0001562463-26-000022
SEC filingFirst Internet Bancorp reported a net loss of $35.2 million for fiscal year 2025, driven by a significant provision for credit losses of $71.9 million on loans and total noninterest expenses of $95.0 million. The company generated total interest income of $320.2 million, with loans contributing $259.8 million, but faced high interest expenses of $206.4 million, primarily from deposits ($188.4 million). Net interest income after provision for credit losses was $41.4 million, while noninterest income totaled $2.7 million, including a loss on sale of loans of $8.3 million. The balance sheet shows total assets of $5.57 billion, with net loans of $3.69 billion and total deposits of $4.84 billion. Shareholders' equity stood at $359.8 million. Cash flow from operations was positive at $3.4 million, but investing activities used $128.7 million and financing activities used $141.8 million, resulting in a net decrease in cash of $9.6 million. The company declared no dividends per share and reported basic and diluted earnings per share of -$4.00.
First Internet Bancorp reported a net loss of $35.2 million for fiscal year 2025, compared to no prior year net income figure provided in the data. The loss before income taxes was $50.9 million, with an income tax benefit of $15.7 million reducing the net loss. Key drivers included total interest income of $320.2 million and total interest expense of $206.4 million, resulting in net interest income of $113.8 million. However, a provision for credit losses on loans of $71.9 million significantly impacted profitability, reducing net interest income after provision to $41.4 million. Noninterest income was $2.7 million, including a loss on sale of loans of $8.3 million, while noninterest expenses totaled $95.0 million, led by salaries and employee benefits of $51.0 million.
Revenue analysis focuses on interest and noninterest income components as disclosed. Total interest income of $320.2 million comprised interest on loans of $259.8 million, securities – taxable of $35.0 million, securities – non-taxable of $2.6 million, and other earning assets of $22.7 million. Interest expense of $206.4 million included deposits of $188.4 million and other borrowed funds of $18.0 million. Noninterest income totaled $2.7 million, with noninterest income of $4.6 million, loss on sale of loans of $8.3 million, and other income of $6.4 million. No segment or geographic revenue breakdown is provided in the data.
Profitability was negatively impacted by high credit loss provisions and noninterest expenses. The provision for credit losses on loans of $71.9 million was the largest single expense affecting net interest income after provision, which was $41.4 million. Noninterest expenses of $95.0 million included salaries and employee benefits of $51.0 million, premises and equipment of $13.7 million, deposit insurance premium of $6.1 million, loan expenses of $6.7 million, and other costs. The loss before income taxes margin cannot be calculated without revenue figures, but the net loss of $35.2 million reflects challenges in credit quality and cost management.
Cash flow from operating activities was $3.4 million, driven by net loss of $35.2 million adjusted for non-cash items including provision for credit losses of $72.3 million and depreciation of $6.2 million. Investing activities used $128.7 million, primarily from net loan activity of $464.1 million and purchases of securities available-for-sale of $311.6 million. Financing activities used $141.8 million, with a net decrease in deposits of $93.4 million and repayment of FHLB advances of $150.0 million. The balance sheet shows total assets of $5.57 billion, including cash and equivalents of $456.8 million, net loans of $3.69 billion, and securities of $1.03 billion. Liabilities total $5.21 billion, with deposits of $4.84 billion, and shareholders' equity of $359.8 million.
No management guidance, strategic priorities, or specific risk factors are disclosed in the provided data. The filing indicates a net loss and negative earnings per share, suggesting challenges in profitability and credit management. Investors should monitor future filings for updates on credit loss trends, interest margin stability, and cost control initiatives. The balance sheet remains leveraged with high deposit levels, and cash flow trends show net cash outflows from investing and financing activities.