# EDGAR Filing Document

**Accession Number:** 0001562463
**File Stem:** 0001562463-25-000068
**Filing Date:** 2025-7
**Character Count:** 103522
**Document Hash:** b48a9a80bb95df70313ef02931216494
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562463-25-000068.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001562463-25-000068

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250723

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Internet Bancorp
- **CENTRAL INDEX KEY:** 0001562463
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 251143920

**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' encoding='ASCII'? inbk-20250723

**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): **July 23, 2025** 

---

| | |
|:---|:---|
| **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 July 23, 2025, First Internet Bancorp (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

On July 24, 2025, at 2:00 p.m. (Eastern Time), the Company will host a conference call and webcast to discuss its financial results for the quarter ended June 30, 2025. 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 9.01 Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | | |
|:---|:---|:---|
| **Number** | **Description** | **Method of filing** |
| <u>[99.1](inbk-2q2025xex991.htm)</u> | <u>[Press release dated July 23, 2025](inbk-2q2025xex991.htm)</u> | Furnished electronically |
| <u>[99.2](inbk_2q25earningspresent.htm)</u> | <u>[Presentation slides dated July 23, 2025](inbk_2q25earningspresent.htm)</u> | Furnished electronically |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in inline XBRL) |  |

---

------

**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: | July 23, 2025 |
| FIRST INTERNET BANCORP | FIRST INTERNET BANCORP |
| By: | /s/ Kenneth J. Lovik |
|  | Kenneth J. Lovik, Executive Vice President & Chief Financial Officer |

---

## Exhibit 99.1

![fibancorplogoa72.jpg](fibancorplogoa72.jpg)

**First Internet Bancorp Reports Second Quarter 2025 Results**

**Fishers, Indiana, July 23, 2025** – First Internet Bancorp (the "Company") (Nasdaq: INBK), the parent company of First Internet Bank (the "Bank"), announced today financial and operational results for the second quarter ended June 30, 2025.

**<u>Second Quarter 2025 Financial Performance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $0.2 million and diluted earnings per share of $0.02** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Pre-tax, pre-provision income ("PTPP") of $11.7 million**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ A decrease of 1.8% from PTPP**<sup>1</sup> **for the first quarter of 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ An increase of 17.2% from PTPP**<sup>1</sup> **for the second quarter of 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income of $28.0 million and fully-taxable net interest income of $29.1 million**<sup>1</sup>**, increases of 11.5% and 11.0%, respectively, from the first quarter of 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin of 1.96% and fully-taxable equivalent net interest margin of 2.04%**<sup>1</sup>**, increases of 14 and 13 basis points ("bps"), respectively, from the first quarter of 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Loan growth of $108.2 million, a 2.5% increase from the first quarter of 2025; deposit growth of $353.2 million, a 7.1% increase from the first quarter of 2025; loans to deposits ratio of 82.3%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Nonperforming loans to total loans of 1.00%; net charge-offs to average loans of 1.31%; allowance for credit losses to total loans of 1.07%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible common equity to tangible assets of 6.35%**<sup>1</sup>**, and 6.96%**<sup>1</sup> **ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 8.90%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible book value per share of $44.25**<sup>1</sup>**, a 0.5% increase from the first quarter of 2025**

"In the second quarter, we continued to address credit issues in our franchise finance and our small business loan portfolios; the work we did here is evident in our provision expense as well as our bottom line results," said David Becker, CEO and Chairman of First Internet Bancorp. "Entering the third quarter, we see encouraging signs in both portfolios. Further, our overall asset quality and capital levels remain sound.

"Core banking metric continue to improve, with our second quarter results reflecting strong growth in net interest income and continued improvement in our net interest margin. We have now delivered

<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."

------

seven straight quarters of rising net interest income, driven by increased yields on our earning assets and lower funding costs, which have significantly improved our operating efficiency.

"We also experienced robust growth in fintech deposits, which allowed us to maintain solid balance sheet liquidity, as shown by our healthy loans-to-deposits ratio. We are in a great position to grow earnings and profitability from here. I deeply appreciate our team's dedication and hard work in creating lasting value for our stakeholders."

**<u>Credit Update</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net charge-offs of $14.3 million in 2Q25; primarily small business lending and franchise finance with $7.3 million of specific reserves in place**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Nonperforming loans increased $9.3 million from 1Q25 to $43.5 million as of June 30, 2025, representing 1.00% of total loans**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Primarily driven by franchise finance loans moved to nonaccrual with related specific reserves**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• NPLs / total loans is in line with banking industry-wide 1.00% nonperforming loans (as published by the Federal Reserve)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total delinquencies 30 days or more past due (excluding nonperforming loans) declined to 0.62% of total performing loans, down from 0.77% as of March 31, 2025** 

**<u>Franchise Finance Update</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Actively working on resolution strategies with identified problem loans**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Moved $12.6 million to nonaccrual in 2Q25 with related specific reserves of $4.5 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Delinquencies up modestly from March 31, 2025 but loan count is low – 9 loans out of 633 total loans in the portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Working with borrowers in earlier stage of delinquency to pursue solutions that minimize losses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Pace of new delinquencies has slowed**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• No loans on deferral as of June 30, 2025, down from 22 loans at the end of 2024 (leading indicator of problem loans)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Recent success with workout strategies – recovery rate of 75% on certain problem loans**

**<u>Small Business Lending Update</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $1.8 billion in total balances originated since January 1, 2020 as a nationwide, generalist lender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Credit experience in the Company's portfolio is consistent with publicly disclosed data regarding the SBA 7(a) program portfolio for all lenders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Nonaccrual loans and net charge-offs elevated in the 2022-2023 vintages**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Select industries have underperformed on a relative basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Successive refinements to our credit approval criteria and processes, beginning in 2023, have led to improved performance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Nonaccrual loans appear to have plateaued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Delinquencies as of June 30, 2025 are down $2.4 million, or 23%, from December 31, 2024 and down $7.4 million, or 48%, from March 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $3.7 million on deferral as of June 30, 2025 – down from $10.4 million as of December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Secondary market sales deferred during the second quarter of 2025 to align with SBA expectations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $1.6 million in gain on sale in 2Q25 vs. $8.6 million in 1Q25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Loans sales in the third quarter have resumed at a normalized run rate: $52 million in guaranteed balances sold quarter-to-date, for an anticipated $3.7 million net gain on sale (additional loan sales to follow)**

**<u>Financial Outlook</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Continued net interest income and net interest margin expansion through combination of higher loan origination yields and deposit repricing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gain on sale of SBA 7(a) loans reverts to normalized levels as significant loan sale activity resumes in 3Q25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Continued uncertainty around global and domestic economic policy may impact outlook**

---

| | | | |
|:---|:---|:---|:---|
| | **3Q25 Outlook** | **4Q25 Outlook** | **FY 2026 Outlook** |
| **Loan growth** | **~2% (not annualized)** | **~2% (not annualized)** | **5% - 7%** |
| **Net interest income (FTE)** | **~$33.5 million** | **~$35.5 million** | **$158 - $163 million** |
| **Net interest margin (FTE)** | **2.20% - 2.25%** | **2.30% - 2.35%** | **2.50% - 2.60%** |
| **Noninterest income** | **~$13.25 million** | **~$13.25 million** | **$51 - $54 million** |
| **Noninterest expense** | **~$27 million** | **~$27 million** | **$108 - 112 million** |
| **Provision for credit losses** | **$10 - $11 million** | **$10 - $11 million** | **$37 - $40 million** |

---

**Net Interest Income and Net Interest Margin**

Net interest income for the second quarter of 2025 was $28.0 million, compared to $25.1 million for the first quarter of 2025, and $21.3 million for the second quarter of 2024. On a fully-taxable equivalent basis, net interest income for the second quarter of 2025 was $29.1 million, compared to $26.3 million for the first quarter of 2025, and $22.5 million for the second quarter of 2024.

Total interest income for the second quarter of 2025 was $80.9 million, an increase of 5.3% compared to the first quarter of 2025, and an increase of 14.0% compared to the second quarter of 2024. On a fully-taxable equivalent basis, total interest income for the second quarter of 2025 was $82.0 million, an increase of 5.2% compared to the first quarter of 2025, and an increase of 13.7% compared to the second quarter of 2024. The yield on average interest-earning assets for the second quarter of 2025 increased to 5.65% from 5.57% for the first quarter of 2025, due to an 8 basis point ("bp") increase in the yield earned on loans and a 7 bp increase in the yield earned on securities, partially offset by a 6 bp decrease in the yield earned on other earning assets. Compared to the linked quarter, average loan balances, including loans held-for-sale, increased $164.3 million, or 3.9%, and the average balance of securities increased $33.1 million, or 3.7%, while the average balance of other earning assets decreased $48.5 million, or 10.9%.

Interest income earned on commercial loans was higher due primarily to increased average balances within the small business lending (including loans held-for-sale), construction, single tenant lease financing, commercial and industrial and investor commercial real estate portfolios. This was partially offset by lower average balances in the franchise finance and healthcare finance portfolios.

------

In the consumer loan portfolio, interest income was up modestly due primarily to higher average balances in the trailers portfolio, partially offset by lower average balances in the residential mortgage portfolio.

The yield on funded portfolio loan originations was 7.55% in the second quarter of 2025, a decrease of 23 bps compared to the first quarter of 2025, and a decrease of 133 bps compared to the second quarter of 2024, reflective of 100 bps of Fed rate cuts in the second half of 2024.

Interest income earned on securities during the second quarter of 2025 increased $0.6 million, or 6.5%, compared to the first quarter of 2025, driven by an increase in both average balances and the yield earned on the portfolio. This was offset by a decline in interest income earned on other earning assets of $0.6 million, or 11.1%, in the second quarter of 2025 compared to the linked quarter, due to both the decrease in average cash balances and lower yields earned on those balances.

Total interest expense for the second quarter of 2025 was $52.9 million, an increase of $1.2 million, or 2.2%, compared to the linked quarter, as the average balance of interest-bearing liabilities increased $143.2 million, or 2.7%, partially offset by a decline in the cost of related funds of 6 bps to 3.96%. Interest expense related to interest-bearing deposits decreased $0.8 million, or 1.7%, driven primarily by lower average balances and lower cost of funds related to CDs, brokered deposits and money market accounts. This was partially offset by an increase in the average balance of interest-bearing demand deposits, as well as an increase in the cost of funds related to these deposits. Overall, the cost of interest-bearing deposits declined to 3.92% during the second quarter of 2025, compared to 4.01% for the first quarter of 2025.

Average CD balances decreased $53.7 million, or 2.6%, compared to the linked quarter, while the cost of funds decreased 14 bps. The weighted average cost of new CDs during the second quarter of 2025 was 4.27%, 60 bps lower than the cost of maturing CDs. The average balance of brokered deposits decreased $206.7 million, or 38.2%, as the Company paid down $200.0 million of these deposits near the end of the first quarter of 2025, while the cost of funds declined 6 bps. Furthermore, the average balance of money market accounts decreased $34.0 million, or 2.8%, while the cost of funds decreased 3 bps.

Partially offsetting this activity was growth in the average balance of interest-bearing demand deposits, which increased $270.1 million, or 28.2%, compared to the first quarter of 2025 as growth in fintech deposits remained strong throughout the quarter. Furthermore, the cost of funds related to these deposits increased 23 bps during the quarter.

Additionally, interest expense was negatively impacted by the cost of other borrowed funds in the second quarter of 2025, as the Company used FHLB advances to manage short term liquidity needs earlier in the quarter. The average balance of other borrowed funds increased $166.3 million, or 41.4%, compared to the linked quarter, while the related cost of funds increased 16 bps. However, strong deposit growth later in the quarter allowed the Company to pay down all short term FHLB advances prior to quarter end, as ending balances were down $130.5 million, or 33.0%, compared to the first quarter of 2025.

Net interest margin ("NIM") was 1.96% for the second quarter of 2025, up from 1.82% for the first quarter of 2025 and up from 1.67% for the second quarter of 2024. Fully-taxable equivalent NIM ("FTE NIM") was 2.04% for the second quarter of 2025, up from 1.91% for the first quarter of 2025 and up from 1.76% for the second quarter of 2024. The increases in NIM and FTE NIM reflect the combination of deploying cash balances into higher-yielding loans and securities, as well as continued improvement in the cost of deposits.

**Noninterest Income**

------

Noninterest income for the second quarter of 2025 was $5.6 million, compared to $10.4 million for the first quarter of 2025, and $11.0 million for the second quarter of 2024. The decrease compared to the linked quarter was due primarily to gain on sale of loans, which totaled $1.7 million for the second quarter of 2025, down $6.9 million, or 80.7%, from the first quarter of 2025. The decline was due to a significant decrease in sales of U.S. Small Business Administration ("SBA") 7(a) guaranteed loans as the Company implemented a process change to hold SBA loans held-for-sale longer before selling into the secondary market. This is expected to have a one quarter effect as gain on sale revenue should revert to normalized levels in the third quarter of 2025 as evidenced by the higher balance of loans held-for-sale on the balance sheet as of June 30, 2025, which is up $94.8 million, or 298.7%, compared to March 31, 2025. The decline in gain on sale revenue was partially offset by higher other noninterest income, which increased $2.1 million, or 289.9%, compared to the linked quarter due primarily to a planned distribution from a fund investment.

**Noninterest Expense**

Noninterest expense totaled $21.8 million for the second quarter of 2025, compared to $23.6 million for the first quarter of 2025, and $22.3 million for the second quarter of 2024. The decrease of $1.8 million, or 7.5%, compared to the linked quarter was due primarily to lower salaries and employee benefits and lower consulting and professional fees, partially offset by higher other noninterest expense. The decrease in salaries and employee benefits was driven primarily by a reduction in incentive compensation. The decrease in consulting and professional fees was due mainly to lower outsourced audit fees and seasonally higher legal expense in the linked quarter. The increase in other noninterest expense was due primarily to higher fintech volume activity.

**Income Taxes**

The Company recorded an income tax benefit of $2.1 million for the second quarter of 2025, compared to an income tax benefit of $0.9 million for the first quarter of 2025, and income tax expense of $0.2 million and an effective tax rate of 3.6% for the second quarter of 2024.

**Loans and Credit Quality**

Total loans as of June 30, 2025, were $4.4 billion, an increase of $108.2 million, or 2.5%, compared to March 31, 2025, and an increase of $401.4 million, or 10.1%, compared to June 30, 2024. Total commercial loan balances were $3.5 billion as of June 30, 2025, an increase of $108.2 million, or 3.2%, compared to March 31, 2025, and an increase of $412.3 million, or 13.2%, compared to June 30, 2024. Compared to the linked quarter, the increase in commercial loan balances was driven primarily by growth in investor commercial real estate, commercial and industrial and small business lending balances. These increases were partially offset by decreases in the construction, franchise finance and healthcare finance portfolios. The decrease in construction balances was due to projects that were completed during the second quarter of 2025 and transferred to investor commercial real estate.

Total consumer loan balances were $797.2 million as of June 30, 2025, a decrease of $0.5 million, or 0.1%, compared to March 31, 2025, and a decrease of $3.3 million, or 0.4%, compared to June 30, 2024. The decrease compared to the linked quarter was due primarily to lower balances in residential mortgage, recreational vehicles and home equity portfolios, partially offset by an increase in the trailers and other consumer loans portfolios.

Total delinquencies 30 days or more past due, excluding nonperforming loans, were 0.62% of total performing loans as of June 30, 2025, compared to 0.77% at March 31, 2025, and 0.56% as of June 30, 2024. The decrease compared to the linked quarter was due primarily to a decrease in delinquencies in the small business lending portfolio.

Nonperforming loans were 1.00% of total loans as of June 30, 2025, compared to 0.80% as of March 31, 2025, and 0.33% as of June 30, 2024. Nonperforming loans totaled $43.5 million as of June 30,

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2025, compared to $34.2 million as of March 31, 2025, and $13.0 million as of June 30, 2024. The increase in nonperforming loans during the second quarter of 2025 was due primarily to franchise finance and small business lending loans that were placed on nonaccrual during the quarter, partially offset by small business lending and franchise finance loans that were charged off. At June 30, 2025, there were $8.9 million of specific reserves held against the balance of nonperforming loans.

The allowance for credit losses ("ACL") as a percentage of total loans was 1.07% as of June 30, 2025, compared to 1.11% as of March 31, 2025, and 1.10% as of June 30, 2024. The decrease in the ACL compared to the linked quarter reflects the removal of $5.2 million in specific reserves related to small business loans that were charged off during the quarter, as well as the removal of $2.2 million in reserves that were related to franchise finance charge-offs. These decreases were partially offset by $4.5 million of specific reserves applied to franchise finance loans during the quarter, as well as overall growth in the loan portfolio.

Net charge-offs of $14.3 million were recognized during the second quarter of 2025, resulting in net charge-offs to average loans of 1.31%, compared to $9.7 million, or 0.92%, for the first quarter of 2025, and $1.4 million, or 0.14%, for the second quarter of 2024. Net charge-offs in the second quarter of 2025 were elevated as the Company continued to take action to resolve problem loans in the small business lending and franchise finance portfolios. Approximately $11.9 million of net charge-offs recognized during the quarter were related to small business lending and $2.2 million were related to franchise finance loans, with $7.3 million of existing specific reserves previously applied to these loans.

The provision for credit losses in the second quarter of 2025 was $13.6 million, compared to $11.9 million for the first quarter of 2025, and $4.0 million for the second quarter of 2024. The provision for the second quarter of 2025 was driven primarily by elevated net charge-offs and overall growth in the loan portfolio, partially offset by a net decrease in specific reserves.

**Capital** 

As of June 30, 2025, total shareholders' equity was $390.2 million, an increase of $2.5 million, or 0.6%, compared to March 31, 2025, and an increase of $18.3 million, or 4.9%, compared to June 30, 2024. The increase in total shareholders' equity as of June 30, 2025, compared to the linked quarter was due primarily to the decrease in accumulated other comprehensive loss. Book value per common share increased to $44.79 as of June 30, 2025, up from $44.58 as of March 31, 2025, and $42.91 as of June 30, 2024. Tangible book value per share was $44.25 as of June 30, 2025, up from $44.04 as of March 31, 2025, and $42.37 as of June 30, 2024.

The following table presents the Company's and the Bank's regulatory and other capital ratios as of June 30, 2025.

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| | | |
|:---|:---|:---|
| | As of June 30, 2025 | As of June 30, 2025 |
| | Company | Bank |
| Total shareholders' equity to assets | 6.43% | 7.60% |
| Tangible common equity to tangible assets <sup>1</sup> | 6.35% | 7.53% |
| Tier 1 leverage ratio <sup>2</sup> | 6.77% | 8.02% |
| Common equity tier 1 capital ratio <sup>2</sup> | 8.90% | 10.56% |
| Tier 1 capital ratio <sup>2</sup> | 8.90% | 10.56% |
| Total risk-based capital ratio <sup>2</sup> | 12.16% | 11.63% |
| <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. |

---

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**Conference Call and Webcast** 

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, July 24, 2025, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 549-8228; access code: 77870. A recorded replay can be accessed through May 1, 2025, by dialing (888) 660-6264; access code: 77870#.

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

**About First Internet Bancorp** 

First Internet Bancorp is a bank holding company with assets of $6.1 billion as of June 30, 2025. The Company's subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp's common stock trades on the Nasdaq Global Select Market under the symbol "INBK" and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

**Forward-Looking Statements**

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

**Non-GAAP Financial Measures**

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, pre-tax, pre-provision income, adjusted noninterest expense, adjusted (loss) income before income taxes, adjusted income tax (benefit) provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity and adjusted return on average tangible common equity are used by the Company's

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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."

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

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| **Net income** | $193 | 943 | $5775 | $1136 | $10956 |
| **Per share and share information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share - basic | $0.02 | $0.11 | $0.67 | $0.13 | $1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share - diluted | 0.02 | 0.11 | 0.67 | 0.13 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared per share | 0.06 | 0.06 | 0.06 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per common share | 44.79 | 44.58 | 42.91 | 44.79 | 42.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share <sup>1</sup> | 44.25 | 44.04 | 42.37 | 44.25 | 42.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding | 8713094 | 8697085 | 8667894 | 8713094 | 8667894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 8733559 | 8715655 | 8594315 | 8724657 | 8684093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 8760374 | 8784970 | 8656215 | 8784005 | 8750017 |
| **Performance ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 0.01% | 0.07% | 0.44% | 0.04% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average shareholders' equity | 0.20% | 0.98% | 6.28% | 0.58% | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity <sup>1</sup> | 0.20% | 0.99% | 6.36% | 0.59% | 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 1.96% | 1.82% | 1.67% | 1.89% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin - FTE <sup>1,2</sup> | 2.04% | 1.91% | 1.76% | 1.97% | 1.76% |
| **Capital ratios** <sup>3</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity to assets | 6.43% | 6.63% | 6.96% | 6.43% | 6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets <sup>1</sup> | 6.35% | 6.55% | 6.88% | 6.35% | 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 6.77% | 6.87% | 7.24% | 6.77% | 7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 8.90% | 9.15% | 9.47% | 8.90% | 9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 8.90% | 9.15% | 9.47% | 8.90% | 9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 12.16% | 12.52% | 13.13% | 12.16% | 13.13% |
| **Asset quality** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans | $43541 | $34243 | $12978 | $43541 | $12978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets | 45539 | 35921 | 13055 | 45539 | 13055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans to loans | 1.00% | 0.80% | 0.33% | 1.00% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets to total assets | 0.75% | 0.61% | 0.24% | 0.75% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses - loans to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 1.07% | 1.11% | 1.10% | 1.07% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans | 106.8% | 138.0% | 334.5% | 106.8% | 334.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs to average loans | 1.31% | 0.92% | 0.14% | 1.12% | 0.10% |
| **Average balance sheet information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | $4397887 | $4237300 | $3930976 | $4318037 | $3910322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 934994 | 901918 | 744537 | 918547 | 724023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 396829 | 445280 | 469045 | 420921 | 451582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 5739019 | 5590131 | 5150305 | 5664986 | 5090261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 5924144 | 5770380 | 5332776 | 5847687 | 5270356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 153016 | 135878 | 116939 | 144494 | 115140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 4792939 | 4815978 | 4172976 | 4804396 | 4079992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 4945955 | 4951856 | 4289915 | 4948890 | 4195132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | 391870 | 392035 | 369825 | 391952 | 369598 |

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<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

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| | | | |
|:---|:---|:---|:---|
| **First Internet Bancorp** | | | |
| **Condensed Consolidated Balance Sheets (unaudited)** | **Condensed Consolidated Balance Sheets (unaudited)** | **Condensed Consolidated Balance Sheets (unaudited)** | **Condensed Consolidated Balance Sheets (unaudited)** |
| *Dollar amounts in thousands* |  |  |  |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $9261 | $6344 | $6162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 437100 | 388110 | 390624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available-for-sale, at fair value | 644657 | 681785 | 488572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held-to-maturity, at amortized cost, net of allowance for credit losses | 271737 | 276542 | 270349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale | 126533 | 31738 | 19384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 4362562 | 4254412 | 3961146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses - loans | (46517) | (47238) | (43405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 4316045 | 4207174 | 3917741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 31227 | 29022 | 28118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Indianapolis stock | 28350 | 28350 | 28350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value of bank-owned life insurance | 41961 | 41675 | 40834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 69930 | 70461 | 72516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 4687 | 4687 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing asset | 16736 | 17445 | 13009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 1730 | 1518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income and other assets | 72619 | 66757 | 62956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $6072573 | $5851608 | $5343302 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $145166 | $151815 | $126438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 5153623 | 4793810 | 4147484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 5298789 | 4945625 | 4273922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank | 264500 | 395000 | 575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 105307 | 105228 | 104993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 1614 | 1645 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 12124 | 16363 | 14015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 5682334 | 5463861 | 4971349 |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voting common stock | 186116 | 185873 | 185175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 230690 | 231031 | 217365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (26567) | (29157) | (30587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 390239 | 387747 | 371953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $6072573 | $5851608 | $5343302 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | |
| **Condensed Consolidated Statements of Income (unaudited)** | **Condensed Consolidated Statements of Income (unaudited)** | **Condensed Consolidated Statements of Income (unaudited)** | **Condensed Consolidated Statements of Income (unaudited)** | **Condensed Consolidated Statements of Income (unaudited)** | **Condensed Consolidated Statements of Income (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** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| **Interest income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | $66685 | $62662 | $57094 | $129347 | $112529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 9062 | 8463 | 6476 | 17525 | 12170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 654 | 661 | 970 | 1315 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 4485 | 5043 | 6421 | 9528 | 12488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 80886 | 76829 | 70961 | 157715 | 139126 |
| **Interest expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 46794 | 47626 | 44495 | 94420 | 86624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 6102 | 4107 | 5139 | 10209 | 10441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 52896 | 51733 | 49634 | 104629 | 97065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 27990 | 25096 | 21327 | 53086 | 42061 |
| **Provision for credit losses** | 13608 | 11933 | 4031 | 25541 | 6479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 14382 | 13163 | 17296 | 27545 | 35582 |
| **Noninterest income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | 278 | 265 | 246 | 543 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing revenue | 1979 | 1983 | 1470 | 3962 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing asset revaluation | (1153) | (1181) | (829) | (2334) | (1263) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans | 1673 | 8647 | 8292 | 10320 | 14828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2780 | 713 | 1854 | 3493 | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 5557 | 10427 | 11033 | 15984 | 19380 |
| **Noninterest expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 10867 | 13107 | 12462 | 23974 | 24258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing, advertising and promotion | 702 | 647 | 609 | 1349 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional fees | 936 | 1228 | 1022 | 2164 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 656 | 635 | 606 | 1291 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan expenses | 1520 | 1531 | 1597 | 3051 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 3281 | 3115 | 3154 | 6396 | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance premium | 1564 | 1398 | 1172 | 2962 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2274 | 1895 | 1714 | 4170 | 3372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 21800 | 23556 | 22336 | 45357 | 43359 |
| **(Loss) income before income taxes** | (1861) | 34 | 5993 | (1828) | 11603 |
| **Income tax (benefit) provision** | (2054) | (909) | 218 | (2964) | 647 |
| **Net income** | $193 | $943 | $5775 | $1136 | $10956 |
| **Per common share data** |  |  |  |  |  |
| Earnings per share - basic | $0.02 | $0.11 | $0.67 | $0.13 | $1.26 |
| Earnings per share - diluted | $0.02 | $0.11 | $0.67 | $0.13 | $1.25 |
| Dividends declared per share | $0.06 | $0.06 | $0.06 | $0.12 | $0.12 |

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | | | | | |
| **Average Balances and Rates (unaudited)** | **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** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **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> | $4407196 | $66685 | 6.07% | $4242933 | $62662 | 5.99% | $3936723 | $57094 | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 856070 | 9062 | 4.25% | 820175 | 8463 | 4.18% | 670502 | 6476 | 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 78924 | 654 | 3.32% | 81743 | 661 | 3.28% | 74035 | 970 | 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 396829 | 4485 | 4.53% | 445280 | 5043 | 4.59% | 469045 | 6421 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 5739019 | 80886 | 5.65% | 5590131 | 76829 | 5.57% | 5150305 | 70961 | 5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses - loans | (49073) |  |  | (45664) |  |  | (41362) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 234198 |  |  | 225913 |  |  | 223833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5924144 |  |  | $5770380 |  |  | $5332776 |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing liabilities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | $1226439 | $9767 | 3.19% | $956322 | $6974 | 2.96% | $474124 | $2567 | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 21760 | 46 | 0.85% | 20568 | 43 | 0.85% | 22987 | 48 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1187782 | 11087 | 3.74% | 1221795 | 11361 | 3.77% | 1243011 | 13075 | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech - brokered deposits |  |  | —% |  |  | —% | 119662 | 1299 | 4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates and brokered deposits | 2356958 | 25894 | 4.41% | 2617293 | 29248 | 4.53% | 2313192 | 27506 | 4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4792939 | 46794 | 3.92% | 4815978 | 47626 | 4.01% | 4172976 | 44495 | 4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 567575 | 6102 | 4.31% | 401300 | 4107 | 4.15% | 652176 | 5139 | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5360514 | 52896 | 3.96% | 5217278 | 51733 | 4.02% | 4825152 | 49634 | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 153016 |  |  | 135878 |  |  | 116939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest-bearing liabilities | 18744 |  |  | 25189 |  |  | 20860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5532274 |  |  | 5378345 |  |  | 4962951 |  |  |
| **Shareholders' equity** | 391870 |  |  | 392035 |  |  | 369825 |  |  |
| **Total liabilities and shareholders' equity** | $5924144 |  |  | $5770380 |  |  | $5332776 |  |  |
| Net interest income |  | $27990 |  |  | $25096 |  |  | $21327 |  |
| Interest rate spread |  |  | 1.69% |  |  | 1.55% |  |  | 1.40% |
| Net interest margin |  |  | 1.96% |  |  | 1.82% |  |  | 1.67% |
| Net interest margin - FTE <sup>2,3</sup> |  |  | 2.04% |  |  | 1.91% |  |  | 1.76% |

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<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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **First Internet Bancorp** | | | | | | |
| **Average Balances and Rates (unaudited)** | **Average Balances and Rates (unaudited)** | | | | | |
| *Dollar amounts in thousands* |  |  |  |  |  |  |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **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> | $4325518 | $129347 | 6.03% | $3914656 | $112529 | 5.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - taxable | 838222 | 17525 | 4.22% | 648860 | 12170 | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities - non-taxable | 80325 | 1315 | 3.30% | 75163 | 1939 | 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other earning assets | 420921 | 9528 | 4.56% | 451582 | 12488 | 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 5664986 | 157715 | 5.61% | 5090261 | 139126 | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses - loans | (47378) |  |  | (39986) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-earning assets | 230079 |  |  | 220081 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5847687 |  |  | $5270356 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | $1092127 | $16742 | 3.09% | $444615 | $4658 | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 21167 | 88 | 0.84% | 22754 | 96 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1204695 | 22449 | 3.76% | 1230488 | 25746 | 4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech - brokered deposits |  |  | —% | 102514 | 2230 | 4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates and brokered deposits | 2486407 | 55141 | 4.47% | 2279621 | 53894 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4804396 | 94420 | 3.96% | 4079992 | 86624 | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 484897 | 10209 | 4.25% | 684456 | 10441 | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5289293 | 104629 | 3.99% | 4764448 | 97065 | 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 144494 |  |  | 115140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest-bearing liabilities | 21948 |  |  | 21170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5455735 |  |  | 4900758 |  |  |
| **Shareholders' equity** | 391952 |  |  | 369598 |  |  |
| **Total liabilities and shareholders' equity** | $5847687 |  |  | $5270356 |  |  |
| Net interest income |  | $53086 |  |  | $42061 |  |
| Interest rate spread |  |  | 1.62% |  |  | 1.40% |
| Net interest margin |  |  | 1.89% |  |  | 1.67% |
| Net interest margin - FTE <sup>2,3</sup> |  |  | 1.97% |  |  | 1.76% |

---

<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* |  |  |  |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| **Commercial loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $174475 | 4.0% | $140239 | 3.3% | $115585 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied commercial real estate | 50096 | 1.1% | 49954 | 1.2% | 58089 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor commercial real estate | 513411 | 11.8% | 297874 | 7.0% | 188409 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 332658 | 7.6% | 471082 | 11.1% | 328922 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Single tenant lease financing | 970042 | 22.3% | 950814 | 22.4% | 927462 | 23.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance | 476339 | 10.9% | 482558 | 11.3% | 486200 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare finance | 160073 | 3.7% | 171430 | 4.0% | 202079 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business lending | 383455 | 8.8% | 353408 | 8.3% | 270129 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise finance | 479757 | 11.0% | 514700 | 12.1% | 551133 | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | 3540306 | 81.2% | 3432059 | 80.7% | 3128008 | 79.0% |
| **Consumer loans** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 358922 | 8.2% | 367722 | 8.6% | 382549 | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 16668 | 0.4% | 17421 | 0.4% | 21405 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trailers | 228786 | 5.2% | 220012 | 5.2% | 197738 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recreational vehicles | 144476 | 3.3% | 145690 | 3.4% | 150151 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer loans | 48319 | 1.1% | 46851 | 1.1% | 48638 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 797171 | 18.2% | 797696 | 18.7% | 800481 | 20.2% |
| Net deferred loan fees, premiums, discounts and other <sup>1</sup> | 25085 | 0.6% | 24657 | 0.6% | 32657 | 0.8% |
| **Total loans** | $4362562 | 100.0% | $4254412 | 100.0% | $3961146 | 100.0% |
|  | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| **Deposits** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $145166 | 2.7% | $151815 | 3.1% | $126438 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 1458123 | 27.5% | 1103540 | 22.3% | 480141 | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 20902 | 0.4% | 21632 | 0.4% | 22619 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 1210960 | 22.9% | 1292235 | 26.2% | 1222197 | 28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fintech - brokered deposits |  | —% |  | —% | 140180 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposits | 2146356 | 40.5% | 2029801 | 41.0% | 1829644 | 42.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | 317282 | 6.0% | 346602 | 7.0% | 452703 | 10.6% |
| **Total deposits** | $5298789 | 100.0% | $4945625 | 100.0% | $4273922 | 100.0% |

---

<sup>1</sup> Includes carrying value adjustments of $21.2 million, $22.1 million and $25.6 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2025, March 31, 2025 and June 30, 2024, 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** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Total equity - GAAP | $390239 | $387747 | $371953 | $390239 | $371953 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Tangible common equity | $385552 | $383060 | $367266 | $385552 | $367266 |
| Total assets - GAAP | $6072573 | $5851608 | $5343302 | $6072573 | $5343302 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Tangible assets | $6067886 | $5846921 | $5338615 | $6067886 | $5338615 |
| Common shares outstanding | 8713094 | 8697085 | 8667894 | 8713094 | 8667894 |
| Book value per common share | $44.79 | $44.58 | $42.91 | $44.79 | $42.91 |
| Effect of goodwill | (0.54) | (0.54) | (0.54) | (0.54) | (0.54) |
| Tangible book value per common share | $44.25 | $44.04 | $42.37 | $44.25 | $42.37 |
| Total shareholders' equity to assets | 6.43% | 6.63% | 6.96% | 6.43% | 6.96% |
| Effect of goodwill | (0.08%) | (0.08%) | (0.08%) | (0.08%) | (0.08%) |
| Tangible common equity to tangible assets | 6.35% | 6.55% | 6.88% | 6.35% | 6.88% |
| Total average equity - GAAP | $391870 | $392035 | $369825 | $391952 | $369598 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average goodwill | (4687) | (4687) | (4687) | (4687) | (4687) |
| Average tangible common equity | $387183 | $387348 | $365138 | $387265 | $364911 |
| Return on average shareholders' equity | 0.20% | 0.98% | 6.28% | 0.58% | 5.96% |
| Effect of goodwill | 0.00% | 0.01% | 0.08% | 0.01% | 0.08% |
| Return on average tangible common equity | 0.20% | 0.99% | 6.36% | 0.59% | 6.04% |
| Total interest income | $80886 | $76829 | $70961 | $157715 | $139126 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully-taxable equivalent adjustments <sup>1</sup> | 1157 | 1169 | 1175 | 2326 | 2365 |
| Total interest income - FTE | $82043 | $77998 | $72136 | $160041 | $141491 |
| Net interest income | $27990 | $25096 | $21327 | $53086 | $42061 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully-taxable equivalent adjustments <sup>1</sup> | 1157 | 1169 | 1175 | 2326 | 2365 |
| Net interest income - FTE | $29147 | $26265 | $22502 | $55412 | $44426 |
| Net interest margin | 1.96% | 1.82% | 1.67% | 1.89% | 1.67% |
| Effect of fully-taxable equivalent adjustments <sup>1</sup> | 0.08% | 0.09% | 0.09% | 0.08% | 0.09% |
| Net interest margin - FTE | 2.04% | 1.91% | 1.76% | 1.97% | 1.76% |

---

<sup>1</sup>Assuming a 21% tax rate

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Net income - GAAP | $193 | $943 | $5775 | $1136 | $10956 |
| Adjustments:<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 13608 | 11933 | 4031 | 25541 | 6479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax (benefit) provision | (2054) | (909) | 218 | (2964) | 647 |
| Pre-tax, pre-provision income | $11747 | $11967 | $10024 | $23713 | $18082 |
| Noninterest expense - GAAP | $21800 | $23556 | $22336 | $45357 | $43359 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT termination fees |  |  | (452) |  | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Anniversary expenses |  |  | (120) |  | (120) |
| Adjusted noninterest expense | $21800 | $23556 | $21764 | $45357 | $42787 |
| (Loss) Income before income taxes - GAAP | $(1861) | $34 | $5993 | $(1828) | $11603 |
| Adjustments:<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT termination fees |  |  | 452 |  | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anniversary expenses |  |  | 120 |  | 120 |
| Adjusted (loss) income before income taxes | $(1861) | $34 | $6565 | $(1828) | $12175 |
| Income tax (benefit) provision - GAAP | $(2054) | $(909) | $218 | $(2964) | $647 |
| Adjustments:<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT termination fees |  |  | 95 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anniversary expenses |  |  | 25 |  | 25 |
| Adjusted income tax (benefit) provision | $(2054) | $(909) | $338 | $(2964) | $767 |
| Net income - GAAP | $193 | $943 | $5775 | $1136 | $10956 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT termination fees |  |  | 357 |  | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anniversary expenses |  |  | 95 |  | 95 |
| Adjusted net income | $193 | $943 | $6227 | $1136 | $11408 |
| Diluted average common shares outstanding | 8760374 | 8784970 | 8656215 | 8784005 | 8750017 |
| Diluted earnings per share - GAAP | $0.02 | $0.11 | $0.67 | $0.13 | $1.25 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fees |  |  | 0.04 |  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of anniversary expenses |  |  | 0.01 |  | 0.01 |
| Adjusted diluted earnings per share | $0.02 | $0.11 | $0.72 | $0.13 | $1.30 |
| Return on average assets | 0.01% | 0.07% | 0.44% | 0.04% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fees | 0.00% | 0.00% | 0.03% | 0.00% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of anniversary expenses | 0.00% | 0.00% | 0.01% | 0.00% | 0.00% |
| Adjusted return on average assets | 0.01% | 0.07% | 0.48% | 0.04% | 0.43% |
| Return on average shareholders' equity | 0.20% | 0.98% | 6.28% | 0.58% | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fees | 0.00% | 0.00% | 0.39% | 0.00% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of anniversary expenses | 0.00% | 0.00% | 0.10% | 0.00% | 0.05% |
| Adjusted return on average shareholders' equity | 0.20% | 0.98% | 6.77% | 0.58% | 6.20% |
| Return on average tangible common equity | 0.20% | 0.99% | 6.36% | 0.59% | 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of IT termination fees | 0.00% | 0.00% | 0.39% | 0.00% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of anniversary expenses | 0.00% | 0.00% | 0.10% | 0.00% | 0.05% |
| Adjusted return on average tangible common equity | 0.20% | 0.99% | 6.85% | 0.59% | 6.29% |
| <sup>1</sup> Assuming a 21% tax rate |  |  |  |  |  |

---

## Exhibit 99.2

![](inbk_2q25earningspresent001.jpg)

Financial Results Second Quarter 2025 Exhibit 99.2

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![](inbk_2q25earningspresent002.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 "believe," "continue," "could," "decline," "drive," "enhance," "estimate," "expanding," "expect," "grow," "growth," "improve," "increase," "looking ahead," "may," "pending," "plan," "position," "preliminary," "remain," "rising," "should," "slow," "stable," "strategy," "well-positioned," 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 may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; the 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, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted revenue, pre-tax, pre-provision income, adjusted pre-tax, pre-provision income, adjusted noninterest income, adjusted noninterest expense, adjusted noninterest expense to average assets, adjusted income (loss) before income taxes, adjusted income tax provision (benefit), adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets and adjusted tangible common equity to adjusted tangible assets are used by the Company's management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this presentation under the caption "Reconciliation of Non-GAAP Financial Measures." 2

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![](inbk_2q25earningspresent003.jpg)

Credit Update Credit Update  Net charge-offs of $14.3 million in 2Q25; primarily small business lending and franchise finance with $7.3 million of specific reserves in place  Nonperforming loans increased $9.3 million from 1Q25 to $43.5 million as of June 30, 2025, representing 1.00% of total loans – Primarily driven by franchise finance loans moved to nonaccrual with related specific reserves – NPLs / total loans is in line with industry-wide 1.00% nonperforming loans (as published by the Federal Reserve)  Total delinquencies 30 days or more past due (excluding nonperforming loans) declined to 0.62% of total performing loans, down from 0.77% as of March 31, 2025 Franchise Finance Update  Actively working on resolution strategies with identified problem loans  Moved $12.6 million to nonaccrual in 2Q25 with related specific reserves of $4.5 million  Delinquencies up modestly from March 31, 2025 but loan count is low – 9 loans out of 633 total loans in the portfolio – Working with borrowers in earlier stage of delinquency to pursue solutions that minimize losses – Pace of new delinquencies has slowed  No loans on deferral as of June 30, 2025, down from 22 loans at the end of 2024 (leading indicator of problem loans)  Recent success with workout strategies – recovery rate of 75% on certain problem loans 3

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![](inbk_2q25earningspresent004.jpg)

Credit Update Small Business Lending Update  $1.8 billion in total balances originated since January 1, 2020 as a nationwide, generalist lender  Credit experience in the Company's portfolio is consistent with publicly disclosed data regarding the SBA 7(a) program portfolio for all lenders – Nonaccrual loans and net charge-offs elevated in the 2022-2023 vintages – Select industries have underperformed on a relative basis  Successive refinements to our credit approval criteria and processes, beginning in 2023, have led to improved performance – Nonaccrual loans appear to have plateaued – Delinquencies as of June 30, 2025 are down $2.4 million, or 23%, from December 31, 2024 and down $7.4 million, or 48%, from March 31, 2025 – $3.7 million on deferral as of June 30, 2025 – down from $10.4 million as of December 31, 2024  Secondary market sales deferred during the second quarter of 2025 to align with SBA expectations – $1.6 million in gain on sale in 2Q25 vs. $8.6 million in 1Q25 – Loans sales in the third quarter have resumed at a normalized run rate: $52 million in guaranteed balances sold quarter-to-date, for an anticipated $3.7 million net gain on sale (additional loan sales to follow) 4

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![](inbk_2q25earningspresent005.jpg)

Financial Outlook  Continued net interest income and net interest margin expansion through combination of higher loan origination yields and deposit repricing  Gain on sale of SBA 7(a) loans reverts to normalized levels as significant loan sale activity resumes in 3Q25  Continued uncertainty around global and domestic economic policy may impact outlook 5 3Q25 Outlook 4Q25 Outlook FY 2026 Outlook Loan growth ~2% (not annualized) ~2% (not annualized) 5% - 7% Net interest income (FTE) ~$33.5 million ~$35.5 million $158 - $163 million Net interest margin (FTE) 2.20% - 2.25% 2.30% - 2.35% 2.50% - 2.60% Noninterest income ~$13.25 million ~$13.25 million $51 - $54 million Noninterest expense ~$27 million ~$27 million $108 - $112 million Provision for credit losses $10 - $11 million $10 - $11 million $37 - $40 million

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![](inbk_2q25earningspresent006.jpg)

Second Quarter 2025 Highlights  Net income of $0.2 million and diluted EPS of $0.02  Total revenue of $33.5 million, down 5.6% from 1Q25 and up 3.7% from 2Q24 6  Net interest margin of 1.96% and FTE NIM of 2.04%1,2, up 14 and 13 bps respectively from 1Q25  Deposit costs declined 9 bps while the yield on interest earning assets increased 8 bps  SBA GOS revenue of $1.6 million; impacted by longer hold period on loans HFS  NPAs to total assets of 0.75%  Excluding AOCI and adjusting for normalized cash balances, adjusted TCE / TA was 6.96%1  Tangible book value per share increased 0.5% to $44.251 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate  Pre-tax, pre-provision income ("PTPP") of $11.7 million1, down 1.8% from 1Q25 and up 17.2% from 2Q24  Noninterest expense to avg. assets of 1.48%  Total portfolio loan balances increased 2.5% from 1Q25  Weighted average yield on new loans funded in 2Q25 was 7.55%  Loans to deposits ratio of 82.3%  Deposit production driven by fintech partnerships and CD growth  Capital position remains solid  TCE / TA of 6.35%1; CET1 ratio of 8.90%

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Loan Portfolio Overview  Total portfolio loan balances increased $108.2 million, or 2.5%, from 1Q25  Commercial loan balances increased $108.2 million, or 3.2%, from 1Q25  Consumer loan balances decreased $0.5 million, or 0.1%, from 1Q25  2Q25 funded portfolio loan origination yields were 7.55%, down 23 bps from 1Q25  Strong growth in investor commercial real estate/construction, commercial & industrial and small business lending 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% 9% 9% 9% 10% 10% 10% 16% 16% 10% 7% 7% 12% 11% 9% 9%3% 9% 14% 13% 11% 1% 2% 4% 4% 4% 6% 8% 9% 2% 4% 10% 18% 14% 8% 6% 4% 4% 21% 26% 24% 21% 21% 18% 14% 12% 11% 39% 34% 35% 32% 31% 27% 25% 23% 22% 3% 2% 3% 4% 6% 8% 10% 16% 20% 10% 7% 6% 6% 6% 5% 5% 4% 4% $2,091 $2,716 $2,964 $3,059 $2,888 $3,499 $3,840 $4,171 $4,363 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 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

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$2,118.5 40% $986.5 19% $447.2 8% $1,207.9 23% $301.9 6% $236.8 4% Consumer Small Business Commercial Fintech Public Funds Brokered2 $129.2 2% $266.2 5% $20.9 0% $417.3 8% $793.7 15% $1,207.9 23% $2,146.3 41% $317.3 6% Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates of deposits Brokered deposits Deposit Composition 8  Total deposits increased 7.1% from 1Q25 and are up 24.0% from 2Q24  Diversified deposit base comprised of consumer, small business, fintech, commercial and public funds  Deposit base is further diversified by product type among checking, money market/savings and CDs  Quarterly deposit increase driven by continued growth in fintech partnership deposits as well as strong CD production, offset by declines in higher-cost FHLB advances and brokered deposits 1 Money market – SMB/Commercial includes small business, commercial and public funds 2 Public funds includes $80.5 million of deposits that are classified as brokered for regulatory purposes 1 Deposits by Customer Type – 6/30/25 Dollars in millions Total Deposits – $5.3B as of 6/30/25 Dollars in millions Average Balance (Dollars in thousands) $49.3 $87.0 $222.8 $67.4 $647.9

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Liquidity and 2Q25 Deposit Update 9  Cash and unused borrowing capacity totaled $2.3 billion at June 30, 2025 – Currently represents 161% of total uninsured deposits and 200% of adjusted uninsured deposits  New deposit production driven by fintech partnerships and CD growth  Deposit production and on-balance sheet liquidity used to fund strong loan growth as well as pay down higher-cost FHLB advances and brokered deposits  Loan to deposits ratio remains favorable at 82.3% 1 Money market – SMB/Commercial includes small business, commercial and public funds Cost of Funds by Deposit TypeTotal Deposits by Quarter Dollars in millions 2% 2% 2% 3% 2%6% 5% 6% 5% 5% 1% 1% 0% 0% 0% 10% 9% 9% 9% 8% 16% 16% 15% 17% 15% 11% 11% 13% 18% 23% 54% 56% 55% 48% 47% 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates and brokered deposits 1 $4,273.9 $4,797.7 $5,298.8 2Q24 3Q24 4Q24 1Q25 2Q25 Interest-bearing demand deposits 2.73% 2.62% 2.55% 2.96% 3.19% Savings accounts 0.84% 0.84% 0.85% 0.85% 0.85% Money market accounts 4.23% 4.22% 3.96% 3.77% 3.74% Certificates of deposits 4.78% 4.75% 4.71% 4.55% 4.41% Brokered deposits 4.78% 4.98% 4.68% 4.45% 4.39% Total interest-bearing deposits 4.29% 4.30% 4.13% 4.01% 3.92% $4,945.6$4,933.2

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Net Interest Income and Net Interest Margin  Net interest income on a GAAP and FTE basis was up 11.5% and 11.0%, respectively, from 1Q25  NIM and FTE NIM1 benefitted from declining interest- bearing liability costs while asset yields increased  Strong loan production at rates well above the overall portfolio yield  Deposit costs declined from 1Q25; deposit mix positively impacting pricing 10 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 5.83% 5.90% 5.93% 5.99% 6.07% 4.29% 4.30% 4.13% 4.01% 3.92% 2Q24 3Q24 4Q24 1Q25 2Q25 Yield on loans Cost of interest-bearing deposits $21.3 $21.8 $23.6 $25.1 $28.0 $22.5 $22.9 $24.7 $26.3 $29.1 2Q24 3Q24 4Q24 1Q25 2Q25 GAAP FTE 1.67% 1.62% 1.67% 1.82% 1.96% 1.76% 1.70% 1.75% 1.91% 2.04% 2Q24 3Q24 4Q24 1Q25 2Q25 GAAP FTE Net Interest Income – GAAP and FTE1 Dollars in millions

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Net Interest Margin Drivers 11 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 NIM1 increased 13 bps from 1Q25; benefited from lower interest-bearing liability costs – Weighted average yield of 7.55% on funded portfolio originations during 2Q25, remaining well above total portfolio yield – Securities yields were up 7 bps while total interest-earning assets yield increased 8 bps – Interest reversals on problem SBA and franchise finance loans negatively impacted NIM by 5 bps  Deposit costs decreased 9 bps from 1Q25 to 3.92% for 2Q25 – Deposit costs positively impacted by CD repricing / maturities and fintech deposits – Weighted average cost of new CDs in 2Q25 was 4.27% vs cost of maturing CDs of 4.87% – Cost of maturing CDs in 3Q25 is 4.83% and in 4Q25 is 4.33% +18 bps - 3 bps -13 bps 1.91% 2.04% +11 bps 4.27% 4.34% 4.30% 4.20% 4.15% 4.06% 4.03% 4.02% 3.98% 3.93% 3.93% 3.89% 5.33% 5.33% 4.83% 4.83% 4.58% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Int. Bearing Deposits Fed Funds Effective

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Noninterest Income 12 Dollars in millions Noninterest Income by Type Dollars in millions Noninterest Income by Quarter1  Noninterest income of $5.6 million, down 46.7% from $10.4 million in 1Q25  Gain on sale of loans of $1.7 million, down 80.7% from $8.6 million in 1Q25 – SBA loan sale volume down significantly from 1Q25 while net gain on sale premiums declined 62 bps – SBA loan sale volume impacted by process change to hold loans HFS longer; one quarter effect as gain on sale revenue is expected to revert to normalized levels in 3Q25 as evidenced by the amount of loans HFS on the balance sheet at June 30, 2025  Increase in other noninterest income primarily driven by a planned distribution from a fund investment $0.3 $0.8 $1.7 $2.8 Service charges and fees Net loan servicing revenue Gain on sale of loans Other $11.0 $12.0 $15.9 $10.4 $5.6 2Q24 3Q24 4Q24 1Q25 2Q25 Core Non-Core $4.7 $11.2 1 4Q24 noninterest income includes $4.7 million of prepayment and terminated interest rate swap gains related to the paydown of FHLB advances; see Reconciliation of Non-GAAP Financial Measures in the Appendix

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Noninterest Expense 1 2Q24 noninterest expense includes $0.5 million of IT termination fees and $0.1 million of anniversary expenses; see Reconciliation of Non-GAAP Financial Measures in the Appendix Dollars in millions Noninterest Expense by Quarter Noninterest Expense to Average Assets 1.73%1.71% 1.55% 1.68% 1.64% 1.65% 1.66% 2Q24 3Q24 4Q24 1Q25 2Q25 Core Non-core items 1 1.48%1.64%$22.3 $22.8 $24.0 $23.6 $21.8 2Q24 3Q24 4Q24 1Q25 2Q25 Core Non-core items 1  Noninterest expense of $21.8 million, down 7.5% from $23.6 million in 1Q25  Salaries and employee benefits decreased $2.2 million, or 17.1%, due primarily to a reduction in incentive compensation  Consulting and professional fees decreased $0.3 million, or 23.8%, due to lower outsourced audit fees and seasonally higher legal expenses in the prior quarter.  Other noninterest expense increased $0.4 million, or 20.0%, due primarily to higher fintech volume activity $21.8 13

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Asset Quality  Allowance for credit losses to total loans of 1.07% in 2Q25, down 4 bps from 1Q25 – Small business lending ACL to unguaranteed balances of 4.10%  Quarterly provision for credit losses was $13.6 million, compared to $11.9 million in 1Q25 – Increase in provision reflects NCOs and specific reserves for small business lending and franchise finance loans  Net charge-offs to average loans of 1.31%, compared to 0.92% in 1Q25 – Recognized $14.1 million of NCOs to resolve problem small business lending and franchise finance loans – $9.9 million of NCO balances had $7.3 million of existing specific reserves  Nonperforming loans to total loans increased to 1.00% from 0.80% in 1Q25 14 0.33% 0.56% 0.68% 0.80% 1.00% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2Q24 3Q24 4Q24 1Q25 2Q25 0.24% 0.39% 0.50% 0.61% 0.75% 2Q24 3Q24 4Q24 1Q25 2Q25 NPLs to Total Loans NPAs to Total Assets Net Charge-Offs to Avg. Loans 0.14% 0.15% 0.91% 0.92% 1.31% 2Q24 3Q24 4Q24 1Q25 2Q25

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Capital  Tangible common equity to tangible assets decreased 20 bps from 1Q25 to 6.35%1  Tangible book value per share of $44.251, up 0.5% from 1Q25 and up 4.4% from 2Q24  CET1 and TRBC ratios at both the Company and the Bank, adjusted for all unrealized securities losses, remain well above regulatory minimum requirements  Total after-tax unrealized securities losses represent 10.6% of tangible equity 15 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 6.43% 7.60% Tangible common equity to tangible assets1 6.35% 7.53% Tier 1 leverage ratio 6.77% 8.02% Common equity tier 1 capital ratio 8.90% 10.56% Tier 1 capital ratio 8.90% 10.56% Total risk-based capital ratio 12.16% 11.63% $30.82 $33.29 $38.51 $39.74 $41.43 $43.77 $44.25 2019 2020 2021 2022 2023 2024 2Q25 Tangible Book Value Per Share1 Regulatory Capital Ratios – June 30, 20252

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Small Business Lending  $383.5 million of balances as of June 30, 2025  Nationwide platform providing growth capital to entrepreneurs and small business owners  7th largest Small Business Administration 7(a) lender for the SBA's 2025 fiscal year-to-date 1316 Managed SBA 7(a) Loans Portfolio Mix by State Portfolio Mix by Major Industry 16% 16% 10% 9%5% 5% 39% FL TX MI CA IN CO Other 20% 19% 18% 11% 10% 22% Services Construction Retail Trade Accommodation and Food Services Manufacturing Other $270.1 $298.6 $331.9 $353.4 $383.5 $676.3 $783.2 $862.1 $939.4 $932.2 $11.2 $26.7 $47.3 $24.0 $115.4 $957.6 $1,108.5 $1,241.3 $1,316.8 $1,431.1 2Q24 3Q24 4Q24 1Q25 2Q25 Retained Balance Servicing Portfolio Held For Sale

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Construction and Investor Commercial Real Estate  $846.1 million of combined balances as of June 30, 2025  Average current loan balance of $14.3 million for investor CRE  Average commitment sizes for construction – Commercial construction/development: $21.5 million – Residential construction/development: $1.9 million 17 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry  2Q25 unfunded commitment balances – Commercial construction/development: $387.3 million – Residential construction/development: $51.9 million  Minimal office exposure; 1.2% of combined balances consisting of suburban and medical office space 60% 37% 3% Investor Commercial Real Estate Commercial Construction/ Development Residential Construction/ Development 49% 22% 16% 4% 9% Multifamily/Mixed Use Industrial Warehouse Hospitality Residential Land Development Other 46% 16% 9% 7% 6% 16% IN AZ CA FL SC Other

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Single Tenant Lease Financing  $970.0 million of balances as of June 30, 2025  Long-term financing of single tenant properties occupied by historically strong national and regional tenants  Weighted-average portfolio LTV of 45%  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  Minimal office exposure; 1.2% of loan balances consisting of medical office space 26% 22% 15% 14% 7% 5% 5% 6% Quick Service Restaurants Auto Parts/ Repair/Car Wash Full Service Restaurants Convenience/Fuel Pharmacies Dollar Stores Specialty Retailer Other 6% 5% 5% 4% 4% 4% 3% 3% 3% 3% 60% Tidal Wave Burger King Wendy's Walgreens Caliber Collision Dollar General 7-Eleven Red Lobster ICWG Bob Evans Other 11% 24% 21% 39% 5%

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2% 14% 11% 7% 17%9% 7% 2%0% 31% AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 Non-Rated 33% 12% 12% 12% 10% 6% 6% 3% 2%2% 2% General Obligation Lease rental revenue Essential use equipment loans Short term cash flow financing (BAN) Water & sewer revenue Private Higher Education Tax Incremental Financing (TIF) districts Public higher education facilities Income Tax supported loans Municipally owned healthcare facilities Other 65% 6% 5% 4% 4% 3% 3% 2% 8% IN OK IA MO OH MI GA WA Other Public Finance  $476.3 million of balances as of June 30, 2025  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

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C&I and Owner-Occupied Commercial Real Estate  $224.6 million of combined balances as of June 30, 2025  Current C&I LOC utilization of 38%  Average loan sizes  C&I: $662,000  Owner-occupied CRE: $879,000 20 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry 20 52% 25% 23% C&I - Term Loans C&I - Lines of Credit Owner Occupied CRE 36% 17%12% 7% 5% 23% IN CA AZ IL FL Other 56% 15% 10% 9% 5% 5% Other Services Manufacturing Construction Real Estate and Rental and Leasing Health Care and Social Assistance  Minimal office exposure; 1.0% of combined loan balances consisting of suburban office space

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Franchise Finance  $479.8 million of balances as of June 30, 2025  Focused on providing growth financing to franchisees in a variety of industry segments  Diversified by industry, geography and brand  Average loan size of $0.7 million 21 Portfolio Mix by Borrower Use Portfolio Mix by State Portfolio Mix by Brand 132 20% 16% 14%13% 10% 6% 21% Limited-Service Restaurants Indoor Recreation Beauty Salons Snacks and Nonalcoholic Beverages Fitness and Recreational Sports Centers Other Personal Care Services Other 14% 12% 6% 5% 5% 4%3% 51% TX CA FL MI GA PA NY Other 9% 7% 7% 6% 5% 5% 61% Urban Air Adventure Park Scooter's Coffee My Salon Suite Goldfish Swim School Restore Hyper Wellness Jersey Mike's Other

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Healthcare Finance  $160.1 million of balances as of June 30, 2025  Average loan size of $378,000  Strong historical credit performance to date  No delinquencies in this portfolio 22 Portfolio Mix by Borrower Use Portfolio Mix by Borrower Portfolio Mix by State 22 87% 10% 3% Dentists Veterinarians Other 31% 11% 5%4%4%4% 4% 37% CA TX FL NY AZ WA IL Other 74% 21% 5% Practice Refi or Acquisition Owner Occupied CRE Project

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Residential Mortgage  $375.6 million of balances as of June 30, 2025 (includes home equity balances)  Historically direct-to-consumer originations centrally located at corporate headquarters  Focused on high quality borrowers – Average loan size of $200,000 – Average credit score at origination of 742 – Average LTV at origination of 80%  Strong historical credit performance 23 Concentration by State Concentration by Loan TypeNational Portfolio with Midwest Concentration 15% 2% 74% 4% 5% 23 72% 12% 2% 2% 1% 11% IN CA NY FL TX All other states 94% 4%1% 1% Single Family Residential Home Equity – LOC Home Equity – Closed End SFR Construction to Permanent

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23% 21% 17% 29% 10% Specialty Consumer  $421.6 million of balances as of June 30, 2025  Direct-to-consumer and nationwide dealer network originations  Focused on high quality borrowers – Average credit score at origination of 779 – Average loan size of $28,000  Strong historical credit performance Concentration by State Concentration by Loan TypeGeographically Diverse Portfolio 241 13% 10% 5% 4% 4% 64% TX CA FL NC AZ All other states 54%35% 11% Trailers Recreational Vehicles Other Consumer

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25 Appendix

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Loan Portfolio Composition 26 1 Includes carrying value adjustments of $21.2 million, $22.1 million, $22.9 million, $27.8 million and $32.5 million associated with public finance loans as of June 30, 2025, March 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Dollars in thousands 2022 2023 2024 1Q25 2Q25 Commercial loans Commercial and industrial 126,108$129,349$120,175$140,239$174,475$ Owner-occupied commercial real estate 61,836 57,286 53,591 49,954 50,096 Investor commercial real estate 93,121 132,077 269,431 297,874 513,411 Construction 181,966 261,750 413,523 471,082 332,658 Single tenant lease financing 939,240 936,616 949,748 950,814 970,042 Public finance 621,032 521,764 485,867 482,558 476,339 Healthcare finance 272,461 222,793 181,427 171,430 160,073 Small business lending 123,750 218,506 331,914 353,408 383,455 Franchise finance 299,835 525,783 536,909 514,700 479,757 Total commercial loans 2,719,349 3,005,924 3,342,585 3,432,059 3,540,306 Consumer loans Residential mortgage 383,948 395,648 375,160 367,722 358,922 Home equity 24,712 23,669 18,274 17,421 16,668 Trailers 167,326 188,763 210,575 220,012 228,786 Recreational vehicles 121,808 145,558 149,342 145,690 144,476 Other consumer loans 35,464 43,293 48,030 46,851 48,319 Total consumer loans 733,258 796,931 801,381 797,696 797,171 Net def. loan fees, prem., disc. and other 1 46,794 37,365 26,680 24,657 25,085 Total loans 3,499,401$3,840,220$4,170,646$4,254,412$4,362,562$

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Reconciliation of Non-GAAP Financial Measures 27 Dollars in thousands, except for per share data 2019 2020 2021 2022 2023 2024 2Q25 Total equity - GAAP $304,913 $330,944 $380,338 $364,974 $362,795 $384,063 $390,239 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $300,226 $326,257 $375,651 $360,287 $358,108 $379,376 $385,552 Common shares outstanding 9,741,800 9,800,569 9,754,455 9,065,883 8,644,451 8,667,894 8,713,094 Book value per common share $31.30 $33.77 $38.99 $40.26 $41.97 $44.31 $44.79 Effect of goodwill (0.48) (0.48) (0.48) (0.52) (0.54) (0.54) (0.54) Tangible book value per common share $30.82 $33.29 $38.51 $39.74 $41.43 $43.77 $44.25

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Reconciliation of Non-GAAP Financial Measures 28 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 2Q24 3Q24 4Q24 1Q25 2Q25 Total equity - GAAP $371,953 $385,129 $384,063 $387,747 $390,239 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $367,266 $380,442 $379,376 $383,060 $385,552 Total assets - GAAP $5,343,302 $5,823,259 $5,737,859 $5,851,608 $6,072,573 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $5,338,615 $5,818,572 $5,733,172 $5,846,921 $6,067,886 Common shares outstanding 8,667,894 8,667,894 8,667,894 8,697,085 8,713,094 Book value per common share $42.91 $44.43 $44.31 $44.58 $44.79 Effect of goodwill (0.54) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $42.37 $43.89 $43.77 $44.04 $44.25 Total shareholders' equity to assets 6.96% 6.61% 6.69% 6.63% 6.43% Effect of goodwill (0.08%) (0.07%) (0.07%) (0.08%) (0.08%) Tangible common equity to tangible assets 6.88% 6.54% 6.62% 6.55% 6.35% Total interest income $70,961 $74,990 $77,771 $76,829 $80,886 Adjustments: Fully-taxable equivalent adjustments 1 1,175 1,133 1,152 1,169 1,157 Total interest income - FTE $72,136 $76,123 $78,923 $77,998 $82,043 Net interest income $21,327 $21,765 $23,551 $25,096 $27,990 Adjustments: Fully-taxable equivalent adjustments 1 1,175 1,133 1,152 1,169 1,157 Net interest income - FTE $22,502 $22,898 $24,703 $26,265 $29,147 Net interest margin 1.67% 1.62% 1.67% 1.82% 1.96% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.09% 0.08% 0.08% 0.09% 0.08% Net interest margin - FTE 1.76% 1.70% 1.75% 1.91% 2.04%

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Reconciliation of Non-GAAP Financial Measures 29 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 2Q24 3Q24 4Q24 1Q25 2Q25 Total revenue - GAAP $32,360 $33,794 $39,487 $35,523 $33,547 Adjustments: Gain on prepayment of FHLB advance - - (1,829) - - Gain on termination of swaps - - (2,904) - - Adjusted revenue $32,360 $33,794 $34,754 $35,523 $33,547 Net income - GAAP 5,775$6,990$7,330$943$193$ Adjustments:1 Provision for credit losses 4,031 3,390 7,201 11,933 13,608 Income tax (benefit) provision 218 620 999 (909) (2,054) Pre-tax, pre-provision income $10,024 $11,000 $15,530 $11,967 $11,747 Pre-tax, pre-provision income $10,024 $11,000 $15,530 $11,967 $11,747 Adjustments: Gain on prepayment of FHLB advances - - (1,829) - - Gain on termination of swaps - - (2,904) - - Adjusted pre-tax, pre-provision income $10,024 $11,000 $10,797 $11,967 $11,747 Noninterest income $11,033 $12,029 $15,936 $10,427 $5,557 Adjustments: Gain on prepayment of FHLB advance - - (1,829) - - Gain on termination of swaps - - (2,904) - - Adjusted noninterest income $11,033 $12,029 $11,203 $10,427 $5,557 Noninterest expense $22,336 $22,794 $23,957 $23,556 $21,800 Adjustments: IT termination fees (452) - - - - Anniversary expenses (120) - - - - Adjusted noninterest expense $21,764 $22,794 $23,957 $23,556 $21,800

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Reconciliation of Non-GAAP Financial Measures 30 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest expense to average assets 1.68% 1.64% 1.65% 1.66% 1.48% Effect of IT termination fees (0.03%) 0.00% 0.00% 0.00% 0.00% Effect of anniversary expenses (0.01%) 0.00% 0.00% 0.00% 0.00% Adjusted noninterest expense to average assets 1.64% 1.64% 1.65% 1.66% 1.48% Income (loss) before income taxes - GAAP 5,993$7,610$8,329$34$(1,861)$ Adjustments: IT termination fees 452 - - - - Anniversary expenses 120 - - - - Gain on prepayment of FHLB advance - - (1,829) - - Gain on termination of swaps - - (2,904) - - Adjusted income (loss) before income taxes $6,565 $7,610 $3,596 $34 ($1,861) Income tax provision (benefit) - GAAP 218$620$999$(909)$(2,054)$ Adjustments:1 IT termination fees 95 - - - - Anniversary expenses 25 - - - - Gain on prepayment of FHLB advance - - (384) - - Gain on termination of swaps - - (610) - - Adjusted income tax provision (benefit) 338$620$5$(909)$(2,054)$ Net income - GAAP 5,775$6,990$7,330$943$193$ Adjustments: IT termination fees 357 - - - - Anniversary expenses 95 - - - - Gain on prepayment of FHLB advance - - (1,445) - - Gain on termination of swaps - - (2,294) - - Adjusted net income $6,227 $6,990 $3,591 $943 $193

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Reconciliation of Non-GAAP Financial Measures 31 Dollars in thousands, except for per share data 2Q24 3Q24 4Q24 1Q25 2Q25 Diluted average common shares outstanding 8,656,215 8,768,731 8,788,793 8,784,970 8,760,374 Diluted earnings per share - GAAP 0.67$0.80$0.83$0.11$0.02$ Adjustments: Effect of IT termination fees 0.04 - - - - Effect of anniversary expenses 0.01 - - - - Effect of gain on prepayment of FHLB advance - - (0.16) - - Effect of gain on termination of swaps - - (0.26) - - Adjusted diluted earnings per share $0.72 $0.80 $0.41 $0.11 $0.02 Return on average assets 0.44% 0.50% 0.50% 0.07% 0.01% Effect of IT termination fees 0.03% 0.00% 0.00% 0.00% 0.00% Effect of anniversary expenses 0.01% 0.00% 0.00% 0.00% 0.00% Effect of gain on prepayment of FHLB advance 0.00% 0.00% (0.10%) 0.00% 0.00% Effect of gain on termination of swaps 0.00% 0.00% (0.16%) 0.00% 0.00% Adjusted return on average assets 0.48% 0.50% 0.24% 0.07% 0.01% Return on average shareholders' equity 6.28% 7.32% 7.49% 0.98% 0.20% Effect of IT termination fees 0.39% 0.00% 0.00% 0.00% 0.00% Effect of anniversary expenses 0.10% 0.00% 0.00% 0.00% 0.00% Effect of gain on prepayment of FHLB advance 0.00% 0.00% (1.48%) 0.00% 0.00% Effect of gain on termination of swaps 0.00% 0.00% (2.34%) 0.00% 0.00% Adjusted return on average shareholders' equity 6.77% 7.32% 3.67% 0.98% 0.20% Return on average tangible common equity 6.36% 7.41% 7.58% 0.99% 0.20% Effect of IT termination fees 0.39% 0.00% 0.00% 0.00% 0.00% Effect of anniversary expenses 0.10% 0.00% 0.00% 0.00% 0.00% Effect of gain on prepayment of FHLB advance 0.00% 0.00% (1.49%) 0.00% 0.00% Effect of gain on termination of swaps 0.00% 0.00% (2.37%) 0.00% 0.00% Adjusted return on average tangible common equity 6.85% 7.41% 3.72% 0.99% 0.20%

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Reconciliation of Non-GAAP Financial Measures 32 Dollars in thousands 2Q25 Tangible common equity $385,552 Adjustments: Accumulated other comprehensive loss 26,567 Adjusted tangible common equity $412,119 Tangible assets $6,067,886 Adjustments: Cash in excess of $300 million (146,361) Adjusted tangible assets $5,921,525 Adjusted tangible common equity $412,119 Adjusted tangible assets $5,921,525 Adjusted tangible common equity to adjusted tangible assets 6.96%

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