secwatch.observer — SEC 8-K summary
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Issuer:     Finwise Bancorp (FINW)
CIK:        0001856365
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001856365-24-000021
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1856365/000185636524000021/0001856365-24-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1856365/000185636524000021/finw-20240429.htm
  HTML page:      https://secwatch.observer/filing/0001856365-24-000021

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