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FINW News
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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.
FinWise Reports Q1 Tangible Book Value of $14.34 per Share
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. "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."
FinWise Bancorp Appoints Jim Noone as CEO
FinWise Bancorp, the parent company of FinWise Bank, announced the appointment of Jim Noone as Chief Executive Officer of the company, effective April 6, 2026. Kent Landvatter, who has served as Chief Executive Officer since 2010, will retain the role of Executive Chairman of the company and Bank. Noone was appointed President of FinWise Bank in 2023, to President of the company in 2024, to Chief Executive Officer of the Bank in 2025, and now to Chief Executive Officer of the company. He will continue as President and Chief Executive Officer of the Bank. "Kent and Jim have worked in close partnership throughout this transition," said Howard Reynolds, Vice Chairman and Lead Independent Director of FinWise. "Jim has consistently delivered strong operational execution and sound judgment throughout his career at FinWise. The Board has complete confidence in his leadership and ability to continue executing the Company's strategy."
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