Welcome to our dedicated page for First Internet B news (Ticker: INBK), a resource for investors and traders seeking the latest updates and insights on First Internet B stock.
First Internet Bancorp (INBK) is a Nasdaq-listed bank holding company for First Internet Bank, which opened in 1999 as an industry pioneer in the branchless delivery of banking services. News about INBK often centers on its financial performance, capital actions, and developments in its digital banking operations.
Investors following INBK news can find updates on quarterly and annual financial results, including earnings releases that the company announces through press releases and accompanying conference calls and webcasts. These items are frequently furnished in Form 8-K filings and provide detail on revenue, net interest margin, asset quality, capital ratios, and other performance metrics, as well as management commentary on business trends.
Company news also covers balance sheet and portfolio actions. For example, First Internet Bancorp has announced an agreement to sell a substantial portfolio of performing single tenant lease financing loans to entities affiliated with Blackstone Real Estate Debt Strategies, along with related servicing arrangements. Such releases describe the expected impact on regulatory capital ratios, balance sheet flexibility, and exposure to specific loan types.
First Internet Bank-related news includes product and partnership announcements that reflect its digital banking focus. These have included recognition for its Do More Business Checking account, the availability of Zelle for eligible business customers through its digital banking platform, and partnerships with financial technology and payments companies in areas such as SBA lending and multi-user consumer financial accounts. Together, these updates give insight into how the bank develops and delivers its consumer, small business, and commercial banking services.
By reviewing the INBK news feed, readers can monitor earnings announcements, dividend declarations, loan portfolio transactions, stock repurchase authorizations, and product or technology partnerships that the company discloses through press releases and regulatory communications.
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.
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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.
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%.