US Market News
2月前
First Internet Bancorp Reports First Quarter 2026 ResultsApril 30, 2026 4:07 PM
Business Wire
- Net income of $2.5 million, up 166% year-over-year -
- Diluted earnings per share of $0.29, up 164% year-over-year -
- Company to hold earnings call today at 5pm ET -
First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the first quarter ended March 31, 2026.
Key Business Updates
Revenue Momentum: Growth in net interest income (up 26%) and fully-taxable equivalent (“FTE”) net interest margin (now 2.45%) drove quarterly revenue up 21% year-over-year to $43.1 million. When combined with well-managed expenses, pre-provision net revenue grew 51% year-over-year.
Credit Trends: Provision for credit losses for the first quarter of 2026 of $16.3 million. The provision reflects our quarterly CECL re-measurement of expected lifetime losses for the portfolio, based on observed credit performance and updates to current conditions. During the first quarter, ongoing proactive credit actions continued to drive progress in resolving problem credits. Notably, nonaccrual unguaranteed SBA and franchise finance balances declined from the fourth quarter of 2025.
Strong Loan Production: Commercial loan production remained strong during the first quarter led by construction and single tenant lease financing. Additionally, loan pipelines at the end of the quarter were solid, setting the stage for continued loan growth as we move through 2026.
First Quarter 2026 Financial Performance
Net income of $2.5 million and diluted earnings per share of $0.29, up 166% and 164%, respectively, from the prior year period
Total revenue of $43.1 million, which increased 21% from the prior year period
Net interest income of $31.6 million and FTE net interest income of $32.8 million1, increased 26% and 25%, respectively, over the prior year period
Net interest margin of 2.36% and FTE net interest margin of 2.45%1, both increased 54 basis points (“bps”) from the prior year period
Noninterest income of $11.5 million, which increased 10% from the prior year period
Pre-provision net revenue (“PPNR”) of $18.1 million1, which increased 51% from the prior year period
Total loan balances of $3.8 billion, up $29.1 million, or 1%, from the fourth quarter of 2025
The yield on the loan portfolio increased 37 bps from the prior year period to 6.36%
Strong loan production partially offset by elevated payoffs and maturities
Total deposits of $5.0 billion, up $141.8 million, or 3%, from the fourth quarter of 2025
Continued growth in fintech deposits, allowing higher-cost CDs and brokered deposits to mature
The cost of interest-bearing deposits declined 56 bps from the prior year period to 3.45%
Approximately $1.5 billion of fintech deposits moved off-balance sheet into a deposit network, providing flexibility to manage the size of the balance sheet
Loans to deposits ratio of 75.8%
Provision for credit losses of $16.3 million, up $4.3 million, or 36.1%, from the fourth quarter of 2025
Net charge-offs to average loans of 1.65%, slightly improved from 1.68% in the fourth quarter of 2025
Nonperforming loans (“NPLs”) to total loans of 1.63%; allowance for credit losses - loans ("ACL") to total loans of 1.50%
Increase in NPLs consisted primarily of fully-guaranteed SBA 7(a) balances and accruing loans past due 90 days or more, partially offset by lower nonaccrual franchise finance loans
NPLs / total loans of 1.22%1 excluding fully-guaranteed balances
ACL to NPLs of 92%; or 122%1 excluding fully-guaranteed balances
Tangible common equity to tangible assets of 6.24%1, and 6.99%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.97%2; total capital ratio of 12.50%2
Tangible book value per share of $40.871, consistent with the fourth quarter of 2025
1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."
2 Regulatory capital ratios are preliminary pending filing of the Company’s regulatory reports
“We kicked off the new year with strong first quarter results, demonstrating the resilience of our diversified business model and the solid foundation we've built to navigate an uncertain macroeconomic environment from a position of strength,” said David Becker, Chairman and CEO of First Internet Bancorp. “We generated 21% revenue growth, 51% growth in pre-provision net revenue, and expanded our net interest margin 54 basis points year-over-year to 2.45%, reflecting years of disciplined balance sheet repositioning and proactive liability management. We're also seeing tangible evidence that our enhanced underwriting standards and risk management initiatives are yielding favorable results, particularly in our SBA portfolio where unguaranteed nonperforming loans and delinquencies have improved both sequentially and year-over-year.”
“Beyond the strong quarterly financial results, we continued to make strategic investments in AI and digital capabilities that are already delivering measurable results - our virtual customer service agents resolve 45% of inquiries, our fraud detection agents enhance security, and our Net Promoter Scores are well above industry averages. Additionally, our Banking-as-a-Service partnerships continue to grow and provide valuable deposit funding flexibility, while our commercial lending pipelines remain robust across multiple verticals. With improving credit trends, strong margin momentum, and disciplined cost management, we are well-positioned to deliver improving profitability through 2026 and accelerating performance into 2027."
Full Year 2026 Outlook
The Company is broadly maintaining its 2026 guidance. However, management acknowledges the heightened macroeconomic uncertainty, including volatile energy prices and other geopolitical developments, which could have negative impacts. Regarding loan growth specifically, while commercial pipelines remain robust, the Company recognizes that the full-year target of 15-17% may prove ambitious due to higher-than-expected loan payoffs and potential further tightening of underwriting standards due to macro uncertainties.
Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 30, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 715-9871; access code: 9553116. A recorded replay can be accessed through May 7, 2026, by dialing (800) 770-2030; access code: 9553116.
Additionally, interested parties can listen to a live webcast of the call on the Company's website at www.firstinternetbancorp.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $5.7 billion as of March 31, 2026. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, commercial real estate and construction financing, SBA financing, public finance, consumer loans, and specialty finance services nationally, as well as commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “anticipate,” “believe,” “better than,” “continue,” “could,” “drive,” “enhance,” “estimate,” “expand,” “expect,” “future,” “going forward,” “growth,” ”improve,” “increase,” “looking ahead,” “maintain,” “may,” “ongoing,” “opportunities,” “pending,” “plan,” “position,” “preliminary,” “progress,” “remain,” “setting the stage,” “should,” “stable,” “thereafter,” “well-positioned,” “will,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers; general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted total revenue, pre-provision net revenue, adjusted pre-provision net revenue, adjusted noninterest income, adjusted income before income taxes, adjusted income tax (benefit) provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets, adjusted tangible common equity to adjusted tangible assets, adjusted nonperforming loans to total loans and adjusted allowance for credit losses – loans to nonperforming loans are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”
First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Net income
$
2,509
$
5,289
$
943
Per share and share information
Earnings per share - basic
$
0.29
$
0.61
$
0.11
Earnings per share - diluted
0.29
0.60
0.11
Dividends declared per share
0.06
0.06
0.06
Book value per common share
41.41
41.41
44.58
Tangible book value per common share 1
40.87
40.87
44.04
Common shares outstanding
8,716,662
8,686,994
8,697,085
Average common shares outstanding:
Basic
8,734,383
8,728,342
8,715,655
Diluted
8,774,111
8,769,456
8,784,970
Performance ratios
Return on average assets
0.18
%
0.37
%
0.07
%
Return on average shareholders' equity
2.72
%
5.79
%
0.98
%
Return on average tangible common equity 1
2.75
%
5.87
%
0.99
%
Net interest margin
2.36
%
2.22
%
1.82
%
Net interest margin - FTE 1,2
2.45
%
2.30
%
1.91
%
Capital ratios 3
Total shareholders' equity to assets
6.32
%
6.46
%
6.63
%
Tangible common equity to tangible assets 1
6.24
%
6.38
%
6.55
%
Tier 1 leverage ratio
6.23
%
6.24
%
6.87
%
Common equity tier 1 capital ratio
8.97
%
8.97
%
9.15
%
Tier 1 capital ratio
8.97
%
8.97
%
9.15
%
Total risk-based capital ratio
12.50
%
12.50
%
12.52
%
Asset quality
Nonperforming loans
$
61,596
$
58,538
$
34,243
Nonperforming assets
63,691
61,355
35,921
Nonperforming loans to loans
1.63
%
1.56
%
0.80
%
Nonperforming assets to total assets
1.12
%
1.10
%
0.61
%
Allowance for credit losses - loans to:
Loans
1.50
%
1.49
%
1.11
%
Nonperforming loans
91.7
%
95.1
%
138.0
%
Net charge-offs to average loans
1.65
%
1.68
%
0.92
%
Average balance sheet information
Loans
$
3,874,174
$
3,798,831
$
4,237,300
Total securities
1,022,872
943,418
901,918
Other earning assets
521,697
665,022
445,280
Total interest-earning assets
5,424,700
5,426,126
5,590,131
Total assets
5,635,646
5,618,089
5,770,380
Noninterest-bearing deposits
143,305
155,030
135,878
Interest-bearing deposits
4,744,189
4,723,879
4,815,978
Total deposits
4,887,494
4,878,909
4,951,856
Shareholders' equity
374,276
362,183
392,035
1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports
First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2025)
Dollar amounts in thousands
March 31
December 31
March 31
2026
2025
2025
Assets
Cash and due from banks
$
10,528
$
6,145
$
6,344
Interest-bearing deposits
591,277
450,632
388,110
Securities available-for-sale, at fair value
772,035
778,687
681,785
Securities held-to-maturity, at amortized cost, net of allowance for credit losses
276,042
250,609
276,542
Loans held-for-sale
55,240
108,608
31,738
Loans
3,775,870
3,746,728
4,254,412
Allowance for credit losses - loans
(56,496
)
(55,686
)
(47,238
)
Net loans
3,719,374
3,691,042
4,207,174
Accrued interest receivable
28,182
27,909
29,022
Federal Home Loan Bank of Indianapolis stock
28,350
28,350
28,350
Cash surrender value of bank-owned life insurance
42,864
42,559
41,675
Premises and equipment, net
67,006
67,934
70,461
Goodwill
4,687
4,687
4,687
Servicing asset
23,614
22,793
17,445
Other real estate owned
1,945
2,631
1,518
Accrued income and other assets
90,544
89,061
66,757
Total assets
$
5,711,688
$
5,571,647
$
5,851,608
Liabilities
Noninterest-bearing deposits
$
149,505
$
146,879
$
151,815
Interest-bearing deposits
4,832,145
4,692,934
4,793,810
Total deposits
4,981,650
4,839,813
4,945,625
Advances from Federal Home Loan Bank
239,500
249,500
395,000
Subordinated debt
105,546
105,465
105,228
Accrued interest payable
1,232
1,744
1,645
Accrued expenses and other liabilities
22,806
15,358
16,363
Total liabilities
5,350,734
5,211,880
5,463,861
Shareholders' equity
Voting common stock
186,967
186,577
185,873
Retained earnings
195,292
193,320
231,031
Accumulated other comprehensive loss
(21,305
)
(20,130
)
(29,157
)
Total shareholders' equity
360,954
359,767
387,747
Total liabilities and shareholders' equity
$
5,711,688
$
5,571,647
$
5,851,608
First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Interest income
Loans
$
60,839
$
61,535
$
62,662
Securities - taxable
9,496
8,811
8,463
Securities - non-taxable
654
651
661
Other earning assets
4,821
7,057
5,043
Total interest income
75,810
78,054
76,829
Interest expense
Deposits
40,359
43,836
47,626
Other borrowed funds
3,853
3,896
4,107
Total interest expense
44,212
47,732
51,733
Net interest income
31,598
30,322
25,096
Provision for credit losses
16,305
11,984
11,933
Net interest income after provision
for credit losses
15,293
18,338
13,163
Noninterest income
Service charges and fees
844
454
265
Loan servicing revenue
2,856
2,713
1,983
Loan servicing asset revaluation
(1,060
)
(1,800
)
(1,181
)
Gain on sale of loans
7,377
8,470
8,647
Other
1,501
1,538
713
Total noninterest income
11,518
11,375
10,427
Noninterest expense
Salaries and employee benefits
13,236
12,668
13,107
Marketing, advertising and promotion
615
644
647
Consulting and professional fees
1,080
1,184
1,228
Data processing
775
712
635
Loan expenses
2,179
1,813
1,531
Premises and equipment
3,676
3,705
3,115
Deposit insurance premium
1,487
1,563
1,398
Other
1,979
1,922
1,895
Total noninterest expense
25,027
24,211
23,556
Income before income taxes
1,784
5,502
34
Income tax (benefit) provision
(725
)
213
(909
)
Net income
$
2,509
$
5,289
$
943
Per common share data
Earnings per share - basic
$
0.29
$
0.61
$
0.11
Earnings per share - diluted
$
0.29
$
0.60
$
0.11
Dividends declared per share
$
0.06
$
0.06
$
0.06
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Average
Interest /
Yield /
Average
Interest /
Yield /
Average
Interest /
Yield /
Balance
Dividends
Cost
Balance
Dividends
Cost
Balance
Dividends
Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1
$
3,880,131
$
60,839
6.36
%
$
3,817,686
$
61,535
6.39
%
$
4,242,933
$
62,662
5.99
%
Securities - taxable
943,079
9,496
4.08
%
863,071
8,811
4.05
%
820,175
8,463
4.18
%
Securities - non-taxable
79,793
654
3.32
%
80,347
651
3.21
%
81,743
661
3.28
%
Other earning assets
521,697
4,821
3.75
%
665,022
7,057
4.21
%
445,280
5,043
4.59
%
Total interest-earning assets
5,424,700
75,810
5.67
%
5,426,126
78,054
5.71
%
5,590,131
76,829
5.57
%
Allowance for credit losses - loans
(56,106
)
(61,378
)
(45,664
)
Noninterest-earning assets
267,052
253,341
225,913
Total assets
$
5,635,646
$
5,618,089
$
5,770,380
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits
$
1,243,549
$
8,168
2.66
%
$
1,023,305
$
7,524
2.92
%
$
956,322
$
6,974
2.96
%
Savings accounts
19,542
41
0.85
%
18,575
40
0.85
%
20,568
43
0.85
%
Money market accounts
1,292,126
10,103
3.17
%
1,312,201
11,238
3.40
%
1,221,795
11,361
3.77
%
Certificates and brokered deposits
2,188,972
22,047
4.08
%
2,369,798
25,034
4.19
%
2,617,293
29,248
4.53
%
Total interest-bearing deposits
4,744,189
40,359
3.45
%
4,723,879
43,836
3.68
%
4,815,978
47,626
4.01
%
Other borrowed funds
352,117
3,853
4.44
%
354,926
3,896
4.35
%
401,300
4,107
4.15
%
Total interest-bearing liabilities
5,096,306
44,212
3.52
%
5,078,805
47,732
3.73
%
5,217,278
51,733
4.02
%
Noninterest-bearing deposits
143,305
155,030
135,878
Other noninterest-bearing liabilities
21,759
22,071
25,189
Total liabilities
5,261,370
5,255,906
5,378,345
Shareholders' equity
374,276
362,183
392,035
Total liabilities and shareholders' equity
$
5,635,646
$
5,618,089
$
5,770,380
Net interest income
$
31,598
$
30,322
$
25,096
Interest rate spread
2.15
%
1.98
%
1.55
%
Net interest margin
2.36
%
2.22
%
1.82
%
Net interest margin - FTE 2,3
2.45
%
2.30
%
1.91
%
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
March 31, 2026
December 31, 2025
March 31, 2025
Amount
Percent
Amount
Percent
Amount
Percent
Commercial loans
Commercial and industrial
$
225,425
6.0
%
$
221,714
5.9
%
$
140,239
3.3
%
Owner-occupied commercial real estate
48,136
1.3
%
48,575
1.3
%
49,954
1.2
%
Investor commercial real estate
598,933
15.9
%
647,394
17.3
%
297,874
7.0
%
Construction
449,888
11.9
%
372,668
9.9
%
471,082
11.1
%
Single tenant lease financing
254,044
6.7
%
222,925
5.9
%
950,814
22.4
%
Public finance
441,734
11.7
%
442,234
11.8
%
482,558
11.3
%
Healthcare finance
131,161
3.5
%
139,469
3.7
%
171,430
4.0
%
Small business lending
433,964
11.5
%
430,024
11.5
%
353,408
8.3
%
Franchise finance
389,249
10.3
%
417,045
11.1
%
514,700
12.1
%
Total commercial loans
2,972,534
78.8
%
2,942,048
78.4
%
3,432,059
80.7
%
Consumer loans
Residential mortgage
338,058
9.0
%
343,110
9.2
%
367,722
8.6
%
Home equity
14,219
0.4
%
14,725
0.4
%
17,421
0.4
%
Trailers
242,022
6.4
%
235,876
6.3
%
220,012
5.2
%
Recreational vehicles
142,442
3.8
%
141,952
3.8
%
145,690
3.4
%
Other consumer loans
46,874
1.2
%
47,630
1.3
%
46,851
1.1
%
Total consumer loans
783,615
20.8
%
783,293
21.0
%
797,696
18.7
%
Net deferred loan fees, premiums, discounts and other 1
19,721
0.4
%
21,387
0.6
%
24,657
0.6
%
Total loans
$
3,775,870
100.0
%
$
3,746,728
100.0
%
$
4,254,412
100.0
%
March 31, 2026
December 31, 2025
March 31, 2025
Amount
Percent
Amount
Percent
Amount
Percent
Deposits
Noninterest-bearing deposits
$
149,505
3.0
%
$
146,880
3.0
%
$
151,815
3.1
%
Interest-bearing demand deposits
1,358,028
27.3
%
1,120,850
23.2
%
1,103,540
22.3
%
Savings accounts
20,344
0.4
%
18,990
0.4
%
21,632
0.4
%
Money market accounts
1,325,382
26.6
%
1,272,845
26.3
%
1,292,235
26.2
%
Certificates of deposits
1,869,181
37.5
%
2,004,909
41.4
%
2,029,801
41.0
%
Brokered deposits
259,210
5.2
%
275,339
5.7
%
346,602
7.0
%
Total deposits
$
4,981,650
100.0
%
$
4,839,813
100.0
%
$
4,945,625
100.0
%
1 Includes carrying value adjustments of $18.1 million, $19.1 million and $22.1 million related to terminated interest rate swaps associated with public finance loans as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Total equity - GAAP
$
360,954
$
359,767
$
387,747
Adjustments:
Goodwill
(4,687
)
(4,687
)
(4,687
)
Tangible common equity
$
356,267
$
355,080
$
383,060
Total assets - GAAP
$
5,711,688
$
5,571,647
$
5,851,608
Adjustments:
Goodwill
(4,687
)
(4,687
)
(4,687
)
Tangible assets
$
5,707,001
$
5,566,960
$
5,846,921
Common shares outstanding
8,716,662
8,686,994
8,697,085
Book value per common share
$
41.41
$
41.41
$
44.58
Effect of goodwill
(0.54
)
(0.54
)
(0.54
)
Tangible book value per common share
$
40.87
$
40.87
$
44.04
Total shareholders' equity to assets
6.32
%
6.46
%
6.63
%
Effect of goodwill
(0.08
%)
(0.08
%)
(0.08
%)
Tangible common equity to tangible assets
6.24
%
6.38
%
6.55
%
Total average equity - GAAP
$
374,276
$
362,183
$
392,035
Adjustments:
Average goodwill
(4,687
)
(4,687
)
(4,687
)
Average tangible common equity
$
369,589
$
357,496
$
387,348
Return on average shareholders' equity
2.72
%
5.79
%
0.98
%
Effect of goodwill
0.03
%
0.08
%
0.01
%
Return on average tangible common equity
2.75
%
5.87
%
0.99
%
Total interest income
$
75,810
$
78,054
$
76,829
Adjustments:
Fully-taxable equivalent adjustments 1
1,160
1,161
1,169
Total interest income - FTE
$
76,970
$
79,215
$
77,998
Net interest income
$
31,598
$
30,322
$
25,096
Adjustments:
Fully-taxable equivalent adjustments 1
1,160
1,161
1,169
Net interest income - FTE
$
32,758
$
31,483
$
26,265
Net interest margin
2.36
%
2.22
%
1.82
%
Effect of fully-taxable equivalent adjustments 1
0.09
%
0.08
%
0.09
%
Net interest margin - FTE
2.45
%
2.30
%
1.91
%
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Total revenue - GAAP
$
43,116
$
41,697
$
35,523
Adjustments:
Loss on sale of loans
-
411
-
Adjusted total revenue
$
43,116
$
42,108
$
35,523
Net income - GAAP
$
2,509
$
5,289
$
943
Adjustments:1
Provision for credit losses
16,305
11,984
11,933
Income tax (benefit) provision
(725
)
213
(909
)
Pre-provision net revenue
$
18,089
$
17,486
$
11,967
Pre-provision net revenue
$
18,089
$
17,486
$
11,967
Adjustments:
Loss on sale of loans
-
411
-
Adjusted pre-provision net revenue
$
18,089
$
17,897
$
11,967
Noninterest income - GAAP
$
11,518
$
11,375
$
10,427
Adjustments:
Loss on sale of loans
-
411
-
Adjusted noninterest income
$
11,518
$
11,786
$
10,427
Income before income taxes - GAAP
$
1,784
$
5,502
$
34
Adjustments:
Loss on sale of loans
-
411
-
Adjusted income before income taxes
$
1,784
$
5,913
$
34
Income tax (benefit) provision - GAAP
$
(725
)
$
213
$
(909
)
Adjustments:1
Loss on sale of loans
-
86
-
Adjusted income tax (benefit) provision
$
(725
)
$
299
$
(909
)
Net income - GAAP
$
2,509
$
5,289
$
943
Adjustments:
Loss on sale of loans
-
325
-
Adjusted net income
$
2,509
$
5,614
$
943
1 Assuming a 21% tax rate
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Diluted average common shares outstanding
8,774,111
8,769,456
8,784,970
Diluted earnings per share - GAAP
$
0.29
$
0.60
$
0.11
Adjustments:
Effect of loss on sale of loans
-
0.04
-
Adjusted diluted earnings per share
$
0.29
$
0.64
$
0.11
Return on average assets
0.18
%
0.37
%
0.07
%
Effect of loss on sale of loans
0.00
%
0.02
%
0.00
%
Adjusted return on average assets
0.18
%
0.39
%
0.07
%
Return on average shareholders' equity
2.72
%
5.79
%
0.98
%
Effect of loss on sale of loans
0.00
%
0.36
%
0.00
%
Adjusted return on average shareholders' equity
2.72
%
6.15
%
0.98
%
Return on average tangible common equity
2.75
%
5.87
%
0.99
%
Effect of loss on sale of loans
0.00
%
0.36
%
0.00
%
Adjusted return on average tangible common equity
2.75
%
6.23
%
0.99
%
Tangible common equity
$
356,267
$
355,080
$
383,060
Adjustments:
Accumulated other comprehensive loss
21,305
20,130
29,157
Adjusted tangible common equity
$
377,572
$
375,210
$
412,217
Tangible assets
$
5,707,001
$
5,566,960
$
5,846,921
Adjustments:
Cash in excess of $300 million
(301,805
)
(156,777
)
(94,454
)
Adjusted tangible assets
$
5,405,196
$
5,410,183
$
5,752,467
Adjusted tangible common equity
$
377,572
$
375,210
$
412,217
Adjusted tangible assets
5,405,196
5,410,183
5,752,467
Adjusted tangible common equity to adjusted tangible assets
6.99
%
6.94
%
7.17
%
First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended
March 31
December 31
March 31
2026
2025
2025
Nonperforming loans to total loans
1.63
%
1.56
%
0.80
%
Adjustments:
Fully guaranteed balances
(0.41
%)
(0.36
%)
(0.12
%)
Adjusted nonperforming loans to total loans
1.22
%
1.20
%
0.68
%
Allowance for credit losses - loans to nonperforming loans
91.72
%
95.13
%
137.95
%
Adjustments:
Fully guaranteed balances
30.73
%
28.84
%
24.87
%
Adjusted allowance for credit losses - loans to nonperforming loans
122.45
%
123.97
%
162.82
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428063339/en/
Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com
Media
PANBlast
Zach Weismiller
firstib@panblastpr.com
Original: First Internet Bancorp Reports First Quarter 2026 Results
US Market News
5月前
First Internet Bancorp Reports Fourth Quarter and Full Year 2025 ResultsJanuary 29, 2026 4:08 PM
Business Wire
- 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 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
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
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 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.
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 Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended
Twelve Months Ended
December 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 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
First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2024)
Dollar amounts in thousands
December 31,
September 30,
December 31,
2025
2025
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
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,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
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
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
Interest /
Yield /
Average
Interest /
Yield /
Average
Interest /
Yield /
Balance
Dividends
Cost
Balance
Dividends
Cost
Balance
Dividends
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
-
-
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 - 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
First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
Twelve Months Ended
December 31, 2025
December 31, 2024
Average
Interest /
Yield /
Average
Interest /
Yield /
Balance
Dividends
Cost
Balance
Dividends
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
-
-
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 - 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
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
-
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
%
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.
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,
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 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
%
1 Assuming a 21% tax rate
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,
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: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
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: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
1 Assuming a 21% tax rate
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,
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
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260126558304/en/
Investors/Analysts
Paula Deemer
Director of Corporate Administration
(317) 428-4628
investors@firstib.com
Media
PANBlast
Zach Weismiller
firstib@panblastpr.com
Original: First Internet Bancorp Reports Fourth Quarter and Full Year 2025 Results
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