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Finwise Bancorp trading halted, volatility trading pause
FinWise Bancorp Reports Q3 Tangible Book Value of $15.14
Reports Q3 tangible book value per share $15.14. Net income for the three months ended September 30 includes a $6.5M bargain purchase gain resulting from the July 20 acquisition of certain assets and assumption of certain liabilities of Tallied Technologies Inc. "This quarter demonstrates the tangible progress we have made in broadening our platform and building a more capital-efficient sponsor bank," said Jim Noone, CEO of FinWise Bancorp. "We originated $2.1 billion in loans and we nearly doubled our credit-enhanced balances to $146 million in the quarter. Even after the cost of those partner arrangements, net interest income rose 17%1 from the second quarter. We also recognized a one-time gain from our first acquisition transaction."
FinWise Bancorp Q2 Tangible Book Value per Share at $14.55
Reports Q2 tangible book value per share $14.55. "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.
FinWise Bancorp Acquires Tallied Technologies Technology Platform
FinWise Bancorp announced that the company has acquired the technology platform and related assets of Tallied Technologies, the credit card issuance and processing platform that has powered the bank's co-branded credit card programs. As a result of the transaction, the company's prior guidance of approximately $217M in credit-enhanced balances by the end of 2026 no longer applies, reflecting the change in how those balances are structured. FinWise expects integration and transition costs of approximately $4M in total over the next year. "This acquisition is the logical next step in the technology roadmap we have been executing for several years. We worked closely with this platform over the last twelve months and when it became available, the strategic decision was to purchase it. We structured this transaction with the capital discipline our shareholders expect: a modest and clearly bounded near-term investment in exchange for a proprietary technology asset we believe will compound in value across our fintech lending, payments, and card businesses," said Jim Noone, CEO of FinWise Bancorp.
FinWise Bancorp Authorizes Repurchase of 685,000 Shares
FinWise Bancorp announced that its board of directors has authorized a common stock repurchase program to purchase up to 685,000 shares, or approximately 5% of issued and outstanding shares, as of May 19. Any repurchases made under the program will be made at the Company's discretion with an expiration of May 31, 2028.
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