First Internet Bancorp SEC Filings

First Internet Bancorp reported Q1 2026 net income of $2.5 million, up from $0.9 million a year earlier, with basic and diluted earnings per share of $0.29 versus $0.11. Net interest income rose to $31.6 million from $25.1 million as deposit interest expense declined, though the provision for credit losses on loans increased to $16.6 million, reflecting ongoing credit costs, particularly in small business and franchise finance.

Total assets reached $5.71 billion, up from $5.57 billion at year-end, with loans at $3.78 billion and deposits at $4.98 billion. The allowance for credit losses on loans grew to $56.5 million. Noninterest income was $11.5 million, driven by $7.4 million of gains on loan sales and $2.9 million of servicing revenue, while noninterest expense totaled $25.0 million. Comprehensive income was $1.3 million after recognizing unrealized losses in the securities portfolio.

First Internet Bancorp reported much stronger results for the first quarter of 2026, with net income of $2.5 million, up 166% from a year ago, and diluted EPS of $0.29, up 164%. Total revenue rose 21% year-over-year to $43.1 million, driven by a 26% increase in net interest income to $31.6 million and a 10% rise in noninterest income to $11.5 million.

The bank’s net interest margin expanded to 2.36% (2.45% on a fully taxable-equivalent basis), 54 basis points higher than a year earlier, as higher loan yields and lower deposit costs improved spread. Pre-provision net revenue grew 51% to $18.1 million, showing stronger core earnings before credit costs.

Credit costs remained elevated, with a $16.3 million provision for credit losses and net charge-offs equal to 1.65% of average loans. Nonperforming loans rose to 1.63% of total loans, though ratios improve when fully guaranteed balances are excluded. Loans totaled $3.8 billion and deposits $5.0 billion, while tangible book value per share held at $40.87. Management is broadly maintaining its 2026 guidance but signaled that its 15–17% loan growth target may be ambitious given higher-than-expected payoffs and macro uncertainty.

First Internet Bancorp investors John and Susan Lame have jointly filed a Schedule 13D reporting beneficial ownership of several blocks of the bank’s common stock through a family trust, individual IRAs, Roth IRAs, and personal holdings. Individual positions include 149,224 shares in the John C. Lame IRA and 137,632 shares in the John C. Lame Roth IRA, each representing 1.72% and 1.58% of the class, respectively, based on 8,686,994 shares outstanding as of December 31, 2025.

The shares were acquired with the Reporting Persons’ own funds for investment purposes, and they state a belief that First Internet Bancorp’s value exceeds its current market price. They indicate an objective to profit from share price appreciation and plan to discuss shareholder returns and strategy for creating shareholder value with management, the board, and other shareholders. They may buy additional shares or sell shares over time depending on market conditions and their investment considerations.

First Internet Bancorp will hold its 2026 annual shareholder meeting virtually on May 18, 2026. Shareholders will vote to elect eight directors, approve an advisory say‑on‑pay resolution, and ratify Forvis Mazars, LLP as auditor. Shareholders of record on March 20, 2026, when 8,716,662 shares were outstanding, may vote.

The board is majority independent, uses separate audit, risk, compensation, and nominating committees, and emphasizes risk oversight and governance policies. Executive pay is structured around pay‑for‑performance with significant equity.

In 2025 the company sold about $851 million of lower‑coupon single‑tenant lease loans, which hurt reported earnings but was intended to strengthen capital and reduce interest rate sensitivity. As a result, named executives received no cash bonuses and forfeited all performance‑based RSUs scheduled to vest for the year. Despite this, 2025 operating metrics improved: total operating revenue reached $155 million, net interest income $114 million, fully tax‑equivalent net interest margin 2.09%, and adjusted pre‑provision net revenue $60 million. Fintech partnerships generated 135% revenue growth with $166 billion in annual payments volume, liquidity remained strong, and the bank ranked among the top SBA 7(a) lenders while tangible book value per share grew at a 6.3% ten‑year compound annual rate.

First Internet Bancorp amendment: The Vanguard Group files an amended Schedule 13G disclosing 0 shares of Common Stock beneficially owned, representing 0% of the class. The amendment explains an internal realignment on January 12, 2026 that caused certain Vanguard subsidiaries/divisions to report beneficial ownership separately.

First Internet Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.06 per common share. The dividend will be paid on April 15, 2026 to shareholders of record as of the close of business on March 31, 2026.

The company notes that any future dividends will be at the Board’s sole discretion and will depend on factors such as earnings, capital needs, regulatory limits, and overall financial condition. First Internet Bancorp reported $5.6 billion in assets as of December 31, 2025.

First Internet Bancorp files its annual report detailing a fully digital banking model, nationwide lending strategy and key risks. The Indiana-based holding company operates through First Internet Bank, offering commercial, small business, consumer and municipal products without traditional branches.

As of December 31, 2025, the Company reports consolidated assets of $5.6 billion, deposits of $4.8 billion and shareholders’ equity of $359.8 million