First Internet B Stock Price, News & Analysis

First Internet Bank has strengthened its Small Business Administration (SBA) Lending team by appointing Carlos Torres Jr. as Vice President, Senior Business Development Officer. Torres brings over nine years of SBA experience in lending and credit underwriting to the bank's Top 10 SBA 7(a) lending team.

Prior to joining First Internet Bank, Torres served as Vice President, SBA Relationship Manager at SouthState Bank, and held positions at Regions Bank, First Bank of the Lake, and First American Bank. He holds an MBA from Liberty University and a BBA in Finance from Florida International University.

First Internet Bank has appointed J. Blake Sanderson as First Vice President, Commercial Real Estate Acquisition, Development and Construction. He will manage and expand the bank's commercial real estate portfolio, which currently exceeds $1 billion in commitments.

Sanderson, bringing nearly 30 years of commercial banking experience from institutions including STAR Financial Bank, Centier Bank, First Indiana Bank and Ameriana Bank, succeeds Nick Campbell, who has been promoted to Senior Credit Officer overseeing commercial credit administration. Sanderson holds a Bachelor's degree in Corporate Financial Management from Ball State University and an MBA from University of Indianapolis.

First Internet Bank has promoted David Bybee to Senior Vice President, Government Guaranteed Lending, a newly created position where he will oversee all aspects of the bank's Small Business Administration (SBA) Lending operations. Under his previous leadership, the bank achieved significant growth in SBA lending, becoming one of the nation's Top 10 SBA 7(a) lenders.

The bank's total funded 7(a) production reached $610 million in 2024, marking a 44% increase year over year. Bybee previously served as Vice President, Senior Credit Officer at First Internet Bank and has 17 years of experience with the Federal Reserve Bank in bank supervision roles.

First Internet Bank has strengthened its Small Business Administration (SBA) Lending team with the appointment of Austin Porter as Vice President, Business Development Officer. The bank, which currently ranks among the Top 10 SBA 7(a) lenders nationwide, aims to enhance its small business lending capabilities through this strategic hire.

Porter brings over six years of specialized SBA experience, previously serving as Assistant Vice President, SBA Lending Officer at BayFirst National Bank and working at Fountainhead Commercial Capital. He holds a B.S. in Finance from the University of Central Florida. In his new role, Porter will focus on helping small business partners access capital for sustainable growth while maintaining the bank's commitment to first-class customer service.

First Internet Bank has been named the 2024 Online Lender of the Year by Coleman Report, a leading publication in the small business lending industry. The award recognizes the bank's success in combining customer service with technology to provide streamlined SBA loan processes nationwide.

The bank has shown significant growth in its SBA operations, achieving a 44% year-over-year increase in total funded 7(a) production, reaching $610 million. Additionally, the bank expanded its SBA operations team by 31% to enhance customer service capabilities. Two team members, Jared Johnson and Ben Woodward, were also recognized as 2024 SBA Business Development Officers of the Year.

First Internet Bancorp (INBK) reported strong Q4 and full-year 2024 results, with Q4 net income reaching $7.3 million (up 4.9% QoQ) and diluted EPS of $0.83 (up 3.8% QoQ). Full-year 2024 net income was $25.3 million, a 200.3% increase from 2023.

Q4 highlights include net interest income of $23.6 million (up 8.2% QoQ), loan growth of $134.8 million (3.3% increase), and deposit growth of $135.5 million (2.8% increase). The company closed $63.1 million in SBA loans in December.

Key metrics show a net interest margin of 1.67%, nonperforming loans at 0.68% of total loans, and net charge-offs at 0.91%. The allowance for credit losses stood at 1.07% of total loans. Total loans reached $4.2 billion, with commercial loans at $3.3 billion and consumer loans at $801.4 million.

First Internet Bank (INBK) has been recognized in GOBankingRates' 2025 Best Banks Awards across four categories: Best Checking account, Best Money Market, Best CD Rates, and Top 10 CD Rates. The recognition comes from GOBankingRates' evaluation of 100 of the largest banks, online banks, and neobanks across nine categories.

The bank, which recently celebrated its 25th anniversary, has maintained its position as an innovative leader in financial services. Notable achievements include being named one of the 'Top Workplaces in Central Indiana' by the Indianapolis Star for 11 consecutive years and participating in the FedNow® instant payment pilot program, where they completed the system's first historic transaction.

First Internet Bancorp (INBK) has announced it will release its fourth quarter 2024 financial results after market close on Wednesday, January 22, 2025. The company will host a conference call and webcast to discuss these results on Thursday, January 23, 2025, at 2:00 p.m. Eastern Time.

Investors can access the conference call through multiple channels: U.S. toll-free (1-800-549-8228), U.S. toll (1-646-564-2877), or international toll (1-289-819-1520) using Conference ID 28199. A replay will be available for one week until January 30, 2025. The presentation slides and webcast will be accessible through the company's website and will remain archived for 12 months.

First Internet Bancorp (Nasdaq: INBK) has announced a quarterly cash dividend of $0.06 per common share. The dividend will be paid on January 15, 2025, to shareholders of record as of December 31, 2024. The Board of Directors retains sole discretion over future dividend declarations, which will be determined based on various factors including operational results, financial condition, capital requirements, regulatory restrictions, and business strategy.