FinWise Bancorp reports Q2 net income $4.6M, EPS $0.35; enters deal to increase BFG stake to 20%

Finwise Bancorp

2023-Q2 EPS reported $0.64

Q2 net income $4.6M, diluted EPS $0.35 vs $0.29 prior quarter and $0.41 YoY.
Loan originations $1.2B, down from $2.1B YoY; net interest income $13.7M up from $12.8M YoY.
Efficiency ratio 52.7%; nonperforming loans 0.3%; allowance for credit losses to loans 4.2%.
Definitive agreement to acquire additional 10% of BFG for 372,132 shares, increasing ownership to 20%, expected close by Sept 30, 2023.
Tangible book value per share $11.59, up from $11.26 prior quarter; Bank leverage ratio 22.4%.

item 1.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Finwise Bancorp reported the quarter ended June 30, 2023 results: net income $4.6 million, EPS $0.35 per diluted share.

Period: the quarter ended June 30, 2023
Net income: $4.6 million
EPS: $0.35 per diluted share
Result: reported results

Exact text from the filing

FINWISE BANCORP REPORTS SECOND QUARTER 2023 RESULTS - Net Income of $4.6 Million for Second Quarter of 2023 - - Diluted Earnings Per Share of $0.35 for Second Quarter of 2023

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Finwise Bancorp entered into Membership Interest Purchase Agreement with Business Funding Group, LLC and four members of BFG (effective 2023-07-25).

Action: entry
Agreement: asset purchase
Counterparty: Business Funding Group, LLC and four members of BFG
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, FinWise Bancorp (the "Company") entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Business Funding Group, LLC (“BFG”) and four members of BFG (“Sellers”), pursuant to which the Company will acquire an additional 10% voting ownership interest in BFG (the “Transaction”).

View on SEC.gov

Browse all earnings releases →

Finwise Bancorp filing history →

Source: SEC EDGAR

accession 0001856365-23-000026

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.