First Internet Bancorp Business Summary

First Internet Bancorp (INBK) operates as the bank holding company for First Internet Bank, a pioneer in the digital-only banking space that functions without physical branches. The company generates revenue primarily through net interest income (NII) derived from a diverse portfolio of commercial and retail loans, including single-tenant lease financing, construction, and small business administration (SBA) lending. A significant and rapidly growing revenue stream is its Banking-as-a-Service (BaaS) segment, which earns recurring transaction and program management fees by providing infrastructure for fintech partners; in 2025, this segment processed over $165 billion in payment volumes. INBK competes directly with regional and digital-first institutions such as KeyCorp, Old National Bancorp, and First Merchants Corporation, positioning itself as a high-efficiency, technology-driven alternative with a national lending footprint and a specialized focus on government-guaranteed lending. The leadership team is anchored by Founder, Chairman, and CEO David B. Becker, a serial fintech entrepreneur who launched the bank in 1999 as the first state-chartered, FDIC-insured internet bank. He is supported by President and COO Nicole S. Lorch, an early employee who joined at the bank's inception and has been instrumental in scaling its digital operations, and Executive VP and CFO Kenneth J. Lovik, who brings extensive experience in investment banking and corporate development. The technology stack is overseen by Senior VP and CIO Craig Fortner, while David Beige leads the critical SBA lending division. The company maintains a strong institutional investor base, with major holdings from BlackRock, Vanguard Group, and Dimensional Fund Advisors, alongside strategic backing from Patriot Financial Partners.