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First Internet Bancorp (Nasdaq: INBK) details Q2 profit and 2026 outlook

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(High)
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(Neutral)
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8-K

Rhea-AI Filing Summary

First Internet Bancorp reported a sharp rebound in profitability for the quarter ended June 30, 2026. Net income was $2.4 million and diluted EPS $0.27, both up significantly from a year earlier. Total revenue rose 23% year-over-year to $41.1 million, supported by a 16% increase in net interest income to $32.4 million and a 56% rise in noninterest income to $8.7 million. Fully-taxable equivalent net interest margin expanded 43 basis points to 2.47%, and pre-provision net revenue grew 28% to $15.0 million.

Total loans reached $3.8 billion, up 1% from the prior quarter, while total deposits were $4.8 billion, down 3% as higher-cost CDs and brokered deposits matured and approximately $2.4 billion of fintech deposits moved off-balance sheet. The cost of interest-bearing deposits declined 54 basis points year-over-year to 3.38%, and the loans-to-deposits ratio was 79%. Credit metrics showed mixed signals: provision for credit losses was $13.4 million, down 18% from the prior quarter, and nonperforming loans fell slightly to 1.58% of total loans, while net charge-offs increased to 1.77% of average loans. Tangible common equity to tangible assets was 6.46%, CET1 capital 8.90% and total capital 12.22%, with tangible book value per share edging up to $41.09.

Management highlighted strong growth in fee-based businesses, particularly Banking-as-a-Service, where fee revenue from fintech partners increased markedly. For full-year 2026, the company projects diluted EPS of $2.35–$2.45, loan growth of 4–6%, FTE net interest margin rising to 2.75–2.80% by the fourth quarter, FTE net interest income of $141–$142 million, noninterest income of $40.5–$41 million, noninterest expense of $106–$107 million, and credit loss provision of $47–$48 million, with continual improvement expected in the second half of 2026.

Positive

  • Profitability and revenue inflection: Q2 2026 net income reached $2.4 million and diluted EPS $0.27, both up significantly from the prior-year quarter, while total revenue grew 23% to $41.1 million and pre-provision net revenue increased 28% to $15.0 million.
  • Margin and fee-income strength: Fully-taxable equivalent net interest margin expanded 43 bps year-over-year to 2.47%, and noninterest income rose 56% to $8.7 million, driven by Banking-as-a-Service fee growth, including a 172% increase in BaaS fee revenue from the prior-year period.

Negative

  • Ongoing credit costs: Provision for credit losses was $13.4 million in Q2 2026 and net charge-offs were 1.77% of average loans, while nonperforming assets were 1.16% of total assets, indicating continued earnings pressure from credit remediation despite improving delinquency trends.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net income $2.4 million Second quarter 2026 consolidated net income
Q2 2026 Diluted EPS $0.27 Second quarter 2026 diluted earnings per share
Q2 2026 Total revenue $41.1 million Quarterly revenue, up 23% year-over-year
FTE net interest margin 2.47% Fully-taxable equivalent net interest margin for Q2 2026, up 43 bps year-over-year
Provision for credit losses $13.4 million Q2 2026 provision for credit losses, down 18% from Q1 2026
Nonperforming loans ratio 1.58% Nonperforming loans as a percentage of total loans at June 30, 2026
Total loans $3.8 billion Total loan balances at June 30, 2026, up 1% from Q1 2026
2026 EPS outlook $2.35–$2.45 Full-year 2026 diluted earnings per share guidance range
pre-provision net revenue financial
"pre-provision net revenue grew 28% year-over-year to $15.0 million"
Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.
Banking-as-a-Service financial
"Noninterest income grew 56% year-over-year, supported by the continued growth in the Banking-as-a-Service platform"
Banking-as-a-service is a model where a licensed bank provides core financial services—like deposit accounts, payments, lending, and compliance—as modular software that other companies can plug into their own products. For investors, it matters because it lets nonbank firms sell banking features without building a bank from scratch, creating new revenue streams, faster user growth, and platform value, while also concentrating regulatory and credit risks for providers.
tangible common equity financial
"Tangible common equity to tangible assets of 6.46%"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
fully-taxable equivalent financial
"fully-taxable equivalent (“FTE”) net interest margin of 2.47%"
A fully-taxable equivalent (FTE) converts income from a tax-advantaged asset into the pretax yield an investor would need from a taxable asset to get the same after-tax return. It matters because it lets investors compare returns side-by-side—like putting two paychecks on the same after-tax footing—so you can decide whether a tax-free bond or a taxable investment actually pays more once taxes are accounted for.
nonperforming loans financial
"Nonperforming loans (“NPLs”) to total loans of 1.58%"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
Net income $2.4 million up from $0.2 million in the prior-year quarter
Diluted EPS $0.27 up from $0.02 in the prior-year quarter
Total revenue $41.1 million 23% year-over-year increase
FTE net interest margin 2.47% up 43 basis points year-over-year
Noninterest income $8.7 million 56% year-over-year increase
Pre-provision net revenue $15.0 million 28% year-over-year increase
Guidance

For full-year 2026, the company projects diluted EPS of $2.35–$2.45, loan growth of 4–6%, FTE net interest margin of 2.75–2.80% by Q4, FTE net interest income of $141–$142 million, noninterest income of $40.5–$41 million, noninterest expense of $106–$107 million, and provision for credit losses of $47–$48 million.

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FAQ

How did First Internet Bancorp (INBK) perform in Q2 2026?
First Internet Bancorp reported Q2 2026 net income of $2.4 million and diluted EPS of $0.27, both up significantly from a year earlier. Total revenue increased 23% year-over-year to $41.1 million, reflecting higher net interest income and strong noninterest income growth.

What were the key revenue and margin drivers for INBK in Q2 2026?
Revenue rose to $41.1 million, up 23% year-over-year, with net interest income at $32.4 million and noninterest income at $8.7 million. Fully-taxable equivalent net interest margin expanded by 43 bps to 2.47%, helped by deposit repricing and an optimized asset mix.

How important is Banking-as-a-Service to INBK’s results?
Banking-as-a-Service is a key growth driver, with noninterest income up 56% year-over-year to $8.7 million, supported by BaaS expansion. Fee revenue from BaaS increased 172% from the prior-year period, alongside higher fintech deposits and payments volumes.

What 2026 outlook did First Internet Bancorp (INBK) provide?
For full-year 2026, the company projects diluted EPS of $2.35–$2.45, loan growth of 4–6%, and FTE net interest margin rising to 2.75–2.80% by Q4. It also guides to FTE net interest income of $141–$142 million and credit loss provision of $47–$48 million.

What is INBK’s capital position and tangible book value after Q2 2026?
At June 30, 2026, tangible common equity to tangible assets was 6.46% and the CET1 ratio 8.90%, with total capital of 12.22%. Tangible book value per share increased to $41.09, up from $40.87 at the end of Q1 2026.
0001562463false00015624632026-07-302026-07-300001562463us-gaap:CommonStockMember2026-07-302026-07-300001562463inbk:A60FixedToFloatingSubordinatedNotesDue2029Member2026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 30, 2026
First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana
(State or Other Jurisdiction of Incorporation)
001-3575020-3489991
(Commission File Number)(IRS Employer Identification No.)
8701 E. 116th Street46038
Fishers, Indiana
(Address of Principal Executive Offices)(Zip Code)
(317) 532-7900
(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, without par valueINBKThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029INBKZThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

                                    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02 Results of Operations and Financial Condition

On July 30, 2026, First Internet Bancorp (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

On July 30, 2026 at 5:00 p.m. (Eastern Time), the Company will host a conference call and webcast to discuss its financial results for the quarter ended June 30, 2026. The electronic presentation slides, which will accompany the call and webcast, are furnished as Exhibit 99.2 and are incorporated by reference herein.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits
(d)    Exhibits
NumberDescriptionMethod of filing
99.1
Press release dated July 30, 2026
Furnished electronically
99.2
Presentation slides dated July 30, 2026
Furnished electronically
104Cover Page Interactive Data File (embedded in the cover page formatted in inline XBRL)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:July 30, 2026
FIRST INTERNET BANCORP
By:/s/ Kenneth J. Lovik
Kenneth J. Lovik, Executive Vice President & Chief Financial Officer





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First Internet Bancorp Reports Second Quarter 2026 Results
- Net income of $2.4 million, up significantly from $0.2 million a year ago -
- Diluted earnings per share of $0.27, up significantly from $0.02 a year ago -
- Company to hold earnings call today at 5pm ET -

Fishers, Indiana, July 30, 2026 – First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the second quarter ended June 30, 2026.

Key Business Updates

•Significant Improvement in Credit Quality: Provision for credit losses for the second quarter of 2026 of $13.4 million, down from $16.3 million in the first quarter of 2026. Notably, total nonaccrual loans declined for the second consecutive quarter, and are down 14% from the first quarter of 2026. Furthermore, delinquencies 30 days or more past due decreased to 0.78% of total performing loans, down from 1.06% in the first quarter of 2026, driven by a significant decline in small business lending delinquencies.

•Revenue Momentum: Growth in net interest income (up 16%), fully-taxable equivalent (“FTE”) net interest margin of 2.47%1 (up 43 basis points), and strong noninterest income drove quarterly revenue up 23% year-over-year to $41.1 million. When combined with well-managed expenses, pre-provision net revenue grew 28% year-over-year to $15.0 million1.

•Solid Loan Production: Commercial loan balances continued to grow during the second quarter led by construction / investor commercial real estate and single tenant lease financing. While period end and average loan balances were impacted by early payoffs, loan pipelines at the end of the quarter were solid, setting the stage for continued loan growth in the second half of 2026. Additionally, the Company expects to increase its retention of embedded finance small business loans originated for one of its fintech partners, an asset class with very attractive risk-return characteristics.

•Fee Revenue Acceleration: Noninterest income grew 56% year-over-year, supported by the continued growth in the Banking-as-a-Service (“BaaS”) platform. As we have selectively increased the number of fintech partners, and have expanded relationships with existing partners, fee revenue from BaaS increased 172% from the prior year period.





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."

Second Quarter 2026 Financial Performance

•Net income of $2.4 million and diluted earnings per share of $0.27, both up significantly from the prior year period

•Total revenue of $41.1 million, which increased 23% from the prior year period

•Net interest income of $32.4 million and FTE net interest income of $33.6 million1, increased 16% and 15%, respectively, over the prior year period

•Net interest margin of 2.39% and FTE net interest margin of 2.47%1, both increasing 43 basis points (“bps”) from the prior year period

•Noninterest income of $8.7 million, which increased 56% from the prior year period

•Pre-provision net revenue (“PPNR”) of $15.0 million1, which increased 28% from the prior year period

•Total loan balances of $3.8 billion, up $35.2 million, or 1%, from the first quarter of 2026
•The yield on the loan portfolio increased 27 bps from the prior year period to 6.34%
•Solid loan production partially offset by elevated payoffs and maturities

•Total deposits of $4.8 billion, down $150.3 million, or 3%, from the first quarter of 2026
•Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature
•The cost of interest-bearing deposits declined 54 bps from the prior year period to 3.38%
•Approximately $2.4 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 79%

•Provision for credit losses of $13.4 million, down $2.9 million, or 18%, from the first quarter of 2026

•Net charge-offs to average loans of 1.77%, an increase from 1.65% in the first quarter of 2026
•Increase in net charge-offs reflects resolution of nonperforming franchise finance loans, partially offset by a significant decline in small business lending net charge-offs

•Nonperforming loans (“NPLs”) to total loans of 1.58%, compared to 1.63% in the first quarter of 2026; allowance for credit losses - loans (“ACL”) to total loans of 1.39%, compared to 1.50% in the first quarter of 2026
•Decrease in NPLs due primarily to lower nonaccrual franchise finance loans, partially offset by an increase in fully-guaranteed SBA 7(a) balances
•NPLs / total loans of 1.07%1 excluding fully-guaranteed balances, down from 1.22% in the first quarter of 2026
•ACL to NPLs of 88%; or 130%1 excluding fully-guaranteed balances

•Tangible common equity to tangible assets of 6.46%1, and 6.98%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.90%2; total capital ratio of 12.22%2

•Tangible book value per share of $41.091, up from $40.871 in the first quarter of 2026

“Our second quarter results reflect strong momentum across the business, paired with a meaningful and encouraging improvement in our credit trends," said David Becker, Chairman and CEO of First

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

Internet Bancorp. "Total revenue grew 23% year-over-year and pre-provision net revenue increased nearly 28%, while our fully-taxable equivalent net interest margin expanded 43 basis points to 2.47%. Just as importantly, our credit provision declined, nonperforming loans decreased sequentially for the first time in several quarters, small business lending net charge-offs improved significantly, and delinquencies across the portfolio fell sharply - clear evidence that the proactive credit actions we have taken over the past several quarters are working.

“We are equally encouraged by the acceleration of our fee-based businesses. Noninterest income grew more than 56% year-over-year, driven by the continued strength of our Banking-as-a-Service platform and the deepening of our fintech partnerships, including an expanded relationship with jaris under which we will retain all small business loans originated through its platform. We also continue to invest in AI, automation, and digital capabilities that drive efficiency and elevate the customer experience. With improving credit, growing fee income, and a more capital-efficient balance sheet, we are well-positioned to build on this momentum through the remainder of 2026 and beyond."

Full Year 2026 Outlook

•Diluted earnings per share of $2.35 to $2.45

•Loan growth in the range of 4% to 6%, driven by solid pipelines across our commercial lending verticals
•Outlook reflects early payoffs in commercial lending areas and lower retention of small business lending balances as secondary market premiums remain attractive

•FTE net interest margin expansion, reaching 2.75% to 2.80% by the fourth quarter of 2026, driven by ongoing deposit repricing and optimized asset mix

•FTE net interest income in the range of $141 million to $142 million

•Noninterest income in the range of $40.5 million to $41 million, reflecting continued BaaS growth and increasing small business lending originations and gain on sale activity in the second half of 2026

•Noninterest expense in the range of $106 million to $107 million

•Provision for credit losses, including net charge-offs and reserves related to problem loans, of $47 million to $48 million
•Continual improvement is expected throughout the second half of 2026


Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, July 30, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at (833) 461-5787; meeting id: 115638970. To access the webcast and view the presentation slides, please visit www.firstinternetbancorp.com and click the link provided for Earnings Call Webcast.

The webcast and slides will be available on the Company’s website shortly after the call has ended and will be archived on the Company’s website for 12 months.

About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $5.6 billion as of June 30, 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 deposits, 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, pre-provision net revenue 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.”

Contact Information:
Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com
Media
PANBlast
Zach Weismiller
firstib@panblastpr.com


First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net income $2,367 $2,509 $193 $4,876 $1,136 
Per share and share information
Earnings per share - basic$0.27 $0.29 $0.02 $0.56 $0.13 
Earnings per share - diluted0.27 0.29 0.02 0.55 0.13 
Dividends declared per share0.06 0.06 0.06 0.12 0.12 
Book value per common share41.63 41.41 44.79 41.63 44.79 
Tangible book value per common share 1
41.09 40.87 44.25 41.09 44.25 
Common shares outstanding8,733,574 8,716,662 8,713,094 8,733,574 8,713,094 
Average common shares outstanding:
Basic8,754,008 8,734,383 8,733,559 8,744,250 8,724,657 
Diluted8,822,099 8,774,111 8,760,374 8,797,389 8,784,005 
Performance ratios
Return on average assets0.17%0.18 %0.01 %0.17%0.04 %
Return on average shareholders' equity2.56%2.72 %0.20 %2.64%0.58 %
Return on average tangible common equity 1
2.60%2.75 %0.20 %2.68%0.59 %
Net interest margin2.39 %2.36 %1.96 %2.38 %1.89 %
Net interest margin - FTE 1,2
2.47 %2.45 %2.04 %2.46 %1.97 %
Capital ratios 3
Total shareholders' equity to assets6.54 %6.32 %6.43 %6.54 %6.43 %
Tangible common equity to tangible assets 1
6.46 %6.24 %6.35 %6.46 %6.35 %
Tier 1 leverage ratio6.23 %6.23 %6.69 %6.23 %6.69 %
Common equity tier 1 capital ratio8.90 %8.97 %8.90 %8.90 %8.90 %
Tier 1 capital ratio8.90 %8.97 %8.90 %8.90 %8.90 %
Total risk-based capital ratio12.22 %12.50 %12.16 %12.22 %12.16 %
Asset quality
Nonperforming loans$60,073 $61,596 $43.541 $60.073 $43.541 
Nonperforming assets64,573 63,691 45.539 64,573 45.539 
Nonperforming loans to loans1.58 %1.63 %1.00 %1.58 %1.00 %
Nonperforming assets to total assets1.16 %1.12 %0.75 %1.16 %0.75 %
Allowance for credit losses - loans to:
Loans1.39 %1.50 %1.07 %1.39 %1.07 %
Nonperforming loans88.4 %91.7 %106.8 %88.4 %106.8 %
Net charge-offs to average loans1.77 %1.65 %1.31 %1.71 %1.12 %
Average balance sheet information
Loans$3,836,149 $3,874,174 $4,397,887 $3,855,056 $4,318,037 
Total securities1,048,742 1,022,872 934,994 1,035,879 918,547 
Other earning assets561,255 521,697 396,829 541,585 420,921 
Total interest-earning assets5,448,429 5,424,700 5,739,019 5,436,630 5,664.986 
Total assets5,656,350 5,635,646 5,924,144 5,646,054 5,847,687 
Noninterest-bearing deposits134,166 143,305 153,016 138,710 144.494 
Interest-bearing deposits4,783,803 4,744,189 4,792,939 4,764,105 4,804,396 
Total deposits4,917,969 4,887,494 4,945,955 4,902,815 4,948,890 
Shareholders' equity370,247 374,276 391,870 372,250 391,952 

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
June 30,
2026		March 31,
2026		June 30,
2025
Assets
Cash and due from banks$8,692 $10,528 $9,261 
Interest-bearing deposits402,276 591,277 437,100 
Securities available-for-sale, at fair value786,676 772,035 644,657 
Securities held-to-maturity, at amortized cost, net of allowance for credit losses264,662 276,042 271,737 
Loans held-for-sale44,816 55,240 126,533 
Loans3,811,073 3,775,870 4,362,562 
Allowance for credit losses - loans(53,096)(56,496)(46,517)
Net loans3,757,977 3,719,374 4,316,045 
Accrued interest receivable29,136 28,182 31,227 
Federal Home Loan Bank of Indianapolis stock28,350 28,350 28,350 
Cash surrender value of bank-owned life insurance43,175 42,864 41,961 
Premises and equipment, net65,720 67,006 69,930 
Goodwill4,687 4,687 4,687 
Servicing asset23,180 23,614 16,736 
Other real estate owned4,121 1,945 1,730 
Accrued income and other assets92,907 90,544 72,619 
Total assets$5,556,375 $5,711,688 $6,072,573 
Liabilities
Noninterest-bearing deposits$131,366 $149,505 $145,166 
Interest-bearing deposits4,700,012 4,832,145 5,153,623 
Total deposits4,831,378 4,981,650 5,298,789 
Advances from Federal Home Loan Bank239,500 239,500 264,500 
Subordinated debt105,626 105,546 105,307 
Accrued interest payable1,594 1,232 1,614 
Accrued expenses and other liabilities14,730 22,806 12,124 
Total liabilities5,192,828 5,350,734 5,682,334 
Shareholders' equity
Voting common stock187,545 186,967 186,116 
Retained earnings197,119 195,292 230,690 
Accumulated other comprehensive loss(21,117)(21,305)(26,567)
Total shareholders' equity363,547 360,954 390,239 
Total liabilities and shareholders' equity$5,556,375 $5,711,688 $6,072,573 


First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Interest income
Loans$60,693 $60,839 $66,685 $121,532 $129,347 
Securities - taxable9,948 9,496 9,062 19,444 17,525 
Securities - non-taxable629 654 654 1,283 1,315 
Other earning assets5,366 4,821 4,485 10,187 9,528 
Total interest income76,636 75,810 80,886 152,446 157,715 
Interest expense
Deposits40,320 40,359 46,794 80,679 94,420 
Other borrowed funds3,877 3,853 6,102 7,730 10,209 
Total interest expense44,197 44,212 52,896 88,409 104,629 
Net interest income32,439 31,598 27,990 64,037 53,086 
Provision for credit losses13,415 16,305 13,608 29,720 25,541 
Net interest income after provision for credit losses19,024 15,293 14,382 34,317 27,545 
Noninterest income
Service charges and fees1,112 844 278 1,956 543 
Loan servicing revenue2,853 2,856 1,979 5,709 3,962 
Loan servicing asset revaluation(1,579)(1,060)(1,153)(2,639)(2,334)
Gain on sale of loans4,690 7,377 1,673 12,067 10,320 
Other1,609 1,501 2,780 3,110 3,493 
Total noninterest income8,685 11,518 5,557 20,203 15,984 
Noninterest expense
Salaries and employee benefits13,570 13,236 10,867 26,806 23,974 
Marketing, advertising and promotion706 615 702 1,321 1,349 
Consulting and professional fees1,372 1,080 936 2,452 2,164 
Data processing774 775 656 1,549 1,291 
Loan expenses2,109 2,179 1,520 4,288 3,051 
Premises and equipment3,718 3,676 3,281 7,394 6,396 
Deposit insurance premium1,611 1,487 1,564 3,098 2,962 
Other2,262 1,979 2,274 4,241 4,170 
Total noninterest expense26,122 25,027 21,800 51,149 45,357 
Income (loss) before income taxes1,587 1,784 (1,861)3,371 (1,828)
Income tax benefit(780)(725)(2,054)(1,505)(2,964)
Net income $2,367 $2,509 $193 $4,876 $1,136 
Per common share data
Earnings per share - basic$0.27 $0.29 $0.02 $0.56 $0.13 
Earnings per share - diluted$0.27 $0.29 $0.02 $0.55 $0.13 
Dividends declared per share$0.06 $0.06 $0.06 $0.12 $0.12 



First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
Average BalanceInterest / DividendsYield / CostAverage BalanceInterest / DividendsYield / CostAverage BalanceInterest / DividendsYield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1
$3,838,432 $60,693 6.34 %$3,880,131 $60,839 6.36 %$4,407,196 $66,685 6.07 %
Securities - taxable974,877 9,948 4.09 %943,079 9,496 4.08 %856,070 9,062 4.25 %
Securities - non-taxable73,865 629 3.42 %79,793 654 3.32 %78,924 654 3.32 %
Other earning assets561,255 5,366 3.83 %521,697 4,821 3.75 %396,829 4,485 4.53 %
Total interest-earning assets5,448,429 76,636 5.64 %5,424,700 75,810 5.67 %5,739,019 80,886 5.65 %
Allowance for credit losses - loans(57,343)(56,106)(49,073)
Noninterest-earning assets265,264 267,052 234,198 
Total assets$5,656,350 $5,635,646 $5,924,144 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits$1,356,003 $8,905 2.63 %$1,243,549 $8,168 2.66 %$1,226,439 $9,767 3.19 %
Savings accounts18,765 39 0.83 %19,542 41 0.85 %21,760 46 0.85 %
Money market accounts1,304,538 10,334 3.18 %1,292,126 10,103 3.17 %1,187,782 11,087 3.74 %
Fintech - brokered deposits57,492 487 3.40 %— — — %— — — %
Certificates and brokered deposits2,047,005 20,555 4.03 %2,188,972 22,047 4.08 %2,356,958 25,894 4.41 %
Total interest-bearing deposits4,783,803 40,320 3.38 %4,744,189 40,359 3.45 %4,792,939 46,794 3.92 %
Other borrowed funds348,383 3,877 4.46 %352,117 3,853 4.44 %567,575 6,102 4.31 %
Total interest-bearing liabilities5,132,186 44,197 3.45 %5,096,306 44,212 3.52 %5,360,514 52,896 3.96 %
Noninterest-bearing deposits134,166 143,305 153,016 
Other noninterest-bearing liabilities19,751 21,759 18,744 
Total liabilities5,286,103 5,261,370 5,532,274 
Shareholders' equity370,247 374,276 391,870 
Total liabilities and shareholders' equity$5,656,350 $5,635,646 $5,924,144 
Net interest income$32,439 $31,598 $27,990 
Interest rate spread2.19 %2.15 %1.69 %
Net interest margin2.39 %2.36 %1.96 %
Net interest margin - FTE 2,3
2.47 %2.45 %2.04 %
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
Six Months Ended
June 30, 2026June 30, 2025
Average BalanceInterest / DividendsYield / CostAverage BalanceInterest / DividendsYield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1
$3,859,166 $121,532 6.35 %$4,325,518 $129,347 6.03 %
Securities - taxable959,066 19,444 4.09 %838,222 17,525 4.22 %
Securities - non-taxable76,813 1,283 3.37 %80,325 1,315 3.30 %
Other earning assets541,585 10,187 3.79 %420,921 9,528 4.56 %
Total interest-earning assets5,436,630 152,446 5.65 %5,664,986 157,715 5.61 %
Allowance for credit losses - loans(56,728)(47,378)
Noninterest-earning assets266,152 230,079 
Total assets$5,646,054 $5,847,687 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits$1,300,087 $17,073 2.65 %$1,092,127 $16,742 3.09 %
Savings accounts19,151 80 0.84 %21,167 88 0.84 %
Money market accounts1,298,366 20,437 3.17 %1,204,695 22,449 3.76 %
Fintech - brokered deposits28,905 487 3.40 %— — — %
Certificates and brokered deposits2,117,596 42,602 4.06 %2,486,407 55,141 4.47 %
Total interest-bearing deposits4,764,105 80,679 3.42 %4,804,396 94,420 3.96 %
Other borrowed funds350,240 7,730 4.45 %484,897 10,209 4.25 %
Total interest-bearing liabilities5,114,345 88,409 3.49 %5,289,293 104,629 3.99 %
Noninterest-bearing deposits138,710 144,494 
Other noninterest-bearing liabilities20,749 21,948 
Total liabilities5,273,804 5,455,735 
Shareholders' equity372,250 391,952 
Total liabilities and shareholders' equity$5,646,054 $5,847,687 
Net interest income$64,037 $53,086 
Interest rate spread2.16 %1.62 %
Net interest margin2.38 %1.89 %
Net interest margin - FTE 2,3
2.46 %1.97 %
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
June 30, 2026March 31, 2026June 30, 2025
AmountPercentAmountPercentAmountPercent
Commercial loans
Commercial and industrial$212,675 5.6 %$225,425 6.0 %$174,475 4.0 %
Owner-occupied commercial real estate51,749 1.4 %48,136 1.3 %50,096 1.1 %
Investor commercial real estate669,970 17.5 %598,933 15.9 %513,411 11.8 %
Construction427,076 11.2 %449,888 11.9 %332,658 7.6 %
Single tenant lease financing288,720 7.6 %254,044 6.7 %970,042 22.3 %
Public finance445,507 11.7 %441,734 11.7 %476,339 10.9 %
Healthcare finance121,287 3.2 %131,161 3.5 %160,073 3.7 %
Small business lending 435,686 11.4 %433,964 11.5 %383,455 8.8 %
Franchise finance357,182 9.4 %389,249 10.3 %479,757 11.0 %
Total commercial loans3,009,852 79.0 %2,972,534 78.8 %3,540,306 81.2 %
Consumer loans
Residential mortgage326,258 8.6 %338,058 9.0 %358,922 8.2 %
Home equity14,102 0.4 %14,219 0.4 %16,668 0.4 %
Trailers252,325 6.6 %242,022 6.4 %228,786 5.2 %
Recreational vehicles143,547 3.8 %142,442 3.8 %144,476 3.3 %
Other consumer loans45,916 1.2 %46,874 1.2 %48,319 1.1 %
Total consumer loans782,148 20.6 %783,615 20.8 %797,171 18.2 %
Net deferred loan fees, premiums, discounts and other 1
19,073 0.4 %19,721 0.4 %25,085 0.6 %
Total loans$3,811,073 100.0 %$3,775,870 100.0 %$4,362,562 100.0 %
June 30, 2026March 31, 2026June 30, 2025
AmountPercentAmountPercentAmountPercent
Deposits
Noninterest-bearing deposits$131,366 2.7 %$149,505 3.0 %$145,166 2.7 %
Interest-bearing demand deposits1,493,178 30.9 %1,358,028 27.3 %1,458,123 27.5 %
Savings accounts18,738 0.4 %20,344 0.4 %20,902 0.4 %
Money market accounts1,245,591 25.8 %1,325,382 26.6 %1,210,960 22.9 %
Fintech - brokered deposits23,344 0.5 %— — %— — %
Certificates of deposits1,683,450 34.8 %1,869,181 37.5 %2,146,356 40.5 %
Brokered deposits 235,711 4.9 %259,210 5.2 %317,282 6.0 %
Total deposits$4,831,378 100.0 %$4,981,650 100.0 %$5,298,789 100.0 %

1 Includes carrying value adjustments of $17.3 million, $18.1 million and $21.2 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.



First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Total equity - GAAP$363,547 $360,954 $390,239 $363,547 $390,239 
Adjustments:
           Goodwill(4,687)(4,687)(4,687)(4,687)(4,687)
Tangible common equity$358,860 $356,267 $385,552 $358,860 $385,552 
Total assets - GAAP$5,556,375 $5,711,688 $6,072,573 $5,556,375 $6,072,573 
Adjustments:
           Goodwill(4,687)(4,687)(4,687)(4,687)(4,687)
Tangible assets$5,551,688 $5,707,001 $6,067,886 $5,551,688 $6,067,886 
Common shares outstanding8,733,574 8,716,662 8,713,094 8,733,574 8,713,094 
Book value per common share$41.63 $41.41 $44.79 $41.63 $44.79 
Effect of goodwill(0.54)(0.54)(0.54)(0.54)(0.54)
Tangible book value per common share$41.09 $40.87 $44.25 $41.09 $44.25 
Total shareholders' equity to assets6.54 %6.32 %6.43 %6.54 %6.43 %
Effect of goodwill(0.08%)(0.08%)(0.08%)(0.08%)(0.08%)
Tangible common equity to tangible assets6.46 %6.24 %6.35 %6.46 %6.35 %
Total average equity - GAAP$370,247 $374,276 $391,870 $372,250 $391,952 
Adjustments:
           Average goodwill(4,687)(4,687)(4,687)(4,687)(4,687)
Average tangible common equity$365,560 $369,589 $387,183 $367,563 $387,265 
Return on average shareholders' equity2.56%2.72%0.20 %2.64%0.58 %
Effect of goodwill0.04%0.03%— %0.04%0.01 %
Return on average tangible common equity2.60%2.75 %0.20 %2.68%0.59 %
Total interest income$76,636 $75,810 $80,886 $152,446 $157,715 
Adjustments:
Fully-taxable equivalent adjustments 1
1,142 1,160 1,157 2,302 2,326 
Total interest income - FTE$77,778 $76,970 $82,043 $154,748 $160,041 
Net interest income$32,439 $31,598 $27,990 $64,037 $53,086 
Adjustments:
Fully-taxable equivalent adjustments 1
1,142 1,160 1,157 2,302 2,326 
Net interest income - FTE$33,581 $32,758 $29,147 $66,339 $55,412 
Net interest margin2.39 %2.36 %1.96 %2.38 %1.89 %
Effect of fully-taxable equivalent adjustments 1
0.08 %0.09 %0.08 %0.08 %0.08 %
Net interest margin - FTE2.47 %2.45 %2.04 %2.46 %1.97 %
1Assuming a 21% tax rate


First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net income - GAAP$2,367 $2,509 $193 $4,876 $1,136 
Adjustments:1
     Provision for credit losses13,415 16,305 13,608 29,720 25,541 
     Income tax benefit(780)(725)(2,054)(1,505)(2,964)
Pre-provision net revenue$15,002 $18,089 $11,747 $33,091 $23,713 
Tangible common equity$358,860 $356,267 $385,552 $358,860 $385,552 
Adjustments:
     Accumulated other comprehensive loss21,117 21,305 26,567 21,117 26,567 
Adjusted tangible common equity$379,977 $377,572 $412,119 $379,977 $412,119 
Tangible assets$5,551,688 $5,707,001 $6,067,886 $5,551,688 $6,067,886 
Adjustments:
     Cash in excess of $300 million(110,968)(301,805)(146,361)(110,968)(146,361)
Adjusted tangible assets$5,440,720 $5,405,196 $5,921,525 $5,440,720 $5,921,525 
Adjusted tangible common equity$379,977 $377,572 $412,119 $379,977 $412,119 
Adjusted tangible assets5,440,720 5,405,196 5,921,525 5,440,720 5,921,525 
Adjusted tangible common equity to adjusted tangible assets6.98 %6.99 %6.96 %6.98 %6.96 %
Nonperforming loans to total loans1.58 %1.63 %1.00 %1.58 %1.00 %
Adjustments:
     Fully guaranteed balances(0.51%)(0.41%)(0.22%)(0.51%)(0.22%)
Adjusted nonperforming loans to total loans1.07 %1.22 %0.78 %1.07 %0.78 %
Allowance for credit losses - loans to nonperforming loans88.39 %91.72 %106.83 %88.39 %106.83 %
Adjustments:
     Fully guaranteed balances41.45 %30.73 %29.03 %41.45 %29.03 %
Adjusted allowance for credit losses - loans to nonperforming loans129.84 %122.45 %135.86 %129.84 %135.86 %
1Assuming a 21% tax rate

July 2026 Investor Presentation NASDAQ: INBK Exhibit 99.2

 

2 Forward-Looking Statements & Non-GAAP Financial Measures This presentation 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 “believe,” “continue,” “could,” “decline,” “drive,” “enhance,” “estimate,” “expanding,” “expect,” “grow,” “growth,” “improve,” “increase,” “looking ahead,” “may,” “pending,” “plan,” “position,” “preliminary,” “remain,” “rising,” “should,” “slow,” “stable,” “strategy,” “well-positioned,” 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 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 any key members of senior management; the 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 presentation, 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. This presentation 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, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted total revenue, pre-provision net revenue (loss), adjusted pre-provision net revenue, adjusted noninterest income, adjusted income (loss) before income taxes, adjusted income tax (benefit) provision, adjusted net income (loss), 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 presentation under the caption “Reconciliation of Non-GAAP Financial Measures.”

 

3 First Internet Bancorp At-A-Glance • Digital Banking Pioneer - First state-chartered, FDIC-insured institution to operate entirely online, reimagining traditional banking over 25 years ago • Business Model Innovation - Highly scalable branchless banking model with a proven history of dynamic innovation and strong growth • Diversified Revenue Streams - Commercial banking, SBA lending, consumer lending, and BaaS partnerships • Multiple Lending Channels – Scalable origination platforms across lending businesses support sustainable growth • Banking-as-a-Service (BaaS) – Offers platform capabilities enabling fintech partnerships and collaborations • Regulatory Expertise - Deep compliance and risk management capabilities $5.6B TOTAL ASSETS 23%1 TTM ADJ. REVENUE GROWTH $170M1 ADJ. REVENUE TTM $3.8B TOTAL LOANS $4.8B TOTAL DEPOSITS $359M TANGIBLE EQUITY As of 6/30/26 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix

 

4 Our Founding Thesis • Founded in 1999, based on a revolutionary idea that challenged the entire banking industry - create America's first state-chartered, FDIC-insured institution to operate entirely online • 25+ Year Legacy: From kitchen table startup to industry transformer, maintaining the same entrepreneurial spirit that empowers customers to "bank on their own ideas" • Core Guiding Principles:  Personal Connections: Despite being digital- first, we believe in the power of personal relationships built on trust and understanding  Customer-Centric: Taking time to know each customer and provide tailored solutions for every financial need  Innovation-Driven: Staying true to our roots as trailblazers who transformed an entire industry "Like most start-ups, our early days were challenging. But we built our success — and transformed the banking industry — by staying true to our roots as innovators and trailblazers. Today, we bring the same passion and creativity to every interaction you have with First Internet Bank — we want to empower you to bank on your own ideas.” CHAIRMAN AND CEO DAVID B. BECKER:

 

5 Our Business Model Branchless model attracts a nationwide deposit base with low acquisition costs, supplemented by BaaS partnerships – deployed into scalable specialty lending channels

 

6 Multiple Asset Generation Channels $ in millions As of 06/30/26 Core Lending Areas Construction & Investor CRE $ 1,097 Small Business Lending 436 C&I / Emerging Verticals 264 Public Finance 446 Single Tenant Lease Financing 289 Consumer Lending 442 Exited Lines Franchise Finance 357 Residential Mortgage 340 Healthcare Finance 121 Net Deferred Loan Fees, Premiums, Discounts and Other 19 $3,811 Strategic Focus • Specialized areas of lending • Scalable, nationwide platforms with growth potential • Optimize the mix of interest-earning assets • AI and tech to facilitate scalability and manage credit risk • Maximize risk-adjusted returns Emerging Opportunities • Embedded finance • Fintech partnership lending • Wealth advisory lending • Equipment finance

 

7 Digital Banking & Fintech Partnerships Drive Growth Digital Banking • $2.5B in digital deposits • Consumer and SMB deposits sourced nationally • Do More Business Checking includes Cash Flow Analysis, payments through Zelle and Balance Optimizer • Do More Business Checking is a 3-time recipient of the Best in Biz Silver Winner award for Small or Medium Business Product of the Year BaaS / Fintech • Program sponsorship: deposits, payments, cards/BIN and lending • Empowers partners to move funds quickly at scale over multiple payments rails – ACH, FedNow, RTP Network • Origination of embedded finance / SMB credit products • 2025 co-recipient of the award for Payments Innovation of the Year from American Banker for our work with Increase to deliver High- fidelity ACH $3.6B Total Fintech Deposits $2.4B Held Off-Balance Sheet 199% Increase in Fintech Deposits over 2Q25 $314B Fintech Payments Volume TTM 256% Increase in Fintech Payments Volume over TTM ended 6/30/25

 

8 Key Investment Highlights • Digital Banking - America's first online bank with a 25+ year branchless model delivering superior cost structure and geographic reach • Technology Moat & Fintech Edge - Quarter-century digital head start creates competitive barriers and compelling partnership platform • Balance Sheet Restructuring - Accelerated optimization of the asset mix to drive increased earnings and improve interest rate risk • Disciplined credit underwriting – Historically strong credit quality through prudent underwriting and proactive portfolio management • Strong Financial Momentum - Continuous growth in net interest income with expanding net interest margin and strong loan originations • Pathway to Improved Profitability - Revenue growth is driving increased pre-provision, net revenue and positive operating leverage • BaaS-Powered Balance Sheet - Fintech partnerships fuel robust deposit growth creating strong liquidity and expansion capacity • Compelling Deep Value - Trading at significant discount to peers and tangible book value despite superior growth model Founder-led organization focused on building long-term shareholder value, with an attractive value-oriented entry point

 

9 Experienced Leadership • Founder of the first state-chartered, FDIC-insured bank to operate entirely online 25+ years ago • 40-year career in fintech/SaaS with 5 successful Inc. 500 company exits • Founding Board Chair of TechPoint and active in multiple Indiana economic development and education initiatives • Ernst & Young Entrepreneur of the Year (2001), Indiana Banking Excellence Award (2021), and Mickey Maurer Entrepreneur of the Year (2025) • Appointed president in July 2021 • 25 years with the Company in various leadership roles, including COO • Fintech background prior to joining INBK • Active on advisory boards for Indianapolis Neighborhood Housing Partnership and Hamilton County Community Foundation • Brings 30+ years of financial services experience • Banking Industry Veteran - Previously SVP of Investor Relations & Corporate Development at First Financial Bancorp (publicly traded bank holding company) • Former investment banker specializing in financial services sector • Began career at Price Waterhouse LLP DAVID B. BECKER Chairman and CEO NICOLE S. LORCH President, COO and Corporate Secretary KENNETH J. LOVIK EVP & CFO

 

Financial Review

 

11 Second Quarter 2026 Highlights Earnings • Net income of $2.4 million, up significantly over 2Q25 • Diluted EPS of $0.27, up significantly over 2Q25 NII and NIM • Net interest income of $32.4 million and FTE NII of $33.6 million1,2, up 16% and 15%, respectively, over 2Q25 • Net interest margin and FTE NIM of 2.39% and 2.47%1,2, both up 43 bps from 2Q25 Revenue and PPNR • Total revenue of $41.1 million, up 23% over 2Q25 • Pre-provision net revenue of $15.0 million1, up 28% over 2Q25 Loans • Total loan balances of $3.8 billion, up 1% from 1Q26 • Weighted average yield on new loans funded in 2Q26 was 7.26% • SBA GOS revenue of $4.7 million; sold $56.3 million of 7(a) guaranteed balances Credit • Provision for credit losses of $13.4 million, down 18% from 1Q26 • Net charge-offs / average loans of 1.77%, up from 1.65% in 1Q26 • NPLs / total loans of 1.58%, or 1.07%1 excluding fully-guaranteed balances Capital • TCE / TA of 6.46%1, CET1 of 8.90%3, total capital of 12.22%3 • Excluding AOCI and adjusting for normalized cash balances, adjusted TCE / TA of 6.98%1 • Tangible book value per share of $41.091, up from 1Q26 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 On a fully-taxable equivalent (“FTE”) assuming a 21% tax rate 3 Regulatory capital ratios are preliminary pending filing of the Company’s regulatory reports

 

12 Positive Credit Trends $11.8 $15.2 $7.4 $9.1 $4.8 2Q25 3Q25 4Q25 1Q26 2Q26 Small Business Lending Net Charge-offs $ in millions • Total nonaccrual loans declined for the second consecutive quarter, and are down 14% from 1Q26 • Total delinquencies 30D+PD declined to 0.78% of performing loans, down from 1.06% in 1Q26 • Significant decline in early-stage delinquencies; down 57% from 1Q26 and 75% from 4Q25 • Small business lending delinquencies declined to $1.5 million, down from $13.3 million in 1Q26 $26.2 $15.7 $6.7 $8.7 $15.0 $7.9 $2.2 $8.7 $14.5 $37.1 $39.4 $29.1 1.01% 1.06% 0.78% 4Q25 1Q26 2Q26 Delinquencies 30 - 59 Days 60 - 89 Days 90+ Days Total DQs / Total Loans $ in millions $31.8 $41.8 $42.7 $37.4 $26.4 $2.4 $0.9 $2.2 $8.7 $14.5 $9.3 $10.6 $13.6 $15.5 $19.2 $43.5 $53.3 $58.5 $61.6 $60.1 1.00% 1.47% 1.56% 1.63% 1.58% 0.78% 1.18% 1.20% 1.22% 1.07% 2Q25 3Q25 4Q25 1Q26 2Q26 Nonperforming Loans Govt. Guaranteed NPLs 90D+PD & Accruing Nonaccrual Loans ex. Govt. Guaranteed NPLs / Total Loans NPLs ex. Govt. Guaranteed / Total Loans $ in millions

 

13 Credit Quality Overview $46.5 $59.9 $55.7 $56.5 $53.1 1.07% 1.65% 1.49% 1.50% 1.39% 2Q25 3Q25 4Q25 1Q26 2Q26 Allowance for Credit Losses ACL ACL/Total loans $ in millions $14.3 $21.0 $16.0 $15.8 $16.9 1.31% 1.89% 1.68% 1.65% 1.77% 2Q25 3Q25 4Q25 1Q26 2Q26 Net Charge-offs NCOs NCOs/Average Loans $ in millions $13.6 $34.8 $12.0 $16.3 $13.4 2Q25 3Q25 4Q25 1Q26 2Q26 Provision for Credit Losses $ in millions $ in millions $36.2 $44.7 $47.7 $48.2 $45.4 $9.3 $10.5 $13.6 $15.5 $19.2 $45.5 $55.2 $61.3 $63.7 $64.6 0.75% 0.98% 1.10% 1.12% 1.16% 0.60% 0.79% 0.86% 0.84% 0.82% 2Q25 3Q25 4Q25 1Q26 2Q26 Nonperforming Assets Govt. Guaranteed NPAs NPAs ex. Govt. Guaranteed NPAs / Total Assets NPAs ex. Govt. Guaranteed / Total Assets

 

14 Adjusted Total Revenue1 and Pre-Provision, Net Revenue1 $33.5 $43.5 $42.1 $43.1 $41.1 $11.7 $18.1 $17.9 $18.1 $15.0 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted Total Revenue Adjusted Pre-Provision, Net Revenue Adjusted Efficiency Ratio1 65.0% 58.5% 56.1% 58.0% 63.5% 28% Increase in Adjusted PPNR vs. 2Q25 23% Increase in Adjusted Total Revenue vs. 2Q25 $ in millions 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix

 

15 Loan Portfolio Overview $3,499 $3,840 $4,171 $3,747 $3,811 $22 $22 $55 $109 $45 $3,521 $3,862 $4,226 $3,856 $3,856 4.47% 5.22% 5.85% 6.15% 6.35% 2022 2023 2024 2025 2Q26 Total Loan Portfolio and Average Yield Total Loans HFI Total Loans HFS Average Yield 6% 29% 8% 12% 3% 11% 9% 9% 12% 1% Portfolio Composition Commercial & Industrial Construction & Investor CRE Single Tenant Lease Financing Public Finance Healthcare Finance Small Business Lending Franchise Finance Residential Loans Other Consumer Loans Net Deferred Loan Fees, Premiums, Discounts & Others YoY Growth in Loans HFI 21% 10% 9% -10% -13% $ in millions Note: Yields for 2022 – 2025 represent annual portfolio yields; 2Q26 yield represents year-to-date yield.

 

16 Diversified Deposit Base $3,441 $4,067 $4,933 $4,840 $4,831 1.38% 3.83% 4.24% 3.87% 3.42% 2022 2023 2024 2025 2Q26 Total Deposits and Cost of IBDs Total Deposits Cost of IBDs $ in millions 37% 19% 25% 9% 5% 5% Portfolio Composition Consumer Small Business Fintech Commercial Public Funds Brokered YoY Growth 8% 18% 21% -2% -9% Note: Cost of IBDs for 2022 – 2025 represent annual COFs; 2Q26 cost represents year- to-date COFs.

 

17 $29.1 $31.5 $31.5 $32.8 $33.6 2.04% 2.12% 2.30% 2.45% 2.47% 2Q25 3Q25 4Q25 1Q26 2Q26 Fully-Taxable-Equivalent Net Interest Income (“FTE NII”)1 and Net Interest Margin (“FTE NIM”)1 FTE NII FTE NIM 3.92% 3.87% 3.68% 3.45% 3.38% 6.07% 6.18% 6.39% 6.36% 6.34% 2Q25 3Q25 4Q25 1Q26 2Q26 Loan Yield and Cost of IBDs Cost of IBDs Loan Yield 1Q26 Deposits Cash Securities Loans 2Q26 Net Interest Income and Net Interest Margin 2.45% -8 bps+3 bps +2 bps 2.47%+5 bps FTE NIM1 Bridge $ in millions 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix

 

18 Noninterest Income Trends 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix $ in millions Key Highlights • SBA 7(a) loan sale volume impacted by seasonally lower originations • SBA gain on sale net premiums consistent with 1Q26 • Fintech fee revenue continues to grow; TTM 2Q26 revenue up 222% over linked period Guaranteed Loans Sold $22.2 $142.5 $110.3 $89.4 $56.3 Reported Noninterest Income $5.6 ($24.6) $11.4 $11.5 $8.7 Loss on Sale of STL loans — ($37.8) ($0.4) - - $1.6 $10.6 $8.6 $7.3 $4.7 $0.8 $0.7 $0.9 $1.8 $1.3 $0.7 $0.9 $1.1 $1.5 $1.9 $2.5 $1.1 $1.2 $0.9 $0.8 $5.6 $13.2 $11.8 $11.5 $8.7 107% 108% 108% 108% 108% 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted Noninterest Income1 SBA gain on sale Net servicing revenue Fintech Other Average SBA net premium

 

19 Noninterest Expense Trends $21.8 $25.5 $24.2 $25.0 $26.1 1.48% 1.66% 1.71% 1.80% 1.85% 2Q25 3Q25 4Q25 1Q26 2Q26 Noninterest Expense Noninterest Expense NIE to Average Assets $ in millions Key Highlights • Increase in expenses from 1Q26 due primarily to higher compensation, consulting and other expense • Low NIE / average assets highlights efficient business model • YoY expenses reflect additional personnel to strengthen SBA and risk management • The Company expects to continue investing in tech and AI to further enhance consumer and SMB product offerings as well as SBA and risk management% of Noninterest Expense Personnel 50% 56% 52% 53% 52% Non-Personnel 50% 44% 48% 47% 48%

 

20 Capital and Sources of Liquidity $33.29 $38.51 $39.74 $41.43 $43.77 $40.87 $41.09 2020 2021 2022 2023 2024 2025 2Q26 Tangible Book Value Per Share1 Capital Ratios as of June 30, 20262 Company Bank Total Shareholder’s equity to Assets 6.54% 7.87% Tangible Common equity to Tangible Assets 6.46% 7.79% Tier 1 Leverage 6.23% 7.57% Common Equity Tier 1 8.90% 10.84% Tier 1 Capital 8.90% 10.84% Total Capital 12.22% 12.09% $411 $2,373 $912 $605 $15 $18 Liquidity Sources $ in millions Cash & Equivalents Off-Balance Sheet Deposits Fed Discount Window FHLB Borrowing Capacity Unpledged Securities Unsecured Funding $4,334 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 Regulatory capital ratios are preliminary pending filing of the Company’s and the Bank’s regulatory reports

 

21 2026 Outlook EPS • Diluted earnings per share of $2.35 to $2.45 Loan Growth • Loan growth in the range of 4% to 6%, driven by solid pipelines across our commercial lending verticals • Outlook reflects early payoffs in commercial lending areas and lower retention of small business lending balances as secondary market premiums remain attractive NII and NIM • FTE net interest margin expansion, reaching 2.75% to 2.80% by the fourth quarter of 2026, driven by ongoing deposit repricing and optimized asset mix • FTE net interest income in the range of $141 million to $142 million Noninterest Income • Noninterest income in the range of $40.5 million to $41 million, reflecting continued BaaS growth and increasing SBA originations and gain on sale activity in the second half of 2026 Noninterest Expense • Noninterest expense in the range of $106 million to $107 million Credit • Provision for credit losses, including net charge-offs and reserves related to problem loans, of $47 million to $48 million • Continual improvement is expected throughout the second half of 2026

 

Appendix

 

23 Construction and Investor Commercial Real Estate 45% 14% 9% 6% 6% 20% Portfolio Mix by State IN AZ OH SC FL Other 60% 38% 2% Portfolio by Loan Type Investor Commercial Real Estate Commercial Construction/ Development Residential Construction/ Development 42% 20% 15% 7% 16% Portfolio Mix by Major Industry Multifamily/Mixed Use Industrial Warehouse Hospitality Residential Construction Other • $1.1 billion of combined balances as of June 30, 2026 • Average current loan balance of $15.4 million for investor CRE • Minimal office exposure; 1.5% of combined balances consisting of suburban and medical office • Unfunded commitments of $363 million • Average commitment size for commercial construction / development of $21 million

 

24 Small Business Lending 23% 20% 15% 10% 32% Portfolio Mix by Major Industry Services Construction Retail Trade Manufacturing Other $436 $1,187 $44 Managed SBA 7(a) Loans Dollar in millions Retained Balance Servicing Portfolio Held for Sale $1,667 18% 14% 9% 8%6% 45% Portfolio Mix by State FL TX CA MI CO Other • $436 million of retained balances as of June 30, 2026 • Nationwide platform providing growth capital to entrepreneurs and small business owners • Diversified by industry and geography • Average retained balance of $354,000

 

25 C&I and Owner-Occupied Commercial Real Estate • $264 million of combined balances as of June 30, 2026 • Current C&I LOC Utilization of 47% • Minimal office exposure; 0.4% of combined loan balances consisting of suburban office • Average loan sizes  C&I: $573,000  Owner Occupied CRE: $892,000 61% 20% 19% Portfolio by Loan Type C&I - Term Loans C&I - Lines of Credit Owner Occupied CRE 29% 12% 9%8% 5% 37% Portfolio Mix by State IN CA AZ IL WA Other 13% 10% 8% 4% 4% 61% Portfolio Mix by Major Industry Services Manufacturing Construction Health Care and Social Assistance Real Estate and Rental and Leasing Other

 

26 Public Finance • $446 million of balances as of June 30, 2026 • Provides a range of credit solutions for government and not-for-profit entities • Borrower’s needs include short-term financing, debt refinancing, infrastructure improvements, economic development and equipment financing • No delinquencies or loses since inception 31% 12% 12% 10% 6% 29% Portfolio Mix by Repayment Source General Obligation Lease Rental Revenue Essential Use Equipment Loans Water & Sewer Revenue Private Higher Education Other 32% 28% 2% 1% 37% Borrower Mix by Credit Rating A AA AAA BBB Non-Rated 66%5% 5% 4% 4% 16% Portfolio Mix by State IN OH OK IA MO Other

 

27 Single Tenant Lease Financing • $289 million of balances as of June 30, 2026 • Long-term financing of single tenant properties occupied by historically strong national and regional tenants • Weighted-average portfolio LTV of 56% • Average loan size of $1.7 million • Strong historical credit performance • Completed sale of $850 million of loans to Blackstone in 2025 43% 11% 8% 6% 6% 26% Portfolio Mix by Major Vertical Auto-Related Stores Quick Serve Restaurants Convenience Stores/Filling Stations Medical Full Service Restaurants Other 6% 6% 5% 5% 4% 74% Portfolio Mix by Major Tenant Cobblestone Auto Spa Whistle Express Car Wash 7-Eleven Main Street Auto KinderCare Other 18% 14% 9% 5%4% 50% Portfolio Mix by State FL TX NC GA AR Other

 

28 Specialty Consumer • $442 million of combined balances as of June 30, 2026 • Direct-to-consumer and nationwide dealer network originations • Strong historical credit performance • Focused on high quality borrowers • Average credit score at origination of 779 • Average loan size of $28,000 57% 33% 10% Portfolio by Loan Type Trailers Recreational Vehicles Other Consumer 14% 9% 6% 4% 4% 63% Portfolio Mix by State TX CA FL NC AZ Other 35% 49% 13% 3% Portfolio Mix by Credit Score at Origination 800-850 740-799 700-739 670-699

 

29 Franchise Finance • $357 million of balances as of June 30, 2026 • Provided growth financing to franchisees in a variety of industry segments • Diversified by industry, geography and brand • Average loan size of $647,000 18% 15% 14% 14% 39% Portfolio by Borrower Use Limited-Service Restaurants Beauty Salons Indoor Recreation Snacks and Nonalcoholic Beverages Other 12% 11% 7% 5% 5% 60% Portfolio Mix by State CA TX FL GA MI Other 8% 7% 7% 5% 5% 68% Portfolio Mix by Brand Urban Air Adventure Park My Salon Suite Scooter's Coffee Goldfish Swim School Restore Hyper Wellness Other

 

30 Residential Mortgage • $340 million of combined balances as of June 30, 2026 • Historically direct-to-consumer originations centrally located at corporate headquarters • Strong historical credit performance • Focused on high quality borrowers • Average loan size of $194,000 • Average credit score at origination of 742 • Average LTV at origination of 80% 94% 4% 1% 1% Portfolio by Loan Type Single Family Residential Home Equity – LOC Home Equity – Closed End SFR Construction to Permanent 74% 12% 2% 2% 1% 9% Portfolio Mix by State IN CA NY FL TX Other 75% 15% 4%4% 2% Portfolio Mix by Region Midwest West Coast Northeast/Mid-Atl. Southeast Southwest

 

31 Healthcare Finance • $121 million of balances as of June 30, 2026 • Borrower’s needs include practice finance or acquisition, acquiring or refinancing owner- occupied commercial real estate, equipment purchases and project loans • Strong historical credit performance to date • Average loan size of $325,000 73% 22% 5% Portfolio by Loan Type Practice Refi or Acquisition Owner Occupied CRE Project 31% 11% 5%5%4% 44% Portfolio Mix by State CA TX FL NY AZ Other 86% 10% 4% Portfolio Mix by Borrower Dentists Veterinarians Other

 

Dollars in thousands, except share and per share data 2021 2022 2023 2024 2025 2Q26 Total equity - GAAP $380,338 $364,974 $362,795 $384,063 $359,767 $363,547 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $375,651 $360,287 $358,108 $379,376 $355,080 $358,860 Common shares outstanding 9,754,455 9,065,883 8,644,451 8,667,894 8,686,994 8,733,574 Book value per common share $38.99 $40.26 $41.97 $44.31 $41.41 $41.63 Effect of goodwill (0.48) (0.52) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $38.51 $39.74 $41.43 $43.77 $40.87 $41.09 32 Reconciliation of Non-GAAP Financial Measures

 

Dollars in thousands, except share and per share data 2Q25 3Q25 4Q25 1Q26 2Q26 Total equity - GAAP $390,239 $352,168 $359,767 $360,954 $363,547 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $385,552 $347,481 $355,080 $356,267 $358,860 Total assets - GAAP $6,072,573 $5,639,174 $5,571,647 $5,711,688 $5,556,375 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $6,067,886 $5,634,487 $5,566,960 $5,707,001 $5,551,688 Common shares outstanding 8,713,094 8,713,094 8,686,994 8,716,662 8,733,574 Book value per common share $44.79 $40.42 $41.41 $41.41 $41.63 Effect of goodwill (0.54) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $44.25 $39.88 $40.87 $40.87 $41.09 Total shareholders' equity to assets 6.43% 6.25% 6.46% 6.32% 6.54% Effect of goodwill (0.08%) (0.08%) (0.08%) (0.08%) (0.08%) Tangible common equity to tangible assets 6.35% 6.17% 6.38% 6.24% 6.46% 33 Reconciliation of Non-GAAP Financial Measures

 

Dollars in thousands 2Q25 3Q25 4Q25 1Q26 2Q26 Total interest income $80,886 $84,388 $78,054 $75,810 $76,636 Adjustments: Fully-taxable equivalent adjustments 1 1,157 1,158 1,161 1,160 1,142 Total interest income - FTE $82,043 $85,546 $79,215 $76,970 $77,778 Net interest income $27,990 $30,352 $30,322 $31,598 $32,439 Adjustments: Fully-taxable equivalent adjustments 1 1,157 1,158 1,161 1,160 1,142 Net interest income - FTE $29,147 $31,510 $31,483 $32,758 $33,581 Net interest margin 1.96% 2.04% 2.22% 2.36% 2.39% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.08% 0.08% 0.08% 0.09% 0.08% Net interest margin - FTE 2.04% 2.12% 2.30% 2.45% 2.47% 34 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate

 

Dollars in thousands 2Q25 3Q25 4Q25 1Q26 2Q26 Total revenue - GAAP $33,547 $5,705 $41,697 $43,116 $41,124 Adjustments: Loss on sale of loans - 37,823 411 - - Adjusted total revenue $33,547 $43,528 $42,108 $43,116 $41,124 Net income - GAAP $193 ($41,593) $5,289 $2,509 $2,367 Adjustments:1 Provision for credit losses 13,608 34,789 11,984 16,305 13,415 Income tax (benefit) provision (2,054) (12,950) 213 (725) (780) Pre-provision net revenue (loss) $11,747 ($19,754) $17,486 $18,089 $15,002 Pre-provision net revenue (loss) $11,747 ($19,754) $17,486 $18,089 $15,002 Adjustments: Loss on sale of loans - 37,823 411 - - Adjusted pre-provision net revenue $11,747 $18,069 $17,897 $18,089 $15,002 Noninterest income (loss) - GAAP $5,557 ($24,647) $11,375 $11,518 $8,685 Adjustments: Loss on sale of loans - 37,823 411 - - Adjusted noninterest income $5,557 $13,176 $11,786 $11,518 $8,685 Income (loss) before income taxes - GAAP ($1,861) ($54,543) $5,502 $1,784 $1,587 Adjustments: Loss on sale of loans - 37,823 411 - - Adjusted income (loss) before income taxes ($1,861) ($16,720) $5,913 $1,784 $1,587 35 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate

 

Dollars in thousands 2Q25 3Q25 4Q25 1Q26 2Q26 Income tax (benefit) provision - GAAP ($2,054) ($12,950) $213 ($725) ($780) Adjustments:1 Loss on sale of loans - 8,699 86 - - Adjusted income tax (benefit) provision ($2,054) ($4,251) $299 ($725) ($780) Net income (loss) - GAAP $193 ($41,593) $5,289 $2,509 $2,367 Adjustments: Loss on sale of loans - 29,124 325 - - Adjusted net income (loss) $193 ($12,469) $5,614 $2,509 $2,367 Diluted average common shares outstanding 8,760,374 8,742,052 8,769,456 8,774,111 8,822,099 Diluted earnings per share - GAAP $0.02 ($4.76) $0.60 $0.29 $0.27 Adjustments: Effect of loss on sale of loans - 3.33 0.04 - - Adjusted diluted earnings per share $0.02 ($1.43) $0.64 $0.29 $0.27 Return on average assets 0.01% (2.71%) 0.37% 0.18% 0.17% Effect of loss on sale of loans 0.00% 1.90% 0.02% 0.00% 0.00% Adjusted return on average assets 0.01% (0.81%) 0.39% 0.18% 0.17% Return on average shareholders' equity 0.20% (42.11%) 5.79% 2.72% 2.56% Effect of loss on sale of loans 0.00% 29.48% 0.36% 0.00% 0.00% Adjusted return on average shareholders' equity 0.20% (12.63%) 6.15% 2.72% 2.56% Return on average tangible common equity 0.20% (42.62%) 5.87% 2.75% 2.60% Effect of loss on sale of loans 0.00% 29.84% 0.36% 0.00% 0.00% Adjusted return on average tangible common equity 0.20% (12.78%) 6.23% 2.75% 2.60% 36 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate

 

Dollars in thousands 2Q26 Tangible common equity $358,860 Adjustments: Accumulated other comprehensive loss 21,117 Adjusted tangible common equity $379,977 Tangible assets $5,551,688 Adjustments: Cash in excess of $300 million (110,968) Adjusted tangible assets $5,440,720 Adjusted tangible common equity $379,977 Adjusted tangible assets $5,440,720 Adjusted tangible common equity to adjusted tangible assets 6.98% Dollars in thousands TTM 2Q25 TTM 2Q26 $ Variance % Variance Total Revenue - GAAP $142,351 $131,642 ($10,709) (8%) Adjustments: Gain on prepayment of FHLB advance (1,829) - 1,829 Gain on termination of swaps (2,904) - 2,904 Loss on sale of loans - 38,234 38,234 Adjusted total revenue $137,618 $169,876 $32,258 23% 37 Reconciliation of Non-GAAP Financial Measures

 

2Q25 3Q25 4Q25 1Q26 2Q26 Nonperforming loans to total loans 1.00% 1.47% 1.56% 1.63% 1.58% Adjustments: Fully-guaranteed balances (0.22%) (0.29%) (0.36%) (0.41%) (0.51%) Adjusted nonperforming loans to total loans 0.78% 1.18% 1.20% 1.22% 1.07% Allowance for credit losses - loans to nonperforming loans 106.83% 112.53% 95.13% 91.72% 88.39% Adjustments: Fully-guaranteed balances 29.03% 27.83% 28.84% 30.73% 41.45% Adjusted allowance for credit losses - loans to nonperforming loans 135.86% 140.36% 123.97% 122.45% 129.84% 38 Reconciliation of Non-GAAP Financial Measures

 

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