First Internet Bancorp stock sees USD 20.5 million note exchange filing

First Internet Bancorp (ISIN US3205571017) was last at USD 26.47 on Nasdaq on October 7, 2026, down 0.97 percent from the prior close. The company filed an S-4 on October 1 covering an exchange of up to USD 20.5 million of subordinated notes.

Note exchange adds no debt

According to StockTitan on October 1, 2026, the registered notes will replace an equal principal amount of existing unregistered notes. First Internet Bancorp will receive no cash proceeds, and the exchange will not increase outstanding indebtedness.

The notes carry an 8.00 percent fixed rate through September 15, 2031, then reset quarterly at the benchmark rate plus 373.5 basis points. The filing states that the notes are unsecured, subordinated and structurally junior to liabilities at the bank subsidiary, a distinction that matters more for credit risk than for the common-stock story.

Q2 earnings beat EPS estimates

For the quarter ended June 30, 2026, First Internet Bancorp reported earnings per share of USD 0.27 versus a USD 0.15 consensus estimate, an 80.00 percent beat, according to MarketBeat on October 2, 2026. Quarterly revenue was USD 41.12 million against USD 43.83 million consensus, a 6.19 percent shortfall.

The finance statements show net income of USD 2.367 million and diluted EPS of USD 0.27 for Q2 2026, compared with net income of USD 2.509 million and diluted EPS of USD 0.29 in Q1 2026. Net loans reached USD 3.758 billion at June 30, while deposits stood at USD 4.831 billion.

Consensus target stays above price

MarketBeat reports a Moderate Buy consensus from six analysts and an average price target of USD 29.38. The average target lies 11.00 percent above the USD 26.47 price, leaving the estimate above the latest Nasdaq quote while the S-4 filing remains a balance-sheet event rather than a new lending-growth forecast.

MarketBeat also lists a full-year 2026 earnings guidance range of USD 2.350 to USD 2.450 per share. The next quarterly results are scheduled for October 28, 2026, after the market closes, according to MarketBeat.

INBK remains below its yearly high

INBK has a 52-week range of USD 17.05 to USD 31.09 and a market capitalization of USD 230.7 million as of October 7, 2026. Trading volume for that session was 28,494 shares, placing the latest price 14.86 percent below the 52-week high.

First Internet Bancorp operates First Internet Bank through a branchless digital banking model serving commercial, small-business, consumer and municipal customers, as described on the company's investor-relations page. The combination of Q2 earnings execution and the October note filing gives the stock two distinct reference points before the Q3 report.

Stock last at USD 26.47

First Internet Bancorp was last at USD 26.47 on Nasdaq on October 7, 2026 at 4:00 p.m. ET, with a 0.97 percent daily decline.

More news and analyses on First Internet Bancorp stock