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Highlights for the third quarter include:

  • Quarterly net income of $8.4 million, compared to $9.5 million for the second quarter of 2022 and $12.1 million for the third quarter of 2021
  • Quarterly diluted earnings per share of $0.89, compared to $0.99 for the second quarter of 2022 and $1.21 for the third quarter of 2021
  • Quarterly adjusted net income of $8.5 million, or $0.90 adjusted diluted earnings per share, when excluding nonrecurring expenses
  • Loan growth of $173.8 million, a 5.6% increase from the second quarter of 2022 and a 10.9% increase from the third quarter of 2021
  • Net interest margin of 2.40% and fully-taxable equivalent net interest margin of 2.53%
  • Repurchased 120,000 shares at an average price of $36.56; aggregate purchase price under the authorized repurchase program has been increased to $35.0 million

FISHERS, Ind.–(BUSINESS WIRE)–First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the third quarter ended September 30, 2022. Net income for the third quarter of 2022 was $8.4 million, or $0.89 diluted earnings per share. This compares to net income of $9.5 million, or $0.99 diluted earnings per share, for the second quarter of 2022, and net income of $12.1 million, or $1.21 diluted earnings per share, for the third quarter of 2021.

“Loan originations were up 47% over the prior quarter, demonstrating continued consumer and business confidence,” said David Becker, Chairman and Chief Executive Officer. “We continue to execute on our lending strategies, including our specialized areas of focus in commercial construction lending, SBA lending, franchise finance, and consumer lending. Given construction and SBA loans are typically variable rate products, and other fixed-rate product is coming on at higher rates, this growth sets the stage for future increases in average loan yields. We are taking a disciplined approach to capital deployment, maintaining our focus on the sound underwriting that has defined our bank for more than 20 years. Consequently, ongoing strong credit quality was a key contributor to our performance this quarter.

“We remain focused on our Fintech and Banking-as-a-Service initiatives as a way to grow lower cost deposit relationships and enhance noninterest income through payments processing. We have entered into agreements with two platforms and are piloting three Fintech partner programs. Altogether, we believe this strategy will drive stronger earnings and profitability while advancing our position as a premier technology-forward digital financial services provider.”

Mr. Becker concluded, “We continue to execute our strategies to bolster resilience in our balance sheet and earnings profile. I thank the entire First Internet team for their dedication to this pursuit and for partnering with our customers for mutual success.”

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2022 was $24.0 million, compared to $25.7 million for the second quarter of 2022, and $20.9 million for the third quarter of 2021. On a fully-taxable equivalent basis, net interest income for the third quarter of 2022 was $25.3 million, compared to $27.1 million for the second quarter of 2022, and up from $22.3 million for the third quarter of 2021.

Total interest income for the third quarter of 2022 was $39.1 million, an increase of 8.3% compared to the second quarter of 2022, and an increase of 18.4% compared to the third quarter of 2021. On a fully-taxable equivalent basis, total interest income for the third quarter of 2022 was $40.4 million, an increase of 7.7% compared to the second quarter of 2022, and an increase of 17.4% compared to the third quarter of 2021. The sequential increase was due primarily to growth in interest income earned on the commercial and consumer loan portfolios, the securities portfolio and other earning assets. The yield on average interest-earning assets for the third quarter of 2022 increased to 3.91% from 3.65% in the linked quarter due primarily to a 22 basis point (“bp”) increase in the yield earned on securities and a 167 bp increase in the yield earned on other earning assets. Compared to the linked quarter, average loan balances increased $163.7 million, or 5.5%, while the average balance of securities decreased $14.1 million, or 2.3%, and the average balance of other earning assets decreased $133.8 million, or 41.5%.

Interest income earned on commercial loans was positively impacted by higher rates in the variable rate small business lending, construction and commercial and industrial portfolios as well as strong growth in the franchise finance portfolio. This activity was partially offset by significantly lower prepayment fees in the healthcare finance and single tenant lease financing portfolios. In the consumer portfolio, interest income was up due to the combination of higher new origination yields and growth in the residential mortgage, trailers, RV and other consumer portfolios.

New funded portfolio origination yields increased 52 bps compared to the second quarter, and year-to-date 2022 have been approximately 87 bps higher than for the same period in 2021. Because of the fixed rate nature of certain larger portfolios, there is a lagging impact of the higher origination yields on the portfolio. Additionally, the yield earned on the loan portfolio was impacted by the timing of funded loans as over 50% of total funded originations occurred during September.

The Federal Reserve has increased the federal funds (“Fed Funds”) target rate 300 bps year-to-date, with half of the increase coming in the third quarter. To date, the Company has modestly increased the rate paid on consumer, small business and commercial interest-bearing demand deposits. While money market deposit pricing was relatively rational during the second quarter, competition in both the digital banking space and local markets intensified, and deposit betas increased as a result. The cost of the Company’s BaaS brokered deposits, which is tied to Fed Funds, contributed to the overall increase in interest expense as well. Furthermore, the combination of higher interest rates and industry dynamics, including the outflow of deposits from the overall banking system, drove higher pricing in the wholesale deposit market.

The Company also increased its use of advances from the Federal Home Loan Bank to supplement growth and manage long term interest rate risk, borrowing $100.0 million of longer term advances. Total interest expense was impacted by the costs related to other borrowed funds as the rates on these advances, which are now well below market, contributed to higher total funding costs.

As a result, total interest expense for the third quarter of 2022 was $15.1 million, an increase of 44.9% compared to the second quarter of 2022, and an increase of 24.7% compared to the third quarter of 2021.

During the third quarter of 2022, the average balance of interest-bearing deposits decreased $57.1 million, or 1.9%, compared to the second quarter of 2022 while the cost of these deposits increased 56 bps. The decrease in average interest-bearing deposit balances was due to a decline in average certificates and brokered deposit balances, which decreased $66.8 million, or 6.0%, during the quarter while the cost of these deposits increased 31 bps. Additionally, the average balance of money market accounts decreased $57.9 million, or 4.1%, compared to the second quarter of 2022 while the cost of these deposits increased 79 bps. These declines were partially offset by an increase of $82.7 million, or 116.1%, in the average balance of BaaS – brokered deposits.

Net interest margin (“NIM”) was 2.40% for the third quarter of 2022, down from 2.60% for the second quarter of 2022 and up from 2.00% for the third quarter of 2021. Fully-taxable equivalent NIM (“FTE NIM”) was 2.53% for the third quarter of 2022, down from 2.74% for the second quarter of 2022 and up from 2.13% for the third quarter of 2021. The decrease in FTE NIM compared to the linked quarter was driven primarily by the effect of higher interest-bearing deposit costs, partially offset by higher yields on securities, other earning assets and higher average loan balances.

Noninterest Income

Noninterest income for the third quarter of 2022 was $4.3 million, stable with the second quarter of 2022, and down from $7.8 million for the third quarter of 2021. Gain on sale of loans totaled $2.7 million for the third quarter of 2022, up $0.8 million, or 39.0% from the linked quarter. Gain on sale revenue in the quarter consisted entirely of gain on the sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans. The increase in revenue related to SBA loan sales was due to a higher volume of sales, partially offset by lower net gain on sale premiums. Mortgage banking revenue totaled $0.9 million for the third quarter of 2022, down $0.8 million, or 49.1%, from the linked quarter as the continued rise in interest rates negatively impacted interest rate lock and sold loan volume as well as gain on sale margins.

Noninterest Expense

Noninterest expense for the third quarter of 2022 was $18.0 million, stable with the second quarter of 2022 and up from $14.5 million for the third quarter of 2021. Consulting and professional fees and salaries and employee benefits declined from the linked quarter, while loan expenses and premises and equipment costs were higher. The decrease in consulting and professional fees was due primarily to the timing of third party loan review and stress testing. The lower salaries and employee benefits expense was due mainly to discretionary inflation bonuses paid to certain employees and accelerated equity compensation related to retirements in the second quarter and lower incentive compensation in the Company’s mortgage banking division, partially offset by increased headcount as well as higher incentive compensation in SBA and construction lending. The increase in loan expenses was driven primarily by higher servicing costs associated with the growth in our franchise finance loan portfolio as well as risk management vendor costs. The increase in premises and equipment costs was impacted by a $125,000 write-down of software as well as costs related to the buildout of the Company’s small business banking platform.

Income Taxes

The Company reported an income tax expense of $1.0 million for the third quarter of 2022 and an effective tax rate of 10.5%, compared to an income tax expense of $1.3 million and an effective tax rate of 11.8% for the second quarter of 2022 and an income tax expense of $2.2 million and an effective tax rate of 15.5% for the third quarter of 2021. The lower effective tax rate reflects a higher proportion of tax exempt income relative to total pre-tax income.

Loans and Credit Quality

Total loans as of September 30, 2022 were $3.3 billion, an increase of $173.8 million, or 5.6%, compared to June 30, 2022, and an increase of $319.8 million, or 10.9%, compared to September 30, 2021. Total commercial loan balances were $2.5 billion as of September 30, 2022, an increase of $97.3 million, or 4.0%, compared to June 30, 2022 and an increase of $129.6 million, or 5.4%, compared to September 30, 2021. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in franchise finance, investor commercial real estate and single tenant lease financing loan balances. These items were partially offset by net payoffs in healthcare finance and commercial and industrial.

Total consumer loan balances were $672.2 million as of September 30, 2022, an increase of $78.2 million, or 13.2%, compared to June 30, 2022, and an increase of $197.1 million, or 41.5%, compared to September 30, 2021. The increase compared to the linked quarter was due to higher balances in the residential mortgage, recreational vehicles and trailers loan portfolios.

Total delinquencies 30 days or more past due were 0.06% of total loans as of September 30, 2022, consistent with both June 30, 2022 and September 30, 2021. Overall credit quality remained strong during the quarter as nonperforming loans to total loans was 0.18% as of September 30, 2022, compared to 0.15% at June 30, 2022 and 0.27% as of September 30, 2021. Nonperforming loans totaled $6.0 million at quarter end, up from $4.5 million at June 30, 2022.

The allowance for loan losses as a percentage of total loans was 0.92% as of September 30, 2022, both in total and when excluding PPP loans, compared to 0.95% in both categories as of June 30, 2022 and 0.95% and 0.96%, respectively, as of September 30, 2021. The decline in the allowance coverage ratio reflects growth in certain portfolios with lower coverage ratios as well as the continued decline in healthcare finance balances that have a higher coverage ratio.

Net charge-offs of $0.2 million were recognized during the third quarter of 2022, resulting in net charge-offs to average loans of 0.02%, compared to net charge-offs to average loans of 0.04% for the second quarter of 2022 and net charge-offs to average loans of 0.01% for the third quarter of 2021.

The provision for loan losses in the third quarter of 2022 was $0.9 million, compared to a provision of $1.2 million for the second quarter of 2022 and a credit for loan losses of $29,000 for the third quarter of 2021. The provision for the quarter was driven by the overall growth in the loan portfolio, partially offset by reductions in specific reserves as there were positive developments on certain monitored loans.

Capital

As of September 30, 2022, total shareholders’ equity was $360.9 million, a decrease of $4.5 million, or 1.2%, compared to June 30, 2022 and a decrease of $9.6 million, or 2.6%, compared to September 30, 2021. The decline in shareholders’ equity during the third quarter of 2022 was due primarily to an increase in accumulated other comprehensive loss resulting from a decline in the value of the available-for-sale securities portfolio caused by the continued rise in interest rates during the quarter and stock repurchase activity. This was partially offset by the net income earned during the quarter and an increase in the value of interest rate swaps classified as cash flow hedges. Book value per common share increased to $38.84 as of September 30, 2022, relatively stable with June 30, 2022 and up from $37.59 as of September 30, 2021. Tangible book value per share was $38.34, also relatively stable with June 30, 2022 and up from $37.12 as of September 30, 2021.

In connection with its previously announced stock repurchase program, which has been increased to a total aggregate purchase price of $35.0 million, the Company repurchased 120,000 shares of its common stock during the third quarter of 2022 at an average price of $36.56 per share. Including shares repurchased since the fourth quarter of 2021, the Company has repurchased $25.1 million of stock under the total upsized authorization of $35.0 million.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of September 30, 2022.

As of September 30, 2022

Company

Bank

Total shareholders’ equity to assets

8.46

%

10.14

%

Tangible common equity to tangible assets 1

8.36

%

10.04

%

Tier 1 leverage ratio 2

9.49

%

11.22

%

Common equity tier 1 capital ratio 2

11.72

%

13.87

%

Tier 1 capital ratio 2

11.72

%

13.87

%

Total risk-based capital ratio 2

15.73

%

14.77

%

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled “Non-GAAP Financial Measures.”

2 Regulatory capital ratios are preliminary pending filing of the Company’s and the Bank’s regulatory reports.

Conference Call and Webcast

The Company will host a conference call and webcast at 12:00 p.m. Eastern Time on Thursday, October 20, 2022 to discuss its quarterly financial results. The call can be accessed via telephone at (844) 200-6205; access code: 136923. A recorded replay can be accessed through November 19, 2022 by dialing (866) 813-9403; access code: 630846.

Additionally, interested parties can listen to a live webcast of the call on the Company’s website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About First Internet Bancorp

First Internet Bancorp is a financial holding company with assets of $4.3 billion as of September 30, 2022. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, residential mortgage loans, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “ahead,” “anticipate,” “believe,” “capitalize,” “confidence in,” “continue,” “could,” “designed,” “effort,” “estimate,” “expect,” “growth,” “help,” “hope,” “intend,” “looking forward,” “may,” “opportunities,” “optimistic,” “pending,” “plan,” “position,” “preliminary,” “remain,” “should,” “waiting on,” “well-positioned,” “will,” “working on,” “would” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: adverse public health developments on the economy, our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial real estate, commercial and industrial, public finance, SBA, and franchise finance loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; execution of pending and future acquisition, reorganization or disposition transactions, including without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings and other anticipated benefits from such transactions; fluctuations in interest rates; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, adjusted total interest income – FTE, net interest income – FTE, adjusted net interest income, adjusted net interest income – FTE, net interest margin – FTE, adjusted net interest margin, adjusted net interest margin – FTE, provision (benefit) for loan losses, excluding tax refund advance loans, average loans, excluding tax refund advance loans, net (recoveries) charge-offs to average loans, excluding tax refund advance loans, allowance for loan losses to loans, excluding PPP loans, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity, adjusted effective income tax rate, income before income taxes, excluding tax refund advance loans, income tax provision, excluding tax refund advance loans and net income, excluding tax refund advance loans are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

2022

2022

2021

2022

2021

Net income

$

8,436

$

9,545

$

12,090

$

29,190

$

35,636

Per share and share information
Earnings per share – basic

$

0.89

$

0.99

$

1.22

$

3.04

$

3.59

Earnings per share – diluted

0.89

0.99

1.21

3.01

3.57

Dividends declared per share

0.06

0.06

0.06

0.18

0.18

Book value per common share

38.84

38.85

37.59

38.84

37.59

Tangible book value per common share 1

38.34

38.35

37.12

38.34

37.12

Common shares outstanding

9,290,885

9,404,000

9,854,153

9,290,885

9,854,153

Average common shares outstanding:
Basic

9,458,259

9,600,383

9,936,237

9,615,039

9,922,877

Diluted

9,525,855

9,658,689

9,988,102

9,681,742

9,974,071

Performance ratios
Return on average assets

0.82

%

0.93

%

1.12

%

0.94

%

1.13

%

Return on average shareholders’ equity

9.01

%

10.23

%

13.10

%

10.40

%

13.54

%

Return on average tangible common equity 1

9.13

%

10.36

%

13.27

%

10.53

%

13.73

%

Net interest margin

2.40

%

2.60

%

2.00

%

2.52

%

2.05

%

Net interest margin – FTE 1,2

2.53

%

2.74

%

2.13

%

2.65

%

2.19

%

Capital ratios 3
Total shareholders’ equity to assets

8.46

%

8.91

%

8.71

%

8.46

%

8.71

%

Tangible common equity to tangible assets 1

8.36

%

8.81

%

8.61

%

8.36

%

8.61

%

Tier 1 leverage ratio

9.49

%

9.45

%

8.86

%

9.49

%

8.86

%

Common equity tier 1 capital ratio 11.72

%

12.46

%

12.62

%

11.72

%

12.62

%

Tier 1 capital ratio

11.72

%

12.46

%

12.62

%

11.72

%

12.62

%

Total risk-based capital ratio

15.73

%

16.74

%

17.04

%

15.73

%

17.04

%

Asset quality
Nonperforming loans

$

6,006

$

4,527

$

7,851

$

6,006

$

7,851

Nonperforming assets

6,006

4,550

9,039

6,006

9,039

Nonperforming loans to loans

0.18

%

0.15

%

0.27

%

0.18

%

0.27

%

Nonperforming assets to total assets

0.14

%

0.11

%

0.21

%

0.14

%

0.21

%

Allowance for loan losses to:
Loans

0.92

%

0.95

%

0.95

%

0.92

%

0.95

%

Loans, excluding PPP loans 1

0.92

%

0.95

%

0.96

%

0.92

%

0.96

%

Nonperforming loans

497.3

%

644.0

%

356.6

%

497.3

%

356.6

%

Net charge-offs to average loans

0.02

%

0.04

%

0.01

%

0.04

%

0.12

%

Average balance sheet information
Loans

$

3,161,850

$

2,998,144

$

2,933,654

$

3,036,532

$

2,991,556

Total securities

606,329

620,396

713,342

624,995

612,755

Other earning assets

188,467

322,302

479,051

321,262

478,399

Total interest-earning assets

3,970,650

3,962,589

4,148,726

4,004,025

4,107,971

Total assets

4,105,688

4,097,865

4,265,189

4,138,866

4,215,479

Noninterest-bearing deposits

124,067

108,980

104,161

115,142

97,760

Interest-bearing deposits

2,961,327

3,018,422

3,137,728

3,016,652

3,121,039

Total deposits

3,085,394

3,127,402

3,241,889

3,131,794

3,218,799

Shareholders’ equity

371,303

374,274

366,187

375,190

351,794

Contacts

Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com

Media
Nicole Lorch
President & Chief Operating Officer
(317) 532-7906
nlorch@firstib.com

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Brightest minds invited to present real-world customer successes and best practice use-cases to Enterprise CxOs and leading Industrial IoT authorities; convening on-line in the cloud December 8 – 9, 2022

Dates announced for 4 IoT MasterClasses scheduled for September, October, November 2022

LONDON–(BUSINESS WIRE)–#5GThe IoT Community® (Internet of Things Community®), the world’s first to market, longest standing, largest independent community of corporate executives, IoT professionals, and practitioners, today announced the IoT Grand Slam 2022 conference, commencing December 8-9th, 2022. An open call for papers and speakers has been initiated, for the next installment of the coveted IoT Slam® series of events – the twenty-first in the series of exclusive IoT Slam events.

“I’m pleased to announce our next premiere IoT Community event – the twenty-first in the series of IoT Slam conferences,” said Dr. Tom Bradicich, Vice President, and Hewlett Packard Fellow, HPE, and Chair of the IoT Community Advisory Board. “With the IT landscape rapidly shifting towards embracing the remote edge and IoT infrastructures, our IoT Grand Slam ‘22 virtual event will be replete with opportunities to enhance enterprise and industrial business outcomes. I invite all intelligent edge and IoT practitioners to join us and present their impactful solutions, use cases, experiences, and thought leadership.”

The IoT Grand Slam ‘22 builds on the hugely successful prior IoT Slam events. It represents an unparalleled platform for established and emerging IoT technology providers and practitioners, business leaders, and executive management across all core industry sectors to learn from and engage with one another. This includes non-members.

The IoT Grand Slam ‘22 online conference is delivered in real-time via virtual broadcast; attendees can tune in live to the stream globally via the internet and interact with speakers and other attendees. All proceedings are recorded and made available via https://iotpractitioner.com/.

David Hill, Executive Director of the Internet of Things Community (IoT Community) said, “We are excited to close out another solid year at the IoT Grand Slam 2022 event, December 8-9. Having delivered three marquee events this year, we look forward to the many dynamics of the Grand Slam, which will also feature the conclusion of the IoT Premier / Champions Leagues, as well as crowning M.V.P.s. I invite all members, followers, friends, and industry practitioners to engage in this meeting of the brightest minds from across the IoT landscape.

Call for Papers Open

IoT practitioners interested in presenting a session at the IoT Grand Slam ‘22 have until October 15th, 2022 to submit a proposal. Visit https://iotslam.com/call-for-papers/ for full details on the submission process and to submit a paper.

Free Access to Virtual Broadcast

Get free access to the real-time virtual broadcast by visiting http://www.iotslam.com/register

IoT MasterClass

The IoT Community announces the dates for the upcoming series of free IoT MasterClasses – it’s specialized content engine, which focuses on core industry learnings, findings, and best practices – that align IoT across industry. These courses will be featured virtual events in the lead up to the IoT Grand Slam – and will commence as follows:

September 15th 2022: Five things to consider when selecting a satellite solution for your IoT project (hosted in partnership with Inmarsat)
https://iotcommunity.net/iot-masterclass-five-things-to-consider-when-selecting-a-satellite-solution-for-your-iot-project/

October 6th 2022: Expanding Industrial IoT Applications With Digital Twins (hosted in partnership with SoftServe)
https://iotcommunity.net/iot-masterclass-expanding-industrial-iot-applications-with-digital-twins/

October 13th 2022: Operationalizing Real-World Computer Vision Use Cases At-Scale (hosted in partnership with SAS)
https://iotcommunity.net/iot-masterclass-operationalizing-real-world-computer-vision-use-cases-at-scale/

November 17th 2022: Hospital at Home: How IoT technologies are enabling a new model of care delivery (held in partnership with SAS)
https://iotcommunity.net/iot-masterclass-hospital-at-home-how-iot-technologies-are-enabling-a-new-model-of-care-delivery/

About IoT Grand Slam ‘22

The IoT Grand Slam ‘22 is the Internet of Things Community’s twenty-first international conference, covering a horizontal industry perspective, across the entire spectrum of IoT. The IoT Grand Slam ‘22 takes place on December 8-9th, 2022 virtually. For more information, visit www.iotslam.com. IoT Slam delivers the best in class IoT Strategy, Leadership, Advisory, and Methodology – (SLAM)™.

About IoT Community® – (Internet of Things Community®)

The IoT Community is the world’s largest CxO community of senior business leaders and IoT practitioners consisting of 40,000+ members. The function is to focus on the adoption and application of IoT in commercial environments, seeking to contribute to applying technology or overcoming a variety of barriers, inhibitors, and technical and operational issues. For more information about IoT Community, visit http://www.iotcommunity.net.

Contacts

David Hill
Executive Director
IoT Community

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CAMPBELL, Calif.–(BUSINESS WIRE)–8×8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today announced that management is scheduled to participate in the following virtual conference:

Oppenheimer 25th Annual Technology, Internet and Communications Conference
Virtual Presentation: Tuesday, August 9, 2022, 12:45 pm PDT

The presentation will be webcast. Links to live and archived webcasts are available from the investor relations section of the company’s website at https://investors.8×8.com/events-and-presentations/default.aspx

About 8×8 Inc.
8×8, Inc. (NYSE: EGHT) is transforming the future of business communications as a leading Software as a Service provider of 8×8 XCaaS™ (eXperience Communications as a Service™), an integrated contact center, voice communications, video, chat, and API solution built on one global cloud communications platform. 8×8 uniquely eliminates the silos between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) to power the communications requirements of all employees globally as they work together to deliver differentiated customer experiences. For additional information, visit www.8×8.com, or follow 8×8 on LinkedIn, Twitter and Facebook.

8×8®, 8×8 XCaaS™, eXperience Communications as a Service™, eXperience Communications Platform™ are trademarks of 8×8, Inc.

Contacts

8×8, Inc. Contacts:
Media:
John Sun, 1-408-692-7054
john.sun@8×8.com

Investor Relations:
Kate Patterson, 1-408-763-8175
katherine.patterson@8×8.com

The post 8×8, Inc. to Attend Oppenheimer 25th Annual Technology, Internet and Communications Conference appeared first on Web Hosting | Cloud Computing | Datacenter | Domain News.

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DUBLIN–(BUSINESS WIRE)–The “Home Audio Equipment – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Home Audio Equipment Market to Reach US$49.9 Billion by the Year 2026

The audio-visual space is also being influenced by rising attention on smart home theaters that yield a hi-tech media room. These smart rooms enable an integrated approach and provide users with a universal remote for controlling their connected appliances for a convenient and futuristic audio-visual experience. Homeowners planning to get rid of wired systems without compromising over the sound quality are embracing minimal audio equipment with powerful performance.

The market is witnessing increasing influx of wireless audio equipment with inbuilt components. New multi-speaker and multi-channel systems are supported by single soundbars. Tech advancements such as architecturally friendly Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window treatments, and large LED screens, are improving the prospects of home theater market.

The global market for Home Audio Equipment was estimated at US$36.3 Billion in the year 2022, and is projected to reach a revised size of US$49.9 Billion by 2026, growing at a CAGR of 9.6% over the analysis period. Home Theater Systems, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$15.1 Billion by the end of the analysis period.

The U.S. Market is Estimated at $13.1 Billion in 2022, While China is Forecast to Reach $6.1 Billion by 2026

The Home Audio Equipment market in the U.S. is estimated at US$13.1 Billion in the year 2022. The country currently accounts for a 36.2% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$6.1 Billion in the year 2026 trailing a CAGR of 11.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR while Rest of European market (as defined in the study) will reach US$3.6 Billion by the end of the analysis period.

Sound Bars Segment to Reach $12.9 Billion by 2026

Soundbars are enjoying extensive uptake across households following the COVID-19 impetus and increasing availability of diverse content and adoption of home entertainment products. In the recent years, an increasing number of people have started consuming streaming content like free e-books, gaming and movies.

The soundbar trend is also catalyzed by the rise of smart TVs and rising installation of home theater systems for enhanced listening and viewing experience. In the global Sound Bars segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Homebound Customers Charge Premium Audio Products’ Demand amid Pandemic
  • Home Audio Technology Exhibits Consistent Evolution with Addition of New Features
  • Future Home Theater & Audio Equipment Trends Coming Down the Pipe
  • Major Design Trends in Home Theaters
  • Digital Boom and Growth in Music Streaming Drives Demand for Wireless Speakers
  • Growing Smart Homes Catalyst to Home Theatre and Other Audio Products
  • E-Commerce Drives Sales of Home Audio Equipment
  • Growing Population of Music Listeners & Rise of Mass-Market Audiophiles Augments Business Prospects
  • Connectivity: A Critical Feature for Modern Speakers
  • Rise in Internet Penetration and Availability of High-Speed Broadband Networks to Spur Opportunities
  • Technology Advancements Drive Significant Improvements in Speaker Systems
  • Rise in Home Entertainment Spending Drives Opportunities
  • Rapid Growth of OTT Platforms & Rise in Demand for High-Quality Streaming Content to Drive Market Gains
  • Artificial Intelligence (AI) Emerges as a Key Technology to Induce Market Growth
  • In-Wall Speakers Gain Consumer Interest
  • Soundbars Continue to Grow in Popularity
  • New Soundbars Set to Redefine User Listening Experience
  • AI-enabled Speakers and Use of Digital Assistants in Speaker Systems Gain Traction
  • Bulkier and Larger Speakers Benefit from Better Performance Capabilities
  • Rise in Penetration of Large Flat Panel TVs Fuels Demand for Soundbars
  • A Peek into Consumer Behavior
  • Favorable Demographic & Socio-Economic Trends Strengthen Market Prospects
  • Rapid Growth in Urban Households
  • Growing Affluence of Middle Class Consumer Segment
  • Rising Living Standards

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Companies Mentioned

  • Amazon.com, Inc.
  • Apple, Inc.
  • Bose Corporation
  • Creative Technologies, Inc.
  • Edifier International Limited
  • Harman International Industries, Inc.
  • JVCKenwood Corporation
  • Klipsch Group, Inc.
  • LG Electronics Inc.
  • Nortek Inc.
  • Onkyo & Pioneer Corporation
  • Panasonic Corporation
  • Polk Audio
  • Samsung Electronics Co., Ltd.
  • Sharp Corporation
  • Sony Electronics Inc.
  • VIZIO, Inc.
  • Voxx International Corporation
  • Yamaha Corporation

For more information about this report visit https://www.researchandmarkets.com/r/rpi3aq

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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The Benefits of 5G in Internet of Things (IoT) Connectivity ThinkPalm Tue, 08/17/2021 – 00:15 Read more about The Benefits of 5G in Internet of Things (IoT) Connectivity Log in or register to post comments The initial deployments of 5G cellular networks are already believed to be a game-changer in connectivity, enabling faster, more stable, and secure connections. 5G telecom networks have significantly transformed the communication ecosystem by presenting extraordinary speed, extended bandwidth, low latency, and increased network capability to connect several devices simultaneously. The post The Benefits of 5G in Internet of Things (IoT) Connectivity appeared first on Web Hosting | Cloud Computing | Datacenter | Domain News.
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BEDFORD, Mass.–(BUSINESS WIRE)– #cybersecurity–NetWitness today introduced NetWitness IoT, a SaaS-native solution that delivers visibility across an organization’s IoT and OT systems. The post NetWitness® IoT Provides Enterprises with Threat Monitoring and Behavioral Detection Across Their Internet of Things and Operational Technology Systems appeared first on Web Hosting | Cloud Computing | Datacenter | Domain News.
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