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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ________ to ________.

Commission File Number 001-35750


First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)


Indiana						20-3489991
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

8701 East 116th Street Fishers, IN						46038
(Address of Principal Executive Offices)						(Zip Code)


			(317) 532-7900
			(Registrant’s Telephone Number, Including Area Code)

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ¨			Accelerated Filer þ
Non-accelerated Filer ¨			Smaller Reporting Company ☐
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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of August 1, 2025, the registrant had 8,713,094 shares of common stock issued and outstanding.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the current expectations of First Internet Bancorp and its consolidated subsidiaries (the “Company,” “we,” “our,” or “us”) regarding our business strategies, intended results and future performance, including without limitation statements concerning 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 preceded by terms such as “anticipate,” “attempt,” “believe,” “can,” “continue,” “could,” “effort,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “optimistic,” “pending,” “plan,” “position,” “potential,” “preliminary,” “remain,” “scale,” “should,” “will,” “would” or other similar expressions. 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 (including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, the impact of tariffs and trade policies, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing); our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of collateral for our loans; failures or breaches of or interruptions in the communication and information systems on which we rely to conduct our business that could reduce our revenues, increase our costs or lead to disruptions in our business; our dependence on capital distributions from First Internet Bank of Indiana (the “Bank”); results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for credit losses or to write-down assets; changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Bank in particular; more restrictive regulatory capital requirements; increased costs, including deposit insurance premiums; regulation or prohibition of government-guaranteed lending or other income producing activities or changes in the secondary market for loans and other products; changes in market rates and prices that may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our balance sheet; our liquidity requirements being adversely affected by changes in our assets and liabilities; the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry; potential impacts of adverse developments in the banking industry, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; competitive factors among financial services organizations, including product and pricing pressures and our ability to attract, develop and retain qualified banking professionals; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

PART I

ITEM 1. FINANCIAL STATEMENTS

First Internet Bancorp

Condensed Consolidated Balance Sheets

(Amounts in thousands except share data)


	June 30, 2025		December 31, 2024
	(Unaudited)
Assets
Cash and due from banks	$	9,261	$	9,249
Interest-bearing deposits	437,100		457,161
Total cash and cash equivalents	446,361		466,410

Securities available-for-sale, at fair value (amortized cost of $676,496 and $626,854 in 2025 and 2024, respectively)	644,657		587,355
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0.1 million and $0.2 million in 2025 and 2024, respectively, (fair value of $254,667 and $228,851 in 2025 and 2024, respectively)	271,737		249,796
Loans held-for-sale	126,533		54,695
Loans	4,362,562		4,170,646
Allowance for credit losses - loans	(46,517)		(44,769)
Net loans	4,316,045		4,125,877
Accrued interest receivable	31,227		28,180
Federal Home Loan Bank of Indianapolis stock	28,350		28,350
Cash surrender value of bank-owned life insurance	41,961		41,394
Premises and equipment, net	69,930		71,453
Goodwill	4,687		4,687
Servicing asset, at fair value	16,736		16,389
Other real estate owned	1,730		272
Accrued income and other assets	72,619		63,001
Total assets	$	6,072,573	$	5,737,859
Liabilities and Shareholders’ Equity
Liabilities
Noninterest-bearing deposits	$	145,166	$	136,451
Interest-bearing deposits	5,153,623		4,796,755
Total deposits	5,298,789		4,933,206
Advances from Federal Home Loan Bank	264,500		295,000
Subordinated debt, net of unamortized debt issuance costs of $1,693 and $1,850 in 2025 and 2024, respectively	105,307		105,150
Accrued interest payable	1,614		2,495
Accrued expenses and other liabilities	12,124		17,945
Total liabilities	5,682,334		5,353,796
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none	—		—
Voting common stock, no par value; 45,000,000 shares authorized; 8,713,094 and 8,667,894 shares issued and outstanding in 2025 and 2024, respectively	186,116		186,094
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none	—		—
Retained earnings	230,690		230,622
Accumulated other comprehensive loss	(26,567)		(32,653)
Total shareholders’ equity	390,239		384,063
Total liabilities and shareholders’ equity	$	6,072,573	$	5,737,859

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Condensed Consolidated Statements of Income – Unaudited

(Amounts in thousands except share and per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest Income
Loans	$	66,685	$	57,094	$	129,347	$	112,529
Securities – taxable	9,062		6,476		17,525		12,170
Securities – non-taxable	654		970		1,315		1,939
Other earning assets	4,485		6,421		9,528		12,488
Total interest income	80,886		70,961		157,715		139,126
Interest Expense
Deposits	46,794		44,495		94,420		86,624
Other borrowed funds	6,102		5,139		10,209		10,441
Total interest expense	52,896		49,634		104,629		97,065
Net Interest Income	27,990		21,327		53,086		42,061
Provision for credit losses - loans	13,596		3,920		25,717		6,502
Benefit for credit losses - debt securities held to maturity	(12)		(2)		(32)		(64)
Provision (benefit) for credit losses - off-balance sheet commitments	24		113		(144)		41
Net Interest Income After Provision for Credit Losses	14,382		17,296		27,545		35,582
Noninterest Income
Service charges and fees	278		246		543		466
Loan servicing revenue	1,979		1,470		3,962		2,793
Loan servicing asset revaluation	(1,153)		(829)		(2,334)		(1,263)




Gain on sale of loans	1,673		8,292		10,320		14,828


Other	2,780		1,854		3,493		2,556
Total noninterest income	5,557		11,033		15,984		19,380
Noninterest Expense
Salaries and employee benefits	10,867		12,462		23,974		24,258
Marketing, advertising and promotion	702		609		1,349		1,345
Consulting and professional services	936		1,022		2,164		1,875
Data processing	656		606		1,291		1,170
Loan expenses	1,520		1,597		3,051		3,042
Premises and equipment	3,281		3,154		6,396		5,980
Deposit insurance premium	1,564		1,172		2,962		2,317

Other	2,274		1,714		4,170		3,372
Total noninterest expense	21,800		22,336		45,357		43,359
(Loss) Income Before Income Taxes	(1,861)		5,993		(1,828)		11,603
Income Tax (Benefit) Provision	(2,054)		218		(2,964)		647
Net Income	$	193	$	5,775	$	1,136	$	10,956
Income Per Share of Common Stock
Basic	$	0.02	$	0.67	$	0.13	$	1.26
Diluted	$	0.02	$	0.67	$	0.13	$	1.25
Weighted-Average Number of Common Shares Outstanding
Basic	8,733,559		8,594,315		8,724,657		8,684,093
Diluted	8,760,374		8,656,215		8,784,005		8,750,017
Dividends Declared Per Share	$	0.06	$	0.06	$	0.12	$	0.12

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Condensed Consolidated Statements of Comprehensive Income – Unaudited

(Amounts in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	193	$	5,775	$	1,136	$	10,956
Other comprehensive income
Securities available-for-sale
Net unrealized holding gains (losses) recorded within other comprehensive income (loss) before income tax	3,236		(551)		7,660		(2,625)

Income tax provision (benefit)	744		(126)		1,761		(601)
Net effect on other comprehensive income (loss)	2,492		(425)		5,899		(2,024)

Securities held-to-maturity

Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	132		188		252		422
Income tax provision	34		46		65		103
Net effect on other comprehensive income	98		142		187		319

Cash flow hedges
Net unrealized holding gains (losses) on cash flow hedging derivatives recorded within other comprehensive income (loss) before income tax	—		(262)		—		640
Income tax (benefit) provision	—		(60)		—		147
Net effect on other comprehensive (loss) income	—		(202)		—		493

Total other comprehensive income (loss)	2,590		(485)		6,086		(1,212)
Comprehensive income	$	2,783	$	5,290	$	7,222	$	9,744

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited

Six Months Ended June 30, 2025 and 2024

(Amounts in thousands except share and per share data)


	Voting and Nonvoting Common Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
Balance, January 1, 2025	$	186,094	$	230,622	$	(32,653)	$	384,063

Net income	—		1,136		—		1,136

Other comprehensive income	—		—		6,086		6,086
Dividends declared ($0.12 per share)	—		(1,068)		—		(1,068)

Recognition of the fair value of share-based compensation	243		—		—		243


Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units	3		—		—		3
Common stock redeemed for the net settlement of share-based awards	(224)		—		—		(224)

Balance, June 30, 2025	$	186,116	$	230,690	$	(26,567)	$	390,239

Balance, January 1, 2024	$	184,700	$	207,470	$	(29,375)	$	362,795

Net income	—		10,956		—		10,956

Other comprehensive loss	—		—		(1,212)		(1,212)
Dividends declared ($0.12 per share)	—		(1,061)		—		(1,061)

Recognition of the fair value of share-based compensation	901		—		—		901
Repurchased shares of common stock (10,500)	(283)		—		—		(283)
Excise tax on repurchase of common stock	(3)		—		—		(3)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units	2		—		—		2
Common stock redeemed for the net settlement of share-based awards	(142)		—		—		(142)

Balance, June 30, 2024	$	185,175	$	217,365	$	(30,587)	$	371,953

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited

Three Months Ended June 30, 2025 and 2024

(Amounts in thousands except share and per share data)



	Voting and Nonvoting Common Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
Balance, April 1, 2025	185,873		$	231,031	$	(29,157)	$	387,747

Net income	—		193		—		193

Other comprehensive income	—		—		2,590		2,590
Dividends declared ($0.06 per share)	—		(534)		—		(534)

Recognition of the fair value of share-based compensation	241		—		—		241


Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units	2		—		—		2


Balance, June 30, 2025	$	186,116	$	230,690	$	(26,567)	$	390,239

Balance, April 1, 2024	$	184,720	$	212,121	$	(30,102)	$	366,739

Net income	—		5,775		—		5,775

Other comprehensive loss	—		—		(485)		(485)
Dividends declared ($0.06 per share)	—		(531)		—		(531)

Recognition of the fair value of share-based compensation	458		—		—		458

Excise tax on repurchase of common stock	(3)		—		—		(3)


Balance, June 30, 2024	$	185,175	$	217,365	$	(30,587)	$	371,953

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Condensed Consolidated Statements of Cash Flows – Unaudited

(Amounts in thousands)


	Six Months Ended June 30,
	2025		2024
Operating Activities
Net income	$	1,136	$	10,956
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	2,982		3,846
Increase in cash surrender value of bank-owned life insurance	(567)		(540)
Provision for credit losses	25,541		6,479
Share-based compensation expense	243		901


Loans originated for sale	(261,753)		(200,500)
Proceeds from sale of loans	197,554		214,291
Gain on loans sold	(10,320)		(14,828)
Gain on sale of other real estate owned	(19)		(31)

(Loss) gain on derivatives	(146)		1,803
Gain on bank-owned life insurance	—		(149)

Loan servicing asset revaluation	2,334		1,263

Net change in accrued income and other assets	(7,898)		(3,370)
Net change in accrued expenses and other liabilities	(6,434)		(1,305)
Net cash (used in) provided by operating activities	(57,347)		18,816
Investing Activities
Net loan activity, excluding purchases	(199,820)		(57,851)
Proceeds from sale of other real estate owned	291		406

Maturities and calls of securities available-for-sale	65,376		33,701

Purchase of securities available-for-sale	(115,680)		(50,947)
Maturities and calls of securities held-to-maturity	12,109		11,418
Purchase of securities held-to-maturity	(33,629)		(53,977)



Purchase of premises and equipment	(834)		(1,496)
Proceeds from bank-owned life insurance	—		737

Loans purchased	(17,795)		(64,944)

Other investing activities	(6,516)		(10,438)
Net cash used in investing activities	(296,498)		(193,391)
Financing Activities
Net increase in deposits	365,583		206,949

Cash dividends paid	(1,054)		(1,049)


Repurchase of common stock	—		(283)
Proceeds from advances from Federal Home Loan Bank	104,500		320,000
Repayment of advances from Federal Home Loan Bank	(135,000)		(360,000)

Other, net	(233)		(154)
Net cash provided by financing activities	333,796		165,463
Net Decrease in Cash and Cash Equivalents	(20,049)		(9,112)
Cash and Cash Equivalents, Beginning of Period	466,410		405,898
Cash and Cash Equivalents, End of Period	$	446,361	$	396,786
Supplemental Disclosures


Cash paid during the period for interest	105,510		97,494
Cash paid during the period for taxes	238		378
Loans transferred to other real estate owned	1,730		—

Cash dividends declared, paid in subsequent period	523		520

See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp

Notes to Condensed Consolidated Financial Statements – Unaudited

(Table amounts in thousands except share and per share data)

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected for the year ending December 31, 2025 or any other period. The June 30, 2025 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The Company utilizes processes that involve the use of significant estimates and the judgment of management in determining the amount of the Company’s allowance for credit losses (“ACL”) and changes in any of these could have a significant impact on the condensed consolidated financial statements.

The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.

Note 2: Earnings Per Share

Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.

The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and six months ended June 30, 2025 and 2024.


(dollars in thousands, except share and per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic earnings per share
Net income	$	193	$	5,775	$	1,136	$	10,956
Weighted-average common shares	8,733,559		8,594,315		8,724,657		8,684,093
Basic earnings per common share	$	0.02	$	0.67	$	0.13	$	1.26
Diluted earnings per share
Net income	$	193	$	5,775	$	1,136	$	10,956
Weighted-average common shares	8,733,559		8,594,315		8,724,657		8,684,093

Dilutive effect of equity compensation	26,815		61,900		59,348		65,924
Weighted-average common and incremental shares	8,760,374		8,656,215		8,784,005		8,750,017
Diluted earnings per common share 1	$	0.02	$	0.67	$	0.13	$	1.25

1 Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 15,940 and 9,006 for the three and six months ended June 30, 2025, respectively. There were no antidilutive shares for both the three and six months ended June 30, 2024.

Note 3: Securities

The following tables summarize securities available-for-sale and securities held-to-maturity as of June 30, 2025 and December 31, 2024.


	June 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value
(amounts in thousands)			Gains		Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	73,297	$	533	$	(1,130)	$	72,700
Municipal securities	65,274		1		(3,852)		61,423
Agency mortgage-backed securities - residential 1	383,145		606		(25,680)		358,071
Agency mortgage-backed securities - commercial	62,340		142		(1,008)		61,474
Private label mortgage-backed securities - residential	39,971		229		(777)		39,423
Asset-backed securities	19,442		69		(23)		19,488
Corporate securities	33,027		108		(1,057)		32,078

Total available-for-sale	$	676,496	$	1,688	$	(33,527)	$	644,657


	June 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value		Allowance for Credit Losses		Net Carrying Value
(amounts in thousands)			Gains		Losses
Securities held-to-maturity
Municipal securities	$	12,207	$	—	$	(730)	$	11,477	$	(3)	$	12,204
Agency mortgage-backed securities - residential	228,446		500		(14,872)		214,074		—		228,446
Agency mortgage-backed securities - commercial	5,670		—		(969)		4,701		—		5,670
Corporate securities	25,536		—		(1,121)		24,415		(119)		25,417
Total held-to-maturity	$	271,859	$	500	$	(17,692)	$	254,667	$	(122)	$	271,737

1 Includes $0.2 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of June 30, 2025.


	December 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value
(amounts in thousands)			Gains		Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	83,811	$	487	$	(1,482)	$	82,816
Municipal securities	67,441		—		(3,787)		63,654
Agency mortgage-backed securities - residential 1	300,914		460		(31,733)		269,641
Agency mortgage-backed securities - commercial	64,214		276		(1,159)		63,331
Private label mortgage-backed securities - residential	46,623		186		(988)		45,821
Asset-backed securities	23,802		62		(43)		23,821
Corporate securities	40,049		71		(1,849)		38,271

Total available-for-sale	$	626,854	$	1,542	$	(41,041)	$	587,355


	December 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value		Allowance for Credit Losses		Net Carrying Value
(amounts in thousands)			Gains		Losses
Securities held-to-maturity
Municipal securities	$	12,846	$	—	$	(921)	$	11,925	$	(3)	$	12,843
Agency mortgage-backed securities - residential	201,840		102		(17,530)		184,412		—		201,840
Agency mortgage-backed securities - commercial	5,705		—		(1,157)		4,548		—		5,705
Corporate securities	29,559		—		(1,593)		27,966		(151)		29,408
Total held-to-maturity	$	249,950	$	102	$	(21,201)	$	228,851	$	(154)	$	249,796

1 Includes $0.3 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2024.

Accrued interest receivable on AFS and HTM securities at June 30, 2025 was $2.7 million and $1.2 million, respectively, compared to $2.8 million and $1.1 million, respectively, at December 31, 2024, and is included in accrued interest receivable on the condensed consolidated balance sheet. The Company elected to exclude all accrued interest receivable from securities when estimating credit losses.

At June 30, 2025 and December 31, 2024, approximately 94% and 92%, respectively, of mortgage-backed securities (including both AFS and HTM) held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses; therefore, the Company did not record an ACL on these securities.

Additionally, the Company evaluated credit impairment for individual AFS securities that are in an unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets. As the Company does not intend to sell the AFS securities that are in an unrealized loss position, and it is unlikely that it will be required to sell these securities before recovery of their amortized cost basis, the Company did not record an ACL on these securities.

The Company also evaluated its HTM securities that are in an unrealized loss position and considered issuer bond ratings, historical loss rates for bond ratings and economic forecasts. The ACL on HTM securities at June 30, 2025 was $0.1 million, compared to $0.2 million at December 31, 2024.

The carrying value of securities at June 30, 2025 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale
(amounts in thousands)	Amortized Cost		Fair Value
Within one year	$	380	$	380
One to five years	35,230		34,417
Five to ten years	64,347		62,759
After ten years	71,641		68,645
	171,598		166,201
Agency mortgage-backed securities - residential	383,145		358,071
Agency mortgage-backed securities - commercial	62,340		61,474
Private label mortgage-backed securities - residential	39,971		39,423
Asset-backed securities	19,442		19,488

Total	$	676,496	$	644,657


	Held-to-Maturity
(amounts in thousands)	Amortized Cost		Fair Value
Within one year	$	1,701	$	1,694
One to five years	22,178		21,834
Five to ten years	10,820		9,694
After ten years	3,044		2,670
	37,743		35,892
Agency mortgage-backed securities - residential	228,446		214,074
Agency mortgage-backed securities - commercial	5,670		4,701
Total	$	271,859	$	254,667

No available-for-sale securities were sold during the three and six months ended June 30, 2025 and June 30, 2024. As such, the Company did not realize any gains or losses related to the sale of available-for-sale securities during either time period.

Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at June 30, 2025 and December 31, 2024 was $645.8 million and $603.9 million, which was approximately 70% and 72%, respectively, of the Company’s AFS and HTM securities portfolios. As of June 30, 2025, the Company’s security portfolio consisted of 599 positions, of which 466 were in an unrealized loss position. As of December 31, 2024, the Company’s security portfolio consisted of 579 positions, of which 482 were in an unrealized loss position. The unrealized losses are related to the categories noted below.

U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities

The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of their amortized cost basis, which may be upon maturity.

Agency Mortgage-Backed, Private Label Mortgage-Backed Securities and Asset-Backed Securities

The unrealized losses on the Company’s investments in agency mortgage-backed, private label mortgage-backed securities and asset-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost basis over the terms of the securities. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of their amortized cost basis, which may be upon maturity.

The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024.


	June 30, 2025
	Less Than 12 Months				12 Months or Longer				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	14,307	$	(55)	$	24,676	$	(1,075)	$	38,983	$	(1,130)
Municipal securities	4,732		(31)		53,075		(3,821)		57,807		(3,852)
Agency mortgage-backed securities- residential	110,469		(431)		173,052		(25,249)		283,521		(25,680)
Agency mortgage-backed securities- commercial	23,873		(113)		15,268		(895)		39,141		(1,008)
Private label mortgage-backed securities - residential	439		—		7,023		(777)		7,462		(777)
Asset-backed securities	10,766		(23)		—		—		10,766		(23)
Corporate securities	1,980		(20)		14,972		(1,037)		16,952		(1,057)

Total	$	166,566	$	(673)	$	288,066	$	(32,854)	$	454,632	$	(33,527)


	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	16,856	$	(111)	$	29,748	$	(1,371)	$	46,604	$	(1,482)
Municipal securities	8,504		(54)		52,649		(3,733)		61,153		(3,787)
Agency mortgage-backed securities - residential	41,005		(179)		169,483		(31,554)		210,488		(31,733)
Agency mortgage-backed securities - commercial	18,141		(37)		12,027		(1,122)		30,168		(1,159)
Private label mortgage-backed securities - residential	3,003		(14)		7,450		(974)		10,453		(988)
Asset-backed securities	10,299		(43)		—		—		10,299		(43)
Corporate securities	2,994		(6)		27,179		(1,843)		30,173		(1,849)

Total	$	100,802	$	(444)	$	298,536	$	(40,597)	$	399,338	$	(41,041)

The following tables summarize ratings for the Company’s HTM portfolio as of June 30, 2025 and December 31, 2024.


	June 30, 2025
	Held-to-Maturity
(amounts in thousands)	Municipal Securities		Mortgage-Backed Securities - Residential		Mortgage-Backed Securities - Commercial		Corporate Securities		Total
AAA equivalent - agency	$	—	$	228,446	$	5,670	$	—	$	234,116
Aa1/AA+	8,242		—		—		—		8,242
Aa2/AA	2,172		—		—		—		2,172
Aa3/AA-	1,793		—		—		—		1,793
A2/A	—		—		—		5,000		5,000

Baa1/BBB+	—		—		—		7,500		7,500
Baa2/BBB	—		—		—		5,500		5,500
Baa3/BBB-	—		—		—		5,536		5,536
Ba1/BB+	—		—		—		2,000		2,000

Total	$	12,207	$	228,446	$	5,670	$	25,536	$	271,859


	December 31, 2024
	Held-to-Maturity
(amounts in thousands)	Municipal Securities		Mortgage-Backed Securities - Residential		Mortgage-Backed Securities - Commercial		Corporate Securities		Total
AAA equivalent - agency	$	—	$	201,840	$	5,705	$	—	$	207,545
Aa1/AA+	8,878		—		—		—		8,878
Aa2/AA	2,175		—		—		—		2,175
Aa3/AA-	1,793		—		—		—		1,793
A2/A	—		—		—		5,000		5,000

Baa1/BBB+	—		—		—		8,500		8,500
Baa2/BBB	—		—		—		5,500		5,500
Baa3/BBB-	—		—		—		8,559		8,559
Ba1/BB+	—		—		—		2,000		2,000

Total	$	12,846	$	201,840	$	5,705	$	29,559	$	249,950

There were no amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income during the three and six months ended June 30, 2025 and 2024.

Note 4: Loans

Loan balances as of June 30, 2025 and December 31, 2024 are summarized in the table below. Categories of loans include:


(amounts in thousands)	June 30, 2025		December 31, 2024
Commercial loans
Commercial and industrial	$	174,475	$	120,175
Owner-occupied commercial real estate	50,096		53,591
Investor commercial real estate	513,411		269,431
Construction	332,658		413,523
Single tenant lease financing	970,042		949,748
Public finance	476,339		485,867
Healthcare finance	160,073		181,427
Small business lending1	383,455		331,914
Franchise finance	479,757		536,909

Total commercial loans	3,540,306		3,342,585
Consumer loans
Residential mortgage	358,922		375,160
Home equity	16,668		18,274
Other consumer loans	421,581		407,947

Total consumer loans	797,171		801,381
Total commercial and consumer loans	4,337,477		4,143,966
Net deferred loan origination costs, premiums and discounts on purchased loans, and other2	25,085		26,680
Total loans	4,362,562		4,170,646
Allowance for credit losses	(46,517)		(44,769)
Net loans	$	4,316,045	$	4,125,877

1 Balances include $45.1 million and $34.0 million that is guaranteed by the U.S. government as of June 30, 2025 and December 31, 2024, respectively.

2 Includes carrying value adjustment of $21.2 million and $22.9 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2025 and December 31, 2024, respectively.

The general risk characteristics specific to each loan portfolio segment are as follows:

Commercial and Industrial: Commercial and industrial loans’ sources of repayment are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Loans are made for working capital, equipment purchases, or other purposes. Most commercial and industrial loans are secured by the assets being financed and may incorporate a personal guarantee. This portfolio segment is generally concentrated in the Midwest and Southwest regions of the United States.

Owner-Occupied Commercial Real Estate: The primary source of repayment is the cash flow from the ongoing operations and activities conducted by the borrower, or an affiliate of the borrower, who owns the property. This portfolio segment is generally concentrated in the Midwest and Southwest regions of the United States and its loans are often secured by manufacturing and service facilities.

Investor Commercial Real Estate: These loans are made on a nationwide basis and are underwritten primarily based on the cash flow expected to be generated from the property and are secondarily supported by the value of the real estate. These loans typically incorporate a personal guarantee from the primary sponsor or sponsors. This portfolio segment generally involves larger loan amounts with repayment primarily dependent on the successful leasing and operation of the property securing the loan or the business conducted on the property securing the loan. Investor commercial real estate loans may be more adversely affected by changing economic conditions in the real estate markets, industry dynamics or the overall health of the local economy where the property is located. The properties securing the Company’s investor commercial real estate portfolio tend to be diverse in terms of property type. Management monitors and evaluates commercial real estate loans based on property financial performance, collateral value, guarantor strength, economic and industry conditions together with other risk grade criteria. As a general rule, the Company avoids financing special use projects unless other underwriting factors are present to mitigate these additional risks.

Construction: Construction loans are made on a nationwide basis and are secured by land and related improvements and are made to assist in the construction of new structures, which may include commercial (retail, industrial, office, and multi-family) properties, land development for residential properties or single family residential properties offered for sale by the builder. These loans generally finance a variety of project costs, including land, site preparation, architectural services, construction, closing and soft costs and interim financing needs. The cash flows of builders, while initially predictable, may fluctuate with market conditions, and the value of the collateral securing these loans may be subject to fluctuations based on general economic changes.

Single Tenant Lease Financing: These loans are made on a nationwide basis to owners of real estate subject to long-term lease arrangements with single tenant operators. The real estate is typically operated by regionally, nationally or globally branded businesses. The loans are underwritten based on the financial strength of the borrower, characteristics of the real estate, cash flows generated from the lease arrangements and the financial strength of the tenant. Similar to the other loan portfolio segments, management monitors and evaluates these loans based on borrower and tenant financial performance, collateral value, industry trends and other risk grade criteria.

Public Finance: These loans are made on a nationwide basis to governmental and not-for-profit entities to provide both tax-exempt and taxable loans for a variety of purposes including: short-term cash-flow needs; debt refinancing; economic development; quality of life projects; infrastructure improvements; renewable energy projects; and equipment financing. The primary sources of repayment for public finance loans include pledged revenue sources including but not limited to: general obligations; property taxes; income taxes; tax increment revenue; utility revenue; gaming revenues; sales tax; and pledged general revenue. Certain loans may also include an additional collateral pledge of mortgaged property or a security interest in financed equipment.

Healthcare Finance: These loans are made on a nationwide basis to healthcare providers, primarily dentists, for practice acquisition financing or refinancing that occasionally includes owner-occupied commercial real estate and equipment purchases. The sources of repayment are primarily based on the identified cash flows from operations of the borrower and related entities and secondarily on the underlying collateral provided by the borrower.

Small Business Lending: These loans are made on a nationwide basis to small businesses and generally carry a partial guaranty from the U.S. Small Business Administration (“SBA”) under its 7(a) loan program. We generally sell the government guaranteed portion of SBA loans into the secondary market while retaining the non-guaranteed portion of the loan and the servicing rights. Loans in the small business lending portfolio have sources of repayment that are primarily based on the identified cash flows of the borrower and secondarily on any underlying collateral provided by the borrower. Loans may, but do not always, have a collateral shortfall. For SBA loans where the guaranteed portion is retained, the SBA guaranty provides a tertiary source of repayment to the Bank in event of borrower default. Cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Loans are made for a broad array of purposes including, but not limited to, providing operating cash flow, funding ownership changes, and facilitating equipment and commercial real estate purchases.

Franchise Finance: These loans are made on a nationwide basis through our partnership with ApplePie Capital, which through their deep relationships with franchise brands provides franchisees with financing options for new franchise units, recapitalization, expansion, equipment and working capital. The sources of repayment are either based on identified cash flows from existing operations of the borrower or pro forma cash flow for new franchise locations.

Residential Mortgage: With respect to residential loans that are secured by 1-to-4 family residences and are generally owner occupied, the Company typically establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the financial circumstances of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers in geographically diverse locations throughout the country.

Home Equity: Home equity loans and lines of credit are typically secured by a subordinate interest in 1-to-4 family residences. The properties securing the home equity portfolio segment are generally geographically diverse as the Company offers these products on a nationwide basis. Repayment of these loans and lines of credit is primarily dependent on the financial circumstances of the borrowers and may be impacted by changes in unemployment levels and property values on residential properties, among other economic conditions in the market.

Other Consumer: These loans primarily consist of consumer loans and credit cards. Consumer loans may be secured by consumer assets such as horse trailers or recreational vehicles. Some consumer loans are unsecured, such as small installment loans, home improvement loans and certain lines of credit. Repayment of consumer loans is primarily dependent upon the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers in geographically diverse locations throughout the country.

Allowance for Credit Losses (“ACL”) Methodology

The ACL for loans represents management's estimate of all expected credit losses over the expected life of the Company’s existing loan portfolio. Management estimates the ACL balance using relevant available information about the collectability of cash flows, from internal and external sources, including historical information relating to past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When the Company is unable to forecast future economic events, management may revert to historical information.

The Company's methodologies incorporate a one-year reasonable and supportable forecast period with a one-year straight line reversion to the long-term historical average.

The ACL methodology may also consider other adjustments to address changes in conditions, trends, and circumstances such as local industry changes that could have a significant impact on the risk profile of the loan portfolio and provide for adjustments that may not be reflected and/or captured in the historical loss data. These factors include: lending policies, imprecision in forecasting future economic conditions, loan profile, lending staff, problem loan trends, loan review, collateral, credit concentration, or other internal and external factors.

The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. Qualitative adjustments include, but are not limited to:

•Changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs and recovery practices

•Changes in international, national, regional and local conditions

•Changes in the nature and volume of the portfolio and terms of loans

•Changes in the experience, depth and ability of lending management

•Changes in the volume and severity of past due loans and other similar conditions

•Changes in the quality of the organization’s loan review system

•Changes in the value of underlying collateral for collateral dependent loans

•The existence and effect of any concentrations of credit and changes in the levels of such concentrations

•The effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses

The ACL is measured on a collective or pool basis when similar risk characteristics exist. The Company segments its portfolio generally by Federal Financial Institutions Examination Council ("FFIEC") Call Report codes that align with its lines of business. Additional sub-segmentation may be utilized to identify groups of loans with unique risk characteristics relative to the rest of the portfolio.

Loans that do not share similar risk characteristics are evaluated on an individual basis. These evaluations are typically performed on loans with a deteriorated internal risk rating. The allowance for credit loss is determined based on several methods, including estimating the fair value of the underlying collateral or the present value of expected cash flows.

The Company relies on a third-party platform that offers multiple methodologies to measure historical life-of-loan losses.

Modified Loans to Borrowers Experiencing Financial Difficulty

The Company may make modifications to certain loans in order to alleviate temporary difficulties in the borrower’s financial condition and/or constraints on the borrower’s ability to repay the loan, and to minimize potential losses to the Company. Modifications may include changes in the amortization terms of the loan, other-than-insignificant payment delays, reductions in interest rates, acceptance of interest only payments, and/or reductions to the outstanding loan balance. Such loans may be placed on nonaccrual status when there is doubt concerning the full repayment of principal and interest or the loan has been delinquent for a period of 90 days or more. These loans may be returned to accrual status when all contractual amounts past due have been brought current, and the borrower’s performance under the modified terms of the loan agreement and the ultimate collectability of all contractual amounts due under the modified terms is no longer in doubt. The Company typically measures the ACL on modified loans to borrowers experiencing financial difficulty on an individual basis when the loans are deemed to no longer share risk characteristics that are similar with other loans in the portfolio. The determination of the ACL for these loans is based on a discounted cash flow approach for both those measured collectively and individually, unless the loan is deemed collateral dependent, which requires measurement of the ACL based on the estimated expected fair value of the underlying collateral, less costs to sell. GAAP requires the Company to make certain disclosures related to these loans, including certain types of modifications, as well as how such loans have performed since their modifications.

Provision for Credit Losses

A provision for estimated losses on loans is charged to income based upon management’s evaluation of the potential losses. Such an evaluation, which includes a review of all loans for which full repayment may not be reasonably assured, considers, among other matters, the estimated net realizable value of the underlying collateral, as applicable, economic conditions, loan loss experience, and other factors that are particularly susceptible to changes that could result in a material adjustment in the near term. While management attempts to use the best information available in making its evaluations, future allowance adjustments may be necessary if economic conditions change substantially from the assumptions used in making the evaluations.

Policy for Charging Off Loans

The Company’s policy is to charge off a loan at any point in time when it no longer can be considered a bankable asset, meaning collectible within the parameters of policy. A secured loan is generally charged down to the estimated fair value of the collateral, less costs to sell, no later than when it is 120 days past due as to principal or interest. An unsecured loan generally is charged off no later than when it is 180 days past due as to principal or interest. A home improvement loan generally is charged off no later than when it is 90 days past due as to principal or interest.

The following tables present changes in the balance of the ACL during the three and six months ended June 30, 2025 and 2024.


(amounts in thousands)	Three Months Ended June 30, 2025
Allowance for credit losses:	Balance, Beginning of Period		Provision (Credit) Charged to Expense		Losses Charged Off		Recoveries		Balance, End of Period
Commercial and industrial	$	1,360	$	545	$	—	$	2	$	1,907
Owner-occupied commercial real estate	470		2		—		—		472
Investor commercial real estate	859		750		—		—		1,609
Construction	2,167		(396)		—		—		1,771
Single tenant lease financing	4,313		133		—		—		4,446
Public finance	529		(7)		—		—		522
Healthcare finance	1,310		(111)		—		—		1,199
Small business lending	17,555		7,978		(11,851)		40		13,722
Franchise finance	11,200		4,102		(2,238)		18		13,082

Residential mortgage	1,890		32		—		1		1,923
Home equity	96		(5)		—		1		92
Other consumer loans	5,489		573		(359)		69		5,772

Total	$	47,238	$	13,596	$	(14,448)	$	131	$	46,517



(amounts in thousands)	Six Months Ended June 30, 2025
Allowance for credit losses:	Balance, Beginning of Period		Provision (Credit) Charged to Expense		Losses Charged Off		Recoveries		Balance, End of Period
Commercial and industrial	$	1,265	$	638	$	—	$	4	$	1,907
Owner-occupied commercial real estate	528		(56)		—		—		472
Investor commercial real estate	1,149		460		—		—		1,609
Construction	1,984		(213)		—		—		1,771
Single tenant lease financing	4,782		(336)		—		—		4,446
Public finance	703		(181)		—		—		522
Healthcare finance	1,412		(213)		—		—		1,199
Small business lending	16,161		12,908		(15,520)		173		13,722
Franchise finance	8,976		12,174		(8,086)		18		13,082

Residential mortgage	2,136		(209)		(11)		7		1,923
Home equity	106		(17)		—		3		92
Other consumer loans	5,567		762		(672)		115		5,772

Total	$	44,769	$	25,717	$	(24,289)	$	320	$	46,517


(amounts in thousands)	Three Months Ended June 30, 2024
Allowance for credit losses:	Balance, Beginning of Period		(Credit) Provision Charged to Expense		Losses Charged Off		Recoveries		Balance, End of Period
Commercial and industrial	$	1,800	$	(413)	$	—	$	2	$	1,389
Owner-occupied commercial real estate	769		(208)		—		—		561
Investor commercial real estate	798		374		—		—		1,172
Construction	2,942		198		—		—		3,140
Single tenant lease financing	8,471		(20)		(195)		—		8,256
Public finance	1,336		(594)		—		—		742
Healthcare finance	1,917		(108)		—		—		1,809
Small business lending	8,868		3,633		(573)		65		11,993
Franchise finance	6,166		402		(577)		—		5,991

Residential mortgage	1,945		167		—		—		2,112
Home equity	125		(8)		—		1		118
Other consumer loans	5,754		497		(160)		31		6,122

Total	$	40,891	$	3,920	$	(1,505)	$	99	$	43,405



(amounts in thousands)	Six Months Ended June 30, 2024
Allowance for credit losses:	Balance, Beginning of Period		(Credit) Provision Charged to Expense		Losses Charged Off		Recoveries		Balance, End of Period
Commercial and industrial	$	2,185	$	(800)	$	—	$	4	$	1,389
Owner-occupied commercial real estate	825		(264)		—		—		561
Investor commercial real estate	1,311		(139)		—		—		1,172
Construction	2,167		973		—		—		3,140
Single tenant lease financing	8,129		322		(195)		—		8,256
Public finance	1,372		(630)		—		—		742
Healthcare finance	1,976		(167)		—		—		1,809
Small business lending	6,532		6,218		(862)		105		11,993
Franchise finance	6,363		205		(577)		—		5,991

Residential mortgage	2,054		126		(69)		1		2,112
Home equity	171		(56)		—		3		118
Other consumer loans	5,689		714		(335)		54		6,122

Total	$	38,774	$	6,502	$	(2,038)	$	167	$	43,405

Accrued interest receivable on loans totaled $26.4 million and $28.2 million at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses. The Company made the accounting policy election to not measure an ACL for accrued interest receivable. Accrued interest deemed uncollectible will be written off through interest income.

In addition to the ACL, the Company established a reserve for off-balance sheet commitments, classified in other liabilities, as required by the adoption of the CECL methodology for measuring credit losses. This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the ACL. The following tables detail activity in the provision (benefit) for credit losses on off-balance sheet commitments for the three and six months ended June 30, 2025.



(amounts in thousands)	Balance March 31, 2025		Provision (Benefit) for Credit Losses		Balance June 30, 2025
Off-balance sheet commitments
Commercial loans
Commercial and industrial	$	170	$	29	$	199

Investor commercial real estate	1		32		33
Construction	1,474		283		1,757
Single tenant lease financing	12		(7)		5


Small business lending	274		(273)		1


Total commercial loans	1,931		64		1,995
Consumer loans
Residential mortgage	1		—		1
Home equity	32		(32)		—
Other consumer loans	8		(8)		—
Total consumer loans	41		(40)		1
Total allowance for off-balance sheet commitments	$	1,972	$	24	$	1,996



(amounts in thousands)	Balance December 31, 2024		(Benefit) Provision for Credit Losses		Balance June 30, 2025
Off-balance sheet commitments
Commercial loans
Commercial and industrial	$	233	$	(34)	$	199
Owner-occupied commercial real estate	11		(11)		—
Investor commercial real estate	1		32		33
Construction	1,568		189		1,757
Single tenant lease financing	19		(14)		5


Small business lending	263		(262)		1


Total commercial loans	2,095		(100)		1,995
Consumer loans
Residential mortgage	1		—		1
Home equity	35		(35)		—
Other consumer loans	9		(9)		—
Total consumer loans	45		(44)		1
Total allowance for off-balance sheet commitments	$	2,140	$	(144)	$	1,996

The following table details activity in the (benefit) provision for credit losses on off-balance sheet commitments for the three and six months ended June 30, 2024.




(amounts in thousands)	Balance March 31, 2024		(Benefit) Provision for Credit Losses		Balance June 30, 2024
Off-balance sheet commitments
Commercial loans
Commercial and industrial	$	193	$	(5)	$	188


Construction	3,270		150		3,420



Small business lending	159		(28)		131


Total commercial loans	3,622		117		3,739
Consumer loans
Residential mortgage	5		(2)		3
Home equity	35		(2)		33
Other consumer loans	11		—		11
Total consumer loans	51		(4)		47
Total allowance for off-balance sheet commitments	$	3,673	$	113	$	3,786




(amounts in thousands)	Balance December 31, 2023		(Benefit) Provision for Credit Losses		Balance June 30, 2024
Off-balance sheet commitments
Commercial loans
Commercial and industrial	$	233	$	(45)	$	188
Owner-occupied commercial real estate	9		(9)		—
Investor commercial real estate	6		(6)		—
Construction	2,889		531		3,420



Small business lending	541		(410)		131


Total commercial loans	3,678		61		3,739
Consumer loans
Residential mortgage	11		(8)		3
Home equity	45		(12)		33
Other consumer loans	11		—		11
Total consumer loans	67		(20)		47
Total allowance for off-balance sheet commitments	$	3,745	$	41	$	3,786

The Company utilizes a risk grading matrix to assign a risk grade to each of its commercial loans, which are evaluated annually. A description of the general characteristics of the risk grades is as follows:

•“Pass” - Higher quality loans that do not fit any of the other categories described below.

•“Special Mention” - Loans that possess some credit deficiency or potential weakness, which deserve close attention.

•“Substandard” - Loans that possess a defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any.

•“Doubtful” - Such loans have been placed on nonaccrual status and may be heavily dependent upon collateral possessing a value that is difficult to determine or based upon some near-term event that lacks clear certainty. These loans have all of the weaknesses of those classified as Substandard; however, based on existing conditions, these weaknesses make full collection of the principal balance highly improbable.

•“Loss” - Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not warranted.

The Company does not risk grade its consumer loans. It classifies them as either performing or nonperforming. Below is a description of those classifications:

•“Performing” - Loans that are accruing and full collection of principal and interest is expected.

•“Nonperforming” - Loans that are 90 days delinquent or for which the full collection of principal and interest may be in doubt.

The following tables present the credit risk profile of the Company’s commercial and consumer loan portfolios by loan class and by year of origination for the years indicated based on rating category and payment activity as of June 30, 2025 and December 31, 2024.


	June 30, 2025
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized cost basis		Revolving loans converted to term
(amounts in thousands)	2025		2024		2023		2022		2021		Prior						Total
Commercial and industrial
Pass	$	51,040	$	20,509	$	7,614	$	12,452	$	612	$	18,009	$	54,526	$	—	$	164,762
Special Mention	—		190		—		5,016		4,255		—		—		—		9,461
Substandard	—		45		158		—		—		—		49		—		252
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial	51,040		20,744		7,772		17,468		4,867		18,009		54,575		—		174,475
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—

Owner-occupied commercial real estate
Pass	1,412		6,243		1,440		5,269		4,334		19,164		—		—		37,862
Special Mention	—		—		—		563		870		9,146		—		—		10,579
Substandard	—		—		—		—		—		1,655		—		—		1,655
Doubtful	—		—		—		—		—		—		—		—		—
Total owner-occupied commercial real estate	1,412		6,243		1,440		5,832		5,204		29,965		—		—		50,096
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Investor commercial real estate
Pass	22,875		68,823		75,858		214,152		92,050		35,922		—		—		509,680
Special Mention	—		—		—		—		—		3,731		—		—		3,731
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total investor commercial real estate	22,875		68,823		75,858		214,152		92,050		39,653		—		—		513,411
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Construction
Pass	19,754		83,152		198,884		25,639		2,371		1,300		1,558		—		332,658
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total construction	19,754		83,152		198,884		25,639		2,371		1,300		1,558		—		332,658
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Single tenant lease financing
Pass	61,799		83,816		46,374		195,810		85,542		460,857		—		—		934,198
Special Mention	—		640		—		20,372		4,240		8,927		—		—		34,179
Substandard	—		—		—		—		—		1,665		—		—		1,665
Doubtful	—		—		—		—		—		—		—		—		—
Total single tenant lease financing	61,799		84,456		46,374		216,182		89,782		471,449		—		—		970,042
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Public finance
Pass	15,674		52,333		—		5,600		11,015		390,647		—		—		475,269
Special Mention	—		—		—		—		—		1,070		—		—		1,070
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total public finance	15,674		52,333		—		5,600		11,015		391,717		—		—		476,339
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—


	June 30, 2025
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized cost basis		Revolving loans converted to term
(amounts in thousands)	2025		2024		2023		2022		2021		Prior						Total
Healthcare finance
Pass	—		—		—		—		7,807		149,912		—		—		157,719
Special Mention	—		—		—		—		—		2,354		—		—		2,354
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total healthcare finance	—		—		—		—		7,807		152,266		—		—		160,073
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Small business lending
Pass	67,898		132,673		84,394		28,023		9,713		15,438		22,434		—		360,573
Special Mention	—		2,670		4,365		473		86		1,514		793		—		9,901
Substandard	—		4,254		4,647		405		91		1,403		2,181		—		12,981
Doubtful	—		—		—		—		—		—		—		—		—
Total small business lending	67,898		139,597		93,406		28,901		9,890		18,355		25,408		—		383,455
Year-to-date gross charge-offs	—		4,747		8,550		1,385		246		592		—		—		15,520
Franchise finance
Pass	764		62,604		199,437		144,161		32,300		—		—		—		439,266
Special Mention	—		655		1,818		9,163		4,998		—		—		—		16,634
Substandard	—		—		6,376		9,729		7,427		—		—		—		23,532
Doubtful	—		—		325		—		—		—		—		—		325
Total franchise finance	764		63,259		207,956		163,053		44,725		—		—		—		479,757
Year-to-date gross charge-offs	—		370		3,656		3,564		496		—		—		—		8,086
Consumer loans
Residential mortgage
Performing	326		6,379		12,451		174,985		83,115		77,739		—		—		354,995
Nonperforming	—		—		—		1,638		600		1,689		—		—		3,927
Total residential mortgage	326		6,379		12,451		176,623		83,715		79,428		—		—		358,922
Year-to-date gross charge-offs	—		—		—		11		—		—		—		—		11
Home equity
Performing	—		—		826		1,292		300		832		12,539		879		16,668
Nonperforming	—		—		—		—		—		—		—		—		—
Total home equity	—		—		826		1,292		300		832		12,539		879		16,668
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—
Other consumer loans
Performing	56,111		94,740		86,508		80,587		29,542		73,168		802		—		421,458
Nonperforming	—		—		65		12		27		19		—		—		123
Total other consumer loans	56,111		94,740		86,573		80,599		29,569		73,187		802		—		421,581
Year-to-date gross charge-offs	4		76		244		85		18		245		—		—		672
Total Loans	$	297,653	$	619,726	$	731,540	$	935,341	$	381,295	$	1,276,161	$	94,882	$	879	$	4,337,477
Total year-to-date gross charge-offs	$	4	$	5,193	$	12,450	$	5,045	$	760	$	837	$	—	$	—	$	24,289


	December 31, 2024
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized cost basis		Revolving loans converted to term
(amounts in thousands)	2024		2023		2022		2021		2020		Prior						Total
Commercial and industrial
Pass	$	23,539	$	8,501	$	13,853	$	5,418	$	2,362	$	17,829	$	44,000	$	—	$	115,502
Special Mention	47		164		4,462		—		—		—		—		—		4,673
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial	23,586		8,665		18,315		5,418		2,362		17,829		44,000		—		120,175
Year-to-date gross charge-offs	—		—		—		—		—		—		—		—		—

Owner-occupied commercial real estate
Pass	7,410		1,458		5,366		6,438		5,716		14,793		—		—		41,181
Special Mention	—		—		570		888		8,144		1,153		—		—		10,755

First Internet Bancorp 10-Q