Here are 1-3 brief analogies for First Internet Bancorp (INBK):

1. The Amazon.com of banking.

2. Ally Bank, but for businesses as well as consumers.

3. A regional bank, like PNC or KeyBank, but operating entirely online without physical branches.

• Deposit Accounts: The company offers various deposit products including checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Commercial Loans: First Internet Bancorp provides loans for commercial and industrial purposes, owner-occupied and investor commercial real estate, and construction projects.
• Consumer Loans: It offers residential mortgage, home equity, home improvement, small installment, and other consumer loans.
• Specialized Lending & Leasing: The bank provides single tenant lease financing, public and healthcare finance, franchise finance, and small business lending solutions.
• Municipal Securities & Finance: Services include the purchase, management, and safekeeping of municipal securities, alongside municipal finance lending and leasing to government entities.
• Business Banking Services: The company offers corporate credit cards and treasury management services to commercial clients.

First Internet Bancorp (INBK) serves a diverse customer base, encompassing both individual retail clients and various segments of commercial and governmental entities. Due to the nature of banking, the company does not have a few "major customers" in the sense of large, identifiable corporate clients that can be listed by name. Instead, its customer base is highly fragmented across different categories.

Based on the services offered, First Internet Bancorp primarily serves the following categories of customers:

1. Individual Retail Customers: This category includes everyday consumers and households who utilize First Internet Bank's retail banking products and services. These offerings include various deposit accounts (such as non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit), residential mortgage loans, home equity and improvement loans, small installment loans, term loans, and other consumer loans.
2. Small to Medium-Sized Businesses (SMBs) and Franchise Operators: This broad commercial segment leverages a comprehensive suite of commercial banking products. These customers include general commercial and industrial businesses, owner-occupied and investor commercial real estate clients, construction developers, and franchise operators. They utilize commercial and industrial loans, owner-occupied and investor commercial real estate loans, construction loans, single tenant lease financing, small business lending, franchise finance, corporate credit cards, and treasury management services.
3. Government and Healthcare Entities: First Internet Bancorp also provides specialized financial products and services to public sector bodies and healthcare providers. This includes public and healthcare finance, municipal finance lending and leasing products to government entities, and services related to the purchase, management, servicing, and safekeeping of municipal securities.

David B. Becker, Chairman and Chief Executive Officer

David B. Becker founded First Internet Bank over 25 years ago, reimagining the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online. He has a 40-year career creating successful entrepreneurial companies in financial services technology ("fintech") and software-as-a-service ("SaaS"), having created and sold five Inc. 500 companies. He founded re:Member Data Services in 1981, serving as CEO until its acquisition by Open Solutions Inc. in 2004. In 1995, he founded VIFI, which was acquired by Digital Insight Corporation in 2002. Mr. Becker also founded, and remains actively involved as CEO of, three other Indianapolis-based companies: OneBridge, DyKnow, and RICS.

Nicole S. Lorch, President and Chief Operating Officer

Nicole S. Lorch joined First Internet Bank at its launch in February 1999 as Director of Marketing. She was appointed President in July 2021 and has held the title of Chief Operating Officer since January 2017. Throughout her tenure, she has held roles of progressive responsibility within the company, including Executive Vice President. Prior to joining First Internet Bank, Ms. Lorch worked for a financial services technology company also founded by David Becker.

Kenneth J. Lovik, Executive Vice President and Chief Financial Officer

Kenneth J. Lovik joined First Internet Bank in August 2014. He previously served as Senior Vice President, Investor Relations and Corporate Development for First Financial Bancorp, a publicly-traded bank holding company. Before that, Mr. Lovik worked as an investment banker at firms including Milestone Advisors, LLC, Howe Barnes Hoefer & Arnett, Inc., and A.G. Edwards & Sons, Inc., where he advised clients in the financial institutions sector. Earlier in his career, he worked at the public accounting firm of Price Waterhouse, LLP.

Craig Fortner, Senior Vice President, Chief Information Officer

Craig Fortner serves as the Senior Vice President, Chief Information Officer for First Internet Bancorp.

Anne Sharkey, Senior Vice President, Chief Risk Officer

Anne Sharkey holds the position of Senior Vice President, Chief Risk Officer at First Internet Bancorp.

1. Credit Risk and Asset Quality Deterioration: First Internet Bancorp faces significant credit risk, particularly within its Small Business Administration (SBA) and franchise finance portfolios. Management has indicated isolated credit issues in these areas, leading to expectations of higher provisions for credit losses in 2026. Recent annual filings also highlight an increase in loans classified as "special mention" and "substandard" across commercial real estate and franchise finance segments, signaling potential future increases in credit losses and requiring close monitoring. Additionally, the company's investment portfolio contains lower-rated securities (BBB and below), which exposes it to higher volatility and credit risk in the event of adverse market conditions.

2. Interest Rate Risk: As a bank, First Internet Bancorp is inherently exposed to interest rate risk. A notable concern stems from a portion of its funding originating from Certificates of Deposit (CDs). In an environment of rising interest rates, the bank may need to increase the rates offered on these deposits to retain customers, which could lead to higher interest costs, potentially weighing on net interest margin and limiting the ability to grow its loan portfolio.

3. Intense Competition and Challenges to Scale: First Internet Bancorp operates in a highly competitive digital banking market. The company finds itself positioned between larger, more established digital banks with significant balance sheets and brand recognition, and innovative, venture-backed neo-banks focused on aggressive customer acquisition. This competitive landscape, coupled with potential overdependence on its online-only platform and limited geographic reach for certain lending segments, could constrain customer growth, revenue potential, and overall profitability.

The clear emerging threat for First Internet Bancorp is the rapid proliferation and increasing market share of next-generation digital-only financial service providers, often referred to as neobanks or challenger banks. While First Internet Bancorp itself operates online and was an early mover in internet banking, these newer entrants leverage advanced mobile-first technology, sophisticated data analytics, and hyper-personalized user experiences to offer banking products and services. They often possess greater agility, lower operating costs (due to a purely app-centric model and lack of legacy infrastructure), and innovative features that can attract customers seeking a more modern and seamless digital banking experience, potentially eroding First Internet Bancorp's customer base and competitive position.

Expected Drivers of Future Revenue Growth for First Internet Bancorp (INBK)

Over the next 2-3 years, First Internet Bancorp (INBK) anticipates several key drivers to fuel its revenue growth:

1. Loan Growth: First Internet Bancorp projects significant loan growth, with a guidance of 15%-17% for 2026. This expansion is expected to be driven by robust pipelines in commercial, construction, commercial and industrial (C&I), and wealth advisory lending.
2. Net Interest Margin (NIM) Expansion: The company forecasts its net interest margin to expand to 2.75%-2.8% by the end of 2026. This improvement is attributed to ongoing deposit repricing initiatives and strategic optimization of its asset mix.
3. Growth in Banking-as-a-Service (BaaS) and Fintech-driven Revenue: First Internet Bancorp has demonstrated strong growth in its BaaS initiatives, generating over $1.3 billion in new deposits in 2025, more than tripling the previous year's figures. Additionally, fintech fee revenue was identified as a key contributor to noninterest income in Q4 2025, indicating continued revenue generation from these partnerships.
4. Optimization of Loan Portfolio towards Higher-Yielding Assets: The company has seen an increase in the yield on its interest-earning assets, reaching 5.71% in Q4 2025, supported by higher rates on new loan originations. This strategic focus on originating higher-yielding loans is expected to enhance profitability through margin expansion.
5. Lower Cost of Deposits: Management anticipates further declines in the cost of interest-bearing deposits, building on the decrease to 3.68% in Q4 2025 from 4.3% a year prior. This reduction is expected from continued CD repricing and lower rates on fintech-generated deposits, which will contribute positively to net interest income and overall revenue.

Share Repurchases

• In October 2021, First Internet Bancorp's Board of Directors approved a stock repurchase program, initially authorizing up to $30.0 million, later increased to $35.0 million. Under this program, the company repurchased $31.1 million worth of common stock (855,956 shares at an average price of $36.31) before the program expired on December 31, 2022.
• During the first quarter of 2023, the company repurchased 161,691 shares of its common stock at an average price of $24.50 per share, contributing to a total of $36.2 million in repurchases under authorized programs to date.
• On October 20, 2025, the Board of Directors authorized a new stock repurchase program allowing for the repurchase of up to $25.0 million of outstanding common stock, which is scheduled to expire on September 30, 2027.

Share Issuance

• Between 2022 and 2023, the number of issued and outstanding common shares decreased from 9,065,883 to 8,644,451, indicating a net reduction in shares outstanding rather than significant new issuance for capital raising during this period.
• In January 2026, the company granted Restricted Stock Units (RSUs) to executives, including 12,566 shares to the CEO, 4,620 shares to the CFO, and 8,084 shares to the President and COO, under the 2022 Equity Incentive Plan, with vesting scheduled through 2029.

Outbound Investments

• In July 2021, First Internet Bancorp established its franchise finance business, collaborating with ApplePie Capital to provide financing to franchisees, representing a strategic investment in this business segment.
• The company's 2025 annual report noted ongoing investments in private equity, venture capital funds, hedge funds, Small Business Investment Companies (SBICs), and affordable housing projects.

Capital Expenditures

• Capital expenditures for the third quarter of 2025 were reported as $106,000.
• Operating expenses for 2025 included higher premises and software maintenance costs, as well as fintech program expenses, indicating a focus on maintaining and upgrading its digital banking infrastructure and physical premises.
• As of December 31, 2023, the company owned its headquarters building and property through its wholly-owned subsidiary, SPF15, Inc.