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
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.