STOCK TITAN

First Internet Bancorp (NASDAQ: INBK) grows Q1 profit but boosts credit reserves

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • Stronger core earnings and margin expansion: Q1 2026 net income rose 166% year-over-year to $2.5 million, revenue increased 21% to $43.1 million, and fully taxable-equivalent net interest margin widened 54 basis points to 2.45%, driving a 51% increase in pre-provision net revenue to $18.1 million.

Negative

  • Elevated credit costs and higher nonperforming loans: Provision for credit losses was $16.3 million, up 36% from Q4 2025, net charge-offs ran at 1.65% of average loans, and nonperforming loans rose to 1.63% of total loans, limiting bottom-line profitability.

Insights

Core earnings and margin improved, but credit costs and problem loans remain a key constraint.

First Internet Bancorp delivered solid first-quarter operating momentum. Revenue grew 21% year-over-year to $43.1 million, and pre-provision net revenue rose 51% to $18.1 million, reflecting stronger net interest income and higher fee revenues. Net interest margin on a fully taxable-equivalent basis widened to 2.45%, up 54 basis points from the prior-year period.

At the same time, asset quality remains a pressure point. Provision for credit losses was $16.3 million, up 36.1% from Q4 2025, and net charge-offs ran at 1.65% of average loans. Nonperforming loans increased to 1.63% of total loans, though coverage ratios are still relatively high, with the allowance equal to 1.50% of loans and 91.7% of nonperforming loans.

Capital metrics remain adequate, with tangible common equity to tangible assets at 6.24% and a common equity tier 1 ratio of 8.97% as of March 31, 2026. Management reiterated its full-year 2026 outlook but acknowledged that its 15–17% loan growth goal may be difficult to achieve amid higher loan payoffs and macroeconomic uncertainty. Subsequent quarterly filings will show whether strong pre-provision earnings can offset elevated credit costs and support higher returns on equity.

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.
Net income $2.5M Quarter ended March 31, 2026, up 166% year-over-year
Diluted EPS $0.29 Quarter ended March 31, 2026, up 164% year-over-year
Total revenue $43.1M Quarter ended March 31, 2026, 21% higher than prior-year period
Net interest margin - FTE 2.45% Q1 2026, increased 54 basis points year-over-year
Provision for credit losses $16.3M Q1 2026, up $4.3M or 36.1% from Q4 2025
Nonperforming loans ratio 1.63% Nonperforming loans to total loans as of March 31, 2026
Total loans $3.8B Loan balances as of March 31, 2026, up 1% from Q4 2025
Total deposits $5.0B Deposits as of March 31, 2026, up $141.8M or 3% from Q4 2025
Tangible common equity / tangible assets 6.24% Capital ratio as of March 31, 2026
pre-provision net revenue financial
"pre-provision net revenue ("PPNR") of $18.1 million1, which increased 51% from the prior year period"
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.
net interest margin - FTE financial
"Net interest margin - FTE 1,2 | | 2.45 | %"
CECL financial
"The provision reflects our quarterly CECL re-measurement of expected lifetime losses for the portfolio"
An accounting standard that requires banks and other lenders to estimate and record expected credit losses for loans and similar financial assets up front, based on historical experience, current conditions and reasonable forecasts. It matters to investors because it changes how much a firm must set aside as a loss reserve, which directly affects reported profits, capital levels and perceived financial strength—think of it as stocking a reserve for future bad loans before the rain starts.
Banking-as-a-Service financial
"Banking-as-a-Service (BaaS) – Offers platform capabilities enabling fintech partnerships and collaborations"
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 6.24%1, and 6.99%1 ex-AOCI and adjusted for normalized cash balances"
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.
nonperforming loans financial
"Nonperforming loans ("NPLs") to total loans of 1.63%; allowance for credit losses - loans ("ACL") to total loans of 1.50%"
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.
Total revenue $43.1M +21% YoY
Net income $2.5M +166% YoY
Diluted EPS $0.29 +164% YoY
Net interest margin - FTE 2.45% +54 bps YoY
Pre-provision net revenue $18.1M +51% YoY
Guidance

The company is broadly maintaining its 2026 guidance but indicated its 15–17% full-year loan growth target may be ambitious due to higher loan payoffs and potential further underwriting tightening amid macroeconomic uncertainty.

0001562463false00015624632026-04-302026-04-300001562463us-gaap:CommonStockMember2026-04-302026-04-300001562463inbk:A60FixedToFloatingSubordinatedNotesDue2029Member2026-04-302026-04-30

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): April 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 April 30, 2026 First Internet Bancorp (the Company) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

On April 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 March 31, 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 April 30, 2026
Furnished electronically
99.2
Presentation slides dated April 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:April 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 First Quarter 2026 Results
-Net income of $2.5 million, up 166% year-over-year -
- Diluted earnings per share of $0.29, up 164% year-over-year -
- Company to hold earnings call today at 5pm ET -

Fishers, Indiana, April 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 first quarter ended March 31, 2026.

Key Business Updates

Revenue Momentum: Growth in net interest income (up 26%) and fully-taxable equivalent (“FTE”) net interest margin (now 2.45%) drove quarterly revenue up 21% year-over-year to $43.1 million. When combined with well-managed expenses, pre-provision net revenue grew 51% year-over-year.

Credit Trends: Provision for credit losses for the first quarter of 2026 of $16.3 million. The provision reflects our quarterly CECL re-measurement of expected lifetime losses for the portfolio, based on observed credit performance and updates to current conditions. During the first quarter, ongoing proactive credit actions continued to drive progress in resolving problem credits. Notably, nonaccrual unguaranteed SBA and franchise finance balances declined from the fourth quarter of 2025.

Strong Loan Production: Commercial loan production remained strong during the first quarter led by construction and single tenant lease financing. Additionally, loan pipelines at the end of the quarter were solid, setting the stage for continued loan growth as we move through 2026.


First Quarter 2026 Financial Performance

Net income of $2.5 million and diluted earnings per share of $0.29, up 166% and 164%, respectively, from the prior year period

Total revenue of $43.1 million, which increased 21% from the prior year period

Net interest income of $31.6 million and FTE net interest income of $32.8 million1, increased 26% and 25%, respectively, over the prior year period

Net interest margin of 2.36% and FTE net interest margin of 2.45%1, both increased 54 basis points (“bps”) from the prior year period

Noninterest income of $11.5 million, which increased 10% from the prior year period

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."


Pre-provision net revenue (“PPNR”) of $18.1 million1, which increased 51% from the prior year period

Total loan balances of $3.8 billion, up $29.1 million, or 1%, from the fourth quarter of 2025
The yield on the loan portfolio increased 37 bps from the prior year period to 6.36%
Strong loan production partially offset by elevated payoffs and maturities

Total deposits of $5.0 billion, up $141.8 million, or 3%, from the fourth quarter of 2025
Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature
The cost of interest-bearing deposits declined 56 bps from the prior year period to 3.45%
Approximately $1.5 billion of fintech deposits moved off-balance sheet into a deposit network, providing flexibility to manage the size of the balance sheet
Loans to deposits ratio of 75.8%

Provision for credit losses of $16.3 million, up $4.3 million, or 36.1%, from the fourth quarter of 2025
Net charge-offs to average loans of 1.65%, slightly improved from 1.68% in the fourth quarter of 2025

Nonperforming loans (“NPLs”) to total loans of 1.63%; allowance for credit losses - loans (“ACL”) to total loans of 1.50%
Increase in NPLs consisted primarily of fully-guaranteed SBA 7(a) balances and accruing loans past due 90 days or more, partially offset by lower nonaccrual franchise finance loans
NPLs / total loans of 1.22%1 excluding fully-guaranteed balances
ACL to NPLs of 92%; or 122%1 excluding fully-guaranteed balances

Tangible common equity to tangible assets of 6.24%1, and 6.99%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.97%2; total capital ratio of 12.50%2

Tangible book value per share of $40.871, consistent with the fourth quarter of 2025

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

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


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


Full Year 2026 Outlook

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




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

Additionally, interested parties can listen to a live webcast of the call on the Company's website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $5.7 billion as of March 31, 2026. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, commercial real estate and construction financing, SBA financing, public finance, consumer loans, and specialty finance services nationally, as well as commercial and industrial loans and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “better than,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expand,” “expect,” “future,” “going forward,” “growth,” ”improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “progress,” “remain,” “setting the stage,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers; general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity



to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted total revenue, pre-provision net revenue, adjusted pre-provision net revenue, adjusted noninterest income, adjusted income before income taxes, adjusted income tax (benefit) provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets, adjusted tangible common equity to adjusted tangible assets, adjusted nonperforming loans to total loans and adjusted allowance for credit losses – loans to nonperforming loans are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

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 Ended
March 31,
2026
December 31,
2025
March 31,
2025
Net income $2,509 $5,289 $943 
Per share and share information
Earnings per share - basic$0.29 $0.61 $0.11 
Earnings per share - diluted0.29 0.60 0.11 
Dividends declared per share0.06 0.06 0.06 
Book value per common share41.41 41.41 44.58 
Tangible book value per common share 1
40.87 40.87 44.04 
Common shares outstanding8,716,662 8,686,994 8,697,085 
Average common shares outstanding:
Basic8,734,383 8,728,342 8,715,655 
Diluted8,774,111 8,769,456 8,784,970 
Performance ratios
Return on average assets0.18%0.37 %0.07 %
Return on average shareholders' equity2.72%5.79 %0.98 %
Return on average tangible common equity 1
2.75%5.87 %0.99 %
Net interest margin2.36 %2.22 %1.82 %
Net interest margin - FTE 1,2
2.45 %2.30 %1.91 %
Capital ratios 3
Total shareholders' equity to assets6.32 %6.46 %6.63 %
Tangible common equity to tangible assets 1
6.24 %6.38 %6.55 %
Tier 1 leverage ratio6.23 %6.24 %6.87 %
Common equity tier 1 capital ratio8.97 %8.97 %9.15 %
Tier 1 capital ratio8.97 %8.97 %9.15 %
Total risk-based capital ratio12.50 %12.50 %12.52 %
Asset quality
Nonperforming loans$61,596 $58,538 $34,243 
Nonperforming assets63,691 61,355 35,921 
Nonperforming loans to loans1.63 %1.56 %0.80 %
Nonperforming assets to total assets1.12 %1.10 %0.61 %
Allowance for credit losses - loans to:
Loans1.50 %1.49 %1.11 %
Nonperforming loans91.7 %95.1 %138.0 %
Net charge-offs to average loans1.65 %1.68 %0.92 %
Average balance sheet information
Loans$3,874,174 $3,798,831 $4,237,300 
Total securities1,022,872 943,418 901,918 
Other earning assets521,697 665,022 445,280 
Total interest-earning assets5,424,700 5,426,126 5,590,131 
Total assets5,635,646 5,618,089 5,770,380 
Noninterest-bearing deposits143,305 155,030 135,878 
Interest-bearing deposits4,744,189 4,723,879 4,815,978 
Total deposits4,887,494 4,878,909 4,951,856 
Shareholders' equity374,276 362,183 392,035 

1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports



First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands
March 31,
2026
December 31,
2025
March 31,
2025
Assets
Cash and due from banks$10,528 $6,145 $6,344 
Interest-bearing deposits591,277 450,632 388,110 
Securities available-for-sale, at fair value772,035 778,687 681,785 
Securities held-to-maturity, at amortized cost, net of allowance for credit losses276,042 250,609 276,542 
Loans held-for-sale55,240 108,608 31,738 
Loans3,775,870 3,746,728 4,254,412 
Allowance for credit losses - loans(56,496)(55,686)(47,238)
Net loans3,719,374 3,691,042 4,207,174 
Accrued interest receivable28,182 27,909 29,022 
Federal Home Loan Bank of Indianapolis stock28,350 28,350 28,350 
Cash surrender value of bank-owned life insurance42,864 42,559 41,675 
Premises and equipment, net67,006 67,934 70,461 
Goodwill4,687 4,687 4,687 
Servicing asset23,614 22,793 17,445 
Other real estate owned1,945 2,631 1,518 
Accrued income and other assets90,544 89,061 66,757 
Total assets$5,711,688 $5,571,647 $5,851,608 
Liabilities
Noninterest-bearing deposits$149,505 $146,879 $151,815 
Interest-bearing deposits4,832,145 4,692,934 4,793,810 
Total deposits4,981,650 4,839,813 4,945,625 
Advances from Federal Home Loan Bank239,500 249,500 395,000 
Subordinated debt105,546 105,465 105,228 
Accrued interest payable1,232 1,744 1,645 
Accrued expenses and other liabilities22,806 15,358 16,363 
Total liabilities5,350,734 5,211,880 5,463,861 
Shareholders' equity
Voting common stock186,967 186,577 185,873 
Retained earnings195,292 193,320 231,031 
Accumulated other comprehensive loss(21,305)(20,130)(29,157)
Total shareholders' equity360,954 359,767 387,747 
Total liabilities and shareholders' equity$5,711,688 $5,571,647 $5,851,608 



First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
Interest income
Loans$60,839 $61,535 $62,662 
Securities - taxable9,496 8,811 8,463 
Securities - non-taxable654 651 661 
Other earning assets4,821 7,057 5,043 
Total interest income75,810 78,054 76,829 
Interest expense
Deposits40,359 43,836 47,626 
Other borrowed funds3,853 3,896 4,107 
Total interest expense44,212 47,732 51,733 
Net interest income31,598 30,322 25,096 
Provision for credit losses16,305 11,984 11,933 
Net interest income after provision for credit losses15,293 18,338 13,163 
Noninterest income
Service charges and fees844 454 265 
Loan servicing revenue2,856 2,713 1,983 
Loan servicing asset revaluation(1,060)(1,800)(1,181)
Gain on sale of loans7,377 8,470 8,647 
Other1,501 1,538 713 
Total noninterest income11,518 11,375 10,427 
Noninterest expense
Salaries and employee benefits13,236 12,668 13,107 
Marketing, advertising and promotion615 644 647 
Consulting and professional fees1,080 1,184 1,228 
Data processing775 712 635 
Loan expenses2,179 1,813 1,531 
Premises and equipment3,676 3,705 3,115 
Deposit insurance premium1,487 1,563 1,398 
Other1,979 1,922 1,895 
Total noninterest expense25,027 24,211 23,556 
Income before income taxes1,784 5,502 34 
Income tax (benefit) provision(725)213 (909)
Net income $2,509 $5,289 $943 
Per common share data
Earnings per share - basic$0.29 $0.61 $0.11 
Earnings per share - diluted$0.29 $0.60 $0.11 
Dividends declared per share$0.06 $0.06 $0.06 




First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
Average BalanceInterest / DividendsYield / CostAverage BalanceInterest / DividendsYield / CostAverage BalanceInterest / DividendsYield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1
$3,880,131 $60,839 6.36 %$3,817,686 $61,535 6.39 %$4,242,933 $62,662 5.99 %
Securities - taxable943,079 9,496 4.08 %863,071 8,811 4.05 %820,175 8,463 4.18 %
Securities - non-taxable79,793 654 3.32 %80,347 651 3.21 %81,743 661 3.28 %
Other earning assets521,697 4,821 3.75 %665,022 7,057 4.21 %445,280 5,043 4.59 %
Total interest-earning assets5,424,700 75,810 5.67 %5,426,126 78,054 5.71 %5,590,131 76,829 5.57 %
Allowance for credit losses - loans(56,106)(61,378)(45,664)
Noninterest-earning assets267,052 253,341 225,913 
Total assets$5,635,646 $5,618,089 $5,770,380 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits$1,243,549 $8,168 2.66 %$1,023,305 $7,524 2.92 %$956,322 $6,974 2.96 %
Savings accounts19,542 41 0.85 %18,575 40 0.85 %20,568 43 0.85 %
Money market accounts1,292,126 10,103 3.17 %1,312,201 11,238 3.40 %1,221,795 11,361 3.77 %
Certificates and brokered deposits2,188,972 22,047 4.08 %2,369,798 25,034 4.19 %2,617,293 29,248 4.53 %
Total interest-bearing deposits4,744,189 40,359 3.45 %4,723,879 43,836 3.68 %4,815,978 47,626 4.01 %
Other borrowed funds352,117 3,853 4.44 %354,926 3,896 4.35 %401,300 4,107 4.15 %
Total interest-bearing liabilities5,096,306 44,212 3.52 %5,078,805 47,732 3.73 %5,217,278 51,733 4.02 %
Noninterest-bearing deposits143,305 155,030 135,878 
Other noninterest-bearing liabilities21,759 22,071 25,189 
Total liabilities5,261,370 5,255,906 5,378,345 
Shareholders' equity374,276 362,183 392,035 
Total liabilities and shareholders' equity$5,635,646 $5,618,089 $5,770,380 
Net interest income$31,598 $30,322 $25,096 
Interest rate spread2.15 %1.98 %1.55 %
Net interest margin2.36 %2.22 %1.82 %
Net interest margin - FTE 2,3
2.45 %2.30 %1.91 %
1 Includes nonaccrual loans
2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below



First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
March 31, 2026December 31, 2025March 31, 2025
AmountPercentAmountPercentAmountPercent
Commercial loans
Commercial and industrial$225,425 6.0 %$221,714 5.9 %$140,239 3.3 %
Owner-occupied commercial real estate48,136 1.3 %48,575 1.3 %49,954 1.2 %
Investor commercial real estate598,933 15.9 %647,394 17.3 %297,874 7.0 %
Construction449,888 11.9 %372,668 9.9 %471,082 11.1 %
Single tenant lease financing254,044 6.7 %222,925 5.9 %950,814 22.4 %
Public finance441,734 11.7 %442,234 11.8 %482,558 11.3 %
Healthcare finance131,161 3.5 %139,469 3.7 %171,430 4.0 %
Small business lending 433,964 11.5 %430,024 11.5 %353,408 8.3 %
Franchise finance389,249 10.3 %417,045 11.1 %514,700 12.1 %
Total commercial loans2,972,534 78.8 %2,942,048 78.4 %3,432,059 80.7 %
Consumer loans
Residential mortgage338,058 9.0 %343,110 9.2 %367,722 8.6 %
Home equity14,219 0.4 %14,725 0.4 %17,421 0.4 %
Trailers242,022 6.4 %235,876 6.3 %220,012 5.2 %
Recreational vehicles142,442 3.8 %141,952 3.8 %145,690 3.4 %
Other consumer loans46,874 1.2 %47,630 1.3 %46,851 1.1 %
Total consumer loans783,615 20.8 %783,293 21.0 %797,696 18.7 %
Net deferred loan fees, premiums, discounts and other 1
19,721 0.4 %21,387 0.6 %24,657 0.6 %
Total loans$3,775,870 100.0 %$3,746,728 100.0 %$4,254,412 100.0 %
March 31, 2026December 31, 2025March 31, 2025
AmountPercentAmountPercentAmountPercent
Deposits
Noninterest-bearing deposits$149,505 3.0 %$146,880 3.0 %$151,815 3.1 %
Interest-bearing demand deposits1,358,028 27.3 %1,120,850 23.2 %1,103,540 22.3 %
Savings accounts20,344 0.4 %18,990 0.4 %21,632 0.4 %
Money market accounts1,325,382 26.6 %1,272,845 26.3 %1,292,235 26.2 %
Certificates of deposits1,869,181 37.5 %2,004,909 41.4 %2,029,801 41.0 %
Brokered deposits 259,210 5.2 %275,339 5.7 %346,602 7.0 %
Total deposits$4,981,650 100.0 %$4,839,813 100.0 %$4,945,625 100.0 %

1 Includes carrying value adjustments of $18.1 million, $19.1 million and $22.1 million related to terminated interest rate swaps associated with public finance loans as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.




First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
Total equity - GAAP$360,954 $359,767 $387,747 
Adjustments:
           Goodwill(4,687)(4,687)(4,687)
Tangible common equity$356,267 $355,080 $383,060 
Total assets - GAAP$5,711,688 $5,571,647 $5,851,608 
Adjustments:
           Goodwill(4,687)(4,687)(4,687)
Tangible assets$5,707,001 $5,566,960 $5,846,921 
Common shares outstanding8,716,662 8,686,994 8,697,085 
Book value per common share$41.41 $41.41 $44.58 
Effect of goodwill(0.54)(0.54)(0.54)
Tangible book value per common share$40.87 $40.87 $44.04 
Total shareholders' equity to assets6.32 %6.46 %6.63 %
Effect of goodwill(0.08%)(0.08%)(0.08%)
Tangible common equity to tangible assets6.24 %6.38 %6.55 %
Total average equity - GAAP$374,276 $362,183 $392,035 
Adjustments:
           Average goodwill(4,687)(4,687)(4,687)
Average tangible common equity$369,589 $357,496 $387,348 
Return on average shareholders' equity2.72%5.79%0.98 %
Effect of goodwill0.03%0.08%0.01 %
Return on average tangible common equity2.75%5.87 %0.99 %
Total interest income$75,810 $78,054 $76,829 
Adjustments:
Fully-taxable equivalent adjustments 1
1,160 1,161 1,169 
Total interest income - FTE$76,970 $79,215 $77,998 
Net interest income$31,598 $30,322 $25,096 
Adjustments:
Fully-taxable equivalent adjustments 1
1,160 1,161 1,169 
Net interest income - FTE$32,758 $31,483 $26,265 
Net interest margin2.36 %2.22 %1.82 %
Effect of fully-taxable equivalent adjustments 1
0.09 %0.08 %0.09 %
Net interest margin - FTE2.45 %2.30 %1.91 %
1Assuming a 21% tax rate



First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
Total revenue - GAAP$43,116 $41,697 $35,523 
Adjustments:
     Loss on sale of loans— 411 — 
Adjusted total revenue$43,116 $42,108 $35,523 
Net income - GAAP$2,509 $5,289 $943 
Adjustments:1
     Provision for credit losses16,305 11,984 11,933 
     Income tax (benefit) provision(725)213 (909)
Pre-provision net revenue$18,089 $17,486 $11,967 
Pre-provision net revenue$18,089 $17,486 $11,967 
Adjustments:1
     Loss on sale of loans— 411 — 
Adjusted pre-provision net revenue$18,089 $17,897 $11,967 
Noninterest income - GAAP$11,518 $11,375 $10,427 
Adjustments:
     Loss on sale of loans— 411 — 
Adjusted noninterest income$11,518 $11,786 $10,427 
Income before income taxes - GAAP$1,784 $5,502 $34 
Adjustments:
     Loss on sale of loans— 411 — 
Adjusted income before income taxes$1,784 $5,913 $34 
Income tax (benefit) provision - GAAP$(725)$213 $(909)
Adjustments:1
     Loss on sale of loans— 86 — 
Adjusted income tax (benefit) provision$(725)$299 $(909)
Net income - GAAP$2,509 $5,289 $943 
Adjustments:
     Loss on sale of loans— 325 — 
Adjusted net income$2,509 $5,614 $943 
Diluted average common shares outstanding8,774,111 8,769,456 8,784,970 
Diluted earnings per share - GAAP$0.29 $0.60 $0.11 
Adjustments:
   Effect of loss on sale of loans— 0.04 — 
Adjusted diluted earnings per share$0.29 $0.64 $0.11 
Return on average assets0.18%0.37 %0.07 %
    Effect of loss on sale of loans0.00 %0.02 %0.00 %
Adjusted return on average assets0.18%0.39 %0.07 %
Return on average shareholders' equity2.72%5.79 %0.98 %
    Effect of loss on sale of loans0.00 %0.36 %0.00 %
Adjusted return on average shareholders' equity2.72%6.15 %0.98 %
Return on average tangible common equity2.75%5.87 %0.99 %
    Effect of loss on sale of loans0.00 %0.36 %0.00 %
Adjusted return on average tangible common equity2.75%6.23 %0.99 %
1Assuming a 21% tax rate



First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
Tangible common equity$356,267 $355,080 $383,060 
Adjustments:
     Accumulated other comprehensive loss21,305 20,130 29,157 
Adjusted tangible common equity$377,572 $375,210 $412,217 
Tangible assets$5,707,001 $5,566,960 $5,846,921 
Adjustments:
     Cash in excess of $300 million(301,805)(156,777)(94,454)
Adjusted tangible assets$5,405,196 $5,410,183 $5,752,467 
Adjusted tangible common equity$377,572 $375,210 $412,217 
Adjusted tangible assets5,405,196 5,410,183 5,752,467 
Adjusted tangible common equity to adjusted tangible assets6.99 %6.94 %7.17 %
Nonperforming loans to total loans1.63 %1.56 %0.80 %
Adjustments:
     Fully guaranteed balances(0.41%)(0.36%)(0.12%)
Adjusted nonperforming loans to total loans1.22 %1.20 %0.68 %
Allowance for credit losses - loans to nonperforming loans91.72 %95.13 %137.95 %
Adjustments:
     Fully guaranteed balances30.73 %28.84 %24.87 %
Adjusted allowance for credit losses - loans to nonperforming loans122.45 %123.97 %162.82 %

April 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 provision (benefit), 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 and 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 $5.7B TOTAL ASSETS 19%1 TTM ADJ. REVENUE GROWTH $162M1 ADJ. REVENUE TTM $3.8B TOTAL LOANS $5.0B TOTAL DEPOSITS $356M TANGIBLE EQUITY As of 3/31/26 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 03/31/26 Core Lending Areas Construction & Investor CRE $ 1,049 Small Business Lending 434 C&I / Emerging Verticals 274 Public Finance 442 Single Tenant Lease Financing 254 Consumer Lending 431 Exited Lines Franchise Finance 389 Residential Mortgage 352 Healthcare Finance 131 Net Deferred Loan Fees, Premiums, Discounts and Other 20 $3,776 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 • $2.7B 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 $2.6B Total Fintech Deposits $1.5B Held Off-Balance Sheet 201% Increase in Fintech Deposits over 1Q25 $225B Fintech Payments Volume TTM 242% Increase in Fintech Payments Volume over TTM ended 3/31/25


 

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 First Quarter 2026 Highlights Earnings • Net income of $2.5 million, up 166% over 1Q25 • Diluted EPS of $0.29, up 164% over 1Q25 NII and NIM • Net interest income of $31.6 million and FTE NII of $32.8 million1,2, up 26% and 25%, respectively, over 1Q25 • Net interest margin and FTE NIM of 2.36% and 2.45%1,2, both up 54 bps from 1Q25 Revenue and PPNR • Total revenue of $43.1 million, up 21% over 1Q25 • Pre-provision net revenue of $18.1 million1, up 51% over 1Q25 Loans • Total loan balances of $3.8 billion, up 1% from 4Q25 • Weighted average yield on new loans funded in 1Q26 was 6.58% • SBA GOS revenue of $7.3 million; sold $89.4 million of 7(a) guaranteed balances Credit • Provision for credit losses of $16.3 million, up 36% from 4Q25 • Net charge-offs / average loans of 1.65%, down from 1.68% in 4Q25 • NPLs / total loans of 1.63%, or 1.22%1 excluding fully-guaranteed balances Capital • TCE / TA of 6.24%1, CET1 of 8.97%3, total capital of 12.50%3 • Excluding AOCI and adjusting for normalized cash balances, adjusted TCE / TA of 6.99%1 • Tangible book value per share of $40.871, consistent with 4Q25 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 Adjusted Total Revenue1 and Pre-Provision, Net Revenue1 $35.5 $33.5 $43.5 $42.1 $43.1 $12.0 $11.7 $18.1 $17.9 $18.1 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted Total Revenue Adjusted Pre-Provision, Net Revenue Adjusted Efficiency Ratio1 66.3% 65.0% 58.5% 56.1% 58.0% 51% Increase in Adjusted PPNR vs. 1Q25 21% Increase in Adjusted Total Revenue vs. 1Q25 $ in millions 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix


 

13 Loan Portfolio Overview $3,499 $3,840 $4,171 $3,747 $3,776 $22 $22 $55 $109 $55 $3,521 $3,862 $4,226 $3,856 $3,831 4.47% 5.22% 5.85% 6.15% 6.36% 2022 2023 2024 2025 1Q26 Total Loan Portfolio and Average Yield Total Loans HFI Total Loans HFS Average Yield 6% 27% 7% 12% 4% 12% 10% 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% -11% $ in millions Note: Yields for 2022 – 2025 represent annual portfolio yields; 1Q26 yield represents quarterly yield.


 

14 Diversified Deposit Base $3,441 $4,067 $4,933 $4,840 $4,982 1.38% 3.83% 4.24% 3.87% 3.45% 2022 2023 2024 2025 1Q26 Total Deposits and Cost of IBDs Total Deposits Cost of IBDs $ in millions 40% 19% 22% 10% 5% 4% Portfolio Composition Consumer Small Business Fintech Commercial Public Funds Brokered YoY Growth 8% 18% 21% -2% 1% Note: Cost of IBDs for 2022 – 2025 represent annual COFs; 1Q26 cost represents quarterly COFs.


 

15 $26.3 $29.1 $31.5 $31.5 $32.8 1.91% 2.04% 2.12% 2.30% 2.45% 1Q25 2Q25 3Q25 4Q25 1Q26 Fully-Taxable-Equivalent Net Interest Income (“FTE NII”)1 and Net Interest Margin (“FTE NIM”)1 FTE NII FTE NIM 4.01% 3.92% 3.87% 3.68% 3.45% 5.99% 6.07% 6.18% 6.39% 6.36% 1Q25 2Q25 3Q25 4Q25 1Q26 Loan Yield and Cost of IBDs Cost of IBDs Loan Yield 4Q25 Deposits Other Loans Cash 1Q26 Net Interest Income and Net Interest Margin 2.30% -15 bps+6 bps +5 bps 2.45%+19 bps FTE NIM1 Bridge $ in millions 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix


 

16 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 increased 41 bps over 4Q25 • Net servicing revenue increased following servicing-retained loan sales in 2H25 • Fintech fee revenue continues to grow; TTM 1Q26 revenue up 222% over linked period Guaranteed Loans Sold $108.8 $22.2 $142.5 $110.3 $89.4 Reported Noninterest Income $10.4 $5.6 ($24.6) $11.4 $11.5 Loss on Sale of STL loans — — ($37.8) ($0.4) - $8.6 $1.6 $10.6 $8.6 $7.3 $0.8 $0.8 $0.7 $0.9 $1.8 $0.5 $0.7 $0.9 $1.1 $1.5$0.5 $2.5 $1.1 $1.2 $0.9$10.4 $5.6 $13.2 $11.8 $11.5 108% 107% 108% 108% 108% 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted Noninterest Income1 SBA gain on sale Net servicing revenue Fintech Other Average SBA net premium


 

17 Noninterest Expense Trends $23.6 $21.8 $25.5 $24.2 $25.0 1.66% 1.48% 1.66% 1.71% 1.80% 1Q25 2Q25 3Q25 4Q25 1Q26 Noninterest Expense Noninterest Expense NIE to Average Assets $ in millions Key Highlights • Increase in expenses from 4Q25 due primarily to employee benefit resets • 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 56% 50% 56% 52% 53% Non-Personnel 44% 50% 44% 48% 47%


 

18 Credit Quality Overview $47.2 $46.5 $59.9 $55.7 $56.5 1.11% 1.07% 1.65% 1.49% 1.50% 1Q25 2Q25 3Q25 4Q25 1Q26 Allowance for Credit Losses ACL ACL/Total loans $ in millions $9.7 $14.3 $21.0 $16.0 $15.8 0.92% 1.31% 1.89% 1.68% 1.65% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Charge-offs NCOs NCOs/Average Loans $ in millions $11.9 $13.6 $34.8 $12.0 $16.3 1Q25 2Q25 3Q25 4Q25 1Q26 Provision for Credit Losses $ in millions $ in millions $30.7 $36.2 $44.7 $47.7 $48.2 $5.2 $9.3 $10.5 $13.6 $15.5 $35.9 $45.5 $55.2 $61.3 $63.7 0.61% 0.75% 0.98% 1.10% 1.12% 0.52% 0.60% 0.79% 0.86% 0.84% 1Q25 2Q25 3Q25 4Q25 1Q26 Nonperforming Assets Govt. Guaranteed NPAs NPAs ex. Govt. Guaranteed NPAs / Total Assets NPAs ex. Govt. Guaranteed / Total Assets


 

19 Capital and Sources of Liquidity $33.29 $38.51 $39.74 $41.43 $43.77 $40.87 $40.87 2020 2021 2022 2023 2024 2025 1Q26 Tangible Book Value Per Share1 Capital Ratios as of March 31, 20262 Company Bank Total Shareholder’s equity to Assets 6.32% 7.57% Tangible Common equity to Tangible Assets 6.24% 7.49% Tier 1 Leverage 6.23% 7.53% Common Equity Tier 1 8.97% 10.86% Tier 1 Capital 8.97% 10.86% Total Capital 12.50% 12.12% $602 $1,542 $1,040 $650 $20 $18 Liquidity Sources $ in millions Cash & Equivalents Off-Balance Sheet Deposits Fed Discount Window FHLB Borrowing Capacity Unpledged Securities Unsecured Funding $3,872 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


 

20 2026 Outlook • The Company is broadly maintaining its 2026 guidance. However, management acknowledges the heightened macroeconomic uncertainty, including volatile energy prices and other geopolitical developments, which could have negative impacts. • Regarding loan growth specifically, while commercial pipelines remain robust, the Company recognizes that the full-year target of 15-17% may prove ambitious due to higher-than-expected loan payoffs and potential further tightening of underwriting standards due to macro uncertainties.


 

Appendix


 

22 Construction and Investor Commercial Real Estate 43% 16% 9% 6% 6% 20% Portfolio Mix by State IN AZ OH FL SC Other 57% 41% 2% Portfolio by Loan Type Investor Commercial Real Estate Commercial Construction/ Development Residential Construction/ Development 39% 20% 17% 8% 16% Portfolio Mix by Major Industry Multifamily/Mixed Use Industrial Warehouse Hospitality Residential Construction Other • $1.0 billion of combined balances as of March 31, 2026 • Average current loan balance of $13.9 million for investor CRE • Minimal office exposure; 1.5% of combined balances consisting of suburban and medical office • Unfunded commitments of $397 million • Average commitment size for commercial construction / development of $22 million


 

23 Small Business Lending 22% 20% 15% 10% 33% Portfolio Mix by Major Industry Services Construction Retail Trade Manufacturing Other $434 $1,170 $53 Managed SBA 7(a) Loans Dollar in millions Retained Balance Servicing Portfolio Held for Sale $1,657 18% 14% 9% 8%5% 46% Portfolio Mix by State FL TX CA MI IN Other • $434 million of retained balances as of March 31, 2026 • Nationwide platform providing growth capital to entrepreneurs and small business owners • Diversified by industry and geography • Average retained balance of $364,000


 

24 C&I and Owner-Occupied Commercial Real Estate • $274 million of combined balances as of March 31, 2026 • Current C&I LOC Utilization of 50% • Minimal office exposure; 0.4% of combined loan balances consisting of suburban office • Average loan sizes  C&I: $635,000  Owner Occupied CRE: $875,000 58%24% 18% Portfolio by Loan Type C&I - Term Loans C&I - Lines of Credit Owner Occupied CRE 28% 16% 9%8% 5% 34% Portfolio Mix by State IN CA AZ IL WA Other 14% 12% 7% 5% 4% 58% Portfolio Mix by Major Industry Manufacturing Services Construction Real Estate and Rental and Leasing Health Care and Social Assistance Other


 

25 Public Finance • $442 million of balances as of March 31, 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 32% 12% 12% 10% 7% 27% Portfolio Mix by Repayment Source General Obligation Lease Rental Revenue Essential Use Equipment Loans Water & Sewer Revenue Private Higher Education Other 35% 28%2% 1% 34% Borrower Mix by Credit Rating A AA AAA BBB Non-Rated 64%6% 5% 4% 4% 17% Portfolio Mix by State IN OK IA MO OH Other


 

26 Single Tenant Lease Financing • $254 million of balances as of March 31, 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 $1.8 million • Strong historical credit performance • Completed sale of $850 million of loans to Blackstone in 2025 40% 11%7% 6% 5% 31% Portfolio Mix by Major Vertical Auto-Related Stores Quick Serve Restaurants Medical Convenience Stores/Filling Stations Full Service Restaurants Other 7% 6% 5% 4% 4% 74% Portfolio Mix by Major Tenant Cobblestone Auto Spa Whistle Express Car Wash Main Street Auto KinderCare Dollar General Other 18% 15% 6% 6%5% 50% Portfolio Mix by State FL TX NC GA AR Other


 

27 Specialty Consumer • $431 million of combined balances as of March 31, 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% 10% 6% 4% 4% 62% Portfolio Mix by State TX CA FL NC AZ Other 37% 49% 12% 2% Portfolio Mix by Credit Score at Origination 800-850 740-799 700-739 670-699


 

28 Franchise Finance • $389 million of balances as of March 31, 2026 • Provided growth financing to franchisees in a variety of industry segments • Diversified by industry, geography and brand • Average loan size of $673,000 18% 15% 15% 14% 38% Portfolio by Borrower Use Limited-Service Restaurants Beauty Salons Indoor Recreation Snacks and Nonalcoholic Beverages Other 12% 12% 7% 5% 4% 60% Portfolio Mix by State CA TX FL GA PA Other 8% 7% 6% 6% 5% 68% Portfolio Mix by Brand Urban Air Adventure Park My Salon Suite Scooter's Coffee Goldfish Swim School Restore Hyper Wellness Other


 

29 Residential Mortgage • $352 million of combined balances as of March 31, 2026 • Historically direct-to-consumer originations centrally located at corporate headquarters • Strong historical credit performance • Focused on high quality borrowers • Average loan size of $197,000 • Average credit score at origination of 742 • Average LTV at origination of 80% 95% 3% 1% 1% Portfolio by Loan Type Single Family Residential Home Equity – LOC Home Equity – Closed End SFR Construction to Permanent 73% 12% 2% 2% 1% 10% Portfolio Mix by State IN CA NY FL TX Other 74% 15% 5%4% 2% Portfolio Mix by Region Midwest West Coast Northeast/Mid-Atl. Southeast Southwest


 

30 Healthcare Finance • $131 million of balances as of March 31, 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 $345,000 73% 22% 5% Portfolio by Loan Type Practice Refi or Acquisition Owner Occupied CRE Project 32% 11% 5%5%4% 43% Portfolio Mix by State CA TX FL AZ NY Other 86% 11% 3% Portfolio Mix by Borrower Dentists Veterinarians Other


 

Dollars in thousands, except share and per share data 2021 2022 2023 2024 2025 1Q26 Total equity - GAAP $380,338 $364,974 $362,795 $384,063 $359,767 $360,954 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 $356,267 Common shares outstanding 9,754,455 9,065,883 8,644,451 8,667,894 8,686,994 8,716,662 Book value per common share $38.99 $40.26 $41.97 $44.31 $41.41 $41.41 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 $40.87 31 Reconciliation of Non-GAAP Financial Measures


 

Dollars in thousands, except share and per share data 1Q25 2Q25 3Q25 4Q25 1Q26 Total equity - GAAP $387,747 $390,239 $352,168 $359,767 $360,954 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $383,060 $385,552 $347,481 $355,080 $356,267 Total assets - GAAP $5,851,608 $6,072,573 $5,639,174 $5,571,647 $5,711,688 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $5,846,921 $6,067,886 $5,634,487 $5,566,960 $5,707,001 Common shares outstanding 8,697,085 8,713,094 8,713,094 8,686,994 8,716,662 Book value per common share $44.58 $44.79 $40.42 $41.41 $41.41 Effect of goodwill (0.54) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $44.04 $44.25 $39.88 $40.87 $40.87 Total shareholders' equity to assets 6.63% 6.43% 6.25% 6.46% 6.32% Effect of goodwill (0.08%) (0.08%) (0.08%) (0.08%) (0.08%) Tangible common equity to tangible assets 6.55% 6.35% 6.17% 6.38% 6.24% 32 Reconciliation of Non-GAAP Financial Measures


 

Dollars in thousands 1Q25 2Q25 3Q25 4Q25 1Q26 Total interest income $76,829 $80,886 $84,388 $78,054 $75,810 Adjustments: Fully-taxable equivalent adjustments 1 1,169 1,157 1,158 1,161 1,160 Total interest income - FTE $77,998 $82,043 $85,546 $79,215 $76,970 Net interest income $25,096 $27,990 $30,352 $30,322 $31,598 Adjustments: Fully-taxable equivalent adjustments 1 1,169 1,157 1,158 1,161 1,160 Net interest income - FTE $26,265 $29,147 $31,510 $31,483 $32,758 Net interest margin 1.82% 1.96% 2.04% 2.22% 2.36% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.09% 0.08% 0.08% 0.08% 0.09% Net interest margin - FTE 1.91% 2.04% 2.12% 2.30% 2.45% 33 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate


 

Dollars in thousands 1Q25 2Q25 3Q25 4Q25 1Q26 Total revenue - GAAP $35,523 $33,547 $5,705 $41,697 $43,116 Adjustments: Loss on sale of loans - - 37,823 411 - Adjusted total revenue $35,523 $33,547 $43,528 $42,108 $43,116 Net income - GAAP $943 $193 ($41,593) $5,289 $2,509 Adjustments:1 Provision for credit losses 11,933 13,608 34,789 11,984 16,305 Income tax (benefit) provision (909) (2,054) (12,950) 213 (725) Pre-provision net revenue (loss) $11,967 $11,747 ($19,754) $17,486 $18,089 Pre-provision net revenue (loss) $11,967 $11,747 ($19,754) $17,486 $18,089 Adjustments: Loss on sale of loans - - 37,823 411 - Adjusted pre-provision net revenue $11,967 $11,747 $18,069 $17,897 $18,089 Noninterest income (loss) - GAAP $10,427 $5,557 ($24,647) $11,375 $11,518 Adjustments: Loss on sale of loans - - 37,823 411 - Adjusted noninterest income $10,427 $5,557 $13,176 $11,786 $11,518 Income (loss) before income taxes - GAAP $34 ($1,861) ($54,543) $5,502 $1,784 Adjustments: Loss on sale of loans - - 37,823 411 - Adjusted income (loss) before income taxes $34 ($1,861) ($16,720) $5,913 $1,784 34 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate


 

Dollars in thousands 1Q25 2Q25 3Q25 4Q25 1Q26 Income tax provision (benefit) - GAAP ($909) ($2,054) ($12,950) $213 ($725) Adjustments:1 Loss on sale of loans - - 8,699 86 - Adjusted income tax provision (benefit) ($909) ($2,054) ($4,251) $299 ($725) Net income (loss) - GAAP $943 $193 ($41,593) $5,289 $2,509 Adjustments: Loss on sale of loans - - 29,124 325 - Adjusted net income (loss) $943 $193 ($12,469) $5,614 $2,509 Diluted average common shares outstanding 8,784,970 8,760,374 8,742,052 8,769,456 8,774,111 Diluted earnings per share - GAAP $0.11 $0.02 ($4.76) $0.60 $0.29 Adjustments: Effect of loss on sale of loans - - 3.33 0.04 - Adjusted diluted earnings per share $0.11 $0.02 ($1.43) $0.64 $0.29 Return on average assets 0.07% 0.01% (2.71%) 0.37% 0.18% Effect of loss on sale of loans 0.00% 0.00% 1.90% 0.02% 0.00% Adjusted return on average assets 0.07% 0.01% (0.81%) 0.39% 0.18% Return on average shareholders' equity 0.98% 0.20% (42.11%) 5.79% 2.72% Effect of loss on sale of loans 0.00% 0.00% 29.48% 0.36% 0.00% Adjusted return on average shareholders' equity 0.98% 0.20% (12.63%) 6.15% 2.72% Return on average tangible common equity 0.99% 0.20% (42.62%) 5.87% 2.75% Effect of loss on sale of loans 0.00% 0.00% 29.84% 0.36% 0.00% Adjusted return on average tangible common equity 0.99% 0.20% (12.78%) 6.23% 2.75% 35 Reconciliation of Non-GAAP Financial Measures 1 Assuming a 21% tax rate


 

Dollars in thousands TTM 1Q25 TTM 1Q26 $ Variance % Variance Total Revenue - GAAP $141,164 $124,065 ($17,099) (12%) 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 $136,431 $162,299 $25,868 19% Dollars in thousands 1Q26 Tangible common equity $356,267 Adjustments: Accumulated other comprehensive loss 21,305 Adjusted tangible common equity $377,572 Tangible assets $5,707,001 Adjustments: Cash in excess of $300 million (301,805) Adjusted tangible assets $5,405,196 Adjusted tangible common equity $377,572 Adjusted tangible assets $5,405,196 Adjusted tangible common equity to adjusted tangible assets 6.99% 36 Reconciliation of Non-GAAP Financial Measures


 

1Q25 2Q25 3Q25 4Q25 1Q26 Nonperforming loans to total loans 0.80% 1.00% 1.47% 1.56% 1.63% Adjustments: Fully-guaranteed balances (0.12%) (0.22%) (0.29%) (0.36%) (0.41%) Adjusted nonperforming loans to total loans 0.68% 0.78% 1.18% 1.20% 1.22% Allowance for credit losses - loans to nonperforming loans 137.95% 106.83% 112.53% 95.13% 91.72% Adjustments: Fully-guaranteed balances 24.87% 29.03% 27.83% 28.84% 30.73% Adjusted allowance for credit losses - loans to nonperforming loans 162.82% 135.86% 140.36% 123.97% 122.45% 37 Reconciliation of Non-GAAP Financial Measures


 

FAQ

How did First Internet Bancorp (INBK) perform financially in Q1 2026?

First Internet Bancorp earned $2.5 million in net income in Q1 2026, up 166% year-over-year. Total revenue reached $43.1 million, a 21% increase, as net interest income and noninterest income both improved, supporting stronger pre-provision net revenue.

What happened to First Internet Bancorp’s net interest margin in Q1 2026?

Net interest margin improved to 2.36%, and to 2.45% on a fully taxable-equivalent basis, 54 basis points higher than a year earlier. Higher loan yields and lower costs on interest-bearing deposits contributed to this margin expansion and helped boost net interest income.

How strong were First Internet Bancorp’s loans and deposits at March 31, 2026?

As of March 31, 2026, loans totaled $3.8 billion, up 1% from the prior quarter, and deposits were $5.0 billion, up 3%. Growth was supported partly by fintech-related deposits, while the loans-to-deposits ratio stood at 75.8% for the period.

What is the credit quality picture for First Internet Bancorp in Q1 2026?

Credit quality remains mixed. The provision for credit losses was $16.3 million, and net charge-offs were 1.65% of average loans. Nonperforming loans rose to 1.63% of total loans, though the allowance covered 1.50% of loans and about 91.7% of nonperforming loans.

How well capitalized is First Internet Bancorp after Q1 2026?

First Internet Bancorp’s tangible common equity to tangible assets ratio was 6.24% at March 31, 2026. The common equity tier 1 capital ratio was 8.97%, and the total risk-based capital ratio reached 12.50%, indicating solid regulatory capital buffers.

What guidance did First Internet Bancorp give for its 2026 outlook?

Management is broadly maintaining its 2026 guidance but cautioned that the targeted 15–17% loan growth may be ambitious. Higher-than-expected loan payoffs and potential further tightening of underwriting standards due to macroeconomic uncertainty could constrain growth.

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