Business
FinWise Bancorp Reports Second Quarter 2022 Results
- Net Income of $5.5 Million - - Diluted Earnings Per Share of $0.41 - MURRAY, Utah, July 27, 2022 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ: FINW)
About this update from Finwise Bancorp
[{"type":"text","content":"- Net Income of $5.5 Million - - Diluted Earnings Per Share of $0.41 - MURRAY, Utah, July 27, 2022 (GLOBE NEWSWIRE) -- FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced results for the quarter ended June 30, 2022. Second Quarter 2022 Highlights Loan originations were $2.1 billion, compared to $2.5 billion for the quarter ended March 31, 2022 and $1.4 billion in the prior year periodNet interest income was $12.8 million, compared to $13.0 million for the quarter ended March 31, 2022 and $10.8 million in the prior year periodNet Income was $5.5 million, compared to $9.4 million for the quarter ended March 31, 2022 and $7.7 million in the prior year periodDiluted earnings per share (“EPS”) were $0.41 for the quarter, compared to $0.70 for the quarter ended March 31, 2022 and $0.84 for the prior year periodEfficiency ratio was 52.0%, compared to 36.7% for the quarter ended March 31, 2022 and 37.3% for the prior year periodMaintained industry-leading returns with annualized return on average equity (ROAE) of 17.2%, compared to 31.4% in the quarter ended March 31, 2022 and 55.0% in the prior year periodAsset quality remained strong with a nonperforming loans to total loans ratio of 0.3% “The FinWise team executed admirably during the second quarter and our results further validate the Company’s strong and differentiated business model,” said Kent Landvatter, Chief Executive Officer and President of FinWise. “Amid an economic environment that deteriorated rapidly, we delivered favorable results, including solid originations, strong credit quality and industry-leading returns. Despite challenging external macro factors, we remain committed to managing the business for the long term and will continue to focus on what we can control so that we remain well positioned to take advantage of growth opportunities when the environment improves.” Results of Operations The Company’s second quarter of 2022 was highlighted by solid loan originations across its primary lines of business and industry-leading returns. Selected Financial Data For the Three Months Ended($s in thousands, except per share amounts, annualized ratios) 6/30/2022 3/31/2022 6/30/2021Net Income $5,482 $9,434 $7,739 Diluted EPS $0.41 $0.70 $0.84 Return on average assets 5.5% 9.4% 10.0%Return on average equity...