First Internet Bancorp

firstinternetbancorp.com

What Do They Do?

Provides consumer and small-business banking, commercial banking, and municipal financing to households, businesses and government entities.

How Do They Make Money?

Its main revenue source is interest from loans, leases and investment securities. Loan interest builds over time based on unpaid balances; for loans not currently accruing interest, it is recorded when received and applied to principal.

FY2025 revenue by product or service (Noninterest income) revenue

Segment	Share	Revenue
Service charges and fees	30% FY2022: 14%
Loan servicing revenue	189% FY2022: 35%
Loan servicing asset revaluation	−119% FY2022: −22%
Mortgage banking activities	0.0% FY2022: 73%

Who Are Their Customers?

Consumers and small businesses use digital deposit channels nationwide, while consumer loans are originated through dealerships and financing partners. Commercial borrowers receive services through relationship banking or strategic partnerships; government entities are served through public-finance lending.

Do Revenues Turn Into Profits?

Not on paper. It lost $35.2M in FY2025, but brought in more cash than it spent: $2.2M of free cash flow.

Net income, FY2025

−11% of revenue

▼ Now a loss vs FY2024 ($25.3M, 9%)

Free cash flow, FY2025

1% of revenue

▼ −79% vs FY2024 ($10.4M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $80.9M in Q2 FY2025
Net income: ▲ +1126%; vs $193K in Q2 FY2025

Loan servicing revenue share of noninterest income vs 177.8% in Q2 FY2025

Growing. Revenue grew 2.4x in 4 years, from $133.9M in FY2021 to $320.2M in FY2025, about 24% a year.

Broader commercial real estate reach The older report places construction and investor commercial real estate lending primarily in Central Indiana or regional markets; the latest report says these loans are offered nationwide.

Commercial delivery channels The older report describes commercial products as delivered through a relationship banking model; the latest report also names strategic partnerships as a delivery channel.

Revenue over time

Service charges and fees Loan servicing revenue Loan servicing asset revaluation Mortgage banking activities

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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