First Internet Bancorp (INBKZ) SEC Filings

First Internet Bancorp reported third-quarter 2026 net income of $4.8 million and diluted earnings per share of $0.54. Revenue was $43.9 million, up 7% from the prior quarter; adjusted pre-provision net revenue was $17.1 million, up 14%. Net interest income was $34.7 million, up 7%, while net interest margin was 2.47%, up 8 basis points; fully-taxable equivalent (FTE) net interest margin was 2.55%. Total loans were $3.9 billion and deposits were $5.2 billion, up 1% and 7%, respectively, from the second quarter.

Net charge-offs to average loans fell to 0.82% from 1.77% in the second quarter, and delinquencies excluding nonperforming loans fell 38% to 0.48% of performing loans. Provision for credit losses was $11.6 million, down 13% from the prior quarter, and included $2.6 million of specific reserves on franchise finance loans. Interest reversals on loans placed on nonaccrual totaled $1.2 million. Adjusted noninterest income declined 30% from the prior-year adjusted figure.

For fourth-quarter 2026, management projected diluted earnings per share of $1.02 to $1.07, FTE net interest margin of 2.75% to 2.80%, and provision for credit losses of $7.5 million to $8.0 million. The FTE margin outlook assumes an additional 25-basis-point Fed Funds rate increase in December.

First Internet Bancorp (INBK) is offering to exchange up to $20,500,000 aggregate principal amount of registered 8.00% Fixed-to-Floating Rate Subordinated Notes due 2036 for an equal principal amount of its outstanding unregistered notes of the same series. The exchange has no minimum tender condition and is subject to customary conditions. The company will receive no cash proceeds; exchanged Old Notes will be canceled, so the exchange will not increase outstanding indebtedness. Old Notes not exchanged remain outstanding.

The notes pay interest at a fixed 8.00% annual rate until September 15, 2031, then at a quarterly resetting floating rate based on the Benchmark rate, expected to be the then-current Three-Month SOFR, plus 373.5 basis points. Three-Month Term SOFR is deemed zero if it falls below zero. The notes mature September 15, 2036, are unsecured and subordinated, and the company does not expect a public market to develop for them.

First Internet Bancorp is offering to exchange up to $20,500,000 aggregate principal amount of registered 8.00% Fixed-to-Floating Rate Subordinated Notes due 2036 for an equal principal amount of outstanding unregistered notes validly tendered and not withdrawn, subject to customary conditions. The exchange fulfills registration-rights obligations; the company will receive no cash proceeds, and the exchange will not increase its outstanding indebtedness. Old Notes not exchanged remain outstanding.

The notes pay fixed interest at 8.00% per year from issuance to but excluding September 15, 2031. Thereafter, interest resets quarterly at the Benchmark rate, expected to be the then-current Three-Month SOFR, plus 373.5 basis points; Three-Month Term SOFR is deemed zero if below zero. The stated maturity is September 15, 2036, unless previously redeemed.

The New Notes are unsecured subordinated obligations, have no subsidiary guarantees, and rank junior to senior indebtedness and structurally behind subsidiary liabilities. First Internet Bancorp does not expect a public market for either series and does not intend to list the New Notes. The New Notes evidence the same debt as the Old Notes, but are generally not subject to transfer restrictions and do not carry registration rights or related additional-interest rights.

First Internet Bancorp (INBK) announced that its Board of Directors has declared a quarterly cash dividend of $0.06 per common share. The dividend is payable on October 15, 2026 to shareholders of record as of the close of business on October 1, 2026.

The company states that any future cash dividends will be at the sole discretion of the Board and will depend on factors such as results of operations, financial condition, capital requirements, regulatory and contractual restrictions, and business strategy. First Internet Bancorp is a bank holding company with $5.6 billion in assets as of June 30, 2026.

First Internet Bancorp (INBK) filed a Form D to report a completed exempt private placement of debt securities under Rule 506(b) of Regulation D. The first sale occurred on September 10, 2026 and the offering has raised $20,500,000, with $0 remaining to be sold.

Piper Sandler & Company is listed in the sales compensation section, and reported $0 in finders' fees. The company checked "Decline to Disclose" for issuer size and confirmed it is a commercial banking entity incorporated in Indiana more than five years ago.

First Internet Bancorp (INBK) completed a private placement of $20.5 million aggregate principal amount of 8.0% fixed‑to‑floating rate subordinated notes due September 15, 2036. The notes were sold at 100% of face value to institutional accredited investors and qualified institutional buyers.

The notes bear a fixed interest rate of 8.0% per year from September 10, 2026 to September 15, 2031, then reset quarterly to three‑month term SOFR plus 3.735%. They are redeemable at the company’s option on or after September 15, 2031, and are intended to qualify as Tier 2 capital. The company plans to use net proceeds for general corporate purposes, including potential redemption or retirement of higher‑rate existing indebtedness.

First Internet Bancorp reported Q2 2026 net income of $2,367K, up from $193K a year earlier, with basic EPS of $0.27. Net interest income rose to $32,439K as deposit interest expense declined, while total interest income was $76,636K.

Provision for credit losses on loans was $13,508K in the quarter and $30,114K for the first half, partially offset by small benefits on debt securities and off-balance sheet commitments. Noninterest income increased to $8,685K, led by $4,690K of gains on loan sales, and noninterest expense grew to $26,122K, mainly from higher salaries and benefits.

Total loans reached $3,811,073K and deposits $4,831,378K at June 30, 2026. Nonaccrual loans were $45,543K and loans 90 days or more past due and still accruing were $14,530K. The allowance for credit losses on loans stood at $53,096K, while shareholders’ equity was $363,547K.

First Internet Bancorp reported a sharp rebound in profitability for the quarter ended June 30, 2026. Net income was $2.4 million and diluted EPS $0.27, both up significantly from a year earlier. Total revenue rose 23% year-over-year to $41.1 million, supported by a 16% increase in net interest income to $32.4 million and a 56% rise in noninterest income to $8.7 million. Fully-taxable equivalent net interest margin expanded 43 basis points to 2.47%, and pre-provision net revenue grew 28% to $15.0 million.

Total loans reached $3.8 billion, up 1% from the prior quarter, while total deposits were $4.8 billion, down 3% as higher-cost CDs and brokered deposits matured and approximately $2.4 billion of fintech deposits moved off-balance sheet. The cost of interest-bearing deposits declined 54 basis points year-over-year to 3.38%, and the loans-to-deposits ratio was 79%. Credit metrics showed mixed signals: provision for credit losses was $13.4 million, down 18% from the prior quarter, and nonperforming loans fell slightly to 1.58% of total loans, while net charge-offs increased to 1.77% of average loans. Tangible common equity to tangible assets was 6.46%, CET1 capital 8.90% and total capital 12.22%, with tangible book value per share edging up to $41.09.

Management highlighted strong growth in fee-based businesses, particularly Banking-as-a-Service, where fee revenue from fintech partners increased markedly. For full-year 2026, the company projects diluted EPS of $2.35–$2.45, loan growth of 4–6%, FTE net interest margin rising to 2.75–2.80% by the fourth quarter, FTE net interest income of $141–$142 million, noninterest income of $40.5–$41 million, noninterest expense of $106–$107 million, and credit loss provision of $47–$48 million, with continual improvement expected in the second half of 2026.

First Internet Bancorp declared a quarterly cash dividend of $0.06 per common share. The dividend will be paid on July 15, 2026 to shareholders of record at the close of business on June 30, 2026.

The company notes that any future dividends will be at the Board’s sole discretion, based on results of operations, financial condition, capital needs, regulatory factors and overall strategy. First Internet Bancorp is a bank holding company with $5.7 billion in assets as of March 31, 2026, operating nationally through its branchless First Internet Bank platform.