FinWise Bancorp Ranked #2 in American Banker’s Annual List of Top-Performing Publicly Traded Banks With Under $2 Billion of Assets

Rhea-AI Summary

FinWise Bancorp (NASDAQ: FINW), parent company of FinWise Bank, has been ranked #2 on American Banker's list of the top-performing publicly traded banks with under $2 billion in assets. The ranking is based on a three-year return on average equity (ROAE) as of December 31, 2023, where FinWise achieved a remarkable 27%, substantially higher than the peer median of 10.91%. CEO Kent Landvatter credited the company's success to the dedication of its team and highlighted the meaningful progress on key initiatives throughout 2023.

Positive

• FinWise Bancorp ranked #2 in American Banker's top-performing banks with under $2 billion in assets.
• Achieved a three-year ROAE of 27%, far surpassing the peer median of 10.91%.
• Recognition indicates strong financial performance and effective management.
• CEO highlighted meaningful progress on key initiatives in 2023.

Negative

• The ranking and performance are historical and may not guarantee future results.
• No details provided on specific key initiatives or future plans.
• Possible over-reliance on ROAE as a single performance metric.

MURRAY, Utah, June 10, 2024 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced that in its June 9, 2024 article, American Banker ranked FinWise Bancorp #2 on its list of the 100 top-performing publicly traded banks with under $2 billion of assets.

The ranking is based on the three-year return on average equity ("ROAE") as of December 31, 2023. The three-year ROAE for Finwise Bancorp totaled 27%, well above the peer median of 10.91%.

"We are honored to be recognized as one of the best performing banks by American Banker," said Kent Landvatter, CEO of FinWise. "This accomplishment is a testament to the unwavering dedication of the entire FinWise team. I’m proud of the results we have achieved in 2023, while making meaningful progress on our key new initiatives. I want to thank our team members for their continued commitment to FinWise."

About FinWise Bancorp

FinWise provides comprehensive Banking and Payments solutions to fintech brands. 2024 is a key expansion year for the Company, as it expands and diversifies its business model by launching and incorporating Payments Hub and BIN Sponsorship offerings into its current platforms.

Its existing Strategic Program Lending business, done through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands.

In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied RE, and Leasing, which provide flexibility for disciplined balance sheet growth.

Through its compliance oversight and risk management-first culture, the Company is also well positioned to guide fintechs through a rigorous process to ensure regulatory compliance.

For more information on FinWise Bank, visit https://investors.finwisebancorp.com.

Contacts

investors@finwisebank.com
media@finwisebank.com

FAQ

What is FinWise Bancorp's stock symbol?

FinWise Bancorp's stock symbol is NASDAQ: FINW.

How did FinWise Bancorp perform in American Banker's rankings?

FinWise Bancorp was ranked #2 on American Banker's list of top-performing publicly traded banks with under $2 billion in assets.

What is the three-year ROAE for FinWise Bancorp?

The three-year return on average equity (ROAE) for FinWise Bancorp is 27%.

When was the ranking announced?

The ranking was announced in an American Banker article on June 9, 2024.

What is the peer median ROAE for banks with under $2 billion in assets?

The peer median ROAE for banks with under $2 billion in assets is 10.91%.