FinWise Bancorp Reports Second Quarter 2026 Results

About this update from Finwise Bancorp

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"},{"type":"text","tagName":"p","content":" Second Quarter 2026 Highlights "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Loan originations totaled $1.6 billion, compared to $1.7 billion for the quarter ended March 31, 2026, and $1.5 billion for the second quarter of the prior year "}]},{"val":[{"type":"text","tagName":"p","content":" Net interest income was $28.7 million, compared to $28.1 million for the quarter ended March 31, 2026, and $14.7 million for the second quarter of the prior year "}]},{"val":[{"type":"text","tagName":"p","content":" Net income was $2.1 million, compared to $2.7 million for the quarter ended March 31, 2026, and $4.1 million for the second quarter of the prior year "}]},{"val":[{"type":"text","tagName":"p","content":" Diluted earnings per share (\"EPS\") were $0.15 for the quarter, compared to $0.20 for the quarter ended March 31, 2026, and $0.29 for the second quarter of the prior year "}]},{"val":[{"type":"text","tagName":"p","content":" Efficiency ratio1 was 53.1%, compared to 66.3% for the quarter ended March 31, 2026, and 59.5% for the second quarter of the prior year "}]},{"val":[{"type":"text","tagName":"p","content":" Nonperforming loan balances were $37.7 million as of June 30, 2026, compared to $49.8 million as of March 31, 2026, and $39.7 million as of June 30, 2025. Nonperforming loan balances guaranteed by the Small Business Administration (\"SBA\") were $19.0 million, $26.7 million, and $21.2 million as of June 30, 2026, March 31, 2026, and June 30, 2025, respectively "}]}]},{"type":"text","tagName":"p","content":" \"Our second quarter earnings of $0.15 per share were short of our expectations driven by higher provision expense on the loans where we retain credit risk. The higher provision resulted primarily from losses incurred on sale of property collateralizing, and increased reserves on, classified loans. We will continue to empower our credit and compliance teams to identify and prune risk proactively as they did this quarter, reducing our non-performing loan balance by $12.1 million from $49.8 million last quarter to $37.7 million this quarter,\" said Jim Noone, CEO of FinWise Bancorp. "},{"type":"text","tagName":"p","content":" \"While we are actively managing risk in the portfolio, the business continues to make solid progress. We delivered $1.6 billion in originations from an increasingly diversified partner base. Tangible book value per share grew to $14.55 and we signed a new strategic program with a well-established prepaid card provider that will use a combination of our BIN Sponsorship and MoneyRails services. Our sales pipeline today is materially stronger, and potentially more meaningful to our bottom line. And our recently announced acquisition of the Tallied Technologies platform makes FinWise more competitive for new partners that require a broad product offering. Taken together, FinWise remains well-positioned for sustained growth and firmly focused on translating that strength and momentum into lasting value for our shareholders.\" "},{"type":"text","tagName":"p","content":" ________________________ 1 See \"Reconciliation of GAAP to Non-GAAP Financial Measures\" for a reconciliation of this non-GAAP measure. "},{"type":"text","tagName":"p","content":" Selected Financial and Other Data "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" As of and for the Three Months Ended "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" ($ in thousands, except per share amounts) "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 3/31/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Amount of loans originated "}]},{"val":[{"type":"text","tagName":"p","content":" $ "}]},{"val":[{"type":"text","tagName":"p","content":" 1,629,920 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 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measure calculated as the total provision for credit losses less the provision attributable to Strategic Program loans with credit enhancement. This non-GAAP measure reflects the portion of credit loss provision that is not covered by strategic partners with credit enhancement and therefore represents the Company's provision expense for the credit exposure retained by the Company. See \"Reconciliation of GAAP to Non-GAAP Financial Measures\" for a reconciliation of this measure to its most comparable GAAP measure. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" FinWise uses the two-class method to calculate basic and diluted EPS as restricted stock awards are considered participating securities due to the dividend rights associated with those awards. Effective December 31, 2025, executive management elected to waive the dividend rights on their unvested restricted stock awards, and this waiver extends to restricted stock awards granted in 2026 to directors and various other employees. As a result, these unvested shares are no longer treated as participating securities and are excluded from the two-class method calculation of EPS. The impact on basic and diluted earnings per share was de minimis, and previously reported periods are not affected. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" Annualized for the respective three-month periods. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Efficiency ratio is a non-GAAP financial measure. The efficiency ratio is defined as total non-interest expense divided by the sum of net interest income and non-interest income. The Company believes this measure is important as an indicator of productivity because it shows the amount of revenue generated for each dollar spent. See \"Reconciliation of GAAP to Non-GAAP Financial Measures\" for a reconciliation of this measure to its most comparable GAAP measure. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (5) "}]},{"val":[{"type":"text","tagName":"p","content":" Tangible shareholders' equity to tangible assets is a non-GAAP financial measure. Tangible shareholders' equity is defined as total shareholders' equity less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholder's equity to total assets. The Company had no goodwill or other intangible assets at the end of any period indicated. The Company has not considered loan servicing rights or loan trailing fee assets as intangible assets for purposes of this calculation. As a result, tangible shareholders' equity is the same as total shareholders' equity at the end of each of the periods indicated. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"text","tagName":"p","content":" Loan Originations Loan originations totaled $1.6 billion for the second quarter of 2026, a decrease from the $1.7 billion recorded in the prior quarter and an increase from the $1.5 billion recorded in the prior year period. The quarter-over-quarter decrease was primarily driven by seasonally lower origination volume in the student loan program, partially offset by continued growth in several of the Company's other established programs. The year-over-year increase was primarily driven by this same growth across established programs. Consistent with the change in originations, average balances of loans held for sale and held for investment decreased slightly compared to the prior quarter, but increased compared to the prior-year period. "},{"type":"text","tagName":"p","content":" Net Interest Income and Net Interest Margin Net interest income was $28.7 million for the second quarter of 2026, compared to $28.1 million for the prior quarter and $14.7 million for the prior year period. The increase from the prior quarter was primarily due to growth in the credit-enhanced loan portfolio and a decrease in the migration of performing loans to nonperforming loans, which resulted in a lower reversal of interest on nonaccrual loans and contributed to an increase in the average yield on loans held-for-investment. These increases were partially offset by a decline in average balances within held for investment portfolio. The increase from the prior year period was primarily due to the increase in the credit enhanced loans and a change in estimate, based on additional information and experience, on the allocation of interest received on credit enhanced loans in excess of the amount FinWise retains. FinWise now estimates that all excess interest is attributable to servicing and credit guarantee expense, whereas in the prior year it had been estimated that a portion was attributable to origination costs, or finders' fees, and was reported in net interest income. "},{"type":"text","tagName":"p","content":" Net interest margin for the second quarter of 2026 was 13.69%, compared to 12.90% for the prior quarter and 7.81% for the prior year period. The increase in net interest margin from the prior quarter results from the growth in the credit-enhanced loan portfolio, a decrease in nonaccrual loans, and a decrease in average interest-bearing liabilities. The increase in net interest margin from the prior-year period results from growth in the higher yielding credit-enhanced portfolio average balance and higher yields on loans held for investment, the change in estimated allocation of excess interest as previously described, and slightly lower rates paid on deposits.  "},{"type":"text","tagName":"p","content":" Provision for Credit Losses "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Three Months Ended "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" ($ in thousands) "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 3/31/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Provision for credit losses: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Strategic Program loans - 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The provision for credit losses on these loans differs from the core portfolio, as it is fully offset by expected recoveries under the partner guarantee, which is recognized as credit enhancement income in non-interest income. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"text","tagName":"p","content":" The Company's provision for credit losses was $22.7 million for the second quarter of 2026, compared to $10.6 million for the prior quarter and $4.7 million for the prior year period. The increase from the prior quarter was primarily due to growth in the credit-enhanced loan programs and increased provisioning in the core loan portfolio as the Company recognized losses in liquidating, and increased reserves on, non-performing loans and classified other loans. The Company has also adopted more conservative servicing and administrative standards for the SBA and commercial real estate products specific to those characteristics identified as common to many of the loans migrating to non-performing status over the past 18 months. This change has accelerated the classification of nonperforming loans and provisioning for loans with those identified characteristics. The year-over-year increase in the Strategic Program loans with credit enhancement provision was primarily related to growth in the credit-enhanced portfolio. 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Excluding the credit enhancement related expenses, non-interest expense declined $0.2 million. "},{"type":"text","tagName":"p","content":" The increase in non-interest expense from the prior year period was primarily due to an increase in credit enhancement guarantee and servicing expenses resulting from growth in credit enhanced loans and salaries and employee benefits principally from increased headcount. "},{"type":"text","tagName":"p","content":" FinWise's efficiency ratio was 53.1% for the second quarter, compared to 66.3% for the prior quarter and 59.5% for the prior year period. We expect the efficiency ratio to continue to improve as we realize increased revenues from interest earned on our growing credit enhanced loan balances. "},{"type":"text","tagName":"p","content":" Tax Rate The Company's effective tax rate was 24.0% for the second quarter of 2026, compared to 28.0% for the prior quarter and 24.5% for the prior year period. The decrease from the prior quarter and prior year period was principally due to the apportionment of income between states with various tax rates. "},{"type":"text","tagName":"p","content":" Net Income Net income was $2.1 million for the second quarter of 2026, compared to $2.7 million for the prior quarter and $4.1 million for the prior year period. The changes in net income for the three months ended June 30, 2026 compared to the prior quarter and prior year period are generally the result of the factors discussed in the foregoing sections. "},{"type":"text","tagName":"p","content":" Balance Sheet The Company's total assets were $925.3 million as of June 30, 2026, an increase from $899.4 million as of March 31, 2026 and an increase from $842.5 million as of June 30, 2025. The increase in total assets from March 31, 2026 was primarily due to increases in the Company's credit enhancement loans of $11.7 million, credit enhancement asset of $8.5 million, and loans held-for-sale portfolio of $41.3 million. These increases were offset in part by a decrease in loans held-for-investment (excluding the credit enhanced loans) of $26.9 million and an increase in the allowance for credit loss of $9.5 million. The increase in total assets compared to June 30, 2025 was primarily due to increases in the Company's credit enhancement loans of $109.1 million, credit enhancement asset of $29.4 million, and loans held-for-sale portfolio of $27.9 million. These increases were offset in part by a decrease in loans held-for-investment (excluding the credit enhanced loans) of $69.9 million and an increase in the allowance for credit losses of $31.2 million. 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"},{"type":"text","tagName":"p","content":" Total gross loans HFI as of June 30, 2026 decreased $12.9 million and increased $41.3 million compared to March 31, 2026 and June 30, 2025, respectively. The declines in the SBA portfolio resulted primarily from sales of the guaranteed portions of SBA 7(a) loans and increased charge-offs, reflecting ongoing portfolio and credit risk management. The credit enhanced portfolio of the Strategic Program loans as of June 30, 2026 increased $11.7 million and $109.1 million compared to March 31, 2026 and June 30, 2025, respectively, reflecting our 2025 strategic initiative to develop the credit enhanced portfolio. 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Time certificates of deposit balances grew primarily during the latter part of the second quarter, which contributed to the period-end increase, while average time certificates of deposit balances for the quarter declined compared to the prior quarter, as reflected in the average balance table. The increase in total deposits as of June 30, 2026 from June 30, 2025 was primarily driven by growth in interest-bearing demand deposits and time certificates of deposit, which were utilized to fund loan growth and enhance the Company's liquidity profile. "},{"type":"text","tagName":"p","content":" Total shareholders' equity as of June 30, 2026 increased $2.6 million to $199.2 million from $196.6 million at March 31, 2026. Compared to June 30, 2025, total shareholders' equity increased by $17.2 million from $182.0 million. The increases from March 31, 2026 and June 30, 2025 were primarily due to net income generated throughout the respective periods. "},{"type":"text","tagName":"p","content":" Bank Regulatory Capital Ratios The following table presents the leverage ratios for the Bank as of the dates indicated as determined under the Community Bank Leverage Ratio Framework of the Federal Deposit Insurance Corporation: "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" As of "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital Ratios "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 3/31/2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 6/30/2025 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Well-Capitalized Requirement "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Leverage ratio "}]},{"val":[{"type":"text","tagName":"p","content":" 18.1% "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 16.8% "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 18.0% "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 9.0% "}]}]}]},{"type":"text","tagName":"p","content":" The increase in the leverage ratio from the prior quarter was primarily due to growth in capital from earnings exceeding the relative growth in average asset balances. The slight increase from the prior year period resulted primarily from growth in capital from earnings exceeding the relative growth in the loan portfolio and average assets. The Bank's capital levels as of June 30, 2026 remain sufficiently above the regulatory well-capitalized guidelines as of June 30, 2026. "},{"type":"text","tagName":"p","content":" Share Repurchase Program As of June 30, 2026, the Company has repurchased a total of 29,736 shares for $0.4 million under the Company's share repurchase program announced in May 2026, which provides for the purchase of up to 685,000 of the Company's issued and outstanding shares, from time to time, on or before the program's expiration date, in the open market, in privately-negotiated transactions, or otherwise, subject to applicable laws and regulations. "},{"type":"text","tagName":"p","content":" Asset Quality The recorded balances of nonperforming loans were $37.7 million, or 6.6% of total loans held-for-investment, as of June 30, 2026, compared to $49.8 million, or 8.5% of total loans held-for-investment, as of March 31, 2026 and $39.7 million, or 7.5% of total loans held-for-investment, as of June 30, 2025. The balances of nonperforming loans guaranteed by the SBA were $19.0 million, $26.7 million, and $21.2 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively. The decrease in nonperforming loans from the prior quarter and prior year period was primarily attributable to an increase in the sales of real property collateralizing the nonperforming SBA 7(a) and commercial real estate and the resulting paydown of the loan balance. The Company's allowance for credit losses to total loans held-for-investment was 8.3% as of June 30, 2026 compared to 6.5% as of March 31, 2026 and 3.1% as of June 30, 2025. The increase in the ratio from the prior quarter and prior year period was primarily due to the provision for credit losses related to the growth of the credit enhanced loan balances. "},{"type":"text","tagName":"p","content":" The Company's net charge-offs were $13.1 million, $9.4 million and $2.8 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. The increase in net charge-offs from the prior quarter and the second quarter of 2025 resulted primarily from higher net charge-offs associated with credit enhanced strategic program loans as that program increased in size and matured. FinWise is reimbursed in full for the losses on the credit enhanced loan portfolio. Charge-offs for the traditional bank portfolio totaled $3.3 million in the second quarter compared to $2.3 million in the prior quarter and $0.9 million in the second quarter of 2025. Charge-offs increased compared to the prior quarter and year reflecting resolution of specific loans, particularly in the strategic programs loans that are credit enhanced and the retained portion of the SBA 7(a) loans. 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