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.