First Internet Bancorp Reports First Quarter 2026 Results

- Net income of $2.5 million, up 166% year-over-year -
- Diluted earnings per share of $0.29, up 164% year-over-year -
- Company to hold earnings call today at 5pm ET -

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 first quarter ended March 31, 2026.

Key Business Updates

• Revenue Momentum: Growth in net interest income (up 26%) and fully-taxable equivalent (“FTE”) net interest margin (now 2.45%) drove quarterly revenue up 21% year-over-year to $43.1 million. When combined with well-managed expenses, pre-provision net revenue grew 51% year-over-year.
• Credit Trends: Provision for credit losses for the first quarter of 2026 of $16.3 million. The provision reflects our quarterly CECL re-measurement of expected lifetime losses for the portfolio, based on observed credit performance and updates to current conditions. During the first quarter, ongoing proactive credit actions continued to drive progress in resolving problem credits. Notably, nonaccrual unguaranteed SBA and franchise finance balances declined from the fourth quarter of 2025.
• Strong Loan Production: Commercial loan production remained strong during the first quarter led by construction and single tenant lease financing. Additionally, loan pipelines at the end of the quarter were solid, setting the stage for continued loan growth as we move through 2026.

First Quarter 2026 Financial Performance

• Net income of $2.5 million and diluted earnings per share of $0.29, up 166% and 164%, respectively, from the prior year period
• Total revenue of $43.1 million, which increased 21% from the prior year period
• Net interest income of $31.6 million and FTE net interest income of $32.8 million¹, increased 26% and 25%, respectively, over the prior year period
• Net interest margin of 2.36% and FTE net interest margin of 2.45%¹, both increased 54 basis points (“bps”) from the prior year period
• Noninterest income of $11.5 million, which increased 10% from the prior year period
• Pre-provision net revenue (“PPNR”) of $18.1 million¹, which increased 51% from the prior year period
• Total loan balances of $3.8 billion, up $29.1 million, or 1%, from the fourth quarter of 2025
  • The yield on the loan portfolio increased 37 bps from the prior year period to 6.36%
  • Strong loan production partially offset by elevated payoffs and maturities
• Total deposits of $5.0 billion, up $141.8 million, or 3%, from the fourth quarter of 2025
  • Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature
  • The cost of interest-bearing deposits declined 56 bps from the prior year period to 3.45%
  • Approximately $1.5 billion of fintech deposits moved off-balance sheet into a deposit network, providing flexibility to manage the size of the balance sheet
  • Loans to deposits ratio of 75.8%
• Provision for credit losses of $16.3 million, up $4.3 million, or 36.1%, from the fourth quarter of 2025
• Net charge-offs to average loans of 1.65%, slightly improved from 1.68% in the fourth quarter of 2025
• Nonperforming loans (“NPLs”) to total loans of 1.63%; allowance for credit losses - loans ("ACL") to total loans of 1.50%
  • Increase in NPLs consisted primarily of fully-guaranteed SBA 7(a) balances and accruing loans past due 90 days or more, partially offset by lower nonaccrual franchise finance loans
  • NPLs / total loans of 1.22%¹ excluding fully-guaranteed balances
  • ACL to NPLs of 92%; or 122%¹ excluding fully-guaranteed balances
• Tangible common equity to tangible assets of 6.24%¹, and 6.99%¹ ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.97%²; total capital ratio of 12.50%²
• Tangible book value per share of $40.87¹, consistent with the fourth quarter of 2025

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 regulatory reports

“We kicked off the new year with strong first quarter results, demonstrating the resilience of our diversified business model and the solid foundation we've built to navigate an uncertain macroeconomic environment from a position of strength,” said David Becker, Chairman and CEO of First Internet Bancorp. “We generated 21% revenue growth, 51% growth in pre-provision net revenue, and expanded our net interest margin 54 basis points year-over-year to 2.45%, reflecting years of disciplined balance sheet repositioning and proactive liability management. We're also seeing tangible evidence that our enhanced underwriting standards and risk management initiatives are yielding favorable results, particularly in our SBA portfolio where unguaranteed nonperforming loans and delinquencies have improved both sequentially and year-over-year.”

“Beyond the strong quarterly financial results, we continued to make strategic investments in AI and digital capabilities that are already delivering measurable results - our virtual customer service agents resolve 45% of inquiries, our fraud detection agents enhance security, and our Net Promoter Scores are well above industry averages. Additionally, our Banking-as-a-Service partnerships continue to grow and provide valuable deposit funding flexibility, while our commercial lending pipelines remain robust across multiple verticals. With improving credit trends, strong margin momentum, and disciplined cost management, we are well-positioned to deliver improving profitability through 2026 and accelerating performance into 2027."

Full Year 2026 Outlook

The Company is broadly maintaining its 2026 guidance. However, management acknowledges the heightened macroeconomic uncertainty, including volatile energy prices and other geopolitical developments, which could have negative impacts. Regarding loan growth specifically, while commercial pipelines remain robust, the Company recognizes that the full-year target of 15-17% may prove ambitious due to higher-than-expected loan payoffs and potential further tightening of underwriting standards due to macro uncertainties.

Conference Call and Webcast

The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 30, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 715-9871; access code: 9553116. A recorded replay can be accessed through May 7, 2026, by dialing (800) 770-2030; access code: 9553116.

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 bank holding company with assets of $5.7 billion as of March 31, 2026. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, commercial real estate and construction financing, SBA financing, public finance, consumer loans, and specialty finance services nationally, as well as 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 within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, 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 “anticipate,” “believe,” “better than,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expand,” “expect,” “future,” “going forward,” “growth,” ”improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “progress,” “remain,” “setting the stage,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” 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: 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 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 and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; 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, net interest income – FTE, net interest margin – FTE, adjusted total revenue, pre-provision net revenue, adjusted pre-provision net revenue, adjusted noninterest income, adjusted income before income taxes, adjusted income tax (benefit) 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 tangible common equity, adjusted tangible assets, adjusted tangible common equity to adjusted tangible assets, adjusted nonperforming loans to total loans and adjusted allowance for credit losses – loans to nonperforming 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
		March 31				December 31				March 31
		2026				2025				2025
Net income		$	2,509			$	5,289			$	943
Per share and share information
Earnings per share - basic		$	0.29			$	0.61			$	0.11
Earnings per share - diluted			0.29				0.60				0.11
Dividends declared per share			0.06				0.06				0.06
Book value per common share			41.41				41.41				44.58
Tangible book value per common share 1			40.87				40.87				44.04
Common shares outstanding			8,716,662				8,686,994				8,697,085
Average common shares outstanding:
Basic			8,734,383				8,728,342				8,715,655
Diluted			8,774,111				8,769,456				8,784,970
Performance ratios
Return on average assets			0.18	%			0.37	%			0.07	%
Return on average shareholders' equity			2.72	%			5.79	%			0.98	%
Return on average tangible common equity 1			2.75	%			5.87	%			0.99	%
Net interest margin			2.36	%			2.22	%			1.82	%
Net interest margin - FTE 1,2			2.45	%			2.30	%			1.91	%
Capital ratios 3
Total shareholders' equity to assets			6.32	%			6.46	%			6.63	%
Tangible common equity to tangible assets 1			6.24	%			6.38	%			6.55	%
Tier 1 leverage ratio			6.23	%			6.24	%			6.87	%
Common equity tier 1 capital ratio			8.97	%			8.97	%			9.15	%
Tier 1 capital ratio			8.97	%			8.97	%			9.15	%
Total risk-based capital ratio			12.50	%			12.50	%			12.52	%
Asset quality
Nonperforming loans		$	61,596			$	58,538			$	34,243
Nonperforming assets			63,691				61,355				35,921
Nonperforming loans to loans			1.63	%			1.56	%			0.80	%
Nonperforming assets to total assets			1.12	%			1.10	%			0.61	%
Allowance for credit losses - loans to:
Loans			1.50	%			1.49	%			1.11	%
Nonperforming loans			91.7	%			95.1	%			138.0	%
Net charge-offs to average loans			1.65	%			1.68	%			0.92	%
Average balance sheet information
Loans		$	3,874,174			$	3,798,831			$	4,237,300
Total securities			1,022,872				943,418				901,918
Other earning assets			521,697				665,022				445,280
Total interest-earning assets			5,424,700				5,426,126				5,590,131
Total assets			5,635,646				5,618,089				5,770,380
Noninterest-bearing deposits			143,305				155,030				135,878
Interest-bearing deposits			4,744,189				4,723,879				4,815,978
Total deposits			4,887,494				4,878,909				4,951,856
Shareholders' equity			374,276				362,183				392,035
1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports

First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2025)
Dollar amounts in thousands
		March 31				December 31				March 31
		2026				2025				2025
Assets
Cash and due from banks		$	10,528			$	6,145			$	6,344
Interest-bearing deposits			591,277				450,632				388,110
Securities available-for-sale, at fair value			772,035				778,687				681,785
Securities held-to-maturity, at amortized cost, net of allowance for credit losses			276,042				250,609				276,542
Loans held-for-sale			55,240				108,608				31,738
Loans			3,775,870				3,746,728				4,254,412
Allowance for credit losses - loans			(56,496	)			(55,686	)			(47,238	)
Net loans			3,719,374				3,691,042				4,207,174
Accrued interest receivable			28,182				27,909				29,022
Federal Home Loan Bank of Indianapolis stock			28,350				28,350				28,350
Cash surrender value of bank-owned life insurance			42,864				42,559				41,675
Premises and equipment, net			67,006				67,934				70,461
Goodwill			4,687				4,687				4,687
Servicing asset			23,614				22,793				17,445
Other real estate owned			1,945				2,631				1,518
Accrued income and other assets			90,544				89,061				66,757
Total assets		$	5,711,688			$	5,571,647			$	5,851,608
Liabilities
Noninterest-bearing deposits		$	149,505			$	146,879			$	151,815
Interest-bearing deposits			4,832,145				4,692,934				4,793,810
Total deposits			4,981,650				4,839,813				4,945,625
Advances from Federal Home Loan Bank			239,500				249,500				395,000
Subordinated debt			105,546				105,465				105,228
Accrued interest payable			1,232				1,744				1,645
Accrued expenses and other liabilities			22,806				15,358				16,363
Total liabilities			5,350,734				5,211,880				5,463,861
Shareholders' equity
Voting common stock			186,967				186,577				185,873
Retained earnings			195,292				193,320				231,031
Accumulated other comprehensive loss			(21,305	)			(20,130	)			(29,157	)
Total shareholders' equity			360,954				359,767				387,747
Total liabilities and shareholders' equity		$	5,711,688			$	5,571,647			$	5,851,608

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
		Three Months Ended
		March 31				December 31				March 31
		2026				2025				2025
Interest income
Loans		$	60,839			$	61,535			$	62,662
Securities - taxable			9,496				8,811				8,463
Securities - non-taxable			654				651				661
Other earning assets			4,821				7,057				5,043
Total interest income			75,810				78,054				76,829
Interest expense
Deposits			40,359				43,836				47,626
Other borrowed funds			3,853				3,896				4,107
Total interest expense			44,212				47,732				51,733
Net interest income			31,598				30,322				25,096
Provision for credit losses			16,305				11,984				11,933
Net interest income after provision
for credit losses			15,293				18,338				13,163
Noninterest income
Service charges and fees			844				454				265
Loan servicing revenue			2,856				2,713				1,983
Loan servicing asset revaluation			(1,060	)			(1,800	)			(1,181	)
Gain on sale of loans			7,377				8,470				8,647
Other			1,501				1,538				713
Total noninterest income			11,518				11,375				10,427
Noninterest expense
Salaries and employee benefits			13,236				12,668				13,107
Marketing, advertising and promotion			615				644				647
Consulting and professional fees			1,080				1,184				1,228
Data processing			775				712				635
Loan expenses			2,179				1,813				1,531
Premises and equipment			3,676				3,705				3,115
Deposit insurance premium			1,487				1,563				1,398
Other			1,979				1,922				1,895
Total noninterest expense			25,027				24,211				23,556
Income before income taxes			1,784				5,502				34
Income tax (benefit) provision			(725	)			213				(909	)
Net income		$	2,509			$	5,289			$	943
Per common share data
Earnings per share - basic		$	0.29			$	0.61			$	0.11
Earnings per share - diluted		$	0.29			$	0.60			$	0.11
Dividends declared per share		$	0.06			$	0.06			$	0.06

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
		Three Months Ended
		March 31, 2026										December 31, 2025										March 31, 2025
		Average				Interest /			Yield /			Average				Interest /			Yield /			Average				Interest /			Yield /
		Balance				Dividends			Cost			Balance				Dividends			Cost			Balance				Dividends			Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1		$	3,880,131			$	60,839		6.36	%		$	3,817,686			$	61,535		6.39	%		$	4,242,933			$	62,662		5.99	%
Securities - taxable			943,079				9,496		4.08	%			863,071				8,811		4.05	%			820,175				8,463		4.18	%
Securities - non-taxable			79,793				654		3.32	%			80,347				651		3.21	%			81,743				661		3.28	%
Other earning assets			521,697				4,821		3.75	%			665,022				7,057		4.21	%			445,280				5,043		4.59	%
Total interest-earning assets			5,424,700				75,810		5.67	%			5,426,126				78,054		5.71	%			5,590,131				76,829		5.57	%
Allowance for credit losses - loans			(56,106	)									(61,378	)									(45,664	)
Noninterest-earning assets			267,052										253,341										225,913
Total assets		$	5,635,646									$	5,618,089									$	5,770,380
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	1,243,549			$	8,168		2.66	%		$	1,023,305			$	7,524		2.92	%		$	956,322			$	6,974		2.96	%
Savings accounts			19,542				41		0.85	%			18,575				40		0.85	%			20,568				43		0.85	%
Money market accounts			1,292,126				10,103		3.17	%			1,312,201				11,238		3.40	%			1,221,795				11,361		3.77	%
Certificates and brokered deposits			2,188,972				22,047		4.08	%			2,369,798				25,034		4.19	%			2,617,293				29,248		4.53	%
Total interest-bearing deposits			4,744,189				40,359		3.45	%			4,723,879				43,836		3.68	%			4,815,978				47,626		4.01	%
Other borrowed funds			352,117				3,853		4.44	%			354,926				3,896		4.35	%			401,300				4,107		4.15	%
Total interest-bearing liabilities			5,096,306				44,212		3.52	%			5,078,805				47,732		3.73	%			5,217,278				51,733		4.02	%
Noninterest-bearing deposits			143,305										155,030										135,878
Other noninterest-bearing liabilities			21,759										22,071										25,189
Total liabilities			5,261,370										5,255,906										5,378,345
Shareholders' equity			374,276										362,183										392,035
Total liabilities and shareholders' equity		$	5,635,646									$	5,618,089									$	5,770,380
Net interest income						$	31,598									$	30,322									$	25,096
Interest rate spread									2.15	%									1.98	%									1.55	%
Net interest margin									2.36	%									2.22	%									1.82	%
Net interest margin - FTE 2,3									2.45	%									2.30	%									1.91	%
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
		March 31, 2026						December 31, 2025						March 31, 2025
		Amount			Percent			Amount			Percent			Amount			Percent
Commercial loans
Commercial and industrial		$	225,425		6.0	%		$	221,714		5.9	%		$	140,239		3.3	%
Owner-occupied commercial real estate			48,136		1.3	%			48,575		1.3	%			49,954		1.2	%
Investor commercial real estate			598,933		15.9	%			647,394		17.3	%			297,874		7.0	%
Construction			449,888		11.9	%			372,668		9.9	%			471,082		11.1	%
Single tenant lease financing			254,044		6.7	%			222,925		5.9	%			950,814		22.4	%
Public finance			441,734		11.7	%			442,234		11.8	%			482,558		11.3	%
Healthcare finance			131,161		3.5	%			139,469		3.7	%			171,430		4.0	%
Small business lending			433,964		11.5	%			430,024		11.5	%			353,408		8.3	%
Franchise finance			389,249		10.3	%			417,045		11.1	%			514,700		12.1	%
Total commercial loans			2,972,534		78.8	%			2,942,048		78.4	%			3,432,059		80.7	%
Consumer loans
Residential mortgage			338,058		9.0	%			343,110		9.2	%			367,722		8.6	%
Home equity			14,219		0.4	%			14,725		0.4	%			17,421		0.4	%
Trailers			242,022		6.4	%			235,876		6.3	%			220,012		5.2	%
Recreational vehicles			142,442		3.8	%			141,952		3.8	%			145,690		3.4	%
Other consumer loans			46,874		1.2	%			47,630		1.3	%			46,851		1.1	%
Total consumer loans			783,615		20.8	%			783,293		21.0	%			797,696		18.7	%
Net deferred loan fees, premiums, discounts and other 1			19,721		0.4	%			21,387		0.6	%			24,657		0.6	%
Total loans		$	3,775,870		100.0	%		$	3,746,728		100.0	%		$	4,254,412		100.0	%
		March 31, 2026						December 31, 2025						March 31, 2025
		Amount			Percent			Amount			Percent			Amount			Percent
Deposits
Noninterest-bearing deposits		$	149,505		3.0	%		$	146,880		3.0	%		$	151,815		3.1	%
Interest-bearing demand deposits			1,358,028		27.3	%			1,120,850		23.2	%			1,103,540		22.3	%
Savings accounts			20,344		0.4	%			18,990		0.4	%			21,632		0.4	%
Money market accounts			1,325,382		26.6	%			1,272,845		26.3	%			1,292,235		26.2	%
Certificates of deposits			1,869,181		37.5	%			2,004,909		41.4	%			2,029,801		41.0	%
Brokered deposits			259,210		5.2	%			275,339		5.7	%			346,602		7.0	%
Total deposits		$	4,981,650		100.0	%		$	4,839,813		100.0	%		$	4,945,625		100.0	%
1 Includes carrying value adjustments of $18.1 million, $19.1 million and $22.1 million related to terminated interest rate swaps associated with public finance loans as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended
		March 31				December 31				March 31
		2026				2025				2025
Total equity - GAAP		$	360,954			$	359,767			$	387,747
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)
Tangible common equity		$	356,267			$	355,080			$	383,060
Total assets - GAAP		$	5,711,688			$	5,571,647			$	5,851,608
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)
Tangible assets		$	5,707,001			$	5,566,960			$	5,846,921
Common shares outstanding			8,716,662				8,686,994				8,697,085
Book value per common share		$	41.41			$	41.41			$	44.58
Effect of goodwill			(0.54	)			(0.54	)			(0.54	)
Tangible book value per common share		$	40.87			$	40.87			$	44.04
Total shareholders' equity to assets			6.32	%			6.46	%			6.63	%
Effect of goodwill			(0.08	%)			(0.08	%)			(0.08	%)
Tangible common equity to tangible assets			6.24	%			6.38	%			6.55	%
Total average equity - GAAP		$	374,276			$	362,183			$	392,035
Adjustments:
Average goodwill			(4,687	)			(4,687	)			(4,687	)
Average tangible common equity		$	369,589			$	357,496			$	387,348
Return on average shareholders' equity			2.72	%			5.79	%			0.98	%
Effect of goodwill			0.03	%			0.08	%			0.01	%
Return on average tangible common equity			2.75	%			5.87	%			0.99	%
Total interest income		$	75,810			$	78,054			$	76,829
Adjustments:
Fully-taxable equivalent adjustments 1			1,160				1,161				1,169
Total interest income - FTE		$	76,970			$	79,215			$	77,998
Net interest income		$	31,598			$	30,322			$	25,096
Adjustments:
Fully-taxable equivalent adjustments 1			1,160				1,161				1,169
Net interest income - FTE		$	32,758			$	31,483			$	26,265
Net interest margin			2.36	%			2.22	%			1.82	%
Effect of fully-taxable equivalent adjustments 1			0.09	%			0.08	%			0.09	%
Net interest margin - FTE			2.45	%			2.30	%			1.91	%
1 Assuming a 21% tax rate

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended
		March 31				December 31			March 31
		2026				2025			2025
Total revenue - GAAP		$	43,116			$	41,697		$	35,523
Adjustments:
Loss on sale of loans			-				411			-
Adjusted total revenue		$	43,116			$	42,108		$	35,523
Net income - GAAP		$	2,509			$	5,289		$	943
Adjustments:1
Provision for credit losses			16,305				11,984			11,933
Income tax (benefit) provision			(725	)			213			(909	)
Pre-provision net revenue		$	18,089			$	17,486		$	11,967
Pre-provision net revenue		$	18,089			$	17,486		$	11,967
Adjustments:
Loss on sale of loans			-				411			-
Adjusted pre-provision net revenue		$	18,089			$	17,897		$	11,967
Noninterest income - GAAP		$	11,518			$	11,375		$	10,427
Adjustments:
Loss on sale of loans			-				411			-
Adjusted noninterest income		$	11,518			$	11,786		$	10,427
Income before income taxes - GAAP		$	1,784			$	5,502		$	34
Adjustments:
Loss on sale of loans			-				411			-
Adjusted income before income taxes		$	1,784			$	5,913		$	34
Income tax (benefit) provision - GAAP		$	(725	)		$	213		$	(909	)
Adjustments:1
Loss on sale of loans			-				86			-
Adjusted income tax (benefit) provision		$	(725	)		$	299		$	(909	)
Net income - GAAP		$	2,509			$	5,289		$	943
Adjustments:
Loss on sale of loans			-				325			-
Adjusted net income		$	2,509			$	5,614		$	943
1 Assuming a 21% tax rate

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended
		March 31				December 31				March 31
		2026				2025				2025
Diluted average common shares outstanding			8,774,111				8,769,456				8,784,970
Diluted earnings per share - GAAP		$	0.29			$	0.60			$	0.11
Adjustments:
Effect of loss on sale of loans			-				0.04				-
Adjusted diluted earnings per share		$	0.29			$	0.64			$	0.11
Return on average assets			0.18	%			0.37	%			0.07	%
Effect of loss on sale of loans			0.00	%			0.02	%			0.00	%
Adjusted return on average assets			0.18	%			0.39	%			0.07	%
Return on average shareholders' equity			2.72	%			5.79	%			0.98	%
Effect of loss on sale of loans			0.00	%			0.36	%			0.00	%
Adjusted return on average shareholders' equity			2.72	%			6.15	%			0.98	%
Return on average tangible common equity			2.75	%			5.87	%			0.99	%
Effect of loss on sale of loans			0.00	%			0.36	%			0.00	%
Adjusted return on average tangible common equity			2.75	%			6.23	%			0.99	%
Tangible common equity		$	356,267			$	355,080			$	383,060
Adjustments:
Accumulated other comprehensive loss			21,305				20,130				29,157
Adjusted tangible common equity		$	377,572			$	375,210			$	412,217
Tangible assets		$	5,707,001			$	5,566,960			$	5,846,921
Adjustments:
Cash in excess of $300 million			(301,805	)			(156,777	)			(94,454	)
Adjusted tangible assets		$	5,405,196			$	5,410,183			$	5,752,467
Adjusted tangible common equity		$	377,572			$	375,210			$	412,217
Adjusted tangible assets			5,405,196				5,410,183				5,752,467
Adjusted tangible common equity to adjusted tangible assets			6.99	%			6.94	%			7.17	%

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
	Three Months Ended
	March 31			December 31			March 31
	2026			2025			2025
Nonperforming loans to total loans	1.63	%		1.56	%		0.80	%
Adjustments:
Fully guaranteed balances	(0.41	%)		(0.36	%)		(0.12	%)
Adjusted nonperforming loans to total loans	1.22	%		1.20	%		0.68	%
Allowance for credit losses - loans to nonperforming loans	91.72	%		95.13	%		137.95	%
Adjustments:
Fully guaranteed balances	30.73	%		28.84	%		24.87	%
Adjusted allowance for credit losses - loans to nonperforming loans	122.45	%		123.97	%		162.82	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428063339/en/

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

Media
PANBlast
Zach Weismiller
firstib@panblastpr.com

Source: First Internet Bancorp