FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent
company of FinWise Bank (the “Bank”), today announced results for
the quarter ended September 30, 2023.
Third Quarter
2023 Highlights
- Loan originations were $1.1
billion, compared to $1.2 billion for the quarter ended
June 30, 2023, and $1.5 billion for the third quarter of the
prior year
- Net interest income was $14.4
million, compared to $13.7 million for the quarter ended
June 30, 2023, and $12.5 million for the third quarter of the
prior year
- Net Income was $4.8 million,
compared to $4.6 million for the quarter ended June 30, 2023,
and $3.7 million for the third quarter of the prior year
- Diluted earnings per share (“EPS”)
were $0.37 for the quarter, compared to $0.35 for the quarter ended
June 30, 2023, and $0.27 for the third quarter of the prior
year
- Efficiency ratio was 51.3%,
compared to 52.7% for the quarter ended June 30, 2023, and
42.3% for the third quarter of the prior year (1)
- Annualized return on average equity
(ROAE) was 12.8%, compared to 12.8% in the quarter ended
June 30, 2023, and 11.0% in the third quarter of the prior
year
- Non-performing loans to total loans
ratio was 3.2% for the quarter ended September 30, 2023,
compared to 0.7% for the quarter ended June 30, 2023, and none
for the third quarter of the prior year.
(1) See “Reconciliation of Non-GAAP to GAAP
Financial Measures” for a reconciliation of this non-GAAP
measure.
“We delivered yet another quarter of solid
results driven by 16.2% quarter-over-quarter growth in our held for
investment portfolio coupled with strong loan originations, even as
macro conditions continued to deteriorate,” said Kent Landvatter,
Chairman, Chief Executive Officer and President of FinWise. “Our
relentless focus on prudent underwriting and execution on our
strategic priorities positions us to outperform as we remained
profitable, and maintained above peer average capital and solid
credit quality. As we look forward, given the impact of macro
headwinds on the consumer, we expect that the challenging
environment and industry-wide slowdown in loan originations may
persist as we move to year end and into 2024. Beyond that, we will
continue to focus on controlling our business by maintaining our
disciplined and proven strategy to grow our portfolio responsibly
while investing in our business to position the Company for
long-term growth and shareholder value creation.”
Selected Financial
Data |
|
|
|
|
|
|
|
|
For the Three Months Ended |
($s in thousands, except per
share amounts) |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
|
|
|
|
|
|
Net Income |
|
$ |
4,804 |
|
|
$ |
4,638 |
|
|
$ |
3,654 |
|
Diluted EPS |
|
$ |
0.37 |
|
|
$ |
0.35 |
|
|
$ |
0.27 |
|
Return on average assets |
|
|
3.7 |
% |
|
|
3.9 |
% |
|
|
3.9 |
% |
Return on average equity |
|
|
12.8 |
% |
|
|
12.8 |
% |
|
|
11.0 |
% |
Yield on loans |
|
|
17.40 |
% |
|
|
17.77 |
% |
|
|
18.94 |
% |
Cost of deposits |
|
|
4.34 |
% |
|
|
4.02 |
% |
|
|
1.16 |
% |
Net interest margin |
|
|
11.77 |
% |
|
|
12.14 |
% |
|
|
14.93 |
% |
Efficiency ratio(1) |
|
|
51.3 |
% |
|
|
52.7 |
% |
|
|
42.3 |
% |
Tangible book value per
share(2) |
|
$ |
12.04 |
|
|
$ |
11.59 |
|
|
$ |
10.44 |
|
Tangible shareholders’ equity
to tangible assets(2) |
|
|
27.1 |
% |
|
|
29.7 |
% |
|
|
34.8 |
% |
Leverage Ratio (Bank under
CBLR) |
|
|
22.1 |
% |
|
|
22.4 |
% |
|
|
24.9 |
% |
(1) This measure is not a measure recognized
under United States generally accepted accounting principles, or
GAAP, and is therefore considered to be a non-GAAP financial
measure. See “Reconciliation of Non-GAAP to GAAP Financial
Measures” for a reconciliation of this measure to its most
comparable GAAP measure. The efficiency ratio is defined as total
noninterest expense divided by the sum of net interest income and
noninterest income. The Company believes this measure is important
as an indicator of productivity because it shows the amount of
revenue generated for each dollar spent.(2) This measure is not a
measure recognized under GAAP and is therefore considered to be a
non-GAAP financial measure. See “Reconciliation of Non-GAAP to GAAP
Financial Measures” for a reconciliation of this measure to its
most comparable GAAP measure. Tangible shareholders’ equity is
defined as total shareholders’ equity less goodwill and other
intangible assets. The most directly comparable GAAP financial
measure is total shareholder’s equity. The Company had no goodwill
or other intangible assets as of any of the dates indicated. The
Company has not considered loan servicing rights or loan trailing
fee asset as intangible assets for purposes of this calculation. As
a result, tangible shareholders’ equity is the same as total
shareholders’ equity as of each of the dates indicated.
Net IncomeNet income was $4.8 million for the
third quarter of 2023, compared to $4.6 million for the second
quarter of 2023 and $3.7 million for the third quarter of 2022. The
improvement over the prior quarter was primarily due to an increase
in net interest income driven by growth in the loans held for
investment portfolio and was partially offset by an impairment of
our SBA servicing asset and a reduction in the fair value of the
Company’s investment in Business Funding Group (“BFG”). The
improvement over the prior year period was primarily due to an
increase in net interest income driven by growth in the loans held
for investment portfolio and a decrease in the provision for credit
losses and was partially offset by an increase in non-interest
expense, lower gain on sale of loans, and lower strategic program
fees.
Net Interest IncomeNet interest income was $14.4
million for the third quarter of 2023, compared to $13.7 million
for the second quarter of 2023 and $12.5 million for the third
quarter of 2022. The improvement over the prior quarter and prior
year period was primarily due to increases in the Bank’s average
balances for the loans held for investment portfolio and was
partially offset by increases in interest expense being paid and
average interest-bearing liability balances over the same
periods.
Loan originations totaled $1.1 billion for the
third quarter of 2023, compared to $1.2 billion for the prior
quarter and $1.5 billion for the prior year period.
Net interest margin for the third quarter of
2023 was 11.77%, compared to 12.14% for the prior quarter and
14.93% for the prior year period. The decrease from the prior
quarter was mainly due to a loan mix shift toward loans carrying
lower yields in the held for investment portfolio and an increase
in the volume of certificates of deposit. The decrease from the
prior year period was primarily due to a reduction in average
balances in the Company’s loans held for sale portfolio along with
a shift in the Company’s deposit portfolio mix from lower to higher
costing deposits, partially offset by an increase in average
balances for the Company’s loans held for investment portfolio.
Provision for Credit LossesThe Company’s
provision for credit losses was $3.1 million for the third quarter
of 2023, compared to $2.7 million for the prior quarter and $4.5
million for the prior year period. The increase from the prior
quarter was mainly due to qualitative factor adjustments based on
the increase of special mention, non-accrual and nonperforming
assets primarily related to the SBA portfolio. The decrease from
the third quarter of 2022 was primarily due to a reduction in
strategic program loans held for investment, although the provision
for the prior year period was calculated under the incurred loss
model rather than the current expected credit loss methodology as
required under ASU 2016-13 and is not necessarily comparable to the
provisions charged in 2023.
Non-interest Income
|
For the Three Months Ended |
($ in thousands) |
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Noninterest income: |
|
|
|
|
|
Strategic Program fees |
$ |
3,945 |
|
|
$ |
4,054 |
|
|
$ |
5,136 |
|
Gain on sale of loans |
|
357 |
|
|
|
700 |
|
|
|
1,923 |
|
SBA loan servicing fees |
|
199 |
|
|
|
226 |
|
|
|
327 |
|
Change in fair value on investment in BFG |
|
(500 |
) |
|
|
— |
|
|
|
(100 |
) |
Other miscellaneous income |
|
1,228 |
|
|
|
308 |
|
|
|
237 |
|
Total noninterest income |
$ |
5,229 |
|
|
$ |
5,288 |
|
|
$ |
7,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income was $5.2 million for the
third quarter of 2023, compared to $5.3 million for the prior
quarter and $7.5 million for the prior year period. The decrease
from the prior quarter was primarily due to the change in the fair
value of the Company’s investment in BFG and a decrease in the
number of SBA 7(a) loans sold and was partially offset by an
increase in other miscellaneous income primarily related to a $0.6
million gain on the resolution of a forbearance agreement in the
Company’s SBA lending program. The decrease from the prior year
period was mainly due to a reduction in gain on sale of loans
primarily attributable to the Company’s increased retention of the
guaranteed portion of SBA loans the Company originates to increase
interest income which resulted in a corresponding decrease in gain
on sale income. Lower fees associated with originations of
Strategic Program loans and a decrease in the fair value of the
Company’s investment in BFG also contributed to the decrease from
the prior year period. The decrease was partially offset by an
increase in other miscellaneous income primarily related to a gain
on the resolution of a forbearance agreement in the Company’s SBA
lending program.
Non-interest Expense
|
For the Three Months Ended |
($ in thousands) |
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
$ |
6,416 |
|
|
$ |
6,681 |
|
|
$ |
5,137 |
|
Professional services |
|
750 |
|
|
|
1,305 |
|
|
|
1,701 |
|
Occupancy and equipment expenses |
|
958 |
|
|
|
718 |
|
|
|
540 |
|
(Recovery) impairment of SBA servicing asset |
|
337 |
|
|
|
(339 |
) |
|
|
(127 |
) |
Other operating expenses |
|
1,609 |
|
|
|
1,634 |
|
|
|
1,218 |
|
Total noninterest expense |
$ |
10,070 |
|
|
$ |
9,999 |
|
|
$ |
8,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense was $10.1 million for
the third quarter of 2023, compared to $10.0 million for the prior
quarter and $8.5 million for the prior year period. The
increase from the prior quarter was primarily due to an impairment
on the Company’s SBA servicing asset, partially offset by a
reduction in professional services expense primarily from a
reduction in consulting fees. The increase from the prior year was
primarily due to an increase in salaries and employee benefits
related to a higher number of employees, an impairment on the
Company’s SBA servicing asset which did not occur in the prior year
period, and an increase in other operating expenses primarily
related to occupancy and equipment expense and was partially offset
by a decrease in professional services expense primarily from a
reduction in consulting fees.
The Company’s efficiency ratio was 51.3% for the
third quarter of 2023, compared to 52.7% for the prior quarter and
42.3% for the prior year period.
Tax RateThe Company’s effective tax rate was
26.1% for the third and second quarter of 2023, compared to 48.7%
for the prior year period as the Company identified and corrected
an error in the calculation of the Company’s tax provision during
the third quarter of 2022 which the Company determined was not
material to its net income for 2021 and 2022.
Balance SheetThe Company’s total assets were
$555.1 million as of September 30, 2023, an increase from
$495.6 million as of June 30, 2023 and $385.6 million as of
September 30, 2022. The increase from June 30, 2023 was
primarily due to continued growth of deposits to support growth in
the Company’s SBA loan portfolio, commercial non real estate
portfolio, interest-bearing deposits, residential real estate loan
portfolio, and Strategic Program loans held-for-sale. The increase
in total assets compared to September 30, 2022 was primarily
due to increases in deposits to support growth in the Company’s SBA
loan portfolio, interest-bearing deposits, commercial non real
estate portfolio, and commercial real estate loan portfolio.
The following table shows the loan portfolio as of the dates
indicated:
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
($s in thousands) |
Amount |
|
% of total loans |
|
Amount |
|
% of total loans |
|
Amount |
|
% of total loans |
SBA |
$ |
219,305 |
|
|
65.0 |
% |
|
$ |
189,028 |
|
|
65.0 |
% |
|
$ |
127,455 |
|
|
60.6 |
% |
Commercial, non-real estate |
|
34,044 |
|
|
10.1 |
% |
|
|
24,851 |
|
|
8.6 |
% |
|
|
10,204 |
|
|
4.8 |
% |
Residential real estate |
|
34,891 |
|
|
10.3 |
% |
|
|
30,378 |
|
|
10.5 |
% |
|
|
34,501 |
|
|
16.4 |
% |
Strategic Program loans held for investment |
|
20,040 |
|
|
5.9 |
% |
|
|
20,732 |
|
|
7.1 |
% |
|
|
26,684 |
|
|
12.7 |
% |
Commercial real estate |
|
21,680 |
|
|
6.4 |
% |
|
|
18,677 |
|
|
6.4 |
% |
|
|
6,149 |
|
|
2.9 |
% |
Consumer |
|
7,675 |
|
|
2.3 |
% |
|
|
6,993 |
|
|
2.4 |
% |
|
|
5,455 |
|
|
2.6 |
% |
Total period end loans |
$ |
337,635 |
|
|
100.0 |
% |
|
$ |
290,659 |
|
|
100.0 |
% |
|
$ |
210,448 |
|
|
100.0 |
% |
Note: SBA loans as of September 30, 2023,
June 30, 2023 and September 30, 2022 include $112.5
million, $85.5 million and $42.6 million, respectively, of SBA 7(a)
loan balances that are guaranteed by the SBA. The held for
investment balance on Strategic Programs with annual interest rates
below 36% as of September 30, 2023, June 30, 2023 and
September 30, 2022 was $4.4 million, $5.5 million and $10.2
million, respectively.
Total loans receivable as of September 30,
2023 were $337.6 million, an increase from $290.7 million and
$210.4 million as of June 30, 2023 and September 30,
2022, respectively. The increase compared to June 30, 2023 and
September 30, 2022 was primarily due to increases in the SBA
7(a) and commercial loan portfolios.
The following table shows the Company’s deposit
composition as of the dates indicated:
|
As of |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
($s in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
Noninterest-bearing demand deposits |
$ |
94,268 |
|
|
24.4 |
% |
|
$ |
93,347 |
|
|
28.1 |
% |
|
$ |
97,654 |
|
|
42.0 |
% |
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
87,753 |
|
|
22.7 |
% |
|
|
46,335 |
|
|
13.9 |
% |
|
|
55,152 |
|
|
23.6 |
% |
Savings |
|
8,738 |
|
|
2.3 |
% |
|
|
9,484 |
|
|
2.9 |
% |
|
|
7,252 |
|
|
3.1 |
% |
Money market |
|
15,450 |
|
|
3.9 |
% |
|
|
14,473 |
|
|
4.3 |
% |
|
|
12,281 |
|
|
5.3 |
% |
Time certificates of deposit |
|
180,544 |
|
|
46.7 |
% |
|
|
168,891 |
|
|
50.8 |
% |
|
|
60,499 |
|
|
26.0 |
% |
Total period end deposits |
$ |
386,753 |
|
|
100.0 |
% |
|
$ |
332,530 |
|
|
100.0 |
% |
|
$ |
232,838 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits as of September 30, 2023
increased to $386.8 million from $332.5 million and $232.8 million
as of June 30, 2023 and September 30, 2022, respectively.
The increase from June 30, 2023 was driven primarily by an increase
in brokered interest-bearing demand deposits and brokered time
certificate of deposits. The increase from September 30, 2023 was
driven primarily by an increase in brokered time certificate of
deposits and brokered interest-bearing demand deposits. As of
September 30, 2023, 31.7% of deposits at the Bank level were
uninsured, compared to 36.3% as of June 30, 2023. As of
September 30, 2023, 7.0% of total bank deposits were required
under the Company’s Strategic Program agreements and an additional
10.6% were associated with other accounts owned by the Company or
the Bank.
Total shareholders’ equity as of
September 30, 2023 increased $3.0 million to $150.4 million
from $147.4 million at June 30, 2023. Compared to
September 30, 2022, total shareholders’ equity increased by
$16.1 million from $134.3 million. The increase from June 30,
2023 and September 30, 2022 was primarily due to the Company’s
net income, partially offset by the repurchase of common stock
under the Company’s share repurchase program.
Bank Regulatory Capital
RatiosThe following table presents the leverage ratios for
the Bank as of the dates indicated as determined under the
Community Bank Leverage Ratio Framework of the Federal Deposit
Insurance Corporation:
|
As of |
|
|
Capital Ratios |
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
Well-Capitalized Requirement |
Leverage Ratio |
22.1% |
|
22.4% |
|
24.9% |
|
9.0% |
|
|
|
|
|
|
|
|
The Bank’s capital levels remain significantly
above well-capitalized guidelines as of September 30,
2023.
Share Repurchase ProgramAs of
September 30, 2023, the Company has repurchased a total of
644,241 shares for $5.9 million, completing the Company’s share
repurchase program announced in August 2022.
Asset QualityNonperforming
loans were $10.7 million, or 3.2% of total loans receivable, as of
September 30, 2023, compared to $1.9 million or 0.7% of total
loans receivable, as of June 30, 2023 and none as of
September 30, 2022. The increase from the prior periods was
primarily attributable to several loans in the SBA 7(a) loan
portfolio moving to non-accrual status due mainly to the negative
impact of elevated interest rates and the slowdown of consumer
spending on the Company’s small business borrowers. The Company’s
allowance for credit losses to total loans held for investment was
3.8% as of September 30, 2023 compared to 4.2% as of
June 30, 2023 and 5.6% as of September 30, 2022. The
Company’s increased retention most of the originated guaranteed
portions in its SBA 7(a) loan program has been the primary factor
in the decrease in this ratio from the prior quarter and year.
For the third quarter of 2023, the Company’s net
charge-offs were $2.2 million, compared to $2.4 million for the
prior quarter and $3.1 million for the prior year period. The
decrease compared to the prior quarter was primarily due to a large
recovery in the Company’s commercial real estate portfolio. The
decrease compared to the third quarter of 2022 was primarily due to
lower net charge-offs related to strategic program loans and the
large recovery in the Company’s commercial real estate
portfolio.
The following table presents a summary of changes in the
allowance for credit losses and asset quality ratios for the
periods indicated:
|
For the Three Months Ended |
($s in thousands) |
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Allowance for Credit
Losses: |
|
|
|
|
|
Beginning Balance(1) |
$ |
12,321 |
|
|
$ |
12,034 |
|
|
$ |
10,602 |
|
Provision for Credit
Losses |
|
2,910 |
|
|
|
2,675 |
|
|
|
4,457 |
|
Charge
offs* |
|
|
|
|
|
Construction and land development |
|
— |
|
|
|
— |
|
|
|
— |
|
Residential real estate |
|
— |
|
|
|
(121 |
) |
|
|
(36 |
) |
Residential real estate multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial real estate |
|
(31 |
) |
|
|
— |
|
|
|
(205 |
) |
Commercial and industrial |
|
(107 |
) |
|
|
(66 |
) |
|
|
(18 |
) |
Consumer |
|
(28 |
) |
|
|
(19 |
) |
|
|
(4 |
) |
Lease financing receivables |
|
— |
|
|
|
— |
|
|
|
— |
|
Strategic Program loans |
|
(2,748 |
) |
|
|
(2,516 |
) |
|
|
(3,070 |
) |
Recoveries* |
|
|
|
|
|
Construction and land development |
|
— |
|
|
|
— |
|
|
|
— |
|
Residential real estate |
|
3 |
|
|
|
81 |
|
|
|
6 |
|
Residential real estate multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial real estate |
|
389 |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
18 |
|
|
|
1 |
|
|
|
3 |
|
Consumer |
|
2 |
|
|
|
— |
|
|
|
— |
|
Lease financing receivables |
|
— |
|
|
|
— |
|
|
|
— |
|
Strategic Program loans |
|
257 |
|
|
|
252 |
|
|
|
233 |
|
Ending Balance |
$ |
12,986 |
|
|
$ |
12,321 |
|
|
$ |
11,968 |
|
|
|
|
|
|
|
Asset Quality
Ratios |
As of and For the Three Months Ended |
($s in thousands, annualized
ratios) |
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Nonperforming loans** |
$ |
10,703 |
|
|
$ |
1,809 |
|
|
$ |
— |
|
Nonperforming loans to total
loans held for investment |
|
3.2 |
% |
|
|
0.7 |
% |
|
|
— |
% |
Net charge offs to average
loans held for investment |
|
2.8 |
% |
|
|
3.4 |
% |
|
|
5.8 |
% |
Allowance for credit losses to
loans held for investment |
|
3.8 |
% |
|
|
4.2 |
% |
|
|
5.6 |
% |
Net charge offs |
$ |
2,245 |
|
|
$ |
2,388 |
|
|
$ |
3,091 |
|
(1) The Company adopted ASU 2016-13 as of
January 1, 2023. The 2022 amounts presented are calculated under
the prior accounting standard.
*Charge offs and recoveries for the three months
ended September 30, 2022 have been reclassified in accordance
with the credit loss model adopted by the Company on January 1,
2023.
**Nonperforming loans as of September 30,
2023 and June 30, 2023 include $4.7 million and $1.1 million,
respectively, of SBA 7(a) loan balances that are guaranteed by the
SBA.
Definitive AgreementOn July 25,
2023, the Company entered into a definitive agreement with BFG and
four members of BFG to acquire an additional 10% of its membership
interests in exchange for 372,132 shares of the Company’s stock,
subject to regulatory approval and other customary closing
conditions. Upon closing, the Company’s total equity ownership of
BFG will increase to 20%. The transaction has not been closed, or
terminated.
Webcast and Conference Call
InformationFinWise will host a conference call today at
5:30 PM ET to discuss its financial results for the third quarter
of 2023. A simultaneous audio webcast of the conference call will
be available on the Company’s investor relations section of the
website here.
The dial-in number for the conference call is
(877) 423-9813 (toll-free) or (201) 689-8573 (international).
Please dial the number 10 minutes prior to the scheduled start
time.
A webcast replay of the call will be available
at investors.finwisebancorp.com for six months following the
call.
Website InformationThe Company
intends to use its website, www.finwisebancorp.com, as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD. Such disclosures
will be included in the Company’s website’s Investor Relations
section. Accordingly, investors should monitor the Investor
Relations portion of the Company’s website, in addition to
following its press releases, filings with the Securities and
Exchange Commission (“SEC”), public conference calls, and webcasts.
To subscribe to the Company’s e-mail alert service, please click
the “Email Alerts” link in the Investor Relations section of its
website and submit your email address. The information contained
in, or that may be accessed through, the Company’s website is not
incorporated by reference into or a part of this document or any
other report or document it files with or furnishes to the SEC, and
any references to the Company’s website are intended to be inactive
textual references only.
About FinWise BancorpFinWise
Bancorp is a Utah bank holding company headquartered in Murray,
Utah. FinWise operates through its wholly-owned subsidiary, FinWise
Bank, a Utah state-chartered bank. FinWise currently operates one
full-service banking location in Sandy, Utah. FinWise is a
nationwide lender to and takes deposits from consumers and small
businesses. Learn more at www.finwisebancorp.com.
Contactsinvestors@finwisebank.commedia@finwisebank.com
"Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995This
release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect the Company’s
current views with respect to, among other things, future events
and its financial performance. These statements are often, but not
always, made through the use of words or phrases such as “may,”
“might,” “should,” “could,” “predict,” “potential,” “believe,”
“will likely result,” “expect,” “continue,” “will,” “anticipate,”
“seek,” “estimate,” “intend,” “plan,” “project,” “projection,”
“forecast,” “budget,” “goal,” “target,” “would,” “aim” and
“outlook,” or the negative version of those words or other
comparable words or phrases of a future or forward-looking nature.
These forward-looking statements are not historical facts, and are
based on current expectations, estimates and projections about the
Company’s industry and management’s beliefs and certain assumptions
made by management, many of which, by their nature, are inherently
uncertain and beyond the Company’s control. The inclusion of these
forward-looking statements should not be regarded as a
representation by the Company or any other person that such
expectations, estimates and projections will be achieved.
Accordingly, the Company cautions you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements.
There are or will be important factors that
could cause the Company’s actual results to differ materially from
those indicated in these forward-looking statements, including, but
not limited to, the following: (a) the success of the financial
technology industry, the development and acceptance of which is
subject to a high degree of uncertainty, as well as the continued
evolution of the regulation of this industry; (b) the ability of
the Company’s Strategic Program service providers to comply with
regulatory regimes, including laws and regulations applicable to
consumer credit transactions, and the Company’s ability to
adequately oversee and monitor its Strategic Program service
providers; (c) the Company’s ability to maintain and grow its
relationships with its Strategic Program service providers; (d)
changes in the laws, rules, regulations, interpretations or
policies relating to financial institutions, accounting, tax,
trade, monetary and fiscal matters, including the application of
interest rate caps or maximums; (e) the Company’s ability to keep
pace with rapid technological changes in the industry or implement
new technology effectively; (f) adverse developments in the banking
industry associated with high-profile bank failures and the
potential impact of such developments on customer confidence,
liquidity, and regulatory responses; (g) system failure or
cybersecurity breaches of the Company’s network security; (h) the
Company’s reliance on third-party service providers for core
systems support, informational website hosting, internet services,
online account opening and other processing services; (i) general
economic conditions, either nationally or in the Company’s market
areas (including interest rate environment, government economic and
monetary policies, the strength of global financial markets and
inflation and deflation), that impact the financial services
industry and/or the Company’s business; (j) increased competition
in the financial services industry, particularly from regional and
national institutions and other companies that offer banking
services; (k) the Company’s ability to measure and manage its
credit risk effectively and the potential deterioration of the
business and economic conditions in the Company’s primary market
areas; (l) the adequacy of the Company’s risk management framework;
(m) the adequacy of the Company’s allowance for credit losses
(“ACL”); (n) the financial soundness of other financial
institutions; (o) new lines of business or new products and
services; (p) changes in Small Business Administration (“SBA”)
rules, regulations and loan products, including specifically the
Section 7(a) program, changes in SBA standard operating procedures
or changes to the status of the Bank as an SBA Preferred Lender;
(q) changes in the value of collateral securing the Company’s
loans; (r) possible increases in the Company’s levels of
nonperforming assets; (s) potential losses from loan defaults and
nonperformance on loans; (t) the Company’s ability to protect its
intellectual property and the risks it faces with respect to claims
and litigation initiated against the Company; (u) the inability of
small- and medium-sized businesses to whom the Company lends to
weather adverse business conditions and repay loans; (v) the
Company’s ability to implement aspects of its growth strategy and
to sustain its historic rate of growth; (w) the Company’s ability
to continue to originate, sell and retain loans, including through
its Strategic Programs; (x) the concentration of the Company’s
lending and depositor relationships through Strategic Programs in
the financial technology industry generally; (y) the Company’s
ability to attract additional merchants and retain and grow its
existing merchant relationships; (z) interest rate risk associated
with the Company’s business, including sensitivity of its interest
earning assets and interest bearing liabilities to interest rates,
and the impact to its earnings from changes in interest rates; (aa)
the effectiveness of the Company’s internal control over financial
reporting and its ability to remediate any future material weakness
in its internal control over financial reporting; (bb) potential
exposure to fraud, negligence, computer theft and cyber-crime and
other disruptions in the Company’s computer systems relating to its
development and use of new technology platforms; (cc) the Company’s
dependence on its management team and changes in management
composition; (dd) the sufficiency of the Company’s capital,
including sources of capital and the extent to which it may be
required to raise additional capital to meet its goals; (ee)
compliance with laws and regulations, supervisory actions, the
Dodd-Frank Act, capital requirements, the Bank Secrecy Act,
anti-money laundering laws, predatory lending laws, and other
statutes and regulations; (ff) the Company’s ability to maintain a
strong core deposit base or other low-cost funding sources; (gg)
results of examinations of the Company by its regulators, including
the possibility that its regulators may, among other things,
require the Company to increase its ACL or to write-down assets;
(hh) the Company’s involvement from time to time in legal
proceedings, examinations and remedial actions by regulators; (ii)
further government intervention in the U.S. financial system; (jj)
natural disasters and adverse weather, acts of terrorism,
pandemics, an outbreak of hostilities or other international or
domestic calamities, and other matters beyond the Company’s
control; (kk) future equity and debt issuances; (ll) the
possibility that the proposed acquisition of BFG equity interests
does not close when expected or at all because required regulatory
approvals are not received or other conditions to closing are not
satisfied on a timely basis or at all; (mm) that the Company may be
required to modify the terms and conditions of the proposed
acquisition to obtain regulatory approval; (nn) that the
anticipated benefits of the proposed acquisition are not realized
within the expected time frame or at all as a result of such things
as the strength or weakness of the economy and competitive factors
in the areas where the Company and BFG do business; and (oo) other
factors listed from time to time in the Company’s filings with the
Securities and Exchange Commission, including, without limitation,
its Annual Report on Form 10-K for the year ended December 31,
2022 and subsequent reports on Form 10-Q and Form 8-K.
Any forward-looking statement speaks only as of
the date of this release, and the Company does not undertake any
obligation to publicly update or review any forward-looking
statement, whether because of new information, future developments
or otherwise, except as required by law. New risks and
uncertainties may emerge from time to time, and it is not possible
for the Company to predict their occurrence. In addition, the
Company cannot assess the impact of each risk and uncertainty on
its business or the extent to which any risk or uncertainty, or
combination of risks and uncertainties, may cause actual results to
differ materially from those contained in any forward-looking
statements.
|
FINWISE
BANCORPCONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION($s in thousands;
Unaudited) |
|
|
|
As of |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
Cash and due from banks |
$ |
379 |
|
|
$ |
369 |
|
|
$ |
410 |
|
Interest-bearing deposits |
|
126,392 |
|
|
|
118,674 |
|
|
|
92,053 |
|
Total cash and cash equivalents |
|
126,771 |
|
|
|
119,043 |
|
|
|
92,463 |
|
Investment securities held-to-maturity, at cost |
|
15,840 |
|
|
|
14,403 |
|
|
|
13,925 |
|
Investment in Federal Home Loan Bank (FHLB) stock, at cost |
|
476 |
|
|
|
476 |
|
|
|
449 |
|
Strategic Program loans held-for-sale, at lower of cost or fair
value |
|
45,710 |
|
|
|
42,362 |
|
|
|
43,606 |
|
Loans receivable, net |
|
324,197 |
|
|
|
277,663 |
|
|
|
197,720 |
|
Premises and equipment, net |
|
14,181 |
|
|
|
13,154 |
|
|
|
9,595 |
|
Accrued interest receivable |
|
2,711 |
|
|
|
2,316 |
|
|
|
1,672 |
|
Deferred taxes, net |
|
— |
|
|
|
— |
|
|
|
2,164 |
|
SBA servicing asset, net |
|
4,398 |
|
|
|
5,233 |
|
|
|
5,269 |
|
Investment in Business Funding Group (BFG), at fair value |
|
4,000 |
|
|
|
4,500 |
|
|
|
4,500 |
|
Operating lease right-of-use (“ROU”) assets |
|
4,481 |
|
|
|
4,668 |
|
|
|
6,691 |
|
Income tax receivable, net |
|
1,134 |
|
|
|
2,355 |
|
|
|
— |
|
Other assets |
|
11,157 |
|
|
|
9,452 |
|
|
|
7,515 |
|
Total
assets |
$ |
555,056 |
|
|
$ |
495,625 |
|
|
$ |
385,569 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
|
|
|
|
|
Noninterest-bearing |
$ |
94,268 |
|
|
$ |
93,347 |
|
|
$ |
97,654 |
|
Interest-bearing |
|
292,485 |
|
|
|
239,183 |
|
|
|
135,184 |
|
Total deposits |
|
386,753 |
|
|
|
332,530 |
|
|
|
232,838 |
|
Accrued interest payable |
|
581 |
|
|
|
466 |
|
|
|
30 |
|
Income taxes payable, net |
|
— |
|
|
|
— |
|
|
|
1,066 |
|
Deferred taxes, net |
|
234 |
|
|
|
140 |
|
|
|
— |
|
PPP Liquidity Facility |
|
221 |
|
|
|
252 |
|
|
|
345 |
|
Operating lease liabilities |
|
6,545 |
|
|
|
6,792 |
|
|
|
7,249 |
|
Other liabilities |
|
10,320 |
|
|
|
7,997 |
|
|
|
9,756 |
|
Total
liabilities |
|
404,654 |
|
|
|
348,177 |
|
|
|
251,284 |
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
Common Stock |
|
12 |
|
|
|
13 |
|
|
|
13 |
|
Additional paid-in-capital |
|
50,703 |
|
|
|
52,625 |
|
|
|
55,113 |
|
Retained earnings |
|
99,687 |
|
|
|
94,810 |
|
|
|
79,159 |
|
Total shareholders’
equity |
|
150,402 |
|
|
|
147,448 |
|
|
|
134,285 |
|
Total liabilities and
shareholders’ equity |
$ |
555,056 |
|
|
$ |
495,625 |
|
|
$ |
385,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINWISE
BANCORPCONSOLIDATED STATEMENTS OF
INCOME($s in thousands, except per share amounts;
Unaudited) |
|
|
|
For the Three Months Ended |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Interest
income |
|
|
|
|
|
Interest and fees on loans |
$ |
15,555 |
|
|
$ |
14,355 |
|
|
$ |
12,481 |
|
Interest on securities |
|
88 |
|
|
|
77 |
|
|
|
52 |
|
Other interest income |
|
1,569 |
|
|
|
1,437 |
|
|
|
290 |
|
Total interest income |
|
17,212 |
|
|
|
15,869 |
|
|
|
12,823 |
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
Interest on deposits |
|
2,801 |
|
|
|
2,194 |
|
|
|
303 |
|
Interest on PPP Liquidity Facility |
|
— |
|
|
|
— |
|
|
|
1 |
|
Total interest expense |
|
2,801 |
|
|
|
2,194 |
|
|
|
304 |
|
Net interest
income |
|
14,411 |
|
|
|
13,675 |
|
|
|
12,519 |
|
|
|
|
|
|
|
Provision for credit
losses(1) |
|
3,070 |
|
|
|
2,688 |
|
|
|
4,457 |
|
Net interest income after
provision for credit losses |
|
11,341 |
|
|
|
10,987 |
|
|
|
8,062 |
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
Strategic Program fees |
|
3,945 |
|
|
|
4,054 |
|
|
|
5,136 |
|
Gain on sale of loans, net |
|
357 |
|
|
|
700 |
|
|
|
1,923 |
|
SBA loan servicing fees |
|
199 |
|
|
|
226 |
|
|
|
327 |
|
Change in fair value on investment in BFG |
|
(500 |
) |
|
|
— |
|
|
|
(100 |
) |
Other miscellaneous income |
|
1,228 |
|
|
|
308 |
|
|
|
237 |
|
Total non-interest income |
|
5,229 |
|
|
|
5,288 |
|
|
|
7,523 |
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
Salaries and employee benefits |
|
6,416 |
|
|
|
6,681 |
|
|
|
5,137 |
|
Professional services |
|
750 |
|
|
|
1,305 |
|
|
|
1,701 |
|
Occupancy and equipment expenses |
|
958 |
|
|
|
718 |
|
|
|
540 |
|
(Recovery) impairment of SBA servicing asset |
|
337 |
|
|
|
(339 |
) |
|
|
(127 |
) |
Other operating expenses |
|
1,609 |
|
|
|
1,634 |
|
|
|
1,218 |
|
Total non-interest
expense |
|
10,070 |
|
|
|
9,999 |
|
|
|
8,469 |
|
Income before income
tax expense |
|
6,500 |
|
|
|
6,276 |
|
|
|
7,116 |
|
|
|
|
|
|
|
Provision for income
taxes |
|
1,696 |
|
|
|
1,638 |
|
|
|
3,462 |
|
Net
income |
$ |
4,804 |
|
|
$ |
4,638 |
|
|
$ |
3,654 |
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
0.38 |
|
|
$ |
0.36 |
|
|
$ |
0.28 |
|
Earnings per share,
diluted |
$ |
0.37 |
|
|
$ |
0.35 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic |
|
12,387,392 |
|
|
|
12,603,463 |
|
|
|
12,784,298 |
|
Weighted average shares
outstanding, diluted |
|
12,868,207 |
|
|
|
12,989,530 |
|
|
|
13,324,059 |
|
Shares outstanding at end of
period |
|
12,493,565 |
|
|
|
12,723,703 |
|
|
|
12,864,821 |
|
|
|
|
|
|
|
(1) The Company
adopted ASU 2016-13 as of January 1, 2023. The 2022 amounts
presented are calculated under the prior accounting standard. |
|
|
FINWISE
BANCORPAVERAGE BALANCES, YIELDS, AND
RATES($s in thousands; Unaudited) |
|
|
|
For the Three Months Ended |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits |
$ |
116,179 |
|
$ |
1,569 |
|
5.36 |
% |
|
$ |
113,721 |
|
$ |
1,437 |
|
5.07 |
% |
|
$ |
59,337 |
|
$ |
290 |
|
1.95 |
% |
Investment securities |
|
14,958 |
|
|
88 |
|
2.34 |
% |
|
|
14,137 |
|
|
77 |
|
2.19 |
% |
|
|
12,418 |
|
|
52 |
|
1.67 |
% |
Loans held for sale |
|
38,410 |
|
|
3,823 |
|
39.49 |
% |
|
|
41,390 |
|
|
3,860 |
|
37.41 |
% |
|
|
50,516 |
|
|
4,533 |
|
35.89 |
% |
Loans held for investment |
|
316,220 |
|
|
11,732 |
|
14.72 |
% |
|
|
282,686 |
|
|
10,495 |
|
14.89 |
% |
|
|
213,080 |
|
|
7,948 |
|
14.92 |
% |
Total interest earning assets |
|
485,767 |
|
|
17,212 |
|
14.06 |
% |
|
|
451,934 |
|
|
15,869 |
|
14.08 |
% |
|
|
335,351 |
|
|
12,823 |
|
15.30 |
% |
Non-interest earning
assets |
|
27,240 |
|
|
|
|
|
|
21,825 |
|
|
|
|
|
|
21,858 |
|
|
|
|
Total assets |
$ |
513,007 |
|
|
|
|
|
$ |
473,759 |
|
|
|
|
|
$ |
357,209 |
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
48,303 |
|
$ |
483 |
|
3.96 |
% |
|
$ |
44,097 |
|
$ |
426 |
|
3.88 |
% |
|
$ |
11,857 |
|
$ |
113 |
|
3.81 |
% |
Savings |
|
9,079 |
|
|
17 |
|
0.74 |
% |
|
|
7,334 |
|
|
10 |
|
0.56 |
% |
|
|
7,514 |
|
|
1 |
|
0.05 |
% |
Money market accounts |
|
15,140 |
|
|
142 |
|
3.73 |
% |
|
|
13,982 |
|
|
109 |
|
3.12 |
% |
|
|
20,615 |
|
|
29 |
|
0.56 |
% |
Certificates of deposit |
|
183,273 |
|
|
2,159 |
|
4.67 |
% |
|
|
153,662 |
|
|
1,649 |
|
4.30 |
% |
|
|
64,789 |
|
|
160 |
|
0.99 |
% |
Total deposits |
|
255,795 |
|
|
2,801 |
|
4.34 |
% |
|
|
219,075 |
|
|
2,194 |
|
4.02 |
% |
|
|
104,775 |
|
|
303 |
|
1.16 |
% |
Other borrowings |
|
235 |
|
|
— |
|
0.35 |
% |
|
|
267 |
|
|
— |
|
0.35 |
% |
|
|
360 |
|
|
1 |
|
0.35 |
% |
Total interest bearing liabilities |
|
256,030 |
|
|
2,801 |
|
4.34 |
% |
|
|
219,342 |
|
|
2,194 |
|
4.01 |
% |
|
|
105,135 |
|
|
304 |
|
1.16 |
% |
Non-interest bearing
deposits |
|
92,077 |
|
|
|
|
|
|
95,257 |
|
|
|
|
|
|
102,575 |
|
|
|
|
Non-interest bearing
liabilities |
|
16,299 |
|
|
|
|
|
|
14,206 |
|
|
|
|
|
|
17,542 |
|
|
|
|
Shareholders’ equity |
|
148,601 |
|
|
|
|
|
|
144,954 |
|
|
|
|
|
|
131,957 |
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
513,007 |
|
|
|
|
|
$ |
473,759 |
|
|
|
|
|
$ |
357,209 |
|
|
|
|
Net interest income and
interest rate spread |
|
|
$ |
14,411 |
|
9.72 |
% |
|
|
|
$ |
13,675 |
|
10.07 |
% |
|
|
|
$ |
12,519 |
|
14.14 |
% |
Net interest margin |
|
|
|
|
11.77 |
% |
|
|
|
|
|
12.14 |
% |
|
|
|
|
|
14.93 |
% |
Ratio of average
interest-earning assets to average interest- bearing
liabilities |
|
|
|
|
189.73 |
% |
|
|
|
|
|
206.04 |
% |
|
|
|
|
|
318.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINWISE
BANCORPSELECTED HISTORICAL CONSOLIDATED FINANCIAL
AND OTHER DATA($s in thousands, except per share
amounts; Unaudited) |
|
|
|
As of and for the Three Months Ended |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
Selected Loan
Metrics |
|
|
|
|
|
Amount of loans originated |
$ |
1,061,327 |
|
|
$ |
1,156,141 |
|
|
$ |
1,506,100 |
|
Selected Income
Statement Data |
|
|
|
|
|
Interest income |
$ |
17,212 |
|
|
$ |
15,869 |
|
|
$ |
12,823 |
|
Interest expense |
|
2,801 |
|
|
|
2,194 |
|
|
|
304 |
|
Net interest income |
|
14,411 |
|
|
|
13,675 |
|
|
|
12,519 |
|
Provision for credit
losses |
|
3,070 |
|
|
|
2,688 |
|
|
|
4,457 |
|
Net interest income after
provision for credit losses |
|
11,341 |
|
|
|
10,987 |
|
|
|
8,062 |
|
Non-interest income |
|
5,229 |
|
|
|
5,288 |
|
|
|
7,523 |
|
Non-interest expense |
|
10,070 |
|
|
|
9,999 |
|
|
|
8,469 |
|
Provision for income
taxes |
|
1,696 |
|
|
|
1,638 |
|
|
|
3,462 |
|
Net income |
|
4,804 |
|
|
|
4,638 |
|
|
|
3,654 |
|
Selected Balance Sheet
Data |
|
|
|
|
|
Total Assets |
$ |
555,056 |
|
|
$ |
495,625 |
|
|
$ |
385,569 |
|
Cash and cash equivalents |
|
126,771 |
|
|
|
119,043 |
|
|
|
92,463 |
|
Investment securities
held-to-maturity, at cost |
|
15,840 |
|
|
|
14,403 |
|
|
|
13,925 |
|
Loans receivable, net |
|
324,197 |
|
|
|
277,663 |
|
|
|
197,720 |
|
Strategic Program loans
held-for-sale, at lower of cost or fair value |
|
45,710 |
|
|
|
42,362 |
|
|
|
43,606 |
|
SBA servicing asset, net |
|
4,398 |
|
|
|
5,233 |
|
|
|
5,269 |
|
Investment in Business Funding
Group, at fair value |
|
4,000 |
|
|
|
4,500 |
|
|
|
4,500 |
|
Deposits |
|
386,753 |
|
|
|
332,530 |
|
|
|
232,838 |
|
Total shareholders'
equity |
|
150,402 |
|
|
|
147,448 |
|
|
|
134,285 |
|
Tangible shareholders’
equity(1) |
|
150,402 |
|
|
|
147,448 |
|
|
|
134,285 |
|
Share and Per Share
Data |
|
|
|
|
|
Earnings per share -
basic |
$ |
0.38 |
|
|
$ |
0.36 |
|
|
$ |
0.28 |
|
Earnings per share -
diluted |
$ |
0.37 |
|
|
$ |
0.35 |
|
|
$ |
0.27 |
|
Book value per share |
$ |
12.04 |
|
|
$ |
11.59 |
|
|
$ |
10.44 |
|
Tangible book value per
share(1) |
$ |
12.04 |
|
|
$ |
11.59 |
|
|
$ |
10.44 |
|
Weighted avg outstanding
shares - basic |
|
12,387,392 |
|
|
|
12,603,463 |
|
|
|
12,784,298 |
|
Weighted avg outstanding
shares - diluted |
|
12,868,207 |
|
|
|
12,989,530 |
|
|
|
13,324,059 |
|
Shares outstanding at end of
period |
|
12,493,565 |
|
|
|
12,723,703 |
|
|
|
12,864,821 |
|
Capital
Ratios |
|
|
|
|
|
Total shareholders' equity to
total assets |
|
27.1 |
% |
|
|
29.7 |
% |
|
|
34.8 |
% |
Tangible shareholders’ equity
to tangible assets(1) |
|
27.1 |
% |
|
|
29.7 |
% |
|
|
34.8 |
% |
Leverage Ratio (Bank under
CBLR) |
|
22.1 |
% |
|
|
22.4 |
% |
|
|
24.9 |
% |
(1) This measure is not a measure recognized
under United States generally accepted accounting principles, or
GAAP, and is therefore considered to be a non-GAAP financial
measure. See “Reconciliation of Non-GAAP to GAAP Financial
Measures” for a reconciliation of this measure to its most
comparable GAAP measure. Tangible shareholders’ equity is defined
as total shareholders’ equity less goodwill and other intangible
assets. The most directly comparable GAAP financial measure is
total shareholder’s equity. We had no goodwill or other intangible
assets as of any of the dates indicated. We have not considered
loan servicing rights or loan trailing fee asset as intangible
assets for purposes of this calculation. As a result, tangible
shareholders’ equity is the same as total shareholders’ equity as
of each of the dates indicated.
Reconciliation of Non-GAAP to GAAP Financial
Measures
Efficiency
ratio |
Three Months Ended |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
($s in thousands) |
|
|
|
|
|
Non-interest expense |
$ |
10,070 |
|
|
$ |
9,999 |
|
|
$ |
8,469 |
|
Net interest income |
|
14,411 |
|
|
|
13,675 |
|
|
|
12,519 |
|
Total non-interest income |
|
5,229 |
|
|
|
5,288 |
|
|
|
7,523 |
|
Adjusted operating revenue |
$ |
19,640 |
|
|
$ |
18,963 |
|
|
$ |
20,042 |
|
Efficiency ratio |
|
51.3 |
% |
|
|
52.7 |
% |
|
|
42.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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