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 reports news as the bank holding company for First Internet Bank, a branchless banking subsidiary that has operated since 1999. Company updates focus on digital delivery of consumer and small business deposits, consumer loans, specialty finance, SBA financing, commercial real estate and construction lending, commercial and industrial lending, and treasury management services.
Recurring announcements include quarterly financial results, common-stock dividend declarations, lending and deposit product developments, risk-management and payments-industry activity, and leadership or sales-management updates tied to the bank's national and regional banking lines.
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First Internet Bancorp (Nasdaq: INBK) reported a net loss of $1.3 million for Q1 2023, resulting in a diluted loss per share of $0.14. Despite this, the bank saw a deposit growth of $181 million, equating to a 5.3% increase from the previous quarter. The company’s net interest income was $19.6 million, down from $21.7 million in Q4 2022, with a net interest margin of 1.76%. Total loans increased by 3.1% to $3.6 billion, driven by commercial loans. The bank's capital ratios remain strong, with a CET1 ratio of 10.35% and tangible book value per share at $39.43. Although there were unrealized securities losses impacting tangible equity, management emphasized proactive liquidity and capital management during market changes. The bank repurchased 161,691 shares in Q1 as part of its stock repurchase program.
First Internet Bank has appointed Lorraine Ortiz as its new Chief People Officer. In her role, she will focus on enhancing the company’s employee experience, diversity and inclusion initiatives, and talent development strategies. Nicole Lorch, President and COO, expressed confidence in Ortiz's expertise, noting the bank's award-winning workplace culture. Ortiz brings nearly 25 years of HR leadership experience from institutions such as Butler University and Riley Children’s Health. First Internet Bank, an industry leader in branchless banking, had $4.5 billion in assets as of December 31, 2022, and continues to provide a range of financial services. For more details, visit firstib.com.