FinWise Q3 net income $4.8M ($0.37 EPS); NPL ratio jumps to 3.2% from 0.7%

Finwise Bancorp

2023-Q3 EPS reported $1.01

Net income $4.8M ($0.37 diluted EPS) vs $3.7M ($0.27) a year ago; net interest income $14.4M (+15% YoY).
Non-performing loans to total loans ratio rose to 3.2% from 0.7% in Q2 and 0% in Q3 2022, driven by SBA 7(a) loans.
Loan originations $1.1B, down from $1.2B QoQ and $1.5B YoY; management expects slowdown to persist into 2024.
Definitive agreement to acquire additional 10% of BFG for 372,132 shares; regulatory approval pending.

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 0.85

Finwise Bancorp reported fiscal quarter ended September 30, 2023 results: net income $4.8 million, EPS $0.37.

Period: fiscal quarter ended September 30, 2023
Net income: $4.8 million
EPS: $0.37
Result: reported results

Exact text from the filing

Net income was $4.8 million for the third quarter of 2023, compared to $4.6 million for the second quarter of 2023 and $3.7 million for the third quarter of 2022.

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Source: SEC EDGAR

accession 0001856365-23-000037

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