First Internet Bancorp issues $20.5M subordinated notes at 8% fixed-to-floating, due 2036

First Internet Bancorp

Sold $20.5M aggregate principal of 8.0% Fixed-to-Floating Subordinated Notes due Sept 15, 2036.
Fixed 8.0% through Sept 15, 2031; then quarterly reset at 3-month SOFR + 373.5 bps.
Notes redeemable on/after Sept 15, 2031; structured to qualify as Tier 2 capital.
Proceeds for general corporate purposes, including redemption of higher-rate existing debt.
Piper Sandler & Co. acted as placement agent; notes unregistered private placement.

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