Red Flags Detected

• ⚠ The New Notes Will Be Unsecured Subordinated Obligations of First Internet Bancorp. Accordingly, They Will Be Junior In Right of Payment to Any of Our Existing and Future Senior Indebtedness. the New Notes Will Rank Equally With All of Our Other Unsecured Subordinated Indebtedness Issued In the Future Under the Indenture. In Addition, the New Notes Will Be Structurally Subordinated to All Existing and Future Indebtedness, Liabilities and Other Obligations, Including Deposits, of Our Current and Future Subsidiaries, Including the Bank. (new) — The notes are deeply subordinated, ranking behind $5.2 billion of liabilities including $4.8 billion of deposits, significantly increasing credit risk for noteholders.
• ⚠ The Indenture Has Limited Covenants and Does Not Contain Any Limitations On Our Ability to Grant or Incur a Lien On Our Assets, Sell or Otherwise Dispose of Assets, Pay Dividends, or Repurchase Our Capital Stock, Which May Not Protect Your Investment. (new) — The indenture provides almost no protection to noteholders, allowing the company to take actions that could impair its ability to repay the notes.
• ⚠ First Internet Bancorp Is a Separate and Distinct Legal Entity From the Bank and Our Other Subsidiaries. Our Principal Source of Funds to Make Payments On the New Notes and Our Other Obligations Is Dividends, Distributions and Other Payments From the Bank. (new) — The holding company's ability to service the notes depends entirely on dividends from its bank subsidiary, which are subject to regulatory restrictions and could be suspended.