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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.
Treasury Prime has partnered with First Internet Bank to enhance its Banking-as-a-Service (BaaS) offerings. This collaboration aims to provide innovative banking solutions to fintech and small business clients, strengthening Treasury Prime's network to 15 financial institutions. With a focus on expanding services, both companies will leverage Treasury Prime's API technology and First Internet Bank's compliance infrastructure. The partnership follows similar agreements with Bangor Savings Bank and FB Financial Corp, highlighting increasing market demand for integrated banking solutions.
First Internet Bank has appointed David Bybee as Vice President, Senior Credit Officer for its Small Business Administration (SBA) lending team. Bybee will oversee credit guidelines and underwriting processes aimed at enhancing small business lending. President Nicole Lorch praised Bybee's leadership and communication skills, highlighting his experience in government-backed lending programs. With $4.1 billion in assets as of June 30, 2022, First Internet Bank offers a range of financial services nationwide.
First Internet Bancorp (INBK) plans to release its third quarter 2022 financial results after market close on
First Internet Bank has appointed Will Tinsley as Vice President, Senior Business Development Officer in its Small Business Administration (SBA) Lending team, enhancing its commitment to small businesses. Tinsley brings extensive experience in acquisition lending, previously working for Gulf Coast Small Business Lending, Bank United, and Wells Fargo. The Bank, with assets of $4.1 billion as of June 30, 2022, aims to expedite loan approvals for business owners through its SBA Preferred Lender status.
First Internet Bancorp (INBK) has declared a quarterly cash dividend of $0.06 per common share, scheduled for payment on October 17, 2022, to shareholders of record as of September 30, 2022. The Board of Directors will determine future dividends based on various factors, including the company's financial health and operational results.
As of June 30, 2022, First Internet Bancorp reported assets totaling $4.1 billion and operates as a leader in branchless banking solutions.
First Internet Bank announced that Kathryn "Katy" Clayton has been appointed as President of the Board of Directors for the Indiana Chapter of Women in Public Finance (WPF). Clayton, who joined the bank in 2018, is an active WPF Board member since 2020. She expressed excitement about her new leadership role, emphasizing the networking opportunities available through the organization. The bank's Public Finance Team, including Clayton, will attend the national WPF Conference in Scottsdale, Arizona, in September. As of June 30, 2022, First Internet Bank holds assets of $4.1 billion.
First Internet Bank has launched Do More Business™ Checking, designed to assist small business owners in managing their finances more effectively. This checking account offers features such as earning interest, unlimited transactions, and a dedicated support team. Business owners can link their personal and business accounts for better financial control and insights into spending patterns.
The introduction of this account is the first step in the Do More Business platform aimed at providing advanced financial solutions to small businesses, enhancing overall banking experience.
First Internet Bank has appointed Paul DePasquale as Vice President, Senior Business Development Officer for its SBA Lending team. This addition emphasizes the Bank's dedication to assisting small businesses across the country. DePasquale has extensive experience in restaurant and franchise loans and aims to enhance financing options for business owners. The Bank, established in 1999, manages assets of $4.1 billion and offers a wide range of financial services, including SBA financing and commercial loans.
First Internet Bancorp (Nasdaq: INBK) reported second-quarter net income of $9.5 million ($0.99 per diluted share), a decline from $11.2 million in Q1 2022 and $13.1 million in Q2 2021. Adjusted net income stood at $10.3 million with a diluted earnings share of $1.06. Loan growth reached $201.3 million (7.0% increase QoQ). Net interest margin improved to 2.60%. Noninterest income decreased to $4.3 million from $6.8 million in Q1 2022. The firm repurchased 294,464 shares at an average price of $37.77.
First Internet Bancorp (NASDAQ: INBK) will release its Q2 2022 financial results post-market on
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