FinWise Q3 net income $3.5M ($0.25 EPS) down from $4.8M; originations $1.4B, NPLs surge to $30.6M

Finwise Bancorp

2024-Q3 EPS reported $0.74

Net income $3.5M ($0.25 diluted EPS), down from $4.8M ($0.37) in Q3 2023; net interest income rose to $14.8M.
Loan originations increased to $1.4B, up from $1.1B YoY and $1.2B in prior quarter.
Nonperforming loans $30.6M (7.1% of HFI loans) vs $10.7M (3.2%) a year ago; SBA-guaranteed portion $17.8M.
Efficiency ratio 67.5% vs 50.4% YoY; annualized ROE fell to 8.3% from 12.8%.
Provision for credit losses $2.2M vs $3.1M YoY; net charge-offs $2.4M, slightly up from $2.2M.

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