First Internet Bancorp (OTCBB:FIBP), parent company of First Internet
Bank of Indiana (www.firstib.com),
a premier provider of online retail and business banking services
nationwide, today announced its Board of Directors has declared a
special dividend of $0.25 per common share payable on December 28, 2012,
to shareholders of record at the close of business on December 10, 2012.
Neither the Company nor the Bank has previously paid any dividends to
shareholders.
David Becker, chairman and CEO, stated: “Our financial performance has
been strong over the past two years and has enabled First Internet to
reward our loyal shareholders in the form of this special cash dividend.
First Internet’s Board of Directors believes this dividend is an
appropriate way to express the Company’s appreciation to its
shareholders, and reflects management’s commitment to build franchise
value along with shareholder value. We have built First Internet Bank
into a strong and growing franchise, which is poised to continue its
growth trajectory.
“Even with ongoing investment in high quality personnel, technology, and
marketing, we have successfully and consistently grown revenue and our
profitability. With strong balance sheet management and revenue growth,
we have steadily increased the Company’s tangible book value. In a time
when it’s difficult for investors to find investments that generate
meaningful returns, we feel dividends are an important way to add value
to an equity investment.”
The Company recently reported third quarter and nine month 2012
financial results, which included 91% year-over-year growth in quarterly
net income, a 113% increase in nine-month net income, and 12% asset
growth to $627.68 million at September 30, 2012 compared with $561.29
million at September 30, 2011.
About First Internet Bancorp
First Internet Bancorp (OTC Bulletin Board: FIBP), the parent company of
First Internet Bank of Indiana, is privately capitalized with over 220
private and corporate investors. First Internet Bank opened for business
in 1999. The Bancorp became the parent of the Bank effective March 21,
2006.
About First Internet Bank
First Internet Bank of Indiana (First IB) is the first state-chartered,
FDIC-insured institution to operate solely via the Internet and has
customers in all 50 states. Deposit services include checking accounts,
regular and money market savings accounts with industry-leading interest
rates, CDs and IRAs. First IB also offers consumer loans, conforming
mortgages, jumbo mortgages, home equity loans and lines of credit, and
commercial loans. First IB is a wholly owned subsidiary of First
Internet Bancorp.
Safe Harbor Statement
This press release may contain forward-looking statements with
respect to the financial condition, results of operations, plans,
objectives, future performance or business of the Company. Forward-looking
statements are generally identifiable by the use of words such as
“believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,”
“will,” “would,” “could,” “should” or other similar expressions.
Forward-looking statements are not a guarantee of future performance or
results, are based on information available at the time the statements
are made and involve known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from the
information in the forward-looking statements. Factors that may
cause such differences include: risks associated with the regulation of
financial institutions and holding companies, including capital
requirements and the costs of regulatory compliance; failures or
interruptions in communications and information systems; general
economic conditions and conditions in the lending markets; competition;
the plans to grow commercial lending; the loss of key members of
management and other matters discussed in the press release. All
statements in this press release, including forward-looking statements,
speak only as of the date they are made, and the Company undertakes no
obligation to update any statement in light of new information or future
events.
