Finwise Bancorp
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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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.
Jun 30, 2024 · Filed Aug 13, 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 Income
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
| For the Three Months EndedJune 30, | For the Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Interest income | ||||
| Interest and fees on loans | $16,881 | $14,355 | $32,916 | $26,697 |
| Interest on securities | 97 | 77 | 198 | 149 |
| Other interest income | 1,444 | 1,437 | 2,953 | 2,424 |
| Total interest income | 18,422 | 15,869 | 36,067 | 29,270 |
| Interest expense | ||||
| Interest on deposits | 3,807 | 2,194 | 7,446 | 3,489 |
| Total interest expense | 3,807 | 2,194 | 7,446 | 3,489 |
| Net interest income | 14,615 | 13,675 | 28,621 | 25,781 |
| Provision for credit losses | 2,385 | 2,688 | 5,539 | 5,359 |
| Net interest income after provision for credit losses | 12,230 | 10,987 | 23,082 | 20,422 |
| Non-interest income | ||||
| Strategic Program fees | 4,035 | 4,054 | 8,000 | 7,739 |
| Gain on sale of loans, net | 356 | 700 | 771 | 887 |
| SBA loan servicing fees and servicing asset amortization | (124) | 226 | 342 | 817 |
| Change in fair value on investment in BFG | (200) | — | (325) | (300) |
| Other miscellaneous income | 771 | 308 | 1,512 | 672 |
| Total non-interest income | 4,838 | 5,288 | 10,302 | 9,815 |
| Non-interest expense | ||||
| Salaries and employee benefits | 8,609 | 6,681 | 16,171 | 11,938 |
| Professional services | 1,282 | 1,305 | 2,849 | 2,779 |
| Occupancy and equipment expenses | 1,121 | 718 | 2,101 | 1,430 |
| Recovery of SBA servicing asset | (328) | (339) | (526) | (592) |
| Other operating expenses | 2,206 | 1,634 | 4,102 | 3,181 |
| Total non-interest expense | 12,890 | 9,999 | 24,697 | 18,736 |
| Income before provision for income taxes | 4,178 | 6,276 | 8,687 | 11,501 |
| Provision for income taxes | 998 | 1,638 | 2,192 | 3,002 |
| Net income | $3,180 | $4,638 | $6,495 | $8,499 |
| Earnings per share, basic | $0.25 | $0.36 | $0.51 | $0.66 |
| Earnings per share, diluted | $0.24 | $0.35 | $0.49 | $0.64 |
| Weighted average shares outstanding, basic | 12,627,800 | 12,603,463 | 12,565,124 | 12,655,605 |
| Weighted average shares outstanding, diluted | 13,109,708 | 12,989,530 | 13,060,783 | 13,080,620 |
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