Insider buying? Don't get fooled!

Insider buying? Don’t get fooled.

On the BOFI board, under the headline “INBK Massive Insider Buying”, a board member posted the following:

Maybe a few others noticed as well, but my email just got spammed with form 4 notices for INBK. It looks like the insiders see todays price as a screaming buy once again. A total of 11 form 4 filings posted today of insiders buying shares it appears.

I looked it up and responded:

when it’s all on the same day (Jan 2nd, in fact), you know for sure that it’s NOT insider buying. On the other hand it turns out that it was all option grants.

When in doubt, look on this site:



On the other hand it turns out that it was all option grants.

Also, it’s apparently good to be an executive at INBK, given the number of options granted this year compared to last year.

Year    Shares  Price    Value
2015    34,988	$16.69 	$583,949.72 
2014     4,445	*$21.42* 	 $95,211.90

The form showed a $0 price for the 2014 shares, so I used the BoY price.

Could the difference be stock options vs. restricted stock? Or is the Board of Directors simply generous? I cannot tell from the form.

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The following is from the recent Sec 4 filing for the CEO for the 8,000 shares acquired:

Represents grant of restricted stock under the First Internet Bancorp 2013 Equity Incentive Plan. The restricted stock vests as follows: 2,667 shares vest on March 31, 2015; 2,667 shares vest on March 31, 2016; and 2,666 shares vest of March 31, 2017.…