FinWise Bancorp reports Q1 EPS 20c, consensus 32c

Reports Q1 tangible book value per share $14.34. “FinWise delivered $1.7 billion in loan originations during the first quarter-up 38% year over year- and core expenses were held flat enabling us to grow tangible book value to $14.34 per share and maintaining a strong Bank Leverage Ratio of 16.8%, nearly double the current well capitalized minimum requirement,” said Jim Noone, CEO of FinWise Bancorp (FINW). “Results this quarter included elevated net charge-offs, from both our credit enhanced portfolio-which are fully reimbursed to FinWise under the structure of the product-as well as a limited number of legacy SBA credits. We expect these SBA charge-offs to remain elevated over the next few quarters as those credits continue to be actively managed. Our partner pipeline continues to strengthen, the platform is scaling, and the long-term trajectory of the business is strong. We remain focused on disciplined execution and building long-term shareholder value.”