- Promotes Robert Keil and Richard Thiessens to Executive Vice Presidents -- Highlights Company's Commitment to Delivering on Strategic Initiatives - MURRAY, Utah, Feb. 05, 2024 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ:FINW) ("FinWise" or the "Company"), parent company of FinWise Bank (the "Bank"), today announced the promotions of Chief Fintech Officer Robert Keil and Chief Technology Officer Richard Thiessens to the added title of Executive Vice President. "With evolving customer needs, technological a ...

Financial Data and Key Metrics Changes - Net interest income for Q4 was $14.4 million, nearly flat compared to the previous quarter, with a net interest margin of 10.61%, down from 11.77% in Q3, primarily due to a shift towards lower-yield loans and an increase in CDs [4] - The provision for credit losses increased to $3.2 million in Q4 from $3.1 million in the prior quarter, driven by an increase in net charge-offs and a qualitative factor overlay [3] - Net income for Q4 was $4.2 million, or $0.32 per diluted common share, with a return on average assets of 2.9% and a return on average equity of 10.8% [62] Business Line Data and Key Metrics Changes - Total loan originations were $1.2 billion in Q4, up from $1.1 billion in Q3, with SBA 7(a) loan originations lower due to reduced application demand [61] - The guaranteed portion of SBA loans increased by 17.1%, contributing to a 10.2% growth in total loans held for investment [61] - Noninterest income rose to $6 million in Q4 from $5.2 million in Q3, primarily due to changes in fair value of investments [4] Market Data and Key Metrics Changes - Nonperforming loans (NPLs) increased to $27.1 million at the end of Q4 from $10.7 million in the prior quarter, primarily related to the SBA portfolio [3] - The net charge-off rate as a percentage of average loans held for investment was 3.8% in Q4, up from 2.8% in Q3 [3] Company Strategy and Development Direction - The company is focused on expanding into an integrated Banking as a Service (BaaS) model, with ongoing development of its Payments Hub and BIN Sponsorship products [2][42] - Management emphasized a disciplined approach to underwriting and collateral management, particularly in the context of higher interest rates impacting loan originations [20] - The company aims to enhance long-term earnings power through strategic initiatives while maintaining a strong compliance and risk management framework [43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting uncertainties that could impact loan originations in the first half of 2024 [20] - The company believes it is at an inflection point in its business model evolution, with expectations for gradual revenue contributions from new partnerships and initiatives [20][33] - Management highlighted the importance of strong compliance and regulatory processes as competitive advantages in the evolving industry landscape [34] Other Important Information - The efficiency ratio increased to 55.8% in Q4 from 51.3% in the prior quarter, reflecting ongoing investments in infrastructure [4] - The tangible book value per common share rose to $12.41 from $12.04 in the previous quarter [4] Q&A Session Summary Question: What is the outlook for credit quality given the increase in nonperforming loans? - Management noted that the increase in NPLs was primarily due to the SBA portfolio and that they expect continued normalization until the prime rate declines [45] Question: What are the expectations for expense growth moving forward? - Management indicated that 2023 was a build year and that they expect operating expenses to continue to increase in 2024 as they invest in infrastructure [27][28] Question: When will the agreement with Earnest start contributing to revenue? - Management stated that while they are excited about the partnership, meaningful revenue contributions are expected to ramp up in 2025 [70] Question: How does the company view its current capital position? - Management expressed comfort with the current capital levels, indicating that they have sufficient capital to support growth while maintaining regulatory compliance [15]

FinWise Bancorp (FINW) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.67%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.37, delivering a surprise of 48%.Over the last four quarters, the company has ...

- Net Income of $4.2 Million for Fourth Quarter of 2023 - - Diluted Earnings Per Share of $0.32 for Fourth Quarter of 2023 - MURRAY, Utah, Jan. 29, 2024 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ:FINW) ("FinWise" or the "Company"), parent company of FinWise Bank (the "Bank"), today announced results for the quarter ended December 31, 2023. Fourth Quarter 2023 Highlights Loan originations were $1.2 billion, compared to $1.1 billion for the quarter ended September 30, 2023, and $1.2 billion for the fourth qu ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share FINW The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 __________________________________________________ FORM 10-Q __________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TR ...

FinWise Bancorp (NASDAQ:FINW) Q3 2023 Earnings Conference Call October 26, 2023 5:30 PM ET Company Participants Nathan Mills - Investor Relations Kent Landvatter - President and Chief Executive Officer James Noone - Executive Vice President and Chief Credit Officer Javvis Jacobson - Executive Vice President and Chief Financial Officer Conference Call Participants Andrew Terrell - Stephens, Inc. Operator Greetings. Welcome to FinWise Bancorp's Third Quarter 2023 Earnings Conference Call. At this time, all pa ...

17 Table of Contents Strategic Program loans retained and held-for-sale as of June 30, 2023 and December 31, 2022, are summarized as follows: | --- | --- | --- | --- | --- | |---------------------------------------------|-------|---------------------|-------|-----------------------| | ($ in thousands) | | June 30, \n2023 | | December 31, \n2022 | | Retained Strategic Program loans | $ | 20,732 | $ | 24,259 | | Strategic Program loans held-for-sale | | 42,362 | | 23,589 | | Total Strategic Program loans | $ ...

FinWise Bancorp (NASDAQ:FINW) Q2 2023 Earnings Conference Call July 27, 0000 5:30 PM ET Company Participants Kent Landvatter - Chief Executive Officer and President Javvis Jacobson - Chief Financial Officer Jim Noone - President, Chief Credit and Chief Strategy Officer Brad Cohen - Partner ICR Conference Call Participants Andrew Terrell - Stephens, Inc. Operator Greetings and welcome to the FinWise Bancorp Second Quarter 2023 earnings conference call. At this time all participants are in a listen-only mode. ...

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on the Company's financial statements. Under capital adequacy | --- | --- | --- | --- | --- | |----------------------------------------------|-------|------------------------------------------|------------------|----- ...

FinWise Bancorp (NASDAQ:FINW) Q4 2018 Results Conference Call April 27, 2023 5:30 PM ET Company Participants Kent Landvatter - CEO and President Javvis Jacobson - CFO James Noone - President, FinWise Bank Conference Call Participants Michael Hultquist - Piper Sandler Andrew Terrell - Stephens Operator Greetings, and welcome to the FinWise Bancorp First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal p ...