FinWise Bancorp (FINW) Reports Q3 2023 Earnings: Net Income of $4.8 Million

Key Highlights Include Diluted EPS of $0.37 and Loan Originations of $1.1 Billion

Oct 26, 2023

Summary

FinWise Bancorp (FINW) reports net income of $4.8 million for Q3 2023, an increase from $4.6 million in Q2 2023 and $3.7 million in Q3 2022.
Diluted earnings per share (EPS) were $0.37 for the quarter, compared to $0.35 for Q2 2023 and $0.27 for Q3 2022.
Loan originations were $1.1 billion, compared to $1.2 billion for Q2 2023 and $1.5 billion for Q3 2022.
Net interest income was $14.4 million, compared to $13.7 million for Q2 2023 and $12.5 million for Q3 2022.

FinWise Bancorp (FINW, Financial) announced its Q3 2023 results on October 26, 2023. The company reported a net income of $4.8 million, up from $4.6 million in Q2 2023 and $3.7 million in Q3 2022. Diluted earnings per share (EPS) were $0.37 for the quarter, compared to $0.35 for Q2 2023 and $0.27 for Q3 2022.

Financial Performance

FinWise Bancorp (FINW, Financial) reported loan originations of $1.1 billion, compared to $1.2 billion for Q2 2023 and $1.5 billion for Q3 2022. Net interest income was $14.4 million, compared to $13.7 million for Q2 2023 and $12.5 million for Q3 2022. The company's efficiency ratio was 51.3%, compared to 52.7% for Q2 2023 and 42.3% for Q3 2022.

We delivered yet another quarter of solid results driven by 16.2% quarter-over-quarter growth in our held for investment portfolio coupled with strong loan originations, even as macro conditions continued to deteriorate" said Kent Landvatter, Chairman, Chief Executive Officer and President of FinWise.

Financial Tables

FinWise Bancorp (FINW, Financial) reported a net income of $4.8 million for Q3 2023, compared to $4.6 million for Q2 2023 and $3.7 million for Q3 2022. Diluted EPS was $0.37 for Q3 2023, compared to $0.35 for Q2 2023 and $0.27 for Q3 2022. The return on average assets was 3.7% for Q3 2023, compared to 3.9% for Q2 2023 and 3.9% for Q3 2022. The return on average equity was 12.8% for Q3 2023, the same as for Q2 2023, and up from 11.0% for Q3 2022.

Company Outlook

Despite the challenging macroeconomic environment, FinWise Bancorp (FINW, Financial) remains focused on its strategic priorities and is positioned to outperform. The company expects the industry-wide slowdown in loan originations to persist as it moves to year end and into 2024. However, it will continue to focus on controlling its business by maintaining its disciplined and proven strategy to grow its portfolio responsibly while investing in its business to position the Company for long-term growth and shareholder value creation.

Explore the complete 8-K earnings release (here) from FinWise Bancorp for further details.

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