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MURRAY, Utah - FinWise Bancorp (NASDAQ: FINW), the holding company for FinWise Bank, has announced the promotion of Jim Noone to the role of Chief Executive Officer (CEO) of FinWise Bank. Noone, who has been serving as the Bank’s President, will assume his new duties immediately, while Kent Landvatter will maintain his positions as Chairman of the Board and CEO of FinWise Bancorp, as well as Executive Chairman of the Bank. The announcement comes as FinWise demonstrates strong market performance, with the stock delivering an impressive 112% return over the past year and 54% gain in the last six months, according to InvestingPro data.
Noone’s elevation to CEO and President comes after a seven-year tenure with FinWise, during which he played a significant role in the company’s initial public offering. His experience in the financial services sector spans over two decades, covering commercial banking, investment banking, and private equity. Noone joined FinWise Bank in February 2018, was appointed Executive Vice President and Chief Credit Officer in June of the same year, and became President of the Bank in March 2023. InvestingPro analysis shows the company maintains a solid financial foundation, with analysts recently revising earnings expectations upward for the upcoming period.
Landvatter expressed confidence in Noone’s capability to oversee the organization’s operations and to continue contributing to its strategic direction and market positioning. "Jim has been instrumental in helping shape our strategic roadmap, developing our infrastructure, and creating innovative banking products that drive customer value," Landvatter stated.
In response to his appointment, Noone expressed his commitment to advancing the bank’s growth and maintaining its focus on innovation and customer value. "Our opportunities and relationships have never been stronger," Noone said, emphasizing the bank’s dedication to its employees, customers, and shareholders.
FinWise specializes in providing banking and payments solutions to fintech brands. The company has been diversifying its business model with the incorporation of Payments (MoneyRails™) and BIN Sponsorship offerings. Its Strategic Program Lending business supports deposit, lending, and payment programs for leading fintech brands through scalable API-driven infrastructure. FinWise also offers a Credit Enhancement Program and manages various lending programs, including SBA (LON:SBA) 7(a) and Owner Occupied Commercial Real Estate lending, to support disciplined balance sheet growth. The company’s strategic initiatives have translated into solid financial performance, with revenue reaching $69.82 million and maintaining profitability over the last twelve months. For deeper insights into FinWise’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
The information in this article is based on a press release statement from FinWise Bancorp.
In other recent news, Finwise Bancorp reported its fourth-quarter 2024 earnings, which exceeded analysts’ expectations. The company achieved an earnings per share (EPS) of $0.20, surpassing the forecasted $0.19, while revenue reached $21.13 million, above the anticipated $21.07 million. This positive financial performance was attributed to increased net interest income and loan originations. Finwise Bancorp’s net interest income for the quarter was $15.5 million, an increase from $14.8 million in the previous quarter, and the net interest margin improved to 10.0% from 9.70% in Q3 2024. The company’s efficiency ratio also saw improvement, decreasing to 64.2% from 67.5%. Looking ahead, Finwise Bancorp plans to introduce 2-3 new lending programs in 2025, with a focus on its credit enhancement product, which is expected to significantly contribute to the company’s growth. Analyst feedback from firms like Piper Sandler and Raymond (NSE:RYMD) James highlighted expectations for substantial growth in Finwise Bancorp’s credit enhancement product in 2025, projecting an increase in enhanced balances by $50-100 million by year-end. These developments reflect Finwise Bancorp’s strategic focus on expanding its lending programs and product innovations.
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