Finwise Bancorp ( (FINW) ) has released its Q4 earnings. Here is a breakdown of the information Finwise Bancorp presented to its investors.
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Finwise Bancorp is a Utah-based bank holding company primarily engaged in providing banking and payment solutions to fintech brands through its wholly-owned subsidiary, FinWise Bank. With a focus on strategic program lending and compliance oversight, the company is expanding its business model by incorporating innovative products such as Payments and BIN Sponsorship offerings.
In its recently released financial report for the fourth quarter and full year of 2024, FinWise Bancorp reported a total loan origination of $5.0 billion for the year, with $1.3 billion in the fourth quarter alone. The company posted a net income of $12.7 million for the year, while diluted earnings per share stood at $0.93.
Key financial metrics from the report highlighted an increase in net interest income to $15.5 million in the fourth quarter, driven by the growth in the loan portfolio and a decrease in the cost of certificates of deposits. However, net income for the fourth quarter decreased to $2.8 million, compared to $3.5 million in the previous quarter, due to higher provisions for credit losses and increased nonperforming loans. The efficiency ratio showed improvement, decreasing to 64.2% from 67.5% in the prior quarter.
Looking ahead, FinWise Bancorp’s management remains optimistic about 2025, anticipating continued stability in loan originations and acceleration in production from new programs. The company is committed to enhancing its long-term growth by expanding its strategic partnerships and maintaining positive operating leverage.
