FinWise Q4 net income $4.2M, EPS $0.32; NPLs surge to $27.1M; acquires additional 10% of BFG

Finwise Bancorp

2023-FY EPS reported $1.33

Q4 2023 net income $4.2M, diluted EPS $0.32 vs $0.37 Q3 and $0.49 a year ago.
Non-performing loans rose to $27.1M (7.3% of loans) from $10.7M; $15M SBA-guaranteed.
Net charge-offs $3.4M in Q4 vs $2.2M prior quarter; provision for credit losses $3.3M.
Acquiring additional 10% nonvoting interest in BFG for 339,176 shares; total ownership to 20%.
Efficiency ratio worsened to 55.8% from 51.3% prior quarter; ROAE 10.8% vs 12.8%.

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 0.95

Finwise Bancorp reported the quarter ended December 31, 2023 results: net income $4.2 million, EPS $0.32.

Period: the quarter ended December 31, 2023
Net income: $4.2 million
EPS: $0.32
Result: reported results

Exact text from the filing

FinWise Bancorp (the “Company”), dated January 29, 2024, reporting the Company’s financial results for the fiscal quarter ended December 31, 2023.

View on SEC.gov

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

Finwise Bancorp amended Amendment to the Purchase Agreement with Business Funding Group, LLC and four members of BFG (effective 2024-01-26).

Action: amendment
Agreement: equity purchase
Counterparty: Business Funding Group, LLC and four members of BFG
Effective: 2024-01-26

Exact text from the filing

On January 26, 2024, the Company and the Sellers entered into an Amendment to the Purchase Agreement (the “Amendment”) pursuant to which: a. The Company will acquire an additional 10% nonvoting ownership interest in BFG (the “Transaction”).

View on SEC.gov

Browse all earnings releases →

Finwise Bancorp filing history →

Source: SEC EDGAR

accession 0001856365-24-000003

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.