FinWise Bancorp Reports Second Quarter 2025 Results
FinWise Bancorp (NASDAQ: FINW) reported strong Q2 2025 results with net income of $4.1 million, up from $3.2 million in Q1 2025. The company achieved loan originations of $1.5 billion, marking increases from both the previous quarter ($1.3 billion) and prior year ($1.2 billion). Diluted EPS reached $0.29, improving from $0.23 in Q1 2025.
The bank's efficiency ratio improved to 59.5% from 64.8% in Q1, while net interest income grew to $14.7 million. However, nonperforming loans increased to $39.7 million, with $21.2 million guaranteed by the SBA. The company's strategy to reduce risk by focusing on higher-quality, lower-yielding loans resulted in a net interest margin of 7.81%, down from previous periods.
FinWise Bancorp (NASDAQ: FINW) ha riportato risultati solidi nel secondo trimestre del 2025 con un utile netto di 4,1 milioni di dollari, in aumento rispetto ai 3,2 milioni del primo trimestre 2025. La società ha realizzato erogazioni di prestiti per 1,5 miliardi di dollari, segnando un incremento sia rispetto al trimestre precedente (1,3 miliardi) sia all'anno precedente (1,2 miliardi). L'EPS diluito ha raggiunto 0,29 dollari, migliorando rispetto a 0,23 dollari nel primo trimestre 2025.
Il rapporto di efficienza della banca è migliorato al 59,5% rispetto al 64,8% del primo trimestre, mentre il reddito netto da interessi è cresciuto a 14,7 milioni di dollari. Tuttavia, i prestiti deteriorati sono aumentati a 39,7 milioni di dollari, di cui 21,2 milioni garantiti dalla SBA. La strategia dell'azienda di ridurre il rischio concentrandosi su prestiti di qualità superiore e con rendimenti più bassi ha portato a un margine di interesse netto del 7,81%, in calo rispetto ai periodi precedenti.
FinWise Bancorp (NASDAQ: FINW) reportó sólidos resultados en el segundo trimestre de 2025 con un ingreso neto de 4.1 millones de dólares, aumentando desde 3.2 millones en el primer trimestre de 2025. La compañía logró originaciones de préstamos por 1.5 mil millones de dólares, marcando incrementos tanto respecto al trimestre anterior (1.3 mil millones) como al año previo (1.2 mil millones). Las ganancias diluidas por acción alcanzaron 0.29 dólares, mejorando desde 0.23 en el primer trimestre de 2025.
El índice de eficiencia del banco mejoró a 59.5% desde 64.8% en el primer trimestre, mientras que el ingreso neto por intereses creció a 14.7 millones de dólares. Sin embargo, los préstamos en mora aumentaron a 39.7 millones de dólares, con 21.2 millones garantizados por la SBA. La estrategia de la compañía para reducir riesgos enfocándose en préstamos de mayor calidad y menor rendimiento resultó en un margen neto de interés del 7.81%, inferior a periodos anteriores.
FinWise Bancorp (NASDAQ: FINW)는 2025년 2분기에 순이익 410만 달러를 기록하며 2025년 1분기 320만 달러에서 증가한 강력한 실적을 발표했습니다. 회사는 대출 실행액 15억 달러를 달성했으며, 이는 전 분기(13억 달러) 및 전년 동기(12억 달러) 대비 증가한 수치입니다. 희석 주당순이익(EPS)은 0.29달러로 2025년 1분기 0.23달러에서 개선되었습니다.
은행의 효율성 비율은 1분기 64.8%에서 59.5%로 개선되었고, 순이자수익은 1470만 달러로 증가했습니다. 그러나 부실 대출은 3970만 달러로 증가했으며, 이 중 2120만 달러는 SBA가 보증했습니다. 회사는 더 높은 품질의 저수익 대출에 집중하여 위험을 줄이는 전략을 펼쳤으며, 이로 인해 순이자마진은 7.81%로 이전 기간보다 하락했습니다.
FinWise Bancorp (NASDAQ: FINW) a annoncé de solides résultats pour le deuxième trimestre 2025 avec un revenu net de 4,1 millions de dollars, en hausse par rapport à 3,2 millions au premier trimestre 2025. La société a réalisé des octrois de prêts de 1,5 milliard de dollars, marquant une augmentation par rapport au trimestre précédent (1,3 milliard) et à l'année précédente (1,2 milliard). Le BPA dilué a atteint 0,29 dollar, en amélioration par rapport à 0,23 dollar au premier trimestre 2025.
Le ratio d'efficacité de la banque s'est amélioré à 59,5% contre 64,8% au premier trimestre, tandis que le produit net d'intérêts a augmenté à 14,7 millions de dollars. Cependant, les prêts non performants ont augmenté à 39,7 millions de dollars, dont 21,2 millions garantis par la SBA. La stratégie de l'entreprise visant à réduire les risques en se concentrant sur des prêts de meilleure qualité et à rendement plus faible a abouti à une marge nette d'intérêt de 7,81%, en baisse par rapport aux périodes précédentes.
FinWise Bancorp (NASDAQ: FINW) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 4,1 Millionen US-Dollar, gegenüber 3,2 Millionen US-Dollar im ersten Quartal 2025. Das Unternehmen erreichte Kreditvergaben in Höhe von 1,5 Milliarden US-Dollar, was sowohl eine Steigerung gegenüber dem Vorquartal (1,3 Milliarden) als auch dem Vorjahr (1,2 Milliarden) darstellt. Das verwässerte Ergebnis je Aktie (EPS) stieg auf 0,29 US-Dollar, gegenüber 0,23 US-Dollar im ersten Quartal 2025.
Die Effizienzquote der Bank verbesserte sich von 64,8 % im ersten Quartal auf 59,5 %, während der Nettozinsertrag auf 14,7 Millionen US-Dollar anstieg. Allerdings stiegen die notleidenden Kredite auf 39,7 Millionen US-Dollar, davon sind 21,2 Millionen durch die SBA garantiert. Die Strategie des Unternehmens, das Risiko durch Fokus auf hochwertigere, aber niedrig verzinste Kredite zu senken, führte zu einer Nettozinsmarge von 7,81 %, die unter den Vorperioden liegt.
- Net income increased 28.5% quarter-over-quarter to $4.1 million
- Loan originations grew to $1.5 billion, up 17.3% from previous quarter
- Efficiency ratio improved to 59.5% from 64.8% in Q1 2025
- Tangible book value per share increased to $13.51 from $13.42 in Q1 2025
- Strong capital position with 18.0% leverage ratio
- Nonperforming loans increased to $39.7 million from $29.9 million in Q1 2025
- Net interest margin declined to 7.81% from 8.27% in Q1 2025
- Provision for credit losses increased to $4.7 million from $3.3 million in Q1 2025
Insights
FinWise showed strong Q2 growth with rising loan originations, improved earnings, and better efficiency despite increasing nonperforming loans.
FinWise Bancorp delivered solid financial performance in Q2 2025, with net income of
The bank's loan origination strategy is showing traction, with total originations of
FinWise's efficiency ratio improved substantially to
However, there are some concerning credit trends worth monitoring. Nonperforming loans increased to
The bank's net interest margin contracted to
Despite these challenges, FinWise maintains strong capital levels with a tangible book value per share of
- Loan Originations of
- Net Income of
- Diluted Earnings Per Share of
MURRAY, Utah, July 24, 2025 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced results for the quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Loan originations totaled
$1.5 billion , compared to$1.3 billion for the quarter ended March 31, 2025, and$1.2 billion for the second quarter of the prior year - Net interest income was
$14.7 million , compared to$14.3 million for the quarter ended March 31, 2025, and$14.6 million for the second quarter of the prior year - Net income was
$4.1 million , compared to$3.2 million for the quarter ended March 31, 2025, and$3.2 million for the second quarter of the prior year - Diluted earnings per share (“EPS”) were
$0.29 for the quarter, compared to$0.23 for the quarter ended March 31, 2025, and$0.24 for the second quarter of the prior year - Efficiency ratio1 was
59.5% , compared to64.8% for the quarter ended March 31, 2025, and66.8% for the second quarter of the prior year - Nonperforming loan balances were
$39.7 million as of June 30, 2025, compared to$29.9 million as of March 31, 2025, and$27.9 million as of June 30, 2024. Nonperforming loan balances guaranteed by the Small Business Administration (“SBA”) were$21.2 million ,$15.1 million , and$16.0 million as of June 30, 2025, March 31, 2025, and June 30, 2024, respectively
“FinWise delivered solid operating and financial momentum coming into the second quarter, as the components of our growth strategy began to successfully come together and the team executed well,” said Kent Landvatter, Chairman and CEO of FinWise Bancorp. “We posted strong loan originations of
_______________
1 See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this non-GAAP measure.
2 See footnote 2 in the “Selected Financial and Other Data” table.
Selected Financial and Other Data
| As of and for the Three Months Ended | |||||||||||
| ($ in thousands, except per share amounts) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Amount of loans originated | $ | 1,483,179 | $ | 1,264,604 | $ | 1,170,904 | |||||
| Net income | $ | 4,097 | $ | 3,189 | $ | 3,180 | |||||
| Diluted EPS | $ | 0.29 | $ | 0.23 | $ | 0.24 | |||||
| Return on average assets | 2.0 | % | 1.7 | % | 2.1 | % | |||||
| Return on average equity | 9.2 | % | 7.4 | % | 7.9 | % | |||||
| Yield on loans | 11.70 | % | 12.31 | % | 14.89 | % | |||||
| Cost of interest-bearing deposits | 4.07 | % | 4.01 | % | 4.80 | % | |||||
| Net interest margin | 7.81 | % | 8.27 | % | 10.31 | % | |||||
| Efficiency ratio(1) | 59.5 | % | 64.8 | % | 66.8 | % | |||||
| Tangible book value per share(2) | $ | 13.51 | $ | 13.42 | $ | 12.61 | |||||
| Tangible shareholders’ equity to tangible assets(2) | 21.6 | % | 22.0 | % | 26.8 | % | |||||
| Leverage ratio (Bank under CBLR) | 18.0 | % | 18.8 | % | 20.8 | % | |||||
| Full-time equivalent employees | 200 | 196 | 191 | ||||||||
(1) This measure is not a measure recognized under United States generally accepted accounting principles, or GAAP, and is therefore considered to be a non-GAAP financial measure. See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. The efficiency ratio is defined as total non-interest expense divided by the sum of net interest income and non-interest income. The Company believes this measure is important as an indicator of productivity because it shows the amount of revenue generated for each dollar spent.
(2) Tangible shareholders’ equity to tangible assets is considered a non-GAAP financial measure. Tangible shareholders’ equity is defined as total shareholders’ equity less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholder’s equity to total assets. The Company had no goodwill or other intangible assets at the end of any period indicated. The Company has not considered loan servicing rights or loan trailing fee assets as intangible assets for purposes of this calculation. As a result, tangible shareholders’ equity is the same as total shareholders’ equity at the end of each of the periods indicated.
Net Interest Income and Net Interest Margin
Net interest income was
Loan originations totaled
Net interest margin for the second quarter of 2025 was
Provision for Credit Losses
The Company’s provision for credit losses was
Non-interest Income
| Three Months Ended | |||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Non-interest income | |||||||||||
| Strategic Program fees | $ | 5,404 | $ | 4,962 | $ | 4,035 | |||||
| Gain on sale of loans | 1,483 | 846 | 356 | ||||||||
| SBA loan servicing fees, net | (96 | ) | 178 | 204 | |||||||
| Change in fair value on investment in BFG | 300 | 400 | (200 | ) | |||||||
| Credit enhancement income | 2,275 | 85 | 39 | ||||||||
| Other miscellaneous income | 971 | 1,339 | 732 | ||||||||
| Total non-interest income | $ | 10,337 | $ | 7,810 | $ | 5,166 | |||||
The increase in non-interest income from the prior quarter was primarily due to increases in credit enhancement income, gain on sale of loans, and increased Strategic Program fees. Credit enhancement income mirrors the provision for credit losses on credit enhanced loans and increased due to the higher credit enhanced loan balances outstanding at June 30, 2025. The gain on sale of loans increased as FinWise increased its sales of the guaranteed portion of SBA 7(a) loan balances to capitalize on favorable market conditions. The higher Strategic Program fees resulted from increased originations. Offsetting these non-interest income increases in part were decreases in SBA loan servicing fees due to an increase in the provision for SBA servicing losses, and a decrease in other miscellaneous income due primarily to a decrease in dividends received from BFG for the quarter.
The increase in non-interest income from the prior year period was primarily due to the increase in credit enhancement income due to the higher credit enhanced loan balance, an increase in Strategic Program fees related to higher originations and the gain on loan sales related to the increased sales of the guaranteed portion of SBA 7(a) loan balances.
Non-interest Expense
| Three Months Ended | |||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Non-interest expense | |||||||||||
| Salaries and employee benefits | $ | 10,491 | $ | 9,826 | $ | 8,609 | |||||
| Professional services | 949 | 907 | 1,282 | ||||||||
| Occupancy and equipment expenses | 445 | 543 | 556 | ||||||||
| Credit enhancement expense | 78 | 11 | — | ||||||||
| Other operating expenses | 2,949 | 3,031 | 2,771 | ||||||||
| Total non-interest expense | $ | 14,912 | $ | 14,318 | $ | 13,218 | |||||
The increase in non-interest expense from the prior quarter resulted from increases in salaries and employee benefits mainly as a result of annual compensation reviews and resulting compensation increases and deferred compensation award amortization, incurred to retain and motivate our employees. The increase in non-interest expense from the prior year period was primarily due to an increase in salaries and employee benefits due mainly to increasing headcount in the first half of 2024, and amortization of deferred compensation awards.
FinWise’s efficiency ratio was
Tax Rate
The Company’s effective tax rate was
Net Income
Net income was
Balance Sheet
The Company’s total assets were
The following table provides the composition and gross balances of loans held-for-investment (“HFI”) as of the dates indicated:
| 6/30/2025 | 3/31/2025 | 6/30/2024 | |||||||||||||||||||||
| ($ in thousands) | Amount | % of total loans | Amount | % of total loans | Amount | % of total loans | |||||||||||||||||
| SBA | $ | 246,903 | 46.6 | % | $ | 246,004 | 50.0 | % | $ | 249,281 | 60.2 | % | |||||||||||
| Commercial leases | 88,957 | 16.8 | % | 76,823 | 15.6 | % | 56,529 | 13.7 | % | ||||||||||||||
| Commercial, non-real estate | 5,510 | 1.0 | % | 3,550 | 0.7 | % | 1,999 | 0.5 | % | ||||||||||||||
| Residential real estate | 54,132 | 10.2 | % | 55,814 | 11.3 | % | 42,317 | 10.2 | % | ||||||||||||||
| Strategic Program loans | 30,699 | 5.8 | % | 19,916 | 4.1 | % | 17,861 | 4.3 | % | ||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||
| Owner occupied | 77,871 | 14.7 | % | 65,920 | 13.4 | % | 28,340 | 6.8 | % | ||||||||||||||
| Non-owner occupied | 1,417 | 0.3 | % | 1,390 | 0.3 | % | 2,134 | 0.5 | % | ||||||||||||||
| Consumer | 24,555 | 4.6 | % | 22,806 | 4.6 | % | 15,880 | 3.8 | % | ||||||||||||||
| Total period end loans | $ | 530,044 | 100.0 | % | $ | 492,223 | 100.0 | % | $ | 414,341 | 100.0 | % | |||||||||||
Note: SBA loans as of June 30, 2025, March 31, 2025 and June 30, 2024 include
Total gross loans HFI as of June 30, 2025 increased
The following table presents the Company’s deposit composition as of the dates indicated:
| As of | |||||||||||||||||||||||
| | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||||||||||||||
| ($ in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||
| Noninterest-bearing demand deposits | $ | 120,747 | 19.0 | % | $ | 123,322 | 20.4 | % | $ | 107,083 | 24.9 | % | |||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||
| Demand | 67,890 | 10.7 | % | 83,410 | 13.8 | % | 48,319 | 11.3 | % | ||||||||||||||
| Savings | 11,623 | 1.8 | % | 8,888 | 1.5 | % | 9,746 | 2.3 | % | ||||||||||||||
| Money market | 21,083 | 3.3 | % | 17,939 | 2.9 | % | 9,788 | 2.3 | % | ||||||||||||||
| Time certificates of deposit | 413,831 | 65.2 | % | 372,200 | 61.4 | % | 254,259 | 59.2 | % | ||||||||||||||
| Total period end deposits | $ | 635,174 | 100.0 | % | $ | 605,759 | 100.0 | % | $ | 429,195 | 100.0 | % | |||||||||||
The increase in total deposits as of June 30, 2025 from March 31, 2025 and June 30, 2024 was driven primarily by increases in brokered time certificates of deposits, which were added to fund loan growth and provide balance sheet liquidity. The increase in total deposits from June 30, 2024 was also driven by an increase in noninterest-bearing demand deposits and interest-bearing demand deposits, primarily due to growth from new and existing customer relationships.
Total shareholders’ equity as of June 30, 2025 increased
Bank Regulatory Capital Ratios
The following table presents the leverage ratios for the Bank as of the dates indicated as determined under the Community Bank Leverage Ratio Framework of the Federal Deposit Insurance Corporation:
| As of | |||||||||||||||
| Capital Ratios | 6/30/2025 | 3/31/2025 | 6/30/2024 | Well-Capitalized Requirement | |||||||||||
| Leverage ratio | 18.0 | % | 18.8 | % | 20.8 | % | 9.0 | % | |||||||
The decrease in the leverage ratio from the prior quarter and prior year period primarily results from the growth in the loan portfolio exceeding the relative growth in capital from earnings. The Bank’s capital levels remain significantly above the regulatory well-capitalized guidelines as of June 30, 2025.
Share Repurchase Program
Since the share repurchase program’s inception in March 2024, the Company has repurchased and subsequently retired a total of 44,608 shares for
Asset Quality
The recorded balances of nonperforming loans were
The Company’s net charge-offs were
The following table presents a summary of changes in the allowance for credit losses and credit quality data for the periods indicated:
| Three Months Ended | |||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Allowance for credit losses: | |||||||||||
| Beginning balance | $ | 14,235 | $ | 13,176 | $ | 12,632 | |||||
| Provision for credit losses(1) | 4,796 | 3,307 | 2,393 | ||||||||
| Charge-offs | |||||||||||
| Construction and land development | — | — | — | ||||||||
| Residential real estate | (210 | ) | (7 | ) | — | ||||||
| Residential real estate multifamily | — | — | — | ||||||||
| Commercial real estate: | |||||||||||
| Owner occupied | (309 | ) | (68 | ) | — | ||||||
| Non-owner occupied | — | — | — | ||||||||
| Commercial and industrial | — | (83 | ) | (184 | ) | ||||||
| Consumer | (210 | ) | (11 | ) | (18 | ) | |||||
| Lease financing receivables | (133 | ) | (36 | ) | (69 | ) | |||||
| Strategic Program loans | (2,279 | ) | (2,384 | ) | (1,962 | ) | |||||
| Recoveries | |||||||||||
| Construction and land development | — | — | — | ||||||||
| Residential real estate | 3 | 3 | 3 | ||||||||
| Residential real estate multifamily | — | — | — | ||||||||
| Commercial real estate: | |||||||||||
| Owner occupied | 19 | 16 | — | ||||||||
| Non-owner occupied | — | — | — | ||||||||
| Commercial and industrial | — | 14 | 15 | ||||||||
| Consumer | 7 | 3 | 1 | ||||||||
| Lease financing receivables | 7 | (33 | ) | 7 | |||||||
| Strategic Program loans | 321 | 338 | 309 | ||||||||
| Ending Balance | $ | 16,247 | $ | 14,235 | $ | 13,127 | |||||
| Credit Quality Data | As of and For the Three Months Ended | ||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Nonperforming loans: | |||||||||||
| Guaranteed | $ | 21,178 | $ | 15,147 | $ | 16,036 | |||||
| Unguaranteed | 18,561 | 14,737 | 11,871 | ||||||||
| Total nonperforming loans | $ | 39,739 | $ | 29,884 | $ | 27,907 | |||||
| Allowance for credit losses | $ | 16,247 | $ | 14,235 | $ | 13,127 | |||||
| Net charge-offs | $ | 2,784 | $ | 2,248 | $ | 1,898 | |||||
| Total loans held-for-investment | $ | 530,043 | $ | 492,223 | $ | 414,341 | |||||
| Total loans held-for-investment less guaranteed balances | $ | 385,792 | $ | 342,259 | $ | 266,551 | |||||
| Average loans held-for-investment | $ | 514,222 | $ | 485,780 | $ | 400,930 | |||||
| Nonperforming loans to total loans held-for-investment | 7.5 | % | 6.1 | % | 6.5 | % | |||||
| Net charge-offs to average loans held-for-investment (annualized) | 2.2 | % | 1.9 | % | 1.9 | % | |||||
| Allowance for credit losses to loans held-for-investment | 3.1 | % | 2.9 | % | 3.2 | % | |||||
| Allowance for credit losses to loans held-for-investment less guaranteed balances | 4.2 | % | 4.2 | % | 4.9 | % | |||||
(1) Excludes the provision for unfunded commitments.
Webcast and Conference Call Information
FinWise will host a conference call today at 5:00 PM ET to discuss its financial results for the second quarter. A simultaneous audio webcast of the conference call will be available at https://investors.finwisebancorp.com/.
The dial-in number for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). The conference ID is 13754178. Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at investors.finwisebancorp.com for six months following the call.
Website Information
The Company intends to use its website, www.finwisebancorp.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in the Company’s website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of the Company’s website, in addition to following its press releases, filings with the Securities and Exchange Commission (“SEC”), public conference calls, and webcasts. To subscribe to the Company’s e-mail alert service, please click the “Email Alerts” link in the Investor Relations section of its website and submit your email address. The information contained in, or that may be accessed through, the Company’s website is not incorporated by reference into or a part of this document or any other report or document it files with or furnishes to the SEC, and any references to the Company’s website are intended to be inactive textual references only.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah which wholly owns FinWise Bank, a Utah chartered state bank, and FinWise Investment LLC (together “FinWise”). FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face diversifying their funding sources and managing capital efficiency. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. FinWise is also expanding and diversifying its business model by incorporating Payments (MoneyRails™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, FinWise is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance. For more information about FinWise visit https://investors.finwisebancorp.com.
Contacts
investors@finwisebank.com
media@finwisebank.com
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to, among other things, future events and its financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “budget,” “goal,” “target,” “would,” “aim” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company’s industry and management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates and projections will be achieved. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: (a) the success of the financial technology and banking-as-a-service (“BaaS”) industries, as well as the continued evolution of the regulation of these industries; (b) the ability of the Company’s Fintech Banking and Payment Solutions service providers to comply with regulatory regimes, and the Company’s ability to adequately oversee and monitor its Fintech Banking and Payment Solutions service providers; (c) the Company’s ability to maintain and grow its relationships with its service providers; (d) changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, tariffs, monetary and fiscal matters, including the application of interest rate caps or maximums; (e) the Company’s ability to keep pace with rapid technological changes in the industry or implement new technology effectively; (f) system failure or cybersecurity breaches of the Company’s network security; (g) potential exposure to fraud, negligence, computer theft and cyber-crime and other disruptions in the Company’s computer systems relating to its development and use of new technology platforms; (h) the Company’s reliance on third-party service providers for core systems support, informational website hosting, internet services, online account opening and other processing services; (i) general economic, political and business conditions, either nationally or in the Company’s market areas; (j) increased national or regional competition in the financial services industry; (k) the Company’s ability to measure and manage its credit risk effectively and the potential deterioration of the business and economic conditions in the Company’s primary market areas; (l) the adequacy of the Company’s risk management framework; (m) the adequacy of the Company’s allowance for credit losses (“ACL”); (n) the financial soundness of other financial institutions; (o) changes in Small Business Administration (“SBA”) rules, regulations and loan products, including specifically the Section 7(a) program or changes to the status of the Bank as an SBA Preferred Lender; (p) changes in the existing regulatory framework for brokered deposits and potential reclassification of certain BaaS deposits as brokered deposits in light of proposed rulemaking or application of the current deposit framework by the Federal Deposit Insurance Corporation (“FDIC”) to the Bank's BaaS deposits; (q) the value of collateral securing the Company’s loans; (r) the Company’s levels of nonperforming assets; (s) losses from loan defaults; (t) the Company’s ability to protect its intellectual property and the risks it faces with respect to claims and litigation initiated against the Company; (u) the Company’s ability to implement its growth strategy; (v) the Company’s ability to continue to launch new products or services successfully; (w) the concentration of the Company’s lending and depositor relationships through Strategic Programs in the financial technology industry generally; (x) interest rate, volatility and liquidity risks; (y) the effectiveness of the Company’s internal control over financial reporting and its ability to remediate any future material weakness in its internal control over financial reporting; (z) dependence on the Company’s management team and changes in management composition; (aa) the sufficiency of the Company’s capital; (bb) compliance with laws and regulations, supervisory actions, the Dodd-Frank Act, capital requirements, the Bank Secrecy Act and other anti-money laundering laws, predatory lending laws, and other statutes and regulations; (cc) the Company’s ability to maintain a strong core deposit base or other low-cost funding sources; (dd) results of examinations of the Company by its regulators; (ee) the Company’s involvement from time to time in legal proceedings; (ff) natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities or other international or domestic calamities, and other matters beyond the Company’s control; (gg) future equity and debt issuances; (hh) that the anticipated benefits of new lines of business that the Company may enter or investments or acquisitions the Company may make are not realized within the expected time frame or at all as a result of such things as the strength or weakness of the economy and competitive factors in the areas where the Company and such other businesses operate; (ii) further negative ratings outlooks or downgrades of the U.S.’s long-term credit rating, (jj) changes in legislative, regulatory or tax priorities, (kk) reductions in staffing at U.S. governmental agencies, (ll) potential government shutdowns or political impasses, including with respect to the U.S. debt ceiling and federal budget; and (mm) other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports on Form 10-Q and Form 8-K.
The timing and amount of purchases under the Company’s share repurchase program will be determined by the Share Repurchase Committee based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice.
Any forward-looking statement speaks only as of the date of this release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence. In addition, the Company cannot assess the impact of each risk and uncertainty on its business or the extent to which any risk or uncertainty, or combination of risks and uncertainties, may cause actual results to differ materially from those contained in any forward-looking statements.
| FINWISE BANCORP CONSOLIDATED BALANCE SHEETS ($ in thousands; Unaudited) | |||||||||||
| 6/30/2025 | 3/31/2025 | 6/30/2024 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | |||||||||||
| Cash and due from banks | $ | 9,389 | $ | 8,155 | $ | 5,158 | |||||
| Interest-bearing deposits | 80,711 | 112,117 | 83,851 | ||||||||
| Total cash and cash equivalents | 90,100 | 120,272 | 89,009 | ||||||||
| Investment securities available-for-sale, at fair value | 30,146 | 30,138 | — | ||||||||
| Investment securities held-to-maturity, at cost | 11,248 | 12,008 | 13,942 | ||||||||
| Investment in Federal Home Loan Bank (“FHLB”) stock, at cost | 440 | 440 | 349 | ||||||||
| Strategic Program loans held-for-sale, at lower of cost or fair value | 147,282 | 118,769 | 66,542 | ||||||||
| Loans held-for-investment, net | 506,503 | 472,402 | 398,512 | ||||||||
| Credit enhancement asset | 2,469 | 195 | 39 | ||||||||
| Premises and equipment, net | 2,976 | 3,123 | 4,106 | ||||||||
| Assets subject to operating leases, net | 14,274 | 10,767 | 8,720 | ||||||||
| Accrued interest receivable | 2,380 | 2,708 | 3,390 | ||||||||
| Deferred taxes, net | 279 | 290 | — | ||||||||
| SBA servicing asset, net | 3,227 | 3,331 | 3,689 | ||||||||
| Investment in Business Funding Group (“BFG”), at fair value | 8,400 | 8,100 | 8,000 | ||||||||
| Operating lease right-of-use (“ROU”) assets | 3,359 | 3,555 | 3,913 | ||||||||
| Income tax receivable, net | 4,100 | 3,353 | 2,103 | ||||||||
| Other assets | 15,305 | 14,678 | 15,506 | ||||||||
| Total assets | $ | 842,488 | $ | 804,129 | $ | 617,820 | |||||
| | |||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Liabilities | |||||||||||
| Deposits | |||||||||||
| Noninterest-bearing | $ | 120,747 | $ | 123,322 | $ | 107,083 | |||||
| Interest-bearing | 514,427 | 482,437 | 322,112 | ||||||||
| Total deposits | 635,174 | 605,759 | 429,195 | ||||||||
| Accrued interest payable | 3,746 | 2,750 | 601 | ||||||||
| Income taxes payable, net | — | 962 | — | ||||||||
| Deferred taxes, net | — | — | 1,154 | ||||||||
| Operating lease liabilities | 4,955 | 5,226 | 5,788 | ||||||||
| Other liabilities | 16,654 | 12,071 | 15,286 | ||||||||
| Total liabilities | 660,529 | 626,768 | 452,024 | ||||||||
| Shareholders’ equity | |||||||||||
| Common stock | 13 | 13 | 13 | ||||||||
| Additional paid-in-capital | 58,135 | 57,548 | 55,441 | ||||||||
| Retained earnings | 123,809 | 119,781 | 110,342 | ||||||||
| Accumulated other comprehensive income, net of tax | 2 | 19 | — | ||||||||
| Total shareholders’ equity | 181,959 | 177,361 | 165,796 | ||||||||
| Total liabilities and shareholders’ equity | $ | 842,488 | $ | 804,129 | $ | 617,820 | |||||
| FINWISE BANCORP CONSOLIDATED STATEMENTS OF INCOME ($ in thousands, except per share amounts; Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| 6/30/2025 | 3/31/2025 | 6/30/2024 | |||||||||
| Interest income | |||||||||||
| Interest and fees on loans | $ | 18,485 | $ | 17,155 | $ | 16,881 | |||||
| Interest on securities | 390 | 390 | 97 | ||||||||
| Other interest income | 867 | 991 | 1,444 | ||||||||
| Total interest income | 19,742 | 18,536 | 18,422 | ||||||||
| Interest expense | |||||||||||
| Interest on deposits | 5,014 | 4,256 | 3,807 | ||||||||
| Total interest expense | 5,014 | 4,256 | 3,807 | ||||||||
| Net interest income | 14,728 | 14,280 | 14,615 | ||||||||
| Provision for credit losses | 4,726 | 3,336 | 2,385 | ||||||||
| Net interest income after provision for credit losses | 10,002 | 10,944 | 12,230 | ||||||||
| Non-interest income | |||||||||||
| Strategic Program fees | 5,404 | 4,962 | 4,035 | ||||||||
| Gain on sale of loans, net | 1,483 | 846 | 356 | ||||||||
| SBA loan servicing fees, net | (96 | ) | 178 | 204 | |||||||
| Change in fair value on investment in BFG | 300 | 400 | (200 | ) | |||||||
| Credit enhancement income | 2,275 | 85 | 39 | ||||||||
| Other miscellaneous income | 971 | 1,339 | 732 | ||||||||
| Total non-interest income | 10,337 | 7,810 | 5,166 | ||||||||
| Non-interest expense | |||||||||||
| Salaries and employee benefits | 10,491 | 9,826 | 8,609 | ||||||||
| Professional services | 949 | 907 | 1,282 | ||||||||
| Occupancy and equipment expenses | 445 | 543 | 556 | ||||||||
| Credit enhancement expense | 78 | 11 | — | ||||||||
| Other operating expenses | 2,949 | 3,031 | 2,771 | ||||||||
| Total non-interest expense | 14,912 | 14,318 | 13,218 | ||||||||
| Income before income taxes | 5,427 | 4,436 | 4,178 | ||||||||
| Provision for income taxes | 1,330 | 1,247 | 998 | ||||||||
| Net income | $ | 4,097 | $ | 3,189 | $ | 3,180 | |||||
| Earnings per share, basic | $ | 0.31 | $ | 0.24 | $ | 0.25 | |||||
| Earnings per share, diluted | $ | 0.29 | $ | 0.23 | $ | 0.24 | |||||
| Weighted average shares outstanding, basic | 12,781,508 | 12,716,155 | 12,627,800 | ||||||||
| Weighted average shares outstanding, diluted | 13,472,394 | 13,483,647 | 13,109,708 | ||||||||
| Shares outstanding at end of period | 13,469,725 | 13,216,903 | 13,143,560 | ||||||||
| FINWISE BANCORP AVERAGE BALANCES, YIELDS, AND RATES ($ in thousands; Unaudited) | ||||||||||||||||||||||||||
| | Three Months Ended | |||||||||||||||||||||||||
| | 6/30/2025 | 3/31/2025 | 6/30/2024 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 81,017 | $ | 867 | 4.29 | % | $ | 92,794 | $ | 991 | 4.33 | % | $ | 105,563 | $ | 1,444 | 5.50 | % | ||||||||
| Investment securities | 41,920 | 390 | 3.73 | % | 42,314 | 390 | 3.74 | % | 14,795 | 97 | 2.65 | % | ||||||||||||||
| Strategic Program loans held-for-sale | 119,402 | 5,636 | 18.93 | % | 79,612 | 4,264 | 21.72 | % | 49,000 | 4,020 | 33.00 | % | ||||||||||||||
| Loans held-for-investment | 514,222 | 12,849 | 10.02 | % | 485,780 | 12,891 | 10.76 | % | 400,930 | 12,861 | 12.90 | % | ||||||||||||||
| Total interest-earning assets | 756,560 | 19,742 | 10.47 | % | 700,500 | 18,536 | 10.73 | % | 570,288 | 18,422 | 12.99 | % | ||||||||||||||
| Noninterest-earning assets | 60,638 | 54,184 | 46,530 | |||||||||||||||||||||||
| Total assets | $ | 817,199 | $ | 754,684 | $ | 616,818 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||
| Demand | $ | 64,885 | $ | 579 | 3.58 | % | $ | 76,403 | $ | 670 | 3.56 | % | $ | 47,900 | $ | 441 | 3.70 | % | ||||||||
| Savings | 10,028 | 15 | 0.60 | % | 9,247 | 7 | 0.30 | % | 10,270 | 19 | 0.75 | % | ||||||||||||||
| Money market accounts | 17,920 | 170 | 3.81 | % | 17,884 | 163 | 3.70 | % | 9,565 | 112 | 4.71 | % | ||||||||||||||
| Certificates of deposit | 400,757 | 4,250 | 4.25 | % | 326,920 | 3,416 | 4.24 | % | 251,142 | 3,235 | 5.18 | % | ||||||||||||||
| Total deposits | 493,590 | 5,014 | 4.07 | % | 430,454 | 4,256 | 4.01 | % | 318,877 | 3,807 | 4.80 | % | ||||||||||||||
| Other borrowings | 6 | — | 0.45 | % | 48 | — | 0.35 | % | 142 | — | 0.35 | % | ||||||||||||||
| Total interest-bearing liabilities | 493,596 | 5,014 | 4.07 | % | 430,502 | 4,256 | 4.01 | % | 319,019 | 3,807 | 4.80 | % | ||||||||||||||
| Noninterest-bearing deposits | 112,627 | 119,501 | 108,519 | |||||||||||||||||||||||
| Noninterest-bearing liabilities | 32,753 | 29,644 | 27,700 | |||||||||||||||||||||||
| Shareholders’ equity | 178,223 | 175,037 | 161,580 | |||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 817,199 | $ | 754,684 | $ | 616,818 | ||||||||||||||||||||
| Net interest income and interest rate spread | $ | 14,728 | 6.39 | % | $ | 14,280 | 6.72 | % | $ | 14,615 | 8.19 | % | ||||||||||||||
| Net interest margin | 7.81 | % | 8.27 | % | 10.31 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest- bearing liabilities | 153.28 | % | 162.72 | % | 178.76 | % | ||||||||||||||||||||
| Reconciliation of Non-GAAP to GAAP Financial Measures (Unaudited) | |||||||||||
| Efficiency ratio | Three Months Ended | ||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Non-interest expense | $ | 14,912 | $ | 14,318 | $ | 13,218 | |||||
| Net interest income | 14,728 | 14,280 | 14,615 | ||||||||
| Total non-interest income | 10,337 | 7,810 | 5,166 | ||||||||
| Adjusted operating revenue | $ | 25,065 | $ | 22,090 | $ | 19,781 | |||||
| Efficiency ratio | 59.5 | % | 64.8 | % | 66.8 | % | |||||
The following table presents the impact of the credit enhancement program on our efficiency ratio:
| Adjusted efficiency ratio | Three Months Ended | ||||||||||
| ($ in thousands) | 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||
| Non-interest expense (GAAP) | $ | 14,912 | $ | 14,318 | $ | 13,218 | |||||
| Less: credit enhancement expense | 78 | 11 | — | ||||||||
| Adjusted non-interest expense | 14,834 | 14,307 | 13,218 | ||||||||
| Net interest income (GAAP) | 14,728 | 14,280 | 14,615 | ||||||||
| Total non-interest income (GAAP) | 10,337 | 7,810 | 5,166 | ||||||||
| Less: credit enhancement income | 2,275 | 85 | 39 | ||||||||
| Adjusted non-interest income | 8,062 | 7,725 | 5,127 | ||||||||
| Adjusted operating revenue | $ | 22,790 | $ | 22,005 | $ | 19,742 | |||||
| Adjusted efficiency ratio | 65.1 | % | 65.0 | % | 67.0 | % | |||||
FinWise has entered into agreements with certain of its Strategic Program service providers pursuant to which they provide credit enhancement on loans which protects the Bank by indemnifying or reimbursing the Bank for incurred credit and fraud losses. We estimate and record a provision for expected losses for these Strategic Program loans in accordance with GAAP, which requires estimation of the provision without consideration of the credit enhancement. When the provision for expected losses over the life of the loans that are subject to such credit enhancement is recorded, a credit enhancement asset reflecting the potential future recovery of those losses is also recorded on the balance sheet in the form of non-interest income (credit enhancement income). Reimbursement or indemnification for incurred losses is provided for in the form of a deposit reserve account that is replenished periodically by the respective Strategic Program service provider. Any remaining income on such loans in excess of the amounts retained by FinWise and placed in the deposit reserve account are expensed and paid to the Strategic Program service provider for services provided by the Strategic Program service provider including its legal commitment to indemnify or reimburse all credit losses pursuant to credit enhancement agreements. The credit enhancement asset is reduced as credit enhancement payments and recoveries are received from the Strategic Program service provider or taken from its cash reserve account. If the Strategic Program service provider is unable to fulfill its contracted obligations under its credit enhancement agreement, then the Bank could be exposed to the loss of the reimbursement and credit enhancement income as a result of this counterparty risk. See the following reconciliations of non-GAAP measures for the impact of the credit enhancement on our financial condition and results. Note that these amounts are supplemental and are not a substitute for an analysis based on GAAP measures.
The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on total interest income on loans held-for-investment and average yield on loans held-for-investment:
| As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | ||||||||||||||||||||||||||
| ($ in thousands; unaudited) | 6/30/2025 | 3/31/2025 | 6/30/2024 | |||||||||||||||||||||||||
| Total Average Loans HFI | Total Interest Income on Loans HFI | Average Yield on Loans HFI | Total Average Loans HFI | Total Interest Income on Loans HFI | Average Yield on Loans HFI | Total Average Loans HFI | Total Interest Income on Loans HFI | Average Yield on Loans HFI | ||||||||||||||||||||
| Before adjustment for credit enhancement | $ | 514,222 | $ | 12,849 | 10.02 | % | $ | 485,780 | $ | 12,891 | 10.76 | % | $ | 400,930 | $ | 12,861 | 12.90 | % | ||||||||||
| Less: credit enhancement expense | (78 | ) | (11 | ) | — | |||||||||||||||||||||||
| Net of adjustment for credit enhancement expenses | $ | 514,222 | $ | 12,771 | 9.96 | % | $ | 485,780 | $ | 12,880 | 10.76 | % | $ | 400,930 | $ | 12,861 | 12.90 | % | ||||||||||
Total interest income on loans held-for-investment net of credit enhancement expense and the average yield on loans held-for-investment net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expense on total interest income on loans held-for-investment and the respective average yield on loans held-for-investment, the most directly comparable GAAP measures.
The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on net interest income and net interest margin:
| As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | ||||||||||||||||||||||||||
| 6/30/2025 | 3/31/2025 | 6/30/2024 | ||||||||||||||||||||||||||
| ($ in thousands; unaudited) | Total Average Interest-Earning Assets | Net Interest Income | Net Interest Margin | Total Average Interest-Earning Assets | Net Interest Income | Net Interest Margin | Total Average Interest-Earning Assets | Net Interest Income | Net Interest Margin | |||||||||||||||||||
| Before adjustment for credit enhancement | $ | 756,560 | $ | 14,728 | 7.81 | % | $ | 700,500 | $ | 14,280 | 8.27 | % | $ | 570,288 | $ | 14,615 | 10.31 | % | ||||||||||
| Less: credit enhancement expense | (78 | ) | (11 | ) | — | |||||||||||||||||||||||
| Net of adjustment for credit enhancement expenses | $ | 756,560 | $ | 14,650 | 7.77 | % | $ | 700,500 | $ | 14,269 | 8.26 | % | $ | 570,288 | $ | 14,615 | 10.31 | % | ||||||||||
Net interest income and net interest margin net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expenses on net interest income and net interest margin, the most directly comparable GAAP measures.
Non-interest expenses less credit enhancement expenses is a non-GAAP measure presented to illustrate the impact of credit enhancement expense on non-interest expense:
| ($ in thousands; unaudited) | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | ||||||||
| Total non-interest expense | $ | 14,912 | $ | 14,318 | $ | 13,218 | |||||
| Less: credit enhancement expense | (78 | ) | (11 | ) | — | ||||||
| Total non-interest expense less credit enhancement expenses | $ | 14,834 | $ | 14,307 | $ | 13,218 | |||||
Total non-interest expense less credit enhancement expense is a non-GAAP measure that illustrates the impact of credit enhancement expenses on non-interest expense, the most directly comparable GAAP measure.
Total non-interest income less credit enhancement income is a non-GAAP measure to illustrate the impact of credit enhancement income resulting from credit enhanced loans on non-interest income:
| ($ in thousands; unaudited) | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | ||||||||
| Total non-interest income | $ | 10,337 | $ | 7,810 | $ | 5,166 | |||||
| Less: credit enhancement income | (2,275 | ) | (85 | ) | (39 | ) | |||||
| Total non-interest income less credit enhancement income | $ | 8,062 | $ | 7,725 | $ | 5,127 | |||||
Total non-interest income less indemnification income is a non-GAAP measure that illustrates the impact of credit enhancement income on non-interest income. The most directly comparable GAAP measure is non-interest income.
The following non-GAAP measure is presented to illustrate the effect of the credit enhancement program that creates the credit enhancement on the allowance for credit losses:
| ($ in thousands; unaudited) | As of June 30, 2025 | As of March 31, 2025 | As of June 30, 2024 | ||||||||
| Allowance for credit losses | $ | 16,247 | $ | 14,235 | $ | 13,127 | |||||
| Less: allowance for credit losses related to credit enhanced loans | (2,469 | ) | (195 | ) | (39 | ) | |||||
| Allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans | $ | 13,778 | $ | 14,040 | $ | 13,088 | |||||
The allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans is a non-GAAP measure that reflects the effect of the credit enhancement program on the allowance for credit losses. The total outstanding balance of loans held-for-investment with credit enhancement as of June 30, 2025, March 31, 2025 and June 30, 2024 was approximately
FAQ
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