First Internet Bancorp — Form 8-K
Filed September 10, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
First Internet Bancorp issued $20,500,000 aggregate principal amount of 8.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2036 on September 10, 2026. Notes bear fixed 8.00% interest semi-annually through September 15, 2031, then float at Three-Month Term SOFR plus 373.5 bps quarterly thereafter. Notes are subordinated to all senior indebtedness, redeemable by the company after September 15, 2031 (with regulatory approval), and intended to qualify as Tier 2 Capital. U.S. Bank Trust Company serves as trustee and calculation agent; Piper Sandler was placement agent.
Why this rating
Routine capital raise (~9.5% of market cap). Subordinated debt issuance is standard practice; typical size relative to small-cap bank. No material operational change.
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