FinWise Bancorp reports Q1 EPS 23c, consensus 25c

Reports Q1 revenue $22.09M, consensus $22.63M. Reports Q1 tangible book value per share $13.42. “Our business model remained resilient in the first quarter, even amidst a more uncertain macro environment,” said Kent Landvatter, chairman and CEO of FinWise. “We posted solid loan originations and encouraging credit quality metrics, as both non-performing loan balances and net charge-offs declined sequentially. Furthermore, we continued to migrate our loan portfolio to a lower risk profile while still growing profitably and increasing tangible book value. Subsequent to the end of the first quarter, we also announced a new strategic program agreement where FinWise will provide both lending and our Credit Enhanced Balance Sheet product. While we will continue to closely monitor the economic environment, we remain excited about the outlook for our business and will maintain our focus on executing our business strategy to continue to position the Company for long-term growth and shareholder value creation.”