First Internet B Stock Price, News & Analysis

First Internet Bank has appointed Clayton Baker as Senior Business Development Officer, expanding its Small Business Administration (SBA) Lending team. Baker brings over 17 years of banking experience, previously serving at Atlantic Capital Bank among others. His role aims to enhance SBA loan accessibility for small business clients. As of September 30, 2021, the bank reported assets of $4.3 billion, offering a range of financial services including consumer loans and commercial real estate loans.

First Internet Bank has appointed Ryan Hasher as the new Vice President of Commercial Banking. Based in Arizona, Hasher will report to Neil Barna, the Regional Vice President. Hasher's prior role was with BBVA USA, where he was a Business Banking Relationship Manager. The bank, with assets of $4.3 billion as of September 30, 2021, aims to enhance client services in the Phoenix area by offering flexible financing solutions. The appointment reflects First Internet Bank's commitment to supporting business growth and providing essential banking services.

First Internet Bancorp (NASDAQ: INBK) has announced its definitive agreement to acquire First Century Bancorp for $80 million in cash. This acquisition will enhance First Internet's growth opportunities and diversify its revenue streams by incorporating First Century's technology-driven services, including payments and HOA services. The deal is anticipated to be 21% accretive to 2023 earnings per share and slightly dilutive to tangible book value per share with a three-year earnback period. Both boards approved the merger, expected to close in Q1 2022, subject to regulatory and shareholder approvals.

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.

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 October 20, 2021. A conference call to discuss the results is scheduled for October 21, 2021, at 12:00 p.m. Eastern Time. The company, with $4.2 billion in assets as of June 30, 2021, operates as a pioneer in branchless banking services. Investors can join the call via U.S. toll-free number 1-888-348-3664 or access the webcast at www.firstinternetbancorp.com.

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).