FinWise Q1 net income $3.3M, EPS $0.25; NPL ratio 6.6%

Finwise Bancorp

2024-Q1 EPS reported $0.25

Net income $3.3M ($0.25 diluted EPS), down from $4.2M ($0.32) in Q4 2023 and $3.9M ($0.29) in Q1 2023.
Loan originations $1.1B vs $1.2B in Q4 2023 and $0.9B in Q1 2023; net interest margin 10.12% vs 10.61%.
Non-performing loans $26.0M (6.6% of loans held for investment), largely SBA-guaranteed; allowance 3.2% vs 3.5% prior quarter.
Efficiency ratio worsened to 60.6% from 55.8% in Q4 2023; non-interest expense rose to $11.8M.
Bank leverage ratio 20.6%, well above 9% well-capitalized minimum; new share repurchase program initiated.

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 March 31, 2024 results: net income $3.3 million, EPS $0.25.

Period: the quarter ended March 31, 2024
Net income: $3.3 million
EPS: $0.25
Result: reported results

Exact text from the filing

FINWISE BANCORP REPORTS FIRST QUARTER RESULTS - Net Income of $3.3 Million for First Quarter of 2024 - - Diluted Earnings Per Share of $0.25 for First Quarter of 2024

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Source: SEC EDGAR

accession 0001856365-24-000021

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