. Loan growth was robust, with a 5.6% increase from Q2 2022 and a 10.9% increase year-over-year, totaling $173.8 million. The net interest margin was 2.40%, and the company repurchased 120,000 shares at an average price of $36.56, raising the repurchase program cap to $35 million.