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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 has appointed Ryan Hasher as the new Vice President of Commercial Banking. Based in Arizona, Hasher will report to Neil Barna, the Regional Vice President. Hasher's prior role was with BBVA USA, where he was a Business Banking Relationship Manager. The bank, with assets of $4.3 billion as of September 30, 2021, aims to enhance client services in the Phoenix area by offering flexible financing solutions. The appointment reflects First Internet Bank's commitment to supporting business growth and providing essential banking services.
First Internet Bancorp (NASDAQ: INBK) has announced its definitive agreement to acquire First Century Bancorp for $80 million in cash. This acquisition will enhance First Internet's growth opportunities and diversify its revenue streams by incorporating First Century's technology-driven services, including payments and HOA services. The deal is anticipated to be 21% accretive to 2023 earnings per share and slightly dilutive to tangible book value per share with a three-year earnback period. Both boards approved the merger, expected to close in Q1 2022, subject to regulatory and shareholder approvals.
First Internet Bank has appointed Tyler Maragh as Vice President, Senior Business Development Officer in its SBA Lending team. With extensive experience in small business lending, Maragh aims to enhance the bank's presence as a leading SBA preferred lender. Previously, he held a similar role at Byline Bank and has worked with Liberty SBF and Marcus & Millichap. The Bank, founded in 1999, has $4.3 billion in assets as of September 30, 2021, providing a range of banking services including SBA financing and commercial loans.
First Internet Bancorp (Nasdaq: INBK) reported a net income of $12.1 million for Q3 2021, a 43.7% increase from Q3 2020, with diluted earnings per share rising to $1.21. Total revenue reached $28.7 million, reflecting a 2.8% growth year-over-year. The company authorized a $30 million stock repurchase plan through 2022. Despite strong financial performance, net interest income fell to $20.9 million, down from the previous quarter. Loan balances decreased slightly, but credit quality remained solid.
First Internet Bank and ApplePie Capital have entered a loan purchase agreement to finance franchisees, with First Internet Bank set to acquire $100 million in ApplePie's "ApplePie Core" loans by year-end. This partnership aids franchisees in obtaining capital for new locations, remodels, and more. ApplePie has funded over $1.25 billion across 200+ franchise brands since its inception in 2015. The agreement reflects First Internet Bank's commitment to supporting entrepreneurs and aligns with the franchise industry's growth potential post-pandemic.
First Internet Bancorp (Nasdaq: INBK) announced it will release its third quarter 2021 financial results after market close on
First Internet Bank has appointed Dustin DeNeal as First Vice President, Counsel, responsible for legal and regulatory matters. With over 13 years at Faegre Drinker Biddle & Reath LLP, DeNeal brings significant experience in financial institutions. President Nicole Lorch stated his skills will enhance the bank's strategic growth plans. First Internet Bank, founded in 1999, reports assets of $4.2 billion as of June 30, 2021, offering a range of banking services nationally. The bank is a subsidiary of First Internet Bancorp (Nasdaq: INBK).
The Board of Directors of First Internet Bancorp (NASDAQ: INBK) has declared a quarterly cash dividend of $0.06 per common share, payable on October 15, 2021, to shareholders on record as of September 30, 2021. Future dividends will be determined based on the Company's operational results, financial condition, and other relevant factors. As of June 30, 2021, the Company has assets totaling $4.2 billion. First Internet Bancorp operates nationally through its subsidiary, First Internet Bank, offering various banking services.
David Becker, Chairman and CEO of First Internet Bank, received the Leaders in Banking Excellence award from the Indiana Bankers Association for his contributions to the banking industry and community service. This prestigious recognition reflects collaborative successes at First Internet Bank, which has consistently grown since its inception as the first state-chartered, FDIC-insured institution operating exclusively online. As of June 30, 2021, the bank's assets stood at $4.2 billion.
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