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0001562463false00015624632025-10-222025-10-220001562463us-gaap:CommonStockMember2025-10-222025-10-220001562463inbk:A60FixedToFloatingSubordinatedNotesDue2029Member2025-10-222025-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 22, 2025
First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana
(State or Other Jurisdiction of Incorporation)
001-35750 20-3489991
(Commission File Number) (IRS Employer Identification No.)
8701 E. 116th Street 46038
Fishers, Indiana
(Address of Principal Executive Offices) (Zip Code)
(317) 532-7900
(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbols Name of each exchange on which registered
Common Stock, without par value INBK The Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029 INBKZ The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

                                    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02 Results of Operations and Financial Condition

On October 22, 2025, First Internet Bancorp (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

On October 23, 2025, at 2:00 p.m. (Eastern Time), the Company will host a conference call and webcast to discuss its financial results for the quarter ended September 30, 2025. The electronic presentation slides, which will accompany the call and webcast, are furnished as Exhibit 99.2 and are incorporated by reference herein.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Items

On October 20, 2025, the Board of Directors of the Company authorized the repurchase of up to $25.0 million of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions. The stock repurchase authorization is scheduled to expire on September 30, 2027.

The stock repurchase authorization may be modified, suspended, or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The actual number and value of the shares to be purchased, if any, will depend on the performance of the Company’s stock price and other market conditions. Repurchases under the program may be made pursuant to one or more written plans intended to satisfy the affirmative defense condition of Rule 10b5-1 of the Exchange Act.

Item 9.01 Financial Statements and Exhibits
(d)    Exhibits
Number Description Method of filing
Furnished electronically
Furnished electronically
104 Cover Page Interactive Data File (embedded in the cover page formatted in inline XBRL)


Forward-Looking Statements
This report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include statements concerning future events and expectations that are not historical facts. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements with respect to potential stock repurchases and timing and methods of executing the same. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation, the factors identified in our most recent annual report on Form 10-K and other reports we file with the U.S. Securities and Exchange Commission. All statements in this report, 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.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 22, 2025
FIRST INTERNET BANCORP
By: /s/ Kenneth J. Lovik
Kenneth J. Lovik, Executive Vice President & Chief Financial Officer


EX-99.1 2 inbk-3q2025xex991.htm EX-99.1 Document



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First Internet Bancorp Reports Third Quarter 2025 Results

- Increased adjusted revenue by 30% year-over-year to $43.5 million1 -
- FTE NIM expanded by 42 bps year-over-year to 2.12%1 -
- Took decisive action on credit - leading to improving delinquencies -
- Completed a major loan sale – enhancing regulatory capital ratios and balance sheet flexibility -

Fishers, Indiana, October 22, 2025 – First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the third quarter ended September 30, 2025.

"Our third quarter results demonstrated strong operational momentum with solid growth in net interest income and continued improvement in our net interest margin," said David Becker, CEO and Chairman of First Internet Bancorp. "We have now achieved eight consecutive quarters of increasing net interest income, attributable to higher yields on our earning assets and reduced funding costs, both of which have materially enhanced our operating efficiency. Additionally, we attained significant growth in fintech deposits, which has enabled us to maintain strong balance sheet liquidity, as evidenced by our favorable loans-to-deposits ratio. We also completed a major loan sale and moved deposits off balance sheet which will enhance our regulatory capital ratios and provide balance sheet flexibility."

"In the third quarter, we took decisive action to address credit issues in our small business lending and franchise finance portfolios, which provides us with a cleaner credit profile and sets the stage for improved performance in future quarters. Entering the fourth quarter, we see encouraging signs in both portfolios with asset quality improving and delinquencies at their lowest level in a year. Our loan pipelines remain robust, and we are now well-positioned to grow earnings and accelerate our ability to achieve a ROAA of 1%. I wish to express my sincere appreciation for the dedication and diligence of our team as we worked extremely hard this quarter to position the Company for success going forward and enhance shareholder value."

Key Business Update

•Revenue and Profitability Momentum Adjusted total revenue grew 30% sequentially, leading to adjusted pre-tax, pre-provision income of $18.1 million1, up over 50% from the previous quarter. Net interest margin improved to 2.04%, with fully-taxable equivalent net interest margin of 2.12%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."


•Proactive Credit Risk Management Company took decisive credit related actions that have resulted in notable progress in resolving problem loans as delinquencies have declined significantly. Additionally, the Company recognized a provision for credit losses of $34.8 million, primarily related to small business lending and franchise finance.

•Solid Capital Position Completed the previously announced sale of $836.9 million single tenant lease financing loans which provided enhanced regulatory capital ratios and balance sheet flexibility. Regulatory capital ratios improved, with a Common Equity Tier 1 (CET1) ratio of 9.24%, a Total Risk-Based Capital ratio of 13.11%, and a tangible common equity to tangible assets ratio of 6.17%.

Third Quarter 2025 Financial Performance

•Adjusted total revenue of $43.5 million1 increased 30% from the prior quarter
•Net interest income of $30.4 million and fully-taxable net interest income of $31.5 million1, both increasing 8%, from the second quarter of 2025
•Net interest margin of 2.04% and fully-taxable equivalent net interest margin of 2.12%1, both increasing 8 basis points (“bps”), from the second quarter of 2025
•Adjusted pre-tax, pre-provision income (“PTPP”) of $18.1 million1 increased 54% from the prior quarter
•Loan balances decreased $732.2 million, or 17%, from the second quarter of 2025
•Excluding the impact of the loan sale, total loan balances increased $104.7 million, or 2.4%, from the second quarter of 2025
•Net loss of $41.6 million and diluted loss per share of ($4.76)
•Quarterly results included a pre-tax loss of $37.8 million on the sale of the single tenant lease financing loans
•Excluding the impact of the loan sale, adjusted net loss was $12.5 million1 and diluted loss per share was $1.43
•Deposits decreased $383.4 million, or 7%, reflecting over $700 million moved off-balance sheet; loans to deposits ratio of 73.9%
•Nonperforming loans to total loans of 1.47%; net charge-offs to average loans of 1.89%; allowance for credit losses to total loans of 1.65%
•Tangible common equity to tangible assets of 6.17%1, and 7.20%1 ex-AOCI and adjusted for normalized cash balances; CET1 ratio of 9.24%
•Tangible book value per share of $39.881, compared to $44.25 in the second quarter of 2025



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."


Conference Call and Webcast
The Company will host a conference call and webcast at 2:00 p.m. Eastern Time on Thursday, October 23, 2025, to discuss its quarterly financial results. The call can be accessed via telephone at (800) 549-8228; access code: 74806. A recorded replay can be accessed through October 30, 2025, by dialing (888) 660-6264; access code: 74806 #.

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 $5.6 billion as of September 30, 2025. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. First Internet Bank provides consumer and small business deposit, SBA financing, franchise finance, consumer loans, and specialty finance services nationally as well as commercial real estate loans, construction loans, commercial and industrial loans, and treasury management services on a regional basis. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about First Internet Bank, including its products and services, is available at www.firstib.com.

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

Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, pre-tax, pre-provision (loss)


income, adjusted pre-tax, pre-provision income, adjusted noninterest income, adjusted noninterest expense, adjusted (loss) income before income taxes, adjusted income tax (benefit) provision, adjusted net (loss) income, adjusted diluted (loss) 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.”


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


First Internet Bancorp
Summary Financial Information (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
2025		 September 30,
2024
Net (loss) income $ (41,593) 193  $ 6,990  $ (40,457) $ 17,946 
Per share and share information
(Loss) earnings per share - basic $ (4.76) $ 0.02  $ 0.80  $ (4.63) $ 2.07 
(Loss) earnings per share - diluted (4.76) 0.02  0.80  (4.63) 2.05 
Dividends declared per share 0.06  0.06  0.06  0.18  0.18 
Book value per common share 40.42  44.79  44.43  40.42  44.43 
Tangible book value per common share 1
 39.88  44.25  43.89  39.88  43.89 
Common shares outstanding 8,713,094  8,713,094  8,667,894  8,713,094  8,667,894 
Average common shares outstanding:
Basic 8,742,052  8,733,559  8,696,634  8,730,519  8,688,304 
Diluted 8,742,052  8,760,374  8,768,731  8,730,519  8,756,544 
Performance ratios
Return on average assets (2.71 %) 0.01  % 0.50  % (0.91 %) 0.45  %
Return on average shareholders' equity (42.11 %) 0.20  % 7.32  % (13.80 %) 6.42  %
Return on average tangible common equity 1
 (42.62 %) 0.20  % 7.41  % (13.97 %) 6.51  %
Net interest margin 2.04  % 1.96  % 1.62  % 1.94  % 1.65  %
Net interest margin - FTE 1,2
 2.12  % 2.04  % 1.70  % 2.02  % 1.74  %
Capital ratios 3
Total shareholders' equity to assets 6.25  % 6.43  % 6.61  % 6.25  % 6.61  %
Tangible common equity to tangible assets 1
 6.17  % 6.35  % 6.54  % 6.17  % 6.54  %
Tier 1 leverage ratio 5.69  % 6.69  % 7.13  % 5.69  % 7.13  %
Common equity tier 1 capital ratio 9.24  % 8.90  % 9.37  % 9.24  % 9.37  %
Tier 1 capital ratio 9.24  % 8.90  % 9.37  % 9.24  % 9.37  %
Total risk-based capital ratio 13.11  % 12.16  % 12.79  % 13.11  % 12.79  %
Asset quality
Nonperforming loans $ 53,250  $ 43,541  $ 22,478  $ 53,250  $ 22,478 
Nonperforming assets 55,237  45,539  22,944  55,237  22,944 
Nonperforming loans to loans 1.47  % 1.00  % 0.56  % 1.47  % 0.56  %
Nonperforming assets to total assets 0.98  % 0.75  % 0.39  % 0.98  % 0.39  %
Allowance for credit losses - loans to:
Loans 1.65  % 1.07  % 1.13  % 1.65  % 1.13  %
Nonperforming loans 112.5  % 106.8  % 203.4  % 112.5  % 203.4  %
Net charge-offs to average loans 1.89  % 1.31  % 0.15  % 1.38  % 0.12  %
Average balance sheet information
Loans $ 4,415,693  $ 4,397,887  $ 4,022,196  $ 4,350,947  $ 3,947,885 
Total securities 898,543  934,994  792,409  911,805  746,985 
Other earning assets 569,811  396,829  526,384  471,096  476,697 
Total interest-earning assets 5,895,554  5,739,019  5,348,153  5,742,686  5,176,852 
Total assets 6,081,792  5,924,144  5,523,910  5,926,580  5,355,491 
Noninterest-bearing deposits 174,494  153,016  113,009  154,604  114,425 
Interest-bearing deposits 5,133,010  4,792,939  4,384,078  4,915,137  4,182,094 
Total deposits 5,307,504  4,945,955  4,497,087  5,069,741  4,296,519 
Shareholders' equity 391,886  391,870  380,061  391,930  373,111 

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)
Dollar amounts in thousands
September 30,
2025		 June 30,
2025		 September 30,
2024
Assets
Cash and due from banks $ 10,923  $ 9,261  $ 6,539 
Interest-bearing deposits 776,738  437,100  705,940 
Securities available-for-sale, at fair value 625,906  644,657  575,257 
Securities held-to-maturity, at amortized cost, net of allowance for credit losses 261,725  271,737  263,320 
Loans held-for-sale 114,701  126,533  32,996 
Loans 3,630,385  4,362,562  4,035,880 
Allowance for credit losses - loans (59,923) (46,517) (45,721)
Net loans 3,570,462  4,316,045  3,990,159 
Accrued interest receivable 26,674  31,227  27,750 
Federal Home Loan Bank of Indianapolis stock 28,350  28,350  28,350 
Cash surrender value of bank-owned life insurance 42,256  41,961  41,111 
Premises and equipment, net 68,843  69,930  72,150 
Goodwill 4,687  4,687  4,687 
Servicing asset 22,107  16,736  14,662 
Other real estate owned 1,801  1,730  251 
Accrued income and other assets 84,001  72,619  60,087 
Total assets $ 5,639,174  $ 6,072,573  $ 5,823,259 
Liabilities
Noninterest-bearing deposits $ 243,539  $ 145,166  $ 111,591 
Interest-bearing deposits 4,671,895  5,153,623  4,686,119 
Total deposits 4,915,434  5,298,789  4,797,710 
Advances from Federal Home Loan Bank 249,500  264,500  515,000 
Subordinated debt 105,386  105,307  105,071 
Accrued interest payable 1,236  1,614  2,808 
Accrued expenses and other liabilities 15,450  12,124  17,541 
Total liabilities 5,287,006  5,682,334  5,438,130 
Shareholders' equity
Voting common stock 186,608  186,116  185,631 
Retained earnings 188,564  230,690  223,824 
Accumulated other comprehensive loss (23,004) (26,567) (24,326)
Total shareholders' equity 352,168  390,239  385,129 
Total liabilities and shareholders' equity $ 5,639,174  $ 6,072,573  $ 5,823,259 


First Internet Bancorp
Condensed Consolidated Statements of Income (unaudited)
Dollar amounts in thousands, except per share data
Three Months Ended  Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
2025		 September 30,
2024
Interest income
Loans $ 68,958  $ 66,685  $ 59,792  $ 198,305  $ 172,321 
Securities - taxable 8,614  9,062  6,953  26,139  19,123 
Securities - non-taxable 652  654  1,042  1,967  2,981 
Other earning assets 6,164  4,485  7,203  15,692  19,691 
Total interest income 84,388  80,886  74,990  242,103  214,116 
Interest expense
Deposits 50,134  46,794  47,415  144,554  134,039 
Other borrowed funds 3,902  6,102  5,810  14,111  16,251 
Total interest expense 54,036  52,896  53,225  158,665  150,290 
Net interest income 30,352  27,990  21,765  83,438  63,826 
Provision for credit losses 34,789  13,608  3,390  60,330  9,869 
Net interest (loss) income after provision for credit losses (4,437) 14,382  18,375  23,108  53,957 
Noninterest income
Service charges and fees 369  278  245  912  711 
Loan servicing revenue 2,055  1,979  1,570  6,017  4,363 
Loan servicing asset revaluation (1,332) (1,153) (846) (3,666) (2,109)
(Loss) gain on sale of loans (27,103) 1,673  9,933  (16,783) 24,761 
Other 1,364  2,780  1,127  4,857  3,683 
Total noninterest (loss) income (24,647) 5,557  12,029  (8,663) 31,409 
Noninterest expense
Salaries and employee benefits 14,384  10,867  13,456  38,358  37,714 
Marketing, advertising and promotion 482  702  548  1,831  1,893 
Consulting and professional fees 979  936  902  3,143  2,777 
Data processing 651  656  675  1,942  1,845 
Loan expenses 1,850  1,520  1,524  4,901  4,566 
Premises and equipment 3,572  3,281  2,918  9,968  8,898 
Deposit insurance premium 1,584  1,564  1,219  4,546  3,536 
Other 1,957  2,274  1,552  6,127  4,924 
Total noninterest expense 25,459  21,800  22,794  70,816  66,153 
(Loss) income before income taxes (54,543) (1,861) 7,610  (56,371) 19,213 
Income tax (benefit) provision (12,950) (2,054) 620  (15,914) 1,267 
Net (loss) income $ (41,593) $ 193  $ 6,990  $ (40,457) $ 17,946 
Per common share data
(Loss) earnings per share - basic $ (4.76) $ 0.02  $ 0.80  $ (4.63) $ 2.07 
(Loss) earnings per share - diluted $ (4.76) $ 0.02  $ 0.80  $ (4.63) $ 2.05 
Dividends declared per share $ 0.06  $ 0.06  $ 0.06  $ 0.18  $ 0.18 
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
September 30, 2025 June 30, 2025 September 30, 2024
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 1
 $ 4,427,200  $ 68,958  6.18  % $ 4,407,196  $ 66,685  6.07  % $ 4,029,360  $ 59,792  5.90  %
Securities - taxable 819,941  8,614  4.17  % 856,070  9,062  4.25  % 713,992  6,953  3.87  %
Securities - non-taxable 78,602  652  3.29  % 78,924  654  3.32  % 78,417  1,042  5.29  %
Other earning assets 569,811  6,164  4.29  % 396,829  4,485  4.53  % 526,384  7,203  5.44  %
Total interest-earning assets 5,895,554  84,388  5.68  % 5,739,019  80,886  5.65  % 5,348,153  74,990  5.58  %
Allowance for credit losses - loans (49,495) (49,073) (44,572)
Noninterest-earning assets 235,733  234,198  220,329 
Total assets $ 6,081,792  $ 5,924,144  $ 5,523,910 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits $ 1,399,323  $ 11,742  3.33  % $ 1,226,439  $ 9,767  3.19  % $ 511,446  $ 2,880  2.24  %
Savings accounts 20,035  42  0.83  % 21,760  46  0.85  % 22,774  48  0.84  %
Money market accounts 1,250,350  11,771  3.73  % 1,187,782  11,087  3.74  % 1,224,680  12,980  4.22  %
Fintech - brokered deposits —  —  —  % —  —  —  % 153,012  1,682  4.37  %
Certificates and brokered deposits 2,463,302  26,579  4.28  % 2,356,958  25,894  4.41  % 2,472,166  29,825  4.80  %
Total interest-bearing deposits 5,133,010  50,134  3.87  % 4,792,939  46,794  3.92  % 4,384,078  47,415  4.30  %
Other borrowed funds 365,119  3,902  4.24  % 567,575  6,102  4.31  % 620,032  5,810  3.73  %
Total interest-bearing liabilities 5,498,129  54,036  3.90  % 5,360,514  52,896  3.96  % 5,004,110  53,225  4.23  %
Noninterest-bearing deposits 174,494  153,016  113,009 
Other noninterest-bearing liabilities 17,283  18,744  26,730 
Total liabilities 5,689,906  5,532,274  5,143,849 
Shareholders' equity 391,886  391,870  380,061 
Total liabilities and shareholders' equity $ 6,081,792  $ 5,924,144  $ 5,523,910 
Net interest income $ 30,352  $ 27,990  $ 21,765 
Interest rate spread 1.78  % 1.69  % 1.35  %
Net interest margin 2.04  % 1.96  % 1.62  %
Net interest margin - FTE 2,3
 2.12  % 2.04  % 1.70  %
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
Nine Months Ended
September 30, 2025 September 30, 2024
Average Balance Interest / Dividends Yield / Cost Average Balance Interest / Dividends Yield / Cost
Assets
Interest-earning assets
Loans, including loans held-for-sale 1
 $ 4,359,785  $ 198,305  6.08  % $ 3,953,170  $ 172,321  5.82  %
Securities - taxable 832,060  26,139  4.20  % 670,728  19,123  3.81  %
Securities - non-taxable 79,745  1,967  3.30  % 76,257  2,981  5.22  %
Other earning assets 471,096  15,692  4.45  % 476,697  19,691  5.52  %
Total interest-earning assets 5,742,686  242,103  5.64  % 5,176,852  214,116  5.52  %
Allowance for credit losses - loans (48,091) (41,526)
Noninterest-earning assets 231,985  220,165 
Total assets $ 5,926,580  $ 5,355,491 
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits $ 1,195,651  $ 28,483  3.19  % $ 467,054  $ 7,538  2.16  %
Savings accounts 20,786  131  0.84  % 22,760  144  0.85  %
Money market accounts 1,220,080  34,220  3.75  % 1,228,538  38,727  4.21  %
Fintech - brokered deposits —  —  —  % 119,470  3,912  4.37  %
Certificates and brokered deposits 2,478,620  81,720  4.41  % 2,344,272  83,718  4.77  %
Total interest-bearing deposits 4,915,137  144,554  3.93  % 4,182,094  134,039  4.28  %
Other borrowed funds 444,532  14,111  4.24  % 662,824  16,251  3.28  %
Total interest-bearing liabilities 5,359,669  158,665  3.96  % 4,844,918  150,290  4.14  %
Noninterest-bearing deposits 154,604  114,425 
Other noninterest-bearing liabilities 20,377  23,037 
Total liabilities 5,534,650  4,982,380 
Shareholders' equity 391,930  373,111 
Total liabilities and shareholders' equity $ 5,926,580  $ 5,355,491 
Net interest income $ 83,438  $ 63,826 
Interest rate spread 1.68  % 1.38  %
Net interest margin 1.94  % 1.65  %
Net interest margin - FTE 2,3
 2.02  % 1.74  %
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
September 30, 2025 June 30, 2025 September 30, 2024
Amount Percent Amount Percent Amount Percent
Commercial loans
Commercial and industrial $ 206,301  5.7  % $ 174,475  4.0  % $ 111,199  2.8  %
Owner-occupied commercial real estate 50,046  1.4  % 50,096  1.1  % 56,461  1.4  %
Investor commercial real estate 644,184  17.7  % 513,411  11.8  % 260,614  6.5  %
Construction 300,291  8.3  % 332,658  7.6  % 340,954  8.4  %
Single tenant lease financing 135,025  3.8  % 970,042  22.3  % 932,148  23.1  %
Public finance 480,119  13.2  % 476,339  10.9  % 462,730  11.5  %
Healthcare finance 150,522  4.1  % 160,073  3.7  % 190,287  4.7  %
Small business lending 401,628  11.1  % 383,455  8.8  % 298,645  7.4  %
Franchise finance 450,340  12.4  % 479,757  11.0  % 550,442  13.6  %
Total commercial loans 2,818,456  77.7  % 3,540,306  81.2  % 3,203,480  79.4  %
Consumer loans
Residential mortgage 349,275  9.6  % 358,922  8.2  % 378,701  9.4  %
Home equity 15,806  0.4  % 16,668  0.4  % 20,264  0.5  %
Trailers 232,006  6.4  % 228,786  5.2  % 205,230  5.1  %
Recreational vehicles 142,245  3.9  % 144,476  3.3  % 150,378  3.7  %
Other consumer loans 48,753  1.3  % 48,319  1.1  % 48,780  1.2  %
Total consumer loans 788,085  21.6  % 797,171  18.2  % 803,353  19.9  %
Net deferred loan fees, premiums, discounts and other 1
 23,844  0.7  % 25,085  0.6  % 29,047  0.7  %
Total loans $ 3,630,385  100.0  % $ 4,362,562  100.0  % $ 4,035,880  100.0  %
September 30, 2025 June 30, 2025 September 30, 2024
Amount Percent Amount Percent Amount Percent
Deposits
Noninterest-bearing deposits $ 243,539  5.0  % $ 145,166  2.7  % $ 111,591  2.3  %
Interest-bearing demand deposits 1,003,950  20.4  % 1,458,123  27.5  % 538,484  11.2  %
Savings accounts 18,694  0.4  % 20,902  0.4  % 21,712  0.5  %
Money market accounts 1,250,202  25.4  % 1,210,960  22.9  % 1,230,707  25.7  %
Fintech - brokered deposits —  —  % —  —  % 211,814  4.4  %
Certificates of deposits 2,115,613  43.0  % 2,146,356  40.5  % 2,110,618  44.0  %
Brokered deposits 283,436  5.8  % 317,282  6.0  % 572,784  11.9  %
Total deposits $ 4,915,434  100.0  % $ 5,298,789  100.0  % $ 4,797,710  100.0  %

1 Includes carrying value adjustments of $20.2 million, $21.2 million and $24.1 million related to terminated interest rate swaps associated with public finance loans as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.



First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
2025		 September 30,
2024
Total equity - GAAP $ 352,168  $ 390,239  $ 385,129  $ 352,168  $ 385,129 
Adjustments:
           Goodwill (4,687) (4,687) (4,687) (4,687) (4,687)
Tangible common equity $ 347,481  $ 385,552  $ 380,442  $ 347,481  $ 380,442 
Total assets - GAAP $ 5,639,174  $ 6,072,573  $ 5,823,259  $ 5,639,174  $ 5,823,259 
Adjustments:
           Goodwill (4,687) (4,687) (4,687) (4,687) (4,687)
Tangible assets $ 5,634,487  $ 6,067,886  $ 5,818,572  $ 5,634,487  $ 5,818,572 
Common shares outstanding 8,713,094  8,713,094  8,667,894  8,713,094  8,667,894 
Book value per common share $ 40.42  $ 44.79  $ 44.43  $ 40.42  $ 44.43 
Effect of goodwill (0.54) (0.54) (0.54) (0.54) (0.54)
Tangible book value per common share $ 39.88  $ 44.25  $ 43.89  $ 39.88  $ 43.89 
Total shareholders' equity to assets 6.25  % 6.43  % 6.61  % 6.25  % 6.61  %
Effect of goodwill (0.08 %) (0.08 %) (0.07 %) (0.08 %) (0.07 %)
Tangible common equity to tangible assets 6.17  % 6.35  % 6.54  % 6.17  % 6.54  %
Total average equity - GAAP $ 391,886  $ 391,870  $ 380,061  $ 391,930  $ 373,111 
Adjustments:
           Average goodwill (4,687) (4,687) (4,687) (4,687) (4,687)
Average tangible common equity $ 387,199  $ 387,183  $ 375,374  $ 387,243  $ 368,424 
Return on average shareholders' equity (42.11 %) 0.20 % 7.32  % (13.80 %) 6.42  %
Effect of goodwill (0.51 %) 0.00 % 0.09  % (0.17 %) 0.09  %
Return on average tangible common equity (42.62 %) 0.20  % 7.41  % (13.97 %) 6.51  %
Total interest income $ 84,388  $ 80,886  $ 74,990  $ 242,103  $ 214,116 
Adjustments:
Fully-taxable equivalent adjustments 1
 1,158  1,157  1,133  3,484  3,498 
Total interest income - FTE $ 85,546  $ 82,043  $ 76,123  $ 245,587  $ 217,614 
Net interest income $ 30,352  $ 27,990  $ 21,765  $ 83,438  $ 63,826 
Adjustments:
Fully-taxable equivalent adjustments 1
 1,158  1,157  1,133  3,484  3,498 
Net interest income - FTE $ 31,510  $ 29,147  $ 22,898  $ 86,922  $ 67,324 
Net interest margin 2.04  % 1.96  % 1.62  % 1.94  % 1.67  %
Effect of fully-taxable equivalent adjustments 1
 0.08  % 0.08  % 0.08  % 0.08  % 0.07  %
Net interest margin - FTE 2.12  % 2.04  % 1.70  % 2.02  % 1.74  %
1Assuming a 21% tax rate


First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
2025		 September 30,
2024
Total revenue - GAAP $ 5,705  $ 33,547  $ 33,794  $ 74,775  $ 95,235 
Adjustments:
     Loss on sale of loans 37,823  —  —  37,823  — 
Adjusted total revenue $ 43,528  $ 33,547  $ 33,794  $ 112,598  $ 95,235 
Net (loss) income - GAAP $ (41,593) $ 193  $ 6,990  $ (40,457) $ 17,946 
Adjustments:1
     Provision for credit losses 34,789  13,608  3,390  60,330  9,869 
     Income tax (benefit) provision (12,950) (2,054) 620  (15,914) 1,267 
Pre-tax, pre-provision (loss) income $ (19,754) $ 11,747  $ 11,000  $ 3,959  $ 29,082 
Pre-tax, pre-provision (loss) income $ (19,754) $ 11,747  $ 11,000  $ 3,959  $ 29,082 
Adjustments:1
     Loss on sale of loans 37,823  —  —  37,823  — 
Adjusted pre-tax, pre-provision income $ 18,069  $ 11,747  $ 11,000  $ 41,782  $ 29,082 
Noninterest (loss) income - GAAP $ (24,647) $ 5,557  $ 12,029  $ (8,663) $ 31,409 
Adjustments:
     Loss on sale of loans 37,823  —  —  37,823  — 
Adjusted noninterest income $ 13,176  $ 5,557  $ 12,029  $ 29,160  $ 31,409 
Noninterest expense - GAAP $ 25,459  $ 21,800  $ 22,794  $ 70,816  $ 66,153 
Adjustments:
     IT termination fees —  —  —  —  (452)
     Anniversary expenses —  —  —  —  (120)
Adjusted noninterest expense $ 25,459  $ 21,800  $ 22,794  $ 70,816  $ 65,581 
(Loss) income before income taxes - GAAP $ (54,543) $ (1,861) $ 7,610  $ (56,371) $ 19,213 
Adjustments:
     Loss on sale of loans 37,823  —  —  37,823  — 
     IT termination fees —  —  —  —  452 
     Anniversary expenses —  —  —  —  120 
Adjusted (loss) income before income taxes $ (16,720) $ (1,861) $ 7,610  $ (18,548) $ 19,785 
Income tax (benefit) provision - GAAP $ (12,950) $ (2,054) $ 620  $ (15,914) $ 1,267 
Adjustments:1
     Loss on sale of loans 8,699  —  —  8,699  — 
     IT termination fees —  —  —  —  95 
     Anniversary expenses —  —  —  —  25 
Adjusted income tax (benefit) provision $ (4,251) $ (2,054) $ 620  $ (7,215) $ 1,387 
Net (loss) income - GAAP $ (41,593) $ 193  $ 6,990  $ (40,457) $ 17,946 
Adjustments:
     Loss on sale of loans 29,124  —  —  29,124  — 
     IT termination fees —  —  —  —  357 
     Anniversary expenses —  —  —  —  95 
Adjusted net (loss) income $ (12,469) $ 193  $ 6,990  $ (11,333) $ 18,398 
1Assuming a 21% tax rate


First Internet Bancorp
Reconciliation of Non-GAAP Financial Measures
Dollar amounts in thousands, except per share data
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
2025		 September 30,
2024
Diluted average common shares outstanding 8,742,052  8,760,374  8,768,731  8,730,519  8,756,544 
Diluted (loss) earnings per share - GAAP $ (4.76) $ 0.02  $ 0.80  $ (4.63) $ 2.05 
Adjustments:
   Effect of loss on sale of loans 3.33  —  —  3.34  — 
   Effect of IT termination fees —  —  —  —  0.04 
   Effect of anniversary expenses —  —  —  —  0.01 
Adjusted diluted (loss) earnings per share $ (1.43) $ 0.02  $ 0.80  $ (1.29) $ 2.10 
Return on average assets (2.71 %) 0.01  % 0.50  % (0.91 %) 0.45  %
    Effect of loss on sale of loans 1.90  % 0.00  % 0.00  % 0.66  % 0.00  %
    Effect of IT termination fees 0.00  % 0.00  % 0.00  % 0.00  % 0.01  %
    Effect of anniversary expenses 0.00  % 0.00  % 0.00  % 0.00  % 0.00  %
Adjusted return on average assets (0.81 %) 0.01  % 0.50  % (0.25 %) 0.46  %
Return on average shareholders' equity (42.11 %) 0.20  % 7.32  % (13.80 %) 6.42  %
    Effect of loss on sale of loans 29.48  % 0.00  % 0.00  % 9.94  % 0.00  %
    Effect of IT termination fees 0.00  % 0.00  % 0.00  % 0.00 % 0.13 %
    Effect of anniversary expenses 0.00  % 0.00  % 0.00  % 0.00  % 0.03  %
Adjusted return on average shareholders' equity (12.63 %) 0.20  % 7.32  % (3.86 %) 6.58  %
Return on average tangible common equity (42.62 %) 0.20  % 7.41  % (13.97 %) 6.51  %
    Effect of loss on sale of loans 29.84  % 0.00  % 0.00  % 10.06  % 0.00  %
    Effect of IT termination fees 0.00  % 0.00  % 0.00  % 0.00  % 0.13 %
    Effect of anniversary expenses 0.00  % 0.00  % 0.00  % 0.00  % 0.03 %
Adjusted return on average tangible common equity (12.78 %) 0.20  % 7.41  % (3.91 %) 6.67  %

EX-99.2 3 inbk_3q25earningspresent.htm EX-99.2 inbk_3q25earningspresent
Financial Results Third Quarter 2025 Exhibit 99.2

 
Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as “believe,” “continue,” “could,” “decline,” “drive,” “enhance,” “estimate,” “expanding,” “expect,” “grow,” “growth,” “improve,” “increase,” “looking ahead,” “may,” “pending,” “plan,” “position,” “preliminary,” “remain,” “rising,” “should,” “slow,” “stable,” “strategy,” “well-positioned,” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers; general economic conditions, whether national or regional, and conditions in the lending markets in which we participate may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of any key members of senior management; the impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this presentation, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. This presentation contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, total interest income – FTE, net interest income – FTE, net interest margin – FTE, adjusted revenue, pre-tax, pre-provision (loss) income, adjusted pre-tax, pre-provision income, adjusted noninterest income, adjusted income (loss) before income taxes, adjusted income tax provision (benefit), adjusted net (loss) income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders’ equity, adjusted return on average tangible common equity, adjusted tangible common equity, adjusted tangible assets and adjusted tangible common equity to adjusted tangible assets are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this presentation under the caption “Reconciliation of Non-GAAP Financial Measures.” 2

 
Key Business Highlights  Strategic Balance Sheet Optimization – Completed the sale of single tenant lease financing loans and repositioned deposits to enhance capital ratios and balance sheet flexibility for future growth  Solid Revenue Momentum – Adjusted revenue up 30% with 8th consecutive quarter of net interest income growth driven by higher yields and operational efficiency  Strong Loan Pipelines – Pipelines remain strong; seeing continued opportunities in construction/investor commercial real estate, single tenant lease financing and commercial & industrial  Improving Asset Quality – Proactive credit related measures in small business lending and franchise finance yielding positive results with delinquencies improving sequentially  BaaS Model Drives Strong Liquidity – Significant fintech deposit growth delivers robust balance sheet liquidity with a favorable loans-to-deposits ratio supporting future expansion  Increased Management Conviction in Long-term Outlook – Dedicated and experienced team, proactive approach and strong liquidity position the Company for long-term profitable growth 3

 
Credit & Lending Update – 3Q25  Building a Stronger Financial Foundation  Proactive Credit Management – Increased reserves and resolved problem loans in small business and franchise finance portfolios – Cleaner credit profile sets the stage for future growth  Franchise Finance Progress – Delinquencies reduced by 79% this quarter – Successful recovery strategies with over 90% recovery on certain loans – Fewer new delinquencies and only three loans on deferral  Small Business Lending Improvements – Over $1.9 billion in loans originated since 2020 – Enhanced approval processes and advanced analytics to spot issues earlier – Delinquencies dropped by over 50%  Positive SBA Loan Sale Momentum – Secondary market sales normalized – $142.5 million in loans sold and $10.6 million in gain on sale revenue—both up sharply from 2Q25  Bottom Line: Proactive approach is driving meaningful improvements in asset quality, reducing delinquencies, and strengthening our financial performance. We remain committed to supporting our customers and delivering positive results for all stakeholders. 4

 
Third Quarter 2025 Highlights  Adjusted revenue of $43.5 million1, up almost 30% over both 2Q25 and 3Q24  Adjusted pre-tax, pre-provision income (“PTPP”) of $18.1 million1, up 54% from 2Q25 and 64% from 3Q24 5  Net interest margin of 2.04% and FTE NIM of 2.12%1,2, both up 8 bps from 2Q25  Deposit costs declined 5 bps while the yield on interest earning assets increased 3 bps  SBA GOS revenue of $10.6 million  NPAs to total assets of 0.98%  Excluding AOCI and adjusting for normalized cash balances, adjusted TCE / TA was 7.20%1  Tangible book value per share decreased 9.9% to $39.881 following loan sale 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate  Net loss of $41.6 million and diluted loss per share of $4.76 − Adjusted net loss of $12.5 million1 and diluted loss per share of $1.431 excluding loss on loan sale  Completed sale of $836.9 million of single tenant lease financing loans – Total portfolio loan balances decreased 16.8% from 2Q25  Weighted average yield on new loans funded in 3Q25 was 7.50%  Fintech deposit production remains strong; moved over $700 million of deposits off-balance sheet by quarter end  Capital position remains solid  TCE / TA of 6.17%1; CET1 ratio of 9.24%

 
Loan Portfolio Overview  Total portfolio loan balances decreased $732.2 million, or 16.8%, from 2Q25 – Excluding the impact of the loan sale, total loan balances increased $104.7 million, or 2.4%, from 2Q25  Commercial loan balances decreased $721.9 million, or 20.4%, from 2Q25 – Excluding the impact of the loan sale, commercial loan balances increased $115.0 million, or 3.2%, from 2Q25 – Strong growth in investor commercial real estate/construction, commercial & industrial and small business lending  Consumer loan balances decreased $9.1 million, or 1.1%, from 2Q25 6 Loan Portfolio Mix1 1 Percentages may not add up to 100% due to rounding 2 Includes commercial and industrial and owner-occupied commercial real estate balances Dollars in millions 2 11% 10% 10% 9% 9% 9% 10% 10% 12% 16% 16% 10% 7% 7% 12% 11% 9% 10%3% 9% 14% 13% 13% 1% 2% 4% 4% 4% 6% 8% 11% 2% 4% 10% 18% 14% 8% 6% 4% 4% 21% 26% 24% 21% 21% 18% 14% 12% 13% 39% 34% 35% 32% 31% 27% 25% 23% 4% 3% 2% 3% 4% 6% 8% 10% 16% 27% 10% 7% 6% 6% 6% 5% 5% 4% 6% $2,091 $2,716 $2,964 $3,059 $2,888 $3,499 $3,840 $4,171 $3,630 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 Commercial and Industrial Construction and Investor CRE Single Tenant Lease Financing Public Finance Healthcare Finance Small Business Lending Franchise Finance Residential Mortgage/HE/HELOCs Consumer

 
$2,117.5 43% $995.2 20% $471.7 10% $842.0 17% $286.3 6% $202.7 4% Consumer Small Business Commercial Fintech Public Funds Brokered2 $152.2 3% $253.3 5% $18.7 1% $425.9 8% $824.3 17%$842.0 17% $2,115.6 43% $283.4 6% Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates of deposits Brokered deposits Deposit Composition 7  Total deposits decreased 7.2% from 2Q25 and are up 2.5% from 3Q24  Fintech partnership deposit production remained strong; moved over $700 million of deposits off-balance sheet to manage cash balances and size of balance sheet following loan sale  Diversified deposit base comprised of consumer, small business, fintech, commercial and public funds  Deposit base is further diversified by product type among checking, money market/savings and CDs 1 Money market – SMB/Commercial includes small business, commercial and public funds 2 Public funds includes $80.7 million of deposits that are classified as brokered for regulatory purposes 1 Deposits by Customer Type – 9/30/25 Dollars in millions Total Deposits – $4.9B as of 9/30/25 Dollars in millions Average Balance (Dollars in thousands) $50.0 $87.6 $237.4 $66.8 $643.4

 
Liquidity and 3Q25 Deposit Update 8  Cash and unused borrowing capacity totaled $2.9 billion as of September 30, 2025 – Currently represents 180% of total uninsured deposits and 216% of adjusted uninsured deposits – Off-balance sheet deposits can easily be moved back onto the balance sheet to support growth and/or liquidity needs  Deposit production and on-balance sheet liquidity used to fund loan growth as well as pay down higher-cost FHLB advances and brokered deposits  Loans to deposits ratio remains favorable at 73.9% 1 Money market – SMB/Commercial includes small business, commercial and public funds Cost of Funds by Deposit TypeTotal Deposits by Quarter Dollars in millions 2% 2% 3% 2% 3% 5% 6% 5% 5% 5%1% 0% 0% 0% 0%9% 9% 9% 8% 9% 16% 15% 17% 15% 17% 11% 13% 18% 23% 17% 56% 55% 48% 47% 49% 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest-bearing deposits Interest-bearing demand deposits Savings accounts Money market - Consumer Money market - SMB/Commercial Fintech deposits Certificates and brokered deposits 1 $4,797.7 $4,933.2 3Q24 4Q24 1Q25 2Q25 3Q25 Interest-bearing demand deposits 2.62% 2.55% 2.96% 3.19% 3.33% Savings accounts 0.84% 0.85% 0.85% 0.85% 0.83% Money market accounts 4.22% 3.96% 3.77% 3.74% 3.73% Certificates of deposits 4.75% 4.71% 4.55% 4.41% 4.27% Brokered deposits 4.98% 4.68% 4.45% 4.39% 4.38% Total interest-bearing deposits 4.30% 4.13% 4.01% 3.92% 3.87% $5,298.8$4,945.6 $4,915.4

 
Net Interest Income and Net Interest Margin  Net interest income on a GAAP and FTE basis were up 8.4% and 8.1%, respectively, from 2Q25  NIM and FTE NIM1 benefitted from declining interest- bearing liability costs while loan yields increased  Strong loan production at rates well above the overall portfolio yield  Deposit costs declined from 2Q25; deposit mix positively impacting pricing 9 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Yield on Loans and Cost of Interest-Bearing Deposits Net Interest Margin – GAAP and FTE1 5.90% 5.93% 5.99% 6.07% 6.18% 4.30% 4.13% 4.01% 3.92% 3.87% 3Q24 4Q24 1Q25 2Q25 3Q25 Yield on loans Cost of interest-bearing deposits $21.8 $23.6 $25.1 $28.0 $30.4 $22.9 $24.7 $26.3 $29.1 $31.5 3Q24 4Q24 1Q25 2Q25 3Q25 GAAP FTE 1.62% 1.67% 1.82% 1.96% 2.04% 1.70% 1.75% 1.91% 2.04% 2.12% 3Q24 4Q24 1Q25 2Q25 3Q25 GAAP FTE Net Interest Income – GAAP and FTE1 Dollars in millions

 
Net Interest Margin Drivers 10 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix Net Interest Margin – FTE1 Linked-Quarter Change Monthly Rate Paid on Int. Bearing Deposits vs. Fed Funds  Linked-quarter FTE NIM1 increased 8 bps from 2Q25; benefited from lower interest-bearing liability costs – Weighted average yield of 7.50% on funded portfolio originations during 3Q25, remaining well above total portfolio yield – Pay down of higher-cost FHLB advances late in 2Q25 positively impacted net interest income and FTE NIM – Interest reversals on problem SBA and franchise finance loans negatively impacted NIM by 6 bps  Deposit costs decreased 5 bps from 2Q25 to 3.87% for 3Q25 – Deposit costs positively impacted by CD repricing and ability to move deposits off-balance sheet – Weighted average cost of new CDs in 3Q25 was 4.15% vs cost of maturing CDs of 4.83% – Cost of maturing CDs in 4Q25 is 4.32% and in 1Q26 is 4.21%; current new CD costs down almost 30 bps from 3Q25 +16 bps - 2 bps -10 bps 2.04% 2.12% +4 bps 4.20% 4.15% 4.06% 4.03% 4.02% 3.98% 3.93% 3.93% 3.89% 3.90% 3.87% 3.85% 4.83% 4.64% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.33% 4.09% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Int. Bearing Deposits Fed Funds Effective

 
Noninterest (Loss) Income 11 Dollars in millions Adjusted Noninterest Income by Type Dollars in millions Noninterest (Loss) Income by Quarter1  Noninterest (loss) income of ($24.6) million, down from $5.6 million in 2Q25  Recognized a net loss of $37.8 million on the sale of single tenant lease financing loans – Excluding the impact of the loan sale, noninterest income totaled $13.2 million, up 137.1% from 2Q25  Gain on sale of SBA loans totaled $10.6 million, up significantly from 2Q25 – SBA loan sale volume returned to normalized levels while net gain on sale premiums increased 12 bps $0.4 $0.8 $10.6 $1.4 Service charges and fees Net loan servicing revenue Gain on sale of loans Other $4.7 $(37.8) $12.0 $15.9 $10.4 $5.6 $13.2 3Q24 4Q24 1Q25 2Q25 3Q25 Core Non-Core $(24.6) $11.2 1 3Q25 and 4Q24 noninterest (loss) income includes a $37.8 million loss on sale of loans and $4.7 million of prepayment and terminated interest rate swap gains related to the paydown of FHLB advances, respectively; see Reconciliation of Non-GAAP Financial Measures in the Appendix

 
Noninterest Expense Dollars in millions Noninterest Expense by Quarter Noninterest Expense to Average Assets 1.73%1.71% 1.55% 1.64% 1.65% 1.66% 1.48% 1.66% 3Q24 4Q24 1Q25 2Q25 3Q25 $22.8 $24.0 $23.6 $21.8 $25.5 3Q24 4Q24 1Q25 2Q25 3Q25  Noninterest expense of $25.5 million, up 16.8% from $21.8 million in 2Q25  Salaries and employee benefits increased $3.5 million, or 32.4%, due primarily to an increase in incentive compensation  Loan expenses increased $0.3 million, or 21.7%, due mainly to collection expense and third-party lending fees  Other expense decreased $0.3 million, or 13.9%, due primarily to lower fintech partnership costs 12

 
Asset Quality  Allowance for credit losses to total loans of 1.65% in 3Q25, up 58 bps from 2Q25 – Significantly increased the ACL related to small business lending – Small business lending ACL to unguaranteed balances of 7.94%  Quarterly provision for credit losses was $34.8 million, compared to $13.6 million in 2Q25 – Elevated provision reflects NCOs and specific reserves for small business lending and franchise finance loans as well as the increase to the small business lending ACL  Net charge-offs to average loans of 1.89%, compared to 1.31% in 2Q25 – Recognized $21.0 million of NCOs to resolve problem small business lending and franchise finance loans – $5.3 million of NCOs had $3.5 million of existing specific reserves 13 0.39% 0.50% 0.61% 0.75% 0.98% 3Q24 4Q24 1Q25 2Q25 3Q25 0.15% 0.91% 0.92% 1.31% 1.89% 3Q24 4Q24 1Q25 2Q25 3Q25 NPAs to Total Assets Net Charge-Offs to Avg. Loans Delinquencies 30 Days + Past Due1 0.36% 0.63% 0.77% 0.62% 0.35% 3Q24 4Q24 1Q25 2Q25 3Q25 1 Excludes nonperforming loans

 
Capital  Tangible common equity to tangible assets decreased 18 bps from 2Q25 to 6.17%1  Tangible book value per share of $39.881, down 9.9% from 2Q25 and down 9.1% from 3Q24  Regulatory capital ratios benefited from the sale of single tenant lease financing loans  Tier 1 leverage ratio expected to increase significantly in 4Q25 as average assets reset following the loan sale 14 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix 2 Regulatory capital ratios are preliminary pending filing of the Company’s and Bank’s regulatory reports Company Bank Total shareholders' equity to assets 6.25% 7.48% Tangible common equity to tangible assets1 6.17% 7.40% Tier 1 leverage ratio 5.69% 6.89% Common equity tier 1 capital ratio 9.24% 11.21% Tier 1 capital ratio 9.24% 11.21% Total risk-based capital ratio 13.11% 12.46% $30.82 $33.29 $38.51 $39.74 $41.43 $43.77 $39.88 2019 2020 2021 2022 2023 2024 3Q25 Tangible Book Value Per Share1 Regulatory Capital Ratios – September 30, 20252

 
Small Business Lending  $401.6 million of balances as of September 30, 2025  Nationwide platform providing growth capital to entrepreneurs and small business owners  7th largest Small Business Administration 7(a) lender for the SBA’s 2025 fiscal year ended 1315 Managed SBA 7(a) Loans Portfolio Mix by State Portfolio Mix by Major Industry 18% 15% 10% 8%5%5% 39% FL TX MI CA IN CO Other 22% 20% 17% 10% 9% 22% Services Construction Retail Trade Accommodation and Food Services Manufacturing Other $298.6 $331.9 $353.4 $383.5 $401.6 $783.2 $862.1 $939.4 $932.2 $1,047.7 $26.7 $47.3 $24.0 $115.4 $102.7 $1,108.5 $1,241.3 $1,316.8 $1,431.1 $1,552.0 3Q24 4Q24 1Q25 2Q25 3Q25 Retained Balance Servicing Portfolio Held For Sale Dollars in millions

 
Construction and Investor Commercial Real Estate  $944.5 million of combined balances as of September 30, 2025  Average current loan balance of $16.5 million for investor CRE  Average commitment sizes for construction – Commercial construction/development: $20.8 million – Residential construction/development: $1.8 million 16 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry  3Q25 unfunded commitment balances – Commercial construction/development: $352.5 million – Residential construction/development: $49.4 million  Minimal office exposure; 1.5% of combined balances consisting of suburban and medical office space 68% 29% 3% Investor Commercial Real Estate Commercial Construction/ Development Residential Construction/ Development 48% 22% 16% 4% 10% Multifamily/Mixed Use Industrial Warehouse Hospitality Residential Land Development Other 45% 16% 8% 6% 6% 19% IN AZ CA FL SC Other

 
Single Tenant Lease Financing  $135.0 million of balances as of September 30, 2025  Long-term financing of single tenant properties occupied by historically strong national and regional tenants  Weighted-average portfolio LTV of 49%  Average loan size of $1.4 million 17 Portfolio Mix by Major Vertical Portfolio Mix by Major Tenant Portfolio Mix by Geography  Strong historical credit performance  No delinquencies in this portfolio  Completed sale of $836.9 million of loans in 3Q25 – Expected to significantly improve net interest margin – Improves interest rate risk management – Accelerates optimization of interest-earning assets 21% 9% 18%22% 6% 4% 5% 15% Quick Service Restaurants Auto Parts/ Repair/Car Wash Full Service Restaurants Convenience/Fuel Pharmacies Dollar Stores Specialty Retailer Other 5% 5% 5% 4% 4% 4% 3% 3%67% Davita Burger King 7-Eleven Red Lobster Applebee's Walgreens Albertsons Caliber Collision Other 12% 19% 21% 39% 9%

 
2% 13% 11% 6% 16% 9% 7%1% 0% 35% AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 Non-Rated 30% 12% 12% 11% 9% 6% 6% 4% 2% 1% 7% General Obligation Lease rental revenue Essential use equipment loans Short term cash flow financing (BAN) Water & sewer revenue Private Higher Education Tax Incremental Financing (TIF) districts Public higher education facilities Income Tax supported loans Municipally owned healthcare facilities Other 66%6% 4% 4% 4% 3% 3% 3% 7% IN OK IA MO OH MI GA WA Other Public Finance  $480.1 million of balances as of September 30, 2025  Provides a range of credit solutions for government and not-for-profit entities  Borrowers’ needs include short-term financing, debt refinancing, infrastructure improvements, economic development and equipment financing 18  No delinquencies or losses since inception Portfolio Mix by Repayment Source Borrower Mix by Credit Rating Portfolio Mix by State

 
C&I and Owner-Occupied Commercial Real Estate  $256.3 million of combined balances as of September 30, 2025  Current C&I LOC utilization of 56%  Average loan sizes  C&I: $699,000  Owner-occupied CRE: $894,000 19 Portfolio by Loan Type Portfolio Mix by State Portfolio Mix by Major Industry 19 53% 27% 20% C&I - Term Loans C&I - Lines of Credit Owner Occupied CRE 28% 18% 11% 8% 4% 31% IN CA AZ IL FL Other  Minimal office exposure; 0.4% of combined loan balances consisting of suburban office space 26% 14% 9%9% 8% 34% Wealth Advisory Services Equipment Finance Manufacturing Construction Other

 
Franchise Finance  $450.3 million of balances as of September 30, 2025  Focused on providing growth financing to franchisees in a variety of industry segments  Diversified by industry, geography and brand  Average loan size of $723,000 20 Portfolio Mix by Borrower Use Portfolio Mix by State Portfolio Mix by Brand 132 10% 7% 7% 6% 5% 5% 60% Urban Air Adventure Park Scooter's Coffee My Salon Suite Goldfish Swim School Restore Hyper Wellness Jersey Mike's Other 20% 16% 15%13% 10% 6% 20% Limited-Service Restaurants Indoor Recreation Beauty Salons Snacks and Nonalcoholic Beverages Fitness and Recreational Sports Centers Other Personal Care Services Other 14% 12% 6% 5% 4% 4%3% 52% TX CA FL GA MI PA KY Other

 
Healthcare Finance  $150.5 million of balances as of September 30, 2025  Average loan size of $361,000  Borrower’s needs include practice finance or acquisition, acquiring or refinancing owner-occupied commercial real estate, equipment purchases and project loans  Strong historical credit performance to date 21 Portfolio Mix by Borrower Use Portfolio Mix by Borrower Portfolio Mix by State 21 87% 10% 3% Dentists Veterinarians Other 31% 11% 5%5%4%4% 4% 36% CA TX FL NY AZ WA IL Other 74% 21% 5% Practice Refi or Acquisition Owner Occupied CRE Project

 
Residential Mortgage  $365.1 million of balances as of September 30, 2025 (includes home equity balances)  Historically direct-to-consumer originations centrally located at corporate headquarters  Focused on high quality borrowers – Average loan size of $197,000 – Average credit score at origination of 742 – Average LTV at origination of 80%  Strong historical credit performance 22 Concentration by State Concentration by Loan TypeNational Portfolio with Midwest Concentration 15% 2% 74% 4% 5% 22 73% 12% 2% 2% 1% 10% IN CA NY FL TX All other states 94% 4%1% 1% Single Family Residential Home Equity – LOC Home Equity – Closed End SFR Construction to Permanent

 
23% 21% 17% 29% 10% Specialty Consumer  $423.0 million of balances as of September 30, 2025  Direct-to-consumer and nationwide dealer network originations  Focused on high quality borrowers – Average credit score at origination of 779 – Average loan size of $27,000  Strong historical credit performance Concentration by State Concentration by Loan TypeGeographically Diverse Portfolio 231 13% 10% 6% 4% 4% 63% TX CA FL NC CO All other states 55%34% 11% Trailers Recreational Vehicles Other Consumer

 
24 Appendix

 
Loan Portfolio Composition 25 1 Includes carrying value adjustments of $20.2 million, $21.2 million, $22.1 million, $22.9 million, $27.8 million and $32.5 million associated with public finance loans as of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Dollars in thousands 2022 2023 2024 1Q25 2Q25 3Q25 Commercial loans Commercial and industrial 126,108$ 129,349$ 120,175$ 140,239$ 174,475$ 206,301$ Owner-occupied commercial real estate 61,836 57,286 53,591 49,954 50,096 50,046 Investor commercial real estate 93,121 132,077 269,431 297,874 513,411 644,184 Construction 181,966 261,750 413,523 471,082 332,658 300,291 Single tenant lease financing 939,240 936,616 949,748 950,814 970,042 135,025 Public finance 621,032 521,764 485,867 482,558 476,339 480,119 Healthcare finance 272,461 222,793 181,427 171,430 160,073 150,522 Small business lending 123,750 218,506 331,914 353,408 383,455 401,628 Franchise finance 299,835 525,783 536,909 514,700 479,757 450,340 Total commercial loans 2,719,349 3,005,924 3,342,585 3,432,059 3,540,306 2,818,456 Consumer loans Residential mortgage 383,948 395,648 375,160 367,722 358,922 349,275 Home equity 24,712 23,669 18,274 17,421 16,668 15,806 Trailers 167,326 188,763 210,575 220,012 228,786 232,006 Recreational vehicles 121,808 145,558 149,342 145,690 144,476 142,245 Other consumer loans 35,464 43,293 48,030 46,851 48,319 48,753 Total consumer loans 733,258 796,931 801,381 797,696 797,171 788,085 Net def. loan fees, prem., disc. and other 1 46,794 37,365 26,680 24,657 25,085 23,844 Total loans 3,499,401$ 3,840,220$ 4,170,646$ 4,254,412$ 4,362,562$ 3,630,385$

 
Reconciliation of Non-GAAP Financial Measures 26 Dollars in thousands, except for per share data 2019 2020 2021 2022 2023 2024 3Q25 Total equity - GAAP $304,913 $330,944 $380,338 $364,974 $362,795 $384,063 $352,168 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $300,226 $326,257 $375,651 $360,287 $358,108 $379,376 $347,481 Common shares outstanding 9,741,800 9,800,569 9,754,455 9,065,883 8,644,451 8,667,894 8,713,094 Book value per common share $31.30 $33.77 $38.99 $40.26 $41.97 $44.31 $40.42 Effect of goodwill (0.48) (0.48) (0.48) (0.52) (0.54) (0.54) (0.54) Tangible book value per common share $30.82 $33.29 $38.51 $39.74 $41.43 $43.77 $39.88

 
Reconciliation of Non-GAAP Financial Measures 27 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 3Q24 4Q24 1Q25 2Q25 3Q25 Total equity - GAAP $385,129 $384,063 $387,747 $390,239 $352,168 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible common equity $380,442 $379,376 $383,060 $385,552 $347,481 Total assets - GAAP $5,823,259 $5,737,859 $5,851,608 $6,072,573 $5,639,174 Adjustments: Goodwill (4,687) (4,687) (4,687) (4,687) (4,687) Tangible assets $5,818,572 $5,733,172 $5,846,921 $6,067,886 $5,634,487 Common shares outstanding 8,667,894 8,667,894 8,697,085 8,713,094 8,713,094 Book value per common share $44.43 $44.31 $44.58 $44.79 $40.42 Effect of goodwill (0.54) (0.54) (0.54) (0.54) (0.54) Tangible book value per common share $43.89 $43.77 $44.04 $44.25 $39.88 Total shareholders' equity to assets 6.61% 6.69% 6.63% 6.43% 6.25% Effect of goodwill (0.07%) (0.07%) (0.08%) (0.08%) (0.08%) Tangible common equity to tangible assets 6.54% 6.62% 6.55% 6.35% 6.17% Total interest income $74,990 $77,771 $76,829 $80,886 $84,388 Adjustments: Fully-taxable equivalent adjustments 1 1,133 1,152 1,169 1,157 1,158 Total interest income - FTE $76,123 $78,923 $77,998 $82,043 $85,546 Net interest income $21,765 $23,551 $25,096 $27,990 $30,352 Adjustments: Fully-taxable equivalent adjustments 1 1,133 1,152 1,169 1,157 1,158 Net interest income - FTE $22,898 $24,703 $26,265 $29,147 $31,510 Net interest margin 1.62% 1.67% 1.82% 1.96% 2.04% Adjustments: Effect of fully-taxable equivalent adjustments 1 0.08% 0.08% 0.09% 0.08% 0.08% Net interest margin - FTE 1.70% 1.75% 1.91% 2.04% 2.12%

 
Reconciliation of Non-GAAP Financial Measures 28 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 3Q24 4Q24 1Q25 2Q25 3Q25 Total revenue - GAAP $33,794 $39,487 $35,523 $33,547 $5,705 Adjustments: Loss on sale of loans - - - - 37,823 Gain on prepayment of FHLB advance - (1,829) - - - Gain on termination of swaps - (2,904) - - - Adjusted revenue $33,794 $34,754 $35,523 $33,547 $43,528 Net income - GAAP 6,990$ 7,330$ 943$ 193$ (41,593)$ Adjustments:1 Provision for credit losses 3,390 7,201 11,933 13,608 34,789 Income tax (benefit) provision 620 999 (909) (2,054) (12,950) Pre-tax, pre-provision (loss) income $11,000 $15,530 $11,967 $11,747 (19,754)$ Pre-tax, pre-provision income 11,000$ 15,530$ 11,967$ 11,747$ (19,754)$ Adjustments: Loss on sale of loans - - - - 37,823 Adjusted pre-tax, pre-provision income $11,000 $15,530 $11,967 $11,747 18,069$ Pre-tax, pre-provision (loss) income $11,000 $15,530 $11,967 $11,747 (19,754)$ Adjustments: Loss on sale of loans - - - - 37,823 Gain on prepayment of FHLB advances - (1,829) - - - Gain on termination of swaps - (2,904) - - - Adjusted pre-tax, pre-provision income $11,000 $10,797 $11,967 $11,747 18,069$ Noninterest (loss) income $12,029 $15,936 $10,427 $5,557 (24,647)$ Adjustments: Loss on sale of loans - - - - 37,823 Gain on prepayment of FHLB advance - (1,829) - - - Gain on termination of swaps - (2,904) - - - Adjusted noninterest income $12,029 $11,203 $10,427 $5,557 $13,176

 
Reconciliation of Non-GAAP Financial Measures 29 1 Assuming a 21% tax rate Dollars in thousands, except for per share data 3Q24 4Q24 1Q25 2Q25 3Q25 Income (loss) before income taxes - GAAP 7,610$ 8,329$ 34$ (1,861)$ (54,543)$ Adjustments: Loss on sale of loans - - - - 37,823 Gain on prepayment of FHLB advance - (1,829) - - - Gain on termination of swaps - (2,904) - - - Adjusted income (loss) before income taxes $7,610 $3,596 $34 ($1,861) ($16,720) Income tax provision (benefit) - GAAP 620$ 999$ (909)$ (2,054)$ (12,950)$ Adjustments:1 Loss on sale of loans - - - - 8,699 Gain on prepayment of FHLB advance - (384) - - - Gain on termination of swaps - (610) - - - Adjusted income tax provision (benefit) 620$ 5$ (909)$ (2,054)$ (4,251)$ Net income (loss) - GAAP 6,990$ 7,330$ 943$ 193$ (41,593)$ Adjustments: Loss on sale of loans - - - - 29,124 Gain on prepayment of FHLB advance - (1,445) - - - Gain on termination of swaps - (2,294) - - - Adjusted net income (loss) $6,990 $3,591 $943 $193 ($12,469)

 
Reconciliation of Non-GAAP Financial Measures 30 Dollars in thousands, except for per share data 3Q24 4Q24 1Q25 2Q25 3Q25 Diluted average common shares outstanding 8,768,731 8,788,793 8,784,970 8,760,374 8,742,052 Diluted earnings per share - GAAP 0.80$ 0.83$ 0.11$ 0.02$ (4.76)$ Adjustments: Effect of loss on sale of loans - - - - 3.33 Effect of gain on prepayment of FHLB advance - (0.16) - - - Effect of gain on termination of swaps - (0.26) - - - Adjusted diluted earnings per share $0.80 $0.41 $0.11 $0.02 (1.43)$ Return on average assets 0.50% 0.50% 0.07% 0.01% (2.71%) Effect of loss on sale of loans 0.00% 0.00% 0.00% 0.00% 1.90% Effect of gain on prepayment of FHLB advance 0.00% (0.10%) 0.00% 0.00% 0.00% Effect of gain on termination of swaps 0.00% (0.16%) 0.00% 0.00% 0.00% Adjusted return on average assets 0.50% 0.24% 0.07% 0.01% (0.81%) Return on average shareholders' equity 7.32% 7.49% 0.98% 0.20% (42.11%) Effect of loss on sale of loans 0.00% 0.00% 0.00% 0.00% 29.48% Effect of gain on prepayment of FHLB advance 0.00% (1.48%) 0.00% 0.00% 0.00% Effect of gain on termination of swaps 0.00% (2.34%) 0.00% 0.00% 0.00% Adjusted return on average shareholders' equity 7.32% 3.67% 0.98% 0.20% (12.63%) Return on average tangible common equity 7.41% 7.58% 0.99% 0.20% (42.62%) Effect of loss on sale of loans 0.00% 0.00% 0.00% 0.00% 29.84% Effect of gain on prepayment of FHLB advance 0.00% (1.49%) 0.00% 0.00% 0.00% Effect of gain on termination of swaps 0.00% (2.37%) 0.00% 0.00% 0.00% Adjusted return on average tangible common equity 7.41% 3.72% 0.99% 0.20% (12.78%)

 
Reconciliation of Non-GAAP Financial Measures 31 Dollars in thousands 3Q25 Tangible common equity $347,481 Adjustments: Accumulated other comprehensive loss 23,004 Adjusted tangible common equity $370,485 Tangible assets $5,634,487 Adjustments: Cash in excess of $300 million (487,661) Adjusted tangible assets $5,146,826 Adjusted tangible common equity $370,485 Adjusted tangible assets $5,146,826 Adjusted tangible common equity to adjusted tangible assets 7.20%