$FINW

Finwise Bancorp

CIK:0001856365|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 32,754	$ 18,485	$ 64,826	$ 35,640
Interest on securities	337	390	676	780
Other interest income	888	867	2,018	1,858
Total interest income	33,979	19,742	67,520	38,278
Interest expense
Interest on deposits	5,230	5,014	10,681	9,270
Total interest expense	5,230	5,014	10,681	9,270
Net interest income	28,749	14,728	56,839	29,008
Provision for credit losses	22,677	4,726	33,258	8,062
Net interest income after provision for credit losses	6,072	10,002	23,581	20,946
Non-interest income
Strategic Program fees	5,310	5,404	11,012	10,366
Gain on sale of loans, net	1,480	1,483	2,932	2,329
SBA loan servicing fees, net	80	(96)	237	82
Change in fair value on investment in BFG	(200)	300	(400)	700
Interchange income	679	0	1,382	0
Credit enhancement income	16,678	2,275	22,542	2,360
Other miscellaneous income	1,567	971	2,515	2,310
Total non-interest income	25,594	10,337	40,220	18,147
Non-interest expense
Salaries and employee benefits	11,062	10,491	22,100	20,317
Professional services	1,146	949	2,025	1,856
Occupancy and equipment expenses	417	445	843	988
Credit enhancement servicing expense	1,512	11	3,940	13
Credit enhancement guarantee expense	11,774	78	21,872	89
Other operating expenses	2,951	2,938	6,420	5,967
Total non-interest expense	28,862	14,912	57,200	29,230
Income before income taxes	2,804	5,427	6,601	9,863
Provision for income taxes	672	1,330	1,734	2,577
Net income (loss)	$ 2,132	$ 4,097	$ 4,867	$ 7,286
Earnings per share, basic (in dollars per share)	$ 0.16	$ 0.31	$ 0.37	$ 0.55
Earnings per share, diluted (in dollars per share)	$ 0.15	$ 0.29	$ 0.35	$ 0.52
Weighted average shares outstanding, basic (in shares)	13,112,580	12,781,508	13,066,232	12,749,012
Weighted average shares outstanding, diluted (in shares)	13,673,167	13,472,394	13,658,483	13,486,153

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 4,867	$ 7,286
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,354	2,504
Provision for credit losses	33,258	8,062
Noncash operating lease cost	401	205
Net (accretion) amortization of securities (discounts) and premiums	6	(19)
Other	(923)	(755)
Gain on sale of loans, net	(2,932)	(2,329)
Originations of Strategic Program loans held-for-sale	(3,048,151)	(2,575,192)
Proceeds from sale of Strategic Program loans held-for-sale	3,019,682	2,519,908
Change in fair value of BFG	400	(700)
Impairment of SBA servicing asset	254	215
Stock-based compensation expense	1,713	1,361
Noncash change in credit enhancement asset	(9,495)	(2,358)
Deferred income taxes	(497)	(1,462)
Net changes in:
Other assets	(9,919)	4,434
Other liabilities	2,985	(1,114)
Net cash used in operating activities	(5,997)	(39,954)
Cash flows from investing activities:
Net increase in loans receivable	(40,709)	(84,221)
Purchase of lease pools	(13,620)	(20,816)
Purchase of bank premises and equipment, net	(21)	(192)
Purchase of assets subject to operating leases	0	(6,163)
Proceeds from sales of loans and leases held-for-investment	50,917	40,162
Proceeds from sales of assets subject to operating leases	95	888
Proceeds from maturities and paydowns of securities held-to-maturity	1,048	1,325
Purchase of FHLB stock	(141)	(90)
Net cash used in investing activities	(2,431)	(69,107)
Cash flows from financing activities:
Net (decrease) increase in deposits	(60,762)	90,222
Common stock repurchased	(421)	0
Proceeds from exercise of stock options	179	20
Payment of taxes related to net share settlement of equity awards	(330)	(243)
Net cash (used in) provided by financing activities	(61,334)	89,999
Net change in cash and cash equivalents and restricted cash	(69,762)	(19,062)
Cash, cash equivalents and restricted cash, beginning of the period	163,400	109,162
Cash, cash equivalents and restricted cash, end of the period	93,638	90,100
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	4,432	3,314
Cash paid for interest	$ 10,909	$ 7,019

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents
Cash and due from banks	$ 6,111	$ 12,082
Interest-bearing deposits in other banks (restricted cash of $4.0 million and $4.1 million, respectively)	87,527	151,318
Total cash and cash equivalents	93,638	163,400
Investment securities available-for-sale, at fair value, net of allowance for credit losses of $0, (amortized cost of $27.5 million and $27.5 million, respectively)	27,546	27,755
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $7.9 million and $9.0 million, respectively)	8,882	9,927
Strategic Program loans held-for-sale, at lower of cost or fair value	175,217	146,473
Loans held-for-investment, net of allowance for credit losses of $47.4 million and $36.8 million, respectively	514,501	541,551
Credit enhancement asset	31,906	22,411
Assets subject to operating leases, net of accumulated depreciation of $5.7 million and $4.7 million, respectively	11,107	12,575
Deferred income taxes, net	2,848	2,345
Other assets	59,666	50,698
Total assets	925,311	977,135
Deposits
Noninterest-bearing	118,926	168,442
Interest-bearing	574,873	586,119
Total deposits	693,799	754,561
Other liabilities	32,321	29,379
Total liabilities	726,120	783,940
Commitments and contingencies (Note 6)
Shareholders’ equity
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,687,680 and 13,655,961 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	14	14
Additional paid-in-capital	62,359	60,958
Retained earnings	136,804	132,197
Accumulated other comprehensive income, net of tax	14	26
Total shareholders’ equity	199,191	193,195
Total liabilities and shareholders’ equity	$ 925,311	$ 977,135