First Internet B Stock Price, News & Analysis

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.

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.