Quarterlytics / Financial Services / Banks - Regional / First Internet Bancorp / FY2024 Annual Report

First Internet Bancorp
Annual Report 2024

INBK · NASDAQ Financial Services
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Sector Financial Services
Industry Banks - Regional
Employees 323
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FY2024 Annual Report · First Internet Bancorp
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2024
ANNUAL REPORT

BOOK VALUE PER SHARE
REVENUE
($ in thousands)
BALANCE SHEET 
($ in millions)
DEPOSITS BY CUSTOMER TYPE
12/31/24 ($ in millions) 
2024 AT A GLANCE
$4.9B
TOTAL DEPOSITS
$5.7B
TOTAL ASSETS
$4.2B
TOTAL LOANS
$25.3MM
NET INCOME
7.75%
10-YEAR CAGR 
TANGIBLE BOOK VALUE PER SHARE
0.50%
NONPERFORMING
ASSETS / TOTAL ASSETS
$43.77
$33.29
$38.51
$39.74
$41.43 $44.31
$33.77
$38.99
$40.26
$41.97
Tangible Book Value Per Share
Book Value Per Share
2023
2022
2021
2020
2024
Total Loans
Total Assets
2023
2022
2021
2020
2024
$5,738
$4,171
$4,246
$3,059
$4,211
$2,888
$4,543
$3,499
$5,168
$3,840
Net Interest Income
Noninterest Income
Total Annual Revenue
2023
2022
2021
2020
2024
$47,345
$134,722
$100,877
$119,400
$118,350
$101,029
$87,377
$36,336
$64,541
$32,844
$86,556
$21,257
$97,093
$26,125
$74,904
$2,109.4
43%
$957.9
19%
$471.7
10%
$320.0
6%
$643.2
13%
$431.0
9%
Consumer
$49.1
$84.9
$220.4
$569.4
$52.4
Small Business
Commercial
Average Balance
($ in Thousands)
Public Funds
Fintech Partnerships
Brokered

In 2024, we celebrated our twenty-fifth year of operation at First Internet Bank. Pushing the 
traditional boundaries of what it means to be a bank — that is our legacy and remains the heart 
of our vision. We are dedicated to providing seamless and highly personalized service for our 
customers over the next 25 years. Thank you for joining us on the journey to enhance the human 
experience of banking.
6%
5%
5%
6%
6%
8%
10%
4%
31%
27%
24%
31%
21%
18%
14%
20%
13%
8%
6%
17%
4%
4%
6%
4%
3%
9%
14%
8%
7%
12%
11%
10%
9%
9%
10%
2023
2022
2021
2020
Commercial and Industrial1
Construction and Investor CRE
Single Tenant Lease Financing
Public Finance
Healthcare Finance
Small Business Lending
Franchise Finance
Residential Mortgage/HE/HELOCs
Consumer
$3,059
$2,888
$3,499
$3,840
4%
17%
23%
12%
4%
8%
13%
9%
10%
2024
$4,171
LOAN PORTFOLIO MIX
($ in millions)
1 Includes commercial and industrial and owner-occupied commercial real estate balances.
1
2024 ANNUAL REPORT

We proudly delivered twelve months of improving 
financial performance and five consecutive 
quarters of growth in net interest income and 
net interest margin expansion. Net interest 
income rose to $87.4 million, up 17 percent 
year-over-year, while fully taxable equivalent 
net interest margin improved to 1.74 percent, 
increasing 7 basis points from 2023. Fueled in 
part by higher gain-on-sale revenue from small 
business lending, our net income and diluted 
earnings per share tripled in 2024, reaching 
$25.3 million and $2.88, respectively.
Confirming our commitment to operational 
discipline and diligent balance sheet 
management through very challenging periods 
for the banking industry, our tangible book 
value per share is up more than 55 percent 
since 2018. We also grew loan balances by 
$330.4 million, a 9 percent annual increase, 
driven by strong commercial loan growth —
particularly in construction, investor commercial 
real estate and small business lending — which 
enhanced our interest rate risk profile and 
drove higher loan yields. As a result, total 
revenue growth far outpaced expense growth, 
creating strong momentum and significant 
operating leverage as we enter 2025.
Our small business lending team remains 
instrumental in repositioning our loan portfolio 
and strengthening the resilience of our revenue 
streams. Affirming our dedication to providing 
capital to entrepreneurs nationwide, small 
business loan originations reached nearly 
$540 million in 2024 — up 45 percent from the 
prior year. As we sell the guaranteed portion 
of our Small Business Administration (SBA) 
loan originations into the secondary market, 
the growth of our SBA business significantly 
increased noninterest income for the year, 
accounting for one-third of total annual adjusted 
revenue, up from 26 percent in 2023. 
We proudly retained our position as a top 
SBA 7(a) lender and were honored as the 2024 
Online Lender of the Year by Coleman Report, a 
leading small business industry publication. The 
publication’s annual awards celebrate financial 
institutions and individuals who demonstrate 
exceptional performance in SBA lending. 
DEAR SHAREHOLDER,
Last year, we reflected on our past 
while celebrating twenty-five years 
of operation at First Internet Bank. 
From the moment of our inception, 
we looked to the future and embraced 
the changes that would shape the next 
quarter century. And all the while, we 
remained ardently committed to 
enhancing shareholder value. 
2023
Net 
Interest 
Income
(in thousands)
2024
$87,377
$74,904
2 FIRST INTERNET BANCORP

David B. Becker
Chairman and Chief Executive Officer
We proudly retained our position as a top SBA 7(a) lender and 
were honored as the 2024 Online Lender of the Year by Coleman 
Report, a leading small business industry publication.
Our construction and investor commercial 
real estate team also had another solid year 
of production. As the year ended, unfunded 
commitments in our construction line of 
business were $480 million. 
I am proud of the performance our lending 
teams displayed while also diligently managing 
their portfolios. Overall credit quality remains 
sound, with asset quality metrics comparing 
favorably to our peers. 
Working together across all lines of business, 
strong deposit growth in 2024 provided 
balance sheet flexibility, enabling us to pay 
down a significant portion of wholesale funding 
throughout the year while maintaining a solid 
liquidity position. This strategic approach 
positions us to better optimize both sides 
of the balance sheet moving forward.
An emergent factor in our growth across both 
sides of our balance sheet is our fintech 
partnerships line of business. Our activities as a 
sponsor bank drive increased revenue and allow 
us to reach new market segments with purpose- 
driven services and embedded tools. We view 
partnerships between chartered institutions 
and solutions-focused innovators as essential 
to the evolution of financial services. Having been 
a driving force for challenging the status quo 
these past 25 years, we are uniquely positioned 
to deliver on the vision of fintech entrepreneurs.
When we launched First Internet Bank in 1999, 
the internet was still finding its footing. Phones 
were barely mobile. Banking seemed tethered 
to physical locations where customers could 
deposit a check or withdraw cash. We had a 
vision, however, that others did not: a future 
where technology could deliver a better 
banking experience. We didn’t just embrace the 
digital revolution, we pioneered it, inventing a 
new way to bank before the world even realized 
it needed one.
Now, standing on the cusp of another wave 
of technological transformations, we find 
ourselves on familiar ground — poised to blaze 
new trails and reimagine what’s possible in 
banking. Automation and artificial intelligence 
(AI) have unlocked new possibilities, offering 
greater flexibility, efficiency and customization 
than ever before. These advances also allow 
our team to leverage technology in ways that 
make banking interactions more meaningful. 
By streamlining processes and utilizing 
predictive analytics and real-time insights, 
we can focus on what matters most —
delivering tailored financial solutions that help 
our customers succeed.
As we step into this next chapter, we do so 
with the same entrepreneurial spirit that has 
defined us for more than 25 years. Thriving in 
this dynamic landscape requires embracing 
bold ideas and delivering financial innovations 
3
2024 ANNUAL REPORT

that help redefine the customer banking 
experience and relationship — competencies 
we have honed since our launch. Our 
commitment remains steadfast: to enhance 
banking by making the experience more 
intuitive, more personalized and, ultimately, 
more human. Our relentless drive for progress 
will strengthen our position as an industry 
leader and ensure we remain an indispensable 
partner to those we serve.
Yet, the irony isn’t lost on me that, as a bank 
embracing technology as a key differentiator, 
we recognize our people as our most important 
asset. An engaged team of banking experts 
ensures that technological innovation serves 
a greater purpose — enhancing the human 
experience of banking. At its core, banking 
is built on trust. Our customers aren’t just 
interacting with algorithms; they rely on 
our people to guide them through complex 
financial decisions with customized financial 
solutions, even in an online environment.
On behalf of the dedicated team members 
who help fulfill that promise every day and our 
insightful Board of Directors, I want to thank 
our shareholders for their continued support.
DAVID B. BECKER
Chairman and 
Chief Executive Officer
4 FIRST INTERNET BANCORP

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