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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 Bancorp (Nasdaq: INBK) announced the completion of a $60 million private placement of 3.75% fixed-to-floating rate subordinated notes due 2031. The notes will have a fixed interest rate for the first five years, transitioning to a floating rate thereafter. The proceeds will be used for general corporate purposes, including potential debt redemption. The notes qualify as Tier 2 capital, enhancing regulatory capital measures. Piper Sandler & Co. acted as placement agent. The notes are not insured by the FDIC and were not registered under the Securities Act.
First Internet Bancorp (Nasdaq: INBK) reported strong financial results for Q2 2021, with net income rising to $13.1 million ($1.31 EPS) compared to $10.5 million ($1.05 EPS) in Q1 2021 and $3.9 million ($0.40 EPS) in Q2 2020. The bank's net interest income grew to $21.6 million, driven by margin expansion and controlled expenses. Credit quality improved, with nonperforming loans down to 0.31%. The company also saw increases in noninterest income, primarily from gains on loan sales and property sales. Total loans decreased 3.3% from the previous quarter, while total shareholders’ equity rose 4.1%.
First Internet Bancorp (Nasdaq: INBK) has announced plans to release its second quarter 2021 financial results after market close on July 21, 2021. A conference call to discuss these results is scheduled for July 22, 2021, at 12:00 p.m. Eastern Time. The Company, which had assets of $4.2 billion as of March 31, 2021, specializes in branchless banking services, offering a range of consumer and commercial banking products. Investors can access the call via phone or webcast, with replay options available.
First Internet Bank has appointed two new Business Development Officers, Melissa Fenner and Mike Pedicelli, to strengthen its Small Business Administration (SBA) Lending team. With over 20 years of experience, Fenner and her previous roles at Fifth Third, Wells Fargo, and Huntington, along with Pedicelli's 15 years in the financial sector, aim to enhance access to capital for small business owners. Vice President Mark Gibson emphasizes their expertise will aid both new and existing customers in navigating the SBA lending process.
First Internet Bancorp (Nasdaq: INBK) has appointed Nicole Lorch as President and Chief Operating Officer, effective June 30, 2021. David B. Becker will continue as Chairman and CEO. Lorch, who has been with the company since its inception in 1999, previously held the role of Executive Vice President and COO. She aims to leverage her experience and the bank's innovative approach to foster growth and value for stakeholders. First Internet Bancorp manages $4.2 billion in assets and specializes in various banking services.
The Board of Directors of First Internet Bancorp (Nasdaq: INBK) has announced a quarterly cash dividend of $0.06 per common share, scheduled for payment on July 15, 2021, to shareholders on record as of July 1, 2021. Future dividends will be determined at the Board's discretion, based on various factors including the company’s operational results, financial health, and regulatory conditions. As of March 31, 2021, First Internet Bancorp holds assets worth $4.2 billion and operates primarily in branchless banking.
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.
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