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 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.
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.
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