First Internet Bancorp Reports Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

First Internet Bancorp (INBK) reported strong Q4 and full-year 2024 results, with Q4 net income reaching $7.3 million (up 4.9% QoQ) and diluted EPS of $0.83 (up 3.8% QoQ). Full-year 2024 net income was $25.3 million, a 200.3% increase from 2023.

Q4 highlights include net interest income of $23.6 million (up 8.2% QoQ), loan growth of $134.8 million (3.3% increase), and deposit growth of $135.5 million (2.8% increase). The company closed $63.1 million in SBA loans in December.

Key metrics show a net interest margin of 1.67%, nonperforming loans at 0.68% of total loans, and net charge-offs at 0.91%. The allowance for credit losses stood at 1.07% of total loans. Total loans reached $4.2 billion, with commercial loans at $3.3 billion and consumer loans at $801.4 million.

Positive

• Net income increased 200.3% year-over-year to $25.3 million in 2024
• Q4 net interest income grew 8.2% QoQ to $23.6 million
• Loan portfolio expanded by $134.8 million (3.3%) in Q4
• Deposit base grew by $135.5 million (2.8%) in Q4
• Closed $63.1 million in SBA loans in December 2024

Negative

• Net charge-offs increased to 0.91% of average loans in Q4
• Nonperforming loans rose to 0.68% from 0.56% in Q3
• Delinquencies increased to 0.63% from 0.36% in Q3
• Book value per share decreased to $44.31 from $44.43 in Q3

Insights

Financial Analyst

First Internet Bancorp delivered a solid fourth quarter performance that caps off a transformative year, with Q4 net income reaching $7.3 million (4.9% QoQ increase) and full-year 2024 net income soaring to $25.3 million (200.3% YoY growth).

The bank's margin expansion story is particularly noteworthy. Net interest margin improved to 1.67%, up 5 basis points QoQ, driven by deposit cost optimization. The weighted average cost of new CDs at 4.23% was 78 basis points below maturing CD costs, suggesting continued margin expansion potential in 2025. The recent Fed rate cuts are actually benefiting the bank's cost structure more than hurting asset yields, creating a positive spread dynamic.

However, credit quality metrics warrant attention. Net charge-offs spiked to 0.91% of average loans in Q4, primarily due to small business lending portfolio cleanup. While concerning at first glance, management's proactive approach to problem loan resolution and the existence of specific reserves against nonperforming loans ($8.2 million) provide some comfort. The allowance for credit losses at 1.07% of total loans appears adequate given the portfolio composition.

The balance sheet shows healthy growth with loans up 3.3% QoQ to $4.2 billion, focused on higher-yielding variable rate and shorter-duration products. This strategic shift, combined with strong deposit growth of 2.8% QoQ and an improved loans-to-deposits ratio of 84.5%, positions the bank well for 2025.

Risk Management Expert

The risk profile shows notable shifts in Q4 2024, with some concerning signals in credit metrics balanced against improving structural balance sheet positioning. The spike in net charge-offs to 0.91% primarily stems from strategic cleanup of the small business lending portfolio, with $3.4 million of the charge-offs covered by existing specific reserves. This proactive approach to problem loan resolution, while causing short-term pain, strengthens the long-term risk position.

Delinquency trends require monitoring, with 30+ day delinquencies increasing to 0.63% from 0.36% QoQ. However, post-quarter-end improvements to 0.44% suggest some of this was timing-related. The concentration of issues in small business and franchise finance portfolios indicates these segments need enhanced oversight.

The bank's strategic pivot toward variable rate and shorter-duration assets materially improves its interest rate risk profile. This is particularly relevant given recent Fed policy shifts. The deposit strategy also shows positive risk management, with the reclassification of certain fintech deposits from brokered to core status and reduced reliance on higher-cost FHLB funding through $220 million in advance paydowns.

FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

• Net income of $7.3 million, an increase of 4.9% from the third quarter of 2024
• Diluted earnings per share of $0.83, an increase of 3.8% from the third quarter of 2024
• Net interest income of $23.6 million and fully taxable equivalent net interest income of $24.7 million¹, increases of 8.2% and 7.9%, respectively, from the third quarter of 2024
• Net interest margin of 1.67% and fully taxable equivalent net interest margin of 1.75%¹, both increasing 5 basis points (“bps”) from the third quarter of 2024
• Loan growth of $134.8 million, a 3.3% increase from the third quarter of 2024; deposit growth of $135.5 million, a 2.8% increase from the third quarter of 2024; loans to deposits ratio of 84.5%
  • Closed $63.1 million in SBA loans in December; guaranteed portion to be sold to the secondary market in the first quarter of 2025
• Nonperforming loans to total loans of 0.68%; net charge-offs to average loans of 0.91%; allowance for credit losses to total loans of 1.07%
• Tangible common equity to tangible assets of 6.62%¹, and 7.40% ex-AOCI and adjusted for normalized cash balances¹; CET1 ratio of 9.30%; tangible book value per share of $43.77¹

Full Year 2024 Financial Highlights

• Net income of $25.3 million, an increase of 200.3% from 2023
• Diluted earnings per share of $2.88, an increase of 203.2% from 2023
• Net interest income of $87.4 million and fully taxable equivalent net interest income of $92.0 million¹, increases of 16.7% and 14.8%, respectively, from 2023
• Net interest margin of 1.65% and fully taxable equivalent net interest margin of 1.74%¹, increases of 9 bps and 7 bps, respectively, from 2023
• Loan growth of $330.4 million, an 8.6% increase from 2023 and deposit growth of $866.2 million, a 21.3% increase from 2023
• Annual tangible book value per share growth of 5.7%¹

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

“Our performance throughout 2024 reflects a year of remarkable growth and significantly improved performance,” said David Becker, Chairman and Chief Executive Officer. “Full year net income and earnings per share increased substantially from 2023, driven by growth in net interest income and greater gain on sale revenue from our small business lending business. Strong commercial loan growth, particularly in construction, investor commercial real estate and small business lending, enhanced our interest rate risk profile and drove loan yields higher. As a result, total revenue growth for the year far outpaced expense growth, driving significant operating leverage.

“Several of these key operating trends continued through the fourth quarter, providing a high level of momentum as we enter the new year. Our liquidity and capital positions are solid, and measures of asset quality remain sound. We anticipate continued net interest margin expansion. We are excited about the outlook for 2025 as the combination of our core businesses, a more favorable interest rate environment, and emerging opportunities leave us well-positioned to deliver continued earnings growth and increased profitability.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2024 was $23.6 million, compared to $21.8 million for the third quarter of 2024, and $19.8 million for the fourth quarter of 2023. On a fully taxable equivalent basis, net interest income for the fourth quarter of 2024 was $24.7 million, compared to $22.9 million for the third quarter of 2024, and $21.0 million for the fourth quarter of 2023.

Total interest income for the fourth quarter of 2024 was $77.8 million, an increase of 3.7% compared to the third quarter of 2024, and an increase of 17.4% compared to the fourth quarter of 2023. On a fully taxable equivalent basis, total interest income for the fourth quarter of 2024 was $78.9 million, an increase of 3.7% compared to the third quarter of 2024, and an increase of 16.9% compared to the fourth quarter of 2023. The yield on average interest-earning assets for the fourth quarter of 2024 decreased to 5.52% from 5.58% for the third quarter of 2024 due to a 54 basis point (“bp”) decrease in the yield earned on other earning assets and a 3 bp decrease in the yield earned on securities, partially offset by a 3 bp increase in the yield earned on loans. Compared to the linked quarter, average loan balances, including loans held-for-sale, increased $99.8 million, or 2.5%, the average balance of securities increased $49.3 million, or 6.2%, and the average balance of other earning assets increased $110.0 million, or 20.9%.

Interest income earned on commercial loans was higher due primarily to increased average balances within the investor commercial real estate, construction and small business lending portfolios. This was partially offset by lower average balances in the healthcare and franchise finance portfolios. The continued shift in the loan mix reflects the Company’s focus on higher-yielding variable rate and shorter-duration products, in part, to help improve the interest rate risk profile of the balance sheet.

In the consumer loan portfolio, interest income was up due to the combination of higher average balances and continued strong new origination yields in the trailers and RV portfolios, partially offset by lower average balances in the residential mortgage and home equity portfolios.

The yield on funded portfolio loan originations was 7.26% in the fourth quarter of 2024, down from 8.85% in the third quarter of 2024, reflecting 100 bps of Fed rate cuts since late in the third quarter of 2024, as well as the larger volume of originations in fixed-rate portfolios which are priced at lower spreads over US treasuries, but are still significantly higher than historical yields in these portfolios.

Interest income earned on securities during the fourth quarter of 2024 increased $0.4 million, or 5.2%, compared to the third quarter of 2024 due to the increase in average balances, partially offset by a slight decrease in the yield earned on the portfolio. The yield on the securities portfolio decreased 3 bps to 3.98%, driven primarily by variable rate securities repricing lower following the Fed rate cuts and the maturity of an interest rate swap tied to the securities portfolio. Interest earned on other earning asset balances increased $0.6 million, or 8.8%, in the fourth quarter of 2024 compared to the linked quarter, due primarily to higher average cash balances, partially offset by the decrease in yields earned on those balances due to the Fed rate cuts.

Total interest expense for the fourth quarter of 2024 was $54.2 million, an increase of $1.0 million, or 1.9%, compared to the linked quarter, due to a 7.8% increase in average interest-bearing deposit balances throughout the quarter, partially offset by lower costs on those deposits and a decline in the average balance of FHLB advances. Interest expense related to interest-bearing deposits increased $1.7 million, or 3.6%, driven primarily by higher average balances, partially offset by a decline of 17 bps in the cost of funds to 4.13%.

The increase in interest expense was driven primarily by CDs as average balances increased $185.9 million, or 9.7%, compared to the linked quarter, driven by strong consumer demand, partially offset by a 4 bp decrease in the cost of funds. The decrease in the cost of funds for CDs is the second consecutive quarter of declining costs, reflecting the favorable repricing gap between new production and maturities. The weighted-average cost of new CDs during the fourth quarter of 2024 was 4.23%, or 78 bps lower than the cost of maturing CDs. Although medium-to-longer term treasury rates increased during the fourth quarter of 2024, the Company held CD pricing constant through most of the quarter and further lowered CD rates in December following the Fed’s rate cut that month. Additionally, the average balance of fintech – brokered deposits increased $55.5 million, or 36.3%, due to higher payments volume, partially offset by a 34 bp decrease in the cost of funds. Furthermore, the average balance of interest-bearing demand deposits increased $63.1 million, or 12.3%, which was almost completely offset by a decline of 23 bps in the cost of funds. During the fourth quarter of 2024, the Bank submitted a notice of reliance on the primary purpose exemption with the Federal Deposit Insurance Corporation related to fintech deposits that had been classified as brokered, and as of December 31, 2024, reclassified these deposits to interest-bearing demand deposits.

These increases were partially offset by a decline in interest expense related to money market accounts and brokered deposits. While the average balance of money market accounts increased slightly, the cost of funds decreased 26 bps. Similarly, the average balance of brokered deposits increased during the fourth quarter, which was more than offset by a decline of 30 bps in the cost of funds. The decline in the cost of money market accounts and brokered deposits was driven primarily by the Fed rate cuts in the third and fourth quarters of 2024. Additionally, the Company paid down higher- cost brokered CD issuances during the fourth quarter of 2024.

Interest expense also benefitted from a lower average balance of FHLB advances as the Company deployed liquidity to pay down $220.0 million of advances during the fourth quarter of 2024.

Net interest margin (“NIM”) was 1.67% for the fourth quarter of 2024, up from 1.62% for the third quarter of 2024, and up from 1.58% for the fourth quarter of 2023. Fully taxable equivalent NIM (“FTE NIM”) was 1.75% for the fourth quarter of 2024, up from 1.70% for the third quarter of 2024, and up from 1.68% for the fourth quarter of 2023. The increases in NIM and FTE NIM compared to the linked quarter were due to the decline in the cost of interest-bearing liabilities outpacing the decrease in the yield on interest-earning assets following the Fed rate cuts that began in late September of 2024.

Noninterest Income

Noninterest income for the fourth quarter of 2024 was $15.9 million, up from $12.0 million in the third quarter of 2024, and up from $7.4 million in the fourth quarter of 2023. During the fourth quarter of 2024, the Company recognized $4.7 million of prepayment and terminated interest rate swap gains related to the paydown of FHLB advances. Excluding these gains, adjusted noninterest income for the quarter was $11.2 million, down 6.9% from the third quarter of 2024. Gain on sale of loans totaled $8.6 million for the fourth quarter of 2024, down $1.4 million, or 13.7%, from the linked quarter. Gain on sale revenue consisted almost entirely of sales of U.S. Small Business Administration (“SBA”) 7(a) guaranteed loans during the fourth quarter of 2024. SBA loan sale volume during the fourth quarter of 2024 was down 18.5% compared to the third quarter of 2024, while net premiums increased 30 bps. The decline in loan sale volume was due mainly to a timing issue as a significant portion of originations during the quarter closed late in December and will not be sold in the secondary market until January of 2025. The decline in gain-on-sale revenue was partially offset by higher net loan servicing revenue, which increased $0.7 million, due primarily to growth in the servicing portfolio and a lower fair value adjustment to the loan servicing asset.

Noninterest Expense

Noninterest expense totaled $24.0 million for the fourth quarter of 2024, compared to $22.8 million for the third quarter of 2024, and $20.1 million for the fourth quarter of 2023, representing increases of 5.1% and 19.5%, respectively. The increase of $1.2 million compared to the linked quarter was due primarily to higher salaries and employee benefits, other noninterest expense and deposit insurance premium. The increase in salaries and employee benefits was driven by staff additions in small business lending, risk management and information technology as the Company continues to invest in key areas. The increase in other noninterest expense was due to seasonal expenses while the increase in deposit insurance premium was due mainly to year-over-year asset growth.

Income Taxes

The Company recorded income tax expense of $1.0 million and an effective tax rate of 12.0% for the fourth quarter of 2024, compared to income tax expense of $0.6 million and an effective tax rate of 8.1% for the third quarter of 2024, and an income tax benefit of $0.6 million for the fourth quarter of 2023. The increase in the effective tax rate for the fourth quarter of 2024 reflects higher pre-tax income compared to prior quarters.

Loans and Credit Quality

Total loans as of December 31, 2024, were $4.2 billion, an increase of $134.8 million, or 3.3%, compared to September 30, 2024, and an increase of $330.4 million, or 8.6%, compared to December 31, 2023. Total commercial loan balances were $3.3 billion as of December 31, 2024, an increase of $139.1 million, or 4.3%, compared to September 30, 2024, and an increase of $336.7 million, or 11.2%, compared to December 31, 2023. During the fourth quarter of 2024, the Company experienced strong growth across most of its commercial lines of business with notable contributions from construction, small business lending, public finance and single tenant lease financing.

Total consumer loan balances were $801.4 million as of December 31, 2024, a decrease of $2.0 million, or 0.2%, compared to September 30, 2024, and an increase of $4.5 million, or 0.6%, compared to December 31, 2023. The decrease compared to the linked quarter was due primarily to lower balances in the residential mortgage and home equity portfolios, partially offset by a higher balance in the trailers portfolio.

Total delinquencies 30 days or more past due, excluding nonperforming loans, were 0.63% of total performing loans as of December 31, 2024, compared to 0.36% at September 30, 2024 and 0.11% as of December 31, 2023. The increase compared to the linked quarter was due primarily to an increase in delinquencies in the small business lending and franchise finance portfolios, some of which was due to the timing of principal and interest payments. Subsequent to quarter end, payments were received from certain borrowers and as of the date of this release, delinquencies 30 days or more past due declined to 0.44% of total performing loans.

Nonperforming loans were 0.68% of total loans as of December 31, 2024, compared to 0.56% as of September 30, 2024, and 0.26% as of December 31, 2023. Nonperforming loans totaled $28.4 million at December 31, 2024, up from $22.5 million at September 30, 2024, and up from $10.0 million at December 31, 2023. The increase in nonperforming loans during the fourth quarter of 2024 was due primarily to franchise finance and small business lending loans that were placed on nonaccrual during the quarter. At quarter end, there were $8.2 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 December 31, 2024, compared to 1.13% as of September 30, 2024, and 1.01% as of December 31, 2023. The decrease in the ACL compared to the linked quarter reflects the decline in specific reserves and the elevated net charge-off activity discussed below, partially offset by qualitative adjustments to the small business lending ACL and overall loan growth.

Net charge-offs of $9.4 million were recognized during the fourth quarter of 2024, resulting in net charge-offs to average loans of 0.91%, compared to $1.5 million, or 0.15%, for the third quarter of 2024 and $1.2 million, or 0.12%, for the fourth quarter of 2023. Net charge-offs in the fourth quarter of 2024 were elevated as the Company took action to resolve problem small business lending loans and de-risk the portfolio. Approximately $3.4 million of net charge-offs recognized during the quarter were related to small business lending loans with existing specific reserves.

The provision for credit losses in the fourth quarter of 2024 was $7.2 million, compared to $3.4 million for the third quarter of 2024, and $3.6 million for the fourth quarter of 2023. The provision for the fourth quarter of 2024 was driven primarily by the elevated net charge-offs, qualitative adjustments to the small business lending ACL and overall loan growth, partially offset by the decline in specific reserves and adjustments to qualitative factors on other portfolios.

Capital

As of December 31, 2024, total shareholders’ equity was $384.1 million, a decrease of $1.1 million, or 0.3%, compared to September 30, 2024, and an increase of $21.3 million, or 5.9%, compared to December 31, 2023. The modest decrease in shareholders’ equity during the fourth quarter of 2024 compared to the linked quarter was due primarily to an increase in accumulated other comprehensive loss driven by higher intermediate and long-term interest rates at quarter end, partially offset by the net income earned during the quarter. Book value per common share was $44.31 as of December 31, 2024, down from $44.43 as of September 30, 2024, and up from $41.97 as of December 31, 2023. Tangible book value per share was $43.77, down from $43.89 as of September 30, 2024, and up from $41.43 as of December 31, 2023.

The following table presents the Company’s and the Bank’s regulatory and other capital ratios as of December 31, 2024.

		As of December 31, 2024
		Company		Bank
Total shareholders' equity to assets		6.69%		8.01%
Tangible common equity to tangible assets 1		6.62%		7.93%
Tier 1 leverage ratio 2		6.91%		8.22%
Common equity tier 1 capital ratio 2		9.30%		11.06%
Tier 1 capital ratio 2		9.30%		11.06%
Total risk-based capital ratio 2		12.61%		12.11%
1 This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures."
2 Regulatory capital ratios are preliminary pending filing of the Company's and the Bank's regulatory reports.

Conference Call and Webcast

The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, January 23, 2025 to discuss its quarterly financial results. The call can be accessed via telephone at (800) 549-8228; access code: 28199. A recorded replay can be accessed through January 30, 2025 by dialing (888) 660-6264; access code: 28199 #.

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

About First Internet Bancorp

First Internet Bancorp is a bank holding company with assets of $5.7 billion as of December 31, 2024. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2024				2024				2023				2024				2023
Net income		$	7,330			$	6,990			$	4,143			$	25,276			$	8,417
Per share and share information
Earnings per share - basic		$	0.84			$	0.80			$	0.48			$	2.91			$	0.95
Earnings per share - diluted			0.83				0.80				0.48				2.88				0.95
Dividends declared per share			0.06				0.06				0.06				0.24				0.24
Book value per common share			44.31				44.43				41.97				44.31				41.97
Tangible book value per common share 1			43.77				43.89				41.43				43.77				41.43
Common shares outstanding			8,667,894				8,667,894				8,644,451				8,667,894				8,644,451
Average common shares outstanding:
Basic			8,696,704				8,696,634				8,683,331				8,690,416				8,837,558
Diluted			8,788,793				8,768,731				8,720,078				8,765,725				8,858,890
Performance ratios
Return on average assets			0.50	%			0.50	%			0.32	%			0.46	%			0.17	%
Return on average shareholders' equity			7.49	%			7.32	%			4.66	%			6.70	%			2.35	%
Return on average tangible common equity 1			7.58	%			7.41	%			4.72	%			6.78	%			2.38	%
Net interest margin			1.67	%			1.62	%			1.58	%			1.65	%			1.56	%
Net interest margin - FTE 1,2			1.75	%			1.70	%			1.68	%			1.74	%			1.67	%
Capital ratios 3
Total shareholders' equity to assets			6.69	%			6.61	%			7.02	%			6.69	%			7.02	%
Tangible common equity to tangible assets 1			6.62	%			6.54	%			6.94	%			6.62	%			6.94	%
Tier 1 leverage ratio		6.91		%			7.13	%			7.33	%		6.91		%			7.33	%
Common equity tier 1 capital ratio		9.30		%			9.37	%			9.60	%		9.30		%			9.60	%
Tier 1 capital ratio		9.30		%			9.37	%			9.60	%		9.30		%			9.60	%
Total risk-based capital ratio		12.61		%			12.79	%			13.23	%		12.61		%			13.23	%
Asset quality
Nonperforming loans		$	28,421			$	22,478			$	9,962			$	28,421			$	9,962
Nonperforming assets			28,905				22,944				10,354				28,905				10,354
Nonperforming loans to loans			0.68	%			0.56	%			0.26	%			0.68	%			0.26	%
Nonperforming assets to total assets			0.50	%			0.39	%			0.20	%			0.50	%			0.20	%
Allowance for credit losses - loans to:
Loans			1.07	%			1.13	%			1.01	%			1.07	%			1.01	%
Nonperforming loans			157.5	%			203.4	%			389.2	%			157.5	%			389.2	%
Net charge-offs to average loans			0.91	%			0.15	%			0.12	%			0.32	%			0.31	%
Average balance sheet information
Loans		$	4,123,510			$	4,022,196			$	3,799,211			$	3,992,031			$	3,682,490
Total securities			841,700				792,409				683,468				770,793				624,050
Other earning assets			636,377				526,384				500,733				516,836				500,061
Total interest-earning assets			5,607,195				5,348,153				4,984,133				5,285,026				4,809,840
Total assets			5,782,116				5,523,910				5,154,285				5,462,730				4,968,514
Noninterest-bearing deposits			114,311				113,009				123,351				114,396				125,816
Interest-bearing deposits			4,726,449				4,384,078				3,935,519				4,318,926				3,744,964
Total deposits			4,840,760				4,497,087				4,058,870				4,433,322				3,870,780
Shareholders' equity			389,435				380,061				353,037				377,215				357,800
1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports

First Internet Bancorp
Condensed Consolidated Balance Sheets (unaudited, except for December 31, 2023)
Dollar amounts in thousands
		December 31,				September 30,				December 31,
		2024				2024				2023
Assets
Cash and due from banks		$	9,249			$	6,539			$	8,269
Interest-bearing deposits			457,161				705,940				397,629
Securities available-for-sale, at fair value			587,355				575,257				474,855
Securities held-to-maturity, at amortized cost, net of allowance for credit losses			249,796				263,320				227,153
Loans held-for-sale			54,695				32,996				22,052
Loans			4,170,646				4,035,880				3,840,220
Allowance for credit losses - loans			(44,769	)			(45,721	)			(38,774	)
Net loans			4,125,877				3,990,159				3,801,446
Accrued interest receivable			28,180				27,750				26,746
Federal Home Loan Bank of Indianapolis stock			28,350				28,350				28,350
Cash surrender value of bank-owned life insurance			41,394				41,111				40,882
Premises and equipment, net			71,453				72,150				73,463
Goodwill			4,687				4,687				4,687
Servicing asset			16,389				14,662				10,567
Other real estate owned			272				251				375
Accrued income and other assets			63,001				60,087				51,098
Total assets		$	5,737,859			$	5,823,259			$	5,167,572
Liabilities
Noninterest-bearing deposits		$	136,451			$	111,591			$	123,464
Interest-bearing deposits			4,796,755				4,686,119				3,943,509
Total deposits			4,933,206				4,797,710				4,066,973
Advances from Federal Home Loan Bank			295,000				515,000				614,934
Subordinated debt			105,150				105,071				104,838
Accrued interest payable			2,495				2,808				3,848
Accrued expenses and other liabilities			17,945				17,541				14,184
Total liabilities			5,353,796				5,438,130				4,804,777
Shareholders' equity
Voting common stock			186,094				185,631				184,700
Retained earnings			230,622				223,824				207,470
Accumulated other comprehensive loss			(32,653	)			(24,326	)			(29,375	)
Total shareholders' equity			384,063				385,129				362,795
Total liabilities and shareholders' equity		$	5,737,859			$	5,823,259			$	5,167,572

First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited, except for the twelve months ended December 31, 2023)
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2024				2024				2023				2024				2023
Interest income
Loans		$	61,523			$	59,792			$	52,690			$	233,844			$	192,337
Securities - taxable			7,619				6,953				5,447				26,742				17,189
Securities - non-taxable			794				1,042				962				3,775				3,532
Other earning assets			7,835				7,203				7,173				27,526				26,384
Total interest income			77,771				74,990				66,272				291,887				239,442
Interest expense
Deposits			49,111				47,415				41,078				183,150				143,363
Other borrowed funds			5,109				5,810				5,387				21,360				21,175
Total interest expense			54,220				53,225				46,465				204,510				164,538
Net interest income			23,551				21,765				19,807				87,377				74,904
Provision for credit losses			7,201				3,390				3,594				17,070				16,653
Net interest income after provision
for credit losses			16,350				18,375				16,213				70,307				58,251
Noninterest income
Service charges and fees			248				245				216				959				851
Loan servicing revenue			1,825				1,570				1,134				6,188				3,833
Loan servicing asset revaluation			(428	)			(846	)			(793	)			(2,537	)			(1,463	)
Mortgage banking activities			-				-				-				-				76
Gain on sale of loans			8,568				9,933				6,028				33,329				20,526
Other			5,723				1,127				816				9,406				2,302
Total noninterest income			15,936				12,029				7,401				47,345				26,125
Noninterest expense
Salaries and employee benefits			14,042				13,456				11,055				51,756				45,322
Marketing, advertising and promotion			696				548				518				2,589				2,567
Consulting and professional fees			967				902				893				3,744				3,082
Data processing			603				675				493				2,448				2,373
Loan expenses			1,381				1,524				1,371				5,947				5,756
Premises and equipment			3,004				2,918				2,846				11,902				10,599
Deposit insurance premium			1,464				1,219				1,334				5,000				3,880
Other			1,800				1,552				1,546				6,724				5,857
Total noninterest expense			23,957				22,794				20,056				90,110				79,436
Income before income taxes			8,329				7,610				3,558				27,542				4,940
Income tax provision (benefit)			999				620				(585	)			2,266				(3,477	)
Net income		$	7,330			$	6,990			$	4,143			$	25,276			$	8,417
Per common share data
Earnings per share - basic		$	0.84			$	0.80			$	0.48			$	2.91			$	0.95
Earnings per share - diluted		$	0.83			$	0.80			$	0.48			$	2.88			$	0.95
Dividends declared per share		$	0.06			$	0.06			$	0.06			$	0.24			$	0.24
All periods presented have been reclassified to conform to the current period classification

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
		Three Months Ended
		December 31, 2024										September 30, 2024										December 31, 2023
		Average				Interest /			Yield /			Average				Interest /			Yield /			Average				Interest /			Yield /
		Balance				Dividends			Cost			Balance				Dividends			Cost			Balance				Dividends			Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1		$	4,129,118			$	61,523		5.93	%		$	4,029,360			$	59,792		5.90	%		$	3,799,932			$	52,690		5.50	%
Securities - taxable			758,560				7,619		4.00	%			713,992				6,953		3.87	%			611,664				5,447		3.53	%
Securities - non-taxable			83,140				794		3.80	%			78,417				1,042		5.29	%			71,804				962		5.32	%
Other earning assets			636,377				7,835		4.90	%			526,384				7,203		5.44	%			500,733				7,173		5.68	%
Total interest-earning assets			5,607,195				77,771		5.52	%			5,348,153				74,990		5.58	%			4,984,133				66,272		5.28	%
Allowance for credit losses - loans			(46,427	)									(44,572	)									(36,792	)
Noninterest-earning assets			221,348										220,329										206,944
Total assets		$	5,782,116									$	5,523,910									$	5,154,285
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	574,577			$	2,910		2.01	%		$	511,446			$	2,880		2.24	%		$	382,427			$	1,646		1.71	%
Savings accounts			21,072				45		0.85	%			22,774				48		0.84	%			22,394				48		0.85	%
Money market accounts			1,236,116				12,309		3.96	%			1,224,680				12,980		4.22	%			1,225,781				12,739		4.12	%
Fintech - brokered deposits			208,545				2,111		4.03	%			153,012				1,682		4.37	%			62,098				685		4.38	%
Certificates and brokered deposits			2,686,139				31,736		4.70	%			2,472,166				29,825		4.80	%			2,242,819				25,960		4.59	%
Total interest-bearing deposits			4,726,449				49,111		4.13	%			4,384,078				47,415		4.30	%			3,935,519				41,078		4.14	%
Other borrowed funds			528,806				5,109		3.84	%			620,032				5,810		3.73	%			719,733				5,387		2.97	%
Total interest-bearing liabilities			5,255,255				54,220		4.10	%			5,004,110				53,225		4.23	%			4,655,252				46,465		3.96	%
Noninterest-bearing deposits			114,311										113,009										123,351
Other noninterest-bearing liabilities			23,115										26,730										22,645
Total liabilities			5,392,681										5,143,849										4,801,248
Shareholders' equity			389,435										380,061										353,037
Total liabilities and shareholders' equity		$	5,782,116									$	5,523,910									$	5,154,285
Net interest income						$	23,551									$	21,765									$	19,807
Interest rate spread									1.42	%									1.35	%									1.32	%
Net interest margin									1.67	%									1.62	%									1.58	%
Net interest margin - FTE 2,3									1.75	%									1.70	%									1.68	%
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

First Internet Bancorp
Average Balances and Rates (unaudited)
Dollar amounts in thousands
		Twelve Months Ended
		December 31, 2024										December 31, 2023
		Average				Interest /			Yield /			Average				Interest /			Yield /
		Balance				Dividends			Cost			Balance				Dividends			Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1		$	3,997,397			$	233,844		5.85	%		$	3,685,729			$	192,337		5.22	%
Securities - taxable			692,806				26,742		3.86	%			551,479				17,189		3.12	%
Securities - non-taxable			77,987				3,775		4.84	%			72,571				3,532		4.87	%
Other earning assets			516,836				27,526		5.33	%			500,061				26,384		5.28	%
Total interest-earning assets			5,285,026				291,887		5.52	%			4,809,840				239,442		4.98	%
Allowance for credit losses - loans			(42,758	)									(36,038	)
Noninterest-earning assets			220,462										194,712
Total assets		$	5,462,730									$	4,968,514
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits		$	494,082			$	10,448		2.11	%		$	366,082			$	6,186		1.69	%
Savings accounts			22,336				189		0.85	%			29,200				249		0.85	%
Money market accounts			1,230,443				51,036		4.15	%			1,276,602				49,890		3.91	%
Fintech - brokered deposits			141,860				6,023		4.25	%			33,039				1,402		4.24	%
Certificates and brokered deposits			2,430,205				115,454		4.75	%			2,040,041				85,636		4.20	%
Total interest-bearing deposits			4,318,926				183,150		4.24	%			3,744,964				143,363		3.83	%
Other borrowed funds			629,137				21,360		3.40	%			719,617				21,175		2.94	%
Total interest-bearing liabilities			4,948,063				204,510		4.13	%			4,464,581				164,538		3.69	%
Noninterest-bearing deposits			114,396										125,816
Other noninterest-bearing liabilities			23,056										20,317
Total liabilities			5,085,515										4,610,714
Shareholders' equity			377,215										357,800
Total liabilities and shareholders' equity		$	5,462,730									$	4,968,514
Net interest income						$	87,377									$	74,904
Interest rate spread									1.39	%									1.29	%
Net interest margin									1.65	%									1.56	%
Net interest margin - FTE 2,3									1.74	%									1.67	%
1 Includes nonaccrual loans
2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate
3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below

First Internet Bancorp
Loans and Deposits (unaudited)
Dollar amounts in thousands
		December 31, 2024						September 30, 2024						December 31, 2023
		Amount			Percent			Amount			Percent			Amount			Percent
Commercial loans
Commercial and industrial		$	120,175		2.9	%		$	111,199		2.8	%		$	129,349		3.4	%
Owner-occupied commercial real estate			53,591		1.3	%			56,461		1.4	%			57,286		1.5	%
Investor commercial real estate			269,431		6.5	%			260,614		6.5	%			132,077		3.4	%
Construction			413,523		9.9	%			340,954		8.4	%			261,750		6.8	%
Single tenant lease financing			949,748		22.7	%			932,148		23.1	%			936,616		24.4	%
Public finance			485,867		11.6	%			462,730		11.5	%			521,764		13.6	%
Healthcare finance			181,427		4.4	%			190,287		4.7	%			222,793		5.8	%
Small business lending			331,914		8.0	%			298,645		7.4	%			218,506		5.7	%
Franchise finance			536,909		12.9	%			550,442		13.6	%			525,783		13.7	%
Total commercial loans			3,342,585		80.2	%			3,203,480		79.4	%			3,005,924		78.3	%
Consumer loans
Residential mortgage			375,160		9.0	%			378,701		9.4	%			395,648		10.3	%
Home equity			18,274		0.4	%			20,264		0.5	%			23,669		0.6	%
Trailers			210,575		5.0	%			205,230		5.1	%			188,763		4.9	%
Recreational vehicles			149,342		3.6	%			150,378		3.7	%			145,558		3.8	%
Other consumer loans			48,030		1.2	%			48,780		1.2	%			43,293		1.1	%
Total consumer loans			801,381		19.2	%			803,353		19.9	%			796,931		20.7	%
Net deferred loan fees, premiums, discounts and other 1			26,680		0.6	%			29,047		0.7	%			37,365		1.0	%
Total loans		$	4,170,646		100.0	%		$	4,035,880		100.0	%		$	3,840,220		100.0	%
		December 31, 2024						September 30, 2024						December 31, 2023
		Amount			Percent			Amount			Percent			Amount			Percent
Deposits
Noninterest-bearing deposits		$	136,451		2.8	%		$	111,591		2.3	%		$	123,464		3.0	%
Interest-bearing demand deposits			896,661		18.2	%			538,484		11.2	%			402,976		9.9	%
Savings accounts			19,823		0.4	%			21,712		0.5	%			21,364		0.5	%
Money market accounts			1,183,789		24.0	%			1,230,707		25.7	%			1,248,319		30.8	%
Fintech - brokered deposits			-		0.0	%			211,814		4.4	%			74,401		1.8	%
Certificates of deposits			2,133,455		43.2	%			2,110,618		44.0	%			1,605,156		39.5	%
Brokered deposits			563,027		11.4	%			572,784		11.9	%			591,293		14.5	%
Total deposits		$	4,933,206		100.0	%		$	4,797,710		100.0	%		$	4,066,973		100.0	%
1 Includes carrying value adjustments of $22.9 million, $24.1 million and $27.8 million related to terminated interest rate swaps associated with public finance loans as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2024				2024				2023				2024				2023
Total equity - GAAP		$	384,063			$	385,129			$	362,795			$	384,063			$	362,795
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible common equity		$	379,376			$	380,442			$	358,108			$	379,376			$	358,108
Total assets - GAAP		$	5,737,859			$	5,823,259			$	5,167,572			$	5,737,859			$	5,167,572
Adjustments:
Goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Tangible assets		$	5,733,172			$	5,818,572			$	5,162,885			$	5,733,172			$	5,162,885
Common shares outstanding			8,667,894				8,667,894				8,644,451				8,667,894				8,644,451
Book value per common share		$	44.31			$	44.43			$	41.97			$	44.31			$	41.97
Effect of goodwill			(0.54	)			(0.54	)			(0.54	)			(0.54	)			(0.54	)
Tangible book value per common share		$	43.77			$	43.89			$	41.43			$	43.77			$	41.43
Total shareholders' equity to assets			6.69	%			6.61	%			7.02	%			6.69	%			7.02	%
Effect of goodwill			(0.07	%)			(0.07	%)			(0.08	%)			(0.07	%)			(0.08	%)
Tangible common equity to tangible assets			6.62	%			6.54	%			6.94	%			6.62	%			6.94	%
Total average equity - GAAP		$	389,435			$	380,061			$	353,037			$	377,215			$	357,800
Adjustments:
Average goodwill			(4,687	)			(4,687	)			(4,687	)			(4,687	)			(4,687	)
Average tangible common equity		$	384,748			$	375,374			$	348,350			$	372,528			$	353,113
Return on average shareholders' equity			7.49	%			7.32	%			4.66	%			6.70	%			2.35	%
Effect of goodwill			0.09	%			0.09	%			0.06	%			0.08	%			0.03	%
Return on average tangible common equity			7.58	%			7.41	%			4.72	%			6.78	%			2.38	%
Total interest income		$	77,771			$	74,990			$	66,272			$	291,887			$	239,442
Adjustments:
Fully-taxable equivalent adjustments 1			1,152				1,133				1,238				4,650				5,233
Total interest income - FTE		$	78,923			$	76,123			$	67,510			$	296,537			$	244,675
Net interest income		$	23,551			$	21,765			$	19,807			$	87,377			$	74,904
Adjustments:
Fully-taxable equivalent adjustments 1			1,152				1,133				1,238				4,650				5,233
Net interest income - FTE		$	24,703			$	22,898			$	21,045			$	92,027			$	80,137
Net interest margin			1.67	%			1.62	%			1.58	%			1.65	%			1.56	%
Effect of fully-taxable equivalent adjustments 1			0.08	%			0.08	%			0.10	%			0.09	%			0.11	%
Net interest margin - FTE			1.75	%			1.70	%			1.68	%			1.74	%			1.67	%
1 Assuming a 21% tax rate

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended											Twelve Months Ended
		December 31,				September 30,			December 31,				December 31,				December 31,
		2024				2024			2023				2024				2023
Total revenue - GAAP		$	39,487			$	33,794		$	27,208			$	134,722			$	101,029
Adjustments:
Mortgage-related revenue			-				-			-				-				(65	)
Gain on prepayment of FHLB advances			(1,829	)			-			-				(1,829	)			-
Gain on termination of swaps			(2,904	)			-			-				(2,904	)			-
Adjusted total revenue		$	34,754			$	33,794		$	27,208			$	129,989			$	100,964
Noninterest income - GAAP		$	15,936			$	12,029		$	7,401			$	47,345			$	26,125
Adjustments:
Mortgage-related revenue			-				-			-				-				(65	)
Gain on prepayment of FHLB advances			(1,829	)			-			-				(1,829	)			-
Gain on termination of swaps			(2,904	)			-			-				(2,904	)			-
Adjusted noninterest income		$	11,203			$	12,029		$	7,401			$	42,612			$	26,060
Noninterest expense - GAAP		$	23,957			$	22,794		$	20,056			$	90,110			$	79,436
Adjustments:
Mortgage-related costs			-				-			-				-				(3,052	)
IT termination fees			-				-			-				(452	)			-
Anniversary expenses			-				-			-				(120	)			-
Adjusted noninterest expense		$	23,957			$	22,794		$	20,056			$	89,538			$	76,384
Income before income taxes - GAAP		$	8,329			$	7,610		$	3,558			$	27,542			$	4,940
Adjustments:1
Mortgage-related revenue			-				-			-				-				(65	)
Mortgage-related costs			-				-			-				-				3,052
Partial charge-off of C&I participation loan			-				-			-				-				6,914
IT termination fees			-				-			-				452				-
Anniversary expenses			-				-			-				120				-
Gain on prepayment of FHLB advances			(1,829	)			-			-				(1,829	)			-
Gain on termination of swaps			(2,904	)			-			-				(2,904	)			-
Adjusted income before income taxes		$	3,596			$	7,610		$	3,558			$	23,381			$	14,841
Income tax provision (benefit) - GAAP		$	999			$	620		$	(585	)		$	2,266			$	(3,477	)
Adjustments:1
Mortgage-related revenue			-				-			-				-				(14	)
Mortgage-related costs			-				-			-				-				641
Partial charge-off of C&I participation loan			-				-			-				-				1,452
IT termination fees			-				-			-				95				-
Anniversary expenses			-				-			-				25				-
Gain on prepayment of FHLB advances			(384	)			-			-				(384	)			-
Gain on termination of swaps			(610	)			-			-				(610	)			-
Adjusted income tax provision (benefit)		$	5			$	620		$	(585	)		$	1,392			$	(1,398	)
Net income - GAAP		$	7,330			$	6,990		$	4,143			$	25,276			$	8,417
Adjustments:
Mortgage-related revenue			-				-			-				-				(51	)
Mortgage-related costs			-				-			-				-				2,411
Partial charge-off of C&I participation loan			-				-			-				-				5,462
IT termination fees			-				-			-				357				-
Anniversary expenses			-				-			-				95				-
Gain on prepayment of FHLB advances			(1,445	)			-			-				(1,445	)			-
Gain on termination of swaps			(2,294	)			-			-				(2,294	)			-
Adjusted net income		$	3,591			$	6,990		$	4,143			$	21,989			$	16,239
1 Assuming a 21% tax rate

First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2024				2024				2023				2024				2023
Diluted average common shares outstanding			8,788,793				8,768,731				8,720,078				8,765,725				8,858,890
Diluted earnings per share - GAAP		$	0.83			$	0.80			$	0.48			$	2.88			$	0.95
Adjustments:
Effect of mortgage-related revenue			-				-				-				-				(0.01	)
Effect of mortgage-related costs			-				-				-				-				0.27
Effect of partial charge-off of C&I participation loan			-				-				-				-				0.62
Effect of IT termination fees			-				-				-				0.04				-
Effect of anniversary expenses			-				-				-				0.01				-
Effect of gain on prepayment of FHLB advances			(0.16	)			-				-				(0.16	)			-
Effect of gain on termination of swaps			(0.26	)			-				-				(0.26	)			-
Adjusted diluted earnings per share		$	0.41			$	0.80			$	0.48			$	2.51			$	1.83
Return on average assets			0.50	%			0.50	%			0.32	%			0.46	%			0.17	%
Effect of mortgage-related revenue			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
Effect of mortgage-related costs			0.00	%			0.00	%			0.00	%			0.00	%			0.05	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			0.00	%			0.11	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.01	%			0.00	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
Effect of gain on prepayment of FHLB advances			(0.10	%)			0.00	%			0.00	%			(0.03	%)			0.00	%
Effect of gain on termination of swaps			(0.16	%)			0.00	%			0.00	%			(0.04	%)			0.00	%
Adjusted return on average assets			0.24	%			0.50	%			0.32	%			0.40	%			0.33	%
Return on average shareholders' equity			7.49	%			7.32	%			4.66	%			6.70	%			2.35	%
Effect of mortgage-related revenue			0.00	%			0.00	%			0.00	%			0.00	%			(0.01	%)
Effect of mortgage-related costs			0.00	%			0.00	%			0.00	%			0.00	%			0.67	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			0.00	%			1.53	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.09	%			0.00	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.03	%			0.00	%
Effect of gain on prepayment of FHLB advances			(1.48	%)			0.00	%			0.00	%			(0.38	%)			0.00	%
Effect of gain on termination of swaps			(2.34	%)			0.00	%			0.00	%			(0.61	%)			0.00	%
Adjusted return on average shareholders' equity			3.67	%			7.32	%			4.66	%			5.83	%			4.54	%
Return on average tangible common equity			7.58	%			7.41	%			4.72	%			6.78	%			2.38	%
Effect of mortgage-related revenue			0.00	%			0.00	%			0.00	%			0.00	%			(0.01	%)
Effect of mortgage-related costs			0.00	%			0.00	%			0.00	%			0.00	%			0.68	%
Effect of partial charge-off of C&I participation loan			0.00	%			0.00	%			0.00	%			0.00	%			1.55	%
Effect of IT termination fees			0.00	%			0.00	%			0.00	%			0.10	%			0.00	%
Effect of anniversary expenses			0.00	%			0.00	%			0.00	%			0.03	%			0.00	%
Effect of gain on prepayment of FHLB advances			(1.49	%)			0.00	%			0.00	%			(0.39	%)			0.00	%
Effect of gain on termination of swaps			(2.37	%)			0.00	%			0.00	%			(0.62	%)			0.00	%
Adjusted return on average tangible common equity			3.72	%			7.41	%			4.72	%			5.90	%			4.60	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250120819618/en/

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

Media

PANBlast for First Internet Bank

Zach Weismiller

firstib@panblastpr.com

Source: First Internet Bancorp

FAQ

What was First Internet Bancorp's (INBK) net income for Q4 2024?

First Internet Bancorp reported a net income of $7.3 million for Q4 2024, representing a 4.9% increase from Q3 2024.

How much did INBK's loan portfolio grow in Q4 2024?

INBK's loan portfolio grew by $134.8 million in Q4 2024, representing a 3.3% increase from the previous quarter.

What was INBK's net interest margin in Q4 2024?

INBK's net interest margin was 1.67% in Q4 2024, an increase of 5 basis points from Q3 2024.

How much did INBK's deposits grow in Q4 2024?

INBK's deposits grew by $135.5 million in Q4 2024, representing a 2.8% increase from Q3 2024.

What was INBK's full-year net income growth in 2024?

INBK's full-year net income for 2024 was $25.3 million, representing a 200.3% increase from 2023.