Welcome to our dedicated page for Finwise Bancorp news (Ticker: FINW), a resource for investors and traders seeking the latest updates and insights on Finwise Bancorp stock.
FinWise Bancorp reports recurring developments as the holding company for FinWise Bank, a bank that provides banking and payments solutions to fintech brands. Company news commonly covers quarterly results, net interest income and margin, loan originations, credit-loss provisioning, deposit funding, and performance of Strategic Program loans, including credit-enhanced balances.
Updates also describe strategic program agreements for consumer credit, BIN Sponsorship, MoneyRails™ payments capabilities, SBA 7(a), owner-occupied commercial real estate and leasing programs, as well as governance changes at the holding company and bank.
FinWise Bancorp (NASDAQ: FINW) announced a share repurchase program on August 18, 2022, authorizing the buyback of up to 5% of outstanding shares, totaling 644,241 shares. This initiative aims to enhance long-term shareholder value, as stated by CEO Kent Landvatter. The repurchases will occur at the Company’s discretion until August 31, 2024, with funding expected from available cash balances. The program allows flexibility in execution, including open market and privately negotiated transactions, subject to market conditions and regulatory requirements.
FinWise Bancorp (NASDAQ: FINW) reported a net income of $5.5 million for Q2 2022, a decrease from $9.4 million in Q1 2022 and $7.7 million year-on-year. Diluted earnings per share fell to $0.41, down from $0.70 in Q1 2022. Loan originations totaled $2.1 billion, lower than $2.5 billion in the previous quarter. Net interest income was $12.8 million, slightly down from $13.0 million in Q1 2022. The efficiency ratio increased to 52.0% from 36.7% the prior quarter. Despite challenges, the company maintained strong asset quality with a 0.3% nonperforming loan ratio.
FinWise Bancorp (NASDAQ: FINW) announced it will report its second quarter 2022 results on July 27, 2022, after market close. A webcast will be available on the company's website, allowing stakeholders to follow the earnings call live. The conference call is scheduled for 5:30 PM ET, with call-in numbers provided for participants. A replay of the call will be accessible for six months post-event. FinWise is headquartered in Murray, Utah, and operates FinWise Bank, offering nationwide lending and deposit services.
FinWise Bancorp (NASDAQ: FINW) has appointed Simon Darchis as Vice President and Director of Specialty Lending, replacing David Tilis, who remains as a consultant for one year. Darchis has over four years of experience at FinWise and has played a key role in developing the Strategic Lending Program. CEO Kent Landvatter expressed confidence in Darchis's leadership skills and highlighted the importance of a smooth transition. Tilis's contributions over the past six years were also acknowledged, as the company seeks to maintain stability in its leadership.
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FinWise Bancorp (NASDAQ: FINW) reported a net income of $10.3 million for Q1 2022, a slight increase from $10.1 million in Q4 2021 and nearly double compared to $5.3 million in Q1 2021. Diluted earnings per share stood at $0.76, down from $0.90 in the previous quarter. Loan originations grew 9.0% to $2.5 billion. However, net interest income declined to $14.1 million from $15.3 million in the prior quarter. The asset quality remained solid with a nonperforming loans ratio of 0.2%.
FinWise Bancorp (NASDAQ: FINW) announced it will report its Q1 2022 results and host a call on April 28, 2022, after market close. A live webcast will be available on the company's website, allowing investors to follow along. The accompanying conference call is scheduled for 5:00 PM ET, with a dial-in number provided for participants. A webcast replay will be accessible for six months post-call, ensuring that stakeholders can stay informed about the company’s performance and insights.
FinWise Bancorp (NASDAQ: FINW) reported a 19.8% increase in net income for Q4 2021, reaching $10.1 million. The diluted EPS was stable at $0.90, up 69.8% year-over-year. Total loan originations surged to $2.3 billion, a 26.4% increase quarter-over-quarter. Net interest income grew 13.4% to $15.3 million, while the efficiency ratio improved to 34.3%. Asset quality remains robust with nonperforming loans at 0.2%. The company emphasized its strong FinTech lending model and strategic relationships as key to growth.
FinWise Bancorp (NASDAQ: FINW) announced it will report its fourth quarter and full year 2021 results on February 23, 2022, after market close. A live audio webcast of the earnings call will be available on the company's website, with the call scheduled for 5:00 PM ET. Investors can dial in at 1-877-423-9813 for toll-free access or 1-201-689-8573 for international calls. A replay will be accessible for six months after the call.
FinWise Bancorp operates through its subsidiary, FinWise Bank, and provides banking services nationwide.
FinWise Bancorp has successfully completed its initial public offering, issuing 4,025,000 shares of common stock at $10.50 each, including 525,000 shares from the underwriters' overallotment option. The gross proceeds from the offering amount to approximately $42.3 million, with net proceeds expected to be around $35.6 million after expenses. The shares began trading on November 19, 2021, under the ticker symbol FINW. Joint book-running managers for the offering were Piper Sandler & Co. and Stephens Inc.