Finwise Bancorp

Listed Company

FINWCIK 0001856365NasdaqEmerging GrowthState Commercial BanksUtahFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$16.09M

Total Assets

$977.13M

Equity

$193.19M

Shares Out

13.68M

Op. Cash Flow

$-28.42M

Business

Finwise Bancorp is a bank holding company that operates through its subsidiary FinWise Bank as a technology-focused, nationwide lender to consumers and small businesses. It offers SBA 7(a) lending, Strategic Program consumer and commercial loan origination, residential and owner-occupied commercial real estate lending, equipment financing, commercial leases, point-of-sale consumer loans, deposit and cash management products, and loan servicing. Its principal business segments comprise Strategic Programs, SBA lending, residential/owner-occupied CRE, and equipment financing. The company distributes loans and deposit services nationwide through third-party origination platforms and referral partners (including BFG), while operating a single full-service branch serving the Salt Lake City market.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	87	69	58	51	49
Interest on securities	1	897,000	338,000	208,000	47,000
Other interest income	4	5	6	1	61,000
Total interest income	92	74	65	52	49
Interest on deposits	20	15	10	1	1
Total interest expense	20	15	10	—	—
Net interest income	72	59	55	51	48
Provision for credit losses	39	12	12	—	—
Net interest income after provision for credit losses	34	47	43	37	40
Strategic Program fees	22	18	16	22	18
Gain on sale of loans, net	6	2	2	14	10
SBA loan servicing fees, net	−156,000	1	2	—	—
Change in fair value on investment in BFG	1	−625,000	−600,000	—	—
Credit enhancement income	24	111,000	0	—	—
Other miscellaneous income	5	2	3	269,000	49,000
Total non-interest income	58	22	21	37	32
Salaries and employee benefits	42	35	26	24	22
Professional services	4	5	5	5	2
Occupancy and equipment expenses	2	2	3	2	882,000
Credit enhancement servicing expense	1	1,000	—	—	—
Credit enhancement guarantee expense	9	8,000	—	—	—
Other operating expenses	13	11	7	5	4
Total non-interest expense	70	53	41	39	30
Income before income taxes	22	17	24	36	42
Provision for income taxes	6	4	6	11	11
Net income	16	13	17	25	32
Earnings per share, basic (in dollars per share)	1.2	0.98	1.38	1.96	3.44
Earnings per share, diluted (in dollars per share)	1.13	0.93	1.33	1.87	3.27
Weighted average shares outstanding, basic (in shares)	13	13	12	13	9
Weighted average number of shares outstanding, diluted (in shares)	14	13	13	13	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	12	10	411,000	386,000	411,000
Interest-bearing deposits in other banks (restricted cash of $4.1 million and $3.2 million, respectively)	151	100	117	100	85
Total cash and cash equivalents	163	109	117	101	86
Investment securities available-for-sale, at fair value, net of allowance for credit losses of $0, (amortized cost of $27.5 million and $30.0 million, respectively)	28	30	0	—	—
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $9.0 million and $11.1 million, respectively)	10	13	15	14	11
Investment in Federal Home Loan Bank (FHLB) stock, at cost	400,000	300,000	200,000	400,000	400,000
Strategic Program loans held-for-sale, at lower of cost or fair value	146	92	48	24	61
Loans held-for-investment, net of allowance for credit losses of $36.8 million and $13.2 million, respectively	542	448	359	224	—
Credit enhancement asset	22	111,000	0	—	—
Premises and equipment, net	3	4	—	—	—
Assets subject to operating leases, net of accumulated depreciation of $4.7 million and $2.7 million, respectively	13	10	—	—	—
Accrued interest receivable	4	4	4	2	2
Deferred income taxes, net	2	0	0	1	2
Small Business Administration (SBA) servicing asset, net	4	3	4	5	—
Investment in Business Funding Group (BFG), at fair value	9	8	4	5	6
Operating lease right-of-use (ROU) assets	3	4	4	5	0
Income taxes receivable, net	4	9	2	0	—
Other assets	25	14	14	10	7
Total assets	977	746	586	401	380
Noninterest-bearing	168	127	95	79	111
Interest-bearing	586	418	309	164	141
Total deposits	755	545	405	243	252
Accrued interest payable	3	1	619,000	54,000	48,000
Income taxes payable, net	837,000	4	2	1	233,000
Deferred income taxes, net	0	899,000	748,000	0	—
Operating lease liabilities	4	5	6	7	0
Other liabilities	22	15	17	9	12
Total liabilities	784	572	431	260	265
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,655,961 and 13,211,640 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	14,000	13,000	12,000	13,000	13,000
Additional paid-in-capital	61	57	51	55	55
Retained earnings	132	117	104	86	61
Accumulated other comprehensive income, net of tax	26,000	187,000	0	—	—
Total shareholders equity	193	174	155	140	115
Total liabilities and shareholders equity	977	746	586	401	380

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	5	5	4	2	1
Provision for credit losses	39	12	12	—	—
Noncash operating lease cost	601,000	729,000	748,000	2	—
Net (accretion) amortization in securities (discounts) and premiums	−18,000	−25,000	1,000	28,000	25,000
Other	−2	−269,000	—	—	—
Gain on sale of loans, net	−6	−2	−2	−14	−10
Originations of Strategic Program loans held-for-sale	−5,719	−4,829	−4,078	—	—
Proceeds from sale of Strategic Program loans held-for-sale	5,665	4,785	4,054	7,011	6,295
Change in fair value of BFG	−1	625,000	600,000	—	—
Impairment (recovery) of SBA servicing asset	924,000	−865,000	−376,000	—	—
Stock-based compensation expense	4	2	2	778,000	2
Noncash change in credit enhancement asset	−22	−111,000	—	—	—
Deferred income taxes	−3	90,000	2	656,000	−1
Accrued interest receivable	−141,000	7,000	−2	−270,000	81,000
Other assets	−6	−2	−6	−299,000	−2
Accrued interest payable	1	875,000	565,000	6,000	−147,000
Operating lease liabilities	−894,000	−994,000	−724,000	−360,000	0
Other liabilities	2	1	9	−2	6
Net cash used in operating activities	−28	−15	12	61	−9
Net increase in loans receivable	−188	−65	−115	−17	42
Purchase of lease pools	−44	−36	−30	—	—
Proceeds from sales of loans held-for-investment	106	529,000	—	—	—
Proceeds from sales of assets subject to operating leases	468,000	103,000	—	—	—
Purchase of investment securities available-for-sale	0	−30	0	—	—
Purchase of bank premises and equipment, net	−219,000	−1	−7	−7	−2
Purchase of assets subject to operating leases	−6	−4	—	—	—
Proceeds from maturities of securities available-for-sale	3	0	—	—	—
Proceeds from maturities and paydowns of securities held-to-maturity	3	3	2	2	678,000
(Purchase) redemption of FHLB stock	−91,000	−111,000	210,000	−71,000	—
Net cash used in investing activities	−127	−132	−153	−36	24
Net increase in deposits	210	140	162	−9	87
Common stock repurchased	0	−461,000	−5	−1	0
Proceeds from exercise of stock options	481,000	25,000	44,000	300,000	311,000
Payment of taxes related to net share settlement of equity awards	−516,000	0	—	—	—
Repayment of PPP Liquidity Facility	0	−126,000	−125,000	—	—
Net cash provided by financing activities	210	140	157	−11	23
Net change in cash, cash equivalents and restricted cash	54	−8	16	—	—
Cash paid for interest	19	15	9	1	1
Increase in BFG investment in exchange for shares of the Company's common stock	0	4	0	—	—

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