Finwise Bancorp
For the period ended Mar 31, 2024. Filed May 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
FINW$14.71+2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| For the Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $3,315 | $3,861 |
| Adjustments to reconcile net income to net cash from operating activities | ||
| Depreciation and amortization | 1,077 | 636 |
| Provision for credit losses | 3,154 | 2,671 |
| Noncash operating lease cost | 189 | 186 |
| Net (accretion) amortization in securities discounts and premiums | (3) | 2 |
| Gain on sale of loans, net | (415) | (187) |
| Originations of Strategic Program loans held-for-sale | (1,072,251) | (850,163) |
| Proceeds from sale of Strategic Program loans held-for-sale | 1,064,818 | 848,339 |
| Change in fair value of BFG | 124 | 85 |
| Recovery of SBA servicing asset | (198) | (253) |
| Stock-based compensation expense | 150 | 421 |
| Deferred income tax benefit | (240) | (152) |
| Net changes in: | ||
| Accrued interest receivable | 144 | (356) |
| Accrued interest payable | (31) | 63 |
| Other assets | 3,696 | 764 |
| Operating lease liabilities | (250) | (239) |
| Other liabilities | (1,732) | (2,364) |
| Net cash provided by operating activities | 1,547 | 3,314 |
| Cash flows from investing activities: | ||
| Net increase in loans receivable | (10,603) | (33,255) |
| Purchase of lease pools | (10,677) | (5,442) |
| Distributions from BFG | 210 | 215 |
| Investment in equity investment | — | (9) |
| Purchase of bank premises and equipment, net | (1,189) | (178) |
| Proceeds from maturities and paydowns of securities held-to-maturity | 571 | 410 |
| Purchase of FHLB stock | (111) | — |
| Net cash used in investing activities | (21,799) | (38,259) |
| Cash flows from financing activities: | ||
| Net increase (decrease) in deposits | 19,263 | 40,194 |
| Common stock repurchased | (180) | (216) |
| Proceeds from exercise of stock options | 16 | 40 |
| Repayment of PPP Liquidity Facility | (32) | (31) |
| Net cash provided by (used in) financing activities | 19,067 | 39,987 |
| Net change in cash and cash equivalents | (1,185) | 5,042 |
| Cash and cash equivalents, beginning of the period | 116,975 | 100,567 |
| Cash and cash equivalents, end of the period | $115,790 | $105,609 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period | ||
| Income taxes | $98 | $— |
| Interest | $3,670 | $1,233 |
| Supplemental disclosures of noncash investing and financing activities: | ||
| Increase in BFG investment in exchange for Company shares | $4,125 | $— |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.