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Kroll affirms ratings for First Internet Bancorp, unit

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Kroll affirms ratings for First Internet Bancorp, unit

Kroll Bond Rating Agency affirmed the senior unsecured debt rating of BBB, subordinated debt rating of BBB- and short-term debt rating of K3 for Fishers, Ind.-based First Internet Bancorp.

The rating agency also affirmed the BBB+ deposit and senior unsecured debt ratings, BBB subordinated debt rating and K2 short-term deposit and debt ratings for the company's unit, First Internet Bank of Indiana.

Among the factors supporting First Internet Bancorp's ratings are the company's experienced management team, its history of solid asset quality with a nominal loss experience and the relatively low risk of its loan portfolio compared to similarly situated peers, according to Kroll.

The outlook for all long-term ratings remains negative, reflecting the rating agency's view of the company's below-average profitability, comparatively lower tangible common equity ratio and high reliance on noncore funding.