Business: First Internet Bancorp, 6.00% Fixed-to-Floating Rate Subordinated Notes due 2029, issued in $25 denominations, redeemable at the issuer's option on or after 6/30/2024 at $25 per note plus accrued and unpaid interest, and maturing 6/30/2029. <p> Fixed interest distributions of 6.00% per annum ($1.50 per annum or $0.3750 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date that will be the 15th day of the month immediately prior to the month of the interest payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 6/30/2024 to but excluding the maturity date or the date of earlier redemption, a floating per annum rate equal to the then-current three-month LIBOR rate, determined on the determination date of the applicable interest period, plus 4.114%; however, if three-month LIBOR is less than zero, three-month LIBOR will be deemed to be zero. <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 2 capital on their balance sheet (see the prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was not rated by Moody’s or S&P at the time of its IPO. The security was rated BBB- by the Kroll Bond Rating Agency. The Notes are unsecured, subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.