FinWise Bancorp

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General Information
Business:

We are FinWise Bancorp, a Utah bank holding company headquartered in Murray, Utah. We operate through our wholly owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank formerly known as Utah Community Bank. We are your digital community bank. We are also one of the nation’s most active Small Business Administration (SBA 7(a) ) lenders. 

As of Sept. 30, 2021, on a consolidated basis, we had total assets of $338.3 million, total loans of $249.2 million, including $2.3 million in PPP loans, total deposits of $253.0 million, and total shareholders’ equity of $69.1 million. For the nine months ended Sept. 30, 2021, we had net income of $21.5 million and a 49.8% return on average shareholders’ equity. Our lending focuses on four main lending areas: (i) SBA 7(a) loans, (ii) Strategic Programs, (iii) residential and commercial real estate and (iv) consumer lending.
FinWise Bancorp partners with other lenders to make unsecured personal loans at high interest rates to consumers with poor credit.  For the nine months ended Sept. 30, 2021, about $19.7 million – or 34.9 percent of its total revenues for this period – came from FinWise Bancorp’s Strategic Programs with annual interest rates above 36 percent, the prospectus says. For the year ended Dec. 31, 2020, FinWise Bancorp says that $21.2 million – or 48.4 percent of its total revenues for 2020 – came from the Strategic Programs involving loans with annual interest rates above 36 percent.

(Note: FinWise Bancorp priced its IPO on Nov. 18, 2021, at $10.50 – slightly below the mid-point of its $10-to-$12 range – and slightly increased the number of shares to 3.5 million, up from 3.18 million in the prospectus, to raise $36.75 million. The IPO’s pricing represents the end of a path to going public this year that was interrupted on Aug. 12, 2021, when FinWise Bankcorp postponed its IPO of 4.13 million shares at $13 to $15 “due to market conditions.” On Aug. 11, 2021, FinWise Bancorp amended its Free Writing Prospectus to disclose litigation filed on Aug. 10, 2021. On Nov. 1, 2021, FinWise Bancorp revived its IPO with a new S-1 filing. In an S-1/A filing dated Nov. 16, 2021, FinWise Bancorp cut the IPO’s size to 3.18 million shares at $10 to $12 to raise $34.98 million.)
Industry: Banking
Employees: 98
Founded: 1999
Contact Information
Address 756 East Winchester Suite 100, Murray, UT 84107
Phone Number (801) 501-7200
Web Address http://www.finwisebancorp.com/
View Prospectus: FinWise Bancorp
Financial Information
Market Cap $141.36mil
Revenues $67.0 mil (last 12 months)
Net Income $26.1 mil (last 12 months)
IPO Profile
Symbol FINW
Exchange NASDAQ
Shares (millions): 3.5
Price range $10.50 - $10.50
Est. $ Volume $36.8 mil
Manager / Joint Managers Piper Sandler
CO-Managers Stephens, Inc.
Expected To Trade: 11/19/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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