Welcome to our dedicated page for FinWise Bancorp Common news (Ticker: FINW), a resource for investors and traders seeking the latest updates and insights on FinWise Bancorp Common stock.
FinWise Bancorp (NASDAQ: FINW) is an independent bank providing a comprehensive range of banking services to both individual and corporate customers. FinWise Bancorp's core business revolves around various forms of lending, including Small Business Administration (SBA) loans, commercial loans, commercial real estate loans, residential real estate loans, and consumer loans. The bank has also developed strategic programs in collaboration with third-party loan origination platforms, utilizing technology to streamline the process of unsecured consumer and secured or unsecured business loans to qualified borrowers.
One of the bank's recent noteworthy achievements is the signing of a definitive agreement to increase its ownership stake in Business Funding Group to 20% upon closing. This move is expected to enhance FinWise's influence and capabilities in the business funding sector.
Financially, FinWise Bancorp stands strong with capital levels significantly above well-capitalized guidelines as of December 31, 2023. The bank's balance sheet reflects consistent growth, particularly in its loan portfolio, with an increase in SBA 7(a) loan balances guaranteed by the SBA. The leverage ratio has seen a decrease primarily due to this portfolio growth.
Further enhancing its market presence, FinWise has partnered with Hank Payments Corp., a North American leader in consumer fintech SaaS and BaaS platforms. This collaboration aims to enhance consumers' ability to manage loans, build savings, and access credit solutions, aligning with FinWise's strategy to expand and diversify its revenue streams through innovative fintech solutions.
FinWise's payment services, including ACH origination, wires, check, and bill pay services, are now available in collaboration with Hank Payments, leveraging Mastercard's Remote Payment and Presentment Service (RPPS). This partnership is expected to significantly improve consumer and business payment solutions, contributing to recurring fee revenue and a diversified deposit composition over time.
Committed to compliance and regulatory standards, FinWise conducted an intensive due-diligence process and compliance assessment before finalizing the partnership with Hank Payments. This strategic move is part of FinWise's broader goal to become an integrated fintech banking solutions provider, incorporating BIN Sponsorship and Payments HUB offerings into its existing platforms.
For more information, visit www.finwise.bank or contact investors@finwisebank.com for investor-related queries and media@finwisebank.com for media inquiries.
On April 20, 2023, FinWise Bancorp (NASDAQ: FINW) announced plans to report its first quarter 2023 financial results following the market close on April 27, 2023. The company will host a conference call at 5:30 PM ET to discuss these results. Investors can access the live webcast through the company's website. Interested parties are encouraged to join the call by dialing in 10 minutes before start time, using the toll-free number 1-877-423-9813 or the international number 1-201-689-8573. A replay of the call will be available for six months on their Investor Relations page.
FinWise Bancorp operates through its subsidiary, FinWise Bank, and serves consumers and small businesses across the nation from its headquarters in Murray, Utah, and a full-service location in Sandy, Utah.
FinWise Bancorp (NASDAQ: FINW) reported a net income of $6.5 million for Q4 2022, with diluted earnings per share at $0.49. Loan originations decreased to $1.2 billion from $1.5 billion in Q3 2022. The net interest income slightly rose to $12.6 million but is down from $15.3 million a year ago. The efficiency ratio rose to 45.6%, while the annualized return on average equity improved to 19.1%.
Despite a solid asset quality with non-performing loans at just 0.1%, the company’s net interest margin declined to 14.27% from 16.62% a year prior. Overall, FinWise shows mixed results amid economic challenges.
FinWise Bancorp (NASDAQ: FINW) will announce its fourth quarter and full year 2022 results on January 25, 2023, following the market's close. A conference call is scheduled for 5:30 PM ET that day, with a dial-in number for participants. A live webcast will be accessible on their website, along with a playback option available for six months afterwards. As a Utah bank holding company, FinWise aims to deliver innovative lending solutions leveraging strategic partnerships and advanced technology.
FinWise Bancorp (NASDAQ: FINW) reported a net income of $3.7 million for Q3 2022, a decline from $5.5 million in Q2 2022 and $8.4 million in Q3 2021. Loan originations totaled $1.5 billion, down from $2.1 billion in the previous quarter. Net interest income decreased to $12.5 million compared to $12.8 million in Q2 2022. The diluted earnings per share were $0.27, lower than $0.41 the previous quarter. The efficiency ratio improved to 42.3%. The company's total assets increased to $385.6 million.
FinWise Bancorp announced the retirement of Chairman Russell “Fred” Healey, Jr. effective October 6, 2022, after nearly 20 years with the bank. Kent Landvatter, the current CEO and President, will assume the chairman role. Mr. Healey's significant contributions to the bank over his 12-year tenure as Chairman were noted, including his extensive experience in finance and real estate management. FinWise Bancorp, based in Murray, Utah, operates through its wholly-owned subsidiary FinWise Bank, which serves consumers and small businesses nationally.
FinWise Bancorp (NASDAQ: FINW) will report its third quarter 2022 results and host a conference call on October 26, 2022, after market close.
The call is scheduled for 5:30 PM ET, and interested parties can dial 1-877-423-9813 (toll-free) or 1-201-689-8573 (international). A live webcast will be available on the Company’s website, with a replay accessible for six months.
FinWise, headquartered in Murray, Utah, operates as a nationwide lender and attracts deposits from consumers and small businesses.
FinWise Bancorp (NASDAQ: FINW) announced a share repurchase program on August 18, 2022, authorizing the buyback of up to 5% of outstanding shares, totaling 644,241 shares. This initiative aims to enhance long-term shareholder value, as stated by CEO Kent Landvatter. The repurchases will occur at the Company’s discretion until August 31, 2024, with funding expected from available cash balances. The program allows flexibility in execution, including open market and privately negotiated transactions, subject to market conditions and regulatory requirements.
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