The following is a summary of the FinWise Bancorp (FINW) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 resulted in solid revenue with loan originations reaching nearly $1.2 billion.

• Net income for the quarter was $3.2 million, or $0.24 per diluted common share.

• Average loan balances increased, leading to a net interest income of $14.6 million, up from $14.0 million in the previous quarter.

• Net interest margin improved to 10.31% from 10.12% in the prior quarter.

• Non-interest income decreased to $4.8 million from $5.5 million, primarily due to changes in servicing fee amortization.

Business Progress:

• Continuation of strong loan origination performance with growth in commercial leases and owner-occupied real estate loans.

• Payments Hub scheduled to be operational later in the year.

• Successful share repurchase program continuing, with 44,608 shares acquired for approximately $460,000.

• Broadened product offerings with first payments program initiated and the launch of a card program under strategic initiatives.

Opportunities:

• Payments Hub and new card programs represent significant opportunities for revenue diversification and deepening relationships with FinTech programs.

• Enhancement of product offerings and strategic program lending such as the credit enhanced balance sheet program are likely to drive future revenue growth.

Risks:

• Modest increase in non-performing loan (NPL) balances to $27.9 million from $26 million, influenced by elevated interest rates.

More details: FinWise IR

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