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.

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