FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent
company of FinWise Bank (the “Bank”), today announced results for
the quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Loan originations grew 9.0% to $2.5
billion from the quarter ended December 31, 2021 and more than
doubled from the prior-year period
- Net interest income was $14.1
million, compared to $15.3 million for the quarter ended December
31, 2021 and $8.4 million in the prior year period
- Net Income was $10.3 million,
compared to $10.1 million for the quarter ended December 31, 2021
and $5.3 million in the prior year period
- Diluted earnings per share (“EPS”)
were $0.76 for the quarter, compared to $0.90 for the quarter ended
December 31, 2021 and $0.59 for the prior year period
- Efficiency ratio was 35.1%,
compared to 34.3% for the quarter ended December 31, 2021 and 45.9%
for the prior year period
- Maintained industry-leading returns
with annualized return on average equity (ROAE) of 34.1%, compared
to 43.8% in the quarter ended December 31, 2021 and 43.1% in the
prior year period
- Asset quality remained strong with
a nonperforming loans to total loans ratio of 0.2%
“FinWise continued to deliver solid results as
our platform’s scalability facilitated another quarter of robust
loan originations from our existing strategic programs,” said Kent
Landvatter, Chief Executive Officer and President of FinWise. “We
also maintained our industry-leading efficiency and profitability,
while we continued the buildout of our operating infrastructure to
further enhance future growth potential. These results exemplify
the strength of our business model which gives us confidence that
we can continue to expand our market share to the benefit of our
customers and shareholders over the long-term.”
Results of Operations
The Company’s first quarter of 2022 was
highlighted by continued strength in loan originations across its
primary lines of business, substantial earnings growth, solid
efficiency, and industry-leading returns.
Selected Financial Data
($s in
thousands, except per share amounts, annualized ratios) |
|
For the Three Months Ended |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Net Income |
|
$ |
10,268 |
|
|
$ |
10,111 |
|
|
$ |
5,291 |
|
Diluted
EPS |
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
0.59 |
|
Return on
average assets |
|
|
10.2 |
% |
|
|
11.3 |
% |
|
|
6.5 |
% |
Return on
average equity |
|
|
34.1 |
% |
|
|
43.8 |
% |
|
|
43.1 |
% |
Yield on
loans |
|
|
19.2 |
% |
|
|
21.6 |
% |
|
|
13.6 |
% |
Cost of
deposits |
|
|
0.8 |
% |
|
|
0.8 |
% |
|
|
1.5 |
% |
Net interest
margin |
|
|
14.5 |
% |
|
|
16.6 |
% |
|
|
11.0 |
% |
Efficiency
ratio |
|
|
35.1 |
% |
|
|
34.3 |
% |
|
|
45.9 |
% |
Tangible
book value per share |
|
$ |
9.84 |
|
|
$ |
9.04 |
|
|
$ |
6.00 |
|
Tangible
shareholders’ equity to tangible assets (1) |
|
|
29.6 |
% |
|
|
30.4 |
% |
|
|
15.8 |
% |
Leverage
Ratio (Bank under CBLR) |
|
|
19.3 |
% |
|
|
17.7 |
% |
|
|
19.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 as an
intangible asset 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 Income
Net income was $10.3 million for the first
quarter of 2022, compared to $10.1 million for the fourth quarter
of 2021, and nearly double the net income for the first quarter of
2021. Growth relative to the previous quarter reflects an increase
in non-interest income driven by gain on sale of loans and higher
strategic program fees, partially offset by an increase in
non-interest expense. Compared to the prior year period, net income
growth was primarily driven by increases in net interest income and
non-interest income, partially offset by higher non-interest
expenses and provision for loan loss.
Net Interest Income
Net interest income was $14.1 million for the
first quarter of 2022, compared to $15.3 million for the fourth
quarter of 2021, and $8.4 million for the first quarter of 2021.
The decline from the previous quarter was primarily due to a change
in the mix of held for sale loans reflecting higher average
balances from strategic programs with lower yielding loans. Growth
over the prior year period primarily reflected strong loan growth
resulting in higher balances and an increase in average interest
earning assets.
Loan originations totaled $2.5 billion for the
first quarter of 2022, up 9.0% from $2.3 billion for the fourth
quarter of 2021, and up 147.8% from $1.0 billion for the first
quarter of 2021.
Net interest margin for the first quarter of
2022 was 14.5% compared to 16.6% for the fourth quarter of 2021 and
11.0% for the first quarter of 2021. The decline from the previous
quarter was primarily driven by higher average held for sale and
held for investment loan balances carrying lower yields from
strategic programs. The decrease in net interest margin was
partially offset by a change in the underlying mix of held for
investment loans reflecting a decrease in lower yielding SBA 7(a)
loans. The net interest margin increase from the first quarter of
2021 was driven mainly by a substantial reduction in average PPP
loans with a notional interest rate of 1.0% outstanding.
Provision for Loan Losses
The Company’s provision for loan losses was $2.9
million for the first quarter of 2022, compared to $2.5 million for
the fourth quarter of 2021 and $0.6 million for the first quarter
of 2021. The increase from the previous quarter was primarily due
to loan growth on unguaranteed loans held for investment and an
increase in net charge-offs. The increase in the Company’s
provision for loan losses for the first quarter of 2022 compared to
the first quarter of 2021 was due to substantial loan growth and an
increase in net charge-offs.
Non-interest Income
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
($s in
thousands) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Non-interest
income: |
|
|
|
|
|
|
Strategic program fees |
|
$ |
6,623 |
|
|
$ |
6,082 |
|
|
$ |
2,953 |
|
Gain on sale of loans |
|
|
5,052 |
|
|
|
1,813 |
|
|
|
2,603 |
|
SBA loan servicing fees |
|
|
387 |
|
|
|
356 |
|
|
|
152 |
|
Change in fair value on investment in BFG |
|
|
(398 |
) |
|
|
864 |
|
|
|
360 |
|
Other miscellaneous income |
|
|
18 |
|
|
|
14 |
|
|
|
11 |
|
Total
non-interest income |
|
$ |
11,682 |
|
|
$ |
9,129 |
|
|
$ |
6,079 |
|
|
|
|
|
|
|
|
Non-interest income was $11.7 million for the
first quarter of 2022, an increase of 28.0% from $9.1 million for
the fourth quarter of 2021, and nearly doubled from $6.1 million
for the first quarter of 2021. The increase over both prior periods
was driven primarily by higher gain on sale of loans due to an
increase in the number of SBA 7(a) loans sold as well as an
increase in strategic program fees due to significant loan
origination volume. The increase over both periods was partially
offset by a decrease in the change in fair value on investment in
Business Funding Group, LLC (“BFG”) due primarily to the softening
of comparable company values used in determining BFG fair
value.
Non-interest Expense
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
($s in
thousands) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Non-interest
expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
7,092 |
|
|
$ |
6,052 |
|
|
$ |
4,895 |
|
Occupancy and equipment expenses |
|
|
302 |
|
|
|
208 |
|
|
|
194 |
|
(Recovery) impairment of SBA servicing asset |
|
|
(59 |
) |
|
|
800 |
|
|
|
- |
|
Other operating expenses |
|
|
1,713 |
|
|
|
1,311 |
|
|
|
1,574 |
|
Total
non-interest expense |
|
$ |
9,048 |
|
|
$ |
8,371 |
|
|
$ |
6,663 |
|
Non-interest expense was $9.0 million for the
first quarter of 2022, compared to $8.4 million for the fourth
quarter of 2021 and $6.7 million for the first quarter of 2021. The
increase over both prior periods was primarily due to increased
expenses from higher employee head count related to an increase in
strategic program loan volume, the expansion of the Company’s
information technology and security division to support
enhancements to the Company’s infrastructure, and contractual
bonuses paid relating to the expansion of the strategic programs.
The increase compared to the fourth quarter of 2021 was partially
offset by the minor recovery and lack of additional impairment on
the SBA servicing asset in the first quarter of 2022.
The Company’s efficiency ratio was 35.1% for the
first quarter of 2022 as compared to 34.3% for the fourth quarter
of 2021 and 45.9% for the first quarter of 2021.
Tax Rate
The Company’s effective tax rate was
approximately 25.4% for the first quarter of 2022, compared to
25.3% for the fourth quarter of 2021 and 26.7% for the first
quarter of 2021.
Balance Sheet
The Company’s total assets were $425.6 million
at March 31, 2022, an increase of 11.9% from $380.2 million at
December 31, 2021, and an increase of 28.9% from $330.1 million at
March 31, 2021. The increase over both prior periods was mainly due
to growth in deposits to fund the Company’s growing Strategic
Program loan portfolio. The increase in total assets compared to
March 31, 2021 also reflected an increase in cash from the
Company’s public stock offering and an increase in deposits to fund
SBA 7(a) loans offset by a substantial decrease in borrowings under
the PPP Liquidity Facility due to a decline in PPP loans
outstanding.
The following table shows the loan portfolio as
of the dates indicated:
|
|
As of |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
($s in thousands) |
|
Amount |
|
% of totalloans |
|
Amount |
|
% of totalloans |
|
Amount |
|
% of totalloans |
SBA |
|
$ |
127,778 |
|
|
|
46.9 |
% |
|
$ |
142,392 |
|
|
|
53.6 |
% |
|
$ |
167,824 |
|
68.4 |
% |
Commercial, non real estate |
|
|
3,285 |
|
|
|
1.2 |
% |
|
|
3,428 |
|
|
|
1.3 |
% |
|
|
3,867 |
|
1.6 |
% |
Residential real estate |
|
|
30,772 |
|
|
|
11.3 |
% |
|
|
27,108 |
|
|
|
10.2 |
% |
|
|
21,712 |
|
8.9 |
% |
Strategic Program loans |
|
|
101,819 |
|
|
|
37.4 |
% |
|
|
85,850 |
|
|
|
32.3 |
% |
|
|
44,427 |
|
18.1 |
% |
Commercial real estate |
|
|
4,187 |
|
|
|
1.5 |
% |
|
|
2,436 |
|
|
|
0.9 |
% |
|
|
2,589 |
|
1.1 |
% |
Consumer |
|
|
4,711 |
|
|
|
1.7 |
% |
|
|
4,574 |
|
|
|
1.7 |
% |
|
|
4,807 |
|
2.0 |
% |
Total period end loans |
|
$ |
272,552 |
|
|
|
100.0 |
% |
|
$ |
265,788 |
|
|
|
100.0 |
% |
|
$ |
245,226 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: SBA loans as of
March 31, 2022, December 31, 2021 and March 31, 2021 include $1.0
million, $1.1 million and $65.9 million in PPP loans, respectively.
SBA loans as of March 31, 2022, December 31, 2021 and March 31,
2021 include $53.2 million, $75.7 million and $48.0 million,
respectively, of SBA 7(a) loan balances that are guaranteed by the
SBA. |
Total loans receivable at March 31, 2022
increased 2.5% to $272.6 million from $265.8 million at December
31, 2021 and increased 11.1% from $245.2 million at March 31, 2021.
The growth in loans receivable over both periods was due primarily
to increases in strategic program loans. The increase in total
loans compared to December 31, 2021 was partially offset by a
decrease in SBA loans. Growth compared to March 31, 2021 was
partially offset by a substantial decrease in PPP loans due to PPP
loan forgiveness throughout 2021.
The following table shows the deposit composition as of the
dates indicated:
|
|
As of |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
($s in
thousands) |
|
Total |
|
Percent |
|
Total |
|
Percent |
|
Total |
|
Percent |
Noninterest-bearing demand deposits |
|
$ |
127,330 |
|
|
|
45.9 |
% |
|
$ |
110,548 |
|
|
|
43.9 |
% |
|
$ |
100,809 |
|
53.5 |
% |
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
7,919 |
|
|
|
2.8 |
% |
|
|
5,399 |
|
|
|
2.1 |
% |
|
|
6,682 |
|
3.5 |
% |
Savings |
|
|
7,089 |
|
|
|
2.6 |
% |
|
|
6,685 |
|
|
|
2.7 |
% |
|
|
6,882 |
|
3.7 |
% |
Money markets |
|
|
53,434 |
|
|
|
19.3 |
% |
|
|
31,076 |
|
|
|
12.3 |
% |
|
|
17,582 |
|
9.3 |
% |
Time certificates of deposit |
|
|
81,688 |
|
|
|
29.4 |
% |
|
|
98,184 |
|
|
|
39.0 |
% |
|
|
56,556 |
|
30.0 |
% |
Total period
end deposits |
|
$ |
277,460 |
|
|
|
100.0 |
% |
|
$ |
251,892 |
|
|
|
100.0 |
% |
|
$ |
188,511 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits at March 31, 2022 increased 10.2%
to $277.5 million from $251.9 million at December 31, 2021, and
increased 47.2% from $188.5 million at March 31, 2021. The increase
from the fourth quarter of 2021 was driven primarily by an increase
in money market deposits and noninterest-bearing demand deposits.
The increase from the first quarter of 2021 was driven by a
significant increase in money market accounts, noninterest-bearing
demand deposits, and time certificates of deposit.
Total shareholders’ equity increased $10.4
million, or 9.0%, to $125.8 million at March 31, 2022 from $115.4
million at December 31, 2021. Compared to the period ending March
31, 2021, shareholder’s equity increased $73.5 million, or more
than doubled from $52.3 million. The increase in shareholders’
equity over the prior quarter was mainly driven by an increase in
net income during the first quarter of 2022. The increase over the
prior year period was primarily due to the Company’s Initial Public
Offering and an increase in net income.
Bank Regulatory Capital Ratios
The following table presents the leverage ratios for the Bank as
of the dates indicated:
|
|
As of |
|
2022 |
|
2021 |
|
|
3/31/2022 |
|
12/31/2021 |
|
Well-CapitalizedRequirement |
|
Well-CapitalizedRequirement |
Leverage
Ratio (Bank under CBLR) |
|
19.3% |
|
17.7% |
|
9.0% |
|
8.5% |
The Bank’s capital levels remain significantly above
well-capitalized guidelines as of the end of the first quarter of
2022.
Asset QualityNonperforming
loans were $0.7 million or 0.2% of total loans receivable at March
31, 2022, compared to $0.7 million or 0.2% of total loans
receivable at December 31, 2021 and $0.8 million or 0.3% of total
loans receivable at March 31, 2021. As noted above, the provision
for loan losses was $2.9 million for the first quarter of 2022,
compared to $2.5 million for the fourth quarter of 2021 and $0.6
million for the first quarter of 2021. The Company’s allowance for
loan losses to total loans (less PPP loans) was 3.7% at March 31,
2022 compared to 3.7% at December 31, 2021 and 3.4% at March 31,
2021. During the first quarter of 2022, the Company’s
net charge-offs were $2.8 million, compared to $2.3 million during
the fourth quarter of 2021 and $0.6 million during the first
quarter of 2021. The increase in charge-offs during the first
quarter of 2022 compared to the fourth quarter of 2021 was
predominantly driven by the normalization of credit losses to
pre-pandemic market conditions and by growth in the Company’s held
for investment balances. The increase in charge-offs during the
first quarter of 2022 compared to the first quarter of 2021 was
mainly driven by growth in the Company’s held for investment
balances related to four of its strategic programs.
The following table presents a summary of changes in the
allowance for loan losses and asset quality ratios for the periods
indicated:
|
|
For the Three Months Ended |
($s in
thousands) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Allowance
for Loan & Lease Losses: |
|
|
|
|
|
|
Beginning Balance |
|
$ |
9,855 |
|
|
$ |
9,640 |
|
|
$ |
6,199 |
|
Provision |
|
|
2,947 |
|
|
|
2,502 |
|
|
|
633 |
|
Charge offs |
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
(31 |
) |
|
|
(100 |
) |
|
|
(7 |
) |
Commercial, non real estate |
|
|
- |
|
|
|
- |
|
|
|
(41 |
) |
Residential real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Strategic Program loans |
|
|
(2,878 |
) |
|
|
(2,379 |
) |
|
|
(741 |
) |
Commercial real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Consumer |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
- |
|
|
|
4 |
|
|
|
11 |
|
Commercial, non real estate |
|
|
1 |
|
|
|
11 |
|
|
|
- |
|
Residential real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Strategic Program loans |
|
|
93 |
|
|
|
177 |
|
|
|
132 |
|
Commercial real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Consumer |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Ending
Balance |
|
$ |
9,987 |
|
|
$ |
9,855 |
|
|
$ |
6,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality Ratios |
|
As of and For the Three Months Ended |
($s in
thousands, annualized ratios) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Nonperforming loans |
|
$ |
658 |
|
|
$ |
657 |
|
|
$ |
789 |
|
Nonperforming loans to total loans |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.3 |
% |
Net charge
offs to average loans |
|
|
3.8 |
% |
|
|
3.2 |
% |
|
|
1.0 |
% |
Allowance
for loan losses to loans held for investment |
|
|
5.0 |
% |
|
|
4.8 |
% |
|
|
3.0 |
% |
Allowance
for loan losses to total loans |
|
|
3.7 |
% |
|
|
3.7 |
% |
|
|
2.5 |
% |
Allowance
for loan losses to total loans (less PPP loans) |
|
|
3.7 |
% |
|
|
3.7 |
% |
|
|
3.4 |
% |
Net charge-offs |
|
$ |
2,815 |
|
|
$ |
2,287 |
|
|
$ |
648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Webcast and
Conference
Call
Information
FinWise will host a conference call today at
5:00 PM ET to discuss its financial results for the first quarter
of 2022. A simultaneous audio webcast of the conference call will
be available on the Company’s investor relations section of the
website at
https://services.choruscall.com/mediaframe/webcast.html?webcastid=RWKUafDT.
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
on the Company’s website at https://finwisebank.gcs-web.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, SEC filings, 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 Bancorp
FinWise Bancorp is a Utah bank holding company
headquartered in Murray, Utah. FinWise operates through its
wholly-owned subsidiary, FinWise Bank, a Utah state-chartered
non-member bank. FinWise currently operates one full-service
banking location in Sandy, Utah and a loan production office in
Rockville Centre, New York. FinWise is a nationwide lender to and
takes deposits from consumers and small businesses. Learn more at
www.finwisebancorp.com.
Contacts
investors@finwisebank.commedia@finwisebank.com
"Safe Harbor" Statement Under the Private Securities
Litigation Reform Act of 1995
This 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) conditions relating to the
Covid-19 pandemic, including the severity and duration of the
associated economic slowdown either nationally or in the Company’s
market areas, and the response of governmental authorities to the
Covid-19 pandemic and the Company’s participation in
Covid-19-related government programs such as the PPP; (b) system
failure or cybersecurity breaches of the Company’s network
security; (c) 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; (d) the Company’s ability to keep pace with rapid
technological changes in the industry or implement new technology
effectively; (e) 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; (f) 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; (g)
increased competition in the financial services industry,
particularly from regional and national institutions and other
companies that offer banking services; (h) 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; (i) the adequacy of the Company’s
risk management framework; (j) the adequacy of the Company’s
allowance for loan losses; (k) the financial soundness of other
financial institutions; (l) new lines of business or new products
and services; (m) changes in 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; (n) changes in the value of
collateral securing the Company’s loans; (o) possible increases in
the Company’s levels of nonperforming assets; (p) potential losses
from loan defaults and nonperformance on loans; (q) the Company’s
ability to protect its intellectual property and the risks it faces
with respect to claims and litigation initiated against the
Company; (r) the inability of small- and medium-sized businesses to
whom the Company lends to weather adverse business conditions and
repay loans; (s) the Company’s ability to implement aspects of its
growth strategy and to sustain its historic rate of growth; (t) the
Company’s ability to continue to originate, sell and retain loans,
including through its Strategic Programs; (u) the concentration of
the Company’s lending and depositor relationships through Strategic
Programs in the financial technology industry generally; (v) the
Company’s ability to attract additional merchants and retain and
grow its existing merchant relationships; (w) 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; (x) 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; (y) 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; (z) the Company’s dependence on its
management team and changes in management composition; (aa) 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; (bb) compliance with laws and
regulations, supervisory actions, the Dodd-Frank Act, the
Regulatory Relief Act, capital requirements, the Bank Secrecy Act,
anti-money laundering laws, predatory lending laws, and other
statutes and regulations; (cc) changes in the laws, rules,
regulations, interpretations or policies relating to financial
institutions, accounting, tax, trade, monetary and fiscal matters;
(dd) the Company’s ability to maintain a strong core deposit base
or other low-cost funding sources; (ee) results of examinations of
the Company by the Company’s regulators, including the possibility
that its regulators may, among other things, require the Company to
increase its allowance for loan losses or to write-down assets;
(ff) the Company’s involvement from time to time in legal
proceedings, examinations and remedial actions by regulators; (gg)
further government intervention in the U.S. financial system; (hh)
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; (ii) the Company’s ability to maintain and grow
its relationships with its Strategic Program service providers;
(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; and (ll) 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, 2021
and subsequent reports on Form 10-Q and Form 8-K.
The foregoing factors should not be construed as
exhaustive. If one or more events related to these or other risks
or uncertainties materialize, or if the Company’s underlying
assumptions prove to be incorrect, actual results may differ
materially from its forward-looking statements. Accordingly, you
should not place undue reliance on any such forward-looking
statements. 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
BANCORP CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION($s in thousands;
unaudited) |
|
|
|
As of |
($s in
thousands) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
414 |
|
|
$ |
411 |
|
|
$ |
397 |
|
Interest bearing deposits |
|
|
116,232 |
|
|
|
85,343 |
|
|
|
73,825 |
|
Total cash and cash equivalents |
|
|
116,646 |
|
|
|
85,754 |
|
|
|
74,222 |
|
Investment securities held-to-maturity, at cost |
|
|
10,986 |
|
|
|
11,423 |
|
|
|
1,670 |
|
Investment in Federal Home Loan Bank (FHLB) stock, at cost |
|
|
449 |
|
|
|
378 |
|
|
|
378 |
|
Loans receivable, net |
|
|
190,668 |
|
|
|
198,102 |
|
|
|
201,136 |
|
Strategic Program loans held-for-sale, at lower of cost or fair
value |
|
|
73,805 |
|
|
|
60,748 |
|
|
|
37,847 |
|
Premises and equipment, net |
|
|
4,531 |
|
|
|
3,285 |
|
|
|
1,488 |
|
Accrued interest receivable |
|
|
1,347 |
|
|
|
1,548 |
|
|
|
1,395 |
|
Deferred taxes, net |
|
|
1,788 |
|
|
|
1,823 |
|
|
|
670 |
|
SBA servicing asset, net |
|
|
5,225 |
|
|
|
3,938 |
|
|
|
3,074 |
|
Investment in Business Funding Group (BFG), at fair value |
|
|
5,400 |
|
|
|
5,900 |
|
|
|
3,873 |
|
Investment in FinWise Investments, LLC |
|
|
80 |
|
|
|
80 |
|
|
|
- |
|
Operating lease right-of-use ("ROU") assets |
|
|
7,178 |
|
|
|
- |
|
|
|
- |
|
Other assets |
|
|
7,500 |
|
|
|
7,235 |
|
|
|
4,300 |
|
Total assets |
|
$ |
425,603 |
|
|
$ |
380,214 |
|
|
$ |
330,053 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
Noninterest bearing |
|
$ |
127,330 |
|
|
$ |
110,548 |
|
|
$ |
100,809 |
|
Interest bearing |
|
|
150,130 |
|
|
|
141,344 |
|
|
|
87,702 |
|
Total deposits |
|
|
277,460 |
|
|
|
251,892 |
|
|
|
188,511 |
|
Accrued interest payable |
|
|
39 |
|
|
|
48 |
|
|
|
218 |
|
Income taxes payable, net |
|
|
3,696 |
|
|
|
233 |
|
|
|
2,847 |
|
PPP Liquidity Facility |
|
|
952 |
|
|
|
1,050 |
|
|
|
79,704 |
|
Operating lease liabilities |
|
|
7,386 |
|
|
|
- |
|
|
|
- |
|
Other liabilities |
|
|
10,281 |
|
|
|
11,549 |
|
|
|
6,463 |
|
Total liabilities |
|
|
299,814 |
|
|
|
264,772 |
|
|
|
277,743 |
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Common stock |
|
|
13 |
|
|
|
13 |
|
|
|
9 |
|
Additional paid-in-capital |
|
|
54,915 |
|
|
|
54,836 |
|
|
|
18,000 |
|
Retained earnings |
|
|
70,861 |
|
|
|
60,593 |
|
|
|
34,301 |
|
Total shareholders' equity |
|
|
125,789 |
|
|
|
115,442 |
|
|
|
52,310 |
|
Total liabilities and shareholders' equity |
|
$ |
425,603 |
|
|
$ |
380,214 |
|
|
$ |
330,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINWISE
BANCORPCONDENSED CONSOLIDATED STATEMENTS OF
INCOME ($s in thousands, except per share amounts;
unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
($s in
thousands, except per share amounts) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Interest income |
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
14,275 |
|
|
$ |
15,500 |
|
|
$ |
8,790 |
|
Interest on securities |
|
|
39 |
|
|
|
28 |
|
|
|
6 |
|
Other interest income |
|
|
28 |
|
|
|
25 |
|
|
|
10 |
|
Total
interest income |
|
|
14,342 |
|
|
|
15,553 |
|
|
|
8,806 |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
Interest on deposits |
|
|
261 |
|
|
|
279 |
|
|
|
297 |
|
Interest on PPP Liquidity Facility |
|
|
1 |
|
|
|
2 |
|
|
|
75 |
|
Total
interest expense |
|
|
262 |
|
|
|
281 |
|
|
|
372 |
|
Net
interest income |
|
|
14,080 |
|
|
|
15,272 |
|
|
|
8,434 |
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
2,947 |
|
|
|
2,503 |
|
|
|
633 |
|
Net interest
income after provision for loan losses |
|
|
11,133 |
|
|
|
12,769 |
|
|
|
7,801 |
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
Strategic Program fees |
|
|
6,623 |
|
|
|
6,082 |
|
|
|
2,953 |
|
Gain on sale of loans |
|
|
5,052 |
|
|
|
1,813 |
|
|
|
2,603 |
|
SBA loan servicing fees |
|
|
387 |
|
|
|
356 |
|
|
|
152 |
|
Change in fair value on investment in BFG |
|
|
(398 |
) |
|
|
864 |
|
|
|
360 |
|
Other miscellaneous income |
|
|
18 |
|
|
|
14 |
|
|
|
11 |
|
Total
non-interest income |
|
|
11,682 |
|
|
|
9,129 |
|
|
|
6,079 |
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
7,092 |
|
|
|
6,052 |
|
|
|
4,895 |
|
Occupancy and equipment expenses |
|
|
302 |
|
|
|
208 |
|
|
|
194 |
|
(Recovery) impairment of SBA servicing asset |
|
|
(59 |
) |
|
|
800 |
|
|
|
- |
|
Other operating expenses |
|
|
1,713 |
|
|
|
1,311 |
|
|
|
1,574 |
|
Total
non-interest expense |
|
|
9,048 |
|
|
|
8,371 |
|
|
|
6,663 |
|
Income before income tax expense |
|
|
13,767 |
|
|
|
13,527 |
|
|
|
7,217 |
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
3,499 |
|
|
|
3,416 |
|
|
|
1,926 |
|
Net
income |
|
$ |
10,268 |
|
|
$ |
10,111 |
|
|
$ |
5,291 |
|
|
|
|
|
|
|
|
Earnings per
share, basic |
|
$ |
0.80 |
|
|
$ |
0.95 |
|
|
$ |
0.61 |
|
Earnings per
share, diluted |
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding, basic |
|
|
12,777,237 |
|
|
|
10,169,005 |
|
|
|
8,091,186 |
|
Weighted
average shares outstanding, diluted |
|
|
13,567,311 |
|
|
|
10,818,984 |
|
|
|
8,335,772 |
|
Shares
outstanding at end of period |
|
|
12,788,810 |
|
|
|
12,772,010 |
|
|
|
8,716,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINWISE
BANCORPAVERAGE BALANCES, YIELDS, AND RATES -
QUARTERLY($s in thousands;
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
For the Three Months Ended |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
($s in thousands, annualized ratios) |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S.
central banks and other banks |
|
$ |
79,855 |
|
|
|
28 |
|
|
|
0.14 |
% |
|
$ |
72,746 |
|
|
|
25 |
|
0.14 |
% |
|
$ |
46,885 |
|
|
|
10 |
|
0.09 |
% |
Investment securities |
|
|
11,263 |
|
|
|
39 |
|
|
|
1.39 |
% |
|
|
8,078 |
|
|
|
28 |
|
1.39 |
% |
|
|
1,750 |
|
|
|
6 |
|
1.37 |
% |
Loans held for sale |
|
|
94,610 |
|
|
|
6,765 |
|
|
|
28.60 |
% |
|
|
87,156 |
|
|
|
7,553 |
|
34.66 |
% |
|
|
35,349 |
|
|
|
3,566 |
|
40.35 |
% |
Loans held for investment |
|
|
202,052 |
|
|
|
7,510 |
|
|
|
14.87 |
% |
|
|
199,609 |
|
|
|
7,947 |
|
15.93 |
% |
|
|
223,728 |
|
|
|
5,224 |
|
9.34 |
% |
Total interest earning assets |
|
|
387,780 |
|
|
|
14,342 |
|
|
|
14.79 |
% |
|
|
367,589 |
|
|
|
15,553 |
|
16.92 |
% |
|
|
307,712 |
|
|
|
8,806 |
|
11.45 |
% |
Less: allowance for loan losses |
|
|
(10,366 |
) |
|
|
|
|
|
|
(9,450 |
) |
|
|
|
|
|
|
(6,288 |
) |
|
|
|
|
Non-interest earning assets |
|
|
25,096 |
|
|
|
|
|
|
|
24,379 |
|
|
|
|
|
|
|
11,354 |
|
|
|
|
|
Total assets |
|
$ |
402,510 |
|
|
|
|
|
|
$ |
382,518 |
|
|
|
|
|
|
$ |
312,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
6,344 |
|
|
$ |
14 |
|
|
|
0.88 |
% |
|
$ |
7,411 |
|
|
$ |
15 |
|
0.81 |
% |
|
$ |
6,287 |
|
|
$ |
14 |
|
0.89 |
% |
Savings |
|
|
6,678 |
|
|
|
1 |
|
|
|
0.06 |
% |
|
|
7,573 |
|
|
|
1 |
|
0.05 |
% |
|
|
6,851 |
|
|
|
3 |
|
0.18 |
% |
Money market accounts |
|
|
31,889 |
|
|
|
22 |
|
|
|
0.28 |
% |
|
|
28,859 |
|
|
|
21 |
|
0.29 |
% |
|
|
17,728 |
|
|
|
16 |
|
0.36 |
% |
Certificates of deposit |
|
|
87,626 |
|
|
|
224 |
|
|
|
1.02 |
% |
|
|
104,135 |
|
|
|
242 |
|
0.93 |
% |
|
|
50,888 |
|
|
|
264 |
|
2.08 |
% |
Total deposits |
|
|
132,537 |
|
|
|
261 |
|
|
|
0.79 |
% |
|
|
147,978 |
|
|
|
279 |
|
0.75 |
% |
|
|
81,754 |
|
|
|
297 |
|
1.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
|
985 |
|
|
|
1 |
|
|
|
0.41 |
% |
|
|
1,437 |
|
|
|
2 |
|
0.56 |
% |
|
|
87,267 |
|
|
|
75 |
|
0.34 |
% |
Total interest bearing liabilities |
|
|
133,522 |
|
|
|
262 |
|
|
|
0.79 |
% |
|
|
149,415 |
|
|
|
281 |
|
0.75 |
% |
|
|
169,021 |
|
|
|
372 |
|
0.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
137,750 |
|
|
|
|
|
|
|
127,590 |
|
|
|
|
|
|
|
89,111 |
|
|
|
|
|
Non-interest bearing liabilities |
|
|
11,791 |
|
|
|
|
|
|
|
16,315 |
|
|
|
|
|
|
|
6,586 |
|
|
|
|
|
Shareholders’ equity |
|
|
119,447 |
|
|
|
|
|
|
|
89,199 |
|
|
|
|
|
|
|
48,060 |
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
402,510 |
|
|
|
|
|
|
$ |
382,519 |
|
|
|
|
|
|
$ |
312,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and interest rate spread |
|
|
|
$ |
14,080 |
|
|
|
14.01 |
% |
|
|
|
$ |
15,272 |
|
16.17 |
% |
|
|
|
$ |
8,434 |
|
10.57 |
% |
Net interest margin |
|
|
|
|
|
|
14.52 |
% |
|
|
|
|
|
16.62 |
% |
|
|
|
|
|
10.96 |
% |
Ratio of average interest-earning assets to average interest-
bearing liabilities |
|
|
|
|
|
|
290.42 |
% |
|
|
|
|
|
246.02 |
% |
|
|
|
|
|
182.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Average PPP loans for the three months ended March 31, 2022,
December 31, 2021 and March 31, 2021 were $1.0 million, $1.5
million and $91.3 million, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINWISE
BANCORPSELECTED HISTORICAL CONSOLIDATED FINANCIAL
AND OTHER DATA ($s in thousands, except per share
amounts; unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
($s in thousands, except for per share data, annualized
ratios) |
|
As of and for the Three Months Ended |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Selected Loan Metrics |
|
|
|
|
|
|
Amount of
loans originated |
|
$ |
2,511,306 |
|
|
$ |
2,304,234 |
|
|
$ |
1,013,408 |
|
Selected Income Statement Data |
|
|
|
|
|
|
Interest
income |
|
$ |
14,342 |
|
|
$ |
15,553 |
|
|
$ |
8,806 |
|
Interest
expense |
|
|
262 |
|
|
|
281 |
|
|
|
372 |
|
Net interest
income |
|
|
14,080 |
|
|
|
15,272 |
|
|
|
8,434 |
|
Provision
for loan losses |
|
|
2,947 |
|
|
|
2,503 |
|
|
|
633 |
|
Net interest
income after provision for loan losses |
|
|
11,133 |
|
|
|
12,769 |
|
|
|
7,801 |
|
Non-interest
income |
|
|
11,682 |
|
|
|
9,129 |
|
|
|
6,079 |
|
Non-interest
expense |
|
|
9,048 |
|
|
|
8,371 |
|
|
|
6,663 |
|
Provision
for income taxes |
|
|
3,499 |
|
|
|
3,416 |
|
|
|
1,926 |
|
Net
income |
|
|
10,268 |
|
|
|
10,111 |
|
|
|
5,291 |
|
Selected Balance Sheet Data |
|
|
|
|
|
|
Total
Assets |
|
$ |
425,603 |
|
|
$ |
380,214 |
|
|
$ |
330,053 |
|
Cash and
cash equivalents |
|
|
116,646 |
|
|
|
85,754 |
|
|
|
74,222 |
|
Investment
securities held-to-maturity, at cost |
|
|
10,986 |
|
|
|
11,423 |
|
|
|
1,670 |
|
Loans
receivable, net |
|
|
190,668 |
|
|
|
198,102 |
|
|
|
201,136 |
|
Strategic
Program loans held-for-sale, at lower of cost or fair value |
|
|
73,805 |
|
|
|
60,748 |
|
|
|
37,847 |
|
SBA
servicing asset, net |
|
|
5,225 |
|
|
|
3,938 |
|
|
|
3,074 |
|
Investment
in Business Funding Group, at fair value |
|
|
5,400 |
|
|
|
5,900 |
|
|
|
3,873 |
|
Deposits |
|
|
277,460 |
|
|
|
251,892 |
|
|
|
188,511 |
|
PPP
Liquidity Facility |
|
|
952 |
|
|
|
1,050 |
|
|
|
79,704 |
|
Total
shareholders' equity |
|
|
125,789 |
|
|
|
115,442 |
|
|
|
52,310 |
|
Tangible
shareholders’ equity (1) |
|
|
125,789 |
|
|
|
115,442 |
|
|
|
52,310 |
|
Share and Per Share Data |
|
|
|
|
|
|
Earnings per
share - basic |
|
$ |
0.80 |
|
|
$ |
0.95 |
|
|
$ |
0.61 |
|
Earnings per
share - diluted |
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
0.59 |
|
Book value
per share |
|
$ |
9.84 |
|
|
$ |
9.04 |
|
|
$ |
6.00 |
|
Tangible
book value per share |
|
$ |
9.84 |
|
|
$ |
9.04 |
|
|
$ |
6.00 |
|
Weighted avg
outstanding shares - basic |
|
|
12,777,237 |
|
|
|
10,169,005 |
|
|
|
8,091,186 |
|
Weighted avg
outstanding shares - diluted |
|
|
13,567,311 |
|
|
|
10,818,984 |
|
|
|
8,335,772 |
|
Shares
outstanding at end of period |
|
|
12,788,810 |
|
|
|
12,772,010 |
|
|
|
8,716,110 |
|
Asset Quality Ratios |
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.3 |
% |
Net charge
offs to average loans |
|
|
3.8 |
% |
|
|
3.2 |
% |
|
|
1.0 |
% |
Allowance
for loan losses to loans held for investment |
|
|
5.0 |
% |
|
|
4.8 |
% |
|
|
3.0 |
% |
Allowance
for loan losses to total loans |
|
|
3.7 |
% |
|
|
3.7 |
% |
|
|
2.5 |
% |
Allowance for loan losses to total loans (less PPP loans) |
|
3.7 |
% |
|
|
3.7 |
% |
|
|
3.4 |
% |
Capital Ratios |
|
|
|
|
|
|
Total
shareholders' equity to total assets |
|
|
29.6 |
% |
|
|
30.4 |
% |
|
|
15.8 |
% |
Tangible
shareholders’ equity to tangible assets (1) |
|
|
29.6 |
% |
|
|
30.4 |
% |
|
|
15.8 |
% |
Leverage
Ratio (Bank under CBLR) |
|
|
19.3 |
% |
|
|
17.7 |
% |
|
|
19.4 |
% |
|
|
|
|
|
|
|
(1) 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 as an
intangible asset 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 GAAP to Non-GAAP Financial
Measures |
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
|
|
|
|
|
For Three Months Ended |
($s in
thousands, annualized ratios) |
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
Non-interest
expense |
|
$ |
9,048 |
|
|
$ |
8,371 |
|
|
$ |
6,663 |
|
Net interest
income |
|
|
14,080 |
|
|
|
15,272 |
|
|
|
8,434 |
|
Total
non-interest income |
|
|
11,682 |
|
|
|
9,129 |
|
|
|
6,079 |
|
Adjusted operating revenue |
|
$ |
25,762 |
|
|
$ |
24,401 |
|
|
$ |
14,513 |
|
Efficiency
ratio |
|
|
35.1 |
% |
|
|
34.3 |
% |
|
|
45.9 |
% |
|
|
|
|
|
|
|
Allowance for loan losses to total loans (less PPP
Loans) |
|
|
|
|
|
|
As of |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
($s in
thousands) |
|
|
|
|
|
|
Allowance
for loan losses |
|
$ |
9,987 |
|
|
$ |
9,855 |
|
|
$ |
6,184 |
|
Total
Loans |
|
|
272,552 |
|
|
|
265,788 |
|
|
|
245,226 |
|
PPP
Loans |
|
|
991 |
|
|
|
1,091 |
|
|
|
65,858 |
|
Total Loans
less PPP Loans |
|
$ |
271,561 |
|
|
$ |
264,697 |
|
|
$ |
179,368 |
|
Allowance
for loan losses to total loans (less PPP Loans) |
|
|
3.7 |
% |
|
|
3.7 |
% |
|
|
3.4 |
% |
|
|
|
|
|
|
|
Total
nonperforming assets and troubled debt restructurings to total
assets (less PPP loans) |
|
|
As of |
|
|
3/31/2022 |
|
12/31/2021 |
|
3/31/2021 |
($s in
thousands) |
|
|
|
|
|
|
Total
Assets |
|
$ |
425,603 |
|
|
$ |
380,214 |
|
|
$ |
330,053 |
|
PPP
Loans |
|
|
991 |
|
|
|
1,091 |
|
|
|
65,858 |
|
Total Assets
less PPP Loans |
|
$ |
424,612 |
|
|
$ |
379,123 |
|
|
$ |
264,195 |
|
Total
nonperforming assets and troubled debt restructurings |
|
$ |
754 |
|
|
$ |
763 |
|
|
$ |
1,659 |
|
Total
nonperforming assets and troubled debt restructurings to total
assets (less PPP loans) |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.6 |
% |
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