First Internet Bancorp Reports Third Quarter 2025 Results

- Increased adjusted revenue by 30% year-over-year to $43.5 million¹ -

- FTE NIM expanded by 42 bps year-over-year to 2.12%¹ -

- Took decisive action on credit - leading to improving delinquencies -

- Completed a major loan sale – enhancing regulatory capital ratios and balance sheet flexibility -

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, 2025.

"Our third quarter results demonstrated strong operational momentum with solid growth in net interest income and continued improvement in our net interest margin," said David Becker, CEO and Chairman of First Internet Bancorp. "We have now achieved eight consecutive quarters of increasing net interest income, attributable to higher yields on our earning assets and reduced funding costs, both of which have materially enhanced our operating efficiency. Additionally, we attained significant growth in fintech deposits, which has enabled us to maintain strong balance sheet liquidity, as evidenced by our favorable loans-to-deposits ratio. We also completed a major loan sale and moved deposits off balance sheet which will enhance our regulatory capital ratios and provide balance sheet flexibility."

"In the third quarter, we took decisive action to address credit issues in our small business lending and franchise finance portfolios, which provides us with a cleaner credit profile and sets the stage for improved performance in future quarters. Entering the fourth quarter, we see encouraging signs in both portfolios with asset quality improving and delinquencies at their lowest level in a year. Our loan pipelines remain robust, and we are now well-positioned to grow earnings and accelerate our ability to achieve a ROAA of 1%. I wish to express my sincere appreciation for the dedication and diligence of our team as we worked extremely hard this quarter to position the Company for success going forward and enhance shareholder value."

Key Business Update

• Revenue and Profitability Momentum
  Adjusted total revenue grew 30% sequentially, leading to adjusted pre-tax, pre-provision income of $18.1 million¹, up over 50% from the previous quarter. Net interest margin improved to 2.04%, with fully-taxable equivalent net interest margin of 2.12%¹.

• Proactive Credit Risk Management
  Company took decisive credit related actions that have resulted in notable progress in resolving problem loans as delinquencies have declined significantly. Additionally, the Company recognized a provision for credit losses of $34.8 million, primarily related to small business lending and franchise finance.

• Solid Capital Position
  Completed the previously announced sale of $836.9 million of single tenant lease financing loans which enhanced regulatory capital ratios and balance sheet flexibility. Regulatory capital ratios improved, with a Common Equity Tier 1 ratio of 9.24%, a Total Risk-Based Capital ratio of 13.11%, and a tangible common equity to tangible assets ratio of 6.17%.

Third Quarter 2025 Financial Performance

• Adjusted total revenue of $43.5 million¹ increased 30% from the prior quarter
• Net interest income of $30.4 million and fully-taxable net interest income of $31.5 million¹, both increasing 8%, from the second quarter of 2025
• Net interest margin of 2.04% and fully-taxable equivalent net interest margin of 2.12%¹, both increasing 8 basis points (“bps”), from the second quarter of 2025
• Adjusted pre-tax, pre-provision income (“PTPP”) of $18.1 million¹ increased 54% from the prior quarter
• Loan balances decreased $732.2 million, or 17%, from the second quarter of 2025
  • Excluding the impact of the loan sale, total loan balances increased $104.7 million, or 2.4%, from the second quarter of 2025
• Net loss of $41.6 million and diluted loss per share of ($4.76)
  • Quarterly results included a pre-tax loss of $37.8 million on the sale of the single tenant lease financing loans
• Excluding the impact of the loan sale, adjusted net loss was $12.5 million¹ and diluted loss per share was $1.43
• Deposits decreased $383.4 million, or 7%, reflecting over $700 million moved off-balance sheet; loans to deposits ratio of 73.9%
• Nonperforming loans to total loans of 1.47%; net charge-offs to average loans of 1.89%; allowance for credit losses to total loans of 1.65%
• Tangible common equity to tangible assets of 6.17%¹, and 7.20%¹ ex-AOCI and adjusted for normalized cash balances
• Tangible book value per share of $39.88¹, compared to $44.25 in the second 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."

Conference Call and Webcast

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, October 23, 2025, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 549-8228; access code: 74806. A recorded replay can be accessed through October 30, 2025, by dialing (888) 660-6264; access code: 74806 #.

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 $5.6 billion as of September 30, 2025. 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, SBA financing, franchise finance, 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 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,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expanding,” “expect,” “future,” “going forward,” “growth,” ”improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “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, pre-tax, pre-provision (loss) income, adjusted pre-tax, pre-provision income, adjusted noninterest income, adjusted noninterest expense, adjusted (loss) income before income taxes, adjusted income tax (benefit) provision, adjusted net (loss) income, adjusted diluted (loss) earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity and adjusted return on average tangible common equity 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
			2025				2025				2024				2025				2024
Net (loss) income		$	(41,593	)		$	193			$	6,990			$	(40,457	)		$	17,946
Per share and share information
(Loss) earnings per share - basic		$	(4.76	)		$	0.02			$	0.80			$	(4.63	)		$	2.07
(Loss) earnings per share - diluted			(4.76	)			0.02				0.80				(4.63	)			2.05
Dividends declared per share			0.06				0.06				0.06				0.18				0.18
Book value per common share			40.42				44.79				44.43				40.42				44.43
Tangible book value per common share 1			39.88				44.25				43.89				39.88				43.89
Common shares outstanding			8,713,094				8,713,094				8,667,894				8,713,094				8,667,894
Average common shares outstanding:
Basic			8,742,052				8,733,559				8,696,634				8,730,519				8,688,304
Diluted			8,742,052				8,760,374				8,768,731				8,730,519				8,756,544
Performance ratios
Return on average assets			(2.71	%)			0.01	%			0.50	%			(0.91	%)			0.45	%
Return on average shareholders' equity			(42.11	%)			0.20	%			7.32	%			(13.80	%)			6.42	%
Return on average tangible common equity 1			(42.62	%)			0.20	%			7.41	%			(13.97	%)			6.51	%
Net interest margin			2.04	%			1.96	%			1.62	%			1.94	%			1.65	%
Net interest margin - FTE 1,2			2.12	%			2.04	%			1.70	%			2.02	%			1.74	%
Capital ratios 3
Total shareholders' equity to assets			6.25	%			6.43	%			6.61	%			6.25	%			6.61	%
Tangible common equity to tangible assets 1			6.17	%			6.35	%			6.54	%			6.17	%			6.54	%
Tier 1 leverage ratio		5.69		%			6.69	%			7.13	%		5.69		%			7.13	%
Common equity tier 1 capital ratio		9.24		%			8.90	%			9.37	%		9.24		%			9.37	%
Tier 1 capital ratio		9.24		%			8.90	%			9.37	%		9.24		%			9.37	%
Total risk-based capital ratio		13.11		%			12.16	%			12.79	%		13.11		%			12.79	%
Asset quality
Nonperforming loans		$	53,250			$	43,541			$	22,478			$	53,250			$	22,478
Nonperforming assets			55,237				45,539				22,944				55,237				22,944
Nonperforming loans to loans			1.47	%			1.00	%			0.56	%			1.47	%			0.56	%
Nonperforming assets to total assets			0.98	%			0.75	%			0.39	%			0.98	%			0.39	%
Allowance for credit losses - loans to:
Loans			1.65	%			1.07	%			1.13	%			1.65	%			1.13	%
Nonperforming loans			112.5	%			106.8	%			203.4	%			112.5	%			203.4	%
Net charge-offs to average loans			1.89	%			1.31	%			0.15	%			1.38	%			0.12	%
Average balance sheet information
Loans		$	4,415,693			$	4,397,887			$	4,022,196			$	4,350,947			$	3,947,885
Total securities			898,543				934,994				792,409				911,805		#		746,985
Other earning assets			569,811				396,829				526,384				471,096				476,697
Total interest-earning assets			5,895,554				5,739,019				5,348,153				5,742,686				5,176,852
Total assets			6,081,792				5,924,144				5,523,910				5,926,580				5,355,491
Noninterest-bearing deposits			174,494				153,016				113,009				154,604				114,425
Interest-bearing deposits			5,133,010				4,792,939				4,384,078				4,915,137				4,182,094
Total deposits			5,307,504				4,945,955				4,497,087				5,069,741				4,296,519
Shareholders' equity			391,886				391,870				380,061				391,930				373,111
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)
Dollar amounts in thousands
		September 30				June 30				September 30
			2025				2025				2024
Assets
Cash and due from banks		$	10,923			$	9,261			$	6,539
Interest-bearing deposits			776,738				437,100				705,940
Securities available-for-sale, at fair value			625,906				644,657				575,257
Securities held-to-maturity, at amortized cost, net of allowance for credit losses			261,725				271,737				263,320
Loans held-for-sale			114,701				126,533				32,996
Loans			3,630,385				4,362,562				4,035,880
Allowance for credit losses - loans			(59,923	)			(46,517	)			(45,721	)
Net loans			3,570,462				4,316,045				3,990,159
Accrued interest receivable			26,674				31,227				27,750
Federal Home Loan Bank of Indianapolis stock			28,350				28,350				28,350
Cash surrender value of bank-owned life insurance			42,256				41,961				41,111
Premises and equipment, net			68,843				69,930				72,150
Goodwill			4,687				4,687				4,687
Servicing asset			22,107				16,736				14,662
Other real estate owned			1,801				1,730				251
Accrued income and other assets			84,001				72,619				60,087
Total assets		$	5,639,174			$	6,072,573			$	5,823,259
Liabilities
Noninterest-bearing deposits		$	243,539			$	145,166			$	111,591
Interest-bearing deposits			4,671,895				5,153,623				4,686,119
Total deposits			4,915,434				5,298,789				4,797,710
Advances from Federal Home Loan Bank			249,500				264,500				515,000
Subordinated debt			105,386				105,307				105,071
Accrued interest payable			1,236				1,614				2,808
Accrued expenses and other liabilities			15,450				12,124				17,541
Total liabilities			5,287,006				5,682,334				5,438,130
Shareholders' equity
Voting common stock			186,608				186,116				185,631
Retained earnings			188,564				230,690				223,824
Accumulated other comprehensive loss			(23,004	)			(26,567	)			(24,326	)
Total shareholders' equity			352,168				390,239				385,129
Total liabilities and shareholders' equity		$	5,639,174			$	6,072,573			$	5,823,259

First Internet Bancorp
Condensed Consolidated Statements of Income (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
			2025				2025				2024				2025				2024
Interest income
Loans		$	68,958			$	66,685			$	59,792			$	198,305			$	172,321
Securities - taxable			8,614				9,062				6,953				26,139				19,123
Securities - non-taxable			652				654				1,042				1,967				2,981
Other earning assets			6,164				4,485				7,203				15,692				19,691
Total interest income			84,388				80,886				74,990				242,103				214,116
Interest expense
Deposits			50,134				46,794				47,415				144,554				134,039
Other borrowed funds			3,902				6,102				5,810				14,111				16,251
Total interest expense			54,036				52,896				53,225				158,665				150,290
Net interest income			30,352				27,990				21,765				83,438				63,826
Provision for credit losses			34,789				13,608				3,390				60,330				9,869
Net interest (loss) income after provision
for credit losses			(4,437	)			14,382				18,375				23,108				53,957
Noninterest (loss) income
Service charges and fees			369				278				245				912				711
Loan servicing revenue			2,055				1,979				1,570				6,017				4,363
Loan servicing asset revaluation			(1,332	)			(1,153	)			(846	)			(3,666	)			(2,109	)
(Loss) gain on sale of loans			(27,103	)			1,673				9,933				(16,783	)			24,761
Other			1,364				2,780				1,127				4,857				3,683
Total noninterest (loss) income			(24,647	)			5,557				12,029				(8,663	)			31,409
Noninterest expense
Salaries and employee benefits			14,384				10,867				13,456				38,358				37,714
Marketing, advertising and promotion			482				702				548				1,831				1,893
Consulting and professional fees			979				936				902				3,143				2,777
Data processing			651				656				675				1,942				1,845
Loan expenses			1,850				1,520				1,524				4,901				4,566
Premises and equipment			3,572				3,281				2,918				9,968				8,898
Deposit insurance premium			1,584				1,564				1,219				4,546				3,536
Other			1,957				2,274				1,552				6,127				4,924
Total noninterest expense			25,459				21,800				22,794				70,816				66,153
(Loss) income before income taxes			(54,543	)			(1,861	)			7,610				(56,371	)			19,213
Income tax (benefit) provision			(12,950	)			(2,054	)			620				(15,914	)			1,267
Net (loss) income		$	(41,593	)		$	193			$	6,990			$	(40,457	)		$	17,946
Per common share data
(Loss) earnings per share - basic		$	(4.76	)		$	0.02			$	0.80			$	(4.63	)		$	2.07
(Loss) earnings per share - diluted		$	(4.76	)		$	0.02			$	0.80			$	(4.63	)		$	2.05
Dividends declared per share		$	0.06			$	0.06			$	0.06			$	0.18			$	0.18
All periods presented have been reclassified to conform to the current period classification

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
		Three Months Ended
		September 30, 2025										June 30, 2025										September 30, 2024
		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		$	4,427,200			$	68,958		6.18	%		$	4,407,196			$	66,685		6.07	%		$	4,029,360			$	59,792		5.90	%
Securities - taxable			819,941				8,614		4.17	%			856,070				9,062		4.25	%			713,992				6,953		3.87	%
Securities - non-taxable			78,602				652		3.29	%			78,924				654		3.32	%			78,417				1,042		5.29	%
Other earning assets			569,811				6,164		4.29	%			396,829				4,485		4.53	%			526,384				7,203		5.44	%
Total interest-earning assets			5,895,554				84,388		5.68	%			5,739,019				80,886		5.65	%			5,348,153				74,990		5.58	%
Allowance for credit losses - loans			(49,495	)									(49,073	)									(44,572	)
Noninterest-earning assets			235,733										234,198										220,329
Total assets		$	6,081,792									$	5,924,144									$	5,523,910
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	1,399,323			$	11,742		3.33	%		$	1,226,439			$	9,767		3.19	%		$	511,446			$	2,880		2.24	%
Savings accounts			20,035				42		0.83	%			21,760				46		0.85	%			22,774				48		0.84	%
Money market accounts			1,250,350				11,771		3.73	%			1,187,782				11,087		3.74	%			1,224,680				12,980		4.22	%
Fintech - brokered deposits			-				-		0.00	%			-				-		0.00	%			153,012				1,682		4.37	%
Certificates and brokered deposits			2,463,302				26,579		4.28	%			2,356,958				25,894		4.41	%			2,472,166				29,825		4.80	%
Total interest-bearing deposits			5,133,010				50,134		3.87	%			4,792,939				46,794		3.92	%			4,384,078				47,415		4.30	%
Other borrowed funds			365,119				3,902		4.24	%			567,575				6,102		4.31	%			620,032				5,810		3.73	%
Total interest-bearing liabilities			5,498,129				54,036		3.90	%			5,360,514				52,896		3.96	%			5,004,110				53,225		4.23	%
Noninterest-bearing deposits			174,494										153,016										113,009
Other noninterest-bearing liabilities			17,283										18,744										26,730
Total liabilities			5,689,906										5,532,274										5,143,849
Shareholders' equity			391,886										391,870										380,061
Total liabilities and shareholders' equity		$	6,081,792									$	5,924,144									$	5,523,910
Net interest income						$	30,352									$	27,990									$	21,765
Interest rate spread									1.78	%									1.69	%									1.35	%
Net interest margin									2.04	%									1.96	%									1.62	%
Net interest margin - FTE 2,3									2.12	%									2.04	%									1.70	%
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
Average Balances and Rates (unaudited)
Dollar amounts in thousands
		Nine Months Ended
		September 30, 2025										September 30, 2024
		Average				Interest /			Yield /			Average				Interest /			Yield /
		Balance				Dividends			Cost			Balance				Dividends			Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1		$	4,359,785			$	198,305		6.08	%		$	3,953,170			$	172,321		5.82	%
Securities - taxable			832,060				26,139		4.20	%			670,728				19,123		3.81	%
Securities - non-taxable			79,745				1,967		3.30	%			76,257				2,981		5.22	%
Other earning assets			471,096				15,692		4.45	%			476,697				19,691		5.52	%
Total interest-earning assets			5,742,686				242,103		5.64	%			5,176,852				214,116		5.52	%
Allowance for credit losses - loans			(48,091	)									(41,526	)
Noninterest-earning assets			231,985										220,165
Total assets		$	5,926,580									$	5,355,491
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	1,195,651			$	28,483		3.19	%		$	467,054			$	7,538		2.16	%
Savings accounts			20,786				131		0.84	%			22,760				144		0.85	%
Money market accounts			1,220,080				34,220		3.75	%			1,228,538				38,727		4.21	%
Fintech - brokered deposits			-				-		0.00	%			119,470				3,912		4.37	%
Certificates and brokered deposits			2,478,620				81,720		4.41	%			2,344,272				83,718		4.77	%
Total interest-bearing deposits			4,915,137				144,554		3.93	%			4,182,094				134,039		4.28	%
Other borrowed funds			444,532				14,111		4.24	%			662,824				16,251		3.28	%
Total interest-bearing liabilities			5,359,669				158,665		3.96	%			4,844,918				150,290		4.14	%
Noninterest-bearing deposits			154,604										114,425
Other noninterest-bearing liabilities			20,377										23,037
Total liabilities			5,534,650										4,982,380
Shareholders' equity			391,930										373,111
Total liabilities and shareholders' equity		$	5,926,580									$	5,355,491
Net interest income						$	83,438									$	63,826
Interest rate spread									1.68	%									1.38	%
Net interest margin									1.94	%									1.65	%
Net interest margin - FTE 2,3									2.02	%									1.74	%
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
		September 30, 2025						June 30, 2025						September 30, 2024
		Amount			Percent			Amount			Percent			Amount			Percent
Commercial loans
Commercial and industrial		$	206,301		5.7	%		$	174,475		4.0	%		$	111,199		2.8	%
Owner-occupied commercial real estate			50,046		1.4	%			50,096		1.1	%			56,461		1.4	%
Investor commercial real estate			644,184		17.7	%			513,411		11.8	%			260,614		6.5	%
Construction			300,291		8.3	%			332,658		7.6	%			340,954		8.4	%
Single tenant lease financing			135,025		3.8	%			970,042		22.3	%			932,148		23.1	%
Public finance			480,119		13.2	%			476,339		10.9	%			462,730		11.5	%
Healthcare finance			150,522		4.1	%			160,073		3.7	%			190,287		4.7	%
Small business lending			401,628		11.1	%			383,455		8.8	%			298,645		7.4	%
Franchise finance			450,340		12.4	%			479,757		11.0	%			550,442		13.6	%
Total commercial loans			2,818,456		77.7	%			3,540,306		81.2	%			3,203,480		79.4	%
Consumer loans
Residential mortgage			349,275		9.6	%			358,922		8.2	%			378,701		9.4	%
Home equity			15,806		0.4	%			16,668		0.4	%			20,264		0.5	%
Trailers			232,006		6.4	%			228,786		5.2	%			205,230		5.1	%
Recreational vehicles			142,245		3.9	%			144,476		3.3	%			150,378		3.7	%
Other consumer loans			48,753		1.3	%			48,319		1.1	%			48,780		1.2	%
Total consumer loans			788,085		21.6	%			797,171		18.2	%			803,353		19.9	%
Net deferred loan fees, premiums, discounts and other 1			23,844		0.7	%			25,085		0.6	%			29,047		0.7	%
Total loans		$	3,630,385		100.0	%		$	4,362,562		100.0	%		$	4,035,880		100.0	%
		September 30, 2025						June 30, 2025						September 30, 2024
		Amount			Percent			Amount			Percent			Amount			Percent
Deposits
Noninterest-bearing deposits		$	243,539		5.0	%		$	145,166		2.7	%		$	111,591		2.3	%
Interest-bearing demand deposits			1,003,950		20.4	%			1,458,123		27.5	%			538,484		11.2	%
Savings accounts			18,694		0.4	%			20,902		0.4	%			21,712		0.5	%
Money market accounts			1,250,202		25.4	%			1,210,960		22.9	%			1,230,707		25.7	%
Fintech - brokered deposits			-		0.0	%			-		0.0	%			211,814		4.4	%
Certificates of deposits			2,115,613		43.0	%			2,146,356		40.5	%			2,110,618		44.0	%
Brokered deposits			283,436		5.8	%			317,282		6.0	%			572,784		11.9	%
Total deposits		$	4,915,434		100.0	%		$	5,298,789		100.0	%		$	4,797,710		100.0	%
1 Includes carrying value adjustments of $20.2 million, $21.2 million and $24.1 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended												Nine Months Ended
		September 30				June 30				September 30				September 30				September 30
			2025				2025				2024				2025				2024
Total equity - GAAP		$	352,168			$	390,239			$	385,129			$	352,168			$	385,129
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible common equity		$	347,481			$	385,552			$	380,442			$	347,481			$	380,442
Total assets - GAAP		$	5,639,174			$	6,072,573			$	5,823,259			$	5,639,174			$	5,823,259
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible assets		$	5,634,487			$	6,067,886			$	5,818,572			$	5,634,487			$	5,818,572
Common shares outstanding			8,713,094				8,713,094				8,667,894				8,713,094				8,667,894
Book value per common share		$	40.42			$	44.79			$	44.43			$	40.42			$	44.43
Effect of goodwill			(0.54	)			(0.54	)			(0.54	)			(0.54	)			(0.54	)
Tangible book value per common share		$	39.88			$	44.25			$	43.89			$	39.88			$	43.89
Total shareholders' equity to assets			6.25	%			6.43	%			6.61	%			6.25	%			6.61	%
Effect of goodwill			(0.08	%)			(0.08	%)			(0.07	%)			(0.08	%)			(0.07	%)
Tangible common equity to tangible assets			6.17	%			6.35	%			6.54	%			6.17	%			6.54	%
Total average equity - GAAP		$	391,886			$	391,870			$	380,061			$	391,930			$	373,111
Adjustments:
Average goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Average tangible common equity		$	387,199			$	387,183			$	375,374			$	387,243			$	368,424
Return on average shareholders' equity			(42.11	%)			0.20	%			7.32	%			(13.80	%)			6.42	%
Effect of goodwill			(0.51	%)			0.00	%			0.09	%			(0.17	%)			0.09	%
Return on average tangible common equity			(42.62	%)			0.20	%			7.41	%			(13.97	%)			6.51	%
Total interest income		$	84,388			$	80,886			$	74,990			$	242,103			$	214,116
Adjustments:
Fully-taxable equivalent adjustments 1			1,158				1,157				1,133				3,484				3,498
Total interest income - FTE		$	85,546			$	82,043			$	76,123			$	245,587			$	217,614
Net interest income		$	30,352			$	27,990			$	21,765			$	83,438			$	63,826
Adjustments:
Fully-taxable equivalent adjustments 1			1,158				1,157				1,133				3,484				3,498
Net interest income - FTE		$	31,510			$	29,147			$	22,898			$	86,922			$	67,324
Net interest margin			2.04	%			1.96	%			1.62	%			1.94	%			1.67	%
Effect of fully-taxable equivalent adjustments 1			0.08	%			0.08	%			0.08	%			0.08	%			0.07	%
Net interest margin - FTE			2.12	%			2.04	%			1.70	%			2.02	%			1.74	%
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												Nine Months Ended
		September 30				June 30				September 30				September 30				September 30
			2025				2025				2024				2025				2024
Total revenue - GAAP		$	5,705			$	33,547			$	33,794			$	74,775			$	95,235
Adjustments:
Loss on sale of loans			37,823				-				-				37,823				-
Adjusted total revenue		$	43,528			$	33,547			$	33,794			$	112,598			$	95,235
Net (loss) income - GAAP		$	(41,593	)		$	193			$	6,990			$	(40,457	)		$	17,946
Adjustments:1
Provision for credit losses			34,789				13,608				3,390				60,330				9,869
Income tax (benefit) provision			(12,950	)			(2,054	)			620				(15,914	)			1,267
Pre-tax, pre-provision (loss) income		$	(19,754	)		$	11,747			$	11,000			$	3,959			$	29,082
Pre-tax, pre-provision (loss) income		$	(19,754	)		$	11,747			$	11,000			$	3,959			$	29,082
Adjustments:1
Loss on sale of loans			37,823				-				-				37,823				-
Adjusted pre-tax, pre-provision income		$	18,069			$	11,747			$	11,000			$	41,782			$	29,082
Noninterest (loss) income - GAAP		$	(24,647	)		$	5,557			$	12,029			$	(8,663	)		$	31,409
Adjustments:
Loss on sale of loans			37,823				-				-				37,823				-
Adjusted noninterest income		$	13,176			$	5,557			$	12,029			$	29,160			$	31,409
Noninterest expense - GAAP		$	25,459			$	21,800			$	22,794			$	70,816			$	66,153
Adjustments:
IT termination fees			-				-				-				-				(452	)
Anniversary expenses			-				-				-				-				(120	)
Adjusted noninterest expense		$	25,459			$	21,800			$	22,794			$	70,816			$	65,581
(Loss) income before income taxes - GAAP		$	(54,543	)		$	(1,861	)		$	7,610			$	(56,371	)		$	19,213
Adjustments:
Loss on sale of loans			37,823				-				-				37,823				-
IT termination fees			-				-				-				-				452
Anniversary expenses			-				-				-				-				120
Adjusted (loss) income before income taxes		$	(16,720	)		$	(1,861	)		$	7,610			$	(18,548	)		$	19,785
Income tax (benefit) provision- GAAP		$	(12,950	)		$	(2,054	)		$	620			$	(15,914	)		$	1,267
Adjustments:1
Loss on sale of loans			8,699				-				-				8,699				-
IT termination fees			-				-				-				-				95
Anniversary expenses			-				-				-				-				25
Adjusted income tax (benefit) provision		$	(4,251	)		$	(2,054	)		$	620			$	(7,215	)		$	1,387
Net (loss) income - GAAP		$	(41,593	)		$	193			$	6,990			$	(40,457	)		$	17,946
Adjustments:
Loss on sale of loans			29,124				-				-				29,124				-
IT termination fees			-				-				-				-				357
Anniversary expenses			-				-				-				-				95
Adjusted net (loss) income		$	(12,469	)		$	193			$	6,990			$	(11,333	)		$	18,398
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												Nine Months Ended
		September 30				June 30				September 30				September 30				September 30
			2025				2025				2024				2025				2024
Diluted average common shares outstanding			8,742,052				8,760,374				8,768,731				8,730,519				8,756,544
Diluted (loss) earnings per share - GAAP		$	(4.76	)		$	0.02			$	0.80			$	(4.63	)		$	2.05
Adjustments:
Effect of loss on sale of loans			3.33				-				-				3.34				-
Effect of IT termination fees			-				-				-				-				0.04
Effect of anniversary expenses			-				-				-				-				0.01
Adjusted diluted (loss) earnings per share		$	(1.43	)		$	0.02			$	0.80			$	(1.29	)		$	2.10
Return on average assets			(2.71	%)			0.01	%			0.50	%			(0.91	%)			0.45	%
Effect of loss on sale of loans			1.90	%			0.00	%			0.00	%			0.66	%			0.00	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.00	%			0.01	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
Adjusted return on average assets			(0.81	%)			0.01	%			0.50	%			(0.25	%)			0.46	%
Return on average shareholders' equity			(42.11	%)			0.20	%			7.32	%			(13.80	%)			6.42	%
Effect of loss on sale of loans			29.48	%			0.00	%			0.00	%			9.94	%			0.00	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.00	%			0.13	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.03	%
Adjusted return on average shareholders' equity			(12.63	%)			0.20	%			7.32	%			(3.86	%)			6.58	%
Return on average tangible common equity			(42.62	%)			0.20	%			7.41	%			(13.97	%)			6.51	%
Effect of loss on sale of loans			29.84	%			0.00	%			0.00	%			10.06	%			0.00	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.00	%			0.13	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.03	%
Adjusted return on average tangible common equity			(12.78	%)			0.20	%			7.41	%			(3.91	%)			6.67	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251021662352/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