# EDGAR Filing Document

**Accession Number:** 0001562463
**File Stem:** 0001562463-23-000013
**Filing Date:** 2023-1
**Character Count:** 121042
**Document Hash:** f60df4628238a3a1ee757c8f631ac21d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562463-23-000013.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001562463-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Internet Bancorp
- **CENTRAL INDEX KEY:** 0001562463
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 203489991
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35750
- **FILM NUMBER:** 23553004

**BUSINESS ADDRESS:**
- **STREET 1:** 8701 E. 116TH STREET
- **CITY:** FISHERS
- **STATE:** IN
- **ZIP:** 46038
- **BUSINESS PHONE:** 317-532-7900

**MAIL ADDRESS:**
- **STREET 1:** 8701 E. 116TH STREET
- **CITY:** FISHERS
- **STATE:** IN
- **ZIP:** 46038

?xml version="1.0" ? inbk-20230125

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT**

**TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): **January 25, 2023** 

---

| | |
|:---|:---|
| **First Internet Bancorp** | **First Internet Bancorp** |
| (Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter) |
| **Indiana** | **Indiana** |
| (State or Other Jurisdiction of Incorporation) | (State or Other Jurisdiction of Incorporation) |
| **001-35750** | **20-3489991** |
| (Commission File Number) | (IRS Employer Identification No.) |
| **8701 E. 116th Street** | **46038** |
| **Fishers, Indiana** | **46038** |
| (Address of Principal Executive Offices) | (Zip Code) |
| **(317) 532-7900** | **(317) 532-7900** |
| (Registrant's Telephone Number, Including Area Code) | (Registrant's Telephone Number, Including Area Code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbols | Name of each exchange on which registered |
| **Common Stock, without par value** | **INBK** | **The Nasdaq Stock Market LLC** |
| **6.0% Fixed to Floating Subordinated Notes due 2029** | **INBKZ** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02 Results of Operations and Financial Condition**

On January 25, 2023, First Internet Bancorp (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

On January 26, at 2:00 p.m. (Eastern Time), the Company will host a conference call and webcast to discuss financial results for the quarter and year ended December 31, 2022. The electronic presentation slides, which will accompany the call and webcast, are furnished as Exhibit 99.2 and are incorporated by reference herein.

The information contained in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

**Item 2.05 Costs Associated with Exit or Disposal Activities**

Effective today, and because of the steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years, the Company committed to exiting the consumer mortgage business during the first quarter of 2023. This action is expected to reduce total annual noninterest expense by approximately $6.8 million and increase annualized pre-tax income by approximately $2.7 million, with 80% of the benefit realized in 2023 and 100% thereafter. The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in the first and second quarters of 2023 associated with exiting the consumer mortgage business. The costs, all of which are expected to result in cash expenditures, consist of approximately $3.1 million in severance and other employee-related costs and approximately $0.2 million in contract termination costs.

**Item 9.01 Financial Statements and Exhibits**

---

| | | |
|:---|:---|:---|
| **Number** | **Description** | **Method of filing** |
| <u>[99.1](inbk-4q2022xex991.htm)</u> | <u>[Press release dated January 25, 2023](inbk-4q2022xex991.htm)</u> | Furnished electronically |
| <u>[99.2](inbk-x4q22earningspresen.htm)</u> | <u>[Presentation slides dated January 25, 2023](inbk-x4q22earningspresen.htm)</u> | Furnished electronically |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in inline XBRL) |  |

---

**Cautionary Note Regarding Forward-Looking Statements**

This Report includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including statements with respect to the expected costs and savings of exiting the consumer mortgage business. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. The Company cautions you that the forward-looking statements presented in this Report are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this Report. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "expected", "approximately", "estimates", "may," "plan," or "will," or the negative thereof or variations thereon or similar terminology. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this Report include those identified in the Company's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this Report, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Dated: | January 25, 2023 |
| FIRST INTERNET BANCORP | FIRST INTERNET BANCORP |
| By: | /s/ Kenneth J. Lovik |
|  | Kenneth J. Lovik, Executive Vice President & Chief Financial Officer |

---

## Exhibit 99.1

![fibancorplogoa64a.jpg](fibancorplogoa64a.jpg)

**First Internet Bancorp Reports Fourth Quarter and Full Year 2021 Results**

**Fishers, Indiana, January 25, 2023** – 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 full year ended December 31, 2022.

**Fourth Quarter and Full Year 2022 Commentary**

Market forces and the economic climate, both driven in part by the post-pandemic recovery, had a significant impact on the Company's 2022 financial results and frame the Company's strategy for 2023 and beyond.

Loan demand was strong throughout the year. Total loan portfolio balances increased 7.5% from the third quarter of 2022 and 21.2% from the fourth quarter of 2021. However, intense competition for deposits through the most rapid set of Federal Funds rate hikes since the late 1980s drove interest expense higher and pressured net interest margin. Average loan portfolio yields were up 39 bps in the fourth quarter compared to the linked quarter, while the cost of interest-bearing deposits was up 104 bps. The Company recorded a higher provision for loan loss expense in the fourth quarter based primarily upon loan growth while credit quality remained excellent with nonperforming ratios well below industry averages.

The Company has healthy loan pipelines and will focus its 2023 origination efforts on its floating rate loan products, notably commercial construction and small business lending, as well as its higher-yielding fixed rate programs, such as franchise finance.

While other lending lines have strong demand, the combination of housing prices, housing supply, economic uncertainty and interest rates have caused mortgage applications nationally to plunge to their lowest level in 26 years. Due to the steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years, the Company decided to exit its consumer mortgage business during the first quarter of 2023. This includes its nationwide digital direct-to-consumer mortgage platform that originates residential loans for sale in the secondary market as well as its local traditional consumer mortgage and construction-to-permanent business. (The Company's commercial construction and land development business will not be affected by this decision and will remain an important part of the Company's lending strategy, as noted above.)

This action is expected to reduce total annual noninterest expense by approximately $6.8 million and increase annualized pre-tax income by approximately $2.7 million, with 80% of the benefit realized in 2023 and 100% thereafter. The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in the first and second quarters of 2023 associated with exiting this line of business.

While navigating market headwinds, management remains committed to creating shareholder value. The Company repurchased 284,286 shares in the fourth quarter at an average price of $25.16. For the year, the Company repurchased over 800,000 shares at an average price well below tangible book value. Tangible book value reached its highest value to date, at $39.74 as of December 31, 2022.

------

**Fourth Quarter and Full Year 2022 Financial Highlights**

Highlights for the fourth quarter and full year include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual net income and diluted earnings per share of $35.5 million and $3.70, compared to $48.1 million and $4.82, respectively, for the full year of 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly net income of $6.4 million and $0.68 diluted earnings per share, compared to $8.4 million and $0.89 diluted earnings per share for the third quarter of 2022, and $12.5 million and $1.25 diluted earnings per share for the fourth quarter of 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan growth of $243.5 million in the fourth quarter, a 7.5% increase from the third quarter of 2022 and an increase of $611.7 million, or 21.2%, from the fourth quarter of 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly net interest margin of 2.09% and fully-taxable equivalent net interest margin of 2.22%

"We satisfied strong, high quality loan demand in our commercial and consumer lending businesses in the fourth quarter, capping off a year of robust loan growth and annual growth in net interest income," said David Becker, Chairman and Chief Executive Officer. "While higher deposit costs impacted earnings in the fourth quarter, we were pleased with the increase in income generated by our loan portfolio and the strong finish to the year by our small business lending team. As a result of investments we made during 2021 and 2022 in government guaranteed lending talent, we continue to move up the rankings, placing in the top 30 of 7(a) program lenders for the SBA's 2022 fiscal year, and are in the top 15 for the 2023 fiscal year-to-date.

"We are also beginning to realize the rewards from important investments in our Banking-as-a-Service efforts. We made significant progress in the fourth quarter, going live with our platform partner, Increase, and providing payments services to power the small business bill pay product from Ramp, a leading corporate card and spend management platform. We have two additional fintech partners in the pilot phase, another four approaching the pilot phase and one in due diligence. We also expect our partnership with the platform Treasury Prime to be fully implemented during the first quarter of 2023 with the first associated fintech program to be on-boarded in the second quarter.

"As we enter 2023, we believe our increasing mix of variable rate loans, combined with new loan production coming on at higher rates, will help to offset the pressure of higher deposit costs. If interest rates follow the market's expectations, deposit costs should stabilize later this year and decline thereafter, setting the stage to achieve higher earnings and profitability in 2024. Furthermore, our balance sheet and capital levels are strong and asset quality remains high, leaving us well-positioned for any changes in the broader economic environment."

Mr. Becker concluded, "I want to thank the entire First Internet team for their hard work and unwavering commitment to client service throughout 2022, which are the keys to our ongoing success and the reason we are confident in our future."

**Net Interest Income and Net Interest Margin**

Net interest income for the fourth quarter of 2022 was $21.7 million, compared to $24.0 million for the third quarter of 2022, and $23.5 million for the fourth quarter of 2021. On a fully-taxable equivalent basis, net interest income for the fourth quarter of 2022 was $23.1 million, compared to $25.3 million for the third quarter of 2022, and $24.9 million for the fourth quarter of 2021.

------

Total interest income for the fourth quarter of 2022 was $45.7 million, an increase of 16.8% compared to the third quarter of 2022, and an increase of 33.6% compared to the fourth quarter of 2021. On a fully-taxable equivalent basis, total interest income for the fourth quarter of 2022 was $47.1 million, an increase of 16.5% compared to the third quarter of 2022, and an increase of 32.4% compared to the fourth quarter of 2021. The sequential increase was due primarily to growth in interest income earned on the commercial and consumer loan portfolios as well as from the securities portfolio and other earning assets. The yield on average interest-earning assets for the fourth quarter of 2022 increased to 4.40% from 3.91% in the linked quarter due primarily to a 39 basis point ("bp") increase in the average loan yield, a 60 bp increase in the yield earned on securities and a 103 bp increase in the yield earned on other earning assets. Compared to the linked quarter, average loan balances increased $215.5 million, or 6.8%, while the average balance of securities decreased $27.7 million, or 4.6%, and the average balance of other earning assets decreased $38.6 million, or 20.5%.

Interest income earned on commercial loans was positively impacted by higher rates and average balances in the variable rate small business lending, construction and commercial and industrial portfolios as well as strong growth and higher new origination yields in the franchise finance portfolio. Other portfolios also benefitted from higher average balances and increases in new origination yields as well as higher prepayment fees. In the consumer portfolio, interest income was up due to the combination of higher new origination yields and growth in the residential mortgage, trailers and recreational vehicles portfolios.

New funded portfolio origination yields increased 84 bps compared to the third quarter, and for the full year 2022 were approximately 118 bps higher than for 2021. Because of the fixed rate nature of certain larger portfolios, there is a lagging impact of the higher origination yields on the portfolio.

The Federal Reserve increased the federal funds ("Fed Funds") target rate 425 bps in 2022. During the course of the year, the Company increased the rates paid on consumer, small business and commercial interest-bearing demand deposits. While money market deposit pricing was relatively rational during the first half of the year, competition in both the digital banking space and local markets intensified in the third quarter and continued into the fourth quarter, and deposit betas increased as a result.

Total interest expense for the fourth quarter of 2022 was $24.0 million, an increase of 58.9% compared to the third quarter of 2022, and an increase of 124.6% compared to the fourth quarter of 2021. During the fourth quarter of 2022, the average balance of interest-bearing deposits increased $79.7 million, or 2.7%, compared to the third quarter of 2022 and the cost of these deposits increased 104 bps. The increase in average interest-bearing deposit balances was due to an increase in average certificates and brokered deposit balances, which increased $183.2 million, or 17.7%, during the quarter while the cost of these deposits increased 76 bps. Additionally, the average balance of money market accounts increased $71.8 million, or 5.2%, compared to the third quarter of 2022 while the cost of these deposits increased 156 bps.

The average balance of noninterest-bearing deposits increased $11.6 million, or 9.4%, during the fourth quarter compared to the linked quarter, driven by deposits related to growth in construction lending. The average balance of BaaS – brokered deposits declined significantly as a large relationship was exited early in the quarter. However, deposits related to the program with Ramp on-boarded during the quarter began to see deposit inflows in December, which totaled $13.6 million at year end and are priced significantly lower than the exited relationship.

Additionally, with the inverted yield curve, the Company used medium- and longer-term brokered deposits, as well as longer-term FHLB advances, to supplement funding needs, manage long term interest rate risk and offset the impact of further increases in Fed Funds and other short term interest rates.

------

Net interest margin ("NIM") was 2.09% for the fourth quarter of 2022, down from 2.40% for the third quarter of 2022 and 2.30% for the fourth quarter of 2021. Fully-taxable equivalent NIM ("FTE NIM") was 2.22% for the fourth quarter of 2022, down from 2.53% for the third quarter of 2022 and 2.43% for the fourth quarter of 2021. The decreases in NIM and FTE NIM compared to the linked quarter were driven primarily by the effect of higher interest-bearing deposit costs, partially offset by higher yields on loans, securities and other earning assets and higher average loan balances.

**Noninterest Income**

Noninterest income for the fourth quarter of 2022 was $5.8 million, up $1.5 million, or 34.5%, from the third quarter of 2022, and down $1.9 million, or 24.5%, from the fourth quarter of 2021. Gain on sale of loans totaled $2.9 million for the fourth quarter of 2022, up $0.1 million, or 5.5%, from the linked quarter. Gain on sale revenue in the quarter consisted entirely of gain on the sales of U.S. Small Business Administration ("SBA") 7(a) guaranteed loans. The increase in revenue related to SBA loan sales was due to a higher volume of sales, partially offset by lower net gain on sale premiums. Other income totaled $1.5 million for the fourth quarter of 2022, increasing $1.4 million compared to the linked quarter due to distributions received on certain Small Business Investment Company and venture capital fund investments. Mortgage banking revenue totaled $1.0 million for the fourth quarter of 2022 as the higher interest rate environment and other economic factors continued to impact interest rate lock and sold loan volume as well as gain on sale margins.

**Noninterest Expense**

Noninterest expense for the fourth quarter of 2022 was $18.5 million, up $0.5 million, or 2.9%, from the third quarter of 2022 and up $1.6 million, or 9.2%, from the fourth quarter of 2021. Other expense, consulting and professional fees, deposit insurance premium and premises and equipment costs increased from the linked quarter, while marketing, advertising and promotion costs and loan expenses were lower. The increases in other expense and premises and equipment were due to several items, none of which were individually significant. The increase in consulting and professional fees was due primarily to the timing of third party loan review. The increase in deposit insurance premium was due primarily to year-over-year asset growth as well as the composition of loans and deposits. The decreases in marketing costs and loan expenses were due primarily to lower mortgage origination activity.

**Income Taxes**

The Company reported an income tax expense of $0.5 million for the fourth quarter of 2022 and an effective tax rate of 7.3%, compared to an income tax expense of $1.0 million and an effective tax rate of 10.5% for the third quarter of 2022 and an income tax expense of $2.0 million and an effective tax rate of 13.8% for the fourth quarter of 2021. The lower effective tax rate for the fourth quarter of 2022 reflects the impact of the decline in taxable income during the second half of the year compared to estimates earlier in the year.

**Loans and Credit Quality**

Total loans as of December 31, 2022 were $3.5 billion, an increase of $243.5 million, or 7.5%, compared to September 30, 2022, and an increase of $611.7 million, or 21.2%, compared to December 31, 2021. Total commercial loan balances were $2.7 billion as of December 31, 2022, an increase of $184.3 million, or 7.3%, compared to September 30, 2022, and an increase of $355.5 million, or 15.0%, compared to December 31, 2021. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in franchise finance, single tenant lease financing, construction, commercial and industrial and small business lending balances. These items were partially offset by continued runoff in the healthcare finance portfolio.

------

Total consumer loan balances were $733.3 million as of December 31, 2022, an increase of $61.1 million, or 9.1%, compared to September 30, 2022, and an increase of $263.3 million, or 56.0%, compared to December 31, 2021. The increase compared to the linked quarter was due to higher balances in the residential mortgage, recreational vehicles and trailers loan portfolios.

Total delinquencies 30 days or more past due were 0.17% of total loans as of December 31, 2022, compared to 0.06% at September 30, 2022 and 0.04% as of December 31, 2022. The increase in delinquencies during the fourth quarter of 2022 was due to one construction loan that was brought current subsequent to year end. Overall credit quality remained strong during the quarter as nonperforming loans to total loans was 0.22% as of December 31, 2022, compared to 0.18% at September 30, 2022 and 0.26% as of December 31, 2021. Nonperforming loans totaled $7.5 million at December 31, 2022, up from $6.0 million at September 30, 2022.

The allowance for loan losses as a percentage of total loans was 0.91% as of December 31, 2022, compared to 0.92% as of September 30, 2022 and 0.96% as of December 31, 2021. While growth in the allowance for loan losses was generally in-line with overall loan portfolio growth, the slight decline in the allowance coverage ratio compared to the linked quarter reflects the removal of a specific reserve due to positive developments on a certain monitored loan, growth in certain portfolios with lower coverage ratios and the continued decline in healthcare finance balances that have a higher coverage ratio.

Net charge-offs of $0.2 million were recognized during the fourth quarter of 2022, resulting in net charge-offs to average loans of 0.03%, compared to net charge-offs to average loans of 0.02% for the third quarter of 2022 and net recoveries to average loans of 0.01% for the fourth quarter of 2021.

The provision for loan losses in the fourth quarter of 2022 was $2.1 million, compared to a provision of $0.9 million for the third quarter of 2022 and a benefit of $0.2 million for the fourth quarter of 2021. The provision for the quarter was driven by the overall growth in the loan portfolio, partially offset by the reduction in specific reserves mentioned above.

During the first quarter of 2023, the Company will be replacing its incurred loss model for recognizing credit losses with an expected loss model referred to as the current expected credit losses ("CECL") model. As a result, the Company expects its initial adjustment to the allowance for credit losses to be in the range of $2.5 million to $3.0 million.

**Capital**

As of December 31, 2022, total shareholders' equity was $365.0 million, an increase of $4.1 million, or 1.1%, compared to September 30, 2022, and a decrease of $15.4 million, or 4.0%, compared to December 31, 2021. The increase in shareholders' equity during the fourth quarter of 2022 was due primarily to the net income earned during the quarter and a decrease in accumulated other comprehensive loss resulting from an increase in the value of the available-for-sale securities portfolio caused by the decline in long-term interest rates during the quarter. This was partially offset by a decrease in the fair value of interest rate swaps classified as cash flow hedges and stock repurchase activity. Book value per common share increased to $40.26 as of December 31, 2022, up from $38.84 as of September 30, 2022 and $38.99 as of December 31, 2021. Tangible book value per share was $39.74, up from $38.34 as of September 30, 2022 and $38.51 as of December 31, 2021.

In connection with its previously announced stock repurchase program, the Company repurchased 284,286 shares of its common stock during the fourth quarter of 2022 at an average price of $25.16 per share. Including shares repurchased during the fourth quarter of 2021, the Company has repurchased $32.2 million of stock under its authorized programs.

------

The following table presents the Company's and the Bank's regulatory and other capital ratios as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| | As of December 31, 2022 | As of December 31, 2022 |
| | Company | Bank |
| Total shareholders' equity to assets | 8.03% | 9.72% |
| Tangible common equity to tangible assets <sup>1</sup> | 7.94% | 9.62% |
| Tier 1 leverage ratio <sup>2</sup> | 9.06% | 10.84% |
| Common equity tier 1 capital ratio <sup>2</sup> | 10.93% | 13.10% |
| Tier 1 capital ratio <sup>2</sup> | 10.93% | 13.10% |
| Total risk-based capital ratio <sup>2</sup> | 14.75% | 13.99% |
| <sup>1</sup> 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." | <sup>1</sup> 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." | <sup>1</sup> 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." |
| <sup>2</sup> Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.  | <sup>2</sup> Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.  | <sup>2</sup> Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.  |

---

**Conference Call and Webcast** 

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, January 26, 2023 to discuss its quarterly financial results. The call can be accessed via telephone at (844) 200-6205; access code: 960605. A recorded replay can be accessed through February 25, 2023 by dialing (866) 813-9403; access code: 361353.

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 financial holding company with assets of $4.5 billion as of December 31, 2022. 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," "estimate," "expect," "growth," "help," "may," "opportunities," "pending," "plan," "position," "preliminary," "remain," "should," "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, SBA, and franchise finance loan portfolios;

------

competition with national, regional and community financial institutions; the loss of any 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, adjusted total interest income - FTE, net interest income – FTE, adjusted net interest income, adjusted net interest income – FTE, net interest margin – FTE, adjusted net interest margin, adjusted net interest margin – FTE, provision (benefit) for loan losses, excluding tax refund advance loans, average loans, excluding tax refund advance loans, net charge-offs (recoveries) to average loans, excluding tax refund advance loans, allowance for loan losses to loans, excluding PPP loans, adjusted total revenue, adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax 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 effective income tax rate, income before income taxes, excluding tax refund advance loans, income tax provision, excluding tax refund advance loans and net income, excluding tax refund advance 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."

---

| | |
|:---|:---|
| **Contact Information:** | |
| <u>Investors/Analysts</u> | <u>Media</u> |
| Paula Deemer | Nicole Lorch |
| Director of Corporate Administration | President & Chief Operating Officer |
| <u>(317) 428-4628</u> | (317) 532-7906 |
| <u>investors@firstib.com</u> | <u>nlorch@firstib.com</u> |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | **First Internet Bancorp** | | | | |
| **Summary Financial Information (unaudited)** | **Summary Financial Information (unaudited)** | **Summary Financial Information (unaudited)** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| **Net income** | $6351 | $8436 | $12478 | $35541 | $48114 |
| **Per share and share information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share - basic | $0.68 | $0.89 | $1.26 | $3.73 | $4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share - diluted | 0.68 | 0.89 | 1.25 | 3.70 | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared per share | 0.06 | 0.06 | 0.06 | 0.24 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per common share | 40.26 | 38.84 | 38.99 | 40.26 | 38.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share <sup>1</sup> | 39.74 | 38.34 | 38.51 | 39.74 | 38.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding | 9065883 | 9290885 | 9754455 | 9065883 | 9754455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 9281309 | 9458259 | 9903856 | 9530921 | 9918083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 9343533 | 9525855 | 9989951 | 9595115 | 9976261 |
| **Performance ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 0.59% | 0.82% | 1.19% | 0.85% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average shareholders' equity | 6.91% | 9.01% | 13.14% | 9.53% | 13.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity <sup>1</sup> | 7.00% | 9.13% | 13.30% | 9.65% | 13.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 2.09% | 2.40% | 2.30% | 2.41% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin - FTE <sup>1,2</sup> | 2.22% | 2.53% | 2.43% | 2.54% | 2.25% |
| **Capital ratios** <sup>3</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity to assets | 8.03% | 8.46% | 9.03% | 8.03% | 9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets <sup>1</sup> | 7.94% | 8.36% | 8.93% | 7.94% | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 9.06% | 9.49% | 9.22% | 9.06% | 9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 10.93% | 11.72% | 12.93% | 10.93% | 12.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 10.93% | 11.72% | 12.93% | 10.93% | 12.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 14.75% | 15.73% | 17.37% | 14.75% | 17.37% |
| **Asset quality** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans | $7529 | $6006 | $7401 | $7529 | $7401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets | 7571 | 6006 | 8618 | 7571 | 8618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans to loans | 0.22% | 0.18% | 0.26% | 0.22% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets to total assets | 0.17% | 0.14% | 0.20% | 0.17% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 0.91% | 0.92% | 0.96% | 0.91% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, excluding PPP loans <sup>1</sup> | 0.91% | 0.92% | 0.97% | 0.91% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans | 421.5% | 497.3% | 376.2% | 421.5% | 376.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs (recoveries) to average loans | 0.03% | 0.02% | (0.01%) | 0.03% | 0.09% |
| **Average balance sheet information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | $3382212 | $3161850 | $2914858 | $3123972 | $2972224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 578608 | 606329 | 677580 | 613303 | 629095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 149910 | 188467 | 431621 | 278073 | 466608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4119897 | 3970650 | 4056254 | 4033542 | 4094935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4263246 | 4105688 | 4177578 | 4170526 | 4205926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 135702 | 124067 | 113887 | 120325 | 101825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 3041022 | 2961327 | 3032435 | 3022794 | 3098706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 3176724 | 3085394 | 3146322 | 3143119 | 3200531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | 364657 | 371303 | 376832 | 372844 | 358105 |

---

<sup>1</sup> Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

<sup>2</sup> On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate

<sup>3</sup> 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, 2021)** | **Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2021)** | **Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2021)** | |
| *Dollar amounts in thousands* |  |  |  |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $17426 | $14743 | $7492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 239126 | 206309 | 435468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available-for-sale, at fair value | 390384 | 393565 | 603044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held-to-maturity, at amortized cost | 189168 | 191057 | 59565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale | 21511 | 23103 | 47745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 3499401 | 3255906 | 2887662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | (31737) | (29866) | (27841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 3467664 | 3226040 | 2859821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 21069 | 16918 | 16037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Indianapolis stock | 28350 | 28350 | 25650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of bank-owned life insurance | 39859 | 39612 | 38900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 72711 | 70747 | 59842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 4687 | 4687 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing asset | 6255 | 5795 | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned |  |  | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income and other assets | 44894 | 43498 | 46853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4543104 | $4264424 | $4210994 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $175315 | $142875 | $117531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 3265930 | 3049769 | 3061428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 3441245 | 3192644 | 3178959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank | 614928 | 589926 | 514922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 104532 | 104456 | 104231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 2913 | 1887 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 14512 | 14654 | 30526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 4178130 | 3903567 | 3830656 |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voting common stock | 192935 | 200123 | 218946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 205675 | 199877 | 172431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (33636) | (39143) | (11039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 364974 | 360857 | 380338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $4543104 | $4264424 | $4210994 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** | **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** | **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** | **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** | **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** | **Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2021)** |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| **Interest income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | $40354 | $34643 | $31621 | $140600 | $123467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 3222 | 2701 | 1973 | 10711 | 7970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 699 | 491 | 236 | 1767 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 1394 | 1264 | 362 | 3830 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 45669 | 39099 | 34192 | 156908 | 133883 |
| **Interest expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 18807 | 10520 | 6399 | 41832 | 29822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 5193 | 4585 | 4288 | 17983 | 17505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 24000 | 15105 | 10687 | 59815 | 47327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 21669 | 23994 | 23505 | 97093 | 86556 |
| **Provision (benefit) for loan losses** | 2109 | 892 | (238) | 4977 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision (benefit) for loan losses | 19560 | 23102 | 23743 | 92116 | 85526 |
| **Noninterest income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | 226 | 248 | 292 | 1071 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing revenue | 715 | 653 | 544 | 2573 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing asset revaluation | (539) | (333) | (400) | (1639) | (1069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking activities | 1010 | 871 | 2776 | 5464 | 15050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans | 2862 | 2713 | 4137 | 11372 | 11598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of premises and equipment |  |  |  |  | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1533 | 164 | 345 | 2416 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 5807 | 4316 | 7694 | 21257 | 32844 |
| **Noninterest expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 10404 | 10439 | 10183 | 41553 | 38223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing, advertising and promotion | 837 | 1041 | 896 | 3554 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional fees | 914 | 790 | 1262 | 4826 | 4054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 567 | 483 | 425 | 1989 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan expenses | 1018 | 1142 | 654 | 4435 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 2921 | 2808 | 2188 | 10688 | 7063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance premium | 355 | 229 | 283 | 1152 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1497 | 1063 | 1064 | 5076 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 18513 | 17995 | 16955 | 73273 | 61798 |
| **Income before income taxes** | 6854 | 9423 | 14482 | 40100 | 56572 |
| **Income tax provision** | 503 | 987 | 2004 | 4559 | 8458 |
| **Net income** | $6351 | $8436 | $12478 | $35541 | $48114 |
| **Per common share data** |  |  |  |  |  |
| Earnings per share - basic | $0.68 | $0.89 | $1.26 | $3.73 | $4.85 |
| Earnings per share - diluted | $0.68 | $0.89 | $1.25 | $3.70 | $4.82 |
| 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)** | **Average Balances and Rates (unaudited)** | | | | | | | | |
| *Dollar amounts in thousands* |  |  |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average Balance** | **Interest / Dividends** | **Yield / Cost** | **Average Balance** | **Interest / Dividends** | **Yield / Cost** | **Average Balance** | **Interest / Dividends** | **Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning assets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, including loans held-for-sale <sup>1</sup> | $3391379 | $40354 | 4.72% | $3175854 | $34643 | 4.33% | $2947053 | $31621 | 4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 508725 | 3222 | 2.51% | 532470 | 2701 | 2.01% | 595024 | 1973 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 69883 | 699 | 3.97% | 73859 | 491 | 2.64% | 82556 | 236 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 149910 | 1394 | 3.69% | 188467 | 1264 | 2.66% | 431621 | 362 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4119897 | 45669 | 4.40% | 3970650 | 39099 | 3.91% | 4056254 | 34192 | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | (30543) |  |  | (29423) |  |  | (27946) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 173892 |  |  | 164461 |  |  | 149270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4263246 |  |  | $4105688 |  |  | $4177578 |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing liabilities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | $326102 | $628 | 0.76% | $342116 | $551 | 0.64% | $210283 | $158 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 47799 | 104 | 0.86% | 57700 | 111 | 0.76% | 63575 | 58 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1441583 | 10508 | 2.89% | 1369783 | 4581 | 1.33% | 1453447 | 1507 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaaS - brokered deposits | 4563 | 13 | 1.13% | 153936 | 859 | 2.21% |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates and brokered deposits | 1220975 | 7554 | 2.45% | 1037792 | 4418 | 1.69% | 1305130 | 4676 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 3041022 | 18807 | 2.45% | 2961327 | 10520 | 1.41% | 3032435 | 6399 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 712465 | 5193 | 2.89% | 637877 | 4585 | 2.85% | 619115 | 4288 | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 3753487 | 24000 | 2.54% | 3599204 | 15105 | 1.67% | 3651550 | 10687 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 135702 |  |  | 124067 |  |  | 113887 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest-bearing liabilities | 9400 |  |  | 11114 |  |  | 35309 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3898589 |  |  | 3734385 |  |  | 3800746 |  |  |
| **Shareholders' equity** | 364657 |  |  | 371303 |  |  | 376832 |  |  |
| **Total liabilities and shareholders' equity** | $4263246 |  |  | $4105688 |  |  | $4177578 |  |  |
| Net interest income |  | $21669 |  |  | $23994 |  |  | $23505 |  |
| Interest rate spread |  |  | 1.86% |  |  | 2.24% |  |  | 2.18% |
| Net interest margin |  |  | 2.09% |  |  | 2.40% |  |  | 2.30% |
| Net interest margin - FTE <sup>2,3</sup> |  |  | 2.22% |  |  | 2.53% |  |  | 2.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Includes nonaccrual loans

&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup> Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | | |
| **Average Balances and Rates (unaudited)** | **Average Balances and Rates (unaudited)** | | | | | |
| *Dollar amounts in thousands* |  |  |  |  |  |  |
|  | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average Balance** | **Interest / Dividends** | **Yield/Cost** | **Average Balance** | **Interest / Dividends** | **Yield / Cost** |
| **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, including loans held-for-sale <sup>1</sup> | $3142166 | $140600 | 4.47% | $2999232 | $123467 | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 537921 | 10711 | 1.99% | 544613 | 7970 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 75382 | 1767 | 2.34% | 84482 | 1017 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 278073 | 3830 | 1.38% | 466608 | 1429 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4033542 | 156908 | 3.89% | 4094935 | 133883 | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | (29143) |  |  | (29068) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 166127 |  |  | 140059 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4170526 |  |  | $4205926 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | $333737 | $2056 | 0.62% | $195699 | $583 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 58156 | 336 | 0.58% | 56967 | 203 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1423185 | 18513 | 1.30% | 1434829 | 5892 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaaS - brokered deposits | 60699 | 1033 | 1.70% |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates and brokered deposits | 1147017 | 19894 | 1.73% | 1411211 | 23144 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 3022794 | 41832 | 1.38% | 3098706 | 29822 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 638526 | 17983 | 2.82% | 600035 | 17505 | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 3661320 | 59815 | 1.63% | 3698741 | 47327 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 120325 |  |  | 101825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest-bearing liabilities | 16037 |  |  | 47255 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3797682 |  |  | 3847821 |  |  |
| **Shareholders' equity** | 372844 |  |  | 358105 |  |  |
| **Total liabilities and shareholders' equity** | $4170526 |  |  | $4205926 |  |  |
| Net interest income |  | $97093 |  |  | $86556 |  |
| Interest rate spread |  |  | 2.26% |  |  | 1.99% |
| Net interest margin |  |  | 2.41% |  |  | 2.11% |
| Net interest margin - FTE <sup>2,3</sup> |  |  | 2.54% |  |  | 2.25% |

---

<sup>1</sup> Includes nonaccrual loans

<sup>2</sup> On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate

<sup>3</sup> 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, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| **Commercial loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $126108 | 3.6% | $104780 | 3.2% | $96008 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied commercial real estate | 61836 | 1.8% | 58615 | 1.8% | 66732 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor commercial real estate | 93121 | 2.7% | 91021 | 2.8% | 28019 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 181966 | 5.2% | 139509 | 4.3% | 136619 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Single tenant lease financing | 939240 | 26.8% | 895302 | 27.4% | 865854 | 30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance | 621032 | 17.7% | 614139 | 18.9% | 592665 | 20.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare finance | 272461 | 7.8% | 293686 | 9.0% | 387852 | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business lending | 123750 | 3.5% | 113001 | 3.5% | 108666 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise finance | 299835 | 8.6% | 225012 | 6.8% | 81448 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 2719349 | 77.7% | 2535065 | 77.7% | 2363863 | 81.8% |
| **Consumer loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 383948 | 11.0% | 337565 | 10.4% | 186770 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 24712 | 0.7% | 22114 | 0.7% | 17665 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trailers | 167326 | 4.8% | 162161 | 5.0% | 146267 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recreational vehicles | 121808 | 3.5% | 115694 | 3.6% | 90654 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer loans | 35464 | 1.0% | 34657 | 1.1% | 28557 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 733258 | 21.0% | 672191 | 20.8% | 469913 | 16.3% |
| Net deferred loan fees, premiums, discounts and other <sup>1</sup> | 46794 | 1.3% | 48650 | 1.5% | 53886 | 1.9% |
| **Total loans** | $3499401 | 100.0% | $3255906 | 100.0% | $2887662 | 100.0% |
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| **Deposits** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $175315 | 5.1% | $142635 | 4.5% | $117531 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 335611 | 9.8% | 337765 | 10.6% | 247967 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 44819 | 1.3% | 52228 | 1.6% | 59998 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1418599 | 41.2% | 1378087 | 43.2% | 1483936 | 46.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BaaS - brokered deposits | 13607 | 0.4% | 96287 | 3.0% |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposits | 874490 | 25.4% | 773040 | 24.2% | 970107 | 30.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | 578804 | 16.8% | 412602 | 12.9% | 299420 | 9.4% |
| **Total deposits** | $3441245 | 100.0% | $3192644 | 100.0% | $3178959 | 100.0% |

---

<sup>1</sup> Includes carrying value adjustments of $32.5 million, $33.9 million and $37.5 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Total equity - GAAP | $364974 | $360857 | $380338 | $364974 | $380338 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Tangible common equity | $360287 | $356170 | $375651 | $360287 | $375651 |
| Total assets - GAAP | $4543104 | $4264424 | $4210994 | $4543104 | $4210994 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Tangible assets | $4538417 | $4259737 | $4206307 | $4538417 | $4206307 |
| Common shares outstanding | 9065883 | 9290885 | 9754455 | 9065883 | 9754455 |
| Book value per common share | $40.26 | $38.84 | $38.99 | $40.26 | $38.99 |
| Effect of goodwill | (0.52) | (0.50) | (0.48) | (0.52) | (0.48) |
| Tangible book value per common share | $39.74 | $38.34 | $38.51 | $39.74 | $38.51 |
| Total shareholders' equity to assets | 8.03% | 8.46% | 9.03% | 8.03% | 9.03% |
| Effect of goodwill | (0.09%) | (0.10%) | (0.10%) | (0.09%) | (0.10%) |
| Tangible common equity to tangible assets | 7.94% | 8.36% | 8.93% | 7.94% | 8.93% |
| Total average equity - GAAP | $364657 | $371303 | $376832 | $372844 | $358105 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Average tangible common equity | $359970 | $366616 | $372145 | $368157 | $353418 |
| Return on average shareholders' equity | 6.91% | 9.01% | 13.14% | 9.53% | 13.44% |
| Effect of goodwill | 0.09% | 0.12% | 0.16% | 0.12% | 0.17% |
| Return on average tangible common equity | 7.00% | 9.13% | 13.30% | 9.65% | 13.61% |
| Total interest income | $45669 | $39099 | $34192 | $156908 | $133883 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fully-taxable equivalent adjustments <sup>1</sup> | 1384 | 1280 | 1348 | 5355 | 5453 |
| Total interest income - FTE | $47053 | $40379 | $35540 | $162263 | $139336 |
| Total interest income - FTE | $47053 | $40379 | $35540 | $162263 | $139336 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from tax refund advance loans |  |  |  | (3013) |  |
| Adjusted total interest income - FTE | $47053 | $40379 | $35540 | $159250 | $139336 |
| Net interest income | $21669 | $23994 | $23505 | $97093 | $86556 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fully-taxable equivalent adjustments <sup>1</sup> | 1384 | 1280 | 1348 | 5355 | 5453 |
| Net interest income - FTE | $23053 | $25274 | $24853 | $102448 | $92009 |
| Net interest income | $21669 | $23994 | $23505 | $97093 | $86556 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from tax refund advance loans |  |  |  | (3013) |  |
| Adjusted net interest income | $21669 | $23994 | $23505 | 94080 | $87366 |
| <sup>1</sup> Assuming a 21% tax rate |  |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Net interest income | $21669 | $23994 | $23505 | $97093 | $86556 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fully-taxable equivalent adjustments <sup>1</sup> | 1384 | 1280 | 1348 | 5355 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from tax refund advance loans |  |  |  | (3013) |  |
| Adjusted net interest income - FTE | $23053 | $25274 | $24853 | $99435 | $92819 |
| Net interest margin | 2.09% | 2.40% | 2.30% | 2.41% | 2.11% |
| Effect of fully-taxable equivalent adjustments <sup>1</sup> | 0.13% | 0.13% | 0.13% | 0.13% | 0.14% |
| Net interest margin - FTE | 2.22% | 2.53% | 2.43% | 2.54% | 2.25% |
| Net interest margin | 2.09% | 2.40% | 2.30% | 2.41% | 2.11% |
| Effect of subordinated debt redemption cost | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
| Effect of income from tax refund advance loans | 0.00% | 0.00% | 0.00% | (0.07%) | 0.00% |
| Adjusted net interest margin | 2.09% | 2.40% | 2.30% | 2.34% | 2.13% |
| Net interest margin | 2.09% | 2.40% | 2.30% | 2.41% | 2.11% |
| Effect of fully-taxable equivalent adjustments <sup>1</sup> | 0.13% | 0.13% | 0.13% | 0.13% | 0.14% |
| Effect of subordinated debt redemption cost | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
| Effect of income from tax refund advance loans | 0.00% | 0.00% | 0.00% | (0.07%) | 0.00% |
| Adjusted net interest margin - FTE | 2.22% | 2.53% | 2.43% | 2.47% | 2.27% |
| Provision (benefit) for loan losses | $2109 | $892 | $(238) | $4977 | $1030 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for tax refund advance loans losses |  |  |  | (1860) |  |
| Provision (benefit) for loan losses, excluding tax refund advance loans | $2109 | $892 | $(238) | $3117 | $1030 |
| Average loans | $3382212 | $3161850 | $2914858 | $3123972 | $2972224 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tax refund advance loans |  |  |  | (15712) |  |
| Average loans, excluding tax refund advance loans | $3382212 | $3161850 | $2914858 | $3108260 | $2972224 |
| Net charge-offs (recoveries) to average loans | 0.03% | 0.02% | (0.01%) | 0.03% | 0.09% |
| Adjustments: |  |  |  |  |  |
| Effect of tax refund advance lending net charge-offs (recoveries) to average loans | 0.00% | 0.00% | 0.00% | (0.06%) | 0.00% |
| Net charge-offs (recoveries) to average loans, excluding tax refund advance loans | 0.03% | 0.02% | (0.01%) | (0.03%) | 0.09% |
| Allowance for loan losses | $31737 | $29866 | $27841 | $31737 | $27841 |
| Loans | $3499401 | $3255906 | $2887662 | $3499401 | $2887662 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PPP loans |  |  | (3152) |  | (3152) |
| Loans, excluding PPP loans | $3499401 | $3255906 | $2884510 | $3499401 | $2884510 |
| Allowance for loan losses to loans | 0.91% | 0.92% | 0.96% | 0.91% | 0.96% |
| Effect of PPP loans | 0.00% | 0.00% | 0.01% | 0.00% | 0.01% |
| Allowance for loan losses to loans, excluding PPP loans | 0.91% | 0.92% | 0.97% | 0.91% | 0.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Assuming a 21% tax rate

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Total revenue - GAAP | $27476 | $28310 | $31199 | $118350 | $119400 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment |  |  |  |  | (2523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 810 |
| Adjusted total revenue | $27476 | $28310 | $31199 | $118350 | $117687 |
| Noninterest income - GAAP | $5807 | $4316 | $7694 | $21257 | $32844 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment |  |  |  |  | (2523) |
| Adjusted noninterest income | $5807 | $4316 | $7694 | $21257 | $30321 |
| Noninterest expense - GAAP | $18513 | $17995 | $16955 | $73273 | $61798 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related expenses |  |  | (163) | (273) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-down of software |  | (125) |  | (125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Termination fee |  |  | (475) |  | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonrecurring consulting fee |  |  |  | (875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discretionary inflation bonus |  |  |  | (531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerated equity compensation |  |  |  | (289) |  |
| Adjusted noninterest expense | $18513 | $17870 | $16317 | $71180 | $61160 |
| Income before income taxes - GAAP | $6854 | $9423 | $14482 | $40100 | $56572 |
| Adjustments:<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment |  |  |  |  | (2523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related expenses |  |  | 163 | 273 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-down of software |  | 125 |  | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Termination fee |  |  | 475 |  | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonrecurring consulting fee |  |  |  | 875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discretionary inflation bonus |  |  |  | 531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerated equity compensation |  |  |  | 289 |  |
| Adjusted income before income taxes | $6854 | $9548 | $15120 | $42193 | $55497 |
| Income tax provision - GAAP | $503 | $987 | $2004 | $4559 | $8458 |
| Adjustments:<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment |  |  |  |  | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related expenses |  |  | 34 | 57 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-down of software |  | 26 |  | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Termination fee |  |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonrecurring consulting fee |  |  |  | 184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discretionary inflation bonus |  |  |  | 112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerated equity compensation |  |  |  | 61 |  |
| Adjusted income tax provision | $503 | $1013 | $2138 | $4999 | $8232 |
| <sup>1</sup> Assuming a 21% tax rate |  |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Net income - GAAP | $6351 | $8436 | $12478 | $35541 | $48114 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment |  |  |  |  | (1993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related expenses |  |  | 129 | 216 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-down of software |  | 99 |  | 99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Termination fee |  |  | 375 |  | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated debt redemption cost |  |  |  |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonrecurring consulting fee |  |  |  | 691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discretionary inflation bonus |  |  |  | 419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerated equity compensation |  |  |  | 228 |  |
| Adjusted net income | $6351 | $8535 | $12982 | $37194 | $47265 |
| Diluted average common shares outstanding | 9343533 | 9525855 | 9989951 | 9595115 | 9976261 |
| Diluted earnings per share - GAAP | $0.68 | $0.89 | $1.25 | $3.70 | $4.82 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of gain on sale of premises and equipment |  |  |  |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisition-related expenses |  |  | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of write-down of software |  | 0.01 |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fee |  |  | 0.04 |  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of nonrecurring consulting fee |  |  |  | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of subordinated debt redemption cost |  |  |  |  | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of discretionary inflation bonus |  |  |  | 0.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of accelerated equity compensation |  |  |  | 0.02 |  |
| Adjusted diluted earnings per share | $0.68 | $0.90 | $1.30 | $3.86 | $4.74 |
| Return on average assets | 0.59% | 0.82% | 1.19% | 0.85% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of gain on sale of premises and equipment | 0.00% | 0.00% | 0.00% | 0.00% | (0.05%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisition-related expenses | 0.00% | 0.00% | 0.01% | 0.01% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of write-down of software | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fee | 0.00% | 0.00% | 0.04% | 0.00% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of nonrecurring consulting fee | 0.00% | 0.00% | 0.00% | 0.02% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of subordinated debt redemption cost | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of discretionary inflation bonus | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of accelerated equity compensation | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% |
| Adjusted return on average assets | 0.59% | 0.83% | 1.24% | 0.90% | 1.12% |
| Return on average shareholders' equity | 6.91% | 9.01% | 13.14% | 9.53% | 13.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of gain on sale of premises and equipment | 0.00% | 0.00% | 0.00% | 0.00% | (0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisition-related expenses | 0.00% | 0.00% | 0.14% | 0.06% | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of write-down of software | 0.00% | 0.11% | 0.00% | 0.03% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fee | 0.00% | 0.00% | 0.39% | 0.00% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of nonrecurring consulting fee | 0.00% | 0.00% | 0.00% | 0.19% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of subordinated debt redemption cost | 0.00% | 0.00% | 0.00% | 0.00% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of discretionary inflation bonus | 0.00% | 0.00% | 0.00% | 0.11% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of accelerated equity compensation | 0.00% | 0.00% | 0.00% | 0.06% | 0.00% |
| Adjusted return on average shareholders' equity | 6.91% | 9.12% | 13.67% | 9.98% | 13.20% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | | | |
| *Dollar amounts in thousands, except per share data* | *Dollar amounts in thousands, except per share data* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Return on average tangible common equity | 7.00% | 9.13% | 13.30% | 9.65% | 13.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of gain on sale of premises and equipment | 0.00% | 0.00% | 0.00% | 0.00% | (0.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisition-related expenses | 0.00% | 0.00% | 0.14% | 0.06% | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of write-down of software | 0.00% | 0.11% | 0.00% | 0.03% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fee | 0.00% | 0.00% | 0.40% | 0.00% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of nonrecurring consulting fee | 0.00% | 0.00% | 0.00% | 0.19% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of subordinated debt redemption cost | 0.00% | 0.00% | 0.00% | 0.00% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of discretionary inflation bonus | 0.00% | 0.00% | 0.00% | 0.11% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of accelerated equity compensation | 0.00% | 0.00% | 0.00% | 0.06% | 0.00% |
| Adjusted return on average tangible common equity | 7.00% | 9.24% | 13.84% | 10.10% | 13.37% |
| Effective income tax rate | 7.3% | 10.5% | 13.8% | 11.4% | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of gain on sale of premises and equipment | 0.0% | 0.0% | 0.0% | 0.0% | (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisition-related expenses | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of write-down of software | 0.0% | 0.3% | 0.0% | 0.1% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fee | 0.0% | 0.0% | 0.2% | 0.0% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of nonrecurring consulting fee | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of subordinated debt redemption cost | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of discretionary inflation bonus | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of accelerated equity compensation | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Adjusted effective income tax rate | 7.3% | 10.8% | 14.1% | 12.4% | 14.8% |
| Income before income taxes - GAAP | $6854 | $9423 | $14482 | $40100 | $56572 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from tax refund advance lending |  |  |  | (3013) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for tax refund advance lending losses |  |  |  | 1860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax refund advance lending servicing fee |  |  |  | 930 |  |
| Income before income taxes, excluding tax refund advance loans | $6854 | $9423 | $14482 | $39877 | $56572 |
| Income tax provision - GAAP | $503 | $987 | $2004 | $4559 | $8458 |
| Adjustments: <sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from tax refund advance lending |  |  |  | (633) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for tax refund advance lending losses |  |  |  | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax refund advance lending servicing fee |  |  |  | 195 |  |
| Income tax provision, excluding tax refund advance loans | $503 | $987 | $2004 | $4512 | $8458 |
| Net income - GAAP | $6351 | $8436 | $12478 | $35541 | $48114 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from tax refund advance lending |  |  |  | (2380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for tax refund advance lending losses |  |  |  | 1469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax refund advance lending servicing fee |  |  |  | 735 |  |
| Net income, excluding tax refund advance loans | $6351 | $8436 | $12478 | $35365 | $48114 |
| <sup>1</sup> Assuming a 21% tax rate |  |  |  |  |  |

---

## Exhibit 99.2

![](inbk-x4q22earningspresen001.jpg)

Financial Results Fourth Quarter 2022 Exhibit 99.2

------

![](inbk-x4q22earningspresen002.jpg)

Forward-Looking Statements & Non-GAAP Financial Measures This presentation 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," "estimate," "expect," "growth," "help," "may," "opportunities," "pending," "plan," "position," "preliminary," "remain," "should," "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, SBA, and franchise finance loan portfolios; competition with national, regional and community financial institutions; the loss of any 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 presentation, 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. This presentation 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, adjusted total interest income – FTE, net interest income – FTE, adjusted net interest income, adjusted net interest income – FTE, net interest margin – FTE, adjusted net interest margin, adjusted net interest margin – FTE, provision (benefit) for loan losses, excluding tax refund advance loans, average loans, excluding tax refund advance loans, net charge-offs (recoveries) to average loans, excluding tax refund advance loans, allowance for loan losses to loans, excluding PPP loans, adjusted noninterest expense, adjusted noninterest expense to average assets, adjusted income before income taxes, adjusted income tax 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 effective income tax rate, income before income taxes, excluding tax refund advance loans, income tax provision, excluding tax refund advance loans and net income, excluding tax refund advance 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 presentation under the caption "Reconciliation of Non-GAAP Financial Measures." 2

------

![](inbk-x4q22earningspresen003.jpg)

Fourth Quarter and Full Year 2022 Commentary  Loan demand was strong throughout the year as portfolio balances totaled $3.5 billion at year end, up 7.5% compared to 3Q22 and 21.2% compared to 4Q21  Rapid Federal Reserve rate hikes drove interest expense higher during the second half of the year, putting pressure on net interest margin – 4Q22 yield on average loan balances was up 39 bps compared to 3Q22 while cost of interest-bearing deposits was up 104 bps  Provision for loan losses elevated compared to recent quarters, due primarily to the strong loan growth as net charge-offs remain low  Credit quality remains excellent as nonperforming ratios remain well below industry averages  Lending focus in 2023 will be on variable rate products, such as construction and SBA, as well as higher yielding fixed rate products, such as franchise finance and consumer lending – Assist in offsetting the pressure of higher deposit costs 3

------

![](inbk-x4q22earningspresen004.jpg)

Fourth Quarter and Full Year 2022 Commentary  Banking-as-a-Service and Fintech partnerships continued to move forward, going live with platform partner, Increase, and providing payments services to power the small business bill pay product from Ramp, a leading corporate card and spend management platform – Two other Fintech partners in pilot phase, four partners approaching pilot phase and one in due diligence – Partnership with Treasury Prime expected to be fully implemented during 1Q23 and first Fintech partner on-boarded in 2Q23  Active share buyback program repurchasing 284,286 shares at an average price of $25.16 during the quarter and over 800,000 shares during the full year 2022 at an average price below tangible book value – Tangible book value per share increased to $39.74, up 3.7% compared to 3Q22 4

------

![](inbk-x4q22earningspresen005.jpg)

Fourth Quarter 2022 Highlights 5 Loans and Deposits  Total portfolio loan balances increased 7.5% from 3Q22  Diversified growth led by franchise finance, single tenant lease financing and construction  Growth in noninterest-bearing deposits, money market accounts, CDs and brokered deposits Profitability and Capital  ROAA of 0.59%, ROAE of 6.91% and ROATCE of 7.00%1  TCE / TA of 7.94%1, TBV per share increased 3.7% to $39.74  Repurchased 284,286 common shares under authorized repurchase program Key Operating Trends  NIM of 2.09% and FTE NIM of 2.22%1  AEA yields up 49 bps from 3Q22 while IBL costs increased 87 bps  SBA loan sales contributed $2.9 million of fee revenue  Asset quality remained strong with NPAs to total assets of 0.17% Earnings  Diluted EPS of $0.68  Net income of $6.4 million  Total revenue of $27.5 million 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix

------

![](inbk-x4q22earningspresen006.jpg)

Mortgage  While other lending lines have strong demand, the combination of housing prices, housing supply, economic uncertainty and higher interest rates have caused mortgage applications nationally to plunge to their lowest level in 26 years  Due to the steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years, the Company decided to exit its consumer mortgage business during the first quarter of 2023  This includes its nationwide digital direct-to-consumer mortgage platform that originates residential loans for sale in the secondary market as well as its local traditional consumer mortgage and construction-to-permanent business  Expected to reduce total annual noninterest expense by $6.8 million and increase annualized pre-tax income by approximately $2.7 million – 80% realized in 2023; 100% thereafter  The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in 1Q23 and 2Q23 associated with exiting the consumer mortgage business 6

------

![](inbk-x4q22earningspresen007.jpg)

Loan Portfolio Overview  Total loan portfolio balances increased 7.5% from 3Q22 and 21.2% from 4Q21  Commercial loan balances increased $184.3 million, or 7.3%, compared to 3Q22 – Growth in franchise finance, single tenant lease financing, construction, commercial and industrial and small business lending  Consumer loan balances increased $61.1 million, or 9.1%, compared to 3Q22 – Growth in residential mortgage balances, recreational vehicles and trailers  4Q22 funded portfolio loan origination yields were up 84 bps from 3Q22 7 Loan Portfolio Mix1 1 Percentages may not add up to 100% due to rounding 2 Includes commercial and industrial and owner-occupied commercial real estate balances Dollars in millions 2 11% 10% 10% 10% 9% 9% 16% 16% 11% 8% 7% 12%3% 9% 1% 2% 4% 4% 4% 2% 4% 11% 17% 13% 8% 22% 26% 24% 20% 21% 18% 38% 34% 34% 31% 30% 27% 2% 2% 2% 4% 6% 8% 9% 7% 6% 6% 6% 5% $2,091.0 $2,716.2 $2,963.5 $3,059.2 $2,887.7 $3,499.4 2017 2018 2019 2020 2021 2022 Commercial and Industrial Construction and Investor CRE Single Tenant Lease Financing Public Finance Healthcare Finance Small Business Lending Franchise Finance Residential Mortgage/HE/HELOCs Consumer

------

![](inbk-x4q22earningspresen008.jpg)

Deposit Composition 8 Total Non-Maturity Deposits - $2.0B as of 12/31/222 Dollars in millions Total Deposits - $3.4B as of 12/31/22 Dollars in millions  Total deposits increased 7.8% from 3Q22 and 8.3% from 4Q21  Non-maturity deposits (excluding BaaS – brokered deposits) increased $63.6 million, or 3.3%, compared to 3Q22  CD and brokered deposit balances increased $267.7 million, or 22.6%, compared to 3Q22  Cost of interest-bearing deposits increased 104 bps from 3Q22, driven by the continued rise in interest rates and ongoing competition $175.3 4% $335.6 10% $44.8 1% $500.0 16% $918.6 27% $13.6 0% $1,453.3 42% Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial BaaS deposits Certificates and brokered deposits $373.2 19% $178.7 9% $742.6 37% $679.8 34% $13.6 1% Commercial Public funds Small business Consumer BaaS 1 Money market – SMB/Commercial includes small business, commercial, CRE and public institutions 2 Total non-maturity deposits excludes CD and brokered non-maturity deposits and includes approximately $100 million of interest-bearing demand deposits that have a remaining term of four years 1

------

![](inbk-x4q22earningspresen009.jpg)

Net Interest Income and Net Interest Margin  Net interest income on a GAAP and FTE basis were down 9.7% and 8.8%, respectively, from 3Q22  Strong loan growth was offset by higher funding costs  Total loan portfolio yield impacted by loan beta lag effect on fixed rate portfolios  Increase in funding costs reflects ongoing heightened competition and scarcity value of deposits 9 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Yield on Loans and Cost of Interest-Bearing Deposits Net Interest Margin – GAAP and FTE1 4.26% 4.52% 4.31% 4.33% 4.72% 0.84% 0.81% 0.85% 1.41% 2.45% 4Q21 1Q22 2Q22 3Q22 4Q22 Yield on loans Cost of interest-bearing deposits $23.5 $25.8 $25.7 $24.0 $21.7 $24.9 $27.1 $27.1 $25.3 $23.1 4Q21 1Q22 2Q22 3Q22 4Q22 GAAP FTE 2.30% 2.56% 2.60% 2.40% 2.09% 2.43% 2.69% 2.74% 2.53% 2.22% 4Q21 1Q22 2Q22 3Q22 4Q22 GAAP FTE Net Interest Income – GAAP and FTE1 Dollars in millions

------

![](inbk-x4q22earningspresen010.jpg)

Net Interest Margin Drivers 10 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Net Interest Margin – FTE1 Linked-Quarter Change Monthly Rate Paid on Int. Bearing Deposits vs. Fed Funds  Linked-quarter FTE NIM decreased 31 bps, due primarily to higher deposit costs, partially offset by higher earning asset yields – Weighted average yield of 6.15% on funded portfolio originations during 4Q22, up 84 bps over 3Q22 – Other earning assets and securities yields increased 103 and 60 bps, respectively, from 3Q22  Deposit costs increased 104 bps from 3Q22 to 2.45% for 4Q22 – Rate increases combined with ongoing competition in digital and local markets drove deposit betas higher than 3Q22 experience – Cost of money market accounts increased 156 bps during the quarter – With the inverted yield curve, issued longer duration brokered CDs and FHLB advances to offset impact of continued Fed rate hikes +44 bps +6 bps -76 bps 2.53% 2.22% -5 bps 0.80% 0.82% 0.80% 0.79% 0.80% 0.96% 1.14% 1.41% 1.70% 2.10% 2.50% 2.75% 0.08% 0.08% 0.33% 0.33% 0.83% 1.58% 2.32% 2.33% 3.08% 3.08% 3.83% 4.33% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Int. Bearing Deposits Fed Funds Effective

------

![](inbk-x4q22earningspresen011.jpg)

Noninterest Income 11 Dollars in millions Noninterest Income 4Q22 Dollars in millions Noninterest Income  Noninterest income of $5.8 million, compared to $4.3 million in 3Q22 and compared to $7.7 million in 4Q21 – Distributions from fund investments drove the increase in other income  Gain on sale of loans of $2.9 million, compared to $2.7 million in 3Q22 and $4.1 million in 4Q21 – SBA loan sale volume increased 23.1% compared to 3Q22; partially offset by lower net gain on sale premiums  Mortgage banking revenue of $1.0 million, compared to $0.9 million in 3Q22 – Interest rate lock and sold loan volumes continue to be significantly impacted by the rise in interest rates $0.2 $0.2 $2.9 $1.0 $1.5 Service charges and fees Net loan servicing revenue Gain on sale of loans Mortgage banking activities Other $7.7 $6.8 $4.3 $4.3 $5.8 4Q21 1Q22 2Q22 3Q22 4Q22

------

![](inbk-x4q22earningspresen012.jpg)

Noninterest Expense  Noninterest expense of $18.5 million, compared with $18.0 million in 3Q22 – Higher other expense due to several items, none of which were individually significant – Professional fees increased due mainly to timing of third-party loan review – Lower marketing and loan expenses impacted by decrease in mortgage activity  Noninterest expense / average assets remained well below the industry average 12 1 4Q21 noninterest expense includes a $0.5 million IT contract termination fee and $0.2 million of acquisition-related expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix 2 1Q22 noninterest expense includes $0.9 million of nonrecurring consulting fees and $0.2 million of acquisition-related expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix 3 2Q22 noninterest expense includes a $0.5 million discretionary inflation bonus, $0.3 million of accelerated equity compensation and $0.1 million of acquisition-related expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix 4 3Q22 noninterest expense includes a $0.1 million write-down of software; see Reconciliation of Non-GAAP Financial Measures in the Appendix Dollars in millions Noninterest Expense Noninterest Expense / Average Assets 1.73%1.71% 1.55% 1.61% 1.81% 1.76% 1.74% 1.72% 4Q21 1Q22 2Q22 3Q22 4Q22 Core Non-core items 3 1 1.67%1.71% 1.55% 2 $17.0 $18.8 $18.0 $18.0 $18.5 4Q21 1Q22 2Q22 3Q22 4Q22 Core Non-core items $16.3 $17.7 $17.1 1 2 3 4 4 1.73%$17.9

------

![](inbk-x4q22earningspresen013.jpg)

Asset Quality  Allowance for loan losses to total loans of 0.91% in 4Q22, down 1 bp from 3Q22  Quarterly provision for loan losses was $2.1 million, compared to $0.9 million in 3Q22 and a benefit of $0.2 million in 4Q21 – Increase in provision due primarily to loan growth  Net charge-offs to average loans of 0.03%, compared to 0.02% in 3Q22  Nonperforming loans increased $1.5 million from 3Q22 due mainly to SBA loans placed on nonaccrual during the quarter  Delinquencies 30 days or more past due of 0.17%, compared to 0.06% in 3Q22  Implementing CECL during the first quarter of 2023; initial adjustment to the ACL expected to be $2.5 million - $3.0 million 13 0.26% 0.25% 0.15% 0.18% 0.22% 4Q21 1Q22 2Q22 3Q22 4Q22 0.20% 0.17% 0.11% 0.14% 0.17% 4Q21 1Q22 2Q22 3Q22 4Q22 1 1Q22 net charge-offs includes a 0.21% impact related to net charge-offs of tax refund advance loans; see Reconciliation of Non-GAAP Financial Measures in the Appendix 2 2Q22 net charge-offs includes a 0.05% impact related to net charge-offs of tax refund advance loans; see Reconciliation of Non-GAAP Financial Measures in the Appendix NPLs / Total Loans NPAs / Total Assets Net Charge-Offs (Recoveries) / Avg. Loans -0.01% 0.05% 0.04% 0.02% 0.03% 4Q21 1Q22 2Q22 3Q22 4Q22 2 1

------

![](inbk-x4q22earningspresen014.jpg)

Capital  Tangible common equity to tangible assets decreased 42 bps to 7.94%1 from 3Q22  Tangible book value per share of $39.74, up 3.7% from 3Q221 and up 3.2% from 4Q211  Repurchased 284,286 shares at an average price per share of $25.16 during 4Q22  Since 4Q21, 902,453 shares have been purchased at an average price per share of $35.70, or $32.2 million in the aggregate 14 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 Regulatory capital ratios are preliminary pending filing of the Company's and Bank's regulatory reports Company Bank Total shareholders' equity to assets 8.03% 9.72% Tangible common equity to tangible assets1 7.94% 9.62% Tier 1 leverage ratio 9.06% 10.84% Common equity tier 1 capital ratio 10.93% 13.10% Tier 1 capital ratio 10.93% 13.10% Total risk-based capital ratio 14.75% 13.99% $22.24 $23.04 $26.09 $27.93 $30.82 $33.29 $38.51 $39.74 2015 2016 2017 2018 2019 2020 2021 4Q22 Tangible Book Value Per Share1 Regulatory Capital Ratios – December 31, 20222

------

![](inbk-x4q22earningspresen015.jpg)

19% 18% 18%10% 6% 29% Retail Trade Accommodation and Food Services Services Manufacturing Construction Other 15% 15% 12% 11% 8% 8% 31% IN MI IL TX CA FL Other Small Business Lending  $123.8 million in balances as of December 31, 2022  Nationwide platform providing growth capital to entrepreneurs and small business owners  Top 30 Small Business Administration 7(a) lender for the SBA's 2022 fiscal year; currently top 15 lender for SBA's 2023 fiscal year  Continuing to build the SBA sales, credit and operations teams in place to support expanded loan production 1315 1 Excludes PPP loans Managed SBA 7(a) Loans1 Portfolio Mix by State Portfolio Mix by Major Industry

------

![](inbk-x4q22earningspresen016.jpg)

17% 13% 9% 4%4% 4% 4% 45% TX CA MI GA PA NC FL Other Franchise Finance  $299.8 million in balances as of December 31, 2022  Focused on providing growth financing to franchisees in a variety of industry segments  Strong historical credit performance to date  Average loan size of $1.0 million 16 Portfolio Mix by Borrower Use Portfolio Mix by State Portfolio Mix by Brand 21% 19% 15% 12% 12% 5% 16% Indoor Recreation Limited-Service Restaurants Beauty Salons Full-Service Restaurants Fitness and Recreational Sports Center Other Personal Care Services Other 16% 13% 10% 6%4% 3% 48% Urban Air Adventure Park Scooter's Coffee My Salon Suite Goldfish Swim School Crunch Fitness F45 Training Other 131

------

![](inbk-x4q22earningspresen017.jpg)

34% 16%13% 11% 8% 8% 10% Land Subdivision Hotels (except Casino Hotels) and Motels Lessors of Residential Buildings and Dwellings Lessors of Nonresidential Buildings (except Miniwarehouses) Lessors of Miniwarehouses and Self-Storage Units Continuing Care Retirement Communities Other 72% 13% 9% 3% 3% IN AZ KY OH Other 43% 30% 27% Commercial Construction/ Development Investor Commercial Real Estate Residential Construction/ Development Construction and Investor Commercial Real Estate  $275.1 million in combined balances as of December 31, 2022  Average current loan balance of $4.0 million for investor CRE  Average commitment sizes for construction – Commercial construction/development: $10.4 million – Residential construction/development: $1.0 million 17 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry  Unfunded commitments as of December 31, 2022, up from 3Q22 – Commercial construction/development: $319.3 million – Residential construction/development: $60.2 million

------

![](inbk-x4q22earningspresen018.jpg)

Single Tenant Lease Financing  $939.2 million in balances as of December 31, 2022  Long-term financing of single tenant properties occupied by historically strong national and regional tenants  Weighted-average portfolio LTV of 47%  Average loan size of $1.3 million 18 Portfolio Mix by Major Vertical Portfolio Mix by Major Tenant Portfolio Mix by Geography  Strong historical credit performance  No delinquencies in this portfolio 28% 21% 18% 11% 6% 6% 5% 5% Quick Service Restaurants Auto Parts/ Repair/Car Wash Full Service Restaurants Convenience/Fuel Pharmacies Dollar Stores Specialty Retailers Other 6% 5% 5% 5% 4% 4% 3% 3% 3% 3% 59% Burger King Wendy's Tidal Wave Red Lobster Caliber Collision Dollar General Bob Evans Walgreens ICWG CVS Other 10% 23% 23% 39% 5%

------

![](inbk-x4q22earningspresen019.jpg)

4% 4% 6% 4% 20% 6% 6% 3%1% 1% 3% 42% AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BB+/Ba1 BB/Ba2 Non-Rated 33% 13% 13% 9% 7% 5% 5% 3% 2% 2% 8% General Obligation Essential use equipment loans Lease rental revenue Utilities Revenue Short term cash flow fin (BAN) - G.O. Public higher ed facilities - Revenue Tax Incremental Financing (TIF) districts Sales tax, food and bev tax, hotel tax Income Tax supported loans Municipally owned health care facilities Other 57% 6% 4% 4% 3% 3% 3% 2% 18% IN OK IA OH MO MI GA MS Other Public Finance  $621.0 million in balances as of December 31, 2022  Provides a range of credit solutions for government and not-for-profit entities  Borrowers' needs include short-term financing, debt refinancing, infrastructure improvements, economic development and equipment financing 19  No delinquencies or losses since inception Portfolio Mix by Repayment Source Borrower Mix by Credit Rating Portfolio Mix by State

------

![](inbk-x4q22earningspresen020.jpg)

86% 10% 4% Dentists Veterinarians Other77% 17% 5% 1% Practice Refi or Acquisition Owner Occupied CRE Project Equipment and Other Healthcare Finance  $272.5 million in balances as of December 31, 2022  Loan portfolio focused primarily on dental practices with some exposure to veterinary practices and other specialties  Borrowers' needs include practice finance or acquisition, acquiring or refinancing owner-occupied CRE, equipment purchases and project loans  Average loan size of $501,000  No delinquencies in this portfolio 20 Portfolio Mix by Borrower Use Portfolio Mix by Borrower Portfolio Mix by State 20 30% 12% 6% 4% 4% 3% 3% 38% CA TX FL NY AZ WA IL Other

------

![](inbk-x4q22earningspresen021.jpg)

21% 20% 18% 13% 6% 6% 16% Construction Services Manufacturing Real Estate and Rental and Leasing Health Care and Social Assistance Arts, Entertainment, and Recreation Other 46% 30% 6% 4% 3% 11% IN AZ KS IL NY Other 46% 35% 19% C&I - Term Loans Owner Occupied CRE C&I - Lines of Credit C&I and Owner-Occupied Commercial Real Estate  $187.9 million in combined balances as of December 31, 2022  Current C&I LOC utilization of 57.6%  Average loan sizes  C&I: $698,000  Owner-occupied CRE: $826,000 21 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry 21

------

![](inbk-x4q22earningspresen022.jpg)

Residential Mortgage  $408.7 million in balances as of December 31, 2022 (includes home equity balances)  Direct-to-consumer originations centrally located at corporate headquarters  Focused on high quality borrowers – Average loan size of $198,000 – Average credit score at origination of 748 – Average LTV at origination of 77%  Strong historical credit performance 22 Concentration by State Concentration by Loan Type State Percentage Indiana 68% California 13% Florida 2% Texas 2% New York 2% All other states 13% National Portfolio with Midwest Concentration 16% 3% 70% 6% 5% Loan Type Percentage Single Family Residential 83% SFR Construction to Permanent 11% Home Equity – LOC 5% Home Equity – Closed End 1% 22

------

![](inbk-x4q22earningspresen023.jpg)

23% 21% 17% 29% 10% Specialty Consumer  $324.6 million in balances as of December 31, 2022  Direct-to-consumer and nationwide dealer network originations  Focused on high quality borrowers – Average credit score at origination of 779 – Average loan size of $25,000  Strong historical credit performance Concentration by State Concentration by Loan Type State Percentage Texas 14% California 11% Florida 6% North Carolina 4% Arizona 4% All other states 61% Geographically Diverse Portfolio Loan Type Percentage Trailers 52% Recreational Vehicles 37% Other consumer 11% 231

------

![](inbk-x4q22earningspresen024.jpg)

24 Appendix

------

![](inbk-x4q22earningspresen025.jpg)

Loan Portfolio Composition 25 1 Includes carrying value adjustments of $32.5 million, $33.9 million, $35.4 million, $36.4 million, $37.5 million and $42.7 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and December 31, 2020, respectively, and $21.4 million as of December 31, 2019 related to interest rate swaps associated with public finance loans. Dollars in thousands 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 Commercial loans Commercial and industrial 96,420$75,387$96,008$99,808$110,540$104,780$126,108$ Owner-occupied commercial real estate 86,726 89,785 66,732 56,752 61,277 58,615 61,836 Investor commercial real estate 12,567 13,902 28,019 34,627 52,648 91,021 93,121 Construction 60,274 110,385 136,619 149,662 143,475 139,509 181,966 Single tenant lease financing 995,879 950,172 865,854 852,519 867,181 895,302 939,240 Public finance 687,094 622,257 592,665 587,817 613,759 614,139 621,032 Healthcare finance 300,612 528,154 387,852 354,574 317,180 293,686 272,461 Small business lending 46,945 125,589 108,666 97,040 102,724 113,001 123,750 Franchise finance - - 81,448 107,246 168,942 225,012 299,835 Total commercial loans 2,286,517 2,515,631 2,363,863 2,340,045 2,437,726 2,535,065 2,719,349 Consumer loans Residential mortgage 313,849 186,787 186,770 191,153 281,124 337,565 383,948 Home equity 24,306 19,857 17,665 18,100 19,928 22,114 24,712 Trailers 146,734 144,493 146,267 148,870 154,555 162,161 167,326 Recreational vehicles 102,702 94,405 90,654 93,458 105,876 115,694 121,808 Other consumer loans 45,873 36,794 28,557 28,002 32,524 34,657 35,464 Tax refund advance loans - - - 9,177 - - - Total consumer loans 633,464 482,336 469,913 488,760 594,007 672,191 733,258 Net def. loan fees, prem., disc. and other 1 43,566 61,264 53,886 51,975 50,394 48,650 46,794 Total loans 2,963,547$3,059,231$2,887,662$2,880,780$3,082,127$3,255,906$3,499,401$

------

![](inbk-x4q22earningspresen026.jpg)

Reconciliation of Non-GAAP Financial Measures 26 Dollars in thousands 2015 2016 2017 2018 2019 2020 2021 2022 Total equity - GAAP $104,330 $153,942 $224,127 $288,735 $304,913 $330,944 $380,338 $364,974 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $99,643 $149,255 $219,440 $284,048 $300,226 $326,257 $375,651 $360,287 Common shares outstanding 4,481,347 6,478,050 8,411,077 10,170,778 9,741,800 9,800,569 9,754,455 9,065,883 Book value per common share $23.28 $23.76 $26.65 $28.39 $31.30 $33.77 $38.99 $40.26 Effect of goodwill (1.04) (0.72) (0.56) (0.46) (0.48) (0.48) (0.48) (0.52) Tangible book value per common share $22.24 $23.04 $26.09 $27.93 $30.82 $33.29 $38.51 $39.74

------

![](inbk-x4q22earningspresen027.jpg)

Reconciliation of Non-GAAP Financial Measures 27 Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Total equity - GAAP $380,338 $374,655 $365,332 $360,857 $364,974 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $375,651 $369,968 $360,645 $356,170 $360,287 Total assets - GAAP $4,210,994 $4,225,397 $4,099,806 $4,264,424 $4,543,104 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $4,206,307 $4,220,710 $4,095,119 $4,259,737 $4,538,417 Common shares outstanding 9,754,455 9,683,727 9,404,000 9,290,885 9,065,883 Book value per common share $38.99 $38.69 $38.85 $38.84 $40.26 Effect of goodwill (0.48) (0.48) (0.50) (0.50) (0.52) Tangible book value per common share $38.51 $38.21 $38.35 $38.34 $39.74 Total shareholders' equity to assets 9.03% 8.87% 8.91% 8.46% 8.03% Effect of goodwill (0.10%) (0.10%) (0.10%) (0.10%) (0.09%) Tangible common equity to tangible assets 8.93% 8.77% 8.81% 8.36% 7.94% Total average equity - GAAP $376,832 $380,767 $374,274 $371,303 $364,657 Adjustments: Average goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Average tangible common equity $372,145 $376,080 $369,587 $366,616 $359,970 Return on average shareholders' equity 13.14% 11.94% 10.23% 9.01% 6.91% Effect of goodwill 0.16% 0.15% 0.13% 0.12% 0.09% Return on average tangible common equity 13.30% 12.09% 10.36% 9.13% 7.00%

------

![](inbk-x4q22earningspresen028.jpg)

Reconciliation of Non-GAAP Financial Measures 28 1 Assuming a 21% tax rate Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Total interest income $34,192 $36,034 $36,106 $39,099 $45,669 Adjustments: Fully-taxable equivalent adjustments 1 1,348 1,314 1,377 1,280 1,384 Total interest income - FTE $35,540 $37,348 $37,483 $40,379 $47,053 Total interest income - FTE $35,540 $37,348 $37,483 $40,379 $47,053 Adjustments: Income from tax refund advance loans - (2,864) (149) - - Adjusted total interest income - FTE $35,540 $34,484 $37,334 $40,379 $47,053 Net interest income $23,505 $25,750 $25,680 $23,994 $21,669 Adjustments: Fully-taxable equivalent adjustments 1 1,348 1,314 1,377 1,280 1,384 Net interest income - FTE $24,853 $27,064 $27,057 $25,274 $23,053 Net interest income $23,505 $25,750 $25,680 $23,994 $21,669 Adjustments: Income from tax refund advance loans - (2,864) (149) - - Adjusted net interest income $23,505 $22,886 $25,531 $23,994 $21,669 Net interest income $23,505 $25,750 $25,680 $23,994 $21,669 Adjustments: Fully-taxable equivalent adjustments 1 1,348 1,314 1,377 1,280 1,384 Income from tax refund advance loans - (2,864) (149) - - Adjusted net interest income - FTE $24,853 $24,200 $26,908 $25,274 $23,053 Net interest margin 2.30% 2.56% 2.60% 2.40% 2.09% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.13% 0.13% 0.14% 0.13% 0.13% Net interest margin - FTE 2.43% 2.69% 2.74% 2.53% 2.22%

------

![](inbk-x4q22earningspresen029.jpg)

Reconciliation of Non-GAAP Financial Measures 29 1 Assuming a 21% tax rate Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Net interest margin 2.30% 2.56% 2.60% 2.40% 2.09% Adjustments: Effect of income from tax refund advance loans 0.00% (0.28%) (0.02%) 0.00% 0.00% Adjusted net interest margin 2.30% 2.28% 2.58% 2.40% 2.09% Net interest margin 2.30% 2.56% 2.60% 2.40% 2.09% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.13% 0.13% 0.14% 0.13% 0.13% Effect of income from tax refund advance loans 0.00% (0.28%) (0.02%) 0.00% 0.00% Adjusted net interest margin - FTE 2.43% 2.41% 2.72% 2.53% 2.22% Provision (benefit) for loan losses (238)$791$1,185$892$2,109$ Adjustments: Provision for tax refund advance loans losses - (1,842) (18) - - Provision (benefit) for loan losses, excluding tax refund advance loans (238)$(1,051)$1,167$892$2,109$ Average loans 2,914,858 2,947,924 2,998,144 3,161,850 3,382,212 Adjustments: Average tax refund advance loans - (60,499) (3,185) - - Average loans, excluding tax refund advance loans 2,914,858 2,887,425 2,994,959 3,161,850 3,382,212 Net charge-offs (recoveries) to average loans (0.01%) 0.05% 0.04% 0.02% 0.03% Adjustments: Effect of tax refund advance loans net charge-offs to average loans 0.00% (0.21%) (0.05%) 0.00% 0.00% Net charge-offs (recoveries) to average loans, excluding tax refund advance loans (0.01%) (0.16%) (0.01%) 0.02% 0.03% Allowance for loan losses $27,841 $28,251 $29,153 $29,866 $31,737 Loans $2,887,662 $2,880,780 $3,082,127 $3,255,906 $3,499,401 Adjustments: PPP loans (3,152) (1,003) (194) - - Loans, excluding PPP loans $2,884,510 $2,879,777 $3,081,933 $3,255,906 $3,499,401 Allowance for loan losses to loans 0.96% 0.98% 0.95% 0.92% 0.91% Effect of PPP loans 0.01% 0.00% 0.00% 0.00% 0.00% Allowance for loan losses to loans, excluding PPP loans 0.97% 0.98% 0.95% 0.92% 0.91%

------

![](inbk-x4q22earningspresen030.jpg)

Reconciliation of Non-GAAP Financial Measures 30 Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest expense $16,955 $18,780 $17,985 $17,995 $18,513 Adjustments: Acquisition-related expenses (163) (170) (103) - - Write-down of software (475) - - (125) - Nonrecurring consulting fee - (875) - - - Discretionary inflation bonus - - (531) - - Accelerated equity compensation - - (289) - - Adjusted noninterest expense $16,317 $17,735 $17,062 $17,870 $18,513 Noninterest expense to average assets 1.61% 1.81% 1.76% 1.74% 1.72% Effect of acquisition-related expenses (0.02%) (0.02%) (0.01%) 0.00% 0.00% Effect of write-down of software (0.04%) 0.00% 0.00% (0.01%) 0.00% Effect of nonrecurring consulting fee 0.00% (0.08%) 0.00% 0.00% 0.00% Effect of discretionary inflation bonus 0.00% 0.00% (0.05%) 0.00% 0.00% Effect of accelerated equity compensation 0.00% 0.00% (0.03%) 0.00% 0.00% Adjusted noninterest expense to average assets 1.55% 1.71% 1.67% 1.73% 1.72% Income before income taxes - GAAP $14,482 $12,999 $10,824 $9,423 $6,854 Adjustments: Acquisition-related expenses 163 170 103 - - Effect of write-down of software 475 - - 125 - Nonrecurring consulting fee - 875 - - - Discretionary inflation bonus - - 531 - - Accelerated equity compensation - - 289 - - Adjusted income before income taxes $15,120 $14,044 $11,747 $9,548 $6,854

------

![](inbk-x4q22earningspresen031.jpg)

Reconciliation of Non-GAAP Financial Measures 31 1 Assuming a 21% tax rate Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Income tax provision - GAAP 2,004$1,790$1,279$987$503$ Adjustments:1 Acquisition-related expenses 34 36 21 - - Write-down of software 100 - - 26 - Nonrecurring consulting fee - 184 - - - Discretionary inflation bonus - - 112 - - Accelerated equity compensation - - 61 - - Adjusted income tax provision 2,138$2,010$1,473$1,013$503$ Net income - GAAP $12,478 $11,209 $9,545 $8,436 $6,351 Adjustments: Acquisition-related expenses 129 134 82 - - Write-down of software 375 - - (26) - Nonrecurring consulting fee - 691 - - - Discretionary inflation bonus - - 419 - - Accelerated equity compensation - - 228 - - Adjusted net income $12,982 $12,034 $10,274 $8,410 $6,351 Diluted average common shares outstanding 9,989,951 9,870,394 9,658,689 9,525,855 9,343,533 Diluted earnings per share - GAAP 1.25$1.14$0.99$0.89$0.68$ Adjustments: Effect of acquisition-related expenses 0.01 0.01 0.01 - - Effect of write-down of software 0.04 - - 0.01 - Effect of nonrecurring consulting fee - 0.07 - - - Effect of discretionary inflation bonus - - 0.04 - - Effect of accelerated equity compensation - - 0.02 - - Adjusted diluted earnings per share $1.30 $1.22 $1.06 $0.90 $0.68

------

![](inbk-x4q22earningspresen032.jpg)

Reconciliation of Non-GAAP Financial Measures 32 Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Return on average assets 1.19% 1.08% 0.93% 0.82% 0.59% Effect of acquisition-related expenses 0.01% 0.01% 0.01% 0.00% 0.00% Effect of write-down of software 0.04% 0.00% 0.00% 0.01% 0.00% Effect of nonrecurring consulting fee 0.00% 0.07% 0.00% 0.00% 0.00% Effect of discretionary inflation bonus 0.00% 0.00% 0.04% 0.00% 0.00% Effect of accelerated equity compensation 0.00% 0.00% 0.02% 0.00% 0.00% Adjusted return on average assets 1.24% 1.16% 1.00% 0.83% 0.59% Return on average shareholders' equity 13.14% 11.94% 10.23% 9.01% 6.91% Effect of acquisition-related expenses 0.14% 0.14% 0.09% 0.00% 0.00% Effect of write-down of software 0.39% 0.00% 0.00% 0.11% 0.00% Effect of nonrecurring consulting fee 0.00% 0.74% 0.00% 0.00% 0.00% Effect of discretionary inflation bonus 0.00% 0.00% 0.45% 0.00% 0.00% Effect of accelerated equity compensation 0.00% 0.00% 0.24% 0.00% 0.00% Adjusted return on average shareholders' equity 13.67% 12.82% 11.01% 9.12% 6.91% Return on average tangible common equity 13.30% 12.09% 10.36% 9.13% 7.00% Effect of acquisition-related expenses 0.14% 0.14% 0.09% 0.00% 0.00% Effect of write-down of software 0.40% 0.00% 0.00% 0.11% 0.00% Effect of nonrecurring consulting fee 0.00% 0.75% 0.00% 0.00% 0.00% Effect of discretionary inflation bonus 0.00% 0.00% 0.45% 0.00% 0.00% Effect of accelerated equity compensation 0.00% 0.00% 0.25% 0.00% 0.00% Adjusted return on average tangible common equity 13.84% 12.98% 11.15% 9.24% 7.00% Effective income tax rate 13.8% 13.8% 11.8% 10.5% 7.3% Effect of acquisition-related expenses 0.1% 0.3% 0.2% 0.3% 0.0% Effect of write-down of software 0.2% 0.0% 0.0% 0.0% 0.0% Effect of nonrecurring consulting fee 0.0% 1.3% 0.0% 0.0% 0.0% Effect of discretionary inflation bonus 0.0% 0.0% 1.0% 0.0% 0.0% Effect of accelerated equity compensation 0.0% 0.0% 0.6% 0.0% 0.0% Adjusted effective income tax rate 14.1% 15.4% 13.6% 10.8% 7.3%

------

![](inbk-x4q22earningspresen033.jpg)

Reconciliation of Non-GAAP Financial Measures 33 1 Assuming a 21% tax rate Dollars in thousands 4Q21 1Q22 2Q22 3Q22 4Q22 Income before income taxes - GAAP 14,482$12,999$10,824$9,423$6,854$ Adjustments: Income from tax refund advance loans - (2,864) (149) - - Provision for tax refund advance loans losses - 1,842 18 - - Tax refund advance loans servicing fee - 921 9 - - Income before income taxes, excluding tax refund advance loans 14,482$12,898$10,702$9,423$6,854$ Income tax provision - GAAP 2,004$1,790$1,279$987$503$ Adjustments:1 Income from tax refund advance loans - (601) (31) - - Provision for tax refund advance loans losses - 387 4 - - Tax refund advance loans servicing fee - 193 2 - - Income tax provision, excluding tax refund advance loans 2,004$1,769$1,254$987$503$ Net income - GAAP $12,478 $11,209 $9,545 $8,436 $6,351 Adjustments: Income from tax refund advance loans - (2,263) (118) - - Provision for tax refund advance loans losses - 1,455 14 - - Tax refund advance loans servicing fee - 728 7 - - Net income, excluding tax refund advance loans 12,478$11,129$9,448$8,436$6,351$

------