UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023. or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) Unaudited financial statements show decreased net income from compressed margins and higher credit loss provisions, with asset growth funded by deposits and a $4.5 million CECL impact [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Unaudited financials show decreased net income from compressed margins and higher credit loss provisions, with asset growth funded by deposits and a $4.5 million CECL impact - The company adopted the new CECL accounting standard (ASU 2016-13) on January 1, 2023, which replaced the incurred loss methodology with an expected credit loss model, resulting in a net decrease to retained earnings of **$4.5 million**[31](index=31&type=chunk)[32](index=32&type=chunk) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (as of September 30, 2023 vs. December 31, 2022) | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$5,169,023** | **$4,543,104** | **+13.8%** | | Net Loans | $3,698,616 | $3,467,664 | +6.7% | | Total Securities (AFS & HTM) | $682,755 | $579,552 | +17.8% | | Total Deposits | $4,083,545 | $3,441,245 | +18.7% | | Total Liabilities | $4,821,279 | $4,178,130 | +15.4% | | **Total Shareholders' Equity** | **$347,744** | **$364,974** | **-4.7%** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Income Statement Highlights (Unaudited) | Metric (in thousands) | Q3 2023 | Q3 2022 | YoY Change (%) | Nine Months 2023 | Nine Months 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $17,378 | $23,994 | -27.6% | $55,097 | $75,424 | -27.0% | | Provision for credit losses | $1,850 | $892 | +107.4% | $11,976 | $2,868 | +317.6% | | Total noninterest income | $7,407 | $4,316 | +71.6% | $18,724 | $15,450 | +21.2% | | Total noninterest expense | $19,756 | $17,995 | +9.8% | $59,380 | $54,760 | +8.4% | | **Net Income** | **$3,409** | **$8,436** | **-59.6%** | **$4,274** | **$29,190** | **-85.4%** | Earnings Per Share (Diluted) | Period | Diluted EPS 2023 | Diluted EPS 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Three Months Ended Sep 30 | $0.39 | $0.89 | -56.2% | | Nine Months Ended Sep 30 | $0.48 | $3.01 | -84.1% | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) - Shareholders' equity decreased from **$365.0 million** at the start of 2023 to **$347.7 million** at September 30, 2023, driven by a **$4.5 million** impact from adopting new accounting standards (CECL), **$7.6 million** in other comprehensive loss, **$1.6 million** in dividends, and **$8.5 million** in common stock repurchases, partially offset by **$4.3 million** in net income[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended Sep 30) | Activity (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $(624) | $73,776 | | Net cash used in investing activities | $(364,744) | $(361,831) | | Net cash provided by financing activities | $630,021 | $66,147 | | **Net Increase (Decrease) in Cash** | **$264,653** | **$(221,908)** | - The significant increase in cash for the first nine months of 2023 was primarily driven by a **$640.4 million** net increase in deposits, reflected in financing activities[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's loan portfolio grew to **$3.74 billion** as of September 30, 2023, up from **$3.50 billion** at year-end 2022, with commercial loans constituting the majority at **$2.91 billion**[70](index=70&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$36.5 million** from **$31.7 million** at year-end 2022, reflecting CECL adoption, loan growth, and a **$6.9 million** partial charge-off on a commercial and industrial loan in Q1 2023[93](index=93&type=chunk)[239](index=239&type=chunk) - Nonperforming loans decreased to **$5.9 million** (**0.16%** of total loans) as of September 30, 2023, from **$7.5 million** (**0.22%** of total loans) at year-end 2022[273](index=273&type=chunk) [Management's Discussion and Analysis (MD&A)](index=53&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A attributes net income decline to margin compression, higher credit losses, and mortgage exit costs; assets grew 13.8% from deposits - The company exited its consumer mortgage business in Q1 2023 due to declining volumes and a negative outlook, incurring **$3.1 million** in exit costs[237](index=237&type=chunk) - A significant driver of the increased provision for credit losses was a **$6.9 million** partial charge-off related to a single commercial and industrial participation loan during the first nine months of 2023[239](index=239&type=chunk) - The company is a fast-growing SBA 7(a) program lender, closing over **$308.5 million** in loans during the first nine months of 2023 and ranking as the 9th largest lender for the SBA's 2023 fiscal year[231](index=231&type=chunk) [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Key Performance Ratios | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Return on Average Assets (ROAA) | 0.26% | 0.82% | 0.12% | 0.94% | | Return on Average Equity (ROAE) | 3.79% | 9.01% | 1.59% | 10.40% | | Net Interest Margin (NIM) | 1.39% | 2.40% | 1.55% | 2.52% | - Net interest income for Q3 2023 decreased **27.6%** YoY to **$17.4 million**, caused by a **202.1%** increase in interest expense outpacing the **61.2%** increase in interest income, reflecting the rapid rise in interest rates[249](index=249&type=chunk) - Noninterest income in Q3 2023 increased **71.6%** YoY to **$7.4 million**, primarily due to a **$2.9 million** increase in gain on sale of loans from higher SBA 7(a) loan sale volumes[259](index=259&type=chunk) [Financial Condition](index=63&type=section&id=Financial%20Condition) - Total assets grew by **$625.9 million** (**13.8%**) to **$5.2 billion** since year-end 2022, primarily funded by a **$642.3 million** (**18.7%**) increase in total deposits[266](index=266&type=chunk) - Tangible book value per share decreased slightly by **0.4%** to **$39.57** as of September 30, 2023, from **$39.74** at year-end 2022, reflecting declines in equity partially offset by stock repurchases[268](index=268&type=chunk) - Uninsured deposit balances decreased to **23%** of total deposits at September 30, 2023, down from **33%** at December 31, 2022, with the ratio falling to **17%** when adjusting for certain secured municipal deposits[291](index=291&type=chunk) [Regulatory Capital Requirements](index=70&type=section&id=Regulatory%20Capital%20Requirements) Consolidated Capital Ratios (as of September 30, 2023) | Ratio | Actual | Minimum Required (with buffer) | | :--- | :--- | :--- | | Common equity tier 1 capital | 9.56% | 7.00% | | Tier 1 capital | 9.56% | 8.50% | | Total capital | 13.13% | 10.50% | | Leverage ratio | 7.32% | 4.00% | - The company and the bank remain well-capitalized, with all regulatory capital ratios exceeding the minimum requirements under Basel III rules as of September 30, 2023[297](index=297&type=chunk)[299](index=299&type=chunk) [Liquidity](index=73&type=section&id=Liquidity) - As of September 30, 2023, the company had total available liquidity of **$1.7 billion**, comprising cash balances and additional borrowing capacity from the FHLB and other sources, representing **182%** of adjusted uninsured deposit balances[308](index=308&type=chunk) [PART II - OTHER INFORMATION](index=81&type=section&id=PART%20II) [Risk Factors](index=81&type=section&id=ITEM%201A.%20RISK%20FACTORS) New material risk factors include market volatility, decreased customer confidence, increased deposit costs, and heightened regulatory scrutiny - The company identified a new material risk factor related to recent bank failures and negative media attention, which has caused market volatility and could negatively impact customer confidence, deposit costs, and lead to increased regulatory scrutiny[333](index=333&type=chunk)[334](index=334&type=chunk) [Share Repurchases](index=81&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased 97,834 shares in Q3 2023 under its $25.0 million program, with **$15.4 million** remaining available Common Stock Repurchases (Q3 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | 55,100 | $17.34 | | August 2023 | 23,000 | $21.00 | | September 2023 | 19,734 | $17.77 | | **Total Q3 2023** | **97,834** | **-** | - Through September 30, 2023, the company has repurchased a total of **509,022 shares** for **$9.6 million** under its current **$25.0 million** repurchase program, which expires December 31, 2023[335](index=335&type=chunk)

First Internet Bancorp (NASDAQ:INBK) Q3 2023 Earnings Conference Call October 26, 2023 2:00 PM ET Company Participants Larry Clark – Senior Vice President, Financial Profiles, Inc. David Becker – Chairman and Chief Executive Officer Ken Lovik – Executive Vice President and Chief Financial Officer Conference Call Participants Nathan Race – Piper Sandler George Sutton – Craig-Hallum John Rodis – Janney Brett Rabatin – Hovde Group Operator Good day, ladies and gentlemen, and welcome to the First Internet Banco ...

Financial Performance - The company reported net income of $34 million[8] - Total revenue increased to $248 million[8] - Diluted earnings per share reached $039[18] Balance Sheet and Capitalization - Tangible book value per share stood at $3957[8] - Total deposits increased by 59% from 2Q23[8], representing an increase of $2292 million[12], and are up 279% from 3Q22[12] - Adjusted tangible common equity to adjusted tangible assets was 777%, excluding AOCI and adjusting for normalized cash balances[8] - The loans to deposits ratio declined to 915%[18] Loan Portfolio - Commercial loan balances increased by $772 million, or 27%, compared to 2Q23[10] - Yield on loans funded in 3Q23 increased to 892%, up 50 bps from 2Q23[8] - Office CRE exposure remains less than 1% of total loan balances[8, 18] Deposits - Estimated uninsured deposit balances represent 23% of total deposits, down from 24% in 2Q23[25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in Its Charter) Indiana 20-3489991 (State ...

Financial Data and Key Metrics Changes - The company reported net income of $3.9 million and diluted earnings per share of $0.44, with total revenue at $24 million, down from $25 million in the first quarter [15][34] - The net interest margin decreased to 1.53%, down 23 basis points from the first quarter, while the fully taxable equivalent net interest margin was 1.64%, down 25 basis points [36][40] - The yield on new loan originations increased to 8.42%, up 66 basis points from the first quarter [13] Business Line Data and Key Metrics Changes - The SBA team achieved its highest quarterly gain on sale revenue, up 20% over the prior quarter, with year-to-date originations up 216% compared to the same period in 2022 [6][41] - Consumer lending, including trailers and recreational vehicles, increased by almost $14 million, with delinquency rates remaining low at just 4 basis points [16][17] - Construction lending saw over $115 million in new commitments, contributing to a total of $450 million in unfunded commitments [8] Market Data and Key Metrics Changes - Total deposits increased by $232 million or 6.4% from the end of the first quarter, primarily driven by strong demand for CDs [26] - Uninsured deposit balances were $938 million or 24% of total deposits, down from 26% at the end of the first quarter [31] - The company’s liquidity stood at $1.2 billion, representing 127% of total uninsured deposits [33] Company Strategy and Development Direction - The company aims to optimize its loan portfolio by focusing on higher yielding and variable rate lines of business while managing deposit costs [13][22] - The Banking-as-a-Service initiative is seen as a vital resource for expanding capabilities, with total deposits from partners up 86% from the first quarter [18][20] - The company is optimistic about future revenue growth, expecting non-interest income to be in the range of $6 million to $7 million in the third and fourth quarters [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that once the Federal Reserve stabilizes interest rates, revenue will rebound, leading to accelerated growth and profitability [22][48] - The company noted that credit quality remains strong, with non-performing loans to total loans declining to 17 basis points [17][44] - Management highlighted that the current economic environment is favorable, with no significant concerns regarding credit quality [70] Other Important Information - The tangible common equity ratio declined to 7.07% due to share repurchase activity and increased cash balances [45][46] - The company repurchased over 200,000 shares during the quarter, increasing tangible book value per share to $39.85, up almost 4% year-over-year [46] Q&A Session Summary Question: What are the KPIs behind the $3 EPS for 2024? - Management indicated that once the Fed reaches its terminal rate, deposit costs will stabilize, allowing for higher loan growth and improved net interest income [54][56] Question: What is the outlook for the SBA business? - The SBA pipeline remains strong, with a focus on business acquisitions rather than startups, contributing to a robust future outlook [62] Question: Any updates on credit quality and stress tests? - Management conducted a review of the commercial real estate portfolio, finding no significant issues, and noted that the overall credit quality remains solid [66][70]

V Loan Portfolio Composition 25 Current C&I LOC utilization of 43% Average loan sizes C&I: $708,000 Owner-occupied CRE: $831,000 Minimal office exposure; 2.0% of combined loan balances consisting of suburban office space | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-----------------------|----------|-------|-------|-------|-------|------------------------------------| | | | | | | | | | | | | | | | | IN | 7% | | Other | | 17% | | C&I - Term Loans | 17% 4% | | AZ | 12% | 26% | Cons ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in Its Charter) Indiana 20-3489991 (State ...

First Internet Bancorp (NASDAQ:INBK) Q1 2023 Results Conference Call April 27, 2023 2:00 PM ET Company Participants Larry Clark - MD, Financial Profiles David Becker - Chairman and CEO Ken Lovik - Executive VP and CFO Conference Call Participants Nathan Race - Piper Sandler Brett Rabatin - Hovde Group George Sutton - Craig-Hallum Ross Haberman - RLH Howard Henick - Scurlydog Capital Operator Good day, everyone, and welcome to the First Internet Bancorp Earnings Conference Call for the first quarter of 2023. ...

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022. or ☐ For the Transition Period From ________ to ________. Commission File Number 001-35750 First Internet Bancorp (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction ...