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

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

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

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

First Internet Bancorp (the "Company") (NASDAQ:INBK), the parent company of First Internet Bank (the "Bank"), announced today financial and operational results for the third quarter ended September 30, 2025.

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

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

Key Business Update

Revenue and Profitability Momentum

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

Proactive Credit Risk Management

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

Solid Capital Position

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

Third Quarter 2025 Financial Performance

Adjusted total revenue of $43.5 million¹ increased 30% from the prior quarter
Net interest income of $30.4 million and fully-taxable net interest income of $31.5 million¹, both increasing 8%, from the second quarter of 2025
Net interest margin of 2.04% and fully-taxable equivalent net interest margin of 2.12%¹, both increasing 8 basis points ("bps"), from the second quarter of 2025
Adjusted pre-tax, pre-provision income ("PTPP") of $18.1 million¹increased 54% from the prior quarter
Loan balances decreased $732.2 million, or 17%, from the second quarter of 2025
- Excluding the impact of the loan sale, total loan balances increased $104.7 million, or 2.4%, from the second quarter of 2025
Net loss of $41.6 million and diluted loss per share of ($4.76)
- Quarterly results included a pre-tax loss of $37.8 million on the sale of the single tenant lease financing loans
Excluding the impact of the loan sale, adjusted net loss was $12.5 million¹ and diluted loss per share was $1.43
Deposits decreased $383.4 million, or 7%, reflecting over $700 million moved off-balance sheet; loans to deposits ratio of 73.9%
Nonperforming loans to total loans of 1.47%; net charge-offs to average loans of 1.89%; allowance for credit losses to total loans of 1.65%
Tangible common equity to tangible assets of 6.17%¹, and 7.20%¹ ex-AOCI and adjusted for normalized cash balances
Tangible book value per share of $39.88¹, compared to $44.25 in the second quarter of 2025

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

Conference Call and Webcast

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

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

About First Internet Bancorp

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

Forward-Looking Statements

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

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, pre-tax, pre-provision (loss) income, adjusted pre-tax, pre-provision income, adjusted noninterest income, adjusted noninterest expense, adjusted (loss) income before income taxes, adjusted income tax (benefit) provision, adjusted net (loss) income, adjusted diluted (loss) earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity and adjusted return on average tangible common equity are used by the Company's management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of Non-GAAP Financial Measures."

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data


	Three Months Ended									Nine Months Ended

	September 30			June 30			September 30			September 30				September 30
		2025			2025			2024			2025				2024

Net (loss) income	$	(41,593	)	$	193		$	6,990		$	(40,457	)		$	17,946

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

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

First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands


	September 30			June 30			September 30
		2025			2025			2024

Assets
Cash and due from banks	$	10,923		$	9,261		$	6,539
Interest-bearing deposits		776,738			437,100			705,940
Securities available-for-sale, at fair value		625,906			644,657			575,257
Securities held-to-maturity, at amortized cost, net of allowance for credit losses		261,725			271,737			263,320
Loans held-for-sale		114,701			126,533			32,996
Loans		3,630,385			4,362,562			4,035,880
Allowance for credit losses - loans		(59,923	)		(46,517	)		(45,721	)
Net loans		3,570,462			4,316,045			3,990,159
Accrued interest receivable		26,674			31,227			27,750
Federal Home Loan Bank of Indianapolis stock		28,350			28,350			28,350
Cash surrender value of bank-owned life insurance		42,256			41,961			41,111
Premises and equipment, net		68,843			69,930			72,150
Goodwill		4,687			4,687			4,687
Servicing asset		22,107			16,736			14,662
Other real estate owned		1,801			1,730			251
Accrued income and other assets		84,001			72,619			60,087
Total assets	$	5,639,174		$	6,072,573		$	5,823,259

Liabilities
Noninterest-bearing deposits	$	243,539		$	145,166		$	111,591
Interest-bearing deposits		4,671,895			5,153,623			4,686,119
Total deposits		4,915,434			5,298,789			4,797,710
Advances from Federal Home Loan Bank		249,500			264,500			515,000
Subordinated debt		105,386			105,307			105,071
Accrued interest payable		1,236			1,614			2,808
Accrued expenses and other liabilities		15,450			12,124			17,541
Total liabilities		5,287,006			5,682,334			5,438,130
Shareholders' equity
Voting common stock		186,608			186,116			185,631
Retained earnings		188,564			230,690			223,824
Accumulated other comprehensive loss		(23,004	)		(26,567	)		(24,326	)
Total shareholders' equity		352,168			390,239			385,129
Total liabilities and shareholders' equity	$	5,639,174		$	6,072,573		$	5,823,259

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data


	Three Months Ended									Nine Months Ended

	September 30			June 30			September 30			September 30			September 30
		2025			2025			2024			2025			2024

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

Per common share data
(Loss) earnings per share - basic	$	(4.76	)	$	0.02		$	0.80		$	(4.63	)	$	2.07
(Loss) earnings per share - diluted	$	(4.76	)	$	0.02		$	0.80		$	(4.63	)	$	2.05
Dividends declared per share	$	0.06		$	0.06		$	0.06		$	0.18		$	0.18

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

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands


	Three Months Ended

	September 30, 2025							June 30, 2025							September 30, 2024

	Average			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	$	4,427,200		$	68,958	6.18	%	$	4,407,196		$	66,685	6.07	%	$	4,029,360		$	59,792	5.90	%
Securities - taxable		819,941			8,614	4.17	%		856,070			9,062	4.25	%		713,992			6,953	3.87	%
Securities - non-taxable		78,602			652	3.29	%		78,924			654	3.32	%		78,417			1,042	5.29	%
Other earning assets		569,811			6,164	4.29	%		396,829			4,485	4.53	%		526,384			7,203	5.44	%
Total interest-earning assets		5,895,554			84,388	5.68	%		5,739,019			80,886	5.65	%		5,348,153			74,990	5.58	%

Allowance for credit losses - loans		(49,495	)						(49,073	)						(44,572	)
Noninterest-earning assets		235,733							234,198							220,329
Total assets	$	6,081,792						$	5,924,144						$	5,523,910

Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits	$	1,399,323		$	11,742	3.33	%	$	1,226,439		$	9,767	3.19	%	$	511,446		$	2,880	2.24	%
Savings accounts		20,035			42	0.83	%		21,760			46	0.85	%		22,774			48	0.84	%
Money market accounts		1,250,350			11,771	3.73	%		1,187,782			11,087	3.74	%		1,224,680			12,980	4.22	%
Fintech - brokered deposits		-			-	0.00	%		-			-	0.00	%		153,012			1,682	4.37	%
Certificates and brokered deposits		2,463,302			26,579	4.28	%		2,356,958			25,894	4.41	%		2,472,166			29,825	4.80	%
Total interest-bearing deposits		5,133,010			50,134	3.87	%		4,792,939			46,794	3.92	%		4,384,078			47,415	4.30	%
Other borrowed funds		365,119			3,902	4.24	%		567,575			6,102	4.31	%		620,032			5,810	3.73	%
Total interest-bearing liabilities		5,498,129			54,036	3.90	%		5,360,514			52,896	3.96	%		5,004,110			53,225	4.23	%

Noninterest-bearing deposits		174,494							153,016							113,009
Other noninterest-bearing liabilities		17,283							18,744							26,730
Total liabilities		5,689,906							5,532,274							5,143,849

Shareholders' equity		391,886							391,870							380,061
Total liabilities and shareholders' equity	$	6,081,792						$	5,924,144						$	5,523,910

Net interest income				$	30,352						$	27,990						$	21,765

Interest rate spread						1.78	%						1.69	%						1.35	%

Net interest margin						2.04	%						1.96	%						1.62	%

Net interest margin - FTE ^2,3						2.12	%						2.04	%						1.70	%

¹ Includes nonaccrual loans
² On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
³ Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands


	Nine Months Ended

	September 30, 2025							September 30, 2024

	Average			Interest /		Yield /		Average			Interest /		Yield /
	Balance			Dividends		Cost		Balance			Dividends		Cost

Assets
Interest-earning assets
Loans, including loans held-for-sale ¹	$	4,359,785		$	198,305	6.08	%	$	3,953,170		$	172,321	5.82	%
Securities - taxable		832,060			26,139	4.20	%		670,728			19,123	3.81	%
Securities - non-taxable		79,745			1,967	3.30	%		76,257			2,981	5.22	%
Other earning assets		471,096			15,692	4.45	%		476,697			19,691	5.52	%
Total interest-earning assets		5,742,686			242,103	5.64	%		5,176,852			214,116	5.52	%

Allowance for credit losses - loans		(48,091	)						(41,526	)
Noninterest-earning assets		231,985							220,165
Total assets	$	5,926,580						$	5,355,491

Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits	$	1,195,651		$	28,483	3.19	%	$	467,054		$	7,538	2.16	%
Savings accounts		20,786			131	0.84	%		22,760			144	0.85	%
Money market accounts		1,220,080			34,220	3.75	%		1,228,538			38,727	4.21	%
Fintech - brokered deposits		-			-	0.00	%		119,470			3,912	4.37	%
Certificates and brokered deposits		2,478,620			81,720	4.41	%		2,344,272			83,718	4.77	%
Total interest-bearing deposits		4,915,137			144,554	3.93	%		4,182,094			134,039	4.28	%
Other borrowed funds		444,532			14,111	4.24	%		662,824			16,251	3.28	%
Total interest-bearing liabilities		5,359,669			158,665	3.96	%		4,844,918			150,290	4.14	%

Noninterest-bearing deposits		154,604							114,425
Other noninterest-bearing liabilities		20,377							23,037
Total liabilities		5,534,650							4,982,380

Shareholders' equity		391,930							373,111
Total liabilities and shareholders' equity	$	5,926,580						$	5,355,491

Net interest income				$	83,438						$	63,826

Interest rate spread						1.68	%						1.38	%

Net interest margin						1.94	%						1.65	%

Net interest margin - FTE ^2,3						2.02	%						1.74	%

¹ Includes nonaccrual loans
² On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
³ Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands


	September 30, 2025				June 30, 2025				September 30, 2024

	Amount		Percent		Amount		Percent		Amount		Percent

Commercial loans
Commercial and industrial	$	206,301	5.7	%	$	174,475	4.0	%	$	111,199	2.8	%
Owner-occupied commercial real estate		50,046	1.4	%		50,096	1.1	%		56,461	1.4	%
Investor commercial real estate		644,184	17.7	%		513,411	11.8	%		260,614	6.5	%
Construction		300,291	8.3	%		332,658	7.6	%		340,954	8.4	%
Single tenant lease financing		135,025	3.8	%		970,042	22.3	%		932,148	23.1	%
Public finance		480,119	13.2	%		476,339	10.9	%		462,730	11.5	%
Healthcare finance		150,522	4.1	%		160,073	3.7	%		190,287	4.7	%
Small business lending		401,628	11.1	%		383,455	8.8	%		298,645	7.4	%
Franchise finance		450,340	12.4	%		479,757	11.0	%		550,442	13.6	%
Total commercial loans		2,818,456	77.7	%		3,540,306	81.2	%		3,203,480	79.4	%

Consumer loans
Residential mortgage		349,275	9.6	%		358,922	8.2	%		378,701	9.4	%
Home equity		15,806	0.4	%		16,668	0.4	%		20,264	0.5	%
Trailers		232,006	6.4	%		228,786	5.2	%		205,230	5.1	%
Recreational vehicles		142,245	3.9	%		144,476	3.3	%		150,378	3.7	%
Other consumer loans		48,753	1.3	%		48,319	1.1	%		48,780	1.2	%
Total consumer loans		788,085	21.6	%		797,171	18.2	%		803,353	19.9	%

Net deferred loan fees, premiums, discounts and other ¹		23,844	0.7	%		25,085	0.6	%		29,047	0.7	%

Total loans	$	3,630,385	100.0	%	$	4,362,562	100.0	%	$	4,035,880	100.0	%


	September 30, 2025				June 30, 2025				September 30, 2024

	Amount		Percent		Amount		Percent		Amount		Percent

Deposits
Noninterest-bearing deposits	$	243,539	5.0	%	$	145,166	2.7	%	$	111,591	2.3	%
Interest-bearing demand deposits		1,003,950	20.4	%		1,458,123	27.5	%		538,484	11.2	%
Savings accounts		18,694	0.4	%		20,902	0.4	%		21,712	0.5	%
Money market accounts		1,250,202	25.4	%		1,210,960	22.9	%		1,230,707	25.7	%
Fintech - brokered deposits		-	0.0	%		-	0.0	%		211,814	4.4	%
Certificates of deposits		2,115,613	43.0	%		2,146,356	40.5	%		2,110,618	44.0	%
Brokered deposits		283,436	5.8	%		317,282	6.0	%		572,784	11.9	%

Total deposits	$	4,915,434	100.0	%	$	5,298,789	100.0	%	$	4,797,710	100.0	%

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

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data


	Three Months Ended									Nine Months Ended

	September 30			June 30			September 30			September 30			September 30
		2025			2025			2024			2025			2024

Total equity - GAAP	$	352,168		$	390,239		$	385,129		$	352,168		$	385,129
Adjustments:
Goodwill		(4,687	)		(4,687	)		(4,687	)		(4,687	)		(4,687	)
Tangible common equity	$	347,481		$	385,552		$	380,442		$	347,481		$	380,442

Total assets - GAAP	$	5,639,174		$	6,072,573		$	5,823,259		$	5,639,174		$	5,823,259
Adjustments:
Goodwill		(4,687	)		(4,687	)		(4,687	)		(4,687	)		(4,687	)
Tangible assets	$	5,634,487		$	6,067,886		$	5,818,572		$	5,634,487		$	5,818,572

Common shares outstanding		8,713,094			8,713,094			8,667,894			8,713,094			8,667,894

Book value per common share	$	40.42		$	44.79		$	44.43		$	40.42		$	44.43
Effect of goodwill		(0.54	)		(0.54	)		(0.54	)		(0.54	)		(0.54	)
Tangible book value per common share	$	39.88		$	44.25		$	43.89		$	39.88		$	43.89

Total shareholders' equity to assets		6.25	%		6.43	%		6.61	%		6.25	%		6.61	%
Effect of goodwill		(0.08	%)		(0.08	%)		(0.07	%)		(0.08	%)		(0.07	%)
Tangible common equity to tangible assets		6.17	%		6.35	%

First Internet Bancorp Reports Third Quarter 2025 Results