Finwise Bancorp
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $9,949 | $13,303 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 4,154 | 2,844 |
| Provision for credit losses | 7,696 | 8,429 |
| Noncash operating lease cost | 558 | 560 |
| Net (accretion) amortization in securities discounts and premiums | (17) | — |
| Additions to servicing asset | — | (150) |
| Gain on sale of loans, net | (1,164) | (1,244) |
| Originations of Strategic Program loans held-for-sale | (3,594,347) | (2,929,506) |
| Proceeds from sale of Strategic Program loans held-for-sale | 3,557,861 | 2,907,384 |
| Change in fair value of BFG | 425 | 800 |
| Recovery of SBA servicing asset | (822) | (255) |
| Stock-based compensation expense | 1,335 | 1,549 |
| Deferred income taxes | 179 | 1,401 |
| Net changes in: | ||
| Accrued interest receivable | 475 | (892) |
| Other assets | 605 | (2,122) |
| Accrued interest payable | 28 | 526 |
| Operating lease liabilities | (754) | (475) |
| Other liabilities | (1,809) | 385 |
| Net cash (used in) provided by operating activities | (15,648) | 2,537 |
| Cash flows from investing activities: | ||
| Net increase in loans receivable | (51,070) | (85,325) |
| Purchase of lease pools | (14,967) | (22,052) |
| Investment in equity securities | — | (18) |
| Purchase of bank premises and equipment, net | (4,830) | (6,329) |
| Purchase of investment securities available-for-sale | (30,018) | — |
| Proceeds from maturities and paydowns of securities held-to-maturity | 2,132 | 1,392 |
| Purchases of securities held-to-maturity | — | (2,939) |
| Purchase of FHLB stock | (111) | (27) |
| Net cash used in investing activities | (98,864) | (115,298) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 83,826 | 143,755 |
| Common stock repurchased | (461) | (4,741) |
| Proceeds from exercise of stock options | 24 | 44 |
| Repayment of PPP Liquidity Facility | (84) | (93) |
| Net cash provided by financing activities | 83,305 | 138,965 |
| Net change in cash and cash equivalents | (31,207) | 26,204 |
| Cash and cash equivalents, beginning of the period | 116,975 | 100,567 |
| Cash and cash equivalents, end of the period | $85,768 | $126,771 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for income taxes | $4,400 | $5,050 |
| Cash paid for interest | $11,579 | $5,764 |
| Supplemental disclosures of noncash investing and financing activities: | ||
| Increase in BFG investment in exchange for shares of the Company’s common stock | $4,125 | $— |
| Unrealized gain on investment securities available-for-sale | $451 | $— |
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