The following is a summary of the FinWise Bancorp (FINW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FinWise reported strong Q1 2024 originations of nearly $1.1 billion bolstered by good credit quality performance.

• The bank concluded the quarter with a significantly leverage ratio, above regulatory guidelines, and a tangible book value per share of $12.70.

• Net income stood at $3.3 million or $0.25 per diluted common share for the quarter.

• Steady profitability marked with a return on average assets of 2.2% and a return on average equity of 8.4%.

• Provision for credit losses was $3.2 million for Q1, presenting a decline from the previous quarter.

• There was a fall in the net charge-off rate as a percentage of average loans held for investment to 3.5%.

Business Progress:

• FinWise showcased robust credit quality performance with steady net charge-offs and decreased non-performing loan balances.

• The bank has initiated a share repurchase program to acquire up to 5% of outstanding shares, reflecting its growth strategy.

• New agreements were announced in Q1 and expansion of product offerings with existing relationships is in motion.

• A 5% growth in total loans held for investment was reported, led by a 7.6% rise in the guaranteed balances of SBA loans.

• FinWise announced Bob Wahlman as the new CFO and has diversified its business model.

• Progress was evident in the partnership with Hank Payments and Earnest, with prospects of partnerships with new partners looming ahead.

More details: FinWise IR

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