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First Internet Bancorp Reports Third Quarter 2025 Results

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

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

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

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

Fishers, Indiana, October 22, 2025 – First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the third quarter ended September 30, 2025.

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

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

Key Business Update

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

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."

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

•Solid Capital Position Completed the previously announced sale of $836.9 million single tenant lease financing loans which provided enhanced regulatory capital ratios and balance sheet flexibility. Regulatory capital ratios improved, with a Common Equity Tier 1 (CET1) ratio of 9.24%, a Total Risk-Based Capital ratio of 13.11%, and a tangible common equity to tangible assets ratio of 6.17%.

Third Quarter 2025 Financial Performance

•Adjusted total revenue of $43.5 million1 increased 30% from the prior quarter

•Net interest income of $30.4 million and fully-taxable net interest income of $31.5 million1, both increasing 8%, from the second quarter of 2025

•Net interest margin of 2.04% and fully-taxable equivalent net interest margin of 2.12%1, both increasing 8 basis points (“bps”), from the second quarter of 2025

•Adjusted pre-tax, pre-provision income (“PTPP”) of $18.1 million1 increased 54% from the prior quarter

•Loan balances decreased $732.2 million, or 17%, from the second quarter of 2025

•Excluding the impact of the loan sale, total loan balances increased $104.7 million, or 2.4%, from the second quarter of 2025

•Net loss of $41.6 million and diluted loss per share of ($4.76)

•Quarterly results included a pre-tax loss of $37.8 million on the sale of the single tenant lease financing loans

•Excluding the impact of the loan sale, adjusted net loss was $12.5 million1 and diluted loss per share was $1.43

•Deposits decreased $383.4 million, or 7%, reflecting over $700 million moved off-balance sheet; loans to deposits ratio of 73.9%

•Nonperforming loans to total loans of 1.47%; net charge-offs to average loans of 1.89%; allowance for credit losses to total loans of 1.65%

•Tangible common equity to tangible assets of 6.17%1, and 7.20%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 9.24%

•Tangible book value per share of $39.881, compared to $44.25 in the second quarter of 2025

1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."

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Conference Call and Webcast

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

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

About First Internet Bancorp

First Internet Bancorp is a bank holding company with assets of $5.6 billion as of September 30, 2025. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

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

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, pre-tax, pre-provision (loss)

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

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

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First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
						Three Months Ended																		Nine Months Ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net (loss) income						$	(41,593)					193						$	6,990					$	(40,457)					$	17,946
Per share and share information
(Loss) earnings per share - basic						$	(4.76)					$	0.02					$	0.80					$	(4.63)					$	2.07
(Loss) earnings per share - diluted						(4.76)						0.02						0.80						(4.63)						2.05
Dividends declared per share						0.06						0.06						0.06						0.18						0.18
Book value per common share						40.42						44.79						44.43						40.42						44.43
Tangible book value per common share 1						39.88						44.25						43.89						39.88						43.89
Common shares outstanding						8,713,094						8,713,094						8,667,894						8,713,094						8,667,894
Average common shares outstanding:
Basic						8,742,052						8,733,559						8,696,634						8,730,519						8,688,304
Diluted						8,742,052						8,760,374						8,768,731						8,730,519						8,756,544
Performance ratios
Return on average assets						(2.71		%)				0.01		%				0.50		%				(0.91		%)				0.45		%
Return on average shareholders' equity						(42.11		%)				0.20		%				7.32		%				(13.80		%)				6.42		%
Return on average tangible common equity 1						(42.62		%)				0.20		%				7.41		%				(13.97		%)				6.51		%
Net interest margin						2.04		%				1.96		%				1.62		%				1.94		%				1.65		%
Net interest margin - FTE 1,2						2.12		%				2.04		%				1.70		%				2.02		%				1.74		%
Capital ratios 3
Total shareholders' equity to assets						6.25		%				6.43		%				6.61		%				6.25		%				6.61		%
Tangible common equity to tangible assets 1						6.17		%				6.35		%				6.54		%				6.17		%				6.54		%
Tier 1 leverage ratio						5.69		%				6.69		%				7.13		%				5.69		%				7.13		%
Common equity tier 1 capital ratio						9.24		%				8.90		%				9.37		%				9.24		%				9.37		%
Tier 1 capital ratio						9.24		%				8.90		%				9.37		%				9.24		%				9.37		%
Total risk-based capital ratio						13.11		%				12.16		%				12.79		%				13.11		%				12.79		%
Asset quality
Nonperforming loans						$	53,250					$	43,541					$	22,478					$	53,250					$	22,478
Nonperforming assets						55,237						45,539						22,944						55,237						22,944
Nonperforming loans to loans						1.47		%				1.00		%				0.56		%				1.47		%				0.56		%
Nonperforming assets to total assets						0.98		%				0.75		%				0.39		%				0.98		%				0.39		%
Allowance for credit losses - loans to:
Loans						1.65		%				1.07		%				1.13		%				1.65		%				1.13		%
Nonperforming loans						112.5		%				106.8		%				203.4		%				112.5		%				203.4		%
Net charge-offs to average loans						1.89		%				1.31		%				0.15		%				1.38		%				0.12		%
Average balance sheet information
Loans						$	4,415,693					$	4,397,887					$	4,022,196					$	4,350,947					$	3,947,885
Total securities						898,543						934,994						792,409						911,805						746,985
Other earning assets						569,811						396,829						526,384						471,096						476,697
Total interest-earning assets						5,895,554						5,739,019						5,348,153						5,742,686						5,176,852
Total assets						6,081,792						5,924,144						5,523,910						5,926,580						5,355,491
Noninterest-bearing deposits						174,494						153,016						113,009						154,604						114,425
Interest-bearing deposits						5,133,010						4,792,939						4,384,078						4,915,137						4,182,094
Total deposits						5,307,504						4,945,955						4,497,087						5,069,741						4,296,519
Shareholders' equity						391,886						391,870						380,061						391,930						373,111

1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate

3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports

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First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands
						September 30, 2025						June 30, 2025						September 30, 2024
Assets
Cash and due from banks						$	10,923					$	9,261					$	6,539
Interest-bearing deposits						776,738						437,100						705,940
Securities available-for-sale, at fair value						625,906						644,657						575,257
Securities held-to-maturity, at amortized cost, net of allowance for credit losses						261,725						271,737						263,320
Loans held-for-sale						114,701						126,533						32,996
Loans						3,630,385						4,362,562						4,035,880
Allowance for credit losses - loans						(59,923)						(46,517)						(45,721)
Net loans						3,570,462						4,316,045						3,990,159
Accrued interest receivable						26,674						31,227						27,750
Federal Home Loan Bank of Indianapolis stock						28,350						28,350						28,350
Cash surrender value of bank-owned life insurance						42,256						41,961						41,111
Premises and equipment, net						68,843						69,930						72,150
Goodwill						4,687						4,687						4,687
Servicing asset						22,107						16,736						14,662
Other real estate owned						1,801						1,730						251
Accrued income and other assets						84,001						72,619						60,087
Total assets						$	5,639,174					$	6,072,573					$	5,823,259
Liabilities
Noninterest-bearing deposits						$	243,539					$	145,166					$	111,591
Interest-bearing deposits						4,671,895						5,153,623						4,686,119
Total deposits						4,915,434						5,298,789						4,797,710
Advances from Federal Home Loan Bank						249,500						264,500						515,000
Subordinated debt						105,386						105,307						105,071
Accrued interest payable						1,236						1,614						2,808
Accrued expenses and other liabilities						15,450						12,124						17,541
Total liabilities						5,287,006						5,682,334						5,438,130
Shareholders' equity
Voting common stock						186,608						186,116						185,631
Retained earnings						188,564						230,690						223,824
Accumulated other comprehensive loss						(23,004)						(26,567)						(24,326)
Total shareholders' equity						352,168						390,239						385,129
Total liabilities and shareholders' equity						$	5,639,174					$	6,072,573					$	5,823,259

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

All periods presented have been reclassified to conform to the current period classification

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First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
			Three Months Ended
			September 30, 2025																		June 30, 2025																		September 30, 2024
			Average Balance						Interest / Dividends						Yield / Cost						Average Balance						Interest / Dividends						Yield / Cost						Average Balance						Interest / Dividends						Yield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1			$	4,427,200					$	68,958					6.18		%				$	4,407,196					$	66,685					6.07		%				$	4,029,360					$	59,792					5.90		%
Securities - taxable			819,941						8,614						4.17		%				856,070						9,062						4.25		%				713,992						6,953						3.87		%
Securities - non-taxable			78,602						652						3.29		%				78,924						654						3.32		%				78,417						1,042						5.29		%
Other earning assets			569,811						6,164						4.29		%				396,829						4,485						4.53		%				526,384						7,203						5.44		%
Total interest-earning assets			5,895,554						84,388						5.68		%				5,739,019						80,886						5.65		%				5,348,153						74,990						5.58		%
Allowance for credit losses - loans			(49,495)																		(49,073)																		(44,572)
Noninterest-earning assets			235,733																		234,198																		220,329
Total assets			$	6,081,792																	$	5,924,144																	$	5,523,910
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits			$	1,399,323					$	11,742					3.33		%				$	1,226,439					$	9,767					3.19		%				$	511,446					$	2,880					2.24		%
Savings accounts			20,035						42						0.83		%				21,760						46						0.85		%				22,774						48						0.84		%
Money market accounts			1,250,350						11,771						3.73		%				1,187,782						11,087						3.74		%				1,224,680						12,980						4.22		%
Fintech - brokered deposits			—						—						—		%				—						—						—		%				153,012						1,682						4.37		%
Certificates and brokered deposits			2,463,302						26,579						4.28		%				2,356,958						25,894						4.41		%				2,472,166						29,825						4.80		%
Total interest-bearing deposits			5,133,010						50,134						3.87		%				4,792,939						46,794						3.92		%				4,384,078						47,415						4.30		%
Other borrowed funds			365,119						3,902						4.24		%				567,575						6,102						4.31		%				620,032						5,810						3.73		%
Total interest-bearing liabilities			5,498,129						54,036						3.90		%				5,360,514						52,896						3.96		%				5,004,110						53,225						4.23		%
Noninterest-bearing deposits			174,494																		153,016																		113,009
Other noninterest-bearing liabilities			17,283																		18,744																		26,730
Total liabilities			5,689,906																		5,532,274																		5,143,849
Shareholders' equity			391,886																		391,870																		380,061
Total liabilities and shareholders' equity			$	6,081,792																	$	5,924,144																	$	5,523,910
Net interest income									$	30,352																	$	27,990																	$	21,765
Interest rate spread															1.78		%																1.69		%																1.35		%
Net interest margin															2.04		%																1.96		%																1.62		%
Net interest margin - FTE 2,3															2.12		%																2.04		%																1.70		%

1 Includes nonaccrual loans

2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate

3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

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First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
			Nine Months Ended
			September 30, 2025																		September 30, 2024
			Average Balance						Interest / Dividends						Yield / Cost						Average Balance						Interest / Dividends						Yield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1			$	4,359,785					$	198,305					6.08		%				$	3,953,170					$	172,321					5.82		%
Securities - taxable			832,060						26,139						4.20		%				670,728						19,123						3.81		%
Securities - non-taxable			79,745						1,967						3.30		%				76,257						2,981						5.22		%
Other earning assets			471,096						15,692						4.45		%				476,697						19,691						5.52		%
Total interest-earning assets			5,742,686						242,103						5.64		%				5,176,852						214,116						5.52		%
Allowance for credit losses - loans			(48,091)																		(41,526)
Noninterest-earning assets			231,985																		220,165
Total assets			$	5,926,580																	$	5,355,491
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits			$	1,195,651					$	28,483					3.19		%				$	467,054					$	7,538					2.16		%
Savings accounts			20,786						131						0.84		%				22,760						144						0.85		%
Money market accounts			1,220,080						34,220						3.75		%				1,228,538						38,727						4.21		%
Fintech - brokered deposits			—						—						—		%				119,470						3,912						4.37		%
Certificates and brokered deposits			2,478,620						81,720						4.41		%				2,344,272						83,718						4.77		%
Total interest-bearing deposits			4,915,137						144,554						3.93		%				4,182,094						134,039						4.28		%
Other borrowed funds			444,532						14,111						4.24		%				662,824						16,251						3.28		%
Total interest-bearing liabilities			5,359,669						158,665						3.96		%				4,844,918						150,290						4.14		%
Noninterest-bearing deposits			154,604																		114,425
Other noninterest-bearing liabilities			20,377																		23,037
Total liabilities			5,534,650																		4,982,380
Shareholders' equity			391,930																		373,111
Total liabilities and shareholders' equity			$	5,926,580																	$	5,355,491
Net interest income									$	83,438																	$	63,826
Interest rate spread															1.68		%																1.38		%
Net interest margin															1.94		%																1.65		%
Net interest margin - FTE 2,3															2.02		%																1.74		%

1 Includes nonaccrual loans

2 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate

3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

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First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
						September 30, 2025												June 30, 2025												September 30, 2024
						Amount						Percent						Amount						Percent						Amount						Percent
Commercial loans
Commercial and industrial						$	206,301					5.7		%				$	174,475					4.0		%				$	111,199					2.8		%
Owner-occupied commercial real estate						50,046						1.4		%				50,096						1.1		%				56,461						1.4		%
Investor commercial real estate						644,184						17.7		%				513,411						11.8		%				260,614						6.5		%
Construction						300,291						8.3		%				332,658						7.6		%				340,954						8.4		%
Single tenant lease financing						135,025						3.8		%				970,042						22.3		%				932,148						23.1		%
Public finance						480,119						13.2		%				476,339						10.9		%				462,730						11.5		%
Healthcare finance						150,522						4.1		%				160,073						3.7		%				190,287						4.7		%
Small business lending						401,628						11.1		%				383,455						8.8		%				298,645						7.4		%
Franchise finance						450,340						12.4		%				479,757						11.0		%				550,442						13.6		%
Total commercial loans						2,818,456						77.7		%				3,540,306						81.2		%				3,203,480						79.4		%
Consumer loans
Residential mortgage						349,275						9.6		%				358,922						8.2		%				378,701						9.4		%
Home equity						15,806						0.4		%				16,668						0.4		%				20,264						0.5		%
Trailers						232,006						6.4		%				228,786						5.2		%				205,230						5.1		%
Recreational vehicles						142,245						3.9		%				144,476						3.3		%				150,378						3.7		%
Other consumer loans						48,753						1.3		%				48,319						1.1		%				48,780						1.2		%
Total consumer loans						788,085						21.6		%				797,171						18.2		%				803,353						19.9		%
Net deferred loan fees, premiums, discounts and other 1						23,844						0.7		%				25,085						0.6		%				29,047						0.7		%
Total loans						$	3,630,385					100.0		%				$	4,362,562					100.0		%				$	4,035,880					100.0		%
						September 30, 2025												June 30, 2025												September 30, 2024
						Amount						Percent						Amount						Percent						Amount						Percent
Deposits
Noninterest-bearing deposits						$	243,539					5.0		%				$	145,166					2.7		%				$	111,591					2.3		%
Interest-bearing demand deposits						1,003,950						20.4		%				1,458,123						27.5		%				538,484						11.2		%
Savings accounts						18,694						0.4		%				20,902						0.4		%				21,712						0.5		%
Money market accounts						1,250,202						25.4		%				1,210,960						22.9		%				1,230,707						25.7		%
Fintech - brokered deposits						—						—		%				—						—		%				211,814						4.4		%
Certificates of deposits						2,115,613						43.0		%				2,146,356						40.5		%				2,110,618						44.0		%
Brokered deposits						283,436						5.8		%				317,282						6.0		%				572,784						11.9		%
Total deposits						$	4,915,434					100.0		%				$	5,298,789					100.0		%				$	4,797,710					100.0		%

1 Includes carrying value adjustments of $20.2 million, $21.2 million and $24.1 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

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First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
						Three Months Ended																		Nine Months Ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Total equity - GAAP						$	352,168					$	390,239					$	385,129					$	352,168					$	385,129
Adjustments:
Goodwill						(4,687)						(4,687)						(4,687)						(4,687)						(4,687)
Tangible common equity						$	347,481					$	385,552					$	380,442					$	347,481					$	380,442
Total assets - GAAP						$	5,639,174					$	6,072,573					$	5,823,259					$	5,639,174					$	5,823,259
Adjustments:
Goodwill						(4,687)						(4,687)						(4,687)						(4,687)						(4,687)
Tangible assets						$	5,634,487					$	6,067,886					$	5,818,572					$	5,634,487					$	5,818,572
Common shares outstanding						8,713,094						8,713,094						8,667,894						8,713,094						8,667,894
Book value per common share						$	40.42					$	44.79					$	44.43					$	40.42					$	44.43
Effect of goodwill						(0.54)						(0.54)						(0.54)						(0.54)						(0.54)
Tangible book value per common share						$	39.88					$	44.25					$	43.89					$	39.88					$	43.89
Total shareholders' equity to assets						6.25		%				6.43		%				6.61		%				6.25		%				6.61		%
Effect of goodwill						(0.08		%)				(0.08		%)				(0.07		%)				(0.08		%)				(0.07		%)
Tangible common equity to tangible assets						6.17		%				6.35		%				6.54		%				6.17		%				6.54		%
Total average equity - GAAP						$	391,886					$	391,870					$	380,061					$	391,930					$	373,111
Adjustments:
Average goodwill						(4,687)						(4,687)						(4,687)						(4,687)						(4,687)
Average tangible common equity						$	387,199					$	387,183					$	375,374					$	387,243					$	368,424
Return on average shareholders' equity						(42.11		%)				0.20		%				7.32		%				(13.80		%)				6.42		%
Effect of goodwill						(0.51		%)				0.00		%				0.09		%				(0.17		%)				0.09		%
Return on average tangible common equity						(42.62		%)				0.20		%				7.41		%				(13.97		%)				6.51		%
Total interest income						$	84,388					$	80,886					$	74,990					$	242,103					$	214,116
Adjustments:
Fully-taxable equivalent adjustments 1						1,158						1,157						1,133						3,484						3,498
Total interest income - FTE						$	85,546					$	82,043					$	76,123					$	245,587					$	217,614
Net interest income						$	30,352					$	27,990					$	21,765					$	83,438					$	63,826
Adjustments:
Fully-taxable equivalent adjustments 1						1,158						1,157						1,133						3,484						3,498
Net interest income - FTE						$	31,510					$	29,147					$	22,898					$	86,922					$	67,324
Net interest margin						2.04		%				1.96		%				1.62		%				1.94		%				1.67		%
Effect of fully-taxable equivalent adjustments 1						0.08		%				0.08		%				0.08		%				0.08		%				0.07		%
Net interest margin - FTE						2.12		%				2.04		%				1.70		%				2.02		%				1.74		%

1Assuming a 21% tax rate

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First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
						Three Months Ended																		Nine Months Ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Total revenue - GAAP						$	5,705					$	33,547					$	33,794					$	74,775					$	95,235
Adjustments:
Loss on sale of loans						37,823						—						—						37,823						—
Adjusted total revenue						$	43,528					$	33,547					$	33,794					$	112,598					$	95,235
Net (loss) income - GAAP						$	(41,593)					$	193					$	6,990					$	(40,457)					$	17,946
Adjustments:1
Provision for credit losses						34,789						13,608						3,390						60,330						9,869
Income tax (benefit) provision						(12,950)						(2,054)						620						(15,914)						1,267
Pre-tax, pre-provision (loss) income						$	(19,754)					$	11,747					$	11,000					$	3,959					$	29,082
Pre-tax, pre-provision (loss) income						$	(19,754)					$	11,747					$	11,000					$	3,959					$	29,082
Adjustments:1
Loss on sale of loans						37,823						—						—						37,823						—
Adjusted pre-tax, pre-provision income						$	18,069					$	11,747					$	11,000					$	41,782					$	29,082
Noninterest (loss) income - GAAP						$	(24,647)					$	5,557					$	12,029					$	(8,663)					$	31,409
Adjustments:
Loss on sale of loans						37,823						—						—						37,823						—
Adjusted noninterest income						$	13,176					$	5,557					$	12,029					$	29,160					$	31,409
Noninterest expense - GAAP						$	25,459					$	21,800					$	22,794					$	70,816					$	66,153
Adjustments:
IT termination fees						—						—						—						—						(452)
Anniversary expenses						—						—						—						—						(120)
Adjusted noninterest expense						$	25,459					$	21,800					$	22,794					$	70,816					$	65,581
(Loss) income before income taxes - GAAP						$	(54,543)					$	(1,861)					$	7,610					$	(56,371)					$	19,213
Adjustments:
Loss on sale of loans						37,823						—						—						37,823						—
IT termination fees						—						—						—						—						452
Anniversary expenses						—						—						—						—						120
Adjusted (loss) income before income taxes						$	(16,720)					$	(1,861)					$	7,610					$	(18,548)					$	19,785
Income tax (benefit) provision - GAAP						$	(12,950)					$	(2,054)					$	620					$	(15,914)					$	1,267
Adjustments:1
Loss on sale of loans						8,699						—						—						8,699						—
IT termination fees						—						—						—						—						95
Anniversary expenses						—						—						—						—						25
Adjusted income tax (benefit) provision						$	(4,251)					$	(2,054)					$	620					$	(7,215)					$	1,387
Net (loss) income - GAAP						$	(41,593)					$	193					$	6,990					$	(40,457)					$	17,946
Adjustments:
Loss on sale of loans						29,124						—						—						29,124						—
IT termination fees						—						—						—						—						357
Anniversary expenses						—						—						—						—						95
Adjusted net (loss) income						$	(12,469)					$	193					$	6,990					$	(11,333)					$	18,398
1Assuming a 21% tax rate

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First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
						Three Months Ended																		Nine Months Ended
						September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Diluted average common shares outstanding						8,742,052						8,760,374						8,768,731						8,730,519						8,756,544
Diluted (loss) earnings per share - GAAP						$	(4.76)					$	0.02					$	0.80					$	(4.63)					$	2.05
Adjustments:
Effect of loss on sale of loans						3.33						—						—						3.34						—
Effect of IT termination fees						—						—						—						—						0.04
Effect of anniversary expenses						—						—						—						—						0.01
Adjusted diluted (loss) earnings per share						$	(1.43)					$	0.02					$	0.80					$	(1.29)					$	2.10
Return on average assets						(2.71		%)				0.01		%				0.50		%				(0.91		%)				0.45		%
Effect of loss on sale of loans						1.90		%				0.00		%				0.00		%				0.66		%				0.00		%
Effect of IT termination fees						0.00		%				0.00		%				0.00		%				0.00		%				0.01		%
Effect of anniversary expenses						0.00		%				0.00		%				0.00		%				0.00		%				0.00		%
Adjusted return on average assets						(0.81		%)				0.01		%				0.50		%				(0.25		%)				0.46		%
Return on average shareholders' equity						(42.11		%)				0.20		%				7.32		%				(13.80		%)				6.42		%
Effect of loss on sale of loans						29.48		%				0.00		%				0.00		%				9.94		%				0.00		%
Effect of IT termination fees						0.00		%				0.00		%				0.00		%				0.00		%				0.13		%
Effect of anniversary expenses						0.00		%				0.00		%				0.00		%				0.00		%				0.03		%
Adjusted return on average shareholders' equity						(12.63		%)				0.20		%				7.32		%				(3.86		%)				6.58		%
Return on average tangible common equity						(42.62		%)				0.20		%				7.41		%				(13.97		%)				6.51		%
Effect of loss on sale of loans						29.84		%				0.00		%				0.00		%				10.06		%				0.00		%
Effect of IT termination fees						0.00		%				0.00		%				0.00		%				0.00		%				0.13		%
Effect of anniversary expenses						0.00		%				0.00		%				0.00		%				0.00		%				0.03		%
Adjusted return on average tangible common equity						(12.78		%)				0.20		%				7.41		%				(3.91		%)				6.67		%