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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 -

Fishers, Indiana, January 29, 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 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 million1. 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 $0.60

•Quarterly 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 2025

•Adjusted net income, excluding the impact of the additional loan sale was $5.6 million1 and adjusted diluted earnings per share was $0.641

▪Total revenue of $41.7 million and adjusted total revenue of $42.1 million1, which increased 21% from the prior year period

▪Net interest income of $30.3 million and fully-taxable equivalent net interest income of $31.5 million1, increased 29% and 27% over the prior year period, respectively

▪Net interest margin of 2.22% and FTE net interest margin of 2.30%1, each increased 55 basis points (“bps”), from the prior year period

▪Pre-provision net revenue (“PPNR”) of $17.5 million1 and adjusted PPNR of $17.9 million1, which increased 66% from the prior year period

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•Total loan balances of $3.7 billion, up $143.2 million, or 4%, from the third quarter of 2025

•Quarterly growth driven by strong production in single tenant lease financing, construction and small business lending

•The 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 2025

•Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature

•The 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 sheet

•Loans 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 2025

•Net charge-offs to average loans of 1.68%, improved from 1.89% in the third quarter of 2025

•Net charge-offs included $3.5 million of balances previously reserved for

•Nonperforming 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) balances

•NPLs / total loans of 1.20% excluding guaranteed balances

•ACL to NPLs of 95%; or 124% excluding guaranteed balances

•Tangible 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 share

•Tangible book value per share of $40.871 increased 3% from the third quarter of 2025

"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."

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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Full Year 2026 Outlook

•Continued loan growth in the range of 15% to 17%, driven by strong pipelines across our commercial lending verticals

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

•FTE net interest income of $155 million to $160 million

•Noninterest income of $33 million to $35 million, reflecting continued strong BaaS growth and modest SBA originations and gain on sale activity

•Operating expenses of $111 million to $112 million

•Provision 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 year

•First 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 million

•Diluted 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

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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,”

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“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.”

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

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First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net income (loss)						$	5,289					$	(41,593)					$	7,330					$	(35,168)					$	25,276
Per share and share information
Earnings (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 share 1						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 ratios
Return 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 equity 1						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 - FTE 1,2						2.30		%				2.12		%				1.75		%				2.09		%				1.74		%
Capital ratios 3
Total shareholders' equity to assets						6.46		%				6.25		%				6.69		%				6.46		%				6.69		%
Tangible common equity to tangible assets 1						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 quality
Nonperforming 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 information
Loans						$	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

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, except for December 31, 2024)
Dollar amounts in thousands
						December 31, 2025						September 30, 2025						December 31, 2024
Assets
Cash 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
Liabilities
Noninterest-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' equity
Voting 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

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First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2024)
Dollar amounts in thousands, except per share data
			Three Months Ended																		Twelve Months Ended
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Interest income
Loans			$	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 expense
Deposits			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 provision for 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 expense
Salaries 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 data
Earnings (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 classification

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First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
			Three Months Ended
			December 31, 2025																		September 30, 2025																		December 31, 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			$	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
Liabilities
Interest-bearing liabilities
Interest-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			—						—						—		%				—						—						—		%				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 - FTE 2,3															2.30		%																2.12		%																1.75		%

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
			Twelve Months Ended
			December 31, 2025																		December 31, 2024
			Average Balance						Interest / Dividends						Yield/Cost						Average Balance						Interest / Dividends						Yield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1			$	4,223,146					$	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
Liabilities
Interest-bearing liabilities
Interest-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			—						—						—		%				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 - FTE 2,3															2.09		%																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
						December 31, 2025												September 30, 2025												December 31, 2024
						Amount						Percent						Amount						Percent						Amount						Percent
Commercial loans
Commercial 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 loans
Residential 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 other 1						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, 2025												September 30, 2025												December 31, 2024
						Amount						Percent						Amount						Percent						Amount						Percent
Deposits
Noninterest-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						—						—		%				—						—		%				—						—		%
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		%

1 Includes 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.

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First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
						Three Months Ended																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 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 adjustments 1						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 adjustments 1						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 adjustments 1						0.08		%				0.08		%				0.08		%				0.08		%				0.09		%
Net interest margin - FTE						2.30		%				2.12		%				1.75		%				2.09		%				1.74		%
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
1 Assuming 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																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net income (loss) - GAAP						$	5,289					$	(41,593)					$	7,330					$	(35,168)					$	25,276
Adjustments:1
Provision 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:1
Loss 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

1 Assuming 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																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
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 total revenue						$	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:1
Loss 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
Diluted average common shares outstanding						8,769,456						8,742,052						8,788,793						8,729,970						8,765,725
1 Assuming 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																		Twelve Months Ended
						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
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		%