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) reported a net income of $6.5 million for Q4 2022, with diluted earnings per share at $0.49. Loan originations decreased to $1.2 billion from $1.5 billion in Q3 2022. The net interest income slightly rose to $12.6 million but is down from $15.3 million a year ago. The efficiency ratio rose to 45.6%, while the annualized return on average equity improved to 19.1%.
Despite a solid asset quality with non-performing loans at just 0.1%, the company’s net interest margin declined to 14.27% from 16.62% a year prior. Overall, FinWise shows mixed results amid economic challenges.
FinWise Bancorp (NASDAQ: FINW) will announce its fourth quarter and full year 2022 results on January 25, 2023, following the market's close. A conference call is scheduled for 5:30 PM ET that day, with a dial-in number for participants. A live webcast will be accessible on their website, along with a playback option available for six months afterwards. As a Utah bank holding company, FinWise aims to deliver innovative lending solutions leveraging strategic partnerships and advanced technology.
FinWise Bancorp (NASDAQ: FINW) reported a net income of $3.7 million for Q3 2022, a decline from $5.5 million in Q2 2022 and $8.4 million in Q3 2021. Loan originations totaled $1.5 billion, down from $2.1 billion in the previous quarter. Net interest income decreased to $12.5 million compared to $12.8 million in Q2 2022. The diluted earnings per share were $0.27, lower than $0.41 the previous quarter. The efficiency ratio improved to 42.3%. The company's total assets increased to $385.6 million.
FinWise Bancorp announced the retirement of Chairman Russell “Fred” Healey, Jr. effective October 6, 2022, after nearly 20 years with the bank. Kent Landvatter, the current CEO and President, will assume the chairman role. Mr. Healey's significant contributions to the bank over his 12-year tenure as Chairman were noted, including his extensive experience in finance and real estate management. FinWise Bancorp, based in Murray, Utah, operates through its wholly-owned subsidiary FinWise Bank, which serves consumers and small businesses nationally.
FinWise Bancorp (NASDAQ: FINW) will report its third quarter 2022 results and host a conference call on October 26, 2022, after market close.
The call is scheduled for 5:30 PM ET, and interested parties can dial 1-877-423-9813 (toll-free) or 1-201-689-8573 (international). A live webcast will be available on the Company’s website, with a replay accessible for six months.
FinWise, headquartered in Murray, Utah, operates as a nationwide lender and attracts deposits from consumers and small businesses.
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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