# First Internet Bancorp (INBK)

Informational only - not investment advice.

CIK: 0001562463
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1562463
Filing source: https://www.sec.gov/Archives/edgar/data/1562463/000156246326000022/inbk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-11 · accession 0001562463-26-000022 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562463.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 320,157,000 USD | 2025 | verified |
| Net income | -35,168,000 USD | 2025 | verified |
| Assets | 5,571,647,000 USD | 2025 | verified |
| Free cash flow | 2,221,000 USD | 2025 | computed |
| Net margin | -10.98% | 2025 | computed |
| Revenue YoY | +9.69% | 2025 | computed |
| ROE | -9.78% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | INBK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -11.0% | 21.9% | 3 | 149 |
| Revenue growth | 9.7% | 6.0% | 69 | 148 |
| FCF margin | 0.7% | 23.8% | 4 | 133 |
| ROE | -9.8% | 9.6% | 2 | 149 |
| ROA | -0.6% | 1.1% | 3 | 149 |
| Liabilities / equity | 14.49 | 8.04 | 99 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 320157000 | USD | 2025 | 2026-03-11 |
| Net income | -35168000 | USD | 2025 | 2026-03-11 |
| Assets | 5571647000 | USD | 2025 | 2026-03-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562463.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 58,899,000 | 84,697,000 | 115,467,000 | 147,414,000 | 136,859,000 | 133,883,000 | 156,908,000 | 239,442,000 | 291,887,000 | 320,157,000 |
| Net income | 12,074,000 | 15,226,000 | 21,900,000 | 25,239,000 | 29,453,000 | 48,114,000 | 35,541,000 | 8,417,000 | 25,276,000 | -35,168,000 |
| Diluted EPS | 2.30 | 2.13 | 2.30 | 2.51 | 2.99 | 4.82 | 3.70 | 0.95 | 2.88 | -4.03 |
| Operating cash flow |  | 24,624,000 | 29,356,000 | -43,577,000 | 13,068,000 | 54,840,000 | 82,723,000 | 11,680,000 | 12,992,000 | 3,449,000 |
| Capital expenditures | 3,173,000 | 1,517,000 | 2,219,000 | 4,105,000 | 25,559,000 | 29,892,000 | 17,517,000 | 5,367,000 | 2,592,000 | 1,228,000 |
| Dividends paid | 1,199,000 | 1,675,000 | 2,230,000 | 2,418,000 | 2,349,000 | 2,415,000 | 2,317,000 | 2,156,000 | 2,078,000 | 2,087,000 |
| Share buybacks | 0.00 | 0.00 | 216,000 | 9,784,000 | 0.00 | 4,436,000 | 27,780,000 | 9,340,000 | 283,000 | 521,000 |
| Assets | 1,854,335,000 | 2,767,687,000 | 3,541,692,000 | 4,100,083,000 | 4,246,156,000 | 4,210,994,000 | 4,543,104,000 | 5,167,572,000 | 5,737,859,000 | 5,571,647,000 |
| Liabilities | 1,700,393,000 | 2,543,560,000 | 3,252,957,000 | 3,795,170,000 | 3,915,212,000 | 3,830,656,000 | 4,178,130,000 | 4,804,777,000 | 5,353,796,000 | 5,211,880,000 |
| Stockholders' equity | 153,942,000 | 224,127,000 | 288,735,000 | 304,913,000 | 330,944,000 | 380,338,000 | 364,974,000 | 362,795,000 | 384,063,000 | 359,767,000 |
| Cash and cash equivalents | 39,452,000 | 47,981,000 | 188,712,000 | 327,361,000 | 419,806,000 | 442,960,000 | 256,552,000 | 405,898,000 | 466,410,000 | 456,777,000 |
| Free cash flow |  | 23,107,000 | 27,137,000 | -47,682,000 | -12,491,000 | 24,948,000 | 65,206,000 | 6,313,000 | 10,400,000 | 2,221,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 20.50% | 17.98% | 18.97% | 17.12% | 21.52% | 35.94% | 22.65% | 3.52% | 8.66% | -10.98% |
| Return on equity | 7.84% | 6.79% | 7.58% | 8.28% | 8.90% | 12.65% | 9.74% | 2.32% | 6.58% | -9.78% |
| Return on assets | 0.65% | 0.55% | 0.62% | 0.62% | 0.69% | 1.14% | 0.78% | 0.16% | 0.44% | -0.63% |
| Liabilities / equity | 11.05 | 11.35 | 11.27 | 12.45 | 11.83 | 10.07 | 11.45 | 13.24 | 13.94 | 14.49 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562463.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2021-Q3 | 2021-09-30 |  |  | 1.21 | reported discrete quarter |
| 2022-Q1 | 2022-03-31 |  |  | 1.14 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 | 36,106,000 | 9,545,000 | 0.99 | reported discrete quarter |
| 2022-Q3 | 2023-09-30 | 63,015,000 | 3,409,000 | 0.39 | reported discrete quarter |
| 2024-Q1 | 2024-03-31 | 68,165,000 | 5,181,000 | 0.59 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 70,961,000 | 5,775,000 | 0.67 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 74,990,000 | 6,990,000 | 0.80 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 77,771,000 | 7,330,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 76,829,000 | 943,000 | 0.11 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 80,886,000 | 193,000 | 0.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 84,388,000 | -41,593,000 | -4.76 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 78,054,000 | 5,289,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 75,810,000 | 2,509,000 | 0.29 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 76,636,000 | 2,367,000 | 0.27 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from INBK's latest 10-K: [/company/INBK/business/](/company/INBK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from INBK's latest 10-K: [/company/INBK/risk-factors/](/company/INBK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1562463/000156246326000088/inbk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this report. This discussion and analysis includes certain forward-looking statements that involve risks, uncertainties, and assumptions. You should review the “Risk Factors” sections of this report and our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements. See also “Cautionary Note Regarding Forward-Looking Statements” at the beginning of this report.

Overview

First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana that conducts its primary business activities through its wholly-owned subsidiary, First Internet Bank of Indiana (the “Bank”), an Indiana chartered bank. The Bank was the first state-chartered, Federal Deposit Insurance Corporation (“FDIC”) insured Internet bank and commenced banking operations in 1999. First Internet Bancorp was incorporated under the laws of the State of Indiana on September 15, 2005. On March 21, 2006, we consummated a plan of exchange by which we acquired all of the outstanding shares of the Bank.

The Bank has three wholly-owned subsidiaries: First Internet Public Finance Corp., an Indiana corporation that provides a range of public and municipal finance lending and leasing products to governmental entities throughout the United States and acquires securities issued by state and local governments and other municipalities; JKH Realty Services, LLC, a Delaware limited liability company that manages other real estate owned properties as needed; and SPF15, Inc., an Indiana corporation that owns real estate used primarily for the Bank’s principal office.

We offer a wide range of commercial, small business, consumer and municipal banking products and services. We conduct our consumer and small business deposit operations primarily through digital channels on a nationwide basis and have no traditional branch offices. Our consumer lending products are primarily originated on a nationwide basis through relationships with dealerships and financing partners.

Our commercial banking products and services are delivered through a relationship banking model or through strategic partnerships and include commercial and industrial (“C&I”) lending, construction and investor commercial real estate lending, single tenant lease financing, public finance, specialty finance, small business lending, and commercial deposits and treasury management. Our C&I team provides credit solutions such as lines of credit, term loans, owner-occupied commercial real estate loans and corporate credit cards on a regional basis to commercial borrowers primarily in the Midwest and Southwest regions of the United States. We offer construction, investor commercial real estate loans and single tenant lease financing on a nationwide basis. Our public finance team provides a range of public and municipal lending and leasing products to government entities on a nationwide basis. Our specialty finance team manages our healthcare, franchise finance and equipment finance portfolios and our commercial deposits and treasury management team works with the other commercial teams to provide deposit products and treasury management services to our commercial and municipal lending customers as well as pursues commercial deposit opportunities in business segments where we have no credit relationships.

We believe that we differentiate ourselves from larger financial institutions by providing a full suite of services to emerging small businesses and entrepreneurs on a nationwide basis. We are an active lender in the Small Business Administration (“SBA”) 7(a) program, closing $437.7 million in SBA 7(a) loans during the twelve months ended June 30,2026. We also offer a top-ranked small business checking account product to our country’s entrepreneurs.

We offer payment, deposit, card and lending products and services through partnerships with financial technology companies and platforms (“fintechs”). With the rapid evolution of technology that enables small businesses to manage their finances digitally, fintechs are addressing a significantly growing marketplace. Fintechs have created robust digital offerings, unburdened by legacy technology architecture, to address growing customer expectations. Through partnerships with selected fintechs, we believe our ability to win and retain small business relationships will be significantly enhanced. Furthermore, we believe partnering with select fintechs will allow us to further diversify our revenue sources, acquire deposits and pursue additional asset generation capabilities.

As of June 30, 2026, the Company had consolidated assets of $5.6 billion, consolidated deposits of $4.8 billion and shareholders’ equity of $363.5 million.

46

Results of Operations

During the second quarter 2026, net income was $2.4 million, or $0.27 diluted earnings per share, compared to net income of $0.2 million, or $0.02 diluted earnings per share, during the second quarter 2025, representing an increase in net income of $2.2 million, or 1,126.4%, and an increase in diluted earnings per share of $0.25, or 1,250.0%. During the six months ended June 30, 2026, net income was $4.9 million, or $0.55 diluted earnings per share, compared to the six months ended June 30, 2025 net income of $1.1 million, or $0.13 per diluted share, resulting in an increase in net income of $3.7 million, or 329.2%, and an increase in diluted earnings per share of $0.42, or 323.1%.

The $2.2 million increase in net income for the second quarter 2026 compared to the second quarter 2025 was due primarily to increases of $4.4 million, or 15.9%, in net interest income and $3.1 million, or 56.3%, in noninterest income, as well as a decrease of $0.2 million, or 1.4%, in the provision for credit losses, partially offset by an increase of $4.3 million, or 19.8%, in noninterest expense and a decrease of $1.3 million in income tax benefit.

The $3.7 million increase in net income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was due primarily to increases of $11.0 million, or 20.6%, in net interest income and $4.2 million, or 26.4% in noninterest income, partially offset by increases of $5.8 million, or 12.8%, in noninterest expense and $4.2 million, or 16.4%, in the provision for credit losses, as well as a decrease of $1.5 million in income tax benefit.

During the second quarter 2026, return on average assets (“ROAA”), return on average shareholders’ equity (“ROAE”), and return on average tangible common equity (“ROATCE”) were 0.17%, 2.56% and 2.60%, respectively, compared to 0.01%, 0.20% and 0.20%, respectively, for the second quarter 2025. During the six months ended June 30, 2026, ROAA, ROAE and ROATCE were 0.17%, 2.64%, and 2.68%, respectively, compared to 0.04%, 0.58%, and 0.59%, respectively, for the six months ended June 30, 2025.

During the second quarter 2026, pre-provision net revenue (“PPNR”) was $15.0 million, an increase of 27.7% from PPNR of $11.7 million for the second quarter 2025. The $3.3 million increase was due to increases of $4.4 million, or 15.9%, in net interest income and $3.1 million, or 56.3%, in noninterest income, partially offset by an increase of $4.3 million, or 19.8%, in noninterest expense.

During the six months ended June 30, 2026, PPNR was $33.1 million, an increase of 39.5% from PPNR of $23.7 million for the six months ended June 30, 2025. The $9.4 million increase was due to increases of $11.0 million, or 20.6%, in net interest income and $4.2 million, or 26.4%, in noninterest income, partially offset by an increase of $5.8 million, or 12.8%, in noninterest expense.

Refer to the “Reconciliation of Non-GAAP Financial Measures” section of Part I, Item 2 of this report, Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

Consolidated Average Balance Sheets and Net Interest Income Analyses

For the periods presented, the following tables provide the average balances of interest-earning assets and interest-bearing liabilities and the related yields and cost of funds. The tables do not reflect any effect of income taxes except for net interest margin - FTE, as discussed below. Balances are based on the average of daily balances. Nonaccrual loans are included in average loan balances.

47

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","June 30, 2026","","June 30, 2025"],["(dollars in thousands)","","Average Balance","","Interest /Dividends","","Yield / Cost","","Average Balance","","Interest /Dividends","","Yield /Cost"],["Assets"],["Interest-earning assets"],["Loans, including loans held-for-sale","","$","3,838,432","","","$","60,693","","","6.34","%","","$","4,407,196","","","$","66,685","","","6.07","%"],["Securities - taxable","","974,877","","","9,948","","","4.09","%","","856,070","","","9,062","","","4.25","%"],["Securities - non-taxable","","73,865","","","629","","","3.42","%","","78,924","","","654","","","3.32","%"],["Other earning assets","","561,255","","","5,366","","","3.83","%","","396,829","","","4,485","","","4.53","%"],["Total interest-earning assets","","5,448,429","","","76,636","","","5.64","%","","5,739,019","","","80,886","","","5.65","%"],["Allowance for credit losses - loans","","(57,343)","","","","","","","(49,073)"],["Noninterest-earning assets","","265,264","","","","","","","234,198"],["Total assets","","$","5,656,350","","","","","","","$","5,924,144"],["Liabilities"],["Interest-bearing liabilities"],["Interest-bearing demand deposits","","$","1,356,003","","","$","8,905","","","2.63","%","","$","1,226,439","","","$","9,767","","","3.19","%"],["Savings accounts","","18,765","","","39","","","0.83","%","","21,760","","","46","","","0.85","%"],["Money market accounts","","1,304,538","","","10,334","","","3.18","%","","1,187,782","","","11,087","","","3.74","%"],["Fintech - brokered deposits","","57,492","","","487","","","3.40","%","","\u2014","","","\u2014","","","\u2014","%"],["Certificates and brokered deposits","","2,047,005","","","20,555","","","4.03","%","","2,356,958","","","25,894","","","4.41","%"],["Total interest-bearing deposits","","4,783,803","","","40,320","","","3.38","%","","4,792,939","","","46,794","","","3.92","%"],["Other borrowed funds","","348,383","","","3,877","","","4.46","%","","567,575","","","6,102","","","4.31","%"],["Total interest-bearing liabilities","","5,132,186","","","44,197","","","3.45","%","","5,360,514","","","52,896","","","3.96","%"],["Noninterest-bearing deposits","","134,166","","","","","","","153,016"],["Other noninterest-bearing liabilities","","19,751","","","","","","","18,744"],["Total liabilities","","5,286,103","","","","","","","5,532,274"],["Shareholders\u2019 equity","","370,247","","","","","","","391,870"],["Total liabilities and shareholders\u2019 equity","","$","5,656,350","","","","","","","$","5,924,144"],["Net interest income","","","","$","32,439","","","","","","","$","27,990"],["Interest rate spread 1","","","","","","2.19%","","","","","","1.69%"],["Net interest margin 2","","","","","","2.39%","","","","","","1.96%"],["Net interest margin - FTE 3","","","","","","2.47%","","","","","","2.04%"]]
[[/GREPCENT_TABLE]]

1 Yield on total interest-earning assets minus cost of total interest-bearing liabilities.

2 Net interest income divided by total average interest-earning assets (annualized).

3 On an FTE basis assuming a 21% tax rate. Net interest income is adjusted to reflect income from assets such as municipal loans and securities that are exempt from Fe

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1562463/000156246326000022/inbk-20251231.htm
Complete FY 2025 MD&A: /company/INBK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-11
Report date: 2025-12-31

Item 7.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this report.

The following discussion, analysis and comparisons generally focus on the operating results for the years ended December 31, 2025 and 2024. Discussion, analysis and comparisons of the years ended December 31, 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. This discussion and analysis includes certain forward-looking statements that involve risks, uncertainties and assumptions. You should review the “Risk Factors” section of this report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements. See also the “Cautionary Note Regarding Forward-Looking Statements” at the beginning of this report.

Results of Operations

During the twelve months ended December 31, 2025, net loss was $35.2 million, or $4.03 diluted loss per share, compared to net income of $25.3 million, or $2.88 per diluted share, for the twelve months ended December 31, 2024 and net income of $8.4 million, or $0.95 per diluted share, for the twelve months ended December 31, 2023.

The $60.4 million decrease in net income for the twelve months ended December 31, 2025 compared to the twelve months ended December 31, 2024 was due primarily to an increase of $55.2 million, or 323.6%, in provision for credit losses, a decrease of $44.6 million, or 94.3%, in noninterest income and an increase of $4.9 million, or 5.5%, in noninterest expense, partially offset by an increase of $26.4 million, or 30.2%, in net interest income and a decrease of $18.0 million in income tax expense.

During the twelve months ended December 31, 2025, the Company closed on the sale of $851.2 million of single tenant lease financing loans recognizing a pre-tax loss of $38.2 million on the transaction. The transaction was executed as part of an initiative to strengthen the Company’s regulatory capital ratios and improve its interest rate risk position. While the loss on the transaction negatively impacted shareholders’ equity and regulatory capital, the transaction significantly reduced risk-weighted assets, resulting in a net positive effect on regulatory capital ratios. Furthermore, the loan sale reduced the Company’s interest rate risk profile by reducing exposure to longer-duration assets. Additionally, the Company expects the transaction to have a beneficial impact on key profitability metrics, such as net interest margin and return on average assets, in future periods.

During the twelve months ended December 31, 2025, return on average assets (“ROAA”), return on average equity (“ROAE”) and return on average tangible common equity (“ROATCE”) were (0.60%), (9.15%) and (9.26%), respectively. Excluding the after tax net loss on the sale of the single tenant lease financing loans, adjusted net loss for the twelve months ended December 31, 2025, was $5.7 million, and adjusted diluted loss per share was $0.66. Additionally, for the twelve months ended December 31, 2025, adjusted ROAA, adjusted ROAE and adjusted ROATCE were (0.10%), (1.49%) and (1.51%), respectively.

The increase in net income of $16.9 million for the twelve months ended December 31, 2024 compared to the twelve months ended December 31, 2023 was due primarily to increases of $21.2 million, or 81.2%, in noninterest income and $12.5 million, or 16.7%, in net interest income, partially offset by increases of $10.7 million, or 13.4%, in noninterest expense, $5.7 million in income tax expense and $0.4 million, or 2.5%, in provision for credit losses.

During the twelve months ended December 31, 2024, ROAA, ROAE and ROATCE were 0.46%, 6.70% and 6.78%, respectively. The Company recognized gains of $2.9 million from the termination of interest rate swap agreements and $1.8 million from the prepayment of FHLB advances, as well as expenses of $0.5 million in IT termination fees and $0.1 million in anniversary expenses. Adjusted for these items, net income for the twelve months ended December 31, 2024 was $22.0 million, and adjusted diluted earnings per share was $2.51. Additionally, for the twelve months ended December 31, 2024, adjusted ROAA, adjusted ROAE and adjusted ROATCE were 0.40%, 5.83% and 5.90%, respectively.

Refer to the “Reconciliation of Non-GAAP Financial Measures” section of Item 7 of Part II of this report, Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information.     

25

Consolidated Average Balance Sheets and Net Interest Income Analyses

For the periods presented, the following table provides the average balances of interest-earning assets and interest-bearing liabilities and the related yields and cost of funds. The table does not reflect any effect of income taxes. Balances are based on the average of daily balances. Nonaccrual loans are included in average loan balances.

[[GREPCENT_TABLE]]
[["","","Twelve Months Ended"],["","","December 31, 2025","","December 31, 2024","","December 31, 2023"],["(dollars in thousands)","","Average Balance","","Interest/Dividends","","Yield/Cost","","Average Balance","","Interest/Dividends","","Yield/Cost","","Average Balance","","Interest/Dividends","","Yield/Cost"],["Assets"],["Interest-earning assets"],["Loans, including loans held-for-sale","","$","4,223,146","","","$","259,840","","","6.15","%","","$","3,997,397","","","$","233,844","","","5.85","%","","$","3,685,729","","","$","192,337","","","5.22","%"],["Securities - taxable","","839,878","","","34,950","","","4.16","%","","692,806","","","26,742","","","3.86","%","","551,479","","","17,189","","","3.12","%"],["Securities - non-taxable","","79,897","","","2,618","","","3.28","%","","77,987","","","3,775","","","4.84","%","","72,571","","","3,532","","","4.87","%"],["Other earning assets","","519,976","","","22,749","","","4.38","%","","516,836","","","27,526","","","5.33","%","","500,061","","","26,384","","","5.28","%"],["Total interest-earning assets","","5,662,897","","","320,157","","","5.65","%","","5,285,026","","","291,887","","","5.52","%","","4,809,840","","","239,442","","","4.98","%"],["Allowance for credit losses - loans","","(51,440)","","","","","","","(42,758)","","","","","","","(36,038)"],["Noninterest-earning assets","","237,366","","","","","","","220,462","","","","","","","194,712"],["Total assets","","$","5,848,823","","","","","","","$","5,462,730","","","","","","","$","4,968,514"],["Liabilities"],["Interest-bearing liabilities"],["Interest-bearing demand deposits","","$","1,152,210","","","$","36,007","","","3.13","%","","$","494,082","","","$","10,448","","","2.11","%","","$","366,082","","","$","6,186","","","1.69","%"],["Savings accounts","","20,229","","","171","","","0.85","%","","22,336","","","189","","","0.85","%","","29,200","","","249","","","0.85","%"],["Money market accounts","","1,243,300","","","45,459","","","3.66","%","","1,230,443","","","51,036","","","4.15","%","","1,276,602","","","49,890","","","3.91","%"],["Fintech - brokered deposits","","\u2014","","","\u2014","","","\u2014","%","","141,860","","","6,023","","","4.25","%","","33,039","","","1,402","","","4.24","%"],["Certificates and brokered deposits","","2,451,191","","","106,753","","","4.36","%","","2,430,205","","","115,454","","","4.75","%","","2,040,041","","","85,636","","","4.20","%"],["Total interest-bearing deposits","","4,866,930","","","188,390","","","3.87","%","","4,318,926","","","183,150","","","4.24","%","","3,744,964","","","143,363","","","3.83","%"],["Other borrowed funds","","421,947","","","18,007","","","4.27","%","","629,137","","","21,360","","","3.40","%","","719,617","","","21,175","","","2.94","%"],["Total interest-bearing liabilities","","5,288,877","","","206,397","","","3.90","%","","4,948,063","","","204,510","","","4.13","%","","4,464,581","","","164,538","","","3.69","%"],["Noninterest-bearing deposits","","154,712","","","","","","","114,396","","","","","","","125,816"],["Other noninterest-bearing liabilities","","20,802","","","","","","","23,056","","","","","","","20,317"],["Total liabilities","","5,464,391","","","","","","","5,085,515","","","","","","","4,610,714"],["Shareholders' equity","","384,432","","","","","","","377,215","","","","","","","357,800"],["Total liabilities and shareholders' equity","","$","5,848,823","","","","","","","$","5,462,730","","","","","","","$","4,968,514"],["Net interest income","","","","$","113,760","","","","","","","$","87,377","","","","","","","$","74,904"],["Interest rate spread1","","","","","","1.75","%","","","","","","1.39","%","","","","","","1.29","%"],["Net interest margin2","","","","","","2.01","%","","","","","","1.65","%","","","","","","1.56","%"],["Net interest margin - FTE3","","","","","","2.09","%","","","","","","1.74","%","","","","","","1.67","%"]]
[[/GREPCENT_TABLE]]

1 Yield on total interest-earning assets minus cost of total interest-bearing liabilities

2 Net interest income divided by average interest-earning assets

3 On a fully-taxable equivalent (“FTE”) basis assuming a 21% tax rate. Refer to the “Reconciliation of Non-GAAP Financial Measures” section of Item 7 of Part II of this report, Management's Discussion and Analysis of Financial Condition and Results of Operations

26

Rate/Volume Analysis 

The following table illustrates the impact of changes in the volume of interest-earning assets and interest-bearing liabilities and interest rates on net interest income for the periods indicated. The change in interest not due solely to volume or rate has been allocated in proportion to the absolute dollar amounts of the change in each.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/INBK/mda/fy2025/
All MD&A years: /company/INBK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/INBK/mda/fy2024/): filed 2025-03-12; accession 0001562463-25-000022 (https://www.sec.gov/Archives/edgar/data/1562463/000156246325000022/inbk-20241231.htm)
- [FY 2023 MD&A](/company/INBK/mda/fy2023/): filed 2024-03-13; accession 0001562463-24-000019 (https://www.sec.gov/Archives/edgar/data/1562463/000156246324000019/inbk-20231231.htm)
- [FY 2022 MD&A](/company/INBK/mda/fy2022/): filed 2023-03-14; accession 0001562463-23-000022 (https://www.sec.gov/Archives/edgar/data/1562463/000156246323000022/inbk-20221231.htm)
- [FY 2021 MD&A](/company/INBK/mda/fy2021/): filed 2022-03-15; accession 0001562463-22-000039 (https://www.sec.gov/Archives/edgar/data/1562463/000156246322000039/inbk-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/INBK.md · JSON record: /company/INBK.json · verified financials: /company/INBK/financials.json / /company/INBK/financials.csv · machine TOC for the whole site: /llms.txt