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AI brief of an SEC Form 8-K · First Internet Bancorp (INBK)

First Internet Bancorp sells $20.5 million of 8.0% subordinated notes due 2036

Neutral Impact 2 of 5 financing Written later

First Internet Bancorp sold $20.5 million of subordinated notes in a private placement completed September 10, 2026. The notes pay a fixed 8.0% until September 15, 2031, then a floating rate tied to three-month term SOFR, and the company plans to use the proceeds for general corporate purposes, including possibly repaying higher-rate debt. The notes are unsecured and rank junior to senior indebtedness, and the company intends them to qualify as Tier 2 regulatory capital.

Key points

  • $20.5 million principal of 8.0% fixed-to-floating rate subordinated notes due September 15, 2036, issued at 100% of face amount.
  • Fixed 8.0% rate until September 15, 2031, then resets quarterly to three-month term SOFR plus 3.735%.
  • Proceeds for general corporate purposes, including potential redemption or retirement of existing debt accruing interest at higher rates.
  • Piper Sandler & Co. acted as placement agent; the company agreed to an exchange offer for registered notes and may pay additional interest if it fails those obligations.

The filing

CompanyFirst Internet Bancorp (INBK)
Form8-K, current report
Filed with the SECSep 10, 2026, 4:19 PM ET
Accession number0001562463-26-000092

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 10, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.