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FinWise Bancorp (FINW)

FinWise Bancorp is a bank holding company located in Murray, Utah. FinWise Bancorp is the sole owner of FinWise Bank.

FINW stock data

Calendar

16 May 22
11 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Cash on hand (at last report) 116.65M 116.65M
Cash burn (monthly) (no burn) 1.47M
Cash used (since last report) n/a 6.41M
Cash remaining n/a 110.23M
Runway (months of cash) n/a 75.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Javvis O Jacobson Common Stock, par value $0.001 per share Buy Acquire P No No 9.5696 100 956.96 32,444
29 Jul 22 Michael Christopher OBrien Common Stock, par value $0.001 per share Buy Acquire P No No 10.122 5,000 50.61K 18,236
29 Jul 22 Javvis O Jacobson Common Stock, par value $0.001 per share Buy Acquire P No No 10.1332 1,480 15K 32,344
29 Jul 22 Kent Landvatter Common Stock, par value $0.001 per share Buy Acquire P Yes No 10.0029 4,963 49.64K 4,963
9 Jun 22 Kent Landvatter Common Stock, par value $0.001 per share Grant Acquire A No No 0 42,945 0 731,959
9 Jun 22 Kent Landvatter Employee Stock Option Common Stock, par value $0.001 per share Grant Acquire A No No 13.04 22,352 291.47K 22,352
9 Jun 22 Dawn M Cannon Common Stock, par value $0.001 per share Grant Acquire A No No 0 12,883 0 15,383
9 Jun 22 Dawn M Cannon Employee Stock Option Common Stock, par value $0.001 per share Grant Acquire A No No 13.04 6,706 87.45K 6,706
26.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 22 15 +46.7%
Opened positions 10 15 -33.3%
Closed positions 3 0 NEW
Increased positions 4 0 NEW
Reduced positions 8 0 NEW
13F shares Current Prev Q Change
Total value 58.49M 47.3M +23.7%
Total shares 3.4M 3.43M -0.8%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Basswood Capital Management, L.L.C. 998.64K $17.13M +5.3%
Emerald Mutual Fund Advisers Trust 540.13K $9.26M -4.7%
Wasatch Advisors 426.48K $7.31M -19.0%
Alliancebernstein 386.9K $6.64M -16.6%
Gilder Gagnon Howe & Co 382.89K $6.57M -0.4%
Vanguard 194.08K $3.33M +870.4%
Full18 Capital 103.69K $1.94M NEW
EAM Investors 79.62K $1.37M NEW
Mendon Capital Advisors 58.78K $1.01M -71.0%
ELCO Management 40K $686K -54.4%
Largest transactions Shares Bought/sold Change
Vanguard 194.08K +174.08K +870.4%
Mendon Capital Advisors 58.78K -143.7K -71.0%
Full18 Capital 103.69K +103.69K NEW
Wasatch Advisors 426.48K -100.3K -19.0%
EJF Capital 0 -100K EXIT
EAM Investors 79.62K +79.62K NEW
Alliancebernstein 386.9K -77.18K -16.6%
Basswood Capital Management, L.L.C. 998.64K +50.33K +5.3%
ELCO Management 40K -47.7K -54.4%
Philadelphia Financial Management of San Francisco 0 -39.2K EXIT

Financial report summary

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Risks
  • Acts of terrorism, geopolitical and other external events could impact our ability to conduct business.
Management Discussion
  • Net income for the three months ended March 31, 2022 was $9.4 million, an increase of $4.1 million or 78.3% from net income of $5.3 million for the three months ended March 31, 2021. The increase was primarily due to an increase of $5.6 million or 92.2% in non-interest income and an increase of $4.4 million or 50.2% in interest income, offset by an increase of $2.4 million or 35.8% in non-interest expense and an increase of $2.3 million or 365.6% in provision for loan losses, as described below.
  • Net interest income was the primary contributor to our earnings in 2022 and 2021. We believe our net interest income results were enhanced by using FinView™ to identify attractive risk-adjusted lending opportunities and assist in the selection of Strategic Program loans that we chose to hold for investment. Net interest income is affected by changes in the amount and mix of interest-earning assets and interest-bearing liabilities, referred to as “volume changes.” It is also affected by changes in yields earned on interest-earning assets and rates paid on interest-bearing deposits and other borrowed funds, referred to as “rate changes.”
  • For the three months ended March 31, 2022, our net interest income increased $4.5 million, or 53.7%, to $13.0 million compared to the three months ended March 31, 2021. This increase was primarily due to an increase in asset yields, growth in average interest earning assets, and a decrease in our cost of funds. Average interest earning assets increased by $80.1 million, or 26.0%, to $387.8 million for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, while the related yield on average interest earning assets increased by 219 basis points to 13.64%, resulting in increased interest income for the three months ended March 31, 2022 of $13.2 million. A substantial decrease in the average balances of comparatively low yielding PPP loans during the three months ended March 31, 2022 contributed to the increase in yield on average interest earning assets for the period. The corresponding cost of funds on interest bearing liabilities for the three months ended March 31, 2022 declined by 9 basis points to 0.79%, and the average balance in interest bearing liabilities decreased by $35.5 million, or 21.0%. The general decline of interest rates in the U.S. financial markets in 2021 is the primary cause for the decline in the cost of funds. As indicated in the rate/volume table set forth below, the decline in the cost of funds and the effect of decreased volumes of interest-bearing liabilities resulted in decreased interest expense for the three months ended March 31, 2022 to $0.3 million. We gather deposits in the Salt Lake City, Utah MSA through our one branch and nationwide from our Strategic Program service providers, SBA 7(a) borrowers, Institutional Deposit exchanges, and brokered deposit arrangements. For the three months ended March 31, 2022, average outstanding balances under our PPPLF decreased compared to the three months ended March 31, 2021.  The decrease in funding from our PPPLF was partially offset by increases in deposits sourced through our branch, Strategic Programs, SBA 7(a) borrowers, national Institutional Deposit exchanges and brokered deposit arrangements compared to the three months ended March 31, 2021. Our net interest margin increased from 10.96% at March 31, 2021 to 13.37% at March 31, 2022.

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