Overview

• FinWise Q2 loan originations rise to $1.5 bln from $1.3 bln prior qtr

• Net income for Q2 increases to $4.1 mln from $3.2 mln prior qtr

• Diluted EPS for Q2 improves to $0.29 from $0.23 prior qtr

Outlook

• FinWise anticipates further decline in efficiency ratio

• FinWise expects continued growth from new product traction

Result Drivers

• LOAN ORIGINATIONS - Strong loan originations of $1.5 bln driven by new partners ramping up and growth from long-term partners

• NET INTEREST INCOME - Increase in net interest income to $14.7 mln attributed to higher average balances in loan portfolios

• CREDIT LOSSES - Provision for credit losses increased to $4.7 mln due to higher net charge-offs and growth in credit-enhanced loans

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Finwise Bancorp is $20.00, about 19.4% above its July 23 closing price of $16.13

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release: ID:nGNXx25f6

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)