First Internet Bancorp Approves $25M Stock Repurchase Program

TL;DR

First Internet Bancorp is buying back up to $25M of its stock over the next year.

AI Summary

First Internet Bancorp announced on May 20, 2024, that its Board of Directors approved a new stock repurchase program. The company is authorized to repurchase up to $25 million of its common stock through May 20, 2025.

Why It Matters

This repurchase program signals management's confidence in the company's valuation and can potentially increase shareholder value by reducing the number of outstanding shares.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is a common corporate action.

Key Numbers

• $25.0M — Stock Repurchase Authorization (Maximum amount the company can repurchase)
• 1 year — Repurchase Program Duration (The program is authorized through May 20, 2025)

Key Players & Entities

• First Internet Bancorp (company) — Registrant
• $25 million (dollar_amount) — Authorized repurchase amount
• May 20, 2025 (date) — Expiration date of repurchase program
• May 20, 2024 (date) — Date of board approval

FAQ

Filing Documents

• tm2415146d1_8k.htm (8-K) — 48KB
• 0001104659-24-064261.txt ( ) — 264KB
• inbk-20240520.xsd (EX-101.SCH) — 3KB
• inbk-20240520_def.xml (EX-101.DEF) — 26KB
• inbk-20240520_lab.xml (EX-101.LAB) — 36KB
• inbk-20240520_pre.xml (EX-101.PRE) — 25KB
• tm2415146d1_8k_htm.xml (XML) — 5KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders First Internet Bancorp (the "Company") held its annual meeting of shareholders on May 20, 2024. Shareholders voted on the following proposals, each as described further in the Company's proxy statement for the 2024 annual meeting of shareholders, filed with the Securities and Exchange Commission on March 28, 2024 (the "2024 Proxy Statement"). Proposal 1 – Election of Directors The shareholders elected each of the eight nominees to serve as a director for a one-year term ending at the next annual meeting of shareholders, based on the votes listed below. Nominee For Withheld Broker Non-Votes Aasif M. Bade 5,785,756 194,842 1,301,761 David B. Becker 5,817,608 162,990 1,301,761 Justin P. Christian 5,796,380 184,218 1,301,761 Ann Colussi Dee 5,861,738 118,860 1,301,761 Joseph A. Fenech 5,872,104 108,494 1,301,761 John K. Keach, Jr. 5,719,980 260,618 1,301,761 Michele "Mel" Raines 5,901,338 79,260 1,301,761 Jean L. Wojtowicz 5,273,408 707,190 1,301,761 Proposal 2 – Advisory Vote to Approve Executive Compensation ("Say-on-Pay Vote") The shareholders approved, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the 2024 Proxy Statement, based on the votes listed below. For Against Abstained Broker Non-Votes 5,620,506 317,059 43,033 1,301,761 Proposal 3 – Ratification of Appointment of Independent Registered Public Accounting Firm The shareholders ratified the appointment of FORVIS, LLP to serve as the Company's independent registered public accounting firm for 2024, based on the votes listed below. For Against Abstained 7,205,189 75,306 1,864

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On May 20, 2024, the Board of Directors (the "Board") of the Company, upon the recommendation of the Nominating and Corporate Governance Committee, made changes to membership of its committees. The following chart shows the current committee composition: Director Audit Committee Compensation Committee Nominating and Corporate Governance Committee Risk Committee Aasif M. Bade Member Chair David B. Becker Justin P. Christian Member Member Member Ann C. Dee Member Member Member Joseph A. Fenech Member Chair John K. Keach Jr. Chair Member Michele "Mel" Raines Member Member Jean L. Wojtowicz Chair Member The information contained in this Item 7.01 is being furnished and shall not be deemed to be "filed" with the Securities and Exchange Commission for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 22, 2024 FIRST INTERNET BANCORP By: /s/ Kenneth J. Lovik Kenneth J. Lovik, Executive Vice President & Chief Financial Officer

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View this 8-K filing on SEC EDGAR