First Internet Bancorp Reports Fourth Quarter and Full Year 2025 Results

- Net income of $5.3 million, diluted EPS $0.60 - - Company to hold earnings call today at 5pm ET - First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and fiscal year ended December 31, 2025. Key Business Updates Revenue Momentum: Strong growth in net interest income (up 29%) and fully-taxable equivalent (“FTE”) net interest margin (now 2.30%) drove adjusted quarterly revenue up 21% year-over-year to $42.1 million 1. When combined with well-managed expenses, adjusted pre-provision net revenue grew 66% year-over-year.Credit Trends: The provision for credit losses for the fourth quarter of 2025 declined significantly following the large increase to the allowance for credit losses (“ACL”) related to small business lending in the third quarter of 2025 as well as lower net charge-offs. While ongoing proactive and prudent credit-related actions continued to yield notable progress in resolving problem loans, the Company expects the provision to remain elevated in the first half of 2026 and then gradually improve in the second half of the year.Strong Loan Production: Commercial loan production was robust during the fourth quarter driven by single tenant lease financing and construction. Additionally, loan pipelines at year end were solid, setting the stage for continued net interest income growth in 2026. Fourth Quarter 2025 Financial Performance Net income of $5.3 million and diluted earnings per share of $0.60Quarterly results included a pre-tax loss of $0.4 million on the sale of an additional $14.3 million of single tenant lease financing loans to fulfill our commitment related to the large sale in the third quarter of 2025Adjusted net income, excluding the impact of the additional loan sale was $5.6 million 1 and adjusted diluted earnings per share was $0.64 1Total revenue of $41.7 million and adjusted total revenue of $42.1 million 1, which increased 21% from the prior year periodNet interest income of $30.3 million and fully-taxable equivalent net interest income of $31.5 million 1, increased 29% and 27% over the prior year period, respectivelyNet interest margin of 2.22% and FTE net interest margin of 2.30% 1, each increased 55 basis points (“bps”), from the prior year periodPre-provision net revenue (“PPNR”) of $17.5 million 1 and adjusted PPNR of $17.9 million 1, which increased 66% from the prior year periodTotal loan balances of $3.7 billion, up $143.2 million, or 4%, from the third quarter of 2025Quarterly growth driven by strong production in single tenant lease financing, construction and small business lendingThe yield on the loan portfolio increased 21 bps from the prior quarter to 6.39%Total deposits of $4.8 billion, compared to $4.9 billion in the third quarter of 2025Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to matureThe cost of interest-bearing deposits declined 19 bps from the prior quarter to 3.68%Approximately $1.1 billion of fintech deposits moved off-balance sheet, providing flexibility to manage the size of the balance sheetLoans to deposits ratio of 77.4%Provision for credit losses of $12.0 million, down $22.8 million, or 66%, from the third quarter of 2025Net charge-offs to average loans of 1.68%, improved from 1.89% in the third quarter of 2025Net charge-offs included $3.5 million of balances previously reserved forNonperforming loans to total loans of 1.56%; ACL to total loans of 1.49%Increase in NPLs consisted primarily of guaranteed SBA 7(a) balances and fully-collateralized unguaranteed SBA 7(a) balancesNPLs / total loans of 1.20% excluding guaranteed balancesACL to NPLs of 95%; or 124% excluding guaranteed balancesTangible common equity to tangible assets of 6.38% 1, and 6.94% 1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.93%; total capital ratio of 12.44%Repurchased 27,998 shares during the quarter at an average price of $18.64 per shareTangible book value per share of $40.87 1 increased 3% from the third quarter of 2025 1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures." "We are pleased to close 2025 with strong fourth quarter results that demonstrate the resilience of our differentiated digital banking model," said David Becker, Chairman and CEO of First Internet Bancorp. "In 2025, we produced solid core financial performance as net interest income grew 30% year-over-year and delivered meaningful strategic accomplishments including the successful $850 million single tenant lease financing loan sale to Blackstone, exceptional growth in our Banking-as-a-Service initiatives and strategic investments in technology to further improve our credit underwriting and efficiency.” "Additionally, we took decisive and proactive measures to address credit challenges in our SBA and franchise finance portfolios through enhanced underwriting standards, and improved collection and risk management through strategic investments in AI and automation. As a result, we expect gradual credit improvement in the second half of this year. Looking ahead, our digital-first model, strong loan pipelines, and diversified revenue streams position us well for continued growth. We remain confident in our ability to deliver strong financial performance while building long-term shareholder value through disciplined execution of our strategic priorities." Full Year 2026 Outlook Continued loan growth in the range of 15% to 17%, driven by strong pipelines across our commercial lending verticalsFTE net interest margin expansion, reaching 2.75% to 2.80% by the fourth quarter of 2026, driven by ongoing deposit repricing and optimized asset mixFTE net interest income of $155 million to $160 millionNoninterest income of $33 million to $35 million, reflecting continued strong BaaS growth and modest SBA originations and gain on sale activityOperating expenses of $111 million to $112 millionProvision for credit losses, including net charge-offs and reserves related to problem loans, of $50 million to $53 million:Provision for credit losses is expected to remain elevated in the first half of the year but gradually improve in the second half of the yearFirst quarter of 2026 provision for credit losses is expected to be in the range of $17 million to $19 million and second quarter of 2026 is expected to be in the range of $14 million to $16 millionDiluted earnings per share of $2.35 to $2.45 Conference Call and Webcast The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, January 29, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 549-8228; access code: 39388. A recorded replay can be accessed through February 5, 2026, by dialing (888) 660-6264; access code: 39388 #. Additionally, interested parties can listen to a live webcast of the call on the Company's website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended. About First Internet Bancorp First Internet Bancorp is a bank holding company with assets of $5.6 billion as of December 31, 2025. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expanding,” “expect,” “future,” “going forward,” “growth,” ”improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “remain,” “setting the stage,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted total revenue, pre-provision net revenue (loss), adjusted pre-provision net revenue, adjusted noninterest income, adjusted noninterest expense, adjusted income (loss) before income taxes, adjusted income tax provision (benefit), adjusted net income (loss), adjusted diluted earnings (loss) per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity and adjusted tangible common equity to adjusted tangible assets are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.” First Internet BancorpSummary Financial Information (unaudited)Dollar amounts in thousands, except per share dataThree Months EndedTwelve Months EndedDecember 31,September 30,December 31,December 31,December 31, 2025 2025 2024 2025 2024 Net income (loss) $ 5,289 $ (41,593 ) $ 7,330 $ (35,168 ) $ 25,276 Per share and share informationEarnings (loss) per share - basic $ 0.61 $ (4.76 ) $ 0.84 $ (4.03 ) $ 2.91 Earnings (loss) per share - diluted 0.60 (4.76 ) 0.83 $ (4.03 ) 2.88 Dividends declared per share 0.06 0.06 0.06 0.24 0.24 Book value per common share 41.41 40.42 44.31 41.41 44.31 Tangible book value per common share1 40.87 39.88 43.77 40.87 43.77 Common shares outstanding 8,686,994 8,713,094 8,667,894 8,686,994 8,667,894 Average common shares outstanding:Basic 8,728,342 8,742,052 8,696,704 8,729,970 8,690,416 Diluted 8,769,456 8,742,052 8,788,793 8,729,970 8,765,725 Performance ratiosReturn on average assets 0.37 % (2.71 %) 0.50 % (0.60 %) 0.46 % Return on average shareholders' equity 5.79 % (42.11 %) 7.49 % (9.15 %) 6.70 % Return on average tangible common equity1 5.87 % (42.62 %) 7.58 % (9.26 %) 6.78 % Net interest margin 2.22 % 2.04 % 1.67 % 2.01 % 1.65 % Net interest margin - FTE1,2 2.30 % 2.12 % 1.75 % 2.09 % 1.74 % Capital ratios3Total shareholders' equity to assets 6.46 % 6.25 % 6.69 % 6.46 % 6.69 % Tangible common equity to tangible assets1 6.38 % 6.17 % 6.62 % 6.38 % 6.62 % Tier 1 leverage ratio 6.24 % 5.69 % 6.90 % 6.24 % 6.90 % Common equity tier 1 capital ratio 8.93 % 9.24 % 9.30 % 8.93 % 9.30 % Tier 1 capital ratio 8.93 % 9.24 % 9.30 % 8.93 % 9.30 % Total risk-based capital ratio 12.44 % 13.11 % 12.62 % 12.44 % 12.62 % Asset qualityNonperforming loans $ 58,538 $ 53,250 $ 28,421 $ 58,538 $ 28,421 Nonperforming assets 61,355 55,237 28,905 61,355 28,905 Nonperforming loans to loans 1.56 % 1.48 % 0.68 % 1.56 % 0.68 % Nonperforming assets to total assets 1.10 % 0.98 % 0.50 % 1.10 % 0.50 % Allowance for credit losses - loans to:Loans 1.49 % 1.66 % 1.07 % 1.49 % 1.07 % Nonperforming loans 95.1 % 112.5 % 157.5 % 95.1 % 157.5 % Net charge-offs to average loans 1.68 % 1.89 % 0.91 % 1.45 % 0.32 % Average balance sheet informationLoans $ 3,798,831 $ 4,415,693 $ 4,123,510 $ 4,211,710 $ 3,992,031 Total securities 943,418 898,543 841,700 919,775 770,793 Other earning assets 665,022 569,811 636,377 519,976 516,836 Total interest-earning assets 5,426,126 5,895,554 5,607,195 5,662,897 5,285,026 Total assets 5,618,089 6,081,792 5,782,116 5,848,823 5,462,730 Noninterest-bearing deposits 155,030 174,494 114,311 154,712 114,396 Interest-bearing deposits 4,723,879 5,133,010 4,726,449 4,866,930 4,318,926 Total deposits 4,878,909 5,307,504 4,840,760 5,021,642 4,433,322 Shareholders' equity 362,183 391,886 389,435 384,432 377,215 1Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below2On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate3Regulatory capital ratios are preliminary pending filing of the Company's regulatory reportsFirst Internet BancorpCondensed Consolidated Balance Sheets (unaudited, except for December 31, 2024)Dollar amounts in thousandsDecember 31,September 30,December 31, 2025 2025 2024 AssetsCash and due from banks $ 6,145 $ 10,923 $ 9,249 Interest-bearing deposits 450,632 776,738 457,161 Securities available-for-sale, at fair value 778,687 625,906 587,355 Securities held-to-maturity, at amortized cost, net of allowance for credit losses 250,609 261,725 249,796 Loans held-for-sale 108,608 141,580 54,695 Loans 3,746,728 3,603,506 4,170,646 Allowance for credit losses - loans (55,686 ) (59,923 ) (44,769 ) Net loans 3,691,042 3,543,583 4,125,877 Accrued interest receivable 27,909 26,674 28,180 Federal Home Loan Bank of Indianapolis stock 28,350 28,350 28,350 Cash surrender value of bank-owned life insurance 42,559 42,256 41,394 Premises and equipment, net 67,934 68,843 71,453 Goodwill 4,687 4,687 4,687 Servicing asset 22,793 22,107 16,389 Other real estate owned 2,631 1,801 272 Accrued income and other assets 89,061 84,001 63,001 Total assets $ 5,571,647 $ 5,639,174 $ 5,737,859 LiabilitiesNoninterest-bearing deposits $ 146,879 $ 243,539 $ 136,451 Interest-bearing deposits 4,692,934 4,671,895 4,796,755 Total deposits 4,839,813 4,915,434 4,933,206 Advances from Federal Home Loan Bank 249,500 249,500 295,000 Subordinated debt 105,465 105,386 105,150 Accrued interest payable 1,744 1,236 2,495 Accrued expenses and other liabilities 15,358 15,450 17,945 Total liabilities 5,211,880 5,287,006 5,353,796 Shareholders' equityVoting common stock 186,577 186,608 186,094 Retained earnings 193,320 188,564 230,622 Accumulated other comprehensive loss (20,130 ) (23,004 ) (32,653 ) Total shareholders' equity 359,767 352,168 384,063 Total liabilities and shareholders' equity $ 5,571,647 $ 5,639,174 $ 5,737,859 First Internet BancorpCondensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2024)Dollar amounts in thousands, except per share dataThree Months EndedTwelve Months EndedDecember 31,September 30,December 31,December 31,December 31, 2025 2025 2024 2025 2024 Interest incomeLoans $ 61,535 $ 68,958 $ 61,523 $ 259,840 $ 233,844 Securities - taxable 8,811 8,614 7,619 34,950 26,742 Securities - non-taxable 651 652 794 2,618 3,775 Other earning assets 7,057 6,164 7,835 22,749 27,526 Total interest income 78,054 84,388 77,771 320,157 291,887 Interest expenseDeposits 43,836 50,134 49,111 188,390 183,150 Other borrowed funds 3,896 3,902 5,109 18,007 21,360 Total interest expense 47,732 54,036 54,220 206,397 204,510 Net interest income 30,322 30,352 23,551 113,760 87,377 Provision for credit losses 11,984 34,789 7,201 72,314 17,070 Net interest income (loss) after provisionfor credit losses 18,338 (4,437 ) 16,350 41,446 70,307 Noninterest income (loss)Service charges and fees 454 369 248 1,366 959 Loan servicing revenue 2,713 2,055 1,825 8,730 6,188 Loan servicing asset revaluation (1,800 ) (1,332 ) (428 ) (5,466 ) (2,537 ) Gain (loss) on sale of loans 8,470 (27,103 ) 8,568 (8,313 ) 33,329 Other 1,538 1,364 5,723 6,395 9,406 Total noninterest income (loss) 11,375 (24,647 ) 15,936 2,712 47,345 Noninterest expenseSalaries and employee benefits 12,668 14,384 14,042 51,026 51,756 Marketing, advertising and promotion 644 482 696 2,475 2,589 Consulting and professional fees 1,184 979 967 4,327 3,744 Data processing 712 651 603 2,654 2,448 Loan expenses 1,813 1,850 1,381 6,714 5,947 Premises and equipment 3,705 3,572 3,004 13,673 11,902 Deposit insurance premium 1,563 1,584 1,464 6,109 5,000 Other 1,922 1,957 1,800 8,049 6,724 Total noninterest expense 24,211 25,459 23,957 95,027 90,110 Income (loss) before income taxes 5,502 (54,543 ) 8,329 (50,869 ) 27,542 Income tax provision (benefit) 213 (12,950 ) 999 (15,701 ) 2,266 Net income (loss) $ 5,289 $ (41,593 ) $ 7,330 $ (35,168 ) $ 25,276 Per common share dataEarnings (loss) per share - basic $ 0.61 $ (4.76 ) $ 0.84 $ (4.03 ) $ 2.91 Earnings (loss) per share - diluted $ 0.60 $ (4.76 ) $ 0.83 $ (4.03 ) $ 2.88 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.24 $ 0.24 All periods presented have been reclassified to conform to the current period classificationFirst Internet BancorpAverage Balances and Rates (unaudited)Dollar amounts in thousandsThree Months EndedDecember 31, 2025September 30, 2025December 31, 2024AverageInterest /Yield /AverageInterest /Yield /AverageInterest /Yield /BalanceDividendsCostBalanceDividendsCostBalanceDividendsCostAssetsInterest-earning assetsLoans, including loans held-for-sale1 $ 3,817,686 $ 61,535 6.39 % $ 4,427,200 $ 68,958 6.18 % $ 4,129,118 $ 61,523 5.93 % Securities - taxable 863,071 8,811 4.05 % 819,941 8,614 4.17 % 758,560 7,619 4.00 % Securities - non-taxable 80,347 651 3.21 % 78,602 652 3.29 % 83,140 794 3.80 % Other earning assets 665,022 7,057 4.21 % 569,811 6,164 4.29 % 636,377 7,835 4.90 % Total interest-earning assets 5,426,126 78,054 5.71 % 5,895,554 84,388 5.68 % 5,607,195 77,771 5.52 % Allowance for credit losses - loans (61,378 ) (49,495 ) (46,427 ) Noninterest-earning assets 253,341 235,733 221,348 Total assets $ 5,618,089 $ 6,081,792 $ 5,782,116 LiabilitiesInterest-bearing liabilitiesInterest-bearing demand deposits $ 1,023,305 $ 7,524 2.92 % $ 1,399,323 $ 11,742 3.33 % $ 574,577 $ 2,910 2.01 % Savings accounts 18,575 40 0.85 % 20,035 42 0.83 % 21,072 45 0.85 % Money market accounts 1,312,201 11,238 3.40 % 1,250,350 11,771 3.73 % 1,236,116 12,309 3.96 % Fintech - brokered deposits - - 0.00 % - - 0.00 % 208,545 2,111 4.03 % Certificates and brokered deposits 2,369,798 25,034 4.19 % 2,463,302 26,579 4.28 % 2,686,139 31,736 4.70 % Total interest-bearing deposits 4,723,879 43,836 3.68 % 5,133,010 50,134 3.87 % 4,726,449 49,111 4.13 % Other borrowed funds 354,926 3,896 4.35 % 365,119 3,902 4.24 % 528,806 5,109 3.84 % Total interest-bearing liabilities 5,078,805 47,732 3.73 % 5,498,129 54,036 3.90 % 5,255,255 54,220 4.10 % Noninterest-bearing deposits 155,030 174,494 114,311 Other noninterest-bearing liabilities 22,071 17,283 23,115 Total liabilities 5,255,906 5,689,906 5,392,681 Shareholders' equity 362,183 391,886 389,435 Total liabilities and shareholders' equity $ 5,618,089 $ 6,081,792 $ 5,782,116 Net interest income $ 30,322 $ 30,352 $ 23,551 Interest rate spread 1.98 % 1.78 % 1.42 % Net interest margin 2.22 % 2.04 % 1.67 % Net interest margin - FTE2,3 2.30 % 2.12 % 1.75 % 1Includes nonaccrual loans2On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate3Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" belowFirst Internet BancorpAverage Balances and Rates (unaudited)Dollar amounts in thousandsTwelve Months EndedDecember 31, 2025December 31, 2024AverageInterest /Yield /AverageInterest /Yield /BalanceDividendsCostBalanceDividendsCostAssetsInterest-earning assetsLoans, including loans held-for-sale1 $ 4,223,146 $ 259,840 6.15 % $ 3,997,397 $ 233,844 5.85 % Securities - taxable 839,878 34,950 4.16 % 692,806 26,742 3.86 % Securities - non-taxable 79,897 2,618 3.28 % 77,987 3,775 4.84 % Other earning assets 519,976 22,749 4.38 % 516,836 27,526 5.33 % Total interest-earning assets 5,662,897 320,157 5.65 % 5,285,026 291,887 5.52 % Allowance for credit losses - loans (51,440 ) (42,758 ) Noninterest-earning assets 237,366 220,462 Total assets $ 5,848,823 $ 5,462,730 LiabilitiesInterest-bearing liabilitiesInterest-bearing demand deposits $ 1,152,210 $ 36,007 3.13 % $ 494,082 $ 10,448 2.11 % Savings accounts 20,229 171 0.85 % 22,336 189 0.85 % Money market accounts 1,243,300 45,459 3.66 % 1,230,443 51,036 4.15 % Fintech - brokered deposits - - 0.00 % 141,860 6,023 4.25 % Certificates and brokered deposits 2,451,191 106,753 4.36 % 2,430,205 115,454 4.75 % Total interest-bearing deposits 4,866,930 188,390 3.87 % 4,318,926 183,150 4.24 % Other borrowed funds 421,947 18,007 4.27 % 629,137 21,360 3.40 % Total interest-bearing liabilities 5,288,877 206,397 3.90 % 4,948,063 204,510 4.13 % Noninterest-bearing deposits 154,712 114,396 Other noninterest-bearing liabilities 20,802 23,056 Total liabilities 5,464,391 5,085,515 Shareholders' equity 384,432 377,215 Total liabilities and shareholders' equity $ 5,848,823 $ 5,462,730 Net interest income $ 113,760 $ 87,377 Interest rate spread 1.75 % 1.39 % Net interest margin 2.01 % 1.65 % Net interest margin - FTE2,3 2.09 % 1.74 % 1Includes nonaccrual loans2On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate3Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" belowFirst Internet BancorpLoans and Deposits (unaudited)Dollar amounts in thousandsDecember 31, 2025September 30, 2025December 31, 2024AmountPercentAmountPercentAmountPercentCommercial loansCommercial and industrial $ 221,714 5.9 % $ 206,301 5.7 % $ 120,175 2.9 % Owner-occupied commercial real estate 48,575 1.3 % 50,046 1.4 % 53,591 1.3 % Investor commercial real estate 647,394 17.3 % 644,184 17.9 % 269,431 6.5 % Construction 372,668 9.9 % 300,291 8.3 % 413,523 9.9 % Single tenant lease financing 222,925 5.9 % 108,146 3.0 % 949,748 22.7 % Public finance 442,234 11.8 % 480,119 13.3 % 485,867 11.6 % Healthcare finance 139,469 3.7 % 150,522 4.2 % 181,427 4.4 % Small business lending 430,024 11.5 % 401,628 11.1 % 331,914 8.0 % Franchise finance 417,045 11.1 % 450,340 12.5 % 536,909 12.9 % Total commercial loans 2,942,048 78.4 % 2,791,577 77.4 % 3,342,585 80.2 % Consumer loansResidential mortgage 343,110 9.2 % 349,275 9.7 % 375,160 9.0 % Home equity 14,725 0.4 % 15,806 0.4 % 18,274 0.4 % Trailers 235,876 6.3 % 232,006 6.4 % 210,575 5.0 % Recreational vehicles 141,952 3.8 % 142,245 3.9 % 149,342 3.6 % Other consumer loans 47,630 1.3 % 48,753 1.5 % 48,030 1.2 % Total consumer loans 783,293 21.0 % 788,085 21.9 % 801,381 19.2 % Net deferred loan fees, premiums, discounts and other1 21,387 0.6 % 23,844 0.7 % 26,680 0.6 % Total loans $ 3,746,728 100.0 % $ 3,603,506 100.0 % $ 4,170,646 100.0 % December 31, 2025September 30, 2025December 31, 2024AmountPercentAmountPercentAmountPercentDepositsNoninterest-bearing deposits $ 146,880 3.0 % $ 243,539 5.0 % $ 136,451 2.8 % Interest-bearing demand deposits 1,120,850 23.2 % 1,003,950 20.4 % 896,661 18.2 % Savings accounts 18,990 0.4 % 18,694 0.4 % 19,823 0.4 % Money market accounts 1,272,845 26.3 % 1,250,202 25.4 % 1,183,789 24.0 % Fintech - brokered deposits - 0.0 % - 0.0 % - 0.0 % Certificates of deposits 2,004,909 41.4 % 2,115,613 43.0 % 2,133,455 43.2 % Brokered deposits 275,339 5.7 % 283,436 5.8 % 563,027 11.4 % Total deposits $ 4,839,813 100.0 % $ 4,915,434 100.0 % $ 4,933,206 100.0 % 1Includes carrying value adjustments of $19.1 million, $20.2 million and $22.9 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.First Internet BancorpReconciliation of Non-GAAP Financial MeasuresDollar amounts in thousands, except per share dataThree Months EndedTwelve Months EndedDecember 31,September 30,December 31,December 31,December 31, 2025 2025 2024 2025 2024 Total equity - GAAP $ 359,767 $ 352,168 $ 384,063 $ 359,767 $ 384,063 Adjustments:Goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Tangible common equity $ 355,080 $ 347,481 $ 379,376 $ 355,080 $ 379,376 Total assets - GAAP $ 5,571,647 $ 5,639,174 $ 5,737,859 $ 5,571,647 $ 5,737,859 Adjustments:Goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Tangible assets $ 5,566,960 $ 5,634,487 $ 5,733,172 $ 5,566,960 $ 5,733,172 Common shares outstanding 8,686,994 8,713,094 8,667,894 8,686,994 8,667,894 Book value per common share $ 41.41 $ 40.42 $ 44.31 $ 41.41 $ 44.31 Effect of goodwill (0.54 ) (0.54 ) (0.54 ) (0.54 ) (0.54 ) Tangible book value per common share $ 40.87 $ 39.88 $ 43.77 $ 40.87 $ 43.77 Total shareholders' equity to assets 6.46 % 6.25 % 6.69 % 6.46 % 6.69 % Effect of goodwill (0.08 %) (0.08 %) (0.07 %) (0.08 %) (0.07 %) Tangible common equity to tangible assets 6.38 % 6.17 % 6.62 % 6.38 % 6.62 % Total average equity - GAAP $ 362,183 $ 391,886 $ 389,435 $ 384,432 $ 377,215 Adjustments:Average goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Average tangible common equity $ 357,496 $ 387,199 $ 384,748 $ 379,745 $ 372,528 Return on average shareholders' equity 5.79 % (42.11 %) 7.49 % (9.15 %) 6.70 % Effect of goodwill 0.08 % (0.51 %) 0.09 % (0.11 %) 0.08 % Return on average tangible common equity 5.87 % (42.62 %) 7.58 % (9.26 %) 6.78 % Total interest income $ 78,054 $ 84,388 $ 77,771 $ 320,157 $ 291,887 Adjustments:Fully-taxable equivalent adjustments1 1,161 1,158 1,152 4,645 4,650 Total interest income - FTE $ 79,215 $ 85,546 $ 78,923 $ 324,802 $ 296,537 Net interest income $ 30,322 $ 30,352 $ 23,551 $ 113,760 $ 87,377 Adjustments:Fully-taxable equivalent adjustments1 1,161 1,158 1,152 4,645 4,650 Net interest income - FTE $ 31,483 $ 31,510 $ 24,703 $ 118,405 $ 92,027 Net interest margin 2.22 % 2.04 % 1.67 % 2.01 % 1.65 % Effect of fully-taxable equivalent adjustments1 0.08 % 0.08 % 0.08 % 0.08 % 0.09 % Net interest margin - FTE 2.30 % 2.12 % 1.75 % 2.09 % 1.74 % 1Assuming a 21% tax rateFirst Internet BancorpReconciliation of Non-GAAP Financial MeasuresDollar amounts in thousands, except per share dataThree Months EndedTwelve Months EndedDecember 31,September 30,December 31,December 31,December 31, 2025 2025 2024 2025 2024 Total revenue - GAAP $ 41,697 $ 5,705 $ 39,487 $ 116,472 $ 134,722 Adjustments:Loss on sale of loans 411 37,823 - 38,234 - Gain on prepayment of FHLB advances - - (1,829 ) - (1,829 ) Gain on termination of swaps - - (2,904 ) - (2,904 ) Adjusted total revenue $ 42,108 $ 43,528 $ 34,754 $ 154,706 $ 129,989 Net income (loss) - GAAP $ 5,289 $ (41,593 ) $ 7,330 $ (35,168 ) $ 25,276 Adjustments:1Provision for credit losses 11,984 34,789 7,201 72,314 17,070 Income tax provision (benefit) 213 (12,950 ) 999 (15,701 ) 2,266 Pre-provision net revenue (loss) $ 17,486 $ (19,754 ) $ 15,530 $ 21,445 $ 44,612 Pre-provision net revenue (loss) $ 17,486 $ (19,754 ) $ 15,530 $ 21,445 $ 44,612 Adjustments:1Loss on sale of loans 411 37,823 - 38,234 - IT termination fees - - - - 357 Anniversary expenses - - - - 95 Gain on prepayment of FHLB advances - - (1,829 ) - (1,829 ) Gain on termination of swaps - - (2,904 ) - (2,904 ) Adjusted pre-provision net revenue $ 17,897 $ 18,069 $ 10,797 $ 59,679 $ 40,331 Noninterest income (loss) - GAAP $ 11,375 $ (24,647 ) $ 15,936 $ 2,712 $ 47,345 Adjustments:Loss on sale of loans 411 37,823 - 38,234 - Gain on prepayment of FHLB advances - - (1,829 ) - (1,829 ) Gain on termination of swaps - - (2,904 ) - (2,904 ) Adjusted noninterest income $ 11,786 $ 13,176 $ 11,203 $ 40,946 $ 42,612 Noninterest expense - GAAP $ 24,211 $ 25,459 $ 23,957 $ 95,027 $ 90,110 Adjustments:IT termination fees - - - - (452 ) Anniversary expenses - - - - (120 ) Adjusted noninterest expense $ 24,211 $ 25,459 $ 23,957 $ 95,027 $ 89,538 Income (loss) before income taxes - GAAP $ 5,502 $ (54,543 ) $ 8,329 $ (50,869 ) $ 27,542 Adjustments:Loss on sale of loans 411 37,823 - 38,234 - IT termination fees - - - - 452 Anniversary expenses - - - - 120 Gain on prepayment of FHLB advances - - (1,829 ) - (1,829 ) Gain on termination of swaps - - (2,904 ) - (2,904 ) Adjusted income (loss) before income taxes $ 5,913 $ (16,720 ) $ 3,596 $ (12,635 ) $ 23,381 Income tax provision (benefit) - GAAP $ 213 $ (12,950 ) $ 999 $ (15,701 ) $ 2,266 Adjustments:1Loss on sale of loans 86 8,699 - 8,785 - IT termination fees - - - - 95 Anniversary expenses - - - - 25 Gain on prepayment of FHLB advances - - (384 ) - (384 ) Gain on termination of swaps - - (610 ) - (610 ) Adjusted income tax provision (benefit) $ 299 $ (4,251 ) $ 5 $ (6,916 ) $ 1,392 Net income (loss) - GAAP $ 5,289 $ (41,593 ) $ 7,330 $ (35,168 ) $ 25,276 Adjustments:Loss on sale of loans 325 29,124 - 29,449 - IT termination fees - - - - 357 Anniversary expenses - - - - 95 Gain on prepayment of FHLB advances - - (1,445 ) - (1,445 ) Gain on termination of swaps - - (2,294 ) - (2,294 ) Adjusted net income (loss) $ 5,614 $ (12,469 ) $ 3,591 $ (5,719 ) $ 21,989 1Assuming a 21% tax rateFirst Internet BancorpReconciliation of Non-GAAP Financial MeasuresDollar amounts in thousands, except per share dataThree Months EndedTwelve Months EndedDecember 31,September 30,December 31,December 31,December 31, 2025 2025 2024 2025 2024 Diluted average common shares outstanding 8,769,456 8,742,052 8,788,793 8,729,970 8,765,725 Diluted earnings (loss) per share - GAAP $ 0.60 $ (4.76 ) $ 0.83 $ (4.03 ) $ 2.88 Adjustments:Effect of loss on sale of loans 0.04 3.33 - 3.37 - Effect of IT termination fees - - - - 0.04 Effect of anniversary expenses - - - - 0.01 Effect of gain on prepayment of FHLB advances - - (0.16 ) - (0.16 ) Effect of gain on termination of swaps - - (0.26 ) - (0.26 ) Adjusted diluted earnings (loss) per share $ 0.64 $ (1.43 ) $ 0.41 $ (0.66 ) $ 2.51 Return on average assets 0.37 % (2.71 %) 0.50 % (0.60 %) 0.46 % Effect of loss on sale of loans 0.02 % 1.90 % 0.00 % 0.50 % 0.00 % Effect of IT termination fees 0.00 % 0.00 % 0.00 % 0.00 % 0.01 % Effect of anniversary expenses 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Effect of gain on prepayment of FHLB advances 0.00 % 0.00 % (0.10 %) 0.00 % (0.03 %) Effect of gain on termination of swaps 0.00 % 0.00 % (0.16 %) 0.00 % (0.04 %) Adjusted return on average assets 0.39 % (0.81 %) 0.24 % (0.10 %) 0.40 % Return on average shareholders' equity 5.79 % (42.11 %) 7.49 % (9.15 %) 6.70 % Effect of loss on sale of loans 0.36 % 29.48 % 0.00 % 7.66 % 0.00 % Effect of IT termination fees 0.00 % 0.00 % 0.00 % 0.00 % 0.09 % Effect of anniversary expenses 0.00 % 0.00 % 0.00 % 0.00 % 0.03 % Effect of gain on prepayment of FHLB advances 0.00 % 0.00 % (1.48 %) 0.00 % (0.38 %) Effect of gain on termination of swaps 0.00 % 0.00 % (2.34 %) 0.00 % (0.61 %) Adjusted return on average shareholders' equity 6.15 % (12.63 %) 3.67 % (1.49 %) 5.83 % Return on average tangible common equity 5.87 % (42.62 %) 7.58 % (9.26 %) 6.78 % Effect of loss on sale of loans 0.36 % 29.84 % 0.00 % 7.75 % 0.00 % Effect of IT termination fees 0.00 % 0.00 % 0.00 % 0.00 % 0.10 % Effect of anniversary expenses 0.00 % 0.00 % 0.00 % 0.00 % 0.03 % Effect of gain on prepayment of FHLB advances 0.00 % 0.00 % (1.49 %) 0.00 % (0.39 %) Effect of gain on termination of swaps 0.00 % 0.00 % (2.37 %) 0.00 % (0.62 %) Adjusted return on average tangible common equity 6.23 % (12.78 %) 3.72 % (1.51 %) 5.90 % Source: First Internet Bancorp