First Internet Bancorp (INBK): restructuring charge — First Internet Bancorp sells $869M loan portfolio to Blackstone, expects $33.5M impairment charge

First Internet Bancorp

Agreement to sell up to $869M of performing single-tenant lease financing loans at ~95% of unpaid principal balance.
Estimated after-tax impairment charge of ~$33.5M in Q3 2025; closing expected September 18, 2025.
Proceeds used to move $550M of deposits off-balance sheet, boosting tangible common equity ratio.
Bank retains loan servicing; CEO says transaction will strengthen capital and accelerate ROAA toward 1.00%.
Blackstone (BX) acquiring portfolio; BREDS platform has deployed $38B from Jan 2024 through June 2025.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

First Internet Bancorp announced a impairment with charges of approximately $33.5 million affecting single-tenant lease financing loans portfolio.

Type: impairment
Charge: approximately $33.5 million
Affected area: single-tenant lease financing loans portfolio

Exact text from the filing

First Internet Bancorp (the “Company”) estimates that it will recognize an after-tax charge in the quarter ending September, 30, 2025 of approximately $33.5 million, representing difference between the sale price of the Portfolio and its book value upon transfer to held for sale status and the subsequent Sale.

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First Internet Bancorp filing history →

Source: SEC EDGAR

accession 0001562463-25-000083

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